Welltower : Q1 (1Q26 Supplement 99.2 FINAL v3)

Published: 2026-04-28 17:14:32 ET WELL

Published on 04/28/2026 at 05:14 pm EDT

‌

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

Long-Term/

Average Age

Properties

Total

Wellness Housing

Independent Living

Assisted Living

Memory Care

Post-Acute Care

Seniors Housing Operating

1,917

191,947

32,890

51,133

80,297

27,105

522

Seniors Housing Triple-net

431

29,206

2,190

19,225

7,488

303

Outpatient Medical

141

9,511,258

(2)

n/a

Long-Term/Post-Acute Care

349

41,312

997

40,270

Total

2,838

‌NOI Performance Same Store(3) In-Place Portfolio(4)

Annualized

Properties

1Q25 NOI

1Q26 NOI

% Change

Properties

In-Place NOI

% of Total

Seniors Housing Operating

921

$ 435,659

$ 531,817

22.1 %

1,676

$ 3,039,492

69.6 %

Seniors Housing Triple-net

252

76,534

79,538

3.9 %

428

623,092

14.3 %

Outpatient Medical

23,285

23,842

2.4 %

117,408

2.7 %

Long-Term/Post-Acute Care

196

84,565

86,764

2.6 %

339

584,452

13.4 %

Total

1,455

$ 620,043

$ 721,961

16.4 %

2,536

$ 4,364,444

100.0 %

Occupancy

EBITDAR

Coverage(6)

EBITDARM

Coverage(6) Private Pay Medicaid Medicare

Other Government(7)

Seniors Housing Operating

88.8%

n/a

92.3 %

0.7 %

0.2 %

Seniors Housing Triple-net

87.4%

1.23

1.46

87.1 %

2.3 %

0.1 %

Outpatient Medical

96.9%

n/a

100.0 %

Long-Term/Post-Acute Care

85.3%

1.32

1.70

25.7 %

50.4 %

23.9 %

Total

1.28

1.58

88.8 %

3.3 %

1.4 %

6.8 %

10.5 %

- %

6.6 %

Notes:

Includes land parcels and properties under development.

Indicates the total square footage of Outpatient Medical properties.

See pages 16 and 17 for reconciliation.

Excludes land parcels, loans, developments and investments held for sale. See page 16 for reconciliation.

Data as of March 31, 2026 for Seniors Housing Operating and Outpatient Medical and December 31, 2025 for the remaining asset types.

Represents trailing twelve month coverage metrics.

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

‌(dollars in thousands at Welltower pro rata ownership)‌‌

Seniors

Long-Term/

By Partner: Total Properties

Housing Operating

Housing Triple-net

Outpatient Medical

Post-Acute

Care Total % of Total

Barchester

261

$ 217,296

$ 264,552

$ -

$ 481,848

11.0

Cogir Senior Living

180

379,984

8.7

Care UK

170

262,408

6.0

Sunrise Senior Living

238,200

5.5

Avir Health Group

131

211,772

4.9

Oakmont Management Group

202,772

4.6

Avery Healthcare

109,356

78,700

188,056

4.3

StoryPoint Senior Living

117

179,624

4.1

HC-One

215

126,940

2.9

Sagora Senior Living

126,792

2.9

Remaining

1,139

1,196,120

279,840

117,408

372,680

1,966,048

45.1

Total

2,536

$ 3,039,492

$ 623,092

$ 117,408

$ 584,452

$ 4,364,444

100.0

By Country:

United States

1,610

$ 2,019,500

$ 237,196

$ 117,408

$ 577,744

$ 2,951,848

67.6

United Kingdom

794

742,300

382,636

1,124,936

25.8

Canada

132

277,692

3,260

6,708

287,660

6.6

Total

2,536

$ 3,039,492

$ 623,092

$ 117,408

$ 584,452

$ 4,364,444

100.0

By MSA:

Greater London

143

$ 187,988

$ 81,912

$ -

$ 269,900

6.2

New York / New Jersey

111,212

24,396

12,128

17,292

165,028

3.8

Los Angeles

132,068

19,524

284

3,400

155,276

3.6

Dallas

106,008

968

1,212

30,708

138,896

3.2

Houston

28,200

74,220

20,068

122,488

2.8

Montréal

93,768

2.1

Washington D.C.

71,492

6,632

15,488

93,612

2.1

Boston

71,748

14,412

168

86,328

2.0

San Francisco

65,996

6,212

3,876

76,084

1.7

Chicago

58,852

7,164

66,016

1.5

Philadelphia

36,100

5,480

368

10,964

52,912

1.2

Seattle

43,616

1,268

264

45,148

1.0

Raleigh

11,204

31,428

42,632

1.0

Charlotte

21,576

10,580

10,404

42,560

1.0

San Antonio

26,108

952

228

15,256

42,544

1.0

Cleveland

33,100

2,548

5,084

40,732

0.9

Tampa

9,368

2,540

27,912

39,820

0.9

San Diego

27,148

7,532

3,116

37,796

0.9

Minneapolis

37,156

552

37,708

0.9

Birmingham UK

24,668

11,896

36,564

0.8

Remaining

1,782

1,842,116

387,648

17,580

431,288

2,678,632

61.4

Total

2,536

$ 3,039,492

$ 623,092

$ 117,408

$ 584,452

$ 4,364,444

100.0

Notes:

Represents current quarter annualized In-Place NOI. See page 16 for reconciliation.

