Enhanced Investments - Financial Portal

Published: 2022-08-09 00:00:00 ET

HTTP/1.1 200 OK HTTP/1.1 200 OK X-Crawlera-Slave: 167.160.70.212:3128 X-Crawlera-Version: 1.60.1 accept-ranges: bytes content-type: text/html last-modified: Tue, 09 Aug 2022 20:33:07 GMT server: AmazonS3 x-amz-id-2: E9TbIzeFFWYhlQnAyIsIXlgASEkT9mLfRl7SsfaMgY3F84tcLu3v0uRTFDYIymuiwll1PrUiFL8= x-amz-meta-mode: 33188 x-amz-meta-s3cmd-attrs: uid:504/gname:fitrprnt/uname:fitrprnt/gid:504/mode:33184/mtime:1660077182/atime:1660077182/md5:7e67fe3ccb9f5a40e49a40e9288c09a7/ctime:1660077184 x-amz-replication-status: COMPLETED x-amz-request-id: 7ZDPY35BQEHEK8BG x-amz-version-id: RofjJxWguJIhBRBAdRL1e2gETwFDn2FK x-content-type-options: nosniff x-frame-options: SAMEORIGIN x-xss-protection: 1; mode=block x-akamai-transformed: 9 - 0 pmb=mTOE,2 expires: Thu, 06 Apr 2023 01:16:44 GMT cache-control: max-age=0, no-cache, no-store pragma: no-cache date: Thu, 06 Apr 2023 01:16:44 GMT vary: Accept-Encoding akamai-x-true-ttl: -1 strict-transport-security: max-age=31536000 ; includeSubDomains ; preload set-cookie: ak_bmsc=0F33BC0A0D327C646C10FB5A5BC6477F~000000000000000000000000000000~YAAQnw8kFzysBiyHAQAAAjAjVBMcirYIGGgtIP8gzIPW16uWw8cyEndmnZQpYZaPo7cHMYSiu0doREaQKYyUGX9Eiqd1HXM8MrChENlZZ6hstK/Q5f+S3Fcq8pO2/q69pqyMb3a8lTrjInhx5SunSKMhKS+oRYtv02WvwjtBDce5UukblbDeeQripNg6hyD6dIyFpM/edbIGNV4PhuED/XjmHmlS4Z9FS1ORN+wxkFWWv+4+ypE0JMi1nnP9dq4b45praj6+XcmQvuUOqixtzd3QQiOMfykez7hOlg9mJ4D2MKRjyAHcmClXN79LZWeBrlV7kGxa42/okrIMbNb0eOm6NLZ7OL8z9YeOAseZs/QZajaG/2SoU58G6DBPC6sTRoCnaB3r890=; Domain=.sec.gov; Path=/; Expires=Thu, 06 Apr 2023 03:16:44 GMT; Max-Age=7200; HttpOnly set-cookie: bm_mi=70B127A67FA64517E14894D1F42CD841~YAAQnw8kFz2sBiyHAQAAAjAjVBOIaTyvGXgKclc1wAGzidbSrnZfZmLEEaZyP8msM+6NQYLIfFBrLSe+TFfbFhl1JAC7Ujg/a9NAuk2cmXZQmUlv0fo6ImSDkp449eIxFPetzPYj86CgG/hOVLQeU4VfN2rAMBCHKmM1CrfHsUFfkK8BiPG2DHYEdDQLXyyQcOIvGk3uofREqauWP3AgHz3B6jjqjAnGkBlUWa2evL8xDZx/2FJ9o71ebzX3Hm8dUostafVScoGf2Gbj3hE1VPhw8A+EOgdv5lnKTpC5oLiNZhwGDF8dd1QIDELxy/K+R07AGIiJYARXSxTRcSJi7nr6aUdYvJ/2k+Zk5l2bUXW7VQWIPlmAighgfJlit2JORTodlPpte/tRxY9KDZal~1; Domain=.sec.gov; Path=/; Expires=Thu, 06 Apr 2023 01:16:44 GMT; Max-Age=0; Secure Transfer-Encoding: chunked Proxy-Connection: close Connection: close EX-99.2 3 a2q22supplement992.htm EX-99.2 Document


Table of Contents


Overview			1

Portfolio			2

Investment			8

Financial			14

Glossary			19

Supplemental Reporting Measures			20

Forward Looking Statements and Risk Factors			24


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	904	106,294		14,196	43,820	33,769	13,631	878
Seniors Housing Triple-net	12	312	25,900		—	5,333	14,171	6,127	269
Outpatient Medical	17	397	23,569,312	(2)	n/a	n/a	n/a	n/a	n/a
Health System	31	205	24,485		—	201	517	3,145	20,622
Long-Term/Post-Acute Care	18	93	10,663		—	—	723	10	9,930
Total	18	1,911


NOI Performance	Same Store(3)							In-Place Portfolio(4)
	Properties	2Q21 NOI		2Q22 NOI		% Change		Properties	Annualized In-Place NOI		% of Total
Seniors Housing Operating	532	$	133,684	$	154,230	15.4	%	835	$	895,796	45.6	%
Seniors Housing Triple-net(5)	282	76,692		84,320		9.9	%	302	367,496		18.7	%
Outpatient Medical	351	99,372		101,848		2.5	%	384	440,320		22.4	%
Health System	200	41,804		42,954		2.8	%	201	172,104		8.8	%
Long-Term/Post-Acute Care(5)	76	21,801		22,410		2.8	%	79	89,216		4.5	%
Total	1,441	$	373,353	$	405,762	8.7	%	1,801	$	1,964,932	100.0	%


Portfolio Performance					Facility Revenue Mix
Stable Portfolio(6)	Occupancy		EBITDAR Coverage(7)	EBITDARM Coverage(7)	Private Pay		Medicaid		Medicare		Other Government(8)
Seniors Housing Operating	78.2	%	n/a	n/a	97.9	%	1.3	%	-0.2	%	1.0	%
Seniors Housing Triple-net	77.7	%	0.83	1.01	89.0	%	3.9	%	0.9	%	6.2	%
Outpatient Medical	94.8	%	n/a	n/a	100.0	%	—		—		—
Health System	74.4	%	-0.29	0.32	40.8	%	40.0	%	19.2	%	—	%
Long-Term/Post-Acute Care	78.9	%	1.31	1.58	28.4	%	31.4	%	40.2	%	—	%
Total			0.55	0.88	94.4	%	3.1	%	1.3	%	1.2	%

Notes:

(1) Includes land parcels and properties under development.

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

(3) See pages 21 and 22 for reconciliation.

(4) Excludes land parcels, loans, developments and investments held for sale. See page 21 for reconciliation.

(5) Same store NOI for these property types represents cash rent excluding the impact of expansions.

(6) Data as of June 30, 2022 for Seniors Housing Operating and Outpatient Medical and March 31, 2022 for remaining asset types.

(7) Represents trailing twelve month coverage metrics.

(8) 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		Health System		Long-Term/ Post-Acute Care		Total		% of Total
Sunrise Senior Living	125	$	183,727	$	—	$	—	$	—	$	—	$	183,727	9.4	%
ProMedica	201	—		—		—		172,104		—		172,104		8.8	%
Cogir Management Corporation	47	80,975		—		—		—		—		80,975		4.1	%
Atria Senior Living	93	80,470		—		—		—		—		80,470		4.1	%
Avery Healthcare	55	5,992		65,674		—		—		—		71,666		3.6	%
Belmont Village	21	65,483		—		—		—		—		65,483		3.3	%
Brookdale Senior Living	85	(576)		63,499		—		—		—		62,923		3.2	%
Senior Resource Group	28	46,287		—		—		—		—		46,287		2.4	%
Brandywine Living	24	45,831		—		—		—		—		45,831		2.3	%
Revera	78	45,312		—		—		—		—		45,312		2.3	%
Remaining	1,044	342,295		238,323		440,320		—		89,216		1,110,154		56.5	%
Total	1,801	$	895,796	$	367,496	$	440,320	$	172,104	$	89,216	$	1,964,932	100.0	%

By Country:
United States	1,530	$	703,957	$	293,446	$	440,320	$	172,104	$	82,016	$	1,691,843	86.1	%
Canada	118	130,704		3,669		—		—		7,200		141,573		7.2	%
United Kingdom	153	61,135		70,381		—		—		—		131,516		6.7	%
Total	1,801	$	895,796	$	367,496	$	440,320	$	172,104	$	89,216	$	1,964,932	100.0	%

By MSA:
New York	82	$	64,590	$	28,206	$	36,329	$	5,863	$	2,401	$	137,389	7.0	%
Los Angeles	72	67,603		19,274		35,995		—		—		122,872		6.3	%
Dallas	60	36,070		3,272		28,866		862		4,123		73,193		3.7	%
Washington D.C.	42	43,731		1,454		6,908		11,348		2,819		66,260		3.4	%
Philadelphia	46	11,895		1,590		24,200		21,579		466		59,730		3.0	%
Greater London	50	37,952		16,260		—		—		—		54,212		2.8	%
San Francisco	22	30,072		10,456		2,701		4,976		—		48,205		2.5	%
Chicago	43	16,224		7,010		5,524		11,122		—		39,880		2.0	%
Houston	32	7,567		2,234		28,882		—		—		38,683		2.0	%
San Diego	18	20,405		6,631		8,647		—		2,827		38,510		2.0	%
Montréal	23	37,165		—		—		—		—		37,165		1.9	%
Boston	25	24,629		5,038		2,484		—		—		32,151		1.6	%
Charlotte	26	1,309		9,997		20,788		—		—		32,094		1.6	%
Raleigh	13	8,139		18,068		3,140		—		—		29,347		1.5	%
Seattle	29	8,884		3,315		15,385		1,515		—		29,099		1.5	%
Minneapolis	20	(1,240)		15,960		13,725		—		—		28,445		1.4	%
Toronto	25	26,303		—		—		—		—		26,303		1.3	%
Miami	36	3,271		—		15,470		5,920		—		24,661		1.3	%
Portland, OR	13	21,192		—		—		2,702		—		23,894		1.2	%
Atlanta	26	1,923		—		18,780		2,051		—		22,754		1.2	%
Remaining	1,098	428,112		218,731		172,496		104,166		76,580		1,000,085		50.8	%
Total	1,801	$	895,796	$	367,496	$	440,320	$	172,104	$	89,216	$	1,964,932	100.0	%

Notes:

(1) Represents current quarter annualized In-Place NOI. See page 21 for reconciliation.


