well-20220510
0000766704false00007667042022-05-102022-05-100000766704well:WelltowerOPIncMember2022-05-102022-05-100000766704us-gaap:CommonStockMember2022-05-102022-05-100000766704well:WelltowerOPIncMemberwell:NotesDue20284.800Member2022-05-102022-05-100000766704well:WelltowerOPIncMemberwell:NotesDue20344.500Member2022-05-102022-05-10

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 10, 2022
Welltower Inc.
Welltower OP Inc.
(Exact name of registrant as specified in its charter)
Welltower Inc.
Delaware1-892334-1096634
(State or other jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
Welltower OP Inc.
Delaware333-264093-0188-1538732
(State or other jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
4500 Dorr Street,Toledo,Ohio43615
(Address of principal executive offices)(Zip Code)
Registrants' telephone number, including area code: (419) 247-2800

Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Page 1 of 2


Title of each classTrading Symbol(s)Name of each exchange on which registered
Welltower Inc.Common stock, $1.00 par value per shareWELLNew York Stock Exchange
Welltower OP Inc.4.800% Notes due 2028WELL/28New York Stock Exchange
Welltower OP Inc.4.500% Notes due 2034WELL/34New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Welltower Inc.       
Welltower OP Inc.       
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Page 2 of 2


Item 2.02  Results of Operations and Financial Condition.
On May 10, 2022, Welltower Inc. (the “Company”) issued a press release that announced operating results for its first quarter ended March 31, 2022. The press release refers to a supplemental information package that is available on the Company's website (www.welltower.com), free of charge. Copies of the press release and supplemental information package have been furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report, and are incorporated herein by reference. As previously disclosed, on March 7, 2022, the company formerly known as Welltower Inc., a Delaware corporation (“Old Welltower”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with the company formerly known as WELL Merger Holdco Inc., a Delaware corporation ("New Welltower" or the "Company"), which was formed as a wholly owned subsidiary of Old Welltower, and WELL Merger Holdco Sub Inc., a Delaware corporation ("Merger Sub"), which was formed as a wholly owned subsidiary of New Welltower. Effective on April 1, 2022, pursuant to the Merger Agreement, Merger Sub merged with and into Old Welltower, with Old Welltower continuing as the surviving corporation and a wholly owned subsidiary of New Welltower (the “Merger”). In connection with the Merger, Old Welltower’s name was changed to Welltower OP Inc., and New Welltower inherited the name “Welltower Inc.” Financial results for the quarter ended March 31, 2022 and all other periods prior to the effectiveness of the Merger relate to Welltower OP Inc., rather than New Welltower.
The information included in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing. 
Item 9.01  Financial Statements and Exhibits.
(d)  Exhibits.
99.1 Press release dated May 10, 2022
99.2 Supplemental Information Package for the quarter ended March 31, 2022.
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.            
 
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
WELLTOWER INC.
By:/s/ Matthew McQueen
Name:Matthew McQueen
Title:Executive Vice President – General Counsel & Corporate Secretary
WELLTOWER OP INC.
By:/s/ Matthew McQueen
Name:Matthew McQueen
Title:President
 
Dated:  May 10, 2022
Page 3 of 2
Document

http://api.rkd.refinitiv.com/api/FilingsRetrieval3/.67667709.welltowerlogo_rgbxnotm002a.jpg.ashx

FOR IMMEDIATE RELEASE
May 10, 2022
For more information contact:
Tim McHugh (419) 247-2800
Welltower Reports First Quarter 2022 Results
Toledo, Ohio, May 10, 2022…..Welltower Inc. (NYSE:WELL) today announced results for the quarter ended March 31, 2022.
Recent Highlights
Reported net income attributable to common stockholders of $0.14 per diluted share
Reported normalized FFO attributable to common stockholders of $0.82 per diluted share, exceeding the midpoint of guidance range
Reported normalized FFO growth attributable to common stockholders per diluted share, excluding Provider Relief Funds, of 15% over the prior year
Seniors Housing Operating ("SHO") portfolio average same store occupancy increased approximately 460 basis points ("bps") year-over-year to 78.0%. Guidance assumed approximately 420 bps of year-over-year occupancy growth
Reported total portfolio same store NOI ("SSNOI") growth of 8.9%, driven by year-over-year SSNOI growth in our SHO portfolio of 18.4%. Guidance assumed SSNOI growth of 7.0% and 15.0% for the total portfolio and SHO portfolio, respectively
Achieved same store REVPOR growth of 4.6% within the SHO portfolio during the first quarter as compared to the prior year, which represents an acceleration from 3.4% in the fourth quarter 2021
Completed $787 million in acquisitions and loan funding during the first quarter. Year-to-date, completed $1.2 billion of pro rata gross investments exclusive of development funding, representing one of the most active starts to the year for investment activity in Welltower's history
Named to the Bloomberg Gender-Equality Index for the fourth consecutive year in recognition of our ongoing efforts to support gender equality through policy development, representation and transparency
COVID-19 Update
Our share of property-level expenses associated with the COVID-19 pandemic relating to our total SHO portfolio, net of reimbursements including Provider Relief Funds and similar programs in the U.K. and Canada, totaled an expense of approximately $6 million for the three months ended March 31, 2022, as compared to a benefit of approximately $23 million for the three months ended March 31, 2021. Such amounts had an unfavorable impact on net income attributable to common stockholders and normalized FFO per diluted share of $0.01 for the three months ended March 31, 2022, and a favorable impact of $0.05 per diluted share for the three months ended March 31, 2021.
Capital Activity and Liquidity Inclusive of available borrowings under our line of credit, cash and cash equivalents, and restricted cash, as of March 31, 2022, we had $4.1 billion of near-term available liquidity and no material senior unsecured note maturities until 2024. During the three months ended March 31, 2022, we settled 6.6 million shares of common stock that were sold under our ATM program via forward sale agreements, resulting in $558.8 million of gross proceeds. On March 31, 2022, we completed the Company's second green bond issuance consisting of $550 million senior unsecured notes bearing interest at 3.85% with a maturity date of June 2032. During the quarter, we extinguished $101 million of secured debt at a blended average interest rate of 4.21%.
Effective April 1, 2022, we completed a legal entity merger in anticipation of an UPREIT reorganization that resulted in the formation of a new holding company, which is now known as Welltower Inc., and the entity formerly known as Welltower Inc. now known as Welltower OP Inc. ("Old Welltower"). Financial results for the quarter ended March 31, 2022 and all other periods prior to the merger relate to Old Welltower. Detailed information on the merger and the UPREIT reorganization can be found in the Form 8-K filed on March 7, 2022 and the Form 8-K12B filed on April 1, 2022.
Investment and Disposition Activity In the first quarter, we completed $1.0 billion of pro rata gross investments including $787 million in acquisitions and loan funding, as well as $233 million in development funding. We converted four development projects for an aggregate pro rata investment amount of $228 million. Additionally, during the quarter we completed pro rata property dispositions and loan payoffs of $155 million. Year-to-date, we completed $1.2 billion of pro rata gross investments exclusive of development funding.