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

Seniors Housing Operating

Total Portfolio Performance(1) 1Q25

2Q25

3Q25

4Q25

1Q26

Properties 1,113

1,171

1,199

1,659

1,689

Units 124,742

129,758

131,792

160,218

163,618

Total occupancy 85.1 %

85.6 %

86.9 %

87.4 %

87.3 %

Total revenues $ 1,901,227

$ 2,007,567

$ 2,109,690

$ 2,607,559

$ 2,823,788

Operating expenses 1,410,579

1,464,457

1,530,131

1,902,889

2,042,868

NOI $ 490,648

$ 543,110

$ 579,559

$ 704,670

$ 780,920

NOI margin 25.8 %

27.1 %

27.5 %

27.0 %

27.7 %

Recurring cap-ex $ 68,359

$ 63,937

$ 78,803

$ 116,560

$ 67,924

Other cap-ex $ 135,045

$ 118,646

$ 131,668

$ 166,439

$ 165,031

Same Store Performance(2)

1Q25

2Q25

3Q25

4Q25

1Q26

Properties

921

Units

104,508

104,523

104,522

104,525

104,484

Occupancy

85.3 %

86.4 %

87.9 %

88.9 %

89.0 %

Same store revenues

$ 1,572,867

$ 1,611,726

$ 1,652,555

$ 1,680,617

$ 1,722,576

Compensation

668,246

677,882

689,648

701,603

698,682

Utilities

77,066

64,899

74,637

71,067

78,661

Food

61,729

64,375

66,019

68,450

64,596

Repairs and maintenance

42,473

42,841

45,786

45,310

45,498

Property taxes

52,905

53,030

53,250

49,234

54,611

All other

234,789

240,323

240,550

248,522

248,711

Same store operating expenses

1,137,208

1,143,350

1,169,890

1,184,186

1,190,759

Same store NOI

$ 435,659

$ 468,376

$ 482,665

$ 496,431

$ 531,817

Same store NOI margin %

27.7 %

29.1 %

29.2 %

29.5 %

30.9 %

Year over year NOI growth rate

22.1 %

Year over year revenue growth rate

9.5 %

Welltower

Properties

Pro Rata Units

Ownership %(4) Top Markets 1Q26 NOI % of Total

Cogir Senior Living

180

27,246

94.3 %

Greater London

$ 53,982

6.9 %

Care UK

170

10,938

100.0 %

Southern California

49,692

6.4 %

Sunrise Senior Living

7,767

90.7 %

Northern California

39,704

5.1 %

Barchester

111

6,814

100.0 %

New York / New Jersey

27,667

3.5 %

Oakmont Management Group

7,099

100.0 %

Dallas

26,701

3.4 %

StoryPoint Senior Living

117

11,927

94.2 %

Montreal

23,568

3.0 %

HC-One

215

12,348

100.0 %

Washington D.C.

20,487

2.6 %

Sagora Senior Living

8,174

100.0 %

Boston

17,793

2.3 %

Legend Senior Living

5,057

89.2 %

Chicago

14,693

1.9 %

Avery Healthcare

3,377

94.4 %

Seattle

11,184

1.4 %

Belmont Village

2,803

95.0 %

Top markets

285,471

36.5 %

Clover Management

7,811

94.2 %

All other

495,449

63.5 %

Discovery Senior Living

5,844

59.6 %

Total

$ 780,920

100.0 %

Quality Senior Living

5,195

90.9 %

Remaining

342

40,258

Total

1,676

162,658

Notes:

Properties, units, occupancy and cap-ex exclude land parcels, properties under development/redevelopment, leased properties and nonoperational properties.

See pages 16 and 17 for reconciliation.

Represents partner concentration based on annualized In-Place NOI for the quarter ended March 31, 2026. Property count and pro rata units represent the In-Place portfolio.

Welltower ownership percentage weighted based on In-Place NOI. See page 16 for reconciliation.

‌(dollars in thousands at Welltower pro rata ownership)

EBITDARM Coverage(1) EBITDAR Coverage(1)

% of In-Place NOI

Seniors Housing Triple-net

Long-Term/ Post- Acute Care

Total

Weighted Average Maturity

Number of Leases

Seniors Housing Triple-net

Long-Term/ Post- Acute Care

Total

Weighted Average Maturity

Number of Leases

<.85x

0.1 %

0.2 %

0.1 %

0.2 %

.85x-.95x

- %

.95x-1.05x

- %

0.4 %

3.4 %

3.8 %

1.05x-1.15x

- %

0.4 %

- %

0.4 %

1.15x-1.25x

0.3 %

- %

0.3 %

4.7 %

1.2 %

5.9 %

1.25x-1.35x

1.0 %

1.3 %

2.3 %

- %

>1.35

5.7 %

6.1 %

11.8 %

1.5 %

2.8 %

4.3 %

Total

7.1 %

7.5 %

14.6 %

7.1 %

7.5 %

14.6 %

Rental Income

Year

Seniors Housing Triple-net

Outpatient Medical

Long-Term / Post-Acute Care

Interest Income

Total Revenues

% of Total

2026

$ 2,613

$ 1,509

$ 9,313

$ 33,252

$ 46,687

2.9 %

2027

1,517

1,287

52,514

55,318

3.5 %

2028

3,197

6,669

2,505

12,371

0.8 %

2029

1,115

5,068

79,933

86,116

5.4 %

2030

12,525

5,954

30,543

3,646

52,668

3.3 %

2031

4,886

4,686

12,603

22,175

1.4 %

2032

99,706

3,052

55,255

359

158,372

9.9 %

2033

63,175

817

1,070

65,062

4.1 %

2034

433

3,987

274

4,694

0.3 %

2035

36,868

5,653

15,007

1,024

58,552

3.7 %

Thereafter

391,907

86,438

465,451

95,279

1,039,075

64.7 %

$ 608,342

$ 122,078

$ 589,281

$ 281,389

$ 1,601,090

100.0 %

Weighted Avg Maturity Years

Notes:

Represents trailing twelve month coverage metrics as of December 31, 2025 for stable portfolio only. Agreements included represent 53% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 16 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.

Excludes all land parcels, developments and investments classified as held for sale, as well as Seniors Housing Triple-net and Long-Term / Post-Acute Care leases accounted for on a cash basis where substantially all contractual rental income during the most recent period was not collected. 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 the annualized contractual rate of interest for loans, net of collectability reserves, if applicable.

