Enhanced Investments - Financial Portal

Published: 2023-07-31 00:00:00 ET

EX-99.2 3 a2q23supplement992.htm EX-99.2 Document


Table of Contents


Overview			1

Portfolio			2

Investment			6

Financial			11

Glossary			16

Supplemental Reporting Measures			17

Forward Looking Statements and Risk Factors			21


Overview


(dollars and occupancy at Welltower pro rata ownership; dollars in thousands)

Portfolio Composition(1)			Beds/Unit Mix
	Average Age	Properties	Total		Wellness Housing	Independent Living	Assisted Living	Memory Care	Long-Term/ Post-Acute Care
Seniors Housing Operating	19	957	113,007		16,897	44,444	36,003	14,871	792
Seniors Housing Triple-net	19	373	31,044		—	5,442	14,711	9,140	1,751
Outpatient Medical	17	437	25,987,778	(2)	n/a	n/a	n/a	n/a	n/a
Long-Term/Post-Acute Care	28	234	29,682		—	—	824	10	28,848
Total	19	2,001


NOI Performance	Same Store(3)							In-Place Portfolio(4)
	Properties	2Q22 NOI		2Q23 NOI		% Change		Properties	Annualized In-Place NOI		% of Total
Seniors Housing Operating	674	$	175,416	$	217,863	24.2	%	859	$	1,072,692	49.0	%
Seniors Housing Triple-net	327	90,740		93,575		3.1	%	354	396,116		18.1	%
Outpatient Medical	374	109,547		113,097		3.2	%	419	489,144		22.3	%
Long-Term/Post-Acute Care	48	18,523		19,662		6.1	%	204	233,084		10.6	%
Total	1,423	$	394,226	$	444,197	12.7	%	1,836	$	2,191,036	100.0	%


Portfolio Performance					Facility Revenue Mix
Stable Portfolio(5)	Occupancy		EBITDAR Coverage(6)	EBITDARM Coverage(6)	Private Pay		Medicaid		Medicare		Other Government(7)
Seniors Housing Operating	80.7	%	n/a	n/a	97.3	%	1.2	%	0.6	%	0.9	%
Seniors Housing Triple-net	80.4	%	0.88	1.17	94.0	%	2.3	%	0.5	%	3.2	%
Outpatient Medical	94.4	%	n/a	n/a	100.0	%	—		—		—
Long-Term/Post-Acute Care	79.4	%	1.48	1.78	27.3	%	35.0	%	37.7	%	—	%
Total			0.98	1.27	94.2	%	2.8	%	1.8	%	1.2	%

Notes:

(1) Includes land parcels and properties under development.

(2) Indicates the total square footage of Outpatient Medical properties.

(3) See pages 18 and 19 for reconciliation.

(4) Excludes land parcels, loans, developments and investments held for sale. See page 18 for reconciliation.

(5) Data as of June 30, 2023 for Seniors Housing Operating and Outpatient Medical and March 31, 2023 for remaining asset types.

(6) Represents trailing twelve month coverage metrics.

(7) Represents various federal and local reimbursement programs in the United Kingdom and Canada.


Portfolio


(dollars in thousands at Welltower pro rata ownership)
In-Place NOI Diversification(1)
By Partner:	Total Properties	Seniors Housing Operating		Seniors Housing Triple-net		Outpatient Medical		Long-Term/ Post-Acute Care		Total		% of Total
Sunrise Senior Living	120	$	192,868	$	—	$	—	$	—	$	192,868	8.8	%
Integra Healthcare Properties	147	—		—		—		152,088		152,088		6.9	%
Avery Healthcare	91	38,080		67,424		—		—		105,504		4.8	%
StoryPoint Senior Living	75	41,764		44,476		—		—		86,240		3.9	%
Cogir Management Corporation	49	85,584		—		—		—		85,584		3.9	%
Atria Senior Living	92	78,736		—		—		—		78,736		3.6	%
Oakmont Management Group	35	76,344		—		—		—		76,344		3.5	%
Belmont Village	21	76,172		—		—		—		76,172		3.5	%
Sagora Senior Living	40	42,944		23,708		—		—		66,652		3.0	%
Brookdale Senior Living	73	—		60,940		—		—		60,940		2.8	%
Remaining	1,093	440,200		199,568		489,144		80,996		1,209,908		55.3	%
Total	1,836	$	1,072,692	$	396,116	$	489,144	$	233,084	$	2,191,036	100.0	%

By Country:
United States	1,567	$	889,728	$	314,576	$	489,144	$	226,236	$	1,919,684	87.6	%
United Kingdom	129	63,928		78,048		—		—		141,976		6.5	%
Canada	140	119,036		3,492		—		6,848		129,376		5.9	%
Total	1,836	$	1,072,692	$	396,116	$	489,144	$	233,084	$	2,191,036	100.0	%

By MSA:
Los Angeles	73	$	86,084	$	19,496	$	33,376	$	—	$	138,956	6.3	%
New York / New Jersey	76	66,244		11,316		37,328		3,512		118,400		5.4	%
Washington D.C.	56	49,832		8,040		24,388		30,240		112,500		5.1	%
Dallas	64	49,220		6,168		30,224		4,384		89,996		4.1	%
Philadelphia	45	14,104		5,216		18,628		25,520		63,468		2.9	%
Greater London	49	42,404		16,704		—		—		59,108		2.7	%
San Francisco	22	34,700		10,336		2,084		—		47,120		2.2	%
Chicago	45	22,016		11,492		7,512		5,784		46,804		2.1	%
Houston	35	8,288		3,308		32,304		—		43,900		2.0	%
San Diego	19	20,748		6,868		8,744		2,912		39,272		1.8	%
Charlotte	26	1,368		10,592		24,096		—		36,056		1.6	%
Seattle	26	15,132		1,084		15,192		4,176		35,584		1.6	%
Montréal	24	34,188		—		—		—		34,188		1.6	%
Raleigh	13	7,340		22,312		3,156		—		32,808		1.5	%
Boston	24	23,420		5,280		2,584		—		31,284		1.4	%
Minneapolis	20	(608)		16,992		13,548		—		29,932		1.4	%
Indianapolis	17	5,140		13,892		552		9,000		28,584		1.3	%
Atlanta	31	3,824		—		19,192		1,632		24,648		1.1	%
Kansas City	24	8,036		9,812		652		6,100		24,600		1.1	%
Miami	36	(216)		1,364		16,312		6,684		24,144		1.1	%
Remaining	1,111	581,428		215,844		199,272		133,140		1,129,684		51.7	%
Total	1,836	$	1,072,692	$	396,116	$	489,144	$	233,084	$	2,191,036	100.0	%

Notes:

(1) Represents current quarter annualized In-Place NOI. See page 18 for reconciliation.


Portfolio


(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating

Total Portfolio Performance(1)	2Q22			3Q22			4Q22			1Q23			2Q23
Properties	836			870			882			885			886
Units	84,782			87,375			88,783			89,240			89,932
Total occupancy	77.1		%	78.0		%	78.3		%	79.0		%	79.6		%
Total revenues	$	1,000,962		$	1,061,753		$	1,095,146		$	1,143,744		$	1,178,975
Operating expenses	777,178			831,556			866,482			894,981			902,068
NOI	$	223,784		$	230,197		$	228,664		$	248,763		$	276,907
NOI margin	22.4		%	21.7		%	20.9		%	21.7		%	23.5		%
Recurring cap-ex	$	26,806		$	31,513		$	36,923		$	26,848		$	32,791
Other cap-ex	$	57,225		$	56,878		$	75,545		$	45,557		$	66,002


Same Store Performance(2)	2Q22			3Q22			4Q22			1Q23			2Q23
Properties	674			674			674			674			674
Occupancy	78.3		%	79.2		%	79.6		%	79.8		%	80.2		%
Same store revenues	$	797,156		$	819,487		$	838,616		$	854,088		$	875,900
Compensation	365,500			373,765			379,361			381,631			387,005
Utilities	37,009			43,710			43,259			46,681			39,066
Food	34,060			34,839			36,571			34,704			36,259
Repairs and maintenance	24,883			24,989			24,856			24,934			26,631
Property taxes	32,991			32,883			28,983			32,979			32,290
All other	127,297			130,096			136,103			130,909			136,786
Same store operating expenses	621,740			640,282			649,133			651,838			658,037
Same store NOI	$	175,416		$	179,205		$	189,483		$	202,250		$	217,863
Same store NOI margin %	22.0		%	21.9		%	22.6		%	23.7		%	24.9		%
Year over year NOI growth rate													24.2		%
Year over year revenue growth rate													9.9		%