Page 1 of 11

1Q22 Earnings ReleaseMay 10, 2022
Notable Investment Activity Completed During the Quarter
Cogir Management Corporation During the quarter, we expanded our relationship with Cogir through the acquisition of a portfolio of eight class-A private pay seniors housing communities in highly attractive markets for a pro rata purchase price of $389 million. Further, we entered into a forward purchase agreement to acquire an additional community currently under development. The transaction is expected to generate an unlevered IRR in the high single-digit range.
Outpatient Medical Acquisition We acquired a portfolio of four medical office buildings totaling 510,000 rentable square feet in Birmingham, Alabama for $148 million, representing a discount to replacement cost and an initial yield of 5.5%. The properties are heavily integrated with the local health system, housing critical functions and specialties including a portion of the emergency department. The portfolio is 100% occupied through a single tenant absolute net lease with 15 years of remaining term. The transaction is expected to generate an unlevered IRR in the high single-digit range.
Related Companies and Atria Senior Living In 2019, we began a long-term strategic partnership with Related Companies and Atria Senior Living to develop, own and operate modern urban communities catering to seniors living in major metropolitan areas. During the quarter, we delivered Coterie Cathedral Hill at 1001 Van Ness in San Francisco, an upscale 208-unit senior living facility in a premier location. The Coterie Cathedral Hill represents the partnership's first senior living facility, and we expect to complete Coterie Hudson Yards, the second location, during the fourth quarter.
Additionally during the quarter, we expanded our partnership with Related and Atria through an agreement to develop the third and fourth locations for the partnership's series of modern urban senior living communities in California. The Cupertino development, which will grant seniors unrivaled access to the best of Cupertino's amenities with convenient connectivity to Silicon Valley, commenced development during the quarter. The Santa Clara, located at the apex of Silicon Valley and the growing East Bay, will break ground in mid-2022.
Unitranche Loan During the quarter, we closed on a loan for a pro rata investment amount of $18 million, representing the first investment in a previously announced joint venture unitranche debt facility with KeyBank. Subsequent to the end of the quarter, we closed on two additional loans as part of the joint venture for a total pro rata investment of $22 million, as well as one deal outside of the joint venture structure for a pro rata investment amount of $10 million.
Genesis Dispositions We continued to execute on our planned exit of the Genesis relationship; during the quarter, we closed on the sale of seven properties for a gross purchase price of $76 million, and in April we closed on the sale of two properties for proceeds of $17 million. With the completion of these transactions, Welltower has substantially exited its relationship with Genesis: one property remains in the lease between Welltower and Genesis and seven properties that were formerly under a sub-lease from Welltower to Genesis are now leased to a new regional operator. As previously disclosed, we have entered into a forward sale agreement for these seven properties valued at $182 million, which is expected to close simultaneously with the exercise of Welltower's bargain purchase option.
Other Transactions Additionally during the first quarter, we acquired two seniors housing communities for pro rata investment of $65 million, which includes one new operator.
Investment Activity Subsequent to Quarter End
StoryPoint Senior Living As previously announced, we entered into an agreement to expand our relationship with StoryPoint Senior Living, a preeminent senior living operator based in Brighton, Michigan, through the acquisition of 33 communities throughout Michigan, Ohio and Tennessee under an aligned RIDEA 3.0 contract. During April, we closed on the first tranche through the acquisition of two recently opened communities located in Ohio and Tennessee for a pro rata purchase price of $65 million.
Cogir Management Corporation Subsequent to quarter end, we closed on an additional three property portfolio in Washington state for a pro rata purchase price of $244 million in a 90/10 joint venture, with Cogir also assuming management of the properties. The acquisition is expected to generate an unlevered IRR in the high single-digit range. Following the year-to-date acquisition activity, our relationship with Cogir encompasses 34 communities across the U.S. and Canada, having grown from six communities beginning in 2018.
Treplus Communities Subsequent to quarter end, we expanded our relationship with Treplus Communities through the acquisition of a portfolio of three class-A wellness housing communities in the Midwest. The communities feature unique environments with individual cottage style units, clubhouses, 24/7 concierge services, and offer residents a wellness-oriented social lifestyle.
Dividend On May 10, 2022, the Board of Directors declared a cash dividend for the quarter ended March 31, 2022 of $0.61 per share. This dividend, which will be paid on May 31, 2022 to stockholders of record on May 24, 2022, will be our 204th consecutive quarterly cash dividend. The declaration and payment of future quarterly dividends remains subject to review and approval by the Board of Directors.