Portfolio


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

Total Portfolio Performance(1)	2Q21			3Q21			4Q21			1Q22			2Q22
Properties	630			736			755			805			836
Units	59,670			71,721			76,105			80,402			84,782
Total occupancy	73.0		%	74.9		%	76.3		%	76.3		%	77.1		%
Total revenues	$	728,235		$	812,096		$	877,564		$	969,979		$	1,000,962
Operating expenses	584,484			644,241			698,601			774,936			777,178
NOI	$	143,751		$	167,855		$	178,963		$	195,043		$	223,784

Recurring cap-ex	$	14,448		$	15,395		$	28,057		$	23,325		$	26,806
Other cap-ex	$	31,794		$	35,588		$	51,168		$	45,988		$	57,225


Same Store Performance(2)	2Q21			3Q21			4Q21			1Q22			2Q22
Properties	532			532			532			532			532
Occupancy	73.8		%	76.0		%	77.5		%	77.8		%	78.8		%
Same store revenues	$	624,034		$	646,852		$	664,772		$	680,545		$	696,079
Compensation	291,396			309,017			325,064			325,320			329,476
Utilities	26,416			30,655			29,932			33,892			29,822
Food	23,482			24,922			25,923			25,767			27,539
Repairs and maintenance	16,891			18,163			19,611			18,791			18,308
Property taxes	27,352			27,156			24,345			27,673			27,536
All other	104,813			103,366			111,372			107,864			109,168
Same store operating expenses	490,350			513,279			536,247			539,307			541,849
Same store NOI	$	133,684		$	133,573		$	128,525		$	141,238		$	154,230
Same store NOI margin %	21.4		%	20.6		%	19.3		%	20.8		%	22.2		%
Year over year NOI growth rate													15.4		%


Partners	Properties(3)	Pro Rata Units(3)	Welltower Ownership %(4)		Core Markets	2Q22 NOI		% of Total
Sunrise Senior Living	125	10,067	100.0	%	Southern California	$	26,392	11.8	%
Cogir Management Corporation	47	6,969	88.9	%	Northern California	17,604		7.9	%
Atria Senior Living	93	11,296	100.0	%	New York / New Jersey	15,799		7.1	%
Belmont Village	21	2,804	95.0	%	Washington D.C.	12,176		5.4	%
Brandywine Living	28	2,651	99.5	%	Greater London	9,504		4.2	%
Senior Resource Group	24	3,268	62.3	%	Montréal	8,032		3.6	%
Revera	78	7,262	75.0	%	Toronto	6,305		2.8	%
Chartwell Retirement Residences	42	4,479	50.2	%	Boston	5,649		2.5	%
Signature Senior Lifestyle	33	2,401	85.9	%	Seattle	2,577		1.2	%
Clover Management	33	3,630	90.5	%	Birmingham, UK	2,154		1.0	%
Oakmont Management Group	16	1,545	100.0	%	Vancouver	1,954		0.9	%
Legend Senior Living	37	2,809	93.3	%	Ottawa	1,582		0.7	%
Frontier Management	62	3,599	96.2	%	Manchester, UK	1,507		0.7	%
Sagora Senior Living	14	1,483	93.4	%	Core Markets	111,235		49.8	%
Remaining	182	20,473			All Other	112,549		50.2	%
Total	835	84,736			Total	$	223,784	100.0	%

Notes:

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

(2) See pages 21 and 22 for reconciliation.

(3) Represents In-Place Portfolio.

(4) Welltower ownership percentage weighted based on In-Place NOI. See page 21 for reconciliation.


Portfolio

(dollars in thousands at Welltower pro rata ownership)

New Supply in Our US Seniors Housing Operating Portfolio

We have strategically acquired and developed properties in major US metro markets that benefit from population growth and density, affluence, job growth, and higher barriers to entry. New supply in a 3-mile ring around our properties potentially impacts just 2.9% of our total annualized In-Place NOI (IPNOI).


3-Mile Ring(1)
	Welltower						Welltower
MSA	Prop. / Units	Annualized IPNOI(2)		% of US SHO Portfolio		Prop. / Units Under Construction(3)	Prop. / Units Potentially Impacted	IPNOI Potentially Impacted(4)			5 Year Total Pop. Growth(5)		5 Year 75+ Pop. Growth(5)		Avg. Pop. Density(6)	Household Income(7)		Housing Value(7)		Est. Net Annual Inventory Growth(8)			Est. Annual Job Growth(9)
Los Angeles	36 / 4,051	$	67,603	9.6	%	8 / 1,136	8 / 752	$	11,324		1.2	%	8.8	%	6,744	$	107,573	$	1,111,307	1.7	%		5.2	%
New York	38 / 3,495	64,590		9.2	%	6 / 1,011	5 / 380	9,924			5.1	%	9.6	%	5,697	126,926		592,189		3.1	%		5.5	%
Washington D.C.	17 / 1,967	43,731		6.2	%	2 / 252	3 / 286	2,087			3.5	%	11.9	%	5,512	136,257		795,183		4.5	%		4.4	%
Dallas	30 / 3,558	36,070		5.1	%	7 / 946	6 / 870	8,160			6.3	%	28.7	%	3,240	95,494		362,758		1.9	%		7.7	%
San Francisco	14 / 1,743	30,072		4.3	%	—	—	—			2.7	%	10.0	%	8,558	147,831		1,326,771		(1.3)	%		5.8	%
Boston	18 / 1,446	24,629		3.5	%	2 / 178	2 / 169	1,761			4.4	%	9.2	%	2,669	136,873		779,589		4.7	%		4.7	%
Portland, OR	12 / 1,636	21,192		3.0	%	3 / 647	4 / 289	2,461			5.5	%	16.2	%	2,934	86,707		433,160		4.8	%		5.1	%
San Diego	8 / 1,033	20,405		2.9	%	—	—	—			2.2	%	13.1	%	4,634	122,777		1,029,317		(0.5)	%		5.9	%
Chicago	19 / 2,174	16,224		2.3	%	1 / 177	1 / 131	96			1.3	%	10.4	%	2,879	107,444		387,935		(0.1)	%		4.7	%
Boulder, CO	6 / 570	13,468		1.9	%	—	—	—			4.5	%	23.2	%	2,196	104,744		732,685		N/A			5.1	%
Sacramento	8 / 636	12,624		1.8	%	—	—	—			3.1	%	12.4	%	3,683	109,194		592,678		(0.4)	%		4.5	%
Philadelphia	12 / 957	11,895		1.7	%	2 / 249	1 / 94	1,852			3.6	%	7.1	%	2,167	117,084		399,376		(0.1)	%		4.0	%
Denver	6 / 857	11,499		1.6	%	5 / 670	3 / 487	2,802			5.6	%	24.5	%	4,927	99,076		643,361		1.3	%		4.7	%
Tucson	5 / 930	10,853		1.5	%	—	—	—			-4.8	%	-3.6	%	2,038	60,676		254,616		(1.3)	%		3.2	%
Buffalo	13 / 1,546	10,757		1.5	%	—	—	—			5.6	%	8.4	%	2,582	76,953		206,192		(3.7)	%		4.0	%
San Antonio	4 / 1,075	9,937		1.4	%	—	—	—			6.9	%	27.4	%	2,465	81,936		301,356		1.1	%		4.6	%
San Jose	4 / 480	9,700		1.4	%	2 / 206	1 / 137	2,285			2.2	%	11.3	%	6,744	159,903		1,697,790		1.0	%		5.1	%
Seattle	16 / 1,693	8,884		1.3	%	1 / 79	1 / 193	397			6.1	%	17.4	%	4,966	106,106		651,022		(0.4)	%		5.3	%
Sarasota	7 / 1,034	8,608		1.2	%	1 / 70	1 / 182	33			6.0	%	8.8	%	2,113	79,562		355,832		3.4	%		6.8	%
Charlottesville, VA	1 / 302	8,247		1.2	%	—	—	—			2.7	%	10.3	%	2,089	64,142		409,459		N/A			2.8	%
Raleigh	2 / 250	8,139		1.2	%	1 / 138	1 / 176	2,801			4.2	%	23.7	%	3,210	98,555		370,974		13.4	%		4.3	%
Santa Rosa, CA	4 / 514	7,974		1.1	%	—	—	—			0.4	%	5.5	%	2,016	97,736		800,663		N/A			4.4	%
Houston	10 / 953	7,567		1.1	%	—	—	—			5.8	%	23.6	%	3,484	86,922		446,808		(0.1)	%		6.1	%
Pittsburgh	6 / 668	7,509		1.1	%	—	—	—			2.0	%	8.3	%	1,929	96,011		253,431		(2.0)	%		3.0	%
Riverside	6 / 770	7,240		1.0	%	—	—	—			2.7	%	11.8	%	2,840	102,418		608,660		0.7	%		5.4	%
Total - Top 25	302 / 34,338	$	479,417	68.1	%	41 / 5,759	37 / 4,146	$	45,983		3.8	%	13.4	%	4,311	$	112,229	$	713,410	1.8	%		5.2	%
All Other US SHO Markets	323 / 35,129	224,540		31.9	%	17 / 2,218	18 / 2,419	10,566			3.3	%	11.3	%	2,285	81,002		370,199
Total US SHO	625 / 69,467	$	703,957	100.0	%	58 / 7,977	55 / 6,565	$	56,549		3.6	%	12.3	%	3,261	$	101,908	$	599,977

% of Total IPNOI								2.9		%
US National Average											3.2	%	10.8	%	94	$	72,039	$	273,858	1.7	%	(10)	4.5	%

Notes:

(1) Based on historical drawing patterns in our portfolio, a 3-mile ring is appropriate for most urban markets, which accounts for the vast majority of our portfolio. A 5-mile ring is appropriate for most suburban markets. A larger ring is appropriate for rural markets. Each market is unique due to population density, town lines, geographic barriers, and roads/infrastructure. In the interest of simplicity, we have applied a 3-mile competitive ring to all of our properties given the preponderance of urban locations. We have also included a sensitivity with a 5-mile ring.

