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Published: 2023-10-30 16:07:54 ET
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EX-99.2 3 a3q23supplement992.htm EX-99.2 Document

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Table of Contents

    
Overview
Portfolio
Investment
Financial
Glossary
Supplemental Reporting Measures
Forward Looking Statements and Risk Factors

Overview

(dollars and occupancy at Welltower pro rata ownership; dollars in thousands)
Portfolio Composition(1)
Beds/Unit Mix
Average AgePropertiesTotalWellness HousingIndependent LivingAssisted LivingMemory CareLong-Term/ Post-Acute Care
Seniors Housing Operating18946 111,12516,26944,27935,51214,401664
Seniors Housing Triple-net1837229,555—5,44214,6539,121339
Outpatient Medical1944126,303,276(2)n/an/an/an/an/a
Long-Term/Post-Acute Care31258 33,119——854—32,265
Total202,017

NOI Performance
Same Store(3)
In-Place Portfolio(4)
Properties3Q22 NOI3Q23 NOI% ChangePropertiesAnnualized
In-Place NOI		% of Total
Seniors Housing Operating678$189,440 $238,882 26.1 %865$1,105,180 47.9 %
Seniors Housing Triple-net31686,573 89,929 3.9 %354413,312 17.9 %
Outpatient Medical379113,344 117,217 3.4 %421504,484 21.9 %
Long-Term/Post-Acute Care4818,85619,863 5.3 %225282,036 12.3 %
Total1,421$408,213 $465,891 14.1 %1,865$2,305,012 100.0 %

Portfolio PerformanceFacility Revenue Mix
Stable Portfolio(5)
Occupancy
EBITDAR Coverage(6)
EBITDARM Coverage(6)
Private PayMedicaidMedicare
Other Government(7)
Seniors Housing Operating81.8 %n/an/a97.4 %1.1 %0.5 %1.0 %
Seniors Housing Triple-net80.9 %0.931.1288.2 %4.2 %0.5 %7.1 %
Outpatient Medical94.5 %n/an/a100.0 %— — — 
Long-Term/Post-Acute Care80.3 %1.441.7530.1 %35.6 %34.3 %— %
Total1.011.2293.8 %3.0 %1.9 %1.3 %
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 September 30, 2023 for Seniors Housing Operating and Outpatient Medical and June 30, 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.

1
Portfolio


(dollars in thousands at Welltower pro rata ownership)
In-Place NOI Diversification(1)
By Partner:Total PropertiesSeniors Housing OperatingSeniors Housing
Triple-net		Outpatient
Medical		Long-Term/ Post-Acute CareTotal% of Total
Integra Healthcare Properties147 $— $— $— $152,088 $152,088 6.6 %
Sunrise Senior Living91 131,024 — — — 131,024 5.7 %
Avery Healthcare91 51,800 68,760 — — 120,560 5.2 %
Oakmont Management Group63 104,728 — — — 104,728 4.5 %
StoryPoint Senior Living76 47,684 45,668 — — 93,352 4.0 %
Cogir Management Corporation49 86,320 — — — 86,320 3.7 %
Belmont Village21 77,236 — — — 77,236 3.4 %
Atria Senior Living91 76,356 — — — 76,356 3.3 %
Sagora Senior Living41 44,180 23,568 — — 67,748 2.9 %
Brookdale Senior Living74 (972)61,148 — — 60,176 2.6 %
Remaining1,121 486,824 214,168 504,484 129,948 1,335,424 58.1 %
Total1,865 $1,105,180 $413,312 $504,484 $282,036 $2,305,012 100.0 %
By Country:
United States1,597 $881,732 $330,316 $504,484 $275,176 $1,991,708 86.4 %
United Kingdom129 84,916 79,500 — — 164,416 7.1 %
Canada139 138,532 3,496 — 6,860 148,888 6.5 %
Total1,865 $1,105,180 $413,312 $504,484 $282,036 $2,305,012 100.0 %
By MSA:
Los Angeles73$77,804 $20,044 $40,576 $— $138,424 6.0 %
New York / New Jersey7660,936 12,088 38,100 3,512 114,636 5.0 %
Dallas6752,764 6,040 29,292 4,204 92,300 4.0 %
Washington D.C.4042,240 6,328 11,744 18,664 78,976 3.4 %
Greater London4950,108 17,032 — — 67,140 2.9 %
Philadelphia4510,452 5,232 18,604 25,520 59,808 2.6 %
Chicago4525,288 11,228 7,856 5,784 50,156 2.2 %
Houston368,380 3,300 35,320 — 47,000 2.0 %
San Francisco2233,140 10,516 1,324 — 44,980 2.0 %
San Diego1917,036 7,088 13,840 2,932 40,896 1.8 %
Raleigh137,984 29,180 2,432 — 39,596 1.7 %
Montréal2439,272 — — — 39,272 1.7 %
Charlotte261,212 10,592 23,296 — 35,100 1.5 %
Seattle2613,628 1,112 15,228 4,176 34,144 1.5 %
Minneapolis20148 16,992 13,556 — 30,696 1.3 %
Baltimore165,156 1,712 12,116 11,580 30,564 1.3 %
Boston2322,552 5,264 2,688 — 30,504 1.3 %
Indianapolis175,948 13,228 544 9,072 28,792 1.2 %
Columbus2211,504 11,888 — 2,504 25,896 1.1 %
San Antonio1222,080 804 2,564 — 25,448 1.1 %
Remaining1,194 597,548223,644235,404194,0881,250,68454.4 %
Total1,865 $1,105,180 $413,312 $504,484 $282,036 $2,305,012 100.0 %
Notes:
(1) Represents current quarter annualized In-Place NOI. See page 18 for reconciliation.