Page 2 of 11

1Q22 Earnings ReleaseMay 10, 2022
Outlook for Second Quarter 2022 The degree to which the COVID-19 pandemic continues to impact our operations and those of our operators and tenants, including the variability in the timing of recovery, is dependent on a variety of factors and remains highly uncertain. Accordingly, we are only introducing earnings guidance for the quarter ended June 30, 2022 and expect to report net income attributable to common stockholders in a range of $0.20 to $0.25 per diluted share and normalized FFO attributable to common stockholders in a range of $0.82 to $0.87 per diluted share. In preparing our guidance, we have made the following assumptions:
Same Store NOI: We expect average blended SSNOI growth of 8.0% to 10.0%, which is comprised of the following components:
Seniors Housing Operating approximately 15.0% to 20.0%
Seniors Housing Triple-net approximately 7.0% to 8.0%
Outpatient Medical approximately 2.0% to 3.0%
Health System approximately 2.75%
Long-Term/Post-Acute Care approximately 2.0% to 3.0%
Provider Relief Funds: Our second quarter guidance includes approximately $6 million of Provider Relief Funds, which are expected to be received during the quarter.
General and Administrative Expenses: We anticipate second quarter general and administrative expenses to be approximately $35 million to $37 million and stock-based compensation expense to be approximately $6 million.
Investments: Our earnings guidance includes only those acquisitions closed or announced to date. Furthermore, no transitions or restructures beyond those announced to date are included.
Development: We anticipate funding approximately $673 million of development in 2022 relating to projects underway on March 31, 2022.
Dispositions: In addition to dispositions and loan payoffs completed in the first quarter, we expect pro rata disposition proceeds and loan payoffs of $352 million at a blended yield of 6.8% in the next twelve months. This includes approximately $265 million of expected proceeds from properties classified as held-for-sale as of March 31, 2022 and $87 million of expected proceeds from loan repayments.
Our guidance does not include any additional investments, dispositions or capital transactions beyond those we have announced, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items. Please see the Supplemental Reporting Measures section for further discussion and our definition of normalized FFO and SSNOI and Exhibit 3 for a reconciliation of the outlook for net income available to common stockholders to normalized FFO attributable to common stockholders. We will provide additional detail regarding our second quarter outlook and assumptions on the first quarter 2022 conference call.
Conference Call Information We have scheduled a conference call on Wednesday, May 11, 2022 at 9:00 a.m. Eastern Time to discuss our first quarter 2022 results, industry trends and portfolio performance. Telephone access will be available by dialing (844) 467-7115 or (409) 983-9837 (international). For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the call through May 25, 2022. To access the rebroadcast, dial (855) 859-2056 or (404) 537-3406 (international). The conference ID number is 2275720. To participate in the webcast, log on to www.welltower.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days.
Supplemental Reporting Measures We believe that net income and net income attributable to common stockholders ("NICS"), as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider funds from operations ("FFO"), normalized FFO, NOI, SSNOI, REVPOR and SS REVPOR to be useful supplemental measures of our operating performance. 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.
Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts ("NAREIT") created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO attributable to common stockholders, as defined by NAREIT, means net income attributable to common stockholders, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate and impairments of depreciable assets, plus real estate depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests. Normalized FFO attributable to common stockholders represents FFO attributable to common stockholders
Page 3 of 11

1Q22 Earnings ReleaseMay 10, 2022
adjusted for certain items detailed in Exhibit 2. We believe that normalized FFO attributable to common stockholders is a useful supplemental measure of operating performance because investors and equity analysts may use this measure to compare the operating performance of the Company between periods or as compared to other REITs or other companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items.
We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to operators, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent costs unrelated to property operations or transaction costs. These expenses include, but are not limited to, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and sub-leases, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and UK properties using a consistent exchange rate. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI 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 and SSNOI to make decisions about resource allocations and to assess the property level performance of our properties. No reconciliation of the forecasted range for SSNOI on a combined basis or by property type is included in this release because we are unable to quantify certain amounts that would be required to be included in the comparable GAAP financial measure without unreasonable efforts, and we believe such reconciliation would imply a degree of precision that could be confusing or misleading to investors.
REVPOR represents the average revenues generated per occupied room per month at our Seniors Housing Operating properties. It is calculated as our pro rata version of total resident fees and services revenues from the income statement divided by average monthly occupied room days. SS REVPOR is used to evaluate the REVPOR performance of our properties under a consistent population which eliminates changes in the composition of our portfolio. It is based on the same pool of properties used for SSNOI and includes any revenue normalizations used for SSNOI. We use REVPOR and SS REVPOR to evaluate the revenue-generating capacity and profit potential of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.
Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and ratings 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, they are utilized by the Board of Directors to evaluate management. The supplemental reporting measures do not 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. Please see the exhibits for reconciliations of supplemental reporting measures and the supplemental information package for the quarter ended March 31, 2022, which is available on the Company’s website (www.welltower.com), for information and reconciliations of additional supplemental reporting measures.
About Welltower Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower™, a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at www.welltower.com. 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
Page 4 of 11

1Q22 Earnings ReleaseMay 10, 2022
conference calls and filings with the Securities and Exchange Commission. The information on our website is not incorporated by reference in this press release, and our web address is included as an inactive textual reference only.
Forward-Looking Statements and Risk Factors This press release 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, including statements related to Funds From Operations guidance, are not guarantees of future performance and involve risks and uncertainties that may cause Welltower’s actual results to differ materially from Welltower’s expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the impact of the COVID-19 pandemic; uncertainty regarding the implementation and impact of the CARES Act and future stimulus or other COVID-19 relief legislation; the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower’s ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters and other acts of God affecting Welltower’s properties; Welltower’s ability to re-lease space at similar rates as vacancies occur; Welltower’s ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower’s properties; changes in rules or practices governing Welltower’s financial reporting; the movement of U.S. and foreign currency exchange rates; Welltower’s ability to maintain its qualification as a REIT; key management personnel recruitment and retention; and other risks described in Welltower’s reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.
Page 5 of 11

1Q22 Earnings ReleaseMay 10, 2022
Welltower Inc.
Financial Exhibits
Consolidated Balance Sheets (unaudited)
(in thousands)
 March 31,
 20222021
Assets  
Real estate investments:  
Land and land improvements$4,030,150 $3,397,055 
Buildings and improvements31,724,328 27,667,188 
Acquired lease intangibles1,844,780 1,506,823 
Real property held for sale, net of accumulated depreciation199,490 564,062 
Construction in progress717,657 542,302 
Less accumulated depreciation and intangible amortization(7,215,622)(6,212,432)
Net real property owned31,300,783 27,464,998 
Right of use assets, net404,689 454,787 
Real estate loans receivable, net of credit allowance1,003,136 487,674 
Net real estate investments32,708,608 28,407,459 
Other assets:  
Investments in unconsolidated entities1,138,526 1,020,010 
Goodwill68,321 68,321 
Cash and cash equivalents301,089 2,131,846 
Restricted cash65,954 426,976 
Straight-line rent receivable385,639 312,721 
Receivables and other assets804,316 624,918 
Total other assets2,763,845 4,584,792 
Total assets$35,472,453 $32,992,251 
Liabilities and equity  
Liabilities:  
Unsecured credit facility and commercial paper$299,968 $— 
Senior unsecured notes12,136,760 12,183,710 
Secured debt2,104,945 2,329,474 
Lease liabilities548,999 408,916 
Accrued expenses and other liabilities1,203,755 1,023,219 
Total liabilities16,294,427 15,945,319 
Redeemable noncontrolling interests445,960 355,915 
Equity:  
Common stock455,376 418,866 
Capital in excess of par value23,620,112 20,814,196 
Treasury stock(112,518)(106,519)
Cumulative net income8,725,661 8,399,144 
Cumulative dividends(14,654,583)(13,598,673)
Accumulated other comprehensive income(138,472)(128,136)
Total Welltower Inc. stockholders’ equity17,895,576 15,798,878 
Noncontrolling interests836,490 892,139 
Total equity18,732,066 16,691,017 
Total liabilities and equity$35,472,453 $32,992,251 
Page 6 of 11

