Welltower : Q1 (1Q25 Supplement 99.2 FINAL)

Published: 2025-04-28 16:36:25 ET WELL

‌Supplenehtal

IhforMâtloh

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

Age

Properties

Total

Housing

Living

Care

Seniors Housing Operating

1,256

143,030

28,714

43,801

46,684

23,291

540

Seniors Housing Triple-net

301

20,888

2,383

10,946

7,252

307

Outpatient Medical

447

26,537,360

(2)

n/a

Long-Term/Post-Acute Care

332

41,378

1,083

40,265

Total

2,336

Average

Wellness

Beds/Unit Mix Independent

Assisted

Memory

Long-Term/ Post-Acute

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

Annualized

Properties

1Q24 NOI

1Q25 NOI

% Change

Properties

In-Place NOI

% of Total

Seniors Housing Operating

725

$ 299,268

$ 364,299

21.7 %

1,105

$ 1,908,932

57.2 %

Seniors Housing Triple-net

248

68,243

71,721

5.1 %

295

341,048

10.2 %

Outpatient Medical

420

129,647

133,083

2.7 %

433

561,072

16.8 %

Long-Term/Post-Acute Care

222

79,208

81,400

2.8 %

328

526,188

15.8 %

Total

1,615

$ 576,366

$ 650,503

12.9 %

2,161

$ 3,337,240

100.0 %

Coverage(6)

EBITDARM

Coverage(6)Private Pay Medicaid Medicare

Other Government(7)

Seniors Housing Operating

86.5%

n/a

96.9 %

0.7 %

0.3 %

2.1 %

Seniors Housing Triple-net

85.0%

1.16

1.36

88.2 %

2.1 %

0.2 %

9.5 %

Outpatient Medical

94.5%

n/a

100.0 %

Long-Term/Post-Acute Care

84.9%

1.56

1.92

23.4 %

47.1 %

29.5 %

- %

Total

1.36

1.64

92.7 %

3.3 %

1.9 %

2.1 %

Notes:

Includes land parcels and properties under development.

Indicates the total square footage of Outpatient Medical properties.

See pages 17 and 18 for reconciliation.

Excludes land parcels, loans, developments and investments held for sale. See page 17 for reconciliation.

Data as of March 31, 2025 for Seniors Housing Operating and Outpatient Medical and December 31, 2024 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

Cogir Management Corporation

157

$ 274,956

$ -

$ 274,956

8.2

Sunrise Senior Living

219,764

6.6

Aspire Healthcare

101

172,172

5.2

Oakmont Management Group

164,416

4.9

Integra Healthcare Properties

117

156,004

4.7

Avery Healthcare

82,928

71,332

154,260

4.6

StoryPoint Senior Living

119,436

3.6

Care UK

116,464

3.5

Legend Senior Living

98,912

1,244

100,156

3.0

Belmont Village

83,936

2.5

Remaining

1,288

748,120

269,716

561,072

196,768

1,775,676

53.2

Total

2,161

$ 1,908,932

$ 341,048

$ 561,072

$ 526,188

$ 3,337,240

100.0

By Country:

United States

1,817

$ 1,481,904

$ 225,480

$ 561,072

$ 519,776

$ 2,788,232

83.5

United Kingdom

208

202,808

112,452

315,260

9.4

Canada

136

224,220

3,116

6,412

233,748

7.1

Total

2,161

$ 1,908,932

$ 341,048

$ 561,072

$ 526,188

$ 3,337,240

100.0

By MSA:

Los Angeles

$ 112,788

$ 20,728

$ 44,712

$ 1,368

$ 179,596

5.4

New York / New Jersey

79,972

18,732

38,832

17,504

155,040

4.6

Dallas

85,212

916

30,536

13,036

129,700

3.9

Greater London

95,984

21,044

117,028

3.5

Washington D.C.

46,452

7,244

11,280

26,748

91,724

2.7

Houston

16,692

66,696

7,848

91,236

2.7

Philadelphia

25,508

4,988

20,184

32,932

83,612

2.5

Chicago

45,504

6,852

9,432

7,092

68,880

2.1

Montréal

68,244

2.0

San Francisco

48,092

10,896

1,636

2,492

63,116

1.9

Charlotte

20,580

10,312

24,624

55,516

1.7

Seattle

35,736

1,244

15,324

1,968

54,272

1.6

San Diego

25,724

7,312

12,476

3,068

48,580

1.5

Tampa

6,700

2,412

6,092

29,216

44,420

1.3

Raleigh

10,376

30,588

3,168

44,132

1.3

Boston

34,980

5,544

2,632

43,156

1.3

Pittsburgh

22,120

5,376

3,972

5,640

37,108

1.1

Minneapolis

22,876

14,216

37,092

1.1

Miami

4,300

1,536

15,536

15,244

36,616

1.1

Toronto

33,388

1.0

Remaining

1,362

1,067,704

185,324

239,724

362,032

1,854,784

55.7

Total

2,161

$ 1,908,932

$ 341,048

$ 561,072

$ 526,188

$ 3,337,240

100.0

Notes:

Represents current quarter annualized In-Place NOI. See page 17 for reconciliation.