Partners(3)	Properties	Pro Rata Units	Welltower Ownership %(4)		Top Markets	2Q23 NOI		% of Total
Sunrise Senior Living	120	9,895	100.0	%	Southern California	$	32,815	11.9	%
Cogir Management Corporation	49	7,168	88.4	%	Northern California	21,383		7.7	%
Atria Senior Living	92	10,924	100.0	%	New York / New Jersey	16,364		5.9	%
Oakmont Management Group	35	4,428	100.0	%	Greater London, UK	11,387		4.1	%
Belmont Village	21	2,804	95.0	%	Washington D.C.	12,138		4.4	%
Legend Senior Living	37	2,809	93.3	%	Montréal, QC	8,660		3.1	%
Brandywine Living	29	2,704	99.4	%	Toronto, ON	7,173		2.6	%
Sagora Senior Living	18	2,884	99.5	%	Boston, MA	5,505		2.0	%
StoryPoint Senior Living	43	4,523	100.0	%	Seattle, WA	3,153		1.1	%
Revera	64	5,870	75.0	%	Vancouver, BC	2,404		0.9	%
Avery Healthcare	41	3,239	100.0	%	Birmingham, UK	2,164		0.8	%
Clover	36	3,950	90.4	%	Manchester, UK	1,625		0.6	%
Pegasus	35	3,791	99.0	%	Ottawa, ON	1,189		0.4	%
Chartwell	42	4,479	49.6	%	Top Markets	125,960		45.5	%
Remaining	197	18,675			All Other	150,947		54.5	%
Total	859	88,143			Total	$	276,907	100.0	%

Notes:

(1) Properties, units and occupancy exclude land parcels and properties under development.

(2) See pages 18 and 19 for reconciliation.

(3) Represents partner concentration based on annualized In Place NOI for the quarter ended June 30, 2023. Property count and pro rata units represent the In Place portfolio.

(4) Welltower ownership percentage weighted based on In-Place NOI. See page 18 for reconciliation.


Portfolio


(dollars in thousands at Welltower pro rata ownership)
Payment Coverage Stratification
	EBITDARM Coverage(1)								EBITDAR Coverage(1)
% of In-Place NOI	Seniors Housing Triple-net		Long-Term/ Post- Acute Care		Total		Weighted Average Maturity	Number of Leases		Seniors Housing Triple-net		Long-Term/ Post- Acute Care		Total		Weighted Average Maturity	Number of Leases
<.85x	2.6	%	0.1	%	2.7	%	12	4		4.6	%	0.1	%	4.7	%	11	6
.85x-.95x	0.6	%	—	%	0.6	%	14	1		5.4	%	0.5	%	5.9	%	10	8
.95x-1.05x	1.9	%	—	%	1.9	%	7	2		0.3	%	—	%	0.3	%	23	2
1.05x-1.15x	1.7	%	0.5	%	2.2	%	6	3		6.1	%	—	%	6.1	%	9	3
1.15x-1.25x	1.2	%	—	%	1.2	%	14	2		1.2	%	1.0	%	2.2	%	11	3
1.25x-1.35x	7.2	%	0.1	%	7.3	%	10	7		—	%	—	%	—	%	—	—
>1.35	2.3	%	2.4	%	4.7	%	10	8		—	%	1.4	%	1.4	%	12	5
Total	17.6	%	3.0	%	20.6	%	10	27		17.6	%	3.0	%	20.6	%	10	27


Revenue and Lease Maturity(2)
	Rental Income
Year	Seniors Housing Triple-net		Outpatient Medical		Long-Term / Post-Acute Care		Interest Income		Total Revenues		% of Total
2023	$	—	$	41,796	$	2,159	$	8,073	$	52,028	4.0	%
2024	13,088		58,182		—		24,546		95,816		7.4	%
2025	5,667		42,430		—		10,591		58,688		4.5	%
2026	3,529		45,527		9,355		103,528		161,939		12.4	%
2027	—		40,949		1,211		3,173		45,333		3.5	%
2028	—		34,331		5,246		360		39,937		3.1	%
2029	1,004		33,416		—		416		34,836		2.7	%
2030	40,895		34,480		28,411		140		103,926		8.0	%
2031	6,390		45,841		4,310		226		56,767		4.4	%
2032	90,850		37,025		—		—		127,875		9.8	%
Thereafter	226,963		117,076		179,976		1,535		525,550		40.2	%
	$	388,386	$	531,053	$	230,668	$	152,588	$	1,302,695	100.0	%

Weighted Avg Maturity Years	11		6		15		3		9

Notes:

(1) Represents trailing twelve month coverage metrics as of March 31, 2023 for stable portfolio only. Agreements included represent 68% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 18 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.

(2) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non cash income. Interest income represents contractual rate of interest for loans, net of collectability reserves if applicable.


Portfolio


(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)	2Q22			3Q22			4Q22			1Q23			2Q23
Properties	384			386			389			419			420
Square feet	18,452,459			18,665,903			18,844,516			20,188,159			20,236,315
Occupancy	94.5		%	94.5		%	94.2		%	94.0		%	94.4		%
Total revenues	$	166,220		$	171,990		$	176,816		$	185,190		$	186,802
Operating expenses	51,177			53,684			53,259			58,977			59,358
NOI	$	115,043		$	118,306		$	123,557		$	126,213		$	127,444
NOI margin	69.2		%	68.8		%	69.9		%	68.2		%	68.2		%
Revenues per square foot	$	36.03		$	37.15		$	37.53		$	36.69		$	36.92
NOI per square foot	$	24.94		$	25.55		$	26.23		$	25.01		$	25.19
Recurring cap-ex	$	12,752		$	13,470		$	25,200		$	10,666		$	7,400
Other cap-ex	$	2,303		$	2,472		$	5,633		$	5,118		$	4,397


Same Store Performance(2)	2Q22			3Q22			4Q22			1Q23			2Q23
Properties	374			374			374			374			374
Occupancy	95.1		%	95.0		%	95.1		%	95.0		%	95.1		%
Same store revenues	$	158,414		$	159,654		$	160,439		$	164,810		$	163,301
Same store operating expenses	48,867			49,766			48,755			52,638			50,204
Same store NOI	$	109,547		$	109,888		$	111,684		$	112,172		$	113,097
NOI margin	69.2		%	68.8		%	69.6		%	68.1		%	69.3		%
Year over year NOI growth rate													3.2		%


Portfolio Diversification by Tenant(3)	Rental Income		% of Total		Quality Indicators
Kelsey-Seybold	$	29,851	5.6	%	Health system affiliated properties as % of NOI(3)	88.8	%
Common Spirit Health	19,729		3.7	%	Health system affiliated tenants as % of rental income(3)	59.7	%
Novant Health	15,763		3.0	%	Retention (trailing twelve months)(3)	92.5	%
Summit Health	14,888		2.8	%	In-house managed properties as % of square feet(3,4)	86.4	%
Providence Health & Services	14,238		2.7	%	Average remaining lease term (years)(3)	6.3
Remaining portfolio	436,584		82.2	%	Average building size (square feet)(3)	59,928
Total	$	531,053	100.0	%	Average age (years)	17


Expirations(3)	2023		2024		2025		2026		2027		Thereafter
Occupied square feet	1,525,700		1,976,071		1,459,723		1,702,638		1,472,142		10,933,742
% of occupied square feet	8.0	%	10.4	%	7.7	%	8.9	%	7.7	%	57.3	%

Notes:

(1) Property count, occupancy, square feet and per square foot metrics exclude properties under development and all land parcels. Per square foot amounts are annualized.

(2) Includes 374 same store properties representing 17,875,716 square feet. See pages 18 and 19 for reconciliation.

(3) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non cash income. Retention includes month-to-month tenants retained.