‌(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)

Total Portfolio Performance(1)

1Q25

2Q25

3Q25

4Q25

1Q26

Properties

433

434

437

194

135

Square feet

21,775,061

21,914,499

22,073,485

8,801,545

5,576,683

Occupancy

94.5 %

94.4 %

94.2 %

95.5 %

96.9 %

Total revenues

$ 214,693

$ 215,718

$ 219,238

$ 148,862

$ 76,524

Operating expenses

66,804

65,197

65,851

45,000

20,184

NOI

$ 147,889

$ 150,521

$ 153,387

$ 103,862

$ 56,340

NOI margin

68.9 %

69.8 %

70.0 %

69.8 %

73.6 %

Revenues per square foot

$ 39.44

$ 39.37

$ 39.73

$ 67.65

$ 54.89

NOI per square foot

$ 27.17

$ 27.47

$ 27.80

$ 47.20

$ 40.41

Recurring cap-ex

$ 6,191

$ 13,221

$ 19,324

$ 4,298

$ 1,550

Other cap-ex

$ 9,742

$ 9,297

$ 14,051

$ 1,963

$ 920

Same Store Performance(2)

1Q25

2Q25

3Q25

4Q25

1Q26

Properties

Occupancy

97.5 %

97.7 %

97.8 %

97.7 %

Same store revenues

$ 26,977

$ 27,277

$ 25,569

$ 26,990

$ 27,466

Same store operating expenses

3,692

3,602

1,941

3,200

3,624

Same store NOI

$ 23,285

$ 23,675

$ 23,628

$ 23,790

$ 23,842

NOI margin

86.3 %

86.8 %

92.4 %

88.1 %

86.8 %

Year over year NOI growth rate

2.4 %

Kelsey-Seybold

$ 73,996

60.6 %

Health system affiliated properties as % of NOI(3)

99.6 %

UnitedHealth

15,420

12.6 %

Health system affiliated tenants as % of rental income(3)

93.5 %

Atrium Health

10,456

8.6 %

Investment grade tenants as % of rental income(3)

94.8 %

Norman Regional Health

6,789

5.6 %

Retention (trailing twelve months)(3)

90.2 %

Baylor Scott & White Health

2,234

1.8 %

Average remaining lease term (years)(3)

12.1

Remaining portfolio

13,183

10.8 %

Average building size (square feet)(3)

71,557

Total

$ 122,078

100.0 %

Average age (years)

Expirations(3)

2026

2027

2028

2029

2030

Thereafter

Occupied square feet

65,924

60,858

128,406

188,154

258,094

3,315,032

% of occupied square feet

1.6 %

1.5 %

3.2 %

4.7 %

6.4 %

82.6 %

Notes:

Properties, square feet, occupancy and cap-ex exclude land parcels, properties under development/redevelopment and nonoperational properties. Per square foot amounts are annualized.

Includes 86 same store properties representing 3,362,256 square feet. See pages 16 and 17 for reconciliation.

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.

‌(dollars in thousands at Welltower pro rata ownership)‌‌

$12,500,000

$10,000,000

$7,500,000

$5,000,000

$2,500,000

2022 2023 2024 2025 2026

2022

2023

2024

2025

1Q26

22-26 Total

Count

257

Total

$ 2,785,739

$ 4,222,706

$ 5,287,140

$ 17,566,127

$ 1,374,866

$ 31,236,578

Low

6,485

2,950

970

4,825

259

Median

66,074

65,134

39,863

52,894

26,904

48,899

High

389,149

644,443

936,814

6,644,176

206,230

6,644,176

Acquisitions and Loan Funding(2)

Yield

Construction

Conversions(3)

Year 1 Yield

Dispositions and Loan Repayments

Yield

January

421,410

8.6%

10,242

1.0 %

$ 554,763

6.3%

February

930,790

7.5%

57,317

(1.6)%

1,163,973

7.6%

March

1,863,160

7.4%

- %

1,060,809

8.3%

Total

3,215,360

7.6%

67,559

(1.2)%

$ 2,779,545

7.6%

Notes:

Includes non-yielding asset acquisitions.

Includes advances for non-real estate loans. Excludes land acquisitions and advances for development loans.

Includes expansion conversions and excludes in substance real estate investments.

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

First Quarter 2026

Investment Per Bed / Unit /

Pro Rata

Properties Beds / Units / Square Feet

SqFt

Amount Yield

Seniors Housing Operating

4,105

units

$ 254,971

$ 1,069,602

Seniors Housing Triple-net

414

units

326,649

135,233

Outpatient Medical

134,307

729

97,919

Long-Term/Post-Acute Care

116

beds

81,466

72,112

Loan funding

1,840,494

Total acquisitions and loan funding(2)

3,215,360

7.6 %

Development Funding(3)

Development projects:

Seniors Housing Operating

4,233

units

63,066

Outpatient Medical

8,291

Total development projects

71,357

Redevelopment and expansion projects:

Seniors Housing Operating

units

2,327

Total development funding

73,684

9.6 %

Total gross investments

3,289,044

7.6 %

Dispositions and Loan Repayments(4)

Seniors Housing Operating

217

units

62,722

13,611

Seniors Housing Triple-net

107

units

44,860

4,800

Outpatient Medical

3,393,449

402

1,364,133

Long-Term/Post-Acute Care

4,823

beds

111,195

524,397

Loan repayments

872,604

Total dispositions and loan repayments(5)

105

2,779,545

7.6 %

Net investments (dispositions)

$ 509,499

Notes:

Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP, for all consolidated and unconsolidated property acquisitions. 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 leaseholds and additional ownership interest in properties, which are both excluded from property, unit and per unit metrics.

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.

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.

Amounts represent proceeds received for loan repayments and consolidated and unconsolidated property sales. Includes disposition of partial ownership interest in properties which are excluded from property, unit and per unit metrics.

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.