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

Seniors Housing Operating

Total Portfolio Performance(1) 1Q24

2Q24

3Q24

4Q24

1Q25

Properties 935

947

1,029

1,085

1,113

Units 101,395

105,076

114,213

118,818

124,742

Total occupancy 82.5 %

82.8 %

83.8 %

84.8 %

85.1 %

Total revenues $ 1,382,102

$ 1,438,143

$ 1,556,957

$ 1,808,025

$ 1,901,227

Operating expenses 1,034,982

1,066,391

1,167,375

1,366,423

1,410,579

NOI $ 347,120

$ 371,752

$ 389,582

$ 441,602

$ 490,648

NOI margin 25.1 %

25.8 %

25.0 %

24.4 %

25.8 %

Recurring cap-ex $ 37,104

$ 56,151

$ 66,515

$ 75,822

$ 68,359

Other cap-ex $ 70,428

$ 82,217

$ 129,242

$ 188,301

$ 135,045

Same Store Performance(2)

1Q24

2Q24

3Q24

4Q24

1Q25

Properties

725

Units

80,498

80,491

80,489

80,498

80,483

Occupancy

84.0 %

84.5 %

86.0 %

87.4 %

88.0 %

Same store revenues

$ 1,167,959

$ 1,187,378

$ 1,220,697

$ 1,243,281

$ 1,279,992

Compensation

513,968

515,254

528,703

539,325

542,360

Utilities

55,383

47,905

54,737

51,937

58,829

Food

46,288

46,202

48,209

50,911

48,908

Repairs and maintenance

30,996

31,927

32,489

32,382

32,361

Property taxes

41,213

41,940

40,265

38,372

42,111

All other

180,843

188,496

186,808

189,124

191,124

Same store operating expenses

868,691

871,724

891,211

902,051

915,693

Same store NOI

$ 299,268

$ 315,654

$ 329,486

$ 341,230

$ 364,299

Same store NOI margin %

25.6 %

26.6 %

27.0 %

27.4 %

28.5 %

Year over year NOI growth rate

21.7 %

Year over year revenue growth rate

9.6 %

Units

Welltower

Partners(3) Properties Pro Rata

Ownership %(4) Top Markets

1Q25 NOI % of Total

Cogir Management Corporation

157

25,179

94.6 %

Southern California

$ 42,330

8.6 %

Sunrise Senior Living

8,361

93.3 %

Northern California

29,856

6.1 %

Oakmont Management Group

6,803

100.0 %

Greater London

30,173

6.1 %

StoryPoint Senior Living

10,379

100.0 %

Dallas

21,057

4.3 %

Care UK

5,110

100.0 %

New York / New Jersey

19,845

4.0 %

Legend Senior Living

4,702

92.2 %

Montreal

17,476

3.6 %

Belmont Village

2,803

95.0 %

Washington D.C.

12,720

2.6 %

Avery Healthcare

3,320

96.7 %

Chicago

11,364

2.3 %

Sagora Senior Living

7,592

100.0 %

Seattle

9,150

1.9 %

Axis Residential

4,639

100.0 %

Boston

8,645

1.8 %

Discovery Senior Living

5,143

99.3 %

Top markets

202,616

41.3 %

Pegasus Senior Living

3,346

100.0 %

All other

288,032

58.7 %

Senior Resource Group

1,258

49.5 %

Total

$ 490,648

100.0 %

Clover Management

4,048

90.0 %

Remaining

297

31,695

Total

1,105

124,378

Notes:

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

See pages 17 and 18 for reconciliation.

Represents partner concentration based on annualized In-Place NOI for the quarter ended March 31, 2025. Property count and pro rata units represent the In-Place portfolio.

Welltower ownership percentage weighted based on In-Place NOI. See page 17 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

0.3 %

- %

0.3 %

2.8 %

3.1 %

.85x-.95x

- %

2.8 %

- %

.95x-1.05x

- %

0.5 %

0.3 %

0.8 %

1.05x-1.15x

0.4 %

- %

0.4 %

1.3 %

0.7 %

2.0 %

1.15x-1.25x

0.8 %

- %

0.8 %

6.1 %

- %

6.1 %

1.25x-1.35x

0.3 %

0.6 %

- %

>1.35

6.7 %

5.1 %

11.8 %

0.3 %

4.4 %

4.7 %

Total

8.5 %

8.2 %

16.7 %

8.5 %

8.2 %

16.7 %

Rental Income

Year

Seniors Housing Triple-net

Outpatient Medical

Long-Term / Post-Acute Care

Interest Income

Total Revenues

% of Total

2025

$ 6,012

$ 43,144

$ -

$ 15,577

$ 64,733

3.8 %

2026

3,114

41,475

8,960

57,518

111,067

6.5 %

2027

48,774

1,259

59,208

109,241

6.4 %

2028

45,296

6,484

104,089

155,869

9.1 %

2029

1,083

49,410

3,661

54,154

3.2 %

2030

12,161

43,041

29,788

156

85,146

5.0 %

2031

6,752

50,214

4,563

216

61,745

3.6 %

2032

97,363

52,691

53,040

351

203,445

11.9 %

2033

59,262

33,075

1,019

93,356

5.4 %

2034

420

50,513

328

51,261

3.0 %

Thereafter

146,424

153,083

424,155

1,040

724,702

42.1 %

$ 332,591

$ 610,716

$ 529,268

$ 242,144

$ 1,714,719

100.0 %

Weighted Avg Maturity Years

Notes:

Represents trailing twelve month coverage metrics as of December 31, 2024 for stable portfolio only. Agreements included represent 64% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 17 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)

1Q24

2Q24

3Q24

4Q24

1Q25

Properties

427

425

426

429

433

Square feet

21,148,949

21,208,417

21,320,290

21,430,682

21,775,061

Occupancy

94.2 %

94.4 %

94.3 %

94.5 %

Total revenues

$ 202,997

$ 201,504

$ 208,750

$ 205,361

$ 214,693

Operating expenses

65,162

63,440

64,795

61,392

66,804

NOI

$ 137,835

$ 138,064

$ 143,955

$ 143,969

$ 147,889

NOI margin

67.9 %

68.5 %

69.0 %

70.1 %

68.9 %

Revenues per square foot

$ 38.39

$ 38.00

$ 39.16

$ 38.33

$ 39.44

NOI per square foot

$ 26.07

$ 26.04

$ 27.01

$ 26.87

$ 27.17

Recurring cap-ex

$ 14,512

$ 11,098

$ 14,382

$ 11,029

$ 6,191

Other cap-ex

$ 7,826

$ 14,389

$ 10,649

$ 16,756

$ 9,742

Same Store Performance(2)