(4) Excludes tenant managed properties.


Investment

(dollars in thousands at Welltower pro rata ownership)

Relationship Investment History


Detail of Acquisitions/JVs(1)
	2019			2020		2021		2022		1Q23		2Q23		19-23 Total
Count		27		12		35		27		11		2		114
Total		$	4,073,554	$	910,217	$	4,101,534	$	2,785,739	$	443,240	$	145,094	$	12,459,378
Low		7,550		6,201		5,000		6,485		19,967		34,532		5,000
Median		38,800		48,490		45,157		66,074		78,250		72,547		48,793
High		1,250,000		235,387		1,576,642		389,149		140,172		110,562		1,576,642


Investment Timing
	Acquisitions and Loan Funding(2)		Yield		Construction Conversions(3)		Year 1 Yield		Dispositions and Loan Payoffs		Yield
April	$	41,636	4.1	%	$	55,319	1.0	%	$	24,385	9.6	%
May	2,887		6.1	%	23,604		2.4	%	182,090		4.1	%
June	119,513		4.0	%	245,220		4.3	%	226,745		3.9	%
Total	$	164,036	4.1	%	$	324,143	3.6	%	$	433,220	4.3	%

Notes:

(1) Includes non-yielding asset acquisitions.

(2) Excludes land acquisitions and includes advances for non-real estate loans and excludes advances for development loans.

(3) Includes expansion conversions.


Investment


(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity

	Second Quarter 2023
	Properties	Beds / Units / Square Feet		Investment Per Bed / Unit / SqFt		Pro Rata Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating	1	204	units	$	169,275	$	145,094



Loan funding						18,942
Total acquisitions and loan funding(2)	1					164,036		4.1	%

Development Funding(3)
Development projects:
Seniors Housing Operating	37	6,221	units			140,744
Seniors Housing Triple-net	1	191	units			7,311
Outpatient Medical	8	675,386	sf			59,891

Total development projects	46					207,946
Expansion projects:
Seniors Housing Operating	2	160	units			6,212

Outpatient Medical	7	323,449	sf			35,700
Total expansion projects	9					41,912

Total development funding	55					249,858		7.0	%

Total gross investments						413,894		5.8	%

Dispositions and Loan Payoffs(4)
Seniors Housing Operating	4	371	units	559,960		207,745



Loan payoffs						43,385
Leasehold termination	7	1,112	beds	163,750		182,090
Total dispositions and loan payoffs(5)	11					433,220		4.3	%

Net investments (dispositions)						$	(19,326)

Notes:

(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP for all consolidated and unconsolidated property acquisitions and pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans.

(2) Acquisition yields represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Loan funding yield represents annualized contractual interest divided by investment amount.

(3) Amounts represent cash funded for all developments/expansions including construction in progress, loans and in-substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.

(4) Amounts represent proceeds received for loan payoffs and consolidated and unconsolidated property sales.

(5) Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds. Pro rata amounts include joint venture real estate loans receivable.


Investment


(dollars in thousands, except per bed / unit / square foot, at Welltower pro rata ownership)
Gross Investment Activity

	Year-To-Date 2023
	Properties	Beds / Units / Square Feet		Investment Per Bed / Unit / SqFt		Pro Rata Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating	3	395	units	$	137,972	$	165,061
Seniors Housing Triple-net	8	612	units	122,217		74,797
Outpatient Medical	29	1,297,917	sf	268		348,476

Loan funding						104,234
Total acquisitions and loan funding(2)	40					692,568		6.8	%

Development Funding(3)
Development projects:
Seniors Housing Operating	40	6,638	units			290,043
Seniors Housing Triple-net	1	191	units			13,264
Outpatient Medical	9	692,221	sf			125,292

Total development projects	50					428,599
Expansion projects:
Seniors Housing Operating	2	160	units			9,554

Outpatient Medical	8	355,294	sf			68,650

Total expansion projects	10					78,204

Total development funding	60					506,803		6.9	%

Total gross investments						1,199,371		6.9	%

Dispositions and Loan Payoffs(4)
Seniors Housing Operating	5	389	units	534,923		208,068
Seniors Housing Triple-net	1	57	units	35,088		2,000

Long-Term/Post-Acute Care	—	—	beds	—		74,279
Loan payoffs						58,855
Leasehold termination	7	1,112	beds	163,750		182,090
Total dispositions and loan payoffs(5)	13					525,292		5.2	%

Net investments (dispositions)						$	674,079

Notes:

(3) Amounts represent cash funded and capitalized interest for all developments/expansions including construction in progress, loans and in-substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.

(4) Amounts represent proceeds received for loan payoffs and consolidated and unconsolidated property sales.

(5) Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds. Pro rata amounts include joint venture real estate loans receivable.


Investment


(dollars in thousands at Welltower pro rata ownership)
Development Summary(1)
		Unit Mix
	Facility MSA	Total	Wellness Housing	Independent Living	Assisted Living		Memory Care	Commitment Amount		Balance at 06/30/23		Estimated Conversion(3)

Seniors Housing Operating
	Austin, TX	108	108	—	—		—	$	21,293	$	16,051	3Q23
	Boston, MA	167	—	91	48		28	72,790		54,026		4Q23
	Charlotte, NC	328	328	—	—		—	59,233		53,072		3Q23 - 4Q23
	Hartford, CT	128	128	—	—		—	21,934		21,934		4Q23
	Hartford, CT	122	122	—	—		—	20,578		20,578		4Q23
	Tampa, FL	206	206	—	—		—	49,685		17,477		4Q23 - 1Q24
	Austin, TX	188	188	—	—		—	39,627		30,024		3Q23 - 1Q24
	Cincinnati, OH	122	122	—	—		—	16,385		10,293		1Q24
	Washington DC	302	—	190	89		23	156,276		107,099		2Q24
	Phoenix, AZ	199	199	—	—		—	51,794		32,825		4Q23 - 2Q24
	Phoenix, AZ	204	204	—	—		—	50,496		32,646		4Q23 - 2Q24
	Kansas City, MO	134	134	—	—		—	20,887		20,887		2Q24
	Dallas, TX	60	60	—	—		—	17,298		4,035		3Q23 - 2Q24
	Washington DC	137	—	10	90		37	115,127		50,576		3Q24
	Naples, FL	188	188	—	—		—	54,370		18,154		2Q24 - 3Q24
	Sacramento, CA	100	—	—	70		30	48,486		10,784		3Q24
	Dallas, TX	55	55	—	—		—	16,035		8,248		1Q24 - 3Q24
	Burley, UK	70	—	—	45		25	10,284		2,467		3Q24
	Peterborough, UK	80	—	—	52		28	9,669		2,568		3Q24
	Boston, MA	160	—	82	37		41	148,590		89,968		4Q24
	Sherman, TX	237	237	—	—		—	75,626		8,311		2Q24 - 4Q24
	Phoenix, AZ	110	110	—	—		—	40,195		9,220		2Q24 - 4Q24
	Houston, TX	130	130	—	—		—	31,100		23,329		3Q23 - 4Q24
	San Jose, CA	685	509	—	143		33	175,381		171,139		1Q25
	San Jose, CA	158	—	—	158		—	61,929		33,444		1Q25
	Columbus, OH	409	409	—	—		—	82,069		20,855		2Q25
	Killeen, TX	256	256	—	—		—	64,133		10,717		4Q23 - 2Q25
	Little Rock, AR	283	283	—	—		—	13,893		5,920		3Q25
	Sunrise Developments(2)	362	—	—	208		154	86,281		57,137		3Q23 - 4Q24










	Subtotal	5,688	3,976	373	940		399	1,631,444		943,784





Outpatient Medical				Rentable Square Ft	Preleased %		Health System Affiliation	Commitment Amount		Balance at 06/30/23		Estimated Conversion
	Houston, TX			16,830	100	%	Yes	8,847		7,806		3Q23
	Houston, TX			178,446	100	%	Yes	108,068		50,749		4Q23
	Houston, TX			121,368	100	%	Yes	84,384		30,930		4Q23
	Oklahoma City, OK			134,285	100	%	Yes	89,928		79,363		2Q24
	Santa Fe, NM			90,000	100	%	Yes	45,977		10,171		3Q24
	Houston, TX			50,323	100	%	Yes	30,156		3,485		3Q24
	Houston, TX			51,134	100	%	Yes	28,723		416		3Q24
	Subtotal			642,386				396,083		182,920

Total Development Projects								$	2,027,527	$	1,126,704

(1) Includes development projects (construction in progress, development loans and in-substance real estate) and excludes redevelopments and expansion projects. Commitment amount represents current cash amount funded plus unfunded commitments to complete development but excludes capitalized interest.