1Q22 Earnings ReleaseMay 10, 2022
Consolidated Statements of Income (unaudited)
(in thousands, except per share data)
  Three Months Ended
  March 31,
  20222021
Revenues:  
 Resident fees and services$994,335 $723,464 
 Rental income356,390 302,843 
 Interest income38,994 19,579 
 Other income5,985 6,176 
Total revenues1,395,704 1,052,062 
Expenses:  
 Property operating expenses853,669 617,326 
 Depreciation and amortization304,088 244,426 
 Interest expense121,696 123,142 
 General and administrative expenses37,706 29,926 
 Loss (gain) on derivatives and financial instruments, net2,578 1,934 
 Loss (gain) on extinguishment of debt, net(12)(4,643)
Provision for loan losses, net(804)1,383 
 Impairment of assets— 23,568 
 Other expenses26,069 10,994 
 Total expenses1,344,990 1,048,056 
Income (loss) from continuing operations before income taxes  
 and other items50,714 4,006 
Income tax (expense) benefit(5,013)(3,943)
Income (loss) from unconsolidated entities(2,884)13,049 
Gain (loss) on real estate dispositions, net22,934 59,080 
Income (loss) from continuing operations65,751 72,192 
Net income (loss)65,751 72,192 
Less:
Net income (loss) attributable to noncontrolling interests (1)
3,826 646 
Net income (loss) attributable to common stockholders$61,925 $71,546 
Average number of common shares outstanding:  
 Basic447,379 417,241 
 Diluted449,802 419,079 
Net income (loss) attributable to common stockholders per share: 
 Basic$0.14 $0.17 
 
Diluted(2)
$0.14 $0.17 
Common dividends per share$0.61 $0.61 
(1) Includes amounts attributable to redeemable noncontrolling interests.
(2) Includes adjustment to the numerator for income (loss) attributable to OP unitholders.
Page 7 of 11

1Q22 Earnings ReleaseMay 10, 2022
FFO ReconciliationsExhibit 1
(in thousands, except per share data)Three Months Ended
March 31,
20222021% growth
Net income (loss) attributable to common stockholders$61,925 $71,546 
Depreciation and amortization304,088 244,426 
Impairments and losses (gains) on real estate dispositions, net(22,934)(35,512)
Noncontrolling interests(1)
(14,753)(12,516)
Unconsolidated entities(2)
19,309 19,223 
NAREIT FFO attributable to common stockholders347,635 287,167 
Normalizing items, net(3)
20,647 46,745 
Normalized FFO attributable to common stockholders$368,282 $333,912 
Provider Relief Funds received(601)(35,682)
Provider Relief Funds attributable to noncontrolling interests and unconsolidated entities, net19 (141)
Normalized FFO attributable to common stockholders, excluding Provider Relief Funds$367,700 $298,089 
Average diluted common shares outstanding449,802 419,079 
Per diluted share data attributable to common stockholders:
Net income (loss)(4)
$0.14 $0.17 
NAREIT FFO$0.77 $0.69 
Normalized FFO$0.82 $0.80 
Normalized FFO, excluding Provider Relief Funds$0.82 $0.71 15 %
Normalized FFO Payout Ratio:
Dividends per common share$0.61 $0.61 
Normalized FFO attributable to common stockholders per share$0.82 $0.80 
Normalized FFO payout ratio74 %76 %
Other items:(5)
Net straight-line rent and above/below market rent amortization(6)
$(20,014)$(18,134)
Non-cash interest expenses4,721 3,635 
Recurring cap-ex, tenant improvements, and lease commissions(32,466)(11,433)
Stock-based compensation(7)
7,441 5,381 
(1) Represents noncontrolling interests' share of net FFO adjustments.
(2) Represents Welltower's share of net FFO adjustments from unconsolidated entities.
(3) See Exhibit 2.
(4) Includes adjustment to the numerator for income (loss) attributable to OP unitholders.
(5) Amounts presented net of noncontrolling interests' share and including Welltower's share of unconsolidated entities.
(6) Excludes normalized other impairment (see Exhibit 2).
(7) Excludes certain severance related stock-based compensation recorded in other expense (see Exhibit 2).
Page 8 of 11

1Q22 Earnings ReleaseMay 10, 2022
Normalizing ItemsExhibit 2
(in thousands, except per share data)Three Months Ended
March 31,
20222021
Loss (gain) on derivatives and financial instruments, net$2,578 (1)$1,934 
Loss (gain) on extinguishment of debt, net(12)(2)(4,643)
Provision for loan losses, net(804)(3)1,383 
Other impairment— 49,241 
Other expenses26,069 (4)10,994 
Leasehold interest adjustment(8,457)(5)— 
Casualty losses, net of recoveries13 (6)— 
Normalizing items attributable to noncontrolling interests and unconsolidated entities, net1,260 (7)(12,164)
Net normalizing items$20,647 $46,745 
Average diluted common shares outstanding449,802 419,079 
Net normalizing items per diluted share$0.05 $0.11 
(1) Primarily related to mark-to-market of the equity warrants received as part of the Safanad/HC-One transaction that closed in 2021.
(2) Primarily related to the extinguishment of secured debt.
(3) Primarily related to reserves for loan losses under the current expected credit losses accounting standard.
(4) Primarily related to non-capitalizable transaction costs, including an accrual for non-capitalizable promotes, legal fees and accrued litigation settlements.
(5) Represents $13,941,000 of revenues and $5,484,000 of property operating expenses associated with a leasehold portfolio interest relating to 26 properties assumed by a wholly-owned affiliate in conjunction with the Holiday Retirement transaction. Subsequent to the initial transaction, we purchased eight of the leased properties and one of the properties was sold by the landlord and removed from the lease. No rent will be paid in excess of net cash flow relating to the leasehold properties and therefore, the net impact each quarter will be excluded from normalized FFO.
(6) Primarily relates to casualty losses net of any insurance recoveries.
(7) Represents our share of net normalizing adjustments from unconsolidated entities, less noncontrolling interests' share of net normalizing adjustments.