2
Portfolio

(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating
Total Portfolio Performance(1)
3Q224Q221Q232Q233Q23
Properties870 882 885 886 883 
Units87,375 88,783 89,240 89,932 90,953 
Total occupancy78.0 %78.3 %79.0 %79.6 %80.7 %
Total revenues$1,061,753 $1,095,146 $1,143,744 $1,178,975 $1,221,753 
Operating expenses831,556 866,482 894,981 902,068 933,463 
NOI$230,197 $228,664 $248,763 $276,907 $288,290 
NOI margin21.7 %20.9 %21.7 %23.5 %23.6 %
Recurring cap-ex$31,513 $36,923 $26,848 $32,791 $31,685 
Other cap-ex$56,878 $75,545 $45,557 $66,002 $68,281 

Same Store Performance(2)
3Q224Q221Q232Q233Q23
Properties678 678 678 678 678 
Occupancy79.5 %79.9 %79.9 %80.5 %81.7 %
Same store revenues$850,239 $868,774 $884,454 $907,776 $933,604 
Compensation382,021 387,545 390,319 395,611 402,822 
Utilities45,453 44,978 48,564 40,359 46,585 
Food35,267 37,074 35,118 36,658 37,324 
Repairs and maintenance25,610 26,041 26,398 27,469 28,878 
Property taxes35,316 31,355 35,648 35,131 34,631 
All other137,132 143,216 137,504 144,031 144,482 
Same store operating expenses660,799 670,209 673,551 679,259 694,722 
Same store NOI$189,440 $198,565 $210,903 $228,517 $238,882 
Same store NOI margin %22.3 %22.9 %23.8 %25.2 %25.6 %
Year over year NOI growth rate26.1 %
Year over year revenue growth rate9.8 %
Partners(3)
PropertiesPro Rata Units
Welltower Ownership %(4)
Top Markets3Q23 NOI% of Total
Sunrise Senior Living91 8,094 98.3 %Southern California$29,647 10.3 %
Oakmont Management Group63 6,557 100.0 %Northern California19,600 6.8 %
Cogir Management Corporation49 7,269 88.3 %New York / New Jersey15,092 5.2 %
Belmont Village21 2,804 95.0 %Greater London, UK12,530 4.3 %
Atria Senior Living91 10,728 100.0 %Dallas12,919 4.5 %
Avery Healthcare41 3,239 99.2 %Washington D.C.10,617 3.7 %
Legend Senior Living38 2,935 93.3 %Montréal, QC9,949 3.5 %
Brandywine Living29 2,704 99.4 %Toronto, ON7,888 2.7 %
StoryPoint Senior Living44 4,708 100.0 %Chicago5,962 2.1 %
Revera51 4,985 75.0 %Portland, OR5,901 2.0 %
Sagora Senior Living19 3,010 99.5 %Top Markets130,105 45.1 %
Frontier Management LLC55 3,224 100.0 %All Other158,185 54.9 %
Chartwell42 4,479 49.7 %Total$288,290 100.0 %
Clover36 3,950 90.5 %
Remaining 195 20,692 
Total865 89,378 
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 September 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.

3
Portfolio

(dollars in thousands at Welltower pro rata ownership)
Payment Coverage Stratification
EBITDARM Coverage(1)
EBITDAR Coverage(1)
% of In-Place NOISeniors Housing Triple-netLong-Term/ Post- Acute CareTotalWeighted Average MaturityNumber of LeasesSeniors Housing Triple-netLong-Term/ Post- Acute CareTotalWeighted Average MaturityNumber of Leases
<.85x4.4 %— %4.4 %10 5 6.3 %0.1 %6.4 %10 8 
.85x-.95x0.6 %— %0.6 %10 1 2.2 %0.4 %2.6 %6 4 
.95x-1.05x1.3 %— %1.3 %— 1 1.4 %— %1.4 %17 3 
1.05x-1.15x2.2 %0.4 %2.6 %6 4 5.6 %1.0 %6.6 %9 3 
1.15x-1.25x1.0 %0.1 %1.1 %14 2 1.6 %— %1.6 %14 3 
1.25x-1.35x6.8 %1.0 %7.8 %9 5 — %— %— %11 1 
>1.351.3 %1.4 %2.7 %16 10 0.5 %1.4 %1.9 %14 6 
Total17.6 %2.9 %20.5 %10 28 17.6 %2.9 %20.5 %10 28 
Revenue and Lease Maturity(2)
Rental Income
YearSeniors Housing
Triple-net		Outpatient MedicalLong-Term / Post-Acute CareInterest
Income		Total
Revenues		% of Total
2023$— $26,148 $— $7,447 $33,595 2.4 %
202413,088 57,542 — 25,241 95,871 6.9 %
20255,667 44,451 840 10,790 61,748 4.4 %
20263,463 47,897 9,287 131,223 191,870 13.7 %
2027— 42,655 1,232 3,234 47,121 3.4 %
2028— 41,673 6,404 430 48,507 3.5 %
20291,035 37,108 — 416 38,559 2.8 %
203041,181 36,950 28,553 311 106,995 7.6 %
20316,390 50,416 4,372 226 61,404 4.4 %
203291,253 42,383 — — 133,636 9.6 %
Thereafter224,321 131,158 222,382 1,547 579,408 41.3 %
$386,398 $558,381 $273,070 $180,865 $1,398,714 100.0 %
Weighted Avg Maturity Years11 6 15 3 9 
Notes:
(1) Represents trailing twelve month coverage metrics as of June 30, 2023 for stable portfolio only. Agreements included represent 61% 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.




4
Portfolio

(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)
3Q224Q221Q232Q233Q23
Properties386 389 419 420 422 
Square feet18,665,903 18,844,516 20,188,159 20,236,315 20,748,969 
Occupancy94.5 %94.2 %94.0 %94.4 %94.5 %
Total revenues$171,990 $176,816 $185,190 $186,802 $195,136 
Operating expenses53,684 53,259 58,977 59,358 63,831 
NOI$118,306 $123,557 $126,213 $127,444 $131,305 
NOI margin68.8 %69.9 %68.2 %68.2 %67.3 %
Revenues per square foot$37.15 $37.53 $36.69 $36.92 $37.62 
NOI per square foot$25.55 $26.23 $25.01 $25.19 $25.31 
Recurring cap-ex$13,470 $25,200 $10,666 $7,400 $18,340 
Other cap-ex$2,472 $5,633 $5,118 $4,397 $8,545 