(2) Relates to four properties with a weighted-average ownership of 34%.

(3) Estimated conversion ranges relate to projects to be delivered in phases.


Investment


(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
					Projected Future Funding
	Projects	Beds / Units / Square Feet	Stable Yields(2)		2023 Funding		Funding Thereafter		Total Unfunded Commitments		Committed Balances
Seniors Housing Operating	32	5,688	7.3	%	$	299,773	$	387,887	$	687,660	$	1,631,444

Outpatient Medical	7	642,386	6.1	%	141,045		72,118		213,163		396,083
Total	39		7.1	%	$	440,818	$	460,005	$	900,823	$	2,027,527


Development Project Conversion Estimates(1)
Quarterly Conversions							Annual Conversions
	Amount		Year 1 Yields(2)		Stable Yields(2)			Amount		Year 1 Yields(2)		Stable Yields(2)
1Q23 actual	$	57,473	0.4	%	6.7	%	2023 actual	$	372,735	2.6	%	8.0	%
2Q23 actual	315,262		3.0	%	8.2	%	2023 estimate	436,701		2.9	%	6.6	%
3Q23 estimate	69,714		0.2	%	7.4	%	2024 estimate	1,193,421		0.9	%	7.3	%
4Q23 estimate	366,987		3.4	%	6.4	%	2025 estimate	397,405		4.5	%	7.2	%
1Q24 estimate	105,697		—	%	6.4	%	Total	$	2,400,262	2.1	%	7.2	%
2Q24 estimate	432,656		1.0	%	7.1	%
3Q24 estimate	336,700		1.2	%	7.4	%
4Q24 estimate	318,368		0.6	%	7.6	%
1Q25 estimate	237,310		6.8	%	6.8	%
2Q25 estimate	146,202		0.8	%	7.8	%
3Q25 estimate	13,893		4.1	%	6.9	%

Total	$	2,400,262	2.1	%	7.2	%


Unstabilized Properties
	3/31/2023 Properties	Stabilizations	Construction Conversions(3)	Acquisitions/ Dispositions	6/30/2023 Properties	Beds / Units
Seniors Housing Operating	50	(3)	5	(9)	43	6,111
Seniors Housing Triple-net	15	(1)	—	—	14	1,556

Total	65	(4)	5	(9)	57	7,667


Occupancy	3/31/2023 Properties	Stabilizations	Construction Conversions(3)		Acquisitions/ Dispositions		Progressions		6/30/2023 Properties
0% - 50%	30	—	5		(6)		(3)		26
50% - 70%	24	—	—		(3)		(3)		18
70% +	11	(4)	—		—		6		13
Total	65	(4)	5		(9)		—		57

Occupancy	6/30/2023 Properties	Months In Operation	Revenues		% of Total Revenues(4)		Gross Investment Balance		% of Total Gross Investment
0% - 50%	26	13	$	57,430	0.9	%	$	888,438	2.1	%
50% - 70%	18	27	77,868		1.2	%	569,222		1.3	%
70% +	13	31	93,897		1.4	%	518,127		1.2	%
Total	57	22	$	229,195	3.5	%	$	1,975,787	4.6	%

Notes:

(1) Includes development projects (construction in progress, development loans and in-substance real estate) and excludes expansion projects. Projects expected to be delivered in phases over multiple quarters are reflected in the last quarter.

(2) Actual yields may vary.

(3) Includes expansion and development loan conversions.

(4) Percent of total revenues based on current quarter annualized pro rata total revenues on page 12.


Financial


(dollars in thousands at Welltower pro rata ownership)
Components of NAV

Stabilized NOI				Pro rata beds/units/square feet
Seniors Housing Operating(1)	$	1,072,692		88,143	units
Seniors Housing Triple-net	396,116			27,097	units
Outpatient Medical	489,144			20,236,315	square feet
Long-Term/Post-Acute Care	233,084			24,553	beds
Total In-Place NOI(2)	2,191,036
Incremental stabilized NOI(3)	96,338
Total stabilized NOI	$	2,287,374

Obligations
Lines of credit and commercial paper(4)	$	—
Senior unsecured notes(4)	13,695,104
Secured debt(4)	3,468,103
Financing lease liabilities	49,393
Total debt	$	17,212,600
Add (Subtract):
Other liabilities (assets), net(5)	$	451,087
Cash and cash equivalents and restricted cash	(2,299,069)
Net obligations	$	15,364,618

Other Assets
Land parcels	$	261,039		Effective Interest Rate(8)
Real estate loans receivable(6)	1,586,864			11.0%
Non-real estate loans receivable(7)	257,218			11.4%
Joint venture real estate loans receivables(9)	254,961			5.7%
Other investments(10)	15,205
Property dispositions(11)	960,846
Development properties:(12)
Current balance	1,208,758
Unfunded commitments	1,064,081
Committed balances	$	2,272,839
Projected yield	7.1		%
Projected NOI	$	161,372

Common Shares Outstanding(13)	510,024

Notes:

(1) Includes $20,830,000 attributable to our proportional share of income from unconsolidated management company investments.

(2) See page 18 for reconciliation.

(3) Represents incremental NOI from Seniors Housing Operating unstabilized properties.

(4) Represents principal amounts due and do not include unamortized premiums/discounts, deferred loan expenses or other fair value adjustments as reflected on the balance sheet. Includes $1,059,628,000 of foreign secured debt.

(5) Includes liabilities / (assets) that impact cash or NOI and excludes non real estate loans and non-cash items such as the following (in thousands):


Unearned revenues	$	414,089
Below market tenant lease intangibles, net	25,300
Deferred taxes, net	(39,829)
Intangible assets, net	(156,749)
Other non-cash liabilities / (assets), net	8,181
Total non-cash liabilities/(assets), net	$	250,992

(6) Represents $1,599,770,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, and net of $12,906,000 of credit allowances.

(7) Represents $430,110,000 of non-real estate loans, net of $172,892,000 of credit allowances.

(8) Average cash-pay interest rates are 7.1%,1.1% and 5.7% for real estate, non-real estate loans and joint venture real estate loans, respectively. Rates exclude non-accrual/interest-free loans.

(9) Represents partners' share of Welltower loans made to our partners in select joint ventures, secured by their interest in the joint venture properties.

(10) Primarily represents the estimated fair value of 3.4% ownership in Seniors Housing Operating portfolios excluded from IPNOI.

(11) Represents proceeds from expected property dispositions in the next twelve months.

(12) See pages 9-10. Also includes expansion projects.

(13) Includes OP Units and DownREIT Units.