Outlook Reconciliation: Quarter Ending June 30, 2022Exhibit 3
(in millions, except per share data)Current Outlook
LowHigh
FFO Reconciliation:
Net income attributable to common stockholders$94 $117 
Depreciation and amortization(1)
323 323 
NAREIT FFO attributable to common stockholders417 440 
Normalizing items, net(1,2)
(39)(39)
Normalized FFO attributable to common stockholders$378 $401 
Diluted per share data attributable to common stockholders:
Net income$0.20 $0.25 
NAREIT FFO$0.90 $0.95 
Normalized FFO$0.82 $0.87 
Other items:(1)
Net straight-line rent and above/below market rent amortization$(25)$(25)
Non-cash interest expenses
Recurring cap-ex, tenant improvements, and lease commissions(39)(39)
Stock-based compensation
(1) Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities.
(2) Primarily relates to the NHI lease termination in April.
Page 9 of 11

1Q22 Earnings ReleaseMay 10, 2022
SSNOI ReconciliationExhibit 4
(in thousands)Three Months Ended
March 31, 2022March 31, 2021% growth
Net income (loss)$65,751 $72,192 
Loss (gain) on real estate dispositions, net(22,934)(59,080)
Loss (income) from unconsolidated entities2,884 (13,049)
Income tax expense (benefit)5,013 3,943 
Other expenses26,069 10,994 
Impairment of assets— 23,568 
Provision for loan losses(804)1,383 
Loss (gain) on extinguishment of debt, net(12)(4,643)
Loss (gain) on derivatives and financial instruments, net2,578 1,934 
General and administrative expenses37,706 29,926 
Depreciation and amortization304,088 244,426 
Interest expense121,696 123,142 
Consolidated NOI542,035 434,736 
NOI attributable to unconsolidated investments(1)
20,142 21,516 
NOI attributable to noncontrolling interests(2)
(34,999)(20,827)
Pro rata NOI527,178 435,425 
Non-cash NOI attributable to same store properties
(13,526)(13,662)
NOI attributable to non-same store properties
(123,498)(33,467)
Currency and ownership adjustments(3)
1,074 668 
Normalizing adjustments, net(4)
(2,303)(31,685)
Same Store NOI (SSNOI)$388,925 $357,279 8.9%
Seniors Housing Operating142,019 119,923 18.4%
Seniors Housing Triple-net82,902 77,531 6.9%
Outpatient Medical102,631 99,885 2.7%
Health System39,069 38,023 2.8%
Long-Term/Post-Acute Care22,304 21,917 1.8%
Total SSNOI
$388,925 $357,279 8.9%
Notes:(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Includes adjustments to reflect consistent property ownership percentages and foreign currency exchange rates for properties in the U.K. and Canada.
(4) Includes other adjustments described in the accompanying Supplement.

Page 10 of 11

1Q22 Earnings ReleaseMay 10, 2022
Reconciliation of SHO SS REVPOR GrowthExhibit 5
(in thousands except SS REVPOR)Three Months EndedThree Months Ended
March 31,December 31,
2022202120212020
Consolidated SHO revenues$996,612 $726,402 $904,780 $715,020 
Unconsolidated SHO revenues attributable to WELL(1)
49,108 43,214 47,836 43,175 
SHO revenues attributable to noncontrolling interests(2)
(75,741)(58,529)(75,052)(55,155)
SHO pro rata revenues(3)
969,979 711,087 877,564 703,040 
Non-cash revenues on same store properties(562)(849)(562)(851)
Revenues attributable to non-same store properties(289,029)(98,717)(240,544)(102,016)
Currency and ownership adjustments(4)
(394)(68)514 3,801 
Normalizing adjustment for government grants(5)
— — (4,406)— 
Other normalizing adjustments(6)
— — (383)(549)
SHO SS revenues(7)
$679,994 $611,453 $632,183 $603,425 
Average occupied units/month(8)
40,908 38,479 38,686 38,190 
SHO SS REVPOR(9)
$5,618 $5,370 $5,403 $5,224 
SS REVPOR YOY growth4.6 %3.4 %
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner and includes an adjustment to remove revenues related to certain leasehold properties. See Exhibit 2 for more information.
(3) Represents SHO revenues at Welltower pro rata ownership.
(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2739 and to translate UK properties at a GBP/USD rate of 1.35.
(5) Represents normalizing adjustment related to amounts recognized related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada.
(6) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.
(7) Represents SS SHO revenues at Welltower pro rata ownership.
(8) Represents average occupied units for SS properties on a pro rata basis.
(9) Represents pro rata SS average revenues generated per occupied room per month.


Page 11 of 11
Document

http://api.rkd.refinitiv.com/api/FilingsRetrieval3/.67667709.welltowersupplemental_1q20.jpg.ashx


Table of Contents

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



Overview

(dollars and occupancy at Welltower pro rata ownership; dollars in thousands)
Portfolio CompositionBeds/Unit Mix
Average AgePropertiesTotalIndependent LivingAssisted LivingMemory CareLong-Term/ Post-Acute Care
Seniors Housing Operating18869 101,16053,77433,02513,483878
Seniors Housing Triple-net1431826,3945,33314,4896,303269
Outpatient Medical1639023,122,705
(1)
n/an/an/an/a
Health System3020524,4852015173,14520,622
Long-Term/Post-Acute Care1894 10,7757231010,042
Total171,876

NOI Performance
Same Store(2)
In-Place Portfolio(3)
Properties1Q21 NOI1Q22 NOI% ChangePropertiesAnnualized
In-Place NOI
% of Total
Seniors Housing Operating532$119,923 $142,019 18.4 %803$745,316 40.8 %
Seniors Housing Triple-net(4)
26777,531 82,9026.9 %303383,528 21.0 %
Outpatient Medical35199,885102,6312.7 %379434,884 23.8 %
Health System190 38,023 39,069 2.8 %201 172,368 9.4 %
Long-Term/Post-Acute Care(4)
7621,91722,3041.8 %7989,252 5.0 %
Total1,416$357,279 $388,925 8.9 %1,765$1,825,348 100.0 %

Portfolio PerformanceFacility Revenue Mix
Stable Portfolio(5)
Occupancy
EBITDAR Coverage(6)
EBITDARM Coverage(6)
Private PayMedicaidMedicare
Other Government(7)
Seniors Housing Operating77.5 %n/an/a95.5 %1.3 %2.0 %1.2 %
Seniors Housing Triple-net77.3 %0.820.9988.0 %4.3 %1.0 %6.7 %
Outpatient Medical94.8 %n/an/a100.0 %— — — 
Health System72.7 %0.030.6638.7 %41.4 %19.9 %— %
Long-Term/Post-Acute Care81.1 %1.301.5633.5 %31.1 %35.4 %— %
Total0.650.9792.4 %3.3 %2.9 %1.4 %
Notes:
(1) Indicates the total square footage of Outpatient Medical.
(2) See pages 20 and 21 for reconciliation.
(3) Excludes land parcels, loans, developments and investments held for sale. See page 20 for reconciliation.
(4) Same store NOI for these property types represents cash rent excluding the impact of expansions.
(5) Data as of March 31, 2022 for Seniors Housing Operating and Outpatient Medical and December 31, 2021 for remaining asset types.
(6) Represents trailing twelve month coverage metrics.
(7) Represents various federal and local reimbursement programs in the United Kingdom and Canada.