(2) Represents annualized IPNOI. See pages 2 and 21 for a reconciliation.

(3) Construction data provided by NIC, reflects competitive seniors housing properties within 3 miles of Welltower SHO properties for US markets.

(4) Reflects annualized IPNOI for Welltower SHO properties within 3 miles of new construction for the component of our project that potentially competes with the project under construction.

(5) Total population and 75+ population growth data represents simple averages of Claritas estimates for 2022-2027.

(6) Average population density data represents average population per square mile within a 3-mile ring based on 2022 Claritas estimates.

(7) Household income and household value data are medians weighted by IPNOI.

(8) NIC MAP Data and Analysis Service, 2Q22. Net inventory growth is calculated at the MSA level based on historical deletions from inventory and a 5-6 quarter construction period to reflect our urban locations. Total - Top 25 Net Inventory Growth weighted by IPNOI.

(9) Annual job growth data represents MSA level growth from May 2021 - May 2022 per Bureau of Labor Statistics. Total - Top 25 Estimated Annual Job Growth weighted by IPNOI.

(10) Reflects net inventory growth for NIC Top 99 Markets.


Portfolio

(dollars in thousands at Welltower pro rata ownership)

New Supply in Our US Seniors Housing Operating Portfolio

We have strategically acquired and developed properties in major US metro markets that benefit from population growth and density, affluence, job growth, and high barriers to entry. New supply in a 5-mile ring around our properties potentially impacts just 5.6% of our total annualized In-Place NOI (IPNOI).


5-Mile Ring(1)
	Welltower						Welltower
MSA	Prop. / Units	Annualized IPNOI(2)		% of US SHO Portfolio		Prop. / Units Under Construction(3)	Prop. / Units Potentially Impacted	IPNOI Potentially Impacted(4)			5 Year Total Pop. Growth(5)		5 Year 75+ Pop. Growth(5)		Avg. Pop. Density(6)	Household Income(7)		Housing Value(7)		Est. Net Annual Inventory Growth(8)			Est. Annual Job Growth(9)
Los Angeles	36 / 4,051	$	67,603	9.6	%	11 / 1,576	18 / 1,918	$	17,839		1.2	%	9.4	%	6,500	$	100,097	$	1,034,600	1.7	%		5.2	%
New York	38 / 3,495	64,590		9.2	%	12 / 1,709	13 / 1,213	19,818			5.2	%	9.7	%	5,238	121,501		575,810		3.1	%		5.5	%
Washington D.C.	17 / 1,967	43,731		6.2	%	4 / 616	7 / 669	3,519			3.4	%	12.2	%	5,336	131,836		785,219		4.5	%		4.4	%
Dallas	30 / 3,558	36,070		5.1	%	13 / 1,761	13 / 1,630	13,450			6.2	%	27.9	%	2,895	89,730		352,390		1.9	%		7.7	%
San Francisco	14 / 1,743	30,072		4.3	%	—	—	—			2.7	%	10.7	%	7,239	147,654		1,257,632		(1.3)	%		5.8	%
Boston	18 / 1,446	24,629		3.5	%	4 / 557	6 / 546	7,320			4.5	%	10.1	%	2,657	130,638		731,239		4.7	%		4.7	%
Portland, OR	12 / 1,636	21,192		3.0	%	4 / 898	6 / 721	5,645			5.3	%	15.8	%	2,441	86,156		433,085		4.8	%		5.1	%
San Diego	8 / 1,033	20,405		2.9	%	1 / 180	1 / 50	100			2.3	%	11.9	%	4,310	121,555		973,224		(0.5)	%		5.9	%
Chicago	19 / 2,174	16,224		2.3	%	2 / 193	2 / 189	344			1.2	%	10.7	%	2,683	109,218		391,570		(0.1)	%		4.7	%
Boulder, CO	6 / 570	13,468		1.9	%	—	—	—			5.0	%	22.4	%	1,423	110,386		729,601		N/A			5.1	%
Sacramento	8 / 636	12,624		1.8	%	1 / 145	1 / 115	458			3.1	%	12.7	%	3,323	103,142		554,450		(0.4)	%		4.5	%
Philadelphia	12 / 957	11,895		1.7	%	3 / 333	3 / 251	2,643			3.6	%	7.3	%	2,367	100,401		358,259		(0.1)	%		4.0	%
Denver	6 / 857	11,499		1.6	%	6 / 751	4 / 576	5,680			5.4	%	22.8	%	4,535	93,760		595,817		1.3	%		4.7	%
Tucson	5 / 930	10,853		1.5	%	—	—	—			-4.7	%	-2.7	%	1,822	60,345		265,654		(1.3)	%		3.2	%
Buffalo	13 / 1,546	10,757		1.5	%	—	—	—			5.4	%	8.6	%	2,407	72,094		195,713		(3.7)	%		4.0	%
San Antonio	4 / 1,075	9,937		1.4	%	1 / 231	1 / 162	1,886			6.9	%	26.7	%	2,310	80,839		286,522		1.1	%		4.6	%
San Jose	4 / 480	9,700		1.4	%	3 / 309	2 / 280	5,340			2.2	%	11.3	%	5,754	166,496		1,707,645		1.0	%		5.1	%
Seattle	16 / 1,693	8,884		1.3	%	4 / 484	5 / 666	3,888			6.2	%	19.4	%	4,389	111,025		705,774		(0.4)	%		5.3	%
Sarasota	7 / 1,034	8,608		1.2	%	3 / 455	5 / 445	1,211			5.7	%	8.8	%	1,822	76,201		343,751		3.4	%		6.8	%
Charlottesville, VA	1 / 302	8,247		1.2	%	—	—	—			3.9	%	12.6	%	1,489	81,795		428,169		N/A			2.8	%
Raleigh	2 / 250	8,139		1.2	%	1 / 138	1 / 176	2,801			4.9	%	29.4	%	2,681	106,552		415,909		13.4	%		4.3	%
Santa Rosa, CA	4 / 514	7,974		1.1	%	2 / 222	1 / 90	527			0.6	%	6.7	%	1,119	98,134		820,974		N/A			4.4	%
Houston	10 / 953	7,567		1.1	%	—	—	—			6.1	%	26.4	%	3,474	83,177		345,982		(0.1)	%		6.1	%
Pittsburgh	6 / 668	7,509		1.1	%	—	—	—			2.2	%	7.0	%	1,807	94,024		245,965		(2.0)	%		3.0	%
Riverside	6 / 770	7,240		1.0	%	—	—	—			2.7	%	12.5	%	2,271	86,327		569,916		0.7	%		5.4	%
Total - Top 25	302 / 34,338	$	479,417	68.1	%	75 / 10,558	89 / 9,697	$	92,469		3.9	%	13.7	%	3,960	$	108,862	$	686,254	1.8	%		5.2	%
All Other US SHO Markets	323 / 35,129	224,540		31.9	%	34 / 4,331	31 / 3,830	17,081			3.2	%	11.7	%	1,913	77,428		359,550
Total US SHO	625 / 69,467	$	703,957	100.0	%	109 / 14,889	120 / 13,527	$	109,550		3.5	%	12.6	%	2,899	$	98,473	$	578,277

% of Total IPNOI								5.6		%
US National Average											3.2	%	10.8	%	94	$	72,039	$	273,858	1.7	%	(10)	4.5	%

Notes:

(2) Represents annualized IPNOI. See pages 2 and 21 for a reconciliation.

(3) Construction data provided by NIC, reflects competitive seniors housing properties within 5 miles of Welltower SHO properties for US markets.

(4) Reflects annualized IPNOI for Welltower SHO properties within 5 miles of new construction for the component of our project that potentially competes with the project under construction.

(5) Total population and 75+ population growth data represents simple averages of Claritas estimates for 2022-2027.

(6) Average population density data represents average population per square mile within a 5-mile ring based on 2022 Claritas estimates.

(7) Household income and household value data are medians weighted by IPNOI.

(9) Annual job growth data represents MSA level growth from May 2021 - May 2022 per Bureau of Labor Statistics. Total -Top 25 Estimated Annual Job Growth weighted by IPNOI.

(10) Reflects net inventory growth for NIC Top 99 Markets.