Same Store Performance(2)
3Q224Q221Q232Q233Q23
Properties379 379 379 379 379 
Occupancy94.8 %94.9 %94.8 %94.9 %95.0 %
Same store revenues$165,929 $167,409 $171,779 $170,131 $173,234 
Same store operating expenses52,585 51,971 55,391 53,175 56,017 
Same store NOI$113,344 $115,438 $116,388 $116,956 $117,217 
NOI margin68.3 %69.0 %67.8 %68.7 %67.7 %
Year over year NOI growth rate3.4 %

Portfolio Diversification
by Tenant(3)
Rental Income% of TotalQuality Indicators
Kelsey-Seybold$33,616 6.0 %
Health system affiliated properties as % of NOI(3)
87.3 %
Novant Health17,957 3.2 %
Health system affiliated tenants as % of rental income(3)
59.2 %
Common Spirit Health17,831 3.2 %Investment grade tenants as % of rental income57.5 %
Providence Health & Services16,595 3.0 %
Retention (trailing twelve months)(3)
92.8 %
United Health Care Services15,639 2.8 %
In-house managed properties as % of square feet(3,4)
85.9 %
Remaining portfolio456,743 81.8 %
Average remaining lease term (years)(3)
6.4 
Total$558,381 100.0 %
Average building size (square feet)(3)
58,413 
Average age (years)19 

Expirations(3)
20232024202520262027Thereafter
Occupied square feet955,386 1,911,425 1,503,106 1,755,671 1,520,531 11,968,599 
% of occupied square feet4.9 %9.7 %7.7 %9.0 %7.8 %60.9 %
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 379 same store properties representing 18,528,614 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.








5
Investment

(dollars in thousands at Welltower pro rata ownership)
Relationship Investment History
chart-c1f72bc144994cea977.jpg
Detail of Acquisitions/JVs(1)
20192020202120221Q232Q233Q2319-23 Total
Count27 12 35 27 11 2 14 128 
Total$4,073,554 $910,217 $4,101,534 $2,785,739 $443,240 $145,094 $1,098,410 $13,557,788 
Low7,550 6,201 5,000 6,485 19,967 34,532 2,950 2,950 
Median38,800 48,490 45,157 66,074 78,250 72,547 37,372 46,631 
High1,250,000 235,387 1,576,642 389,149 140,172 110,562 318,053 1,576,642 

Investment Timing
Acquisitions and Loan Funding(2)
Yield
Construction Conversions(3)
Year 1 YieldDispositions and Loan PayoffsYield
July$474,587 2.5 %$37,641 6.3 %$298,703 0.4 %
August805,724 9.4 %19,646 -0.1 %492 — %
September77,229 7.8 %117,422 0.5 %25,602 — %
Total$1,357,540 6.9 %$174,709 1.7 %$324,797 0.4 %

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.
6
Investment
(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity
Third Quarter 2023
PropertiesBeds / Units / Square FeetInvestment Per
Bed / Unit /
SqFt		Pro Rata
Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating 5504 units$277,262 $457,083 
Outpatient Medical2208,408 sf362 235,747 
Long-Term/Post-Acute Care242,897 beds140,000 405,580 
Loan funding259,130 
Total acquisitions and loan funding(2)
311,357,540 6.9 %
Development Funding(3)
Development projects:
Seniors Housing Operating356,434units160,881 
Outpatient Medical11973,328sf70,999 
Total development projects46231,880 
Redevelopment and expansion projects:
Seniors Housing Operating2160units8,465 
Outpatient Medical6258,536sf29,835 
Total redevelopment and expansion projects838,300 
Total development funding54270,180 7.0 %
Total gross investments1,627,720 6.9 %
Dispositions and Loan Payoffs(4)
Seniors Housing Operating161,283units582,059 315,095 
Seniors Housing Triple-net184units53,988 4,535 
Outpatient Medical133,934sf97 492 
Loan payoffs4,675 
Total dispositions and loan payoffs(5)
18324,797 0.4 %
Net investments (dispositions)$1,302,923 

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. Includes acquisition of additional ownership interest in 10 existing Seniors Housing Operating properties and 10 existing Outpatient Medical properties which are excluded from property, unit and per unit metrics.
(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.