1Q24

2Q24

3Q24

4Q24

1Q25

Properties

420

Occupancy

94.2 %

94.3 %

94.4 %

94.5 %

Same store revenues

$ 192,983

$ 190,680

$ 193,797

$ 191,338

$ 197,639

Same store operating expenses

63,336

61,384

62,676

59,371

64,556

Same store NOI

$ 129,647

$ 129,296

$ 131,121

$ 131,967

$ 133,083

NOI margin

67.2 %

67.8 %

67.7 %

69.0 %

67.3 %

Year over year NOI growth rate

2.7 %

Portfolio Diversification

by Tenant(3)

Rental Income

% of Total

Quality Indicators

Kelsey-Seybold

$ 66,645

10.9 %

Health system affiliated properties as % of NOI(3)

89.0 %

UnitedHealth

18,591

3.0 %

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

67.0 %

Novant Health

17,791

2.9 %

Investment grade tenants as % of rental income(3)

60.9 %

Providence Health & Services

17,196

2.8 %

Retention (trailing twelve months)(3)

94.4 %

Common Spirit Health

17,105

2.8 %

In-house managed properties as % of square feet(3,4)

88.4 %

Remaining portfolio

473,388

77.6 %

Average remaining lease term (years)(3)

7.1

Total

$ 610,716

100.0 %

Average building size (square feet)(3)

60,071

Average age (years)

Expirations(3)

2025

2026

2027

2028

2029

Thereafter

Occupied square feet

1,439,386

1,458,161

1,585,636

1,571,741

1,656,115

12,876,930

% of occupied square feet

7.0 %

7.1 %

7.7 %

7.6 %

8.0 %

62.6 %

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 420 same store properties representing 20,753,982 square feet. See pages 17 and 18 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.

Excludes tenant managed properties.

‌(dollars in thousands at Welltower pro rata ownership)‌‌

$8,000,000

$6,000,000

$4,000,000

$2,000,000

2021 2022 2023 2024 2025

2021

2022

2023

2024

1Q25

21-25 Total

Count

194

Total

$ 4,101,534

$ 2,785,739

$ 4,222,706

$ 5,287,140

$ 2,612,747

$ 19,009,866

Low

5,000

6,485

2,950

970

13,358

970

Median

45,157

66,074

65,134

39,863

54,794

49,432

High

1,576,642

389,149

644,443

936,814

990,908

1,576,642

Acquisitions and Loan

Funding(2)Yield

Construction Conversions(3)

Year 1 Yield

Dispositions and Loan Repayments Yield

January $ 849,157 7.9% $ 139,812 4.5 % $ 50,536 7.7%

February 1,783,838 7.6% 118,172 3.4 % 444,445 7.9%

March 27,061 7.4% 44,523 0.5 % 8,911 5.2%

Total $ 2,660,056 7.7% $ 302,507 3.5 % $ 503,892 7.8%

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 2025

Investment Per Bed / Unit /

Pro Rata

Properties Beds / Units / Square Feet

SqFt

Amount Yield

Seniors Housing Operating

3,249

units

$ 287,521

$ 1,145,496

Seniors Housing Triple-net

1,081

units

262,864

284,156

Outpatient Medical

46,835

484

22,691

Long-Term/Post-Acute Care

5,333

beds

185,807

1,160,404

Loan funding

47,309

Total acquisitions and loan funding(2)

2,660,056

7.7 %

Development Funding(3)

Development projects:

Seniors Housing Operating

4,994

units

91,069

Outpatient Medical

439,205

46,166

Total development projects

137,235

Redevelopment and expansion projects:

Seniors Housing Operating 1 399 units 3,100

Outpatient Medical - 1,263

Total redevelopment and expansion projects 1 4,363

Total development funding 36 141,598 7.3 %

Seniors Housing Operating 18 3,590 units 100,442 199,362

Seniors Housing Triple-net 4 692 units 252,890 175,000

Long-Term/Post-Acute Care 2 393 beds 15,725 6,180

Loan repayments 123,350

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)‌

Wellness

Facility MSA Total Housing

Unit Mix

Independent Living

Assisted Living

Memory Care

Commitment Amount

Future Funding

Estimated Conversion(2)

Washington D.C.

298

184

$ 156,499

$ 3,646

3Q24 - 2Q25

Washington D.C.