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
< 0.85x	1.6	%	0.1	%	1.7	%	11	6		7.4	%	0.9	%	8.3	%	10	12
0.85x - 0.95x	4.7	%	0.1	%	4.8	%	8	3		1.2	%	—	%	1.2	%	12	2
0.95x - 1.05x	0.8	%	0.8	%	1.6	%	10	3		1.7	%	1.4	%	3.1	%	7	4
1.05x - 1.15x	1.4	%	—	%	1.4	%	15	2		0.1	%	—	%	0.1	%	9	1
1.15x - 1.25x	1.9	%	0.5	%	2.4	%	6	4		4.4	%	—	%	4.4	%	12	3
1.25x - 1.35x	3.3	%	0.8	%	4.1	%	12	2		—	%	1.1	%	1.1	%	8	1
> 1.35x	1.1	%	1.8	%	2.9	%	10	6		—	%	0.7	%	0.7	%	5	3
Total	14.8	%	4.1	%	18.9	%	10	26		14.8	%	4.1	%	18.9	%	10	26


Revenue and Lease Maturity(2)
	Rental Income
Year	Seniors Housing Triple-net		Outpatient Medical		Health System		Long-Term / Post-Acute Care		Interest Income		Total Revenues		% of Total
2022	$	—	$	28,741	$	—	$	1,319	$	2,779	$	32,839	2.7	%
2023	—		48,867		—		840		7,641		57,348		4.8	%
2024	12,109		59,772		—		—		23,774		95,655		8.0	%
2025	5,290		32,226		—		—		3,311		40,827		3.4	%
2026	58,419		43,913		—		9,402		85,456		197,190		16.5	%
2027	—		35,778		—		—		684		36,462		3.0	%
2028	4,799		26,201		—		19,382		82		50,464		4.2	%
2029	3,970		23,845		—		—		1,139		28,954		2.4	%
2030	15,714		29,439		—		27,678		141		72,972		6.1	%
2031	16,866		44,898		—		4,139		—		65,903		5.5	%
Thereafter	210,719		106,656		172,363		28,688		1,060		519,486		43.4	%
	$	327,886	$	480,336	$	172,363	$	91,448	$	126,067	$	1,198,100	100.0	%

Weighted Avg Maturity Years	10		7		14		8		3		8

Notes:

(1) Represents trailing twelve month coverage metrics as of March 31, 2022 for stable portfolio only. Agreements included represent 81% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 21 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)	2Q21			3Q21			4Q21			1Q22			2Q22
Properties	360			366			375			379			384
Square feet	17,291,495			17,383,040			17,572,561			18,079,918			18,452,459
Occupancy	94.8		%	94.7		%	94.8		%	94.7		%	94.5		%
Total revenues	$	160,514		$	160,003		$	161,022		$	163,597		$	166,220
Operating expenses	46,184			48,796			47,254			50,599			51,177
NOI	$	114,330		$	111,207		$	113,768		$	112,998		$	115,043
NOI margin	71.2		%	69.5		%	70.7		%	69.1		%	69.2		%
Revenues per square foot	$	37.13		$	36.82		$	36.65		$	36.19		$	36.03
NOI per square foot	$	26.45		$	25.59		$	25.90		$	25.00		$	24.94
Recurring cap-ex	$	5,978		$	7,327		$	18,287		$	9,141		$	12,752
Other cap-ex	$	2,014		$	2,064		$	4,738		$	1,594		$	2,303


Same Store Performance(2)	2Q21			3Q21			4Q21			1Q22			2Q22
Properties	351			351			351			351			351
Occupancy	94.9		%	94.7		%	94.8		%	94.5		%	94.8		%
Same store revenues	$	144,827		$	146,680		$	146,887		$	149,929		$	149,347
Same store operating expenses	45,455			46,650			44,961			47,535			47,499
Same store NOI	$	99,372		$	100,030		$	101,926		$	102,394		$	101,848
NOI margin	68.6		%	68.2		%	69.4		%	68.3		%	68.2		%
Year over year NOI growth rate													2.5		%


Portfolio Diversification by Tenant(3)	Rental Income		% of Total		Quality Indicators
Kelsey-Seybold	$	26,302	5.5	%	Health system affiliated properties as % of NOI(3)	89.0	%
Virtua	15,077		3.1	%	Health system affiliated tenants as % of rental income(3)	60.9	%
Novant Health	14,761		3.1	%	Retention (trailing twelve months)(3)	89.6	%
Providence Health & Services	13,838		2.9	%	In-house managed properties as % of square feet(3,4)	86.9	%
Common Spirit Health	12,922		2.7	%	Average remaining lease term (years)(3)	6.9
Remaining portfolio	397,436		82.7	%	Average building size (square feet)(3)	60,325
Total	$	480,336	100.0	%	Average age (years)	17


Expirations(3)	2022		2023		2024		2025		2026		Thereafter
Occupied square feet	1,025,344		1,742,101		2,017,886		1,155,558		1,610,110		9,937,728
% of occupied square feet	5.9	%	10.0	%	11.5	%	6.6	%	9.2	%	56.8	%

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 351 same store properties representing 16,532,923 square feet. See pages 21 and 22 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)
	2018			2019		2020		2021		1Q22		2Q22		18-22 Total
Count		15		27		12		35		5		11		105
Total		$	3,788,261	$	4,073,554	$	910,217	$	4,101,533.59	$	740,036	$	1,043,881	$	14,657,483
Low		4,950		7,550		6,201		5,000		24,500		12,000		4,950
Median		73,727		38,800		48,490		45,157		137,437		37,200		43,850
High		2,481,723		1,250,000		235,387		1,576,642		389,149		385,653		2,481,723


Investment Timing
	Acquisitions and Loan Funding(2)		Yield		Construction Conversions(3)		Yield		Dispositions and Loan Payoffs		Yield
April	$	429,666	4.8	%	$	45,828	9.0	%	$	78,821	10.4	%
May	183,072		7.4	%	—		—	%	—		—	%
June	536,334		4.9	%	38,353		7.3	%	22,388		5.3	%
Total	$	1,149,072	5.3	%	$	84,181	8.2	%	$	101,209	9.3	%

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 2022
	Properties	Beds / Units / Square Feet		Investment Per Bed / Unit / SqFt		Pro Rata Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating	30	4,134	units	$	215,924	$	941,093

Outpatient Medical	5	370,148	sf	279		102,788


Loan funding						105,191
Total acquisitions and loan funding(2)	35					1,149,072		5.3	%

Development Funding(3)
Development projects:
Seniors Housing Operating	52	8,022	units			384,883
Seniors Housing Triple-net	2	267	units			21,379
Outpatient Medical	6	356,035	sf			33,938


Total development projects	60					440,200
Expansion projects:
Seniors Housing Operating	3	195	units			3,684

Outpatient Medical	2	51,095	sf			4,050
Total expansion projects	5					7,734

Total development funding	65					447,934		6.9	%

Total gross investments						1,597,006		5.7	%

Dispositions and Loan Payoffs(4)
Seniors Housing Operating	1	29	units	139,655		4,050



Long-Term/Post-Acute Care	2	240	beds	70,000		16,800
Loan payoffs						80,359
Total dispositions and loan payoffs(5)	3					101,209		9.3	%

Net investments (dispositions)						$	1,495,797

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 existing 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.

(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 2022
	Properties	Beds / Units / Square Feet		Investment Per Bed / Unit / SqFt		Pro Rata Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating	40	5,555	units	$	246,257	$	1,395,442

Outpatient Medical	9	879,765	sf	286		251,038
Health System	—	—	units	—		137,437

Loan funding						152,059
Total acquisitions and loan funding(2)	49					1,935,976		5.3	%

Development Funding(3)
Development projects:
Seniors Housing Operating	56	8,560	units			578,005
Seniors Housing Triple-net	2	267	units			40,065
Outpatient Medical	6	356,035	sf			52,608


Total development projects	64					670,678
Expansion projects:
Seniors Housing Operating	3	195	units			5,394

Outpatient Medical	2	51,095	sf			5,209


Total expansion projects	5					10,603

Total development funding	69					681,281		7.0	%

Total gross investments						2,617,257		5.7	%

Dispositions and Loan Payoffs(4)
Seniors Housing Operating	1	29	units	139,655		4,050
Seniors Housing Triple-net	1	72	units	125,347		9,025


Long-Term/Post-Acute Care	8	923	beds	90,672		83,690
Loan payoffs						159,289
Total dispositions and loan payoffs(5)	10					256,054		8.1	%

Net investments (dispositions)						$	2,361,203

Notes:

(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

Property Acquisitions Detail

Operator

Units

Location

MSA

Seniors Housing Operating

Calamar Enterprises, Inc.

134

1225 Southwest 28th Street

Ankeny

Des Moines

Calamar Enterprises, Inc.

110

138 Standart Avenue

Auburn

Auburn, NY

Calamar Enterprises, Inc.

116

43 Technology Drive

Bedford

Manchester, NH

Calamar Enterprises, Inc.

100 Weiss Avenue

Buffalo

Calamar Enterprises, Inc.

140

23 Triangle Park Drive

Concord

Concord, NH

Calamar Enterprises, Inc.

111

3535 Piney Creek Drive

Elkhorn

Omaha

Calamar Enterprises, Inc.

116

610 East Scenic Valley Avenue

Indianola

Des Moines

Calamar Enterprises, Inc.

110

19301 East 50th Terrace Court South

Independence

Kansas City

Calamar Enterprises, Inc.

116

4000 Village Drive

Jeannette

Pittsburgh

Calamar Enterprises, Inc.

116

111 Northwest 94 Street

Kansas City

Calamar Enterprises, Inc.

110

2 Golen Drive

Londonderry

Boston

Calamar Enterprises, Inc.

116

2123 Southwestern Drive

Lakewood

Jamestown-Dunkirk-Fredonia, NY

Calamar Enterprises, Inc.

112

7544 Gertrude Street

La Vista

Omaha

Calamar Enterprises, Inc.

3959 Forest Park Way

North Tonawanda

Buffalo

Calamar Enterprises, Inc.

107

7205 North 73rd Plz Circle

Omaha

Calamar Enterprises, Inc.

107

110 Creekside Drive

Painted Post

Corning, NY

Calamar Enterprises, Inc.

116

900 North Twp Boulevard

Pittston

Scranton

Calamar Enterprises, Inc.