(dollars in thousands at Welltower pro rata ownership)

Projected Future Funding

Projects

Beds / Units /

Square Feet Stable Yields(2) 2026 Funding

Funding Thereafter

Total Unfunded Commitments

Committed Balances

Seniors Housing Operating 39 3,686 10.8 % $ 294,679 $ 273,164 $ 567,843 $ 1,214,720

Quarterly Conversions

Annual Conversions

Amount

Year 1 Yields(2)

Stable Yields(2)

Amount

Year 1 Yields(2)

Stable Yields(2)

1Q26 actual

68,348

(1.2)%

10.4 %

2026 actual

68,348

(1.2)%

10.4 %

2Q26 estimate

202,788

(2.3)%

10.8 %

2026 estimate

397,708

(1.6)%

11.1 %

3Q26 estimate

104,110

(0.3)%

9.7 %

2027 estimate

385,901

(1.2)%

9.5 %

4Q26 estimate

90,810

(1.7)%

13.3 %

Thereafter estimate

431,111

0.5 %

11.6 %

Total

466,056

(1.6)%

11.0 %

Total

1,283,068

(0.8)%

10.7 %

12/31/2025

Properties

Stabilizations

Construction Acquisitions/

Conversions(1) Dispositions

3/31/2026

Properties

Beds / Units

Seniors Housing Operating

(6)

2 3

10,012

Seniors Housing Triple-net

- -

499

Total

(6)

2 3

10,511

Occupancy

12/31/2025

Properties

Stabilizations

Construction Conversions(3)

Acquisitions

Dispositions Progressions

3/31/2026

Properties

0% - 50%

3 (7)

50% - 70%

(1)

- 5

70% +

(5)

- 2

Total

(6)

3 -

Occupancy

3/31/2026

Properties

Months In Operation

Revenues

% of Total Revenues(4)

Gross Investment Balance

% of Total Gross Investment

0% - 50%

$ 114,499

0.8 %

$ 1,134,147

1.7 %

50% - 70%

240,239

1.8 %

1,063,887

1.6 %

70% +

245,563

1.8 %

1,187,599

1.8 %

Total

$ 600,302

4.4 %

$ 3,385,633

5.1 %

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

Actual yields may vary.

Includes expansion and development loan conversions.

Percent of total revenues based on current quarter annualized pro rata total revenues on page 10.

‌(dollars in thousands at Welltower pro rata ownership)‌‌

Components of NAV

Stabilized NOI

Pro rata beds/units/square feet

Seniors Housing Operating(1)

$ 3,039,492

162,658 units

Seniors Housing Triple-net

623,092

29,111 units

Outpatient Medical

117,408

4,130,660 square feet

Long-Term/Post-Acute Care

584,452

40,240 beds

Total In-Place NOI(2)

4,364,444

Incremental stabilized NOI(3)

141,896

Total stabilized NOI

$ 4,506,340

Obligations

Lines of credit and commercial paper(4)

$ -

Senior unsecured notes(4)

15,203,031

Secured debt(4)

3,532,517

Financing lease liabilities

527,174

Total debt

Add (Subtract):

Other liabilities (assets), net(5)

19,262,722

306,448

Cash and cash equivalents and restricted cash

(4,861,519)

Net obligations

$ 14,707,651

Other Assets

Land parcels(6)

423,515

Effective Interest Rate(9)

Real estate loans receivable(7)

4,131,005

8.8%

Non-real estate loans receivable(8)

231,974

10.0%

Joint venture real estate loans receivables(10)

227,219

5.7%

Property dispositions(11) Development properties:(12)

Current balance

1,144,138

653,352

Unfunded commitments

578,262

Committed balances

$ 1,231,614

Projected yield

10.8 %

Projected NOI

$ 133,014

Common shares outstanding(13)

726,394

Notes:

Includes $18,894,000 attributable to our proportional share of income (loss) from unconsolidated management company investments.

See page 16 for reconciliation.

Represents incremental NOI from Seniors Housing Operating unstabilized properties.

Represents principal amounts due and does not include unamortized premiums/discounts, deferred loan expenses or other fair value adjustments as reflected on the balance sheet. Includes

$850,566,000 of foreign secured debt and $370,880,000 of failed sale-leaseback financing obligations.

Includes liabilities / (assets) that impact cash or NOI and excludes non-real estate loans and non-cash items such as straight-line rent receivable, unearned revenues, intangible assets and above/below market lease intangibles.

Includes land parcels and predevelopment projects.

Represents $4,150,715,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, net of

$19,710,000 of credit allowances.

Represents $238,580,000 of non-real estate loans, net of $6,606,000 of credit allowances.

Average cash-pay interest rates are 8.2%, 3.3% and 5.7% for real estate, non-real estate loans and joint venture real estate loans, respectively. Rates exclude non-accrual/interest-free loans.

Represents our partners' share of Welltower loans made to select joint ventures secured by the joint venture owned properties.

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

Includes expansion projects. Includes partial conversions to date.

Includes March 31, 2026 common shares, OP Units and DownREIT Units outstanding and the dilutive impact of exchangeable senior unsecured notes.

‌(dollars in thousands at Welltower pro rata ownership)‌

Net Operating Income(1)

1Q25

2Q25

3Q25

4Q25

1Q26

Revenues:

Seniors Housing Operating

Resident fees and services $ 1,897,810

$ 2,003,039

$ 2,100,724

$ 2,588,078

$ 2,814,403

Other income 3,417

4,528

8,966

19,481

9,385

Total revenues 1,901,227

2,007,567

2,109,690

2,607,559

2,823,788

Seniors Housing Triple-net

Rental income

103,399

104,360

99,423

167,485

191,086

Interest income

2,111

Other income

346

537

Total revenues

105,542

104,706

99,514

168,022

191,126

Outpatient Medical

Rental income

212,554

213,552

217,188

147,701

75,430

Other income

2,139

2,166

2,050

1,161

1,094

Total revenues

214,693

215,718

219,238

148,862

76,524

Long-Term/Post-Acute Care

Rental income

145,439

165,214

184,261

211,841

191,595

Interest income

8,077

Other income

199

194

192

Total revenues

145,638

165,228

184,455

211,846

199,864

Corporate

Interest income

63,572

65,256

70,477

56,158

85,414

Other income

34,179

30,512

52,439

31,513

41,225

Total revenues

97,751

95,768

122,916

87,671

126,639

Total

Resident fees and services

1,897,810

2,003,039

2,100,724

2,588,078

2,814,403

Rental income

461,392

483,126

500,872

527,027

458,111

Interest income

65,683

65,256

70,477

56,158

93,491

Other income

39,966

37,566

63,740

52,697

51,936

Total revenues 2,464,851

2,588,987

2,735,813

3,223,960

3,417,941

Property operating expenses:

Seniors Housing Operating

1,410,579

1,464,457

1,530,131

1,902,889

2,042,868

Seniors Housing Triple-net

5,190

4,817

4,496

4,490

4,827

Outpatient Medical

66,804

65,197

65,851

45,000

20,184

Long-Term/Post-Acute Care

3,495

3,705

3,609

2,974

2,893

Corporate

4,054

4,740

6,025

6,261

14,208

Total property operating expenses

1,490,122

1,542,916

1,610,112

1,961,614

2,084,980

Net operating income:

Seniors Housing Operating

490,648

543,110

579,559

704,670

780,920

Seniors Housing Triple-net

100,352

99,889

95,018

163,532

186,299

Outpatient Medical

147,889

150,521

153,387

103,862

56,340

Long-Term/Post-Acute Care

142,143

161,523

180,846

208,872

196,971

Corporate

93,697

91,028

116,891

81,410

112,431

Net operating income

$ 974,729

$ 1,046,071

$ 1,125,701

$ 1,262,346

$ 1,332,961

Note:

Please see discussion of Supplemental Reporting Measures on page 15. Includes amounts from investments sold or held for sale. NOI related to OP Unit and DownREIT ownership included at 100%.

‌(dollars in thousands)

Twelve Months Ended Three Months Ended March 31, 2026 March 31, 2026

Net income (loss) $ 1,456,895 $ 752,324

Interest expense 699,708 192,715

Income tax expense (benefit) 10,036 11,633

Depreciation and amortization 2,221,751 622,752

EBITDA 4,388,390 1,579,424

Loss (income) from unconsolidated entities 17,246 1,686

Stock-based compensation 1,555,786 17,434

Loss (gain) on extinguishment of debt, net 3,816 727

Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (1,817,666) (420,400) Impairment of assets 73,707 4,826

Provision for loan losses, net (5,777) 1,632

Loss (gain) on derivatives and financial instruments, net 25,617 -

Other expenses 248,278 61,137

Casualty losses, net of recoveries 10,565 3,040

Other impairment(2) 604 -

Total adjustments 112,176 (329,918)

Adjusted EBITDA $ 4,500,566 $ 1,249,506

Interest Coverage Ratios

Interest expense $ 699,708 $ 192,715

Capitalized interest 30,728 8,449

Non-cash interest expense (49,166) (10,162)

Total interest $ 681,270 $ 191,002

EBITDA $ 4,388,390 $ 1,579,424

Interest coverage ratio 6.44 x 8.27 x

Adjusted EBITDA $ 4,500,566 $ 1,249,506

Adjusted Interest coverage ratio 6.61 x 6.54 x

Fixed Charge Coverage Ratios

Total interest $ 681,270 $ 191,002

Secured debt principal amortization 67,019 17,056

Total fixed charges $ 748,289 $ 208,058

EBITDA $ 4,388,390 $ 1,579,424

Fixed charge coverage ratio 5.86 x 7.59 x

Adjusted EBITDA $ 4,500,566 $ 1,249,506

Adjusted Fixed charge coverage ratio 6.01 x 6.01 x

Net Debt to EBITDA Ratios

Total debt(3) $ 18,455,978

Less: cash and cash equivalents and restricted cash (4,819,293)

Net debt $ 13,636,685

EBITDA Annualized $ 6,317,696

Net debt to EBITDA ratio 2.16 x

Adjusted EBITDA Annualized $ 4,998,024

Net debt to Adjusted EBITDA ratio 2.73 x

Notes:

Please see discussion of Supplemental Reporting Measures on page 15.

Represents the write-off of straight-line rent receivable and unamortized lease incentive balances related to leases placed on cash recognition.

Includes unamortized premiums/discounts, other fair value adjustments, financing lease liabilities of $522,410,000 and failed sale-leaseback financing obligations of $370,880,000. Excludes operating lease liabilities of $1,528,863,000 related to ASC 842.

‌(in thousands except share price)

Leverage and Current Capitalization(1)

% of Total

Book capitalization

Lines of credit and commercial paper(2)

- %

Long-term debt obligations(2)(3)

18,455,978

31.51 %

Cash and cash equivalents and restricted cash

(4,819,293)

(8.23) %

Net debt to consolidated book capitalization

13,636,685

23.28 %

Total equity and noncontrolling interests(4)

44,929,270

76.72 %

Consolidated book capitalization

58,565,955

100.00 %

Joint venture debt, net(5)

528,442

Total book capitalization

59,094,397

Undepreciated book capitalization

Lines of credit and commercial paper(2)

- %

Long-term debt obligations(2)(3)

18,455,978

26.60 %

Cash and cash equivalents and restricted cash

(4,819,293)

(6.95) %

Net debt to consolidated undepreciated book capitalization

13,636,685

19.65 %

Accumulated depreciation and amortization

10,822,151

15.60 %

Total equity and noncontrolling interests(4)

44,929,270

64.75 %

Consolidated undepreciated book capitalization

69,388,106

100.00 %

Joint venture debt, net(5)

528,442

Total undepreciated book capitalization

69,916,548

Enterprise value

Lines of credit and commercial paper(2)

- %

Long-term debt obligations(2)(3)

18,455,978

11.98 %

Cash and cash equivalents and restricted cash

(4,819,293)

(3.13) %

Net debt to consolidated enterprise value

13,636,685

8.85 %

Common shares outstanding

704,687

Period end share price

197.71

Common equity market capitalization

139,323,667

90.41 %

Noncontrolling interests(4)

1,135,595

0.74 %

Consolidated enterprise value

154,095,947

100.00 %

Joint venture debt, net(5)

528,442

Total enterprise value

154,624,389

Secured debt as % of total assets

Secured debt(2)

2,773,856

3.55 %

Gross asset value(6)

78,042,707

Total debt as % of gross asset value

Total debt(2)(3)

18,455,978

23.65 %

Gross asset value(6)

78,042,707

Unsecured debt as % of unencumbered assets

Unsecured debt(2)

15,159,712

21.18 %

Unencumbered gross assets(7)

71,578,405

Notes:

Please see discussion of Supplemental Reporting Measures on page 15.