Financial


(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1,2)
	2Q22		3Q22		4Q22		1Q23		2Q23
Revenues:
Seniors Housing Operating
Resident fees and services	$	1,000,571	$	1,057,814	$	1,091,043	$	1,138,916	$	1,173,630

Interest income	1,642		2,210		2,388		2,318		1,850
Other income	(1,251)		1,729		1,715		2,510		3,495
Total revenues	1,000,962		1,061,753		1,095,146		1,143,744		1,178,975

Seniors Housing Triple-net

Rental income	123,557		116,233		122,267		119,786		118,115
Interest income	31,725		32,726		31,837		31,540		32,657
Other income	1,786		1,307		1,361		1,675		1,202
Total revenues	157,068		150,266		155,465		153,001		151,974

Outpatient Medical
Rental income	163,808		170,051		174,182		182,044		185,133
Interest income	65		80		86		91		95
Other income	2,347		1,859		2,548		3,055		1,574
Total revenues	166,220		171,990		176,816		185,190		186,802

Long-Term/Post-Acute Care
Rental income	68,598		70,356		71,021		80,423		75,766
Interest income	5,499		5,760		5,982		6,367		8,264
Other income	—		513		153		193		65,490
Total revenues	74,097		76,629		77,156		86,983		149,520

Corporate
Other income	3,665		3,942		7,714		5,147		16,807
Total revenues	3,665		3,942		7,714		5,147		16,807

Total
Rental income	355,963		356,640		367,470		382,253		379,014
Resident fees and services	1,000,571		1,057,814		1,091,043		1,138,916		1,173,630
Interest Income	38,931		40,776		40,293		40,316		42,866
Other Income	6,547		9,350		13,491		12,580		88,568
Total revenues	1,402,012		1,464,580		1,512,297		1,574,065		1,684,078

Property operating expenses:
Seniors Housing Operating	777,178		831,556		866,482		894,981		902,068
Seniors Housing Triple-net	7,799		7,710		6,924		7,917		7,996
Outpatient Medical	51,177		53,684		53,259		58,977		59,358
Long-Term/Post-Acute Care	3,916		4,034		3,426		4,040		2,827
Corporate	2,645		5,794		5,086		3,877		4,135
Total property operating expenses	842,715		902,778		935,177		969,792		976,384

Net operating income:
Seniors Housing Operating	223,784		230,197		228,664		248,763		276,907
Seniors Housing Triple-net	149,269		142,556		148,541		145,084		143,978
Outpatient Medical	115,043		118,306		123,557		126,213		127,444
Long-Term/Post-Acute Care	70,181		72,595		73,730		82,943		146,693
Corporate	1,020		(1,852)		2,628		1,270		12,672
Net operating income	$	559,297	$	561,802	$	577,120	$	604,273	$	707,694

Note:

(1) Please see discussion of Supplemental Reporting Measures on page 17. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%. Excludes NOI recognized from the leasehold interest for the NHI leasehold portfolio. The lease was terminated effective April 1, 2022, and the related lease termination income was excluded from NOI.

(2) The results related to the 205 properties previously reported as Health System have been reclassified to Seniors Housing Triple-net and Long-Term/Post-Acute Care for all periods.


Financial


(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
	Twelve Months Ended			Three Months Ended
	June 30, 2023			June 30, 2023
Net income (loss)	$	134,122		$	106,342
Interest expense	576,813			152,337
Income tax expense (benefit)	5,717			3,503
Depreciation and amortization	1,377,042			341,945
EBITDA	2,093,694			604,127
Loss (income) from unconsolidated entities	58,751			40,332
Stock-based compensation	32,299			10,491
Loss (gain) on extinguishment of debt, net	95			1
Loss (gain) on real estate dispositions, net	4,780			2,168
Impairment of assets	31,217			1,086
Provision for loan losses, net	14,192			2,456
Loss (gain) on derivatives and financial instruments, net	9,373			1,280
Other expenses	74,249			11,069
Leasehold interest termination(2)	(65,485)			(65,485)
Casualty losses, net of recoveries	15,760			3,568

Total adjustments	175,231			6,966
Adjusted EBITDA	$	2,268,925		$	611,093

Interest Coverage Ratios
Interest expense	$	576,813		$	152,337
Capitalized interest	40,830			11,870
Non-cash interest expense	(21,946)			(5,824)
Total interest	$	595,697		$	158,383
EBITDA	$	2,093,694		$	604,127
Interest coverage ratio	3.51		x	3.81		x
Adjusted EBITDA	$	2,268,925		$	611,093
Adjusted Interest coverage ratio	3.81		x	3.86		x

Fixed Charge Coverage Ratios
Total interest	$	595,697		$	158,383
Secured debt principal amortization	56,545			13,839
Total fixed charges	$	652,242		$	172,222
EBITDA	$	2,093,694		$	604,127
Fixed charge coverage ratio	3.21		x	3.51		x
Adjusted EBITDA	$	2,268,925		$	611,093
Adjusted Fixed charge coverage ratio	3.48		x	3.55		x

Net Debt to EBITDA Ratios
Total debt(3)				$	16,040,530
Less: cash and cash equivalents and restricted cash				(2,299,069)
Net debt				$	13,741,461
EBITDA Annualized				$	2,416,508
Net debt to EBITDA ratio				5.69		x
Adjusted EBITDA Annualized				$	2,444,372
Net debt to Adjusted EBITDA ratio				5.62		x

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 17.

(2) Primarily related to the gain associated with the loss of control and derecognition of leasehold interests in 7 properties.

(3) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $49,393,000. Excludes operating lease liabilities of $299,377,000 related to ASC 842 adoption.


Financial


(in thousands except share price)
Leverage and Current Capitalization(1)
			% of Total
Book capitalization
Lines of credit and commercial paper(2)	$	—	0.00	%
Long-term debt obligations(2)(3)	16,040,530		44.64	%
Cash and cash equivalents and restricted cash	(2,299,069)		(6.40)	%
Net debt to consolidated book capitalization	$	13,741,461	38.24	%
Total equity(4)	22,193,114		61.76	%
Consolidated book capitalization	$	35,934,575	100.00	%
Joint venture debt, net(5)	971,512
Total book capitalization	$	36,906,087

Undepreciated book capitalization
Lines of credit and commercial paper(2)	$	—	0.00	%
Long-term debt obligations(2)(3)	16,040,530		36.02	%
Cash and cash equivalents and restricted cash	(2,299,069)		(5.16)	%
Net debt to consolidated undepreciated book capitalization	$	13,741,461	30.86	%
Accumulated depreciation and amortization	8,599,622		19.31	%
Total equity(4)	22,193,114		49.83	%
Consolidated undepreciated book capitalization	$	44,534,197	100.00	%
Joint venture debt, net(5)	971,512
Total undepreciated book capitalization	$	45,505,709

Enterprise value
Lines of credit and commercial paper(2)	$	—	0.00	%
Long-term debt obligations(2)(3)	16,040,530		28.73	%
Cash and cash equivalents and restricted cash	(2,299,069)		(4.12)	%
Net debt to consolidated enterprise value	$	13,741,461	24.61	%
Common shares outstanding	508,159
Period end share price	80.89
Common equity market capitalization	$	41,104,982	73.62	%
Noncontrolling interests(4)	988,673		1.77	%
Consolidated enterprise value	$	55,835,116	100.00	%
Joint venture debt, net(5)	971,512
Total enterprise value	$	56,806,628

Secured debt as % of total assets
Secured debt(2)	$	2,460,349	5.06	%
Gross asset value(6)	$	48,663,757

Total debt as % of gross asset value
Total debt(2)(3)	$	16,040,530	32.96	%
Gross asset value(6)	$	48,663,757

Unsecured debt as % of unencumbered assets
Unsecured debt(2)	$	13,530,788	31.34	%
Unencumbered gross assets(7)	$	43,176,774

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 17.

(2) Amounts include unamortized premiums/discounts and other fair value adjustments as reflected on the balance sheet.

(3) Includes financing lease liabilities of $49,393,000 and excludes operating lease liabilities of $299,377,000 related to ASC 842 adoption.

(4) Includes all noncontrolling interests (redeemable and permanent) as reflected on our balance sheet.

(5) Net of Welltower's share of unconsolidated debt and minority partners' share of Welltower consolidated debt.

(6) Gross asset value equals total assets plus accumulated depreciation as reflected on the balance sheet.

(7) Unencumbered gross assets equals gross asset value for consolidated properties that are not financed with secured debt.