1

Portfolio


(dollars in thousands at Welltower pro rata ownership)
In-Place NOI Diversification(1)
By Partner:Total PropertiesSeniors Housing OperatingSeniors Housing
Triple-net
Outpatient
Medical
Health
System
Long-Term/ Post-Acute CareTotal% of Total
ProMedica201 $— $— $— $172,368 $— $172,368 9.4 %
Sunrise Senior Living124 111,702 — — — — 111,702 6.1 %
Atria Senior Living93 81,181 — — — — 81,181 4.4 %
Avery Healthcare55 6,268 69,447 — — — 75,715 4.1 %
Brookdale Senior Living85 (841)63,628 — — — 62,787 3.4 %
Belmont Village21 60,750 — — — — 60,750 3.3 %
Sagora Senior Living31 27,505 28,772 — — — 56,277 3.1 %
Revera85 54,526 — — — — 54,526 3.0 %
Cogir44 48,212 — — — — 48,212 2.6 %
Senior Resource Group24 46,613 — — — — 46,613 2.6 %
Remaining1,002 309,400 221,681 434,884 — 89,252 1,055,217 58.0 %
Total1,765 $745,316 $383,528 $434,884 $172,368 $89,252 $1,825,348 100.0 %
By Country:
United States1,498 $575,741 $305,357 $434,884 $172,368 $81,997 $1,570,347 86.0 %
United Kingdom117 69,010 74,474 — — — 143,484 7.9 %
Canada150 100,565 3,697 — — 7,255 111,517 6.1 %
Total1,765 $745,316 $383,528 $434,884 $172,368 $89,252 $1,825,348 100.0 %
By MSA:
New York81$42,073 $27,100 $35,830 $5,863 $2,401 $113,267 6.2 %
Los Angeles7258,767 19,242 34,466 — — 112,475 6.2 %
Dallas6034,390 6,500 29,208 862 4,123 75,083 4.1 %
Greater London4940,906 17,296 — — — 58,202 3.2 %
Philadelphia447,315 1,591 23,330 21,833 465 54,534 3.0 %
Washington D.C.4231,042 1,458 7,207 11,348 2,787 53,842 2.9 %
Houston3210,112 3,487 28,830 — — 42,429 2.3 %
San Francisco2025,686 10,351 — 4,976 — 41,013 2.2 %
San Diego1818,109 6,631 8,735 — 2,942 36,417 2.0 %
Chicago437,532 7,520 5,636 11,122 — 31,810 1.7 %
Charlotte261,475 9,945 19,901 — — 31,321 1.7 %
Minneapolis20(1,319)15,769 14,074 — — 28,524 1.6 %
Seattle297,744 3,393 15,247 1,515 — 27,899 1.5 %
Boston2418,421 5,038 2,496 — 600 26,555 1.5 %
Raleigh126,885 17,916 1,003 — — 25,804 1.4 %
Montréal2123,955 — — — — 23,955 1.3 %
Miami36757 — 16,338 5,920 — 23,015 1.3 %
Birmingham, UK1510,663 10,526 — — — 21,189 1.2 %
Atlanta26952 — 17,870 2,051 — 20,873 1.1 %
Toronto2520,466 — — — — 20,466 1.1 %
Remaining1,070 379,385219,765174,713106,87875,934956,675 52.5 %
Total1,765 $745,316 $383,528 $434,884 $172,368 $89,252 $1,825,348 100.0 %
Notes:
(1) Represents current quarter annualized In-Place NOI. See page 20 for reconciliation.


2

Portfolio

(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating
Total Portfolio Performance(1)
1Q212Q213Q214Q211Q22
Properties608 630 736 755 805 
Units58,185 59,670 71,721 76,105 80,402 
Total occupancy72.7 %73.0 %74.9 %76.3 %76.3 %
Total revenues$711,118 $728,235 $812,096 $877,564 $969,979 
Operating expenses539,058 584,484 644,241 698,601 774,936 
NOI$172,060 $143,751 $167,855 $178,963 $195,043 
Recurring cap-ex$7,255 $14,448 $15,395 $28,057 $23,325 
Other cap-ex$13,413 $31,794 $35,588 $51,168 $45,988 

Same Store Performance(2)
1Q212Q213Q214Q211Q22
Properties532 532 532 532 532 
Occupancy73.4 %74.0 %76.2 %77.7 %78.0 %
Same store revenues$611,453 $623,841 $646,540 $664,357 $679,994 
Compensation289,843 291,083 308,700 324,661 324,929 
Utilities29,972 26,372 30,544 29,838 33,788 
Food22,700 23,453 24,860 25,870 25,712 
Repairs and maintenance15,851 16,847 18,120 19,560 18,749 
Property taxes27,950 27,258 27,049 24,149 27,545 
All other105,214 104,391 102,969 110,778 107,252 
Same store operating expenses491,530 489,404 512,242 534,856 537,975 
Same store NOI$119,923 $134,437 $134,298 $129,501 $142,019 
Same store NOI margin %19.6 %21.5 %20.8 %19.5 %20.9 %
Year over year NOI growth rate18.4 %
Partners
Properties(3)
Pro Rata Units(3)
Welltower Ownership %(4)
Core Markets1Q22 NOI% of Total
Sunrise Senior Living124 10,034 100.0 %Southern California$23,268 11.9 %
Atria Senior Living93 11,296 100.0 %Northern California15,903 8.2 %
Belmont Village21 2,804 95.0 %New York / New Jersey10,128 5.2 %
Revera85 8,352 75.0 %Greater London9,853 5.1 %
Cogir31 4,369 90.9 %Washington D.C.8,596 4.4 %
Senior Resource Group24 3,268 65.0 %Montréal6,520 3.3 %
Brandywine Living28 2,651 99.6 %Toronto5,406 2.8 %
Signature Senior Lifestyle32 2,326 85.8 %Boston4,423 2.3 %
Frontier Management64 3,711 96.1 %Seattle2,696 1.4 %
Clover Management33 3,630 90.4 %Birmingham, UK2,666 1.4 %
Legend Senior Living37 2,809 93.3 %Vancouver2,455 1.3 %
Sagora Senior Living14 1,483 93.6 %Manchester, UK1,844 0.9 %
Care UK26 1,869 100.0 %Ottawa1,021 0.5 %
Oakmont Senior Living15 1,437 100.0 %Core Markets94,779 48.7 %
Remaining 176 20,288 All Other100,264 51.3 %
Total803 80,327 Total$195,043 100.0 %
Notes:
(1) Properties, units and occupancy exclude land parcels and properties under development.
(2) See pages 20 and 21 for reconciliation.
(3) Represents In-Place Portfolio.
(4) Welltower ownership percentage weighted based on In-Place NOI. See page 20 for reconciliation.