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

Includes financing lease liabilities of $522,410,000 and failed sale-leaseback financing obligations of $370,880,000. Excludes operating lease liabilities of $1,528,863,000 related to ASC 842.

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

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

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

Unencumbered gross assets equal gross asset value for consolidated properties that are not financed with secured debt.

‌(dollars in thousands)

Noncontrolling

Year

Lines of Credit Senior and Commercial Unsecured

Paper(2) Notes(3)

Consolidated Secured Debt

Interests' Share of Consolidated Debt

Share of Unconsolidated Secured Debt

Combined Debt(4)

% of Total

Wtd. Avg. Interest Rate (5)

2026

$ - $ 2,668,941

$ 227,324

$ (2,305)

$ 39,579

$ 2,933,539

15.97 %

4.35 %

2027

- 714,980

351,366

(2,344)

133,541

1,197,543

6.52 %

3.31 %

2028

- 2,525,010

189,887

(328)

32,130

2,746,699

14.96 %

3.83 %

2029

- 2,179,674

416,690

(95,567)

22,657

2,523,454

13.74 %

3.39 %

2030

- 1,750,000

157,587

(326)

1,473

1,908,734

10.39 %

3.86 %

2031

- 1,350,000

59,306

(343)

373,220

1,782,183

9.70 %

3.47 %

2032

- 1,050,000

70,974

(354)

49,728

1,170,348

6.37 %

3.49 %

2033

- -

419,389

(36,866)

649

383,172

2.09 %

4.82 %

2034

- 659,100

204,165

(8,051)

679

855,893

4.66 %

4.41 %

2035

- 1,250,000

42,236

(551)

21,961

1,313,646

7.15 %

5.06 %

Thereafter

- 1,150,000

399,598

(140)

1,549,458

8.45 %

4.98 %

Totals

$ - $ 15,297,705

$ 2,538,522

$ (147,175)

$ 675,617

$ 18,364,669

100.00 %

Weighted Avg. Interest Rate(5)

- % 3.94 %

4.04 %

4.46 %

5.32 %

4.00 %

Weighted Avg. Maturity Years

- 4.8

6.7

4.5

4.2

5.0

% Floating Rate Debt(5)

- % 17.18 %

9.39 %

64.33 %

0.04 %

15.10 %

Lines of Credit and Commercial Paper(2)

Senior Unsecured Notes(3)

Consolidated Secured Debt

Noncontrolling Interests' Share of Consolidated Debt

Share of Unconsolidated Secured Debt

Combined Debt(4)

Investment Hedges(6)

United States

$ - $

11,729,674

$ 1,721,942

$ (131,959)

$ 626,415

$ 13,946,072

$ -

United Kingdom

1,384,110

11,640,639

Canada

2,183,921

816,580

(15,216)

49,202

3,034,487

6,505,742

Totals

$ - $

15,297,705

$ 2,538,522

$ (147,175)

$ 675,617

$ 18,364,669

$ 18,146,381

Notes:

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

Our unsecured commercial paper program and our unsecured revolving credit facility had a zero balance as of March 31, 2026. The unsecured revolving credit facility is comprised of a

$2,000,000,000 tranche that matures on July 24, 2029 and a $4,250,000,000 tranche that matures on March 6, 2030. The $4,250,000,000 tranche may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility.

Senior Unsecured Notes include the following:

2026 includes CAD $2,747,615,000 of unsecured term loans (approximately $1,968,941,000 USD at March 31, 2026) that mature on October 9, 2026, and bear interest at adjusted CORRA + 0.70%.

2027 includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $214,980,000 USD at March 31, 2026) that mature on January 15, 2027.

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.

2028 also includes £550,000,000 of 4.80% senior unsecured notes (approximately $725,010,000 USD at March 31, 2026). The notes mature on November 20, 2028.

2029 includes $1,035,000,000 of 3.125% exchangeable senior unsecured notes that mature on July 15, 2029 unless earlier exchanged, purchased or redeemed.

2034 includes £500,000,000 of 4.50% senior unsecured notes (approximately $659,100,000 USD at March 31, 2026). The notes mature on December 1, 2034.

Excludes operating lease liabilities of $1,528,863,000, finance lease liabilities of $522,410,000 and failed sale-leaseback financing obligations of $370,880,000 related to ASC 842.

Based on variable interest rates and foreign currency exchange rates in effect as of March 31, 2026. The interest rate on the unsecured revolving credit facility is SOFR + 0.655%. 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 CORRA-based floating rate debt to fixed rate debt.

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

$(74,239,000), 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.

‌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 managers, 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 cash 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 and dispositions. Properties classified as held for sale and leased properties are excluded from IPNOI. 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 leased properties, 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 portfolio.

RevPOR represents the average revenues generated per occupied room per month and ExpPOR represents the average expenses per occupied room per month at our Seniors Housing Operating properties. These metrics are calculated as our pro rata share 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 include any revenue and 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 on disposition of properties and acquisitions of controlling interests, impairment of assets, 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 consolidated enterprise value. 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. Consolidated enterprise value 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 performance. 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.

‌(dollars in thousands)

Non-GAAP Reconciliations

NOI Reconciliation

1Q25

2Q25

3Q25

4Q25

1Q26

Net income (loss)

$ 257,266

$ 304,618

$ 282,186

$ 117,767

$ 752,324

Loss (gain) on real estate dispositions and acquisitions of controlling interests, net

(51,777)

(14,850)

(4,025)

(1,378,391)

(420,400)

Loss (income) from unconsolidated entities

(1,263)

7,392

12,610

(4,442)

1,686

Income tax expense (benefit)

(5,519)

1,053

2,335

(4,985)

11,633

Other expenses

14,060

16,598

44,699

125,844

61,137

Impairment of assets

52,402

19,876

3,081

45,924

4,826

Provision for loan losses, net

(2,007)

(1,113)

1,088

(7,384)

1,632

Loss (gain) on extinguishment of debt, net

6,156

3,089

727

Loss (gain) on derivatives and financial instruments, net

(3,210)

(409)

31,682

(5,656)