134

7200 Silverheel Street

Shawnee

Kansas City

Calamar Enterprises, Inc.

110

3979 Forest Park Way

Wheatfield

Buffalo

Calamar Enterprises, Inc.

120

5378 Conable Way

Warsaw

No MSA

Cogir Management Corporation

467

6923 Bd des Galeries d'Anjou

Anjou

Montréal

Cogir Management Corporation

120

150 Cortona Way

Brentwood

San Francisco

Cogir Management Corporation

184

88 Rue Dufferin

Salaberry-de-Valleyfield

Cogir Management Corporation

325

5500 Northeast 82nd Avenue

Vancouver

Portland, OR

Cogir Management Corporation

291

415 Southeast 177th Avenue

Vancouver

Portland, OR

Cogir Management Corporation

5300 Northeast 82nd Avenue

Vancouver

Portland, OR

Oakmont Management Group

108

4301 Buena Vista Road

Bakersfield

Treplus Communities

4050 Hawthorne Lane

Dublin

Columbus

Treplus Communities

90 Burr Oak Drive

Delaware

Columbus

Treplus Communities

602 Redbud Road

Pickerington

Columbus

Total

4,134

Outpatient Medical

Sq. Ft

Dignity Mercy San Juan Medical Center

52,778

6620 Coyle Avenue

Carmichael

Sacramento

John Muir Health

92,738

5860 Owens Drive

Pleasanton

San Francisco

Mid Atlantic Retina

29,787

4060 Butler Pike

Plymouth Meeting

Philadelphia

Mid Atlantic Retina

16,520

8 Ranoldo Terrace

Cherry Hill

Philadelphia

Thomas Park Management, LLC

178,325

8300 Health Park

Raleigh

Total

370,148


Investment


(dollars in thousands at Welltower pro rata ownership)
Development Summary(1)
		Unit Mix
	Facility	Total	Wellness Housing	Independent Living	Assisted Living		Memory Care	Commitment Amount		Balance at 06/30/22		Estimated Conversion

Seniors Housing Operating
	London, UK	82	—	—	51		31	$	42,567	$	21,155	3Q22
	Sachse, TX	193	193	—	—		—	37,788		24,769		3Q22
	Princeton, NJ	80	—	—	68		12	29,624		30,020		3Q22
	Montreal, QC	247	—	223	—		24	19,955		14,941		3Q22
	Berea, OH	120	120	—	—		—	13,477		12,291		3Q22
	Painesville, OH	119	119	—	—		—	13,249		11,247		3Q22
	Beaver, PA	116	116	—	—		—	13,403		10,904		3Q22
	New York, NY	528	400	—	92		36	147,467		143,640		4Q22
	New Rochelle, NY	72	—	—	36		36	41,922		20,903		3Q22
	Pflugerville, TX	196	196	—	—		—	39,224		19,787		4Q22
	Georgetown, TX	188	188	—	—		—	35,961		23,646		4Q22
	Denton, TX	65	65	—	—		—	19,386		7,745		4Q22
	Wombourne, UK	66	—	—	41		25	14,594		13,018		4Q22
	Leicester, UK	60	—	—	36		24	13,621		11,069		4Q22
	Rugby, UK	76	—	—	51		25	18,624		11,811		1Q23
	Meadville, PA	128	128	—	—		—	13,716		13,716		1Q23
	Brookline, MA	159	—	81	38		40	145,990		46,973		2Q23
	New York, NY	160	—	—	76		84	79,400		58,991		2Q23
	Lake Jackson, TX	130	130	—	—		—	31,738		5,766		2Q23
	Buzzards Bay, MA	120	120	—	—		—	31,126		31,126		2Q23
	Manchester, CT	128	128	—	—		—	21,915		21,915		2Q23
	East Windsor, CT	122	122	—	—		—	20,530		20,530		2Q23
	Washington, DC	137	—	10	90		37	115,140		33,084		3Q23
	White Marsh, MD	188	—	106	55		27	77,234		9,283		3Q23
	Weymouth, MA	165	—	91	48		26	76,220		18,636		3Q23
	Charlotte, NC	328	328	—	—		—	71,658		42,440		3Q23
	Queen Creek, AZ	199	199	—	—		—	53,659		8,322		3Q23
	Glendale, AZ	204	204	—	—		—	53,026		14,929		3Q23
	Blue Springs, MO	134	134	—	—		—	20,854		20,854		4Q23
	Miami Twp, OH	122	122	—	—		—	16,385		3,299		4Q23
	Melissa, TX	52	52	—	—		—	16,035		2,204		1Q24
	Gaithersburg, MD	302	—	190	89		23	156,194		42,003		2Q24
	Leander, TX	72	72	—	—		—	25,904		3,441		2Q24
	Temple, TX	256	256	—	—		—	65,569		5,765		4Q24
	Cupertino, CA	158	—	—	158		—	61,929		26,937		4Q24
	Santa Clara, CA	509	509	—	—		—	110,701		78,784		1Q25
	Santa Clara, CA	176	—	—	143		33	64,680		31,546		1Q25
	Kyle, TX	225	225	—	—		—	62,204		4,742		1Q25
	Little Rock, AR	283	283	—	—		—	13,893		1,624		3Q25
	Sunrise Developments(2)	933	—	—	578		355	213,925		102,923		3Q22 - 1Q24
	Subtotal	7,598	4,409	701	1,650		838	2,120,487		1,026,779

Seniors Housing Triple-net
	Redhill, UK	76	—	—	46		30	19,338		17,759		3Q22
	Raleigh, NC	191	—	151	40		—	141,748		73,975		2Q23
	Subtotal	267	—	151	86		30	161,086		91,734

Outpatient Medical				Rentable Square Ft	Preleased %		Health System Affiliation	Commitment Amount		Balance at 06/30/22		Estimated Conversion
	Norman, OK			47,082	100	%	Yes	21,792		18,601		3Q22
	Tyler, TX			85,214	100	%	Yes	34,750		24,002		4Q22
	Stafford, TX			36,788	100	%	Yes	18,031		10,549		4Q22
	League City, TX			16,835	100	%	Yes	9,935		1,493		1Q23
	Norman, OK			134,285	100	%	Yes	93,329		23,472		2Q23
	Beaumont, TX			35,831	100	%	Yes	11,231		1,194		2Q23
	Subtotal			356,035				189,068		79,311

Total Development Projects								$	2,470,641	$	1,197,824

Note:

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

(2) Relates to ten properties, with a weighted-average ownership of 37%.


Investment


(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
					Projected Future Funding
	Projects	Beds / Units / Square Feet	Projected Yields(2)		2022 Funding		Funding Thereafter		Total Unfunded Commitments		Committed Balances
Seniors Housing Operating	49	7,598	7.2	%	$	566,355	$	527,353	$	1,093,708	$	2,120,487
Seniors Housing Triple-net	2	267	7.8	%	33,927		35,425		69,352		161,086
Outpatient Medical	6	356,035	6.0	%	70,123		39,634		109,757		189,068


Total	57		7.1	%	$	670,405	$	602,412	$	1,272,817	$	2,470,641


Development Project Conversion Estimates(1)
Quarterly Conversions					Annual Conversions
	Amount		Projected Yields(2)			Amount		Projected Yields(2)
1Q22 actual	$	228,021	7.3	%	2022 actual	$	312,202	5.3	%
2Q22 actual	84,181		8.2	%	2022 estimate	622,239		7.7	%
3Q22 estimate	263,284		7.2	%	2023 estimate	1,230,433		7.4	%
4Q22 estimate	358,955		6.2	%	2024 estimate	366,491		7.4	%
1Q23 estimate	92,147		7.3	%	2025 estimate	251,478		6.6	%
2Q23 estimate	638,963		7.3	%	Total	$	2,782,843	7.2	%
3Q23 estimate	462,084		7.5	%
4Q23 estimate	37,239		7.3	%
1Q24 estimate	56,895		7.4	%
2Q24 estimate	182,098		8.3	%
4Q24 estimate	127,498		6.1	%
2Q25 estimate	237,585		7.0	%
3Q25 estimate	13,893		6.9	%
Total	$	2,782,843	7.2	%


Unstabilized Properties
	03/31/2022 Properties	Stabilizations	Construction Conversions(3)	Acquisitions/ Dispositions	06/30/2022 Properties	Beds / Units
Seniors Housing Operating	38	(2)	3	—	39	5,437
Seniors Housing Triple-net	24	(1)	—	—	23	2,554

Total	62	(3)	3	—	62	7,991


Occupancy	03/31/2022 Properties	Stabilizations	Construction Conversions(3)		Acquisitions/ Dispositions		Progressions		06/30/2022 Properties
0% - 50%	38	—	3		—		(12)		29
50% - 70%	17	—	—		—		6		23
70% +	7	(2)	—		—		5		10
Total	62	(2)	3		—		(1)		62

Occupancy	06/30/2022 Properties	Months In Operation	Revenues		% of Total Revenues(4)		Gross Investment Balance		% of Total Gross Investment
0% - 50%	29	12	$	47,606	0.8	%	$	1,011,591	2.4	%
50% - 70%	23	21	80,098		1.4	%	742,477		1.8	%
70% +	10	21	32,052		0.6	%	336,822		0.8	%
Total	62	11	$	159,756	2.8	%	$	2,090,890	5.0	%

Notes:

(1) Includes development projects (construction in progress, development loans and in-substance real estate) and excludes expansion projects.

(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 15.