Financial


(dollars in thousands)
Debt Maturities and Scheduled Principal Amortization(1)
Year	Lines of Credit and Commercial Paper(2)			Senior Unsecured Notes(3,4,5,6,7)			Consolidated Secured Debt			Share of Unconsolidated Secured Debt			Noncontrolling Interests' Share of Consolidated Secured Debt			Combined Debt(8)			% of Total		Wtd. Avg. Interest Rate (9)
2023	$	—		$	—		$	398,560		$	216,141		$	(107,924)		$	506,777		2.95	%	5.35	%
2024	—			1,350,000			470,448			177,251			(93,112)			1,904,587			11.10	%	4.16	%
2025	—			1,260,000			298,553			536,588			(45,844)			2,049,297			11.94	%	3.99	%
2026	—			700,000			144,144			82,550			(20,573)			906,121			5.28	%	4.18	%
2027	—			1,915,659			190,356			120,330			(39,121)			2,187,224			12.74	%	4.62	%
2028	—			2,483,995			102,812			25,992			(13,131)			2,599,668			15.15	%	3.80	%
2029	—			1,050,000			289,827			35,972			(936)			1,374,863			8.01	%	3.75	%
2030	—			750,000			57,124			30,776			(127)			837,773			4.88	%	3.14	%
2031	—			1,350,000			7,038			33,303			(133)			1,390,208			8.10	%	2.77	%
2032	—			1,050,000			48,015			3,401			(138)			1,101,278			6.42	%	4.37	%
Thereafter	—			1,785,450			489,714			70,564			(40,317)			2,305,411			13.43	%	5.02	%
Totals	$	—		$	13,695,104		$	2,496,591		$	1,332,868		$	(361,356)		$	17,163,207		100.00	%

Weighted Avg. Interest Rate(9)	—			4.00		%	4.70		%	4.35		%	4.93		%	4.11		%

Weighted Avg. Maturity Years	—			6.3			4.7			4.1			3.0			6.0

% Floating Rate Debt(8)	100.00		%	10.21		%	30.36		%	20.02		%	44.92		%	13.18		%


Debt by Local Currency(1)
	Lines of Credit and Commercial Paper(2)		Senior Unsecured Notes(3,4,5,6,7)		Consolidated Secured Debt		Share of Unconsolidated Secured Debt		Noncontrolling Interests' Share of Consolidated Secured Debt		Combined Debt(8)		Investment Hedges(10)
United States	$	—	$	11,945,000	$	1,542,508	$	1,007,250	$	(141,283)	$	14,353,475	$	—
United Kingdom	—		1,334,445		—		—		—		1,334,445		2,402,901
Canada	—		415,659		954,083		325,618		(220,073)		1,475,287		812,424
Totals	$	—	$	13,695,104	$	2,496,591	$	1,332,868	$	(361,356)	$	17,163,207	$	3,215,325

Notes:

(1) Represents principal amounts due excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.

(2) Our unsecured commercial paper program and our unsecured revolving credit facility had a zero balance as of June 30, 2023. The unsecured revolving credit facility is comprised of a $1,000,000,000 tranche that matures on June 4, 2026 and a $3,000,000,000 tranche that matures on June 4, 2025. Both tranches may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility.

(3) 2027 includes a $1,000,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $188,936,000 USD at June 30, 2023). The loans mature on July 19, 2026. The interest rates on the loans are adjusted SOFR + 0.85% for USD and CDOR + 0.85% for CAD. Both term loans may be extended for two successive terms of six months at our option.

(4) 2027 includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $226,723,000 USD at June 30, 2023) that matures on January 15, 2027.

(5) 2028 includes $1,035,000,000 of 2.75% exchangeable senior unsecured notes that mature on May 15, 2028 unless earlier exchanged, purchased or redeemed.

(6) 2028 includes £550,000,000 of 4.80% senior unsecured notes (approximately $698,995,000 USD at June 30, 2023). The notes mature on November 20, 2028.

(7) Thereafter includes £500,000,000 of 4.50% senior unsecured notes (approximately $635,450,000 USD at June 30, 2023). The notes mature on December 1, 2034.

(8) Excludes operating lease liabilities of $299,377,000 and finance lease liabilities of $49,393,000 related to ASC 842 adoption.

(9) Based on variable interest rates and foreign currency exchange rates in effect as of June 30, 2023. The interest rate on the unsecured revolving credit facility is adjusted SOFR + 0.775%. Commercial paper, senior notes and secured debt average interest rate represents the face value note rate. Includes the impact of notional swaps and caps to convert fixed rate debt to SOFR-based floating rate debt, and SOFR-based floating rate debt, LIBOR-based floating rate debt and CDOR-based floating rate debt to fixed rate debt.

(10) Represents notional value of foreign currency derivative contracts at end of period spot FX rates. The fair market value of the gains (losses) of these contracts is currently USD $97,983,000, as represented in other assets (liabilities) on the balance sheet. We supplement our local currency debt with foreign currency derivative contracts to offset the translation and economic exposures related to our international investments. Currently, our foreign currency derivatives are comprised of cross-currency swaps.


Glossary

Age: Current year, less the year built, adjusted for major renovations. Average age is weighted by pro rata NOI.

Cap-ex, Tenant Improvements, Leasing Commissions: Represents amounts incurred for: 1) recurring and non-recurring capital expenditures required to maintain and re-tenant our properties; 2) second generation tenant improvements; and 3) leasing commissions paid to third party leasing agents to secure new tenants.

Construction Conversion: Represents completed construction projects that were placed into service and began generating NOI.

EBITDAR: Earnings before interest, taxes, depreciation, amortization and rent. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDAR and has not independently verified the information.

EBITDAR Coverage: Represents the ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.

EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDARM and has not independently verified the information.

EBITDARM Coverage: Represents the ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations, assuming that management fees are not paid. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.

Health System - Affiliated: Outpatient medical properties are considered affiliated with a health system if one or more of the following conditions are met: 1) the land parcel is contained within the physical boundaries of a hospital campus; 2) the land parcel is located adjacent to the campus; 3) the building is physically connected to the hospital regardless of the land ownership structure; 4) a ground lease is maintained with a health system entity; 5) a master lease is maintained with a health system entity; 6) significant square footage is leased to a health system entity; 7) the property includes an ambulatory surgery center with a hospital partnership interest; or (8) a significant square footage is leased to a physician group that is either employed, directly or indirectly by a health system, or has a significant clinical and financial affiliation with the health system.

Long-Term/Post-Acute Care: Includes all skilled nursing, rehabilitation and long-term/post-acute care facilities where the majority of individuals require 24-hour nursing or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement and are subject to triple-net operating leases. Most of these facilities focus on higher acuity patients and offer rehabilitation units specializing in cardiac, orthopedic, dialysis, neurological or pulmonary rehabilitation.

MSA: For the United States and Canada, we use the Metropolitan Statistical Area as defined by the U.S. Census Bureau and the Census Metropolitan Areas as defined by Statistics Canada, respectively. For the United Kingdom, we generally use the Metro Region as defined by EuroStat with Greater London defined as a 55-mile radius around the city’s center.

Occupancy: Outpatient Medical occupancy represents the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. Occupancy for all other property types represents average quarterly operating occupancy based on the most recent quarter of available data and excludes properties that are unstabilized, closed or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy and has not independently verified the information. Occupancy metrics are reflected at our pro rata share.

Outpatient Medical: Outpatient medical buildings include properties offering ambulatory medical services such as primary and secondary care, outpatient surgery, diagnostic procedures and rehabilitation. These properties are typically affiliated with a health system and may be located on a hospital campus. They are specifically designed and constructed for use by health care professionals to provide services to patients. They also include medical office buildings that typically contain sole and group physician practices and may provide laboratory and other specialty services.

Seniors Housing Operating (SHO): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in the U.K. structured to take advantage of the REIT Investment Diversification and Empowerment Act of 2007.

Seniors Housing Triple-net (SH-NNN): Includes independent, assisted living, and dementia care properties in the U.S. and Canada and all care homes in the U.K. subject to triple-net operating leases and loans receivable.

Square Feet: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards.

Stable: Generally, a triple-net rental property is considered stable (versus unstabilized or under development) when it has achieved EBITDAR coverage of 1.00x or greater for three consecutive months or, if targeted performance has not been achieved, 12 months following the budgeted stabilization date. Triple-net properties for which income is recognized on a cash basis and for which substantially all contractual rent during the period has not been collected are excluded from the stable portfolio. A Seniors Housing Operating facility is considered stable upon the earliest of 90% occupancy, NOI at or above the underwritten target or 12 months past the underwritten stabilization date. Excludes assets held for sale and assets disposed of during the current quarter.

Unstabilized: An acquisition that does not meet the stable criteria upon closing or a construction property that has opened but not yet reached stabilization.


Supplemental Reporting Measures

We believe that revenues and net income, as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider EBITDA, Adjusted EBITDA, RevPOR, ExpPOR, SS RevPOR, SS ExpPOR, NOI, In-Place NOI ("IPNOI") and Same Store NOI ("SSNOI") to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.