General and administrative expenses

63,758

64,175

63,124

1,557,378

67,474

Depreciation and amortization

485,869

495,036

509,812

594,151

622,752

Interest expense

144,962

141,157

162,052

203,784

192,715

Consolidated net operating income

960,697

1,033,533

1,108,644

1,247,079

1,296,506

NOI attributable to unconsolidated investments(1)

28,316

26,069

29,337

26,430

48,240

NOI attributable to noncontrolling interests(2)

(14,284)

(13,531)

(12,280)

(11,163)

(11,785)

Pro rata net operating income (NOI)(3)

$ 974,729

$ 1,046,071

$ 1,125,701

$ 1,262,346

$ 1,332,961

‌In-Place NOI Reconciliation‌

At Welltower pro rata ownership

Seniors Housing Operating

Seniors Housing Triple-net

Outpatient Medical

Long-Term

/Post-Acute Care

Corporate

Total

Revenues

$ 2,823,788

$ 191,126

$ 76,524

$ 199,864

$ 126,639

$ 3,417,941

Property operating expenses

(2,042,868)

(4,827)

(20,184)

(2,893)

(14,208)

(2,084,980)

NOI(3)

780,920

186,299

56,340

196,971

112,431

1,332,961

Adjust:

Interest income

(8,077)

(85,414)

(93,491)

Other income

(2,020)

(40)

(164)

(192)

(34,444)

(36,860)

Sold / held for sale

(2,359)

(29)

(23,178)

(4,159)

(29,725)

Nonoperational(4)

1,259

(319)

953

Non In-Place NOI(5)

(26,419)

(30,491)

(3,654)

(38,242)

7,427

(91,379)

Timing adjustments(6)

8,492

131

8,652

Total adjustments

(21,047)

(30,526)

(26,988)

(50,858)

(112,431)

(241,850)

In-Place NOI

759,873

155,773

29,352

146,113

1,091,111

Annualized In-Place NOI

$ 3,039,492

$ 623,092

$ 117,408

$ 584,452

$ -

$ 4,364,444

Seniors Housing Operating

Seniors Housing Triple-net

Outpatient Medical

Long-Term

/Post-Acute Care

Total

Total properties

1,917

431

141

349

2,838

Recent acquisitions and development conversions(7)

(591)

(174)

(7)

(141)

(913)

Under development

(40)

Under redevelopment(8)

(2)

Current held for sale

(16)

(42)

(2)

(60)

Land parcels, loans and leased properties

(176)

(4)

(6)

(192)

Transitions(9)

(163)

(1)

(2)

(166)

Other(10)

(8)

(2)

(10)

Same store properties

921

252

196 1,455

Notes:

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

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

Represents Welltower's pro rata share of NOI. See page 10 for more information.

Primarily includes development properties and land parcels.

Primarily represents non-cash NOI and NOI associated with leased properties.

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

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

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

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.

Represents properties that are either closed or being closed.

‌(dollars in thousands at Welltower pro rata ownership)‌

Same Store NOI Reconciliation

1Q25

2Q25

3Q25

4Q25

1Q26

Y/o/Y

Seniors Housing Operating

NOI

$ 490,648

$ 543,110

$ 579,559

$ 704,670

$ 780,920

Non-cash NOI on same store properties

(4,423)

(1,632)

(1,956)

(2,153)

(1,479)

NOI attributable to non-same store properties

(57,288)

(77,535)

(97,717)

(208,753)

(248,830)

Currency and ownership adjustments(1)

6,273

632

(65)

528

(1,500)

Other normalizing adjustments(2)

449

3,801

2,844

2,139

2,706

SSNOI

435,659

468,376

482,665

496,431

531,817

22.1 %

Seniors Housing Triple-net

NOI

100,352

99,889

95,018

163,532

186,299

Non-cash NOI on same store properties

(10,687)

(10,120)

(8,966)

(8,053)

(6,055)

NOI attributable to non-same store properties

(14,996)

(13,588)

(8,781)

(77,489)

(100,016)

Currency and ownership adjustments(1)

3,259

1,859

327

(337)

Normalizing adjustments for joint venture recapitalization(3)

(1,394)

(465)

Other normalizing adjustments(2)

(240)

(353)

SSNOI

76,534

76,646

77,133

77,750

79,538

3.9 %

Outpatient Medical

NOI

147,889

150,521

153,387

103,862

56,340

Non-cash NOI on same store properties

(2,857)

(2,783)

(2,592)

(2,507)

(2,442)

NOI attributable to non-same store properties

(121,744)

(123,951)

(127,151)

(77,562)

(30,000)

Other normalizing adjustments(2)

(3)

(112)

(16)

(3)

(56)

SSNOI

23,285

23,675

23,628

23,790

23,842

2.4 %

Long-Term/Post-Acute Care

NOI

142,143

161,523

180,846

208,872

196,971

Non-cash NOI on same store properties

(16,554)

(16,997)

(16,728)

(16,227)

(16,249)

NOI attributable to non-same store properties

(42,179)

(61,111)

(79,861)

(107,311)

(89,906)

Currency and ownership adjustments(1)

185

126

118

(21)

Normalizing adjustment for lease restructure(4)

(4,031)

Normalizing adjustments for service agreement termination(5)

970

647

SSNOI

84,565

84,511

85,022

85,428

86,764

2.6 %

Corporate

NOI

93,697

91,028

116,891

81,410

112,431

NOI attributable to non-same store properties

(93,697)

(91,028)

(116,891)

(81,410)

(112,431)

SSNOI

Total

NOI

974,729

1,046,071

1,125,701

1,262,346

1,332,961

Non-cash NOI on same store properties

(34,521)

(31,532)

(30,242)

(28,940)

(26,225)

NOI attributable to non-same store properties

(329,904)

(367,213)

(430,401)

(552,525)

(581,183)

Currency and ownership adjustments(1)

9,717

2,617

380

622

(1,858)

Normalizing adjustments, net

3,265

3,010

1,896

(1,734)

SSNOI

$ 620,043

$ 653,208

$ 668,448

$ 683,399

$ 721,961

16.4 %

Notes:

Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate UK properties at a GBP/USD rate of 1.23.