Financial


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

Stabilized NOI				Pro rata beds/units/square feet
Seniors Housing Operating(1)	$	895,796		84,736	units
Seniors Housing Triple-net	367,496			24,013	units
Outpatient Medical	440,320			18,452,459	square feet
Health System	172,104			20,279	units/beds
Long-Term/Post-Acute Care	89,216			6,215	beds
Total In-Place NOI(2)	1,964,932
Incremental stabilized NOI(3)	111,085
Total stabilized NOI	$	2,076,017

Obligations
Lines of credit and commercial paper(4)	$	354,000
Senior unsecured notes(4)	12,614,327
Secured debt(4)	3,130,763
Financing lease liabilities	109,888
Total debt	$	16,208,978
Add (Subtract):
Other liabilities (assets), net(5)	$	325,607
Cash and cash equivalents and restricted cash	(442,251)
Net obligations	$	16,092,334

Other Assets
Land parcels	$	233,472		Effective Interest Rate(8)
Real estate loans receivable(6)	1,237,730			10.9%
Non real estate loans receivable(7)	257,697			11.0%
Joint venture real estate loans receivables(9)	239,254			5.7%
Other investments(10)	8,347
Investments held for sale(11)	231,148
Development properties:(12)
Current balance	1,198,371
Unfunded commitments	1,313,934
Committed balances	$	2,512,305
Projected yield	7.1		%
Projected NOI	$	178,374

Common Shares Outstanding(13)	465,610

Notes:

(1) Includes $9,277,000 attributable to our proportional share of income from unconsolidated management company investments.

(2) See page 21 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 $1,112,326,000 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	$	302,211
Below market tenant lease intangibles, net	27,276
Deferred taxes, net	(37,646)
Intangible assets, net	(52,201)
Other non-cash liabilities / (assets), net	6,438
Total non-cash liabilities/(assets), net	$	246,078

(6) Represents $1,251,049,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, and net of $13,319,000 of credit allowances.

(7) Represents $409,459,000 of non-real estate loans, net of $151,762,000 of credit allowances.

(8) Average cash-pay interest rates are 6.6%, 2.5% 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) Represents the fair value of Genesis Healthcare, Inc. stock investment based on closing stock price at June 30, 2022 and estimated fair value of a 3.4% ownership in a Seniors Housing Operating portfolio excluded from IPNOI.

(11) Represents expected proceeds from assets held for sale.

(12) See pages 12-13. Also includes expansion projects.

(13) Includes redeemable OP units.


Financial


(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
	2Q21		3Q21		4Q21		1Q22		2Q22
Revenues:
Seniors Housing Operating
Resident fees and services	$	726,516	$	809,930	$	870,039	$	965,574	$	1,000,571
Interest income	859		1,117		1,091		1,398		1,642
Other income	860		1,049		6,434		3,007		(1,251)
Total revenues	728,235		812,096		877,564		969,979		1,000,962

Seniors Housing Triple-net
Rental income	108,612		114,039		116,497		108,792		110,914
Interest income	28,885		32,153		33,149		33,097		31,725
Other income	1,357		901		1,068		1,471		1,786
Total revenues	138,854		147,093		150,714		143,360		144,425

Outpatient Medical
Rental income	150,781		157,474		155,715		160,288		163,808
Interest income	4,731		472		51		71		65
Other income	5,002		2,057		5,256		3,238		2,347
Total revenues	160,514		160,003		161,022		163,597		166,220

Health System
Rental income	46,554		46,204		47,440		51,243		52,052


Total revenues	46,554		46,204		47,440		51,243		52,052

Long-Term/Post-Acute Care
Rental income	40,542		32,255		30,989		30,039		29,189
Interest income	3,973		6,122		5,381		5,107		5,499
Other income	—		184		—		234		—
Total revenues	44,515		38,561		36,370		35,380		34,688

Corporate


Other income	2,672		3,362		3,548		3,183		3,665
Total revenues	2,672		3,362		3,548		3,183		3,665

Total
Rental income	346,489		349,972		350,641		350,362		355,963
Resident fees and services	726,516		809,930		870,039		965,574		1,000,571
Interest income	38,448		39,864		39,672		39,673		38,931
Other income	9,891		7,553		16,306		11,133		6,547
Total revenues	1,121,344		1,207,319		1,276,658		1,366,742		1,402,012

Property operating expenses:
Seniors Housing Operating	584,484		644,241		698,601		774,936		777,178
Seniors Housing Triple-net	7,871		7,927		8,236		7,421		7,778
Outpatient Medical	46,184		48,796		47,254		50,599		51,177
Health System	54		64		64		35		100
Long-Term/Post-Acute Care	4,848		3,859		4,085		3,958		3,837
Corporate	2,174		3,054		1,935		2,615		2,645
Total property operating expenses	645,615		707,941		760,175		839,564		842,715

Net operating income:
Seniors Housing Operating	143,751		167,855		178,963		195,043		223,784
Seniors Housing Triple-net	130,983		139,166		142,478		135,939		136,647
Outpatient Medical	114,330		111,207		113,768		112,998		115,043
Health System	46,500		46,140		47,376		51,208		51,952
Long-Term/Post-Acute Care	39,667		34,702		32,285		31,422		30,851
Corporate	498		308		1,613		568		1,020
Net operating income	$	475,729	$	499,378	$	516,483	$	527,178	$	559,297

Note:

(1) Please see discussion of Supplemental Reporting Measures on page 20. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%. Excludes NOI related to a leasehold portfolio interest for 26 properties assumed by a wholly-owned affiliate in conjunction with the Holiday Retirement transaction. Subsequent to the initial transaction, we purchased eight of the leased properties and one of the properties was sold by the landlord and removed from the lease. No rent was paid in excess of net cash flow relating to the leasehold properties and therefore, the leasehold interests were excluded from NOI and relevant metrics such as property count, unit count, IPNOI. same store NOI, REVPOR and same store REVPOR. Effective April 1, 2022, the lease was terminated and the related lease termination income was also excluded from NOI.


Financial


(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
	Twelve Months Ended			Three Months Ended
	June 30, 2022			June 30, 2022
Net income (loss)	$	417,953		$	95,672
Interest expense	493,816			127,750
Income tax expense (benefit)	15,069			3,065
Depreciation and amortization	1,166,638			310,295
EBITDA	2,093,476			536,782
Loss (income) from unconsolidated entities	37,948			7,058
Stock-based compensation(2)	20,945			6,021
Loss (gain) on extinguishment of debt, net	(504)			603
Loss (gain) on real estate dispositions, net	(151,029)			3,532
Impairment of assets	3,847			—
Provision for loan losses, net	(949)			165
Loss (gain) on derivatives and financial instruments, net	(7,737)			(1,407)
Other expenses(2)	80,114			35,046
Lease termination and leasehold interest adjustment(3)	(64,094)			(56,397)
Casualty losses, net of recoveries(4)	8,472			2,673
Other impairment(5)	(620)			(620)
Total adjustments	(73,607)			(3,326)
Adjusted EBITDA	$	2,019,869		$	533,456

Interest Coverage Ratios
Interest expense	$	493,816		$	127,750
Capitalized interest	21,860			6,387
Non-cash interest expense	(21,258)			(6,606)
Total interest	$	494,418		$	127,531
EBITDA	$	2,093,476		$	536,782
Interest coverage ratio	4.23		x	4.21		x
Adjusted EBITDA	$	2,019,869		$	533,456
Adjusted Interest coverage ratio	4.09		x	4.18		x

Fixed Charge Coverage Ratios
Total interest	$	494,418		$	127,531
Secured debt principal amortization	64,267			14,382
Total fixed charges	$	558,685		$	141,913
EBITDA	$	2,093,476		$	536,782
Fixed charge coverage ratio	3.75		x	3.78		x
Adjusted EBITDA	$	2,019,869		$	533,456
Adjusted Fixed charge coverage ratio	3.62		x	3.76		x

Net Debt to EBITDA Ratios
Total debt(6)				$	15,144,432
Less: cash and cash equivalents and restricted cash				(442,251)
Net debt				$	14,702,181
EBITDA Annualized				$	2,147,128
Net debt to EBITDA ratio				6.85		x
Adjusted EBITDA Annualized				$	2,133,824
Net debt to Adjusted EBITDA ratio				6.89		x

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 20.

(2) Certain severance-related costs are included in stock-based compensation and excluded from other expenses.

(3) Effective April 1, 2022, our leasehold interest relating to the master lease with National Health Investors ("NHI") for 17 properties assumed in conjunction with the Holiday Retirement acquisition was terminated as a result of the transition or sale of the properties by NHI. We recognized a gain of $58,621,000 related to the termination of this lease in other income. The net impact of these leasehold properties inclusive of the gain has been excluded from Adjusted EBITDA.

(4) Represents casualty losses net of any insurance recoveries.

(5) Primarily related to the release of previously reserved straight-line receivables.

(6) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $109,888,000. Excludes operating lease liabilities of $300,829,000 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)	$	354,000	1.02	%
Long-term debt obligations(2)(3)	14,790,432		42.78	%
Cash and cash equivalents and restricted cash	(442,251)		(1.28)	%
Net debt to consolidated book capitalization	$	14,702,181	42.52	%
Total equity(4)	19,873,913		57.48	%
Consolidated book capitalization	$	34,576,094	100.00	%
Joint venture debt, net(5)	930,137
Total book capitalization	$	35,506,231

Undepreciated Book Capitalization
Lines of credit and commercial paper(2)	$	354,000	0.84	%
Long-term debt obligations(2)(3)	14,790,432		35.20	%
Cash and cash equivalents and restricted cash	(442,251)		(1.05)	%
Net debt to consolidated undepreciated book capitalization	$	14,702,181	34.99	%
Accumulated depreciation and amortization	7,437,779		17.70	%
Total equity(4)	19,873,913		47.31	%
Consolidated undepreciated book capitalization	$	42,013,873	100.00	%
Joint venture debt, net(5)	930,137
Total undepreciated book capitalization	$	42,944,010

Enterprise Value
Lines of credit and commercial paper(2)	$	354,000	0.65	%
Long-term debt obligations(2)(3)	14,790,432		27.31	%
Cash and cash equivalents and restricted cash	(442,251)		(0.82)	%
Net debt to consolidated enterprise value	$	14,702,181	27.14	%
Common shares outstanding	463,369
Period end share price	82.35
Common equity market capitalization	$	38,158,437	70.43	%
Noncontrolling interests(4)	1,317,733		2.43	%
Consolidated enterprise value	$	54,178,351	100.00	%
Joint venture debt, net(5)	930,137
Total enterprise value	$	55,108,488

Secured Debt as % of Total Assets
Secured debt(2)	$	2,191,826	5.99	%
Total assets	$	36,573,671

Total Debt as % of Total Assets
Total debt(2)(3)	$	15,144,432	41.41	%
Total assets	$	36,573,671

Unsecured Debt as % of Unencumbered Assets
Unsecured debt(2)	$	12,842,718	35.79	%
Unencumbered assets	$	35,880,479

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 20.