We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to operators, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent general overhead costs that are unrelated to property operations and are unallocable to the properties, or transaction costs. These expenses include, but are not limited to, payroll and benefits related to corporate employees, professional services, office expenses and depreciation of corporate fixed assets. IPNOI represents NOI excluding interest income, other income and non-IPNOI and adjusted for timing of current quarter portfolio changes such as acquisitions, development conversions, segment transitions, dispositions and investments held for sale. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and sub-leases, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and UK properties using a consistent exchange rate. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI, IPNOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI, IPNOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our properties.

RevPOR represents the average revenues generated per occupied room per month and ExpPOR represents the average expenses per occupied room at our Seniors Housing Operating properties. These metrics are calculated as our pro rata version of total resident fees and services revenues or property operating expenses from the income statement divided by average monthly occupied room days. SS RevPOR and SS ExpPOR are used to evaluate the RevPOR and ExpPOR performance of our properties under a consistent population which eliminates changes in the composition of our portfolio. They are based on the same pool of properties used for SSNOI and includes any revenue or expense normalizations used for SSNOI. We use RevPOR, ExpPOR, SS RevPOR and SS ExpPOR to evaluate the revenue-generating capacity and profit potential of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.

We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and restricted cash. We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The ratios are based on EBITDA and Adjusted EBITDA. EBITDA is defined as earnings (net income per income statement) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding unconsolidated entities and including adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/losses/impairments on properties, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments deemed appropriate in management's opinion. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. We primarily use these measures to determine our interest coverage ratio, which represents EBITDA and Adjusted EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDA and Adjusted EBITDA divided by fixed charges. Fixed charges include total interest and secured debt principal amortization. Our leverage ratios include net debt to Adjusted EBITDA, book capitalization, undepreciated book capitalization and market capitalization. Book capitalization represents the sum of net debt (defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Market capitalization represents book capitalization adjusted for the fair market value of our common stock. Our leverage ratios are defined as the proportion of net debt to total capitalization.

Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management. None of the supplemental reporting measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Multi-period amounts may not equal the sum of the individual quarterly amounts due to rounding.


Supplemental Reporting Measures


(dollars in thousands)
Non-GAAP Reconciliations

NOI Reconciliation	2Q22		3Q22		4Q22		1Q23		2Q23
Net income (loss)	$	95,672	$	(2,653)	$	1,798	$	28,635	$	106,342
Loss (gain) on real estate dispositions, net	3,532		(1,064)		4,423		(747)		2,168
Loss (income) from unconsolidated entities	7,058		6,698		4,650		7,071		40,332
Income tax expense (benefit)	3,065		3,257		(4,088)		3,045		3,503
Other expenses	35,166		15,481		24,954		22,745		11,069
Impairment of assets	—		4,356		13,146		12,629		1,086
Provision for loan losses, net	165		490		10,469		777		2,456
Loss (gain) on extinguishment of debt, net	603		2		87		5		1
Loss (gain) on derivatives and financial instruments, net	(1,407)		6,905		258		930		1,280
General and administrative expenses	36,554		34,811		41,319		44,371		44,287
Depreciation and amortization	310,295		353,699		342,286		339,112		341,945
Interest expense	127,750		139,682		140,391		144,403		152,337
Consolidated net operating income	618,453		561,664		579,693		602,976		706,806
NOI attributable to unconsolidated investments(1)	23,648		27,374		24,950		26,354		25,150
NOI attributable to noncontrolling interests(2)	(82,804)		(27,236)		(27,523)		(25,057)		(24,262)
Pro rata net operating income (NOI)(3)	$	559,297	$	561,802	$	577,120	$	604,273	$	707,694


In-Place NOI Reconciliation
At Welltower pro rata ownership	Seniors Housing Operating		Seniors Housing Triple-net		Outpatient Medical		Long-Term /Post-Acute Care		Corporate		Total
Revenues	$	1,178,975	$	151,974	$	186,802	$	149,520	$	16,807	$	1,684,078
Property operating expenses	(902,068)		(7,996)		(59,358)		(2,827)		(4,135)		(976,384)
NOI(3)	276,907		143,978		127,444		146,693		12,672		707,694
Adjust:
Interest income	(1,850)		(32,657)		(95)		(8,264)		—		(42,866)
Other income	(3,260)		(352)		(46)		(65,490)		(12,719)		(81,867)
Sold / held for sale	(3,063)		(1,331)		17		(1,760)		—		(6,137)
Non operational(4)	2,035		—		(186)		(102)		—		1,747
Non In-Place NOI(5)	(3,871)		(10,609)		(4,848)		(12,806)		47		(32,087)
Timing adjustments(6)	1,275		—		—		—		—		1,275
Total adjustments	(8,734)		(44,949)		(5,158)		(88,422)		(12,672)		(159,935)
In-Place NOI	268,173		99,029		122,286		58,271		—		547,759
Annualized In-Place NOI	$	1,072,692	$	396,116	$	489,144	$	233,084	$	—	$	2,191,036


Same Store Property Reconciliation
	Seniors Housing Operating	Seniors Housing Triple-net	Outpatient Medical	Long-Term /Post-Acute Care	Total
Total properties	957	373	437	234	2,001
Recent acquisitions/ development conversions(7)	(88)	(13)	(41)	—	(142)
Under development	(33)	—	(7)	—	(40)
Under redevelopment(8)	(8)	—	(4)	(6)	(18)
Current held for sale	(31)	(12)	(2)	(28)	(73)
Land parcels, loans and sub-leases	(21)	(8)	(9)	—	(38)
Transitions(9)	(89)	(13)	—	(150)	(252)
Other(10)	(13)	—	—	(2)	(15)
Same store properties	674	327	374	48	1,423

Notes:

(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.

(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.

(3) Represents Welltower's pro rata share of NOI. See page 12 for more information.

(4) Primarily includes development properties and land parcels.

(5) Primarily represents non-cash NOI.

(6) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions.

(7) Acquisitions and development conversions will enter the same store pool five full quarters after acquisition or certificate of occupancy.

(8) Redevelopment properties will enter the same store pool after five full quarters of operations post redevelopment completion.

(9) Transitioned properties will enter the same store pool after five full quarters of operations with the new operator in place or under the new structure.

(10) Represents properties that are either closed or being closed.


Supplemental Reporting Measures


(dollars in thousands at Welltower pro rata ownership)

Same Store NOI Reconciliation	2Q22		3Q22		4Q22		1Q23		2Q23		Y/o/Y
Seniors Housing Operating
NOI	$	223,784	$	230,197	$	228,664	$	248,763	$	276,907
Non-cash NOI on same store properties	(375)		(349)		(348)		(319)		(152)
NOI attributable to non-same store properties	(35,269)		(49,185)		(41,922)		(50,514)		(54,225)
Currency and ownership adjustments(1)	(1,209)		(430)		800		(111)		(925)
Normalizing adjustment for government grants(2)	(13,061)		(2,188)		(2,360)		(18)		(5,352)





Other normalizing adjustments(3)	1,546		1,160		4,649		4,449		1,610
SSNOI(4)	175,416		179,205		189,483		202,250		217,863		24.2	%

Seniors Housing Triple-net
NOI	149,269		142,556		148,541		145,084		143,978
Non-cash NOI on same store properties	(13,274)		(10,845)		(10,365)		(12,531)		(10,040)
NOI attributable to non-same store properties	(44,437)		(41,042)		(45,319)		(39,248)		(39,595)
Currency and ownership adjustments(1)	(818)		295		371		(212)		(768)





SSNOI	90,740		90,964		93,228		93,093		93,575		3.1	%

Outpatient Medical
NOI	115,043		118,306		123,557		126,213		127,444
Non-cash NOI on same store properties	(3,788)		(4,238)		(4,835)		(4,666)		(4,319)
NOI attributable to non-same store properties	(2,057)		(3,316)		(6,885)		(9,115)		(10,380)
Currency and ownership adjustments(1)	437		192		(153)		180		(12)



Other normalizing adjustments(3)	(88)		(1,056)		—		(440)		364
SSNOI	109,547		109,888		111,684		112,172		113,097		3.2	%