137

141,358

22,639

2Q25

Columbus, OH

409

82,069

2,139

2Q25

Sherman, TX

236

74,309

4,567

3Q24 - 2Q25

Kansas City, MO

263

71,619

2Q25

Miami, FL

71,071

2,106

2Q25

Dallas, TX

201

65,133

39,434

2Q25

Hartford, CT

122

20,741

2Q25

Little Rock, AR

283

15,083

328

2Q25

Dallas, TX

11,610

5,193

2Q25

London, UK

8,903

2,125

2Q25

Phoenix, AZ

110

40,714

2,773

2Q25 - 3Q25

Houston, TX

22,348

8,821

2Q25 - 3Q25

Kansas City, MO

134

21,126

3Q25

Brighton and Hove, UK

11,023

3,929

3Q25

Chattanooga, TN

243

60,962

16,343

1Q25 - 4Q25

Naples, FL

188

52,362

4,544

3Q25 - 4Q25

Southampton, UK

22,722

10,194

4Q25

Killeen, TX

256

68,243

18,220

4Q23 - 1Q26

Dallas, TX

141

45,480

19,338

4Q24 - 1Q26

Saffron Walden, UK

23,914

11,778

1Q26

Tring, UK

23,610

14,239

2Q26

Birmingham, UK

18,375

9,456

2Q26

Dallas, TX

230

84,674

57,902

2Q25 - 3Q26

Tallahassee, FL

206

48,086

37,427

3Q25 - 3Q26

Stafford, UK

24,700

18,491

3Q26

Atlanta, GA

192

47,125

40,373

1Q26 - 4Q26

San Jose, CA

158

61,929

28,691

Post 2026

Auburn Opelika, AL

225

59,333

49,786

Post 2026

Subtotal

4,755

3,562

237

734

222

1,455,121

434,482

Rentable

Square Ft Preleased %

Health System Affiliation

Commitment Amount

Future Funding

Estimated Conversion

Houston, TX

144,645

100 %

Yes

76,800

17,332

2Q25

Oklahoma City, OK

47,636

100 %

Yes

42,487

9,225

2Q25

Houston, TX

50,379

100 %

Yes

28,723

3,332

2Q25

Dallas, TX

143,046

94 %

Yes

58,362

33,754

3Q25

Waco, TX

12,324

100 %

Yes

7,846

3,991

3Q25

Subtotal

398,030

214,218

67,634

Total Development Projects

$ 1,669,339

502,116

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

Estimated conversion ranges relate to projects to be delivered in phases.

‌(dollars in thousands at Welltower pro rata ownership)‌

Projected Future Funding

Projects

Beds / Units /

Square Feet Stable Yields(2)2025 Funding

Funding Thereafter

Total Unfunded Commitments

Committed Balances

Seniors Housing Operating 29 4,755 7.5 % $ 278,714 $ 155,768 $ 434,482 $ 1,455,121

Outpatient Medical 5 398,030 6.7 % 61,484 6,150 67,634 214,218

Total 34 7.4 % $ 340,198 $ 161,918 $ 502,116 $ 1,669,339

Quarterly Conversions Annual Conversions

Amount

Year 1 Yields(2)

Stable

Yields(2)Amount

Year 1 Yields(2)

Stable Yields(2)

1Q25 actual $ 302,507 3.5 % 6.6 % 2025 actual $ 302,507 3.5 % 6.6 %

2Q25 estimate 866,405 0.7 % 7.4 % 2025 estimate 1,163,870 0.6 % 7.4 %

3Q25 estimate 161,419 0.6 % 6.6 % 2026 estimate 384,207 (0.2)% 7.9 %

4Q25 estimate 136,046 - % 8.0 % Thereafter estimate 121,262 2.7 % 6.7 %

Total $ 1,466,377 1.2 % 7.2 % Total $ 1,971,846 1.0 % 7.3 %

12/31/2024

Properties Stabilizations

Construction Conversions(3)

Acquisitions/ Dispositions

3/31/2025

Properties Beds / Units

Seniors Housing Operating 59 (5) 5 1 60 8,347

Seniors Housing Triple-net 6 - - 3 9 666

Total 65 (5) 5 4 69 9,013

Occupancy

12/31/2024

Properties Stabilizations

Construction Conversions(3)

Acquisitions/

Dispositions Progressions

3/31/2025

Properties

0% - 50% 20 - 5 4 (3) 26

50% - 70% 18 - - - 3 21

70% + 27 (5) - - - 22

Total 65 (5) 5 4 - 69

Occupancy

3/31/2025

Properties

Months In

Operation Revenues

% of Total Revenues(4)

Gross Investment Balance

% of Total Gross Investment

0% - 50% 26 8 $ 93,034 0.9 % $ 828,235 1.5 %

50% - 70% 21 31 213,163 2.2 % 977,185 1.8 %

70% + 22 37 321,685 3.3 % 1,116,803 2.0 %

Total 69 24 $ 627,882 6.4 % $ 2,922,223 5.3 %

Notes:

Includes development and redevelopment projects (construction in progress, development loans and in substance real estate) and excludes expansion projects. Actual conversions exclude

$172,387,000 of in substance real estate investment projects placed in service. 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 11.

‌(dollars in thousands at Welltower pro rata ownership)‌‌

Components of NAV

Stabilized NOI

Pro rata beds/units/square feet

Seniors Housing Operating(1)

$ 1,908,932

124,378 units

Seniors Housing Triple-net

341,048

19,945 units

Outpatient Medical

561,072

21,775,061 square feet

Long-Term/Post-Acute Care

526,188

40,578 beds

Total In-Place NOI(2)

3,337,240

Incremental stabilized NOI(3)

145,645

Total stabilized NOI

$ 3,482,885

Obligations

Lines of credit and commercial paper(4)

$ -

Senior unsecured notes(4)

13,366,130

Secured debt(4)

3,236,838

Financing lease liabilities

112,372

Total debt

16,715,340

Add (Subtract):

Other liabilities (assets), net(5)

619,896

Cash and cash equivalents and restricted cash

(3,637,393)

Net obligations

$ 13,697,843

Other Assets

Land parcels(6)

$ 330,842

Effective Interest Rate(9)

Real estate loans receivable(7)

2,882,164

10.5%

Non-real estate loans receivable(8)

183,925

10.0%

Joint venture real estate loans receivables(10)

290,038

5.6%

Property dispositions(11)

Development properties:(12)

132,657

Current balance

1,167,223

Unfunded commitments

502,116

Committed balances

$ 1,669,339

Projected yield

7.4 %

Projected NOI

$ 123,531

Notes:

Includes $2,691,000 attributable to our proportional share of income (loss) from unconsolidated management company investments.

See page 17 for reconciliation.

Represents incremental NOI from Seniors Housing Operating unstabilized properties.

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

$841,339,000 of foreign secured debt.

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

Includes land parcels and predevelopment projects.