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

(3) Includes financing lease liabilities of $109,888,000 and excludes operating lease liabilities of $300,829,000 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.


Financial


(dollars in thousands)
Debt Maturities and Principal Payments(1)
Year	Lines of Credit and Commercial Paper(2)				Senior Unsecured Notes(3,4,5,6)			Consolidated Secured Debt			Share of Unconsolidated Secured Debt			Noncontrolling Interests' Share of Consolidated Secured Debt			Combined Debt(7)				% of Total		Wtd. Avg. Interest Rate (8)
2022	$	—			$	—		$	396,742		$	95,212		$	(126,672)		$	365,282			2.27	%	3.58	%
2023	—				—			498,668			171,818			(81,327)			589,159				3.66	%	3.86	%
2024	—				1,350,000			243,347			145,474			(37,772)			1,701,049				10.57	%	3.80	%
2025	—				1,260,000			231,488			509,843			(28,569)			1,972,762				12.25	%	3.82	%
2026	354,000				700,000			130,410			58,660			(20,365)			1,222,705				7.59	%	3.53	%
2027	—				1,927,317			181,578			103,579			(38,151)			2,174,323				13.51	%	2.65	%
2028	—				1,418,910			83,184			26,654			(12,837)			1,515,911				9.42	%	4.46	%
2029	—				1,050,000			274,187			36,327			(962)			1,359,552				8.44	%	3.03	%
2030	—				750,000			34,882			31,579			(131)			816,330				5.07	%	3.13	%
2031	—				1,350,000			5,169			29,098			(136)			1,384,131				8.60	%	2.77	%
Thereafter	—				2,808,100			120,971			74,080			(5,265)			2,997,886				18.62	%	4.40	%
Totals	$	354,000			$	12,614,327		$	2,200,626		$	1,282,324		$	(352,187)		$	16,099,090			100.00	%

Weighted Avg. Interest Rate(8)	2.32		%		3.68		%	3.43		%	3.50		%	3.08		%	3.61		%

Weighted Avg. Maturity Years	3.9			(2)	7.5			3.6			5.1			2.3			6.8			(2)

% Floating Rate Debt(8)	100.00		%		13.91		%	30.78		%	26.17		%	43.13		%	18.44		%


Debt by Local Currency(1)
	Lines of Credit and Commercial Paper(2)		Senior Unsecured Notes(3,4,5,6)		Consolidated Secured Debt		Share of Unconsolidated Secured Debt		Noncontrolling Interests' Share of Consolidated Secured Debt		Combined Debt(7)		Investment Hedges(9)
United States	$	354,000	$	10,910,000	$	1,184,898	$	951,642	$	(118,103)	$	13,282,437	$	—
United Kingdom	—		1,277,010		—		—		—		1,277,010		2,299,479
Canada	—		427,317		1,015,728		330,682		(234,084)		1,539,643		835,211
Totals	$	354,000	$	12,614,327	$	2,200,626	$	1,282,324	$	(352,187)	$	16,099,090	$	3,134,690

Notes:

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

(2) The 2026 maturity reflects the principal outstanding on our unsecured commercial paper program (none outstanding at June 30, 2022). The unsecured revolving credit facility is comprised of a $1,000,000,000 tranche that matures on June 4, 2026 (none outstanding at June 30, 2022) and a $3,000,000,000 tranche that matures on June 4, 2025 ($354,000,000 outstanding at June 30, 2022). 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. As such, we calculate the weighted average remaining term of our commercial paper borrowings using the extended maturity date of 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 $194,235,000 USD at June 30, 2022). 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 $233,082,000 USD at June 30, 2022) that matures on January 15, 2027.

(5) 2028 includes £550,000,000 of 4.80% senior unsecured notes (approximately $668,910,000 USD at June 30, 2022). The notes mature on November 20, 2028.

(6) Thereafter includes £500,000,000 of 4.50% senior unsecured notes (approximately $608,100,000 USD at June 30, 2022). The notes mature on December 1, 2034.

(7) Excludes operating lease liabilities of $300,829,000 and finance lease liabilities of $109,888,000 related to ASC 842 adoption.

(8) Based on variable interest rates and foreign currency exchange rates in effect as of June 30, 2022. 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 to convert fixed rate debt to SOFR-based floating rate debt, LIBOR-based floating rate debt and CDOR-based floating rate debt to fixed rate debt.

(9) 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 $134,880,000, 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 forward contracts and 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: Includes independent, assisted living, dementia care and long-term/post-acute care properties subject to triple-net operating leases to or guaranteed by investment-grade health systems.

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, SS REVPOR, NOI, In-Place NOI ("IPNOI") and 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 costs unrelated to property operations or transaction costs. These expenses include, but are not limited to, payroll and benefits, 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 at our Seniors Housing Operating properties. It is calculated as our pro rata version of total resident fees and services revenues from the income statement divided by average monthly occupied room days. SS REVPOR is used to evaluate the REVPOR performance of our properties under a consistent population which eliminates changes in the composition of our portfolio. It is based on the same pool of properties used for SSNOI and includes any revenue normalizations used for SSNOI. We use REVPOR and SS REVPOR 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	2Q21		3Q21		4Q21		1Q22		2Q22
Net income (loss)	$	45,757	$	190,336	$	66,194	$	65,751	$	95,672
Loss (gain) on real estate dispositions, net	(44,668)		(119,954)		(11,673)		(22,934)		3,532
Loss (income) from unconsolidated entities	7,976		15,832		12,174		2,884		7,058
Income tax expense (benefit)	(2,221)		4,940		2,051		5,013		3,065
Other expenses	11,687		3,575		15,483		26,069		35,166
Impairment of assets	23,692		1,490		2,357		—		—
Provision for loan losses, net	6,197		(271)		(39)		(804)		165
Loss (gain) on extinguishment of debt, net	55,612		(5)		(1,090)		(12)		603
Loss (gain) on derivatives and financial instruments, net	(359)		(8,078)		(830)		2,578		(1,407)
General and administrative expenses	31,436		32,256		33,109		37,706		36,554
Depreciation and amortization	240,885		267,754		284,501		304,088		310,295
Interest expense	122,341		122,522		121,848		121,696		127,750
Consolidated net operating income	498,335		510,397		524,085		542,035		618,453
NOI attributable to unconsolidated investments(1)	21,180		20,042		20,287		20,142		23,648
NOI attributable to noncontrolling interests(2)	(43,786)		(31,061)		(27,889)		(34,999)		(82,804)
Pro rata net operating income (NOI)(3)	$	475,729	$	499,378	$	516,483	$	527,178	$	559,297


In-Place NOI Reconciliation
At Welltower pro rata ownership	Seniors Housing Operating		Seniors Housing Triple-net		Outpatient Medical		Health System		Long-Term /Post-Acute Care		Corporate		Total
Revenues	$	1,000,962	$	144,425	$	166,220	$	52,052	$	34,688	$	3,665	$	1,402,012
Property operating expenses	(777,178)		(7,778)		(51,177)		(100)		(3,837)		(2,645)		(842,715)
NOI(3)	223,784		136,647		115,043		51,952		30,851		1,020		559,297
Adjust:
Interest income	(1,642)		(31,725)		(65)		—		(5,499)		—		(38,931)
Other income	1,251		(1,786)		(2,347)		—		—		(3,665)		(6,547)
Sold / held for sale	233		56		(15)		(462)		(1,814)		—		(2,002)
Non operational(4)	1,198		—		84		—		(509)		—		773
Non In-Place NOI(5)	(7,073)		(11,435)		(3,627)		(8,464)		(725)		2,645		(28,679)
Timing adjustments(6)	6,198		117		1,007		—		—		—		7,322
Total adjustments	165		(44,773)		(4,963)		(8,926)		(8,547)		(1,020)		(68,064)
In-Place NOI	223,949		91,874		110,080		43,026		22,304		—		491,233
Annualized In-Place NOI	$	895,796	$	367,496	$	440,320	$	172,104	$	89,216	$	—	$	1,964,932


Same Store Property Reconciliation
	Seniors Housing Operating	Seniors Housing Triple-net	Outpatient Medical	Health System	Long-Term /Post-Acute Care	Total
Total properties	904	312	397	205	93	1,911
Recent acquisitions/ development conversions(7)	(203)	(18)	(30)	(1)	—	(252)
Under development	(49)	(1)	(6)	—	—	(56)
Under redevelopment(8)	(4)	—	(3)	—	(4)	(11)
Current held for sale	(2)	—	(1)	(4)	(7)	(14)
Land parcels, loans and sub-leases	(13)	(10)	(6)	—	—	(29)
Transitions(9)	(99)	(1)	—	—	(3)	(103)
Other(10)	(2)	—	—	—	(3)	(5)
Same store properties	532	282	351	200	76	1,441

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 and includes an adjustment to remove NOI related to certain leasehold properties. See page 15 for more information.