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

Represents normalizing adjustment related to a joint venture recapitalization associated with one Seniors Housing Triple-net lease.

Represents normalizing adjustment related to lease restructures with two Long-Term/Post-Acute Care leases.

Represents normalizing adjustment related to the termination of a service agreement related to one Long-Term/Post-Acute Care lease.

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

SHO RevPOR Reconciliation United States

United Kingdom

Canada

Total

Consolidated SHO revenues $ 1,642,960

$ 962,582

$ 184,832

$ 2,790,374

Unconsolidated SHO revenues attributable to Welltower(1) 46,106

6,965

2,257

55,328

SHO revenues attributable to noncontrolling interests(2) (19,206)

(2,708)

(21,914)

Pro rata SHO revenues(3) 1,669,860

969,547

184,381

2,823,788

Non-cash and non-RevPOR revenues (3,203)

(772)

(235)

(4,210)

Revenues attributable to non in-place properties (5,332)

(215,543)

(8,442)

(229,317)

SHO local revenues 1,661,325

753,232

175,704

2,590,261

Average occupied units/month 91,106

29,635

19,676

140,417

RevPOR/month in USD $ 6,163

$ 8,590

$ 3,018

$ 6,234

RevPOR/month in local currency(4)

£ 6,984

$ 4,311

United States United Kingdom Canada Total

1Q25

1Q26

1Q25

1Q26

1Q25

1Q26

1Q25

1Q26

SHO SS RevPOR Growth

Consolidated SHO revenues

$ 1,396,502

$ 1,642,960

$ 322,505

$ 962,582

$ 148,864

$ 184,832

$ 1,867,871

$ 2,790,374

Unconsolidated SHO revenues attributable to WELL(1)

41,589

46,106

4,337

6,965

10,504

2,257

56,430

55,328

SHO revenues attributable to noncontrolling interests(2)

(20,799)

(19,206)

(2,275)

(2,708)

(23,074)

(21,914)

SHO pro rata revenues(3)

1,417,292

1,669,860

326,842

969,547

157,093

184,381

1,901,227

2,823,788

Non-cash and non-RevPOR revenues on same store properties

(4,912)

(2,275)

(170)

(241)

(5,082)

(2,516)

Revenues attributable to non-same store properties

(176,782)

(308,226)

(130,012)

(738,669)

(37,042)

(47,154)

(343,836)

(1,094,049)

Currency and ownership adjustments(4)

4,912

10,998

(2,994)

4,072

(1,725)

19,982

(4,719)

Other normalizing adjustments(5)

(419)

SHO SS RevPOR revenues(6)

$ 1,240,510

$ 1,358,940

$ 207,828

$ 227,884

$ 123,953

$ 135,261

$ 1,572,291

$ 1,722,085

Avg. occupied units/month(7)

67,813

70,912

6,980

7,310

14,326

14,765

89,119

92,987

SHO SS RevPOR(8)

$ 6,182

$ 6,477

$ 10,063

$ 10,536

$ 2,924

$ 3,096

$ 5,963

$ 6,259

SS RevPOR YOY growth

4.8 %

4.7 %

5.9 %

5.0 %

SHO SSNOI Growth

Consolidated SHO NOI

$ 363,213

$ 495,848

$ 66,561

$ 205,996

$ 53,413

$ 73,169

$ 483,187

$ 775,013

Unconsolidated SHO NOI attributable to WELL(1)

15,696

17,194

708

1,636

4,142

1,175

20,546

20,005

SHO NOI attributable to noncontrolling interests(2)

(12,024)

(12,761)

(1,061)

(1,337)

(13,085)

(14,098)

SHO pro rata NOI(3)

366,885

500,281

67,269

207,632

56,494

73,007

490,648

780,920

Non-cash NOI on same store properties

(4,414)

(1,511)

(9)

(13)

(4,423)

(1,479)

NOI attributable to non-same store properties

(27,127)

(85,790)

(16,336)

(143,205)

(13,825)

(19,835)

(57,288)

(248,830)

Currency and ownership adjustments(4)

2,006

2,803

(823)

1,464

(677)

6,273

(1,500)

Other normalizing adjustments(5)

802

2,671

(353)

449

2,706

SHO pro rata SSNOI(6)

$ 338,152

$ 415,651

$ 53,727

$ 63,649

$ 43,780

$ 52,517

$ 435,659

$ 531,817

SHO SSNOI growth

22.9 %

18.5 %

20.0 %

22.1 %

SHO SSNOI/Unit

Trailing four quarters' SSNOI(6)

$ 1,545,094

$ 237,738

$ 196,457

$ 1,979,289

Average units in service(9)

79,974

8,445

16,065

104,484

SSNOI/unit in USD

$ 19,320

$ 28,151

$ 12,229

$ 18,943

SSNOI/unit in local currency(4)

£ 22,887

$ 17,470

Notes:

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

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

Represents SHO revenues/NOI at Welltower pro rata ownership. See page 10 for more information.

Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate UK properties at a GBP/USD rate of 1.23.

Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth.

Represents SS SHO RevPOR revenues/SSNOI at Welltower pro rata ownership. See page 17 for more information.

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

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

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

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 macroeconomic and geopolitical developments, including economic downturns, elevated inflation and interest rates, political or social conflict, unrest or violence or similar events; the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the healthcare industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements, public perception of the healthcare industry and operators'/tenants' difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the healthcare 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, public health emergencies and extreme weather 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 and changes to U.S. and global monetary, fiscal or trade policies; Welltower's approach to artificial intelligence; Welltower's ability to maintain its qualification as a REIT; key management personnel recruitment and retention; geopolitical tension or conflicts, such as the ongoing conflict between Russia and Ukraine and in the Middle East, 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.

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 April 28, 2026 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.

Welltower Inc. (NYSE: WELL), an S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio of 2,500+ seniors and wellness housing communities is positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micromarkets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly-aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star. More information is available at https://www.welltower.com.

‌WELL

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https://www.welltower.com

4500 Dorr Streei

Toledo, Ohio 43615 4O4O

877670.0070

419.247.2800

Disclaimer

Welltower Inc. published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 21:10 UTC.