Represents $2,906,605,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, net of

$24,441,000 of credit allowances.

Represents $191,205,000 of non-real estate loans, net of $7,280,000 of credit allowances.

Average cash-pay interest rates are 7.0%, 9.0% and 5.6% 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.

See pages 8-9. Includes expansion projects. Includes partial conversions to date.

Includes OP Units and DownREIT Units.

‌(dollars in thousands at Welltower pro rata ownership)‌

Net Operating Income(1)

1Q24

2Q24

3Q24

4Q24

1Q25

Revenues:

Seniors Housing Operating

Resident fees and services $ 1,379,295

$ 1,435,064

$ 1,554,263

$ 1,805,306

$ 1,897,810

Other income 2,807

3,079

2,694

2,719

3,417

Total revenues 1,382,102

1,438,143

1,556,957

1,808,025

1,901,227

Seniors Housing Triple-net

Rental income

110,967

30,113

115,763

58,918

103,399

Interest income

8,167

2,111

Other income

955

1,032

773

Total revenues

111,922

31,145

116,536

67,123

105,542

Outpatient Medical

Rental income

200,593

198,924

206,709

203,247

212,554

Other income

2,404

2,580

2,041

2,114

2,139

Total revenues

202,997

201,504

208,750

205,361

214,693

Long-Term/Post-Acute Care

Rental income

104,046

104,312

105,234

122,471

145,439

Other income

244

201

199

Total revenues

104,290

104,355

105,435

122,492

145,638

Corporate

Interest income

56,869

67,224

72,742

66,261

63,572

Other income

28,729

31,873

43,653

32,195

34,179

Total revenues

85,598

99,097

116,395

98,456

97,751

Total

Resident fees and services

1,379,295

1,435,064

1,554,263

1,805,306

1,897,810

Rental income

415,606

333,349

427,706

384,636

461,392

Interest income

56,869

67,224

72,742

74,428

65,683

Other income

35,139

38,607

49,362

37,087

39,966

Total revenues 1,886,909

1,874,244

2,104,073

2,301,457

2,464,851

Property operating expenses:

Seniors Housing Operating

1,034,982

1,066,391

1,167,375

1,366,423

1,410,579

Seniors Housing Triple-net

7,559

7,231

6,103

5,834

5,190

Outpatient Medical

65,162

63,440

64,795

61,392

66,804

Long-Term/Post-Acute Care

3,448

3,458

3,436

4,063

3,495

Corporate

3,636

4,713

4,691

6,385

4,054

Total property operating expenses

1,114,787

1,145,233

1,246,400

1,444,097

1,490,122

Net operating income:

Seniors Housing Operating

347,120

371,752

389,582

441,602

490,648

Seniors Housing Triple-net

104,363

23,914

110,433

61,289

100,352

Outpatient Medical

137,835

138,064

143,955

143,969

147,889

Long-Term/Post-Acute Care

100,842

100,897

101,999

118,429

142,143

Corporate

81,962

94,384

111,704

92,071

93,697

Net operating income

$ 772,122

$ 729,011

$ 857,673

$ 857,360

$ 974,729

Note:

Please see discussion of Supplemental Reporting Measures on page 16. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%.

‌(dollars in thousands)

Twelve Months Ended Three Months Ended March 31, 2025 March 31, 2025

Net income (loss) $ 1,098,489 $ 257,266

Interest expense 571,905 144,962

Income tax expense (benefit) (9,010) (5,519)

Depreciation and amortization 1,752,099 485,869

Loss (income) from unconsolidated entities (8,550) (1,263)

Stock-based compensation 80,645 17,505

Loss (gain) on extinguishment of debt, net 8,280 6,156

Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (498,681) (51,777)

Impairment of assets 101,864 52,402

Provision for loan losses, net 7,104 (2,007)

Loss (gain) on derivatives and financial instruments, net (28,043) (3,210)

Other expenses 117,388 14,060

Casualty losses, net of recoveries 13,945 3,842

Other impairment(2)130,296 -

Total adjustments (75,752) 35,708

Interest expense $ 571,905 $ 144,962

Capitalized interest 55,826 11,520

Non-cash interest expense (45,729) (12,625)

EBITDA $ 3,413,483 $ 882,578

Adjusted EBITDA $ 3,337,731 $ 918,286

Fixed Charge Coverage Ratios

Total interest $ 582,002 $ 143,857

Secured debt principal amortization 49,886 14,444

EBITDA $ 3,413,483 $ 882,578

Adjusted EBITDA $ 3,337,731 $ 918,286

Total debt(3)$ 15,831,799

Less: cash and cash equivalents and restricted cash (3,610,285)

EBITDA Annualized $ 3,530,312

Adjusted EBITDA Annualized $ 3,673,144

Notes:

Please see discussion of Supplemental Reporting Measures on page 16.

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 and financing lease liabilities of $107,942,000. Excludes operating lease liabilities of $1,177,785,000 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)

15,831,799

33.82 %

Cash and cash equivalents and restricted cash

(3,610,285)

(7.71) %

Net debt to consolidated book capitalization

12,221,514

26.11 %

Total equity and noncontrolling interests(4)

34,581,977

73.89 %

Consolidated book capitalization

46,803,491

100.00 %

Joint venture debt, net(5)

584,668

Total book capitalization

47,388,159

Undepreciated book capitalization

Lines of credit and commercial paper(2)

- %

Long-term debt obligations(2)(3)

15,831,799

27.35 %

Cash and cash equivalents and restricted cash

(3,610,285)

(6.24) %

Net debt to consolidated undepreciated book capitalization

12,221,514

21.11 %

Accumulated depreciation and amortization

11,092,885

19.16 %

Total equity and noncontrolling interests(4)