(3) Represents Welltower's pro rata share of NOI. See page 15 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 5 full quarters after acquisition or certificate of occupancy.

(8) Redevelopment properties will enter the same store pool after 5 full quarters of operations post redevelopment completion.

(9) Transitioned properties will enter the same store pool after 5 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	2Q21		3Q21		4Q21		1Q22		2Q22		Y/o/Y
Seniors Housing Operating
NOI	$	143,751	$	167,855	$	178,963	$	195,043	$	223,784
Non-cash NOI on same store properties	12,268		(98)		(36)		(74)		(204)
NOI attributable to non-same store properties	(13,661)		(30,018)		(35,493)		(51,940)		(55,167)
Currency and ownership adjustments(1)	(1,638)		(502)		(615)		(238)		335
Normalizing adjustment for government grants(2)	(8,130)		(3,915)		(18,051)		(1,304)		(15,777)
Normalizing adjustment for management fee reduction(3)	(2,044)		—		—		—		—
Normalizing adjustment for prior period allowance(4)	1,670		—		—		—		—
Normalizing adjustment for casualty related expenses, net(5)	1,824		1,114		4,230		(249)		1,259


Other normalizing adjustments(6)	(356)		(863)		(473)		—		—
SSNOI(7)	133,684		133,573		128,525		141,238		154,230		15.4	%

Seniors Housing Triple-net
NOI	130,983		139,166		142,478		135,939		136,647
Non-cash NOI on same store properties	(7,108)		(5,989)		(4,671)		(4,578)		(10,862)
NOI attributable to non-same store properties	(47,009)		(53,562)		(53,186)		(44,907)		(42,880)
Currency and ownership adjustments(1)	(497)		(197)		266		437		1,415




Other normalizing adjustments(6)	323		(117)		59		(213)		—
SSNOI	76,692		79,301		84,946		86,678		84,320		9.9	%

Outpatient Medical
NOI	114,330		111,207		113,768		112,998		115,043
Non-cash NOI on same store properties	(2,744)		(1,956)		(2,549)		(2,099)		(2,468)
NOI attributable to non-same store properties	(11,865)		(8,557)		(9,398)		(8,086)		(10,407)
Currency and ownership adjustments(1)	(1)		350		(189)		118		(58)

Other normalizing adjustments(6)	(348)		(1,014)		294		(537)		(262)
SSNOI	99,372		100,030		101,926		102,394		101,848		2.5	%

Health System
NOI	46,500		46,140		47,376		51,208		51,952
Non-cash NOI on same store properties	(5,943)		(5,236)		(6,318)		(8,259)		(8,370)
NOI attributable to non-same store properties	(1,212)		(836)		(631)		(619)		(628)
Currency and ownership adjustments(1)	2,459		2,504		2,527		625		—

SSNOI	41,804		42,572		42,954		42,955		42,954		2.8	%

Long-Term/Post-Acute Care
NOI	39,667		34,702		32,285		31,422		30,851
Non-cash NOI on same store properties	(950)		(1,137)		(937)		(1,026)		(724)
NOI attributable to non-same store properties	(16,849)		(11,679)		(9,376)		(8,082)		(7,721)
Currency and ownership adjustments(1)	(67)		(21)		(19)		(10)		4




SSNOI	21,801		21,865		21,953		22,304		22,410		2.8	%

Corporate
NOI	498		308		1,613		568		1,020
NOI attributable to non-same store properties	(498)		(308)		(1,613)		(568)		(1,020)
SSNOI	—		—		—		—		—

Total
NOI	475,729		499,378		516,483		527,178		559,297
Non-cash NOI on same store properties	(4,477)		(14,416)		(14,511)		(16,036)		(22,628)
NOI attributable to non-same store properties	(91,094)		(104,960)		(109,697)		(114,202)		(117,823)
Currency and ownership adjustments(1)	256		2,134		1,970		932		1,696
Normalizing adjustments, net	(7,061)		(4,795)		(13,941)		(2,303)		(14,780)
SSNOI	$	373,353	$	377,341	$	380,304	$	395,569	$	405,762	8.7	%

Notes:

(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2738 and to translate UK properties at a GBP/USD rate of 1.3501.

(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 normalizing adjustment related to a management fee reduction for one Seniors Housing Operating partner.

(4) Represents normalizing adjustment related to an allowance of prior period rent related to one Seniors Housing Operating lease.

(5) Represents normalizing adjustment related to casualty related expenses net of any insurance reimbursements.

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

(7) 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	$	859,987	$	99,647	$	111,576	$	1,071,210
Unconsolidated SHO revenues attributable to Welltower(1)	28,910		—		22,546		51,456
SHO revenues attributable to noncontrolling interests(2)	(89,739)		(9,339)		(22,626)		(121,704)
Pro rata SHO revenues(3)	799,158		90,308		111,496		1,000,962
SHO interest and other income	(2,476)		(16)		2,102		(390)
SHO revenues attributable to sold and held for sale properties	(261)		—		—		(261)
Currency and ownership adjustments(4)	—		6,731		211		6,942
SHO local revenues	796,420		97,023		113,809		1,007,252
Average occupied units/month	47,524		3,320		12,461		63,305
REVPOR/month in USD	$	5,601	$	9,768	$	3,053	$	5,318
REVPOR/month in local currency(4)			£	7,235	$	3,889


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

	United States						United Kingdom						Canada						Total
	2Q21			2Q22			2Q21			2Q22			2Q21			2Q22			2Q21		2Q22
SHO SS REVPOR Growth
Consolidated SHO revenues	$	540,559		$	859,987		$	98,221		$	99,647		$	103,769		$	111,576		$	742,549	$	1,071,210
Unconsolidated SHO revenues attributable to WELL(1)	22,788			28,910			—			—			22,178			22,546			44,966		51,456
SHO revenues attributable to noncontrolling interests(2)	(24,334)			(89,739)			(12,267)			(9,339)			(22,746)			(22,626)			(59,347)		(121,704)
SHO pro rata revenues(3)	539,013			799,158			85,954			90,308			103,201			111,496			728,168		1,000,962
Non-cash revenues on same store properties	(571)			(613)			—			—			—			—			(571)		(613)
Revenues attributable to non-same store properties	(31,403)			(224,351)			(65,374)			(68,242)			(4,104)			(13,666)			(100,881)		(306,259)
Currency and ownership adjustments(4)	766			147			97			1,642			(3,545)			200			(2,682)		1,989




SHO SS revenues(5)	507,805			574,341			20,677			23,708			95,552			98,030			624,034		696,079
Avg. occupied units/month(6)	27,263			29,648			742			832			10,849			10,989			38,854		41,469
SHO SS REVPOR(7)	$	6,226		$	6,475		$	9,314		$	9,524		$	2,944		$	2,982		$	5,368	$	5,611
SS REVPOR YOY growth	—		%	4.0		%	—		%	2.3		%	—		%	1.3		%	—		4.5		%

SHO SSNOI Growth
Consolidated SHO NOI	$	107,314		$	237,393		$	22,663		$	16,579		$	30,211		$	27,939		$	160,188	$	281,911
Unconsolidated SHO NOI attributable to WELL(1)	3,421			5,104			—			—			7,867			6,843			11,288		11,947
SHO NOI attributable to noncontrolling interests(2)	(18,682)			(63,881)			(2,612)			(1,279)			(6,431)			(4,914)			(27,725)		(70,074)
SHO pro rata NOI(3)	92,053			178,616			20,051			15,300			31,647			29,868			143,751		223,784
Non-cash NOI on same store properties	12,270			(205)			—			—			(2)			1			12,268		(204)
NOI attributable to non-same store properties	1,712			(38,011)			(14,805)			(11,428)			(568)			(5,728)			(13,661)		(55,167)
Currency and ownership adjustments(4)	(524)			(8)			37			285			(1,151)			58			(1,638)		335
Normalizing adjustment for government grants(8)	(5,021)			(15,777)			—			—			(3,109)			—			(8,130)		(15,777)
Normalizing adjustment for management fee reduction(9)	—			—			—			—			(2,044)			—			(2,044)		—
Normalizing adjustment for prior period allowance(10)	1,670			—			—			—			—			—			1,670		—
Normalizing adjustment for casualty related expenses(11)	1,824			1,259			—			—			—			—			1,824		1,259


Other normalizing adjustments(12)	(356)			—			—			—			—			—			(356)		—
SHO pro rata SSNOI(5)	$	103,628		$	125,874		$	5,283		$	4,157		$	24,773		$	24,199		$	133,684	$	154,230
SHO SSNOI growth				21.5		%				(21.3)		%				(2.3)		%			15.4		%

SHO SSNOI/Unit
Trailing four quarters' SSNOI(5)				$	445,377					$	18,344					$	93,844				$	557,566
Average units in service(13)				37,453						1,203						13,996					52,652
SSNOI/unit in USD				$	11,892					$	15,249					$	6,705				$	10,590
SSNOI/unit in local currency(4)										£	11,295					$	8,541

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 and includes an adjustment to remove revenues and NOI related to certain leasehold properties. See page 15 for more information.

(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See pages 15 & 22 for more information.

(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2738 and to translate UK properties at a GBP/USD rate of 1.3501.

(5) Represents SS SHO revenues/SSNOI at Welltower pro rata ownership. See page 22 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 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 normalizing adjustment related to a management fee reduction for one Seniors Housing Operating partner.

(10) Represents normalizing adjustment related to an allowance of prior period rent related to one Seniors Housing Operating lease.

(11) Represents normalizing adjustment related to casualty related expenses net of any insurance reimbursements.

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

(13) 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; uncertainty regarding the implementation and impact of the CARES Act and future stimulus or other COVID-19 relief legislation; 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 August 9, 2022 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), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company 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™, a REIT, 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.