3

Portfolio

(dollars in thousands at Welltower pro rata ownership)
New Supply in Our US Seniors Housing Operating Portfolio
We have strategically acquired and developed properties in major US metro markets that benefit from population growth and density, affluence, job growth, and higher barriers to entry. New supply in a 3-mile ring around our properties potentially impacts just 2.4% of our total annualized In-Place NOI (IPNOI).
3-Mile Ring(1)
WelltowerWelltower
MSAProp. / Units
Annualized
IPNOI(2)
% of US SHO Portfolio
Prop. / Units Under Construction(3)
Prop. / Units Potentially Impacted
IPNOI Potentially Impacted(4)
5 Year Total Pop. Growth(5)
5 Year 75+ Pop. Growth(5)
Avg. Pop. Density(6)
Household Income(7)
Housing Value(7)
Est. Net Annual Inventory Growth(8)
Est. Annual Job Growth(9)
Los Angeles36 / 4,051$58,767 10.2 %10 / 1,43611 / 1,063$7,675 1.1 %9.0 %6,731 $107,576 $1,122,139 1.1 %6.8 %
New York37 / 3,40042,073 7.3 %8 / 1,1519 / 7727,455 5.1 %9.6 %5,718 124,439 570,816 1.7 %5.5 %
Dallas30 / 3,55834,390 6.0 %7 / 1,0116 / 8774,250 6.1 %25.8 %3,463 98,104 394,951 3.0 %7.1 %
Washington D.C.17 / 1,96731,042 5.4 %5 / 6169 / 9223,018 3.5 %11.1 %5,374 140,024 847,419 2.1 %4.5 %
San Francisco13 / 1,62825,686 4.5 %— — — 2.4 %9.8 %8,972 148,823 1,356,968 (1.4)%6.8 %
Boston17 / 1,33618,421 3.2 %1 / 861 / 591,026 4.5 %8.5 %2,795 148,368 869,507 2.3 %5.3 %
San Diego8 / 1,03318,109 3.1 %— — — 1.8 %12.1 %4,590 123,179 1,032,091 0.3 %7.4 %
Boulder, CO6 / 57012,373 2.1 %— — — 4.6 %25.3 %2,108 107,529 741,890 N/A6.5 %
Denver6 / 85712,189 2.1 %4 / 5052 / 3963,189 5.5 %24.1 %5,112 92,449 632,831 1.8 %5.2 %
San Antonio4 / 1,07511,515 2.0 %— — — 6.9 %27.4 %2,465 85,947 320,118 1.5 %5.3 %
Sacramento8 / 63711,088 1.9 %— — — 3.0 %11.3 %3,747 111,986 598,909 (0.1)%5.4 %
Tucson5 / 93010,202 1.8 %— — — -4.8 %-3.9 %1,973 64,034 280,710 (1.4)%3.5 %
Houston10 / 95310,112 1.8 %1 / 1181 / 741,223 5.8 %24.6 %3,688 91,260 409,037 (0.8)%5.0 %
San Jose4 / 4809,936 1.7 %1 / 411 / 137444 2.2 %11.3 %6,744 158,322 1,658,670 0.9 %5.9 %
Sarasota7 / 1,0349,096 1.6 %1 / 701 / 182161 5.1 %8.2 %2,776 73,043 306,071 5.7 %6.8 %
Buffalo10 / 1,2547,827 1.4 %— — — 5.4 %8.0 %3,049 74,398 198,802 (2.6)%3.6 %
Seattle16 / 1,7117,744 1.3 %2 / 1753 / 361768 6.3 %18.7 %5,300 121,259 853,640 0.6 %5.4 %
Portland, OR9 / 9457,685 1.3 %2 / 4772 / 134951 5.5 %17.6 %2,662 87,132 480,990 5.1 %4.9 %
Chicago19 / 2,1747,532 1.3 %1 / 1771 / 13124 1.2 %9.3 %3,316 107,632 445,033 1.1 %4.8 %
Philadelphia12 / 9577,315 1.3 %3 / 4992 / 170957 3.5 %6.6 %2,212 113,847 358,914 0.1 %4.0 %
Raleigh2 / 2506,885 1.2 %1 / 1381 / 1762,762 4.2 %23.7 %3,210 97,376 366,605 1.5 %5.7 %
Charlottesville, VA1 / 3026,178 1.1 %— — — 2.7 %10.3 %2,089 64,142 409,459 N/A4.1 %
Riverside6 / 7706,060 1.1 %— — — 2.3 %17.1 %3,281 136,307 744,300 2.0 %6.4 %
Salisbury, MD2 / 2066,041 1.0 %— — — 8.4 %10.7 %676 82,793 474,959 N/A2.9 %
Santa Rosa, CA4 / 5165,733 1.0 %— — — 0.4 %5.5 %2,016 97,882 803,445 N/A5.9 %
Total - Top 25289 / 32,594$383,999 66.7 %47 / 6,50050 / 5,454$33,903 3.6 %12.4 %4,626 $118,797 $799,593 1.2 %5.8 %
All Other US SHO Markets307 / 33,337191,742 33.3 %22 / 2,89824 / 3,03610,369 3.5 %12.6 %4,028 91,244 477,069 
Total US SHO596 / 65,931$575,741 100.0 %69 / 9,39874 / 8,490$44,272 3.6 %12.5 %4,407 $113,909 $742,379 
% of Total IPNOI2.4 %
US National Average3.2 %10.8 %94$72,039 $273,858 1.7 %
(10)
4.6 %
Notes:
(1) Based on historical drawing patterns in our portfolio, a 3-mile ring is appropriate for most urban markets, which accounts for the vast majority of our portfolio. A 5-mile ring is appropriate for most suburban markets. A larger ring is appropriate for rural markets. Each market is unique due to population density, town lines, geographic barriers, and roads/infrastructure. In the interest of simplicity, we have applied a 3-mile competitive ring to all of our properties given the preponderance of urban locations. We have also included a sensitivity with a 5-mile ring.
(2) Represents annualized IPNOI. See pages 2 and 20 for a reconciliation.
(3) Construction data provided by NIC, reflects competitive seniors housing properties within 3 miles of Welltower SHO properties for US markets.
(4) Reflects annualized IPNOI for Welltower SHO properties within 3 miles of new construction for the component of our project that potentially competes with the project under construction.
(5) Total population and 75+ population growth data represents simple averages of Claritas estimates for 2022-2027.
(6) Average population density data represents average population per square mile within a 3-mile ring based on 2022 Claritas estimates.
(7) Household income and household value data are medians weighted by IPNOI.
(8) NIC MAP Data and Analysis Service, 1Q22. Net inventory growth is calculated at the MSA level based on historical deletions from inventory and a 5-6 quarter construction period to reflect our urban locations. Total - Top 25 Net Inventory Growth weighted by IPNOI.
(9) Annual job growth data represents MSA level growth from February 2021 - February 2022 per Bureau of Labor Statistics. Total - Top 25 Estimated Annual Job Growth weighted by IPNOI.
(10) Reflects net inventory growth for NIC Top 99 Markets.