34,581,977

59.73 %

Consolidated undepreciated book capitalization

57,896,376

100.00 %

Joint venture debt, net(5)

584,668

Total undepreciated book capitalization

58,481,044

Enterprise value

Lines of credit and commercial paper(2)

- %

Long-term debt obligations(2)(3)

15,831,799

14.04 %

Cash and cash equivalents and restricted cash

(3,610,285)

(3.20) %

Net debt to consolidated enterprise value

12,221,514

10.84 %

Common shares outstanding

651,889

Period end share price

153.21

Common equity market capitalization

99,875,914

88.60 %

Noncontrolling interests(4)

625,218

0.55 %

Consolidated enterprise value

112,722,646

100.00 %

Joint venture debt, net(5)

584,668

Total enterprise value

113,307,314

Secured debt as % of total assets

Secured debt(2)

2,504,655

3.89 %

Gross asset value(6)

64,386,499

Total debt as % of gross asset value

Total debt(2)(3)

15,831,799

24.59 %

Gross asset value(6)

64,386,499

Unsecured debt as % of unencumbered assets

Unsecured debt(2)

13,219,202

23.21 %

Unencumbered gross assets(7)

56,963,930

Notes:

Please see discussion of Supplemental Reporting Measures on page 16.

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

Includes financing lease liabilities of $107,942,000 and excludes operating lease liabilities of $1,177,785,000 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 equals gross asset value for consolidated properties that are not financed with secured debt.

‌(dollars in thousands)

Noncontrolling

Year

Lines of Credit and Commercial Paper(2)

Senior Unsecured Notes(3)

Consolidated Secured Debt

Interests' Share of Consolidated Secured Debt

Share of Unconsolidated Secured Debt

Combined Debt(4)

% of Total

Wtd. Avg. Interest Rate (5)

2025 $ - $ 1,260,000 $ 89,404 $ (1,012) $ 508,441 $ 1,856,833 11.18 % 4.06 %

2026 - 700,000 244,318 (2,015) 27,563 969,866 5.84 % 4.01 %

2027 - 1,882,470 358,379 (2,290) 65,673 2,304,232 13.88 % 4.08 %

2028 - 2,494,060 187,060 (319) 579 2,681,380 16.15 % 3.80 %

2029 - 2,085,000 417,569 (867) 21,457 2,523,159 15.20 % 3.46 %

2030 - 750,000 175,011 (316) 209 924,904 5.57 % 3.17 %

2031 - 1,350,000 57,790 (333) 13,581 1,421,038 8.56 % 2.80 %

2032 - 1,050,000 69,435 (344) - 1,119,091 6.74 % 3.38 %

2033 - - 417,784 (36,855) - 380,929 2.29 % 4.83 %

2034 - 644,600 198,109 (7,813) - 834,896 5.03 % 4.41 %

Thereafter - 1,150,000 437,311 (671) - 1,586,640 9.17 % 4.95 %

Totals $ - $ 13,366,130 $ 2,652,170 $ (52,835) $ 637,503 $ 16,602,968 100.00 %

Weighted Avg.

Interest Rate(5)- % 3.79 % 4.08 % 4.65 % 4.02 % 3.84 %

Weighted Avg.

Maturity Years - 5.2 7.3 7.8 0.7 5.4

% Floating Rate

Debt(5)- % 8.86 % 8.98 % - % 5.34 % 8.77 %

Lines of Credit and Commercial

Senior Unsecured

Consolidated

Noncontrolling Interests' Share of Consolidated

Share of Unconsolidated

Investment

Paper(2)

Notes(3)

Secured Debt

Combined Debt(4)

Hedges(6)

United States

$ - $

11,630,000

$ 1,810,056

$ (37,301)

$ 622,744

$ 14,025,499

$ -

United Kingdom

1,353,660

2,553,528

Canada

382,470

842,114

(15,534)

14,759

1,223,809

4,021,289

Totals

$ - $

13,366,130

$ 2,652,170

$ (52,835)

$ 637,503

$ 16,602,968

$ 6,574,817

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, 2025. The unsecured revolving credit facility is comprised of a

$2,000,000,000 tranche that matures on July 24, 2029 and a $3,000,000,000 tranche that matures on July 24, 2028. The $3,000,000,000 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:

2025 includes $1,250,000,000 of 4.0% senior unsecured notes that mature on June 1, 2025, which we intend to repay at maturity using available cash.

2027 includes a $1,000,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $173,850,000 USD at March 31, 2025). The loans mature on July 19, 2026. The interest rates on the loans are adjusted SOFR + 0.80% for USD and adjusted CORRA + 0.80% for CAD. Both term loans may be extended for two successive terms of six months at our option.

2027 also includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $208,620,000 USD at March 31, 2025) that matures 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 $709,060,000 USD at March 31, 2025). 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 $644,600,000 USD at March 31, 2025). The notes mature on December 1, 2034.

Excludes operating lease liabilities of $1,177,785,000 and finance lease liabilities of $107,942,000 related to ASC 842.