7
Investment
(dollars in thousands, except per bed / unit / square foot, at Welltower pro rata ownership)
Gross Investment Activity
Year-To-Date 2023
PropertiesBeds / Units / Square FeetInvestment Per
Bed / Unit /
SqFt		Pro Rata
Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating8899 units$216,061 $622,144 
Seniors Housing Triple-net8612 units122,217 74,797 
Outpatient Medical311,506,325 sf281 584,223 
Long-Term/Post-Acute Care242,897 beds140,000 405,580 
Loan funding363,364 
Total acquisitions and loan funding(2)
712,050,108 7.0 %
Development Funding(3)
Development projects:
Seniors Housing Operating437,149 units450,924 
Seniors Housing Triple-net1191 units13,264 
Outpatient Medical131,023,163 sf196,292 
Total development projects57660,480 
Redevelopment and expansion projects:
Seniors Housing Operating2160 units18,018 
Outpatient Medical8306,939sf98,485 
Total redevelopment and expansion projects10116,503 
Total development funding67776,983 6.9 %
Total gross investments2,827,091 6.9 %
Dispositions and Loan Payoffs(4)
Seniors Housing Operating211,672 units571,092 523,163 
Seniors Housing Triple-net2141 units46,348 6,535 
Outpatient Medical133,934 sf97 492 
Long-Term/Post-Acute Care—— beds— 74,279 
Loan payoffs63,530 
Leasehold termination71,112 beds163,750 182,090 
Total dispositions and loan payoffs(5)
31850,089 3.4 %
Net investments (dispositions)$1,977,002 
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. Includes acquisition of additional ownership interest in 39 existing Seniors Housing Operating properties and 10 existing Outpatient Medical properties which are excluded from property, unit and per unit metrics.
(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 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. Includes disposition of partial ownership interest in 31 existing Long-Term/Post-Acute Care properties which are excluded from property, unit and per unit metrics.
(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.
8
Investment
(dollars in thousands at Welltower pro rata ownership)
Development Summary(1)
Unit Mix
Facility MSATotalWellness HousingIndependent LivingAssisted LivingMemory CareCommitment AmountFuture Funding
Estimated Conversion(2)
Seniors Housing Operating
Boston, MA167 — 91 48 28 $70,330 $9,020 4Q23
Charlotte, NC328 328 — — — 59,079 2,586 4Q23
San Diego, CA96 — — 56 40 42,340 12,812 2Q24
Austin, TX196 196 — — — 38,661 4,342 3Q23 - 1Q24
Hartford, CT128 128 — — — 21,934 — 1Q24
Hartford, CT122 122 — — — 20,578 — 1Q24
Washington D.C.302 — 190 89 23 157,660 35,916 2Q24
Kansas City, MO265 265 — — — 70,864 52,654 2Q24
Phoenix, AZ199 199 — — — 51,794 13,464  4Q23 - 2Q24
Phoenix, AZ204 204 — — — 50,446 12,851  4Q23 - 2Q24
Tampa, FL206 206 — — — 49,646 24,850 1Q24 - 2Q24
Kansas City, MO134 134 — — — 20,887 — 2Q24
Dallas, TX72 72 — — — 20,378 8,821 3Q23 - 2Q24
Cincinnati, OH122 122 — — — 15,602 4,141 2Q24
Washington D.C.137 — 10 90 37 117,330 58,325 3Q24
Vancouver, BC85 — — 45 40 58,597 11,652 3Q24
Tampa, FL188 188 — — — 52,568 29,372 2Q24 - 3Q24
Sacramento, CA100 — — 70 30 43,815 27,073 3Q24
Dallas, TX52 52 — — — 16,802 7,685 1Q24 - 3Q24
Cambridge, UK70 — — 45 25 10,284 6,428 3Q24
Norwich, UK80 — — 52 28 9,669 5,802 3Q24
Boston, MA160 — 82 37 41 148,590 47,709 4Q24
Sherman, TX237 237 — — — 75,618 61,533 2Q24 - 4Q24
Miami, FL91 — — 55 36 69,951 41,557 4Q24
Phoenix, AZ110 110 — — — 40,195 29,029  2Q24 - 4Q24
Houston, TX130 130 — — — 30,945 2,108 3Q23 - 4Q24
San Jose, CA685 509 — 143 33 175,381 4,242 1Q25
San Jose, CA158 — — 158 — 61,929 29,542 1Q25
Dallas, TX141 141 — — — 45,459 38,630 2Q24 - 2Q25
Columbus, OH409 409 — — — 82,069 59,178 2Q25
Killeen, TX256 256 — — — 64,084 52,626 4Q23 - 2Q25
Little Rock, AR283 283 — — — 13,456 6,711 3Q25
Chattanooga, TN243 243 — — — 62,116 55,314 2Q25 - 3Q25
Various(3)
160 — — 145 15 33,906 12,239 4Q23
Subtotal6,316 4,534 373 1,033 376 1,902,963 768,212 
Outpatient MedicalRentable Square FtPreleased %Health System AffiliationCommitment AmountFuture FundingEstimated Conversion
Houston, TX178,446 100 %Yes108,06836,112 4Q23
Houston, TX121,368 100 %Yes84,38436,426 4Q23
Oklahoma City, OK134,285 100 %Yes88,91210,789 2Q24
Houston, TX135,255 100 %Yes86,559 76,836 4Q24
Houston, TX111,803 100 %Yes78,282 70,945 4Q24
Santa Fe, NM90,000 100 %Yes45,977 31,484 3Q24
Houston, TX51,134 100 %Yes28,723 26,506 3Q24
Houston, TX50,323 100 %Yes30,156 26,622 3Q24
Houston, TX36,248 100 %Yes32,991 27,375 4Q24
Oklahoma City, OK47,636 100 %Yes40,543 38,806 2Q25
Subtotal956,498 624,595 381,901 
Total Development Projects$2,527,558 $1,150,113 
(1) Includes development and redevelopment projects (construction in progress, development loans and in-substance real estate) but excludes expansion projects. Commitment amount represents current cash amount funded plus unfunded commitments to complete development, but excludes capitalized interest.
(2) Estimated conversion ranges relate to projects to be delivered in phases.
(3) Includes two redevelopment projects.
9
Investment
(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
Projected Future Funding
ProjectsBeds / Units / Square Feet
Stable Yields(2)
2023 FundingFunding ThereafterTotal Unfunded CommitmentsCommitted Balances
Seniors Housing Operating356,3167.2 %$189,031 $579,181 $768,212 $1,902,963 
Outpatient Medical10956,4986.2 %145,255 236,646 381,901 624,595 
Total457.0 %$334,286 $815,827 $1,150,113 $2,527,558 

Development Project Conversion Estimates(1)
Quarterly ConversionsAnnual 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$510,005 2.1 %7.8 %
2Q23 actual315,2623.0 %8.2 %2023 estimate355,767 3.1 %7.2 %
3Q23 actual137,2700.9 %7.2 %2024 estimate1,626,754 1.3 %7.2 %
4Q23 estimate355,7673.1 %7.2 %2025 estimate545,0374.0 %7.1 %
1Q24 estimate81,1730.3 %5.7 %Total$3,037,563 2.1 %7.3 %
2Q24 estimate568,5290.1 %7.2 %
3Q24 estimate413,9211.6 %7.2 %
4Q24 estimate563,1312.5 %7.3 %
1Q25 estimate237,3107.0 %7.0 %
2Q25 estimate232,1551.9 %7.4 %
3Q25 estimate75,5720.9 %6.8 %
Total$3,037,563 2.1 %7.3 %

Unstabilized Properties
6/30/2023 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ Dispositions9/30/2023 PropertiesBeds / Units
Seniors Housing Operating43(5)21 415,848
Seniors Housing Triple-net14(2)—— 121,479
Total57(7)21 537,327
Occupancy6/30/2023 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ DispositionsProgressions9/30/2023 Properties
0% - 50%26 (2)2 1 — 27 
50% - 70%18 (1)— — — 17 
70% +13 (4)— — — 9 
Total57 (7)2 1 — 53 
Occupancy9/30/2023 PropertiesMonths In OperationRevenues
% of Total Revenues(4)
Gross Investment Balance% of Total Gross Investment
0% - 50%27 10 $45,111 0.7 %$903,570 2.1 %
50% - 70%17 25 85,011 1.3 %666,861 1.5 %
70% +9 25 93,307 1.4 %510,265 1.2 %
Total53 19 $223,429 3.4 %$2,080,696 4.8 %
Notes:
(1) Includes development and redevelopment 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.
10
Financial