Long-Term/Post-Acute Care
NOI	70,181		72,595		73,730		82,943		146,693
Non-cash NOI on same store properties	(725)		(1,654)		(1,526)		(1,538)		(1,160)
NOI attributable to non-same store properties	(50,810)		(51,674)		(53,239)		(61,910)		(125,838)
Currency and ownership adjustments(1)	(123)		(84)		(16)		(22)		(33)



Other normalizing adjustments(3)	—		(327)		—		—		—
SSNOI	18,523		18,856		18,949		19,473		19,662		6.1	%

Corporate
NOI	1,020		(1,852)		2,628		1,270		12,672
NOI attributable to non-same store properties	(1,020)		1,852		(2,628)		(1,270)		(12,672)
SSNOI	—		—		—		—		—

Total
NOI	559,297		561,802		577,120		604,273		707,694
Non-cash NOI on same store properties	(18,162)		(17,086)		(17,074)		(19,054)		(15,671)
NOI attributable to non-same store properties	(133,593)		(143,365)		(149,993)		(162,057)		(242,710)
Currency and ownership adjustments(1)	(1,713)		(27)		1,002		(165)		(1,738)
Normalizing adjustments, net	(11,603)		(2,411)		2,289		3,991		(3,378)
SSNOI	$	394,226	$	398,913	$	413,344	$	426,988	$	444,197	12.7	%

Notes:

(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.37 and to translate UK properties at a GBP/USD rate of 1.20.

(2) Represents normalizing adjustment related to amounts recognized related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada.

(3) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.

(4) SHO SSNOI includes expenses that are directly attributable to the COVID-19 pandemic net of any reimbursements exclusive of those included in (2) above.


Supplemental Reporting Measures


(dollars in thousands, except RevPOR, SS RevPOR and SSNOI/unit)

SHO RevPOR Reconciliation	United States		United Kingdom		Canada		Total
Consolidated SHO revenues	$	934,244	$	113,875	$	116,320	$	1,164,439
Unconsolidated SHO revenues attributable to Welltower(1)	36,857		1,657		24,527		63,041
SHO revenues attributable to noncontrolling interests(2)	(17,100)		(8,148)		(23,257)		(48,505)
Pro rata SHO revenues(3)	954,001		107,384		117,590		1,178,975
SHO interest and other income	(12,087)		(37)		(951)		(13,075)
SHO revenues attributable to sold and held for sale properties	(5,215)		(4,927)		(14,114)		(24,256)
Currency and ownership adjustments(4)	(1,954)		(4,278)		(2,154)		(8,386)
SHO local revenues	934,745		98,142		100,371		1,133,258
Average occupied units/month	54,688		3,748		13,084		71,520
RevPOR/month in USD	$	5,713	$	8,752	$	2,564	$	5,296
RevPOR/month in local currency(4)			£	7,293	$	3,512


Reconciliations of SHO SS RevPOR Growth, SSNOI Growth and SSNOI/Unit

	United States					United Kingdom					Canada					Total
	2Q22		2Q23			2Q22		2Q23			2Q22		2Q23			2Q22		2Q23
SHO SS RevPOR Growth
Consolidated SHO revenues	$	859,987	$	934,244		$	99,647	$	113,875		$	111,576	$	116,320		$	1,071,210	$	1,164,439
Unconsolidated SHO revenues attributable to WELL(1)	28,910		36,857			—		1,657			22,546		24,527			51,456		63,041
SHO revenues attributable to noncontrolling interests(2)	(89,739)		(17,100)			(9,339)		(8,148)			(22,626)		(23,257)			(121,704)		(48,505)
SHO pro rata revenues(3)	799,158		954,001			90,308		107,384			111,496		117,590			1,000,962		1,178,975
Non-cash and non-RevPOR revenues on same store properties	(835)		(1,656)			—		—			(72)		(350)			(907)		(2,006)
Revenues attributable to non-same store properties	(148,590)		(220,863)			(47,971)		(59,706)			(14,792)		(18,207)			(211,353)		(298,776)
Currency and ownership adjustments(4)	16,597		—			(1,899)		(1,980)			(6,587)		(1,942)			8,111		(3,922)




SHO SS RevPOR revenues(5)	$	666,330	$	731,482		$	40,438	$	45,698		$	90,045	$	97,091		$	796,813	$	874,271
Avg. occupied units/month(6)	41,629		42,595			1,780		1,903			11,128		11,290			54,537		55,788
SHO SS RevPOR(7)	$	5,350	$	5,740		$	7,593	$	8,027		$	2,705	$	2,874		$	4,884	$	5,238
SS RevPOR YOY growth			7.3		%			5.7		%			6.3		%			7.3		%

SHO SSNOI Growth
Consolidated SHO NOI	$	237,393	$	229,006		$	16,579	$	17,497		$	27,939	$	32,749		$	281,911	$	279,252
Unconsolidated SHO NOI attributable to WELL(1)	4,956		5,987			—		(389)			6,840		8,031			11,796		13,629
SHO NOI attributable to noncontrolling interests(2)	(63,731)		(8,574)			(1,278)		(1,585)			(4,914)		(5,815)			(69,923)		(15,974)
SHO pro rata NOI(3)	178,618		226,419			15,301		15,523			29,865		34,965			223,784		276,907
Non-cash NOI on same store properties	(375)		(152)			—		—			—		—			(375)		(152)
NOI attributable to non-same store properties	(23,483)		(41,470)			(7,816)		(6,672)			(3,970)		(6,083)			(35,269)		(54,225)
Currency and ownership adjustments(4)	872		24			(322)		(374)			(1,759)		(575)			(1,209)		(925)
Normalizing adjustment for government grants(8)	(12,045)		(5,352)			(1,028)		—			12		—			(13,061)		(5,352)





Other normalizing adjustments(9)	1,546		1,610			—		—			—		—			1,546		1,610
SHO pro rata SSNOI(5)	$	145,133	$	181,079		$	6,135	$	8,477		$	24,148	$	28,307		$	175,416	$	217,863
SHO SSNOI growth			24.8		%			38.2		%			17.2		%			24.2		%

SHO SSNOI/Unit
Trailing four quarters' SSNOI(5)			$	649,914				$	32,024				$	106,863				$	788,801
Average units in service(10)			53,269					2,251					14,055					69,575
SSNOI/unit in USD			$	12,201				$	14,227				$	7,603				$	11,337
SSNOI/unit in local currency(4)								£	11,856				$	10,415

Notes:

(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.

(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.

(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See page 12 for more information.

(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.37 and to translate UK properties at a GBP/USD rate of 1.20.

(5) Represents SS SHO RevPOR revenues/SSNOI at Welltower pro rata ownership. See page 19 for more information.

(6) Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.

(7) Represents pro rata SS average revenues generated per occupied room per month.

(8) Represents normalizing adjustment for amounts recognized related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada.

(9) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.

(10) Represents average units in service for SS properties related solely to referenced country on a pro rata basis.


Forward-Looking Statement and Risk Factors

Forward-Looking Statements and Risk Factors

This document contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “pro forma,” “estimate” or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower’s actual results to differ materially from Welltower’s expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the impact of the COVID-19 pandemic; the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower’s ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters and other acts of God affecting Welltower’s properties; Welltower’s ability to re-lease space at similar rates as vacancies occur; Welltower’s ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower’s properties; changes in rules or practices governing Welltower’s financial reporting; the movement of U.S. and foreign currency exchange rates; Welltower’s ability to maintain its qualification as a REIT; key management personnel recruitment and retention; and other risks described in Welltower’s reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.

Additional Information

The information in this supplemental information package should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings press release dated July 31, 2023 and other information filed with, or furnished to, the SEC. The Supplemental Reporting Measures and reconciliations of Non-GAAP measures are an integral part of the information presented herein.

You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.welltower.com as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC’s website at http://www.sec.gov. We routinely post important information on our website at www.welltower.com in the “Investors” section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading “Investors.” Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the SEC. The information on or connected to our website is not, and shall not be deemed to be, a part of, or incorporated into this supplemental information package.

About Welltower

Welltower Inc. (NYSE:WELL), a REIT and S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. Welltower invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower, owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at www.welltower.com.