Based on variable interest rates and foreign currency exchange rates in effect as of March 31, 2025. The interest rate on the unsecured revolving credit facility is adjusted SOFR + 0.725%. 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

$(18,872,000), 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, 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 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

1Q24

2Q24

3Q24

4Q24

1Q25

Net income (loss)

$ 131,634

$ 260,670

$ 456,800

$ 123,753

$ 257,266

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

(4,707)

(166,443)

(272,266)

(8,195)

(51,777)

Loss (income) from unconsolidated entities

7,783

(4,896)

4,038

(6,429)

(1,263)

Income tax expense (benefit)

6,191

1,101

(4,706)

114

(5,519)

Other expenses

14,131

48,684

20,239

34,405

14,060

Impairment of assets

43,331

2,394

23,421

23,647

52,402

Provision for loan losses, net

1,014

5,163

4,193

(245)

(2,007)

Loss (gain) on extinguishment of debt, net

1,705

419

6,156

Loss (gain) on derivatives and financial instruments, net

(3,054)

(5,825)

(9,906)

(9,102)

(3,210)

General and administrative expenses

53,318

55,565

77,901

48,707

63,758

Depreciation and amortization

365,863

382,045

403,779

480,406

485,869

Interest expense

147,318

133,424

139,050

154,469

144,962

Consolidated net operating income

762,828

713,587

842,962

841,530

960,697

NOI attributable to unconsolidated investments(1)

32,090

32,720

32,043

31,158

28,316

NOI attributable to noncontrolling interests(2)

(22,796)

(17,296)

(17,332)

(15,328)

(14,284)

Pro rata net operating income (NOI)(3)

$ 772,122

$ 729,011

$ 857,673

$ 857,360

$ 974,729

‌In-Place NOI Reconciliation‌

At Welltower pro rata ownership

Seniors Housing Operating

Seniors Housing Triple-net

Outpatient Medical

Long-Term

/Post-Acute Care

Corporate

Total

Revenues

$ 1,901,227

$ 105,542

$ 214,693

$ 145,638

$ 97,751

$ 2,464,851

Property operating expenses

(1,410,579)

(5,190)

(66,804)

(3,495)

(4,054)

(1,490,122)

NOI(3)

490,648

100,352

147,889

142,143

93,697

974,729

Adjust:

Interest income

(2,111)

(63,572)

(65,683)

Other income

(2,120)

(32)

(188)

(199)

(28,962)

(31,501)

Sold / held for sale

1,285

(360)

(171)

758

Nonoperational(4)

6,025

(300)

(595)

5,133

Non In-Place NOI(5)

(22,871)

(13,256)

(7,206)

(23,848)

(1,163)

(68,344)

Timing adjustments(6)

4,266

666

14,217

19,218

Total adjustments

(13,415)

(15,090)

(7,621)

(10,596)

(93,697)

(140,419)

In-Place NOI

477,233

85,262

140,268

131,547

834,310

Annualized In-Place NOI

$ 1,908,932

$ 341,048

$ 561,072

$ 526,188

$ -

$ 3,337,240

Seniors Housing Operating

Seniors Housing Triple-net

Outpatient Medical

Long-Term

/Post-Acute Care

Total

Total properties

1,256

301

447

332

2,336

Recent acquisitions and development conversions(7)

(153)

(29)

(11)

(79)

(272)

Under development

(30)

(5)

(35)

Under redevelopment(8)

(1)

(2)

(3)

(6)

Current held for sale

(10)

(3)

(2)

(15)

Land parcels, loans and leased properties

(107)

(4)

(8)

(119)

Transitions(9)

(224)

(17)

(24)

(265)

Other(10)

(6)

(1)

(2)

(9)

Same store properties

725

248

420

222 1,615

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 11 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

1Q24

2Q24

3Q24

4Q24

1Q25

Y/o/Y

Seniors Housing Operating

NOI

$ 347,120

$ 371,752

$ 389,582

$ 441,602

$ 490,648

Non-cash NOI on same store properties

(2,520)

(2,557)

(2,226)

(1,940)

(2,509)

NOI attributable to non-same store properties

(47,316)

(52,031)

(55,410)

(97,673)

(122,638)

Currency and ownership adjustments(1)

1,333

(2,577)

(3,888)

(2,184)

(643)

Other normalizing adjustments(2)

651

1,067

1,428

1,425

(559)

SSNOI

299,268

315,654

329,486

341,230

364,299

21.7 %

Seniors Housing Triple-net

NOI

104,363

23,914

110,433

61,289

100,352

Non-cash NOI on same store properties

(5,567)

(5,432)

(4,301)

(4,655)

(3,664)

NOI attributable to non-same store properties

(29,952)

51,500

(35,368)

15,479

(24,499)

Currency and ownership adjustments(1)

(601)

(500)

(1,077)

(778)

(437)

Other normalizing adjustments(2)

(31)

SSNOI

68,243

69,482

69,687

71,335

71,721

5.1 %

Outpatient Medical

NOI

137,835

138,064

143,955

143,969

147,889

Non-cash NOI on same store properties

(3,697)

(5,218)

(7,785)

(5,865)

(5,265)

NOI attributable to non-same store properties

(4,231)

(4,266)

(5,276)

(6,157)

(9,802)

Currency and ownership adjustments(1)

(54)

Other normalizing adjustments(2)

(334)

655

281

261

SSNOI

129,647

129,296

131,121

131,967

133,083

2.7 %

Long-Term/Post-Acute Care

NOI

100,842

100,897

101,999

118,429

142,143

Non-cash NOI on same store properties

(14,807)

(14,866)

(14,507)

(14,459)

(15,139)

NOI attributable to non-same store properties

(10,121)

(10,259)

(11,090)

(24,726)

(45,611)

Currency and ownership adjustments(1)

3,294

3,320

3,316

753

Other normalizing adjustments(2)

111

SSNOI

79,208

79,203

79,718

79,997

81,400

2.8 %

Corporate

NOI

81,962

94,384

111,704

92,071

93,697

NOI attributable to non-same store properties

(81,962)

(94,384)

(111,704)

(92,071)

(93,697)

SSNOI

Total

NOI

772,122

729,011

857,673

857,360

974,729

Non-cash NOI on same store properties

(26,591)

(28,073)

(28,819)

(26,919)

(26,577)

NOI attributable to non-same store properties

(173,582)

(109,440)

(218,848)

(205,148)

(296,247)

Currency and ownership adjustments(1)

4,100

304

(1,703)

(2,189)

(1,073)

Normalizing adjustments, net

317

1,833

1,709

1,425

(329)

SSNOI

$ 576,366

$ 593,635

$ 610,012

$ 624,529

$ 650,503

12.9 %

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.