(dollars in thousands at Welltower pro rata ownership)
Components of NAV
Stabilized NOIPro rata beds/units/square feet
Seniors Housing Operating(1)
$1,105,180 89,378 units
Seniors Housing Triple-net413,312 27,260 units
Outpatient Medical504,484 20,693,977 square feet
Long-Term/Post-Acute Care282,036 27,670 beds
Total In-Place NOI(2)
2,305,012 
Incremental stabilized NOI(3)
109,340 
Total stabilized NOI$2,414,352 
Obligations
Lines of credit and commercial paper(4)
$— 
Senior unsecured notes(4)
13,633,824 
Secured debt(4)
3,239,495 
Financing lease liabilities65,182 
Total debt$16,938,501 
Add (Subtract):
Other liabilities (assets), net(5)
$425,152 
Cash and cash equivalents and restricted cash(2,686,711)
Net obligations$13,826,638 
Other Assets
Land parcels(6)
$381,188 
Effective Interest Rate(9)
Real estate loans receivable(7)
1,823,203 10.6%
Non-real estate loans receivable(8)
270,082 11.2%
Joint venture real estate loans receivables(10)
247,929 5.7%
Property dispositions(11)
588,146 
Development properties:(12)
Current balance1,397,847 
Unfunded commitments1,227,770 
Committed balances$2,625,617 
Projected yield7.0 %
Projected NOI$183,793 
Common Shares Outstanding(13)
534,459 
Notes:
(1) Includes $(2,407,000) attributable to our proportional share of income (loss) 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 $1,008,780,000 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$405,318 
Below market tenant lease intangibles, net23,916 
Deferred taxes, net(46,344)
Intangible assets, net(155,793)
Other non-cash liabilities / (assets), net9,063 
Total non-cash liabilities/(assets), net$236,160 
(6) Includes land parcels, predevelopment projects and redevelopment projects.
(7) Represents $1,841,351,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, and net of $18,148,000 of credit allowances.
(8) Represents $443,147,000 of non-real estate loans, net of $173,065,000 of credit allowances.
(9) Average cash-pay interest rates are 7.2%,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.
(10) Represents partners' share of Welltower loans made to our partners in select joint ventures, secured by their interest in the joint venture properties.
(11) Represents proceeds from expected property dispositions in the next twelve months.
(12) See pages 9-10. Includes expansion projects. Current balance and committed balances are net of partial conversions to date.
(13) Includes OP Units and DownREIT Units.
11
Financial
(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1,2)
3Q224Q221Q232Q233Q23
Revenues:
Seniors Housing Operating
Resident fees and services$1,057,814 $1,091,043 $1,138,916 $1,173,630 $1,216,368 
Interest income2,210 2,388 2,318 1,850 1,928 
Other income1,729 1,715 2,510 3,495 3,457 
Total revenues1,061,753 1,095,146 1,143,744 1,178,975 1,221,753 
Seniors Housing Triple-net
Rental income116,233 122,267 119,786 118,115 110,705 
Interest income32,726 31,837 31,540 32,657 33,523 
Other income1,307 1,361 1,675 1,202 1,168 
Total revenues150,266 155,465 153,001 151,974 145,396 
Outpatient Medical
Rental income170,051 174,182 182,044 185,133 192,732 
Interest income80 86 91 95 98 
Other income1,859 2,548 3,055 1,574 2,306 
Total revenues171,990 176,816 185,190 186,802 195,136 
Long-Term/Post-Acute Care
Rental income70,356 71,021 80,423 75,766 77,516 
Interest income5,760 5,982 6,367 8,264 10,981 
Other income513 153 193 65,490 315 
Total revenues76,629 77,156 86,983 149,520 88,812 
Corporate
Other income3,942 7,714 5,147 16,807 33,802 
Total revenues3,942 7,714 5,147 16,807 33,802 
Total
Rental income356,640 367,470 382,253 379,014 380,953 
Resident fees and services1,057,814 1,091,043 1,138,916 1,173,630 1,216,368 
Interest Income40,776 40,293 40,316 42,866 46,530 
Other Income9,350 13,491 12,580 88,568 41,048 
Total revenues1,464,580 1,512,297 1,574,065 1,684,078 1,684,899 
Property operating expenses:
Seniors Housing Operating831,556 866,482 894,981 902,068 933,463 
Seniors Housing Triple-net7,710 6,924 7,917 7,996 7,849 
Outpatient Medical53,684 53,259 58,977 59,358 63,831 
Long-Term/Post-Acute Care4,034 3,426 4,040 2,827 2,386 
Corporate5,794 5,086 3,877 4,135 3,980 
Total property operating expenses902,778 935,177 969,792 976,384 1,011,509 
Net operating income:
Seniors Housing Operating230,197 228,664 248,763 276,907 288,290 
Seniors Housing Triple-net142,556 148,541 145,084 143,978 137,547 
Outpatient Medical118,306 123,557 126,213 127,444 131,305 
Long-Term/Post-Acute Care72,595 73,730 82,943 146,693 86,426 
Corporate(1,852)2,628 1,270 12,672 29,822 
Net operating income$561,802 $577,120 $604,273 $707,694 $673,390 
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%.
(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.
12
Financial
(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
Twelve Months EndedThree Months Ended
September 30, 2023September 30, 2023
Net income (loss)$271,497 $134,722 
Interest expense593,663 156,532 
Income tax expense (benefit)7,044 4,584 
Depreciation and amortization1,362,657 339,314 
EBITDA2,234,861 635,152 
Loss (income) from unconsolidated entities56,084 4,031 
Stock-based compensation34,762 8,578 
Loss (gain) on extinguishment of debt, net94 1 
Loss (gain) on real estate dispositions, net(65,258)(71,102)
Impairment of assets34,249 7,388 
Provision for loan losses, net17,761 4,059 
Loss (gain) on derivatives and financial instruments, net5,353 2,885 
Other expenses96,988 38,220 
Leasehold interest termination(2)
(65,485)— 
Casualty losses, net of recoveries16,446 1,014 
Other impairment(3)
12,309 12,309 
Total adjustments143,303 7,383 
Adjusted EBITDA$2,378,164 $642,535 
Interest Coverage Ratios
Interest expense$593,663 $156,532 
Capitalized interest45,914 13,947 
Non-cash interest expense(21,903)(6,716)
Total interest$617,674 $163,763 
EBITDA$2,234,861 $635,152 
Interest coverage ratio3.62  x3.88  x
Adjusted EBITDA$2,378,164 $642,535 
Adjusted Interest coverage ratio3.85  x3.92  x
Fixed Charge Coverage Ratios
Total interest$617,674 $163,763 
Secured debt principal amortization55,635 12,865 
Total fixed charges$673,309 $176,628 
EBITDA$2,234,861 $635,152 
Fixed charge coverage ratio3.32  x3.60  x
Adjusted EBITDA$2,378,164 $642,535 
Adjusted Fixed charge coverage ratio3.53  x3.64  x
Net Debt to EBITDA Ratios
Total debt(4)
$15,899,420 
  Less: cash and cash equivalents and restricted cash(2,686,711)
Net debt$13,212,709 
EBITDA Annualized$2,540,608 
Net debt to EBITDA ratio5.20  x
Adjusted EBITDA Annualized$2,570,140 
Net debt to Adjusted EBITDA ratio5.14  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) Represents the write off of straight-line rent receivable balances relating to leases placed on cash recognition.
(4) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $65,182,000. Excludes operating lease liabilities of $299,933,000 related to ASC 842 adoption.
13
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)
15,899,420 42.94 %
Cash and cash equivalents and restricted cash(2,686,711)(7.26)%
Net debt to consolidated book capitalization$13,212,709 35.68 %
Total equity(4)
23,818,619 64.32 %
Consolidated book capitalization$37,031,328 100.00 %
Joint venture debt, net(5)
823,364 
Total book capitalization$37,854,692 
Undepreciated book capitalization
Lines of credit and commercial paper(2)
$— 0.00 %
Long-term debt obligations(2)(3)
15,899,420 34.64 %
Cash and cash equivalents and restricted cash(2,686,711)(5.85)%
Net debt to consolidated undepreciated book capitalization$13,212,709 28.79 %
Accumulated depreciation and amortization8,868,627 19.32 %
Total equity(4)
23,818,619 51.89 %
Consolidated undepreciated book capitalization$45,899,955 100.00 %
Joint venture debt, net(5)
823,364 
Total undepreciated book capitalization$46,723,319 
Enterprise value
Lines of credit and commercial paper(2)
$— 0.00 %
Long-term debt obligations(2)(3)
15,899,420 27.57 %
Cash and cash equivalents and restricted cash(2,686,711)(4.66)%
Net debt to consolidated enterprise value$13,212,709 22.91 %
Common shares outstanding532,268 
Period end share price81.92 
Common equity market capitalization$43,603,395 75.59 %
Noncontrolling interests(4)
864,583 1.50 %
Consolidated enterprise value$57,680,687 100.00 %
Joint venture debt, net(5)
823,364 
Total enterprise value$58,504,051 
Secured debt as % of total assets
Secured debt(2)
$2,380,253 4.71 %
Gross asset value(6)
$50,523,329 
Total debt as % of gross asset value
Total debt(2)(3)
$15,899,420 31.47 %
Gross asset value(6)
$50,523,329 
Unsecured debt as % of unencumbered assets
Unsecured debt(2)
$13,453,985 29.80 %
Unencumbered gross assets(7)
$45,147,437 
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 $65,182,000 and excludes operating lease liabilities of $299,933,000 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.

14
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 DebtShare of Unconsolidated Secured DebtNoncontrolling Interests' Share of Consolidated Secured Debt
Combined Debt(8)
% of Total
Wtd. Avg. Interest Rate (9)
2023$— $— $221,074 $105,482 $(25,196)$301,360 1.79 %4.97 %
2024— 1,350,000 460,313 136,049 (89,911)1,856,451 11.00 %4.18 %
2025— 1,260,000 414,358 499,084 (46,945)2,126,497 12.60 %4.07 %
2026— 700,000 141,748 48,331 (19,547)870,532 5.16 %4.04 %
2027— 1,906,354 187,805 99,467 (32,199)2,161,427 12.81 %4.66 %
2028— 2,456,770 99,879 25,922 (13,679)2,568,892 15.22 %3.78 %
2029— 1,050,000 289,699 36,170 (915)1,374,954 8.15 %3.79 %
2030— 750,000 57,067 30,639 (124)837,582 4.96 %3.14 %
2031— 1,350,000 6,979 33,136 (130)1,389,985 8.24 %2.77 %
2032— 1,050,000 47,953 3,930 (135)1,101,748 6.53 %4.41 %
Thereafter— 1,760,700 489,256 74,229 (40,294)2,283,891 13.54 %5.03 %
Totals$— $13,633,824 $2,416,131 $1,092,439 $(269,075)$16,873,319 100.00 %
Weighted Avg. Interest Rate(9)
— 4.02 %4.83 %3.74 %4.63 %4.10 %
Weighted Avg. Maturity Years— 6.04.54.53.25.8
% Floating Rate Debt(8)
100.00 %10.23 %30.06 %3.32 %34.75 %12.23 %

Debt by Local Currency(1)
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3,4,5,6,7)
Consolidated Secured DebtShare of Unconsolidated Secured DebtNoncontrolling Interests' Share of Consolidated Secured Debt
Combined Debt(8)
Investment Hedges(10)
United States$— $11,945,000 $1,506,528 $783,682 $(59,495)$14,175,715 $— 
United Kingdom— 1,282,470 — — — 1,282,470 2,309,311 
Canada— 406,354 909,603 308,757 (209,580)1,415,134 1,274,474 
Totals$— $13,633,824 $2,416,131 $1,092,439 $(269,075)$16,873,319 $3,583,785 
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 September 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 $184,706,000 USD at September 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 $221,648,000 USD at September 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 $671,770,000 USD at September 30, 2023). The notes mature on November 20, 2028.
(7) Thereafter includes £500,000,000 of 4.50% senior unsecured notes (approximately $610,700,000 USD at September 30, 2023). The notes mature on December 1, 2034.
(8) Excludes operating lease liabilities of $299,933,000 and finance lease liabilities of $65,182,000 related to ASC 842.
(9) Based on variable interest rates and foreign currency exchange rates in effect as of September 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 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 $151,084,000, 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.