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

SHO RevPOR Reconciliation United States

United Kingdom

Canada

Total

Consolidated SHO revenues $ 1,396,502

$ 322,505

$ 148,864

$ 1,867,871

Unconsolidated SHO revenues attributable to Welltower(1)41,589

4,337

10,504

56,430

SHO revenues attributable to noncontrolling interests(2)(20,799)

(2,275)

(23,074)

Pro rata SHO revenues(3)1,417,292

326,842

157,093

1,901,227

Non-cash and non-RevPOR revenues (5,667)

(677)

(291)

(6,635)

Revenues attributable to non in-place properties (8,477)

(126,492)

(3,742)

(138,711)

SHO local revenues 1,403,148

199,673

153,060

1,755,881

Average occupied units/month 78,954

7,094

18,403

104,451

RevPOR/month in USD $ 6,006

$ 9,513

$ 2,811

$ 5,681

RevPOR/month in local currency(4)

£ 7,734

$ 4,016

United States United Kingdom Canada Total

1Q24

1Q25

1Q24

1Q25

1Q24

1Q25

1Q24

1Q25

SHO SS RevPOR Growth

Consolidated SHO revenues

$ 1,098,210

$ 1,396,502

$ 116,950

$ 322,505

$ 146,577

$ 148,864

$ 1,361,737

$ 1,867,871

Unconsolidated SHO revenues attributable to WELL(1)

32,397

41,589

2,937

4,337

28,247

10,504

63,581

56,430

SHO revenues attributable to noncontrolling interests(2)

(17,488)

(20,799)

(25,728)

(2,275)

(43,216)

(23,074)

SHO pro rata revenues(3)

1,113,119

1,417,292

119,887

326,842

149,096

157,093

1,382,102

1,901,227

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

(3,277)

(2,875)

(34)

(372)

(165)

(3,683)

(3,040)

Revenues attributable to non-same store properties

(174,947)

(388,160)

(40)

(196,794)

(44,412)

(31,218)

(219,399)

(616,172)

Currency and ownership adjustments(4)

(344)

(3,618)

(3,058)

11,290

546

7,328

(2,475)

Other normalizing adjustments(5)

707

SHO SS RevPOR revenues(6)

$ 934,551

$ 1,026,294

$ 116,195

$ 126,990

$ 116,309

$ 126,256

$ 1,167,055

$ 1,279,540

Avg. occupied units/month(7)

49,410

51,792

3,998

4,261

14,225

14,733

67,633

70,786

SHO SS RevPOR(8)

$ 6,322

$ 6,697

$ 9,714

$ 10,072

$ 2,733

$ 2,896

$ 5,768

$ 6,109

SS RevPOR YOY growth

5.9 %

3.7 %

6.0 %

5.9 %

SHO SSNOI Growth

Consolidated SHO NOI

$ 266,220

$ 363,213

$ 29,179

$ 66,561

$ 46,991

$ 53,413

$ 342,390

$ 483,187

Unconsolidated SHO NOI attributable to WELL(1)

10,335

15,696

480

708

10,967

4,142

21,782

20,546

SHO NOI attributable to noncontrolling interests(2)

(9,985)

(12,024)

(7,067)

(1,061)

(17,052)

(13,085)

SHO pro rata NOI(3)

266,570

366,885

29,659

67,269

50,891

56,494

347,120

490,648

Non-cash NOI on same store properties

(2,771)

(2,509)

251

(2,520)

(2,509)

NOI attributable to non-same store properties

(32,087)

(79,811)

(40)

(31,836)

(15,189)

(10,991)

(47,316)

(122,638)

Currency and ownership adjustments(4)

(76)

(897)

(855)

2,306

190

1,333

(643)

Other normalizing adjustments(5)

1,068

237

(417)

(796)

651

(559)

SHO pro rata SSNOI(6)

$ 232,704

$ 284,824

$ 28,722

$ 34,578

$ 37,842

$ 44,897

$ 299,268

$ 364,299

SHO SSNOI growth

22.4 %

20.4 %

18.6 %

21.7 %

SHO SSNOI/Unit

Trailing four quarters' SSNOI(6)

$ 1,054,148

$ 124,992

$ 171,529

$ 1,350,669

Average units in service(9)

58,953

5,114

16,416

80,483

SSNOI/unit in USD

$ 17,881

$ 24,441

$ 10,449

$ 16,782

SSNOI/unit in local currency(4)

£ 19,871

$ 14,927

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 11 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 .50% of SS RevPOR revenues/NOI growth.

Represents SS SHO RevPOR revenues/SSNOI at Welltower pro rata ownership. See page 18 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; 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, 2025 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 https://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:// https://www.sec.gov. We routinely post important information on our website at https://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 one of the world's preeminent residential wellness and healthcare infrastructure companies. We seek to position our portfolio of 1,500+ seniors and wellness housing communities at the intersection of housing, healthcare, and hospitality, creating vibrant communities for mature renters and older adults in the United States, United Kingdom, and Canada. We also strive to support physicians in our outpatient medical buildings with the critical infrastructure needed to deliver quality care. We believe our real estate portfolio is unmatched, located in highly attractive micro-markets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as a product company in a real estate wrapper, driven by relationships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by our operating platform, the Welltower Business System, we aspire to deliver long-term compounding of per share growth and returns for our existing investors - our North Star. More information is available at https://www.welltower.com.

‌WELL

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4500 Dorr Streei Toledo, Ohio 43615 4O4O

877670.0070

419.247.2800

Disclaimer

Welltower Inc. published this content on April 28, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2025 at 20:34 UTC.