15
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.
16
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. 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.
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Supplemental Reporting Measures
(dollars in thousands)
Non-GAAP Reconciliations
NOI Reconciliation3Q224Q221Q232Q233Q23
Net income (loss)$(2,653)$1,798 $28,635 $106,342 $134,722 
Loss (gain) on real estate dispositions, net(1,064)4,423 (747)2,168 (71,102)
Loss (income) from unconsolidated entities6,698 4,650 7,071 40,332 4,031 
Income tax expense (benefit)3,257 (4,088)3,045 3,503 4,584 
Other expenses15,481 24,954 22,745 11,069 38,220 
Impairment of assets4,356 13,146 12,629 1,086 7,388 
Provision for loan losses, net490 10,469 777 2,456 4,059 
Loss (gain) on extinguishment of debt, net2 87 5 1 1 
Loss (gain) on derivatives and financial instruments, net6,905 258 930 1,280 2,885 
General and administrative expenses34,811 41,319 44,371 44,287 46,106 
Depreciation and amortization353,699 342,286 339,112 341,945 339,314 
Interest expense139,682 140,391 144,403 152,337 156,532 
Consolidated net operating income561,664 579,693 602,976 706,806 666,740 
NOI attributable to unconsolidated investments(1)
27,374 24,950 26,354 25,150 29,488 
NOI attributable to noncontrolling interests(2)
(27,236)(27,523)(25,057)(24,262)(22,838)
Pro rata net operating income (NOI)(3)
$561,802 $577,120 $604,273 $707,694 $673,390 

In-Place NOI Reconciliation
At Welltower pro rata ownershipSeniors Housing OperatingSeniors Housing Triple-netOutpatient MedicalLong-Term
/Post-Acute Care		CorporateTotal
Revenues$1,221,753 $145,396 $195,136 $88,812 $33,802 $1,684,899 
Property operating expenses(933,463)(7,849)(63,831)(2,386)(3,980)(1,011,509)
NOI(3)
288,290 137,547 131,305 86,426 29,822 673,390 
Adjust:
Interest income(1,928)(33,523)(98)(10,981)— (46,530)
Other income(3,212)(319)(310)(315)(29,826)(33,982)
Sold / held for sale(4,025)(1,336)(312)195 — (5,478)
Non operational(4)
2,146 — (187)(844)— 1,115 
Non In-Place NOI(5)
(5,962)959 (5,750)(12,635)4 (23,384)
Timing adjustments(6)
986 — 1,473 8,663 — 11,122 
Total adjustments(11,995)(34,219)(5,184)(15,917)(29,822)(97,137)
In-Place NOI276,295 103,328 126,121 70,509 — 576,253 
Annualized In-Place NOI$1,105,180 $413,312 $504,484 $282,036 $— $2,305,012 

Same Store Property Reconciliation
Seniors Housing OperatingSeniors Housing
Triple-net		Outpatient MedicalLong-Term
/Post-Acute Care		Total
Total properties946 372 441 258 2,017 
Recent acquisitions/ development conversions(7)
(64)(13)(38)(24)(139)
Under development(34)— (10)— (44)
Under redevelopment(8)
(6)— (2)(3)(11)
Current held for sale(18)(11)(2)(28)(59)
Land parcels, loans and sub-leases(18)(8)(8)— (34)
Transitions(9)
(115)(24)— (150)(289)
Other(10)
(13)— (2)(5)(20)
Same store properties678 316 379 48 1,421 
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.
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Supplemental Reporting Measures
(dollars in thousands at Welltower pro rata ownership)
Same Store NOI Reconciliation3Q224Q221Q232Q233Q23Y/o/Y
Seniors Housing Operating
NOI$230,197 $228,664 $248,763 $276,907 $288,290 
Non-cash NOI on same store properties(349)(348)(312)(152)230 
NOI attributable to non-same store properties(35,988)(30,291)(38,960)(40,403)(46,313)
Currency and ownership adjustments(1)
(176)1,059 182 (433)(1,239)
Normalizing adjustment for management fee(2)
(3,216)(3,316)(3,211)(3,651)— 
Normalizing adjustment for casualty related expenses, net(3)
1,160 4,646 4,449 1,601 27 
Other normalizing adjustments(4)
(2,188)(1,849)(8)(5,352)(2,113)
SSNOI189,440 198,565 210,903 228,517 238,882 26.1 %
Seniors Housing Triple-net
NOI142,556 148,541 145,084 143,978 137,547 
Non-cash NOI on same store properties(9,708)(9,274)(12,005)(9,663)(9,150)
NOI attributable to non-same store properties(46,570)(51,173)(44,789)(45,167)(37,490)
Currency and ownership adjustments(1)
295 371 (212)(768)(978)
SSNOI86,573 88,465 88,078 88,380 89,929 3.9 %
Outpatient Medical
NOI118,306 123,557 126,213 127,444 131,305 
Non-cash NOI on same store properties(4,334)(5,166)(4,705)(4,331)(4,235)
NOI attributable to non-same store properties(2,152)(5,580)(7,569)(8,707)(11,312)
Currency and ownership adjustments(1)
2,711 2,670 2,926 2,215 740 
Normalizing adjustment for lease restructure(5)
(1,056)— — — — 
Normalizing adjustment for casualty related expenses, net(3)
(37)(37)45 373 758 
Other normalizing adjustments(4)
(94)(6)(522)(38)(39)
SSNOI113,344 115,438 116,388 116,956 117,217 3.4 %
Long-Term/Post-Acute Care
NOI72,595 73,730 82,943 146,693 86,426 
Non-cash NOI on same store properties(1,654)(1,526)(1,538)(1,160)(881)
NOI attributable to non-same store properties(51,674)(53,250)(61,910)(125,838)(65,524)
Currency and ownership adjustments(1)
(84)(16)(22)(33)(36)
Normalizing adjustment for easement(6)
(327)— — — (122)
SSNOI18,856 18,938 19,473 19,662 19,863 5.3 %
Corporate
NOI(1,852)2,628 1,270 12,672 29,822 
NOI attributable to non-same store properties1,852 (2,628)(1,270)(12,672)(29,822)
SSNOI— — — — — 
Total
NOI561,802 577,120 604,273 707,694 673,390 
Non-cash NOI on same store properties(16,045)(16,314)(18,560)(15,306)(14,036)
NOI attributable to non-same store properties(134,532)(142,922)(154,498)(232,787)(190,461)
Currency and ownership adjustments(1)
2,746 4,084 2,874 981 (1,513)
Normalizing adjustments, net(5,758)(562)753 (7,067)(1,489)
SSNOI$408,213 $421,406 $434,842 $453,515 $465,891 14.1 %
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 the disposition of our ownership interest in two Seniors Housing Operating management company investments.
(3) Represents normalizing adjustment for casualty related expenses net of any insurance reimbursements.
(4) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.
(5) Represents normalizing adjustment related to a lease restructure with one Outpatient Medical tenant.
(6) Represents normalizing adjustment related to income received in exchange for the grant of an easement.


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Supplemental Reporting Measures
(dollars in thousands, except RevPOR, SS RevPOR and SSNOI/unit)
SHO RevPOR ReconciliationUnited StatesUnited KingdomCanadaTotal
Consolidated SHO revenues$970,588 $112,267 $121,044 $1,203,899 
Unconsolidated SHO revenues attributable to Welltower(1)
30,953 2,990 25,607 59,550 
SHO revenues attributable to noncontrolling interests(2)
(17,171)(265)(24,260)(41,696)
Pro rata SHO revenues(3)
984,370 114,992 122,391 1,221,753 
SHO interest and other income(4,032)(844)(1,174)(6,050)
SHO revenues attributable to sold and held for sale properties(2,405)— (14,612)(17,017)
Currency and ownership adjustments(4)
(1,848)— (191)(2,039)
SHO local revenues976,085 114,148 106,414 1,196,647 
Average occupied units/month55,784 3,897 12,148 71,829 
RevPOR/month in USD$5,785 $9,684 $2,896 $5,508 
RevPOR/month in local currency(4)
£8,070 $3,967 

Reconciliations of SHO SS RevPOR Growth, SSNOI Growth and SSNOI/Unit
United StatesUnited KingdomCanadaTotal
3Q223Q233Q223Q233Q223Q233Q223Q23
SHO SS RevPOR Growth
Consolidated SHO revenues$859,429 $970,588 $99,386 $112,267 $113,785 $121,044 $1,072,600 $1,203,899 
Unconsolidated SHO revenues attributable to WELL(1)
31,256 30,953 — 2,990 22,697 25,607 53,953 59,550 
SHO revenues attributable to noncontrolling interests(2)
(32,484)(17,171)(9,549)(265)(22,767)(24,260)(64,800)(41,696)
SHO pro rata revenues(3)
858,201 984,370 89,837 114,992 113,715 122,391 1,061,753 1,221,753 
Non-cash and non-RevPOR revenues on same store properties(810)(686)— — (150)(368)(960)(1,054)
Revenues attributable to non-same store properties(153,829)(192,817)(48,447)(64,739)(23,370)(25,946)(225,646)(283,502)
Currency and ownership adjustments(4)
18,174 — 791 (2,626)(4,277)(2,018)14,688 (4,644)
SHO SS RevPOR revenues(5)
$721,736 $790,867 $42,181 $47,627 $85,918 $94,059 $849,835 $932,553 
Avg. occupied units/month(6)
45,311 46,487 1,839 1,944 10,764 11,014 57,914 59,445 
SHO SS RevPOR(7)
$5,266 $5,625 $7,583 $8,100 $2,639 $2,823 $4,851 $5,187 
SS RevPOR YOY growth6.8 %6.8 %7.0 %6.9 %
SHO SSNOI Growth
Consolidated SHO NOI$182,251 $226,086 $17,956 $21,443 $30,479 $37,380 $230,686 $284,909 
Unconsolidated SHO NOI attributable to WELL(1)
7,442 8,459 — 900 7,095 9,679 14,537 19,038 
SHO NOI attributable to noncontrolling interests(2)
(7,883)(8,565)(1,767)(268)(5,376)(6,824)(15,026)(15,657)
SHO pro rata NOI(3)
181,810 225,980 16,189 22,075 32,198 40,235 230,197 288,290 
Non-cash NOI on same store properties(326)230 (20)— (3)— (349)230 
NOI attributable to non-same store properties(21,819)(28,292)(8,935)(11,033)(5,234)(6,988)(35,988)(46,313)
Currency and ownership adjustments(4)
926 23 164 (571)(1,266)(691)(176)(1,239)
Normalizing adjustment for management fee(8)
(3,125)— — — (91)— (3,216)— 
Normalizing adjustment for casualty related expenses(9)
1,160 27 — — — — 1,160 27 
Other normalizing adjustments(10)
(2,430)(2,113)242 — — — (2,188)(2,113)
SHO pro rata SSNOI(5)
$156,196 $195,855 $7,640 $10,471 $25,604 $32,556 $189,440 $238,882 
SHO SSNOI growth25.4 %37.1 %27.2 %26.1 %
SHO SSNOI/Unit
Trailing four quarters' SSNOI(5)
$726,366 $34,855 $115,647 $876,867 
Average units in service(11)
57,083 2,251 13,423 72,757 
SSNOI/unit in USD$12,725 $15,484 $8,616 $12,052 
SSNOI/unit in local currency(4)
£12,903 $11,803 
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 related to the disposition of our ownership interest in two Seniors Housing Operating management company investments.
(9) Represents normalizing adjustment for casualty related expenses net of any insurance reimbursements.
(10) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.
(11) Represents average units in service for SS properties related solely to referenced country on a pro rata basis.
20
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 October 30, 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.

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