4

Portfolio

(dollars in thousands at Welltower pro rata ownership)
New Supply in Our US Seniors Housing Operating Portfolio
We have strategically acquired and developed properties in major US metro markets that benefit from population growth and density, affluence, job growth, and high barriers to entry. New supply in a 5-mile ring around our properties potentially impacts just 5.0% of our total annualized In-Place NOI (IPNOI).
5-Mile Ring(1)
WelltowerWelltower
MSAProp. / Units
Annualized IPNOI(2)
% of US SHO Portfolio
Prop. / Units Under Construction(3)
Prop. / Units Potentially Impacted
IPNOI Potentially Impacted(4)
5 Year Total Pop. Growth(5)
5 Year 75+ Pop. Growth(5)
Avg. Pop. Density(6)
Household Income(7)
Housing Value(7)
Est. Net Annual Inventory Growth(8)
Est. Annual Job Growth(9)
Los Angeles36 / 4,051$58,767 10.2 %13 / 1,87622 / 2,454$14,553 1.1 %9.6 %6,492 $100,108 $1,043,412 1.1 %6.8 %
New York37 / 3,40042,073 7.3 %14 / 2,03716 / 1,48613,076 5.2 %9.7 %5,166 120,806 561,518 1.7 %5.5 %
Dallas30 / 3,55834,390 6.0 %13 / 1,79813 / 1,6379,441 5.9 %25.8 %3,292 90,859 370,354 3.0 %7.1 %
Washington D.C.17 / 1,96731,042 5.4 %7 / 98016 / 1,7184,475 3.3 %11.1 %5,338 134,702 827,291 2.1 %4.5 %
San Francisco13 / 1,62825,686 4.5 %2 / 1592 / 230995 2.5 %9.9 %7,640 148,255 1,274,143 (1.4)%6.8 %
Boston17 / 1,33618,421 3.2 %4 / 5135 / 4364,193 4.5 %9.4 %2,775 137,974 800,841 2.3 %5.3 %
San Diego8 / 1,03318,109 3.1 %1 / 1801 / 50343 2.1 %11.6 %4,464 121,607 971,248 0.3 %7.4 %
Boulder, CO6 / 57012,373 2.1 %— — — 5.0 %23.7 %1,422 114,047 739,210 N/A6.5 %
Denver6 / 85712,189 2.1 %5 / 5863 / 4856,434 5.3 %22.2 %4,782 87,871 601,027 1.8 %5.2 %
San Antonio4 / 1,07511,515 2.0 %1 / 2311 / 1621,929 6.9 %26.7 %2,310 83,810 300,960 1.5 %5.3 %
Sacramento8 / 63711,088 1.9 %1 / 1451 / 115436 3.0 %12.1 %3,512 106,151 565,021 (0.1)%5.4 %
Tucson5 / 93010,202 1.8 %— — — -4.7 %-3.2 %1,736 62,990 278,277 (1.4)%3.5 %
Houston10 / 95310,112 1.8 %3 / 5223 / 4743,055 6.0 %27.4 %3,736 87,737 333,540 (0.8)%5.0 %
San Jose4 / 4809,936 1.7 %2 / 1442 / 2803,505 2.2 %11.3 %5,754 163,871 1,662,349 0.9 %5.9 %
Sarasota7 / 1,0349,096 1.6 %3 / 4555 / 4452,115 5.0 %7.9 %2,265 71,734 330,338 5.7 %6.8 %
Buffalo10 / 1,2547,827 1.4 %— — — 5.3 %8.3 %2,669 71,675 190,727 (2.6)%3.6 %
Seattle16 / 1,7117,744 1.3 %5 / 5805 / 6693,206 6.3 %20.6 %4,618 130,794 885,101 0.6 %5.4 %
Portland, OR9 / 9457,685 1.3 %2 / 4774 / 2732,755 5.4 %16.4 %2,478 86,116 459,642 5.1 %4.9 %
Chicago19 / 2,1747,532 1.3 %1 / 1771 / 13124 1.0 %9.9 %3,065 116,509 465,851 1.1 %4.8 %
Philadelphia12 / 9577,315 1.3 %4 / 5834 / 3271,376 3.6 %7.2 %2,396 93,443 309,912 0.1 %4.0 %
Raleigh2 / 2506,885 1.2 %1 / 1381 / 1762,762 4.9 %29.4 %2,681 105,417 415,810 1.5 %5.7 %
Charlottesville, VA1 / 3026,178 1.1 %— — — 3.9 %12.6 %1,489 81,795 428,169 N/A4.1 %
Riverside6 / 7706,060 1.1 %— — — 2.4 %17.3 %2,819 96,989 688,625 2.0 %6.4 %
Salisbury, MD2 / 2066,041 1.0 %— — — 8.2 %10.5 %588 84,960 450,906 N/A2.9 %
Santa Rosa, CA4 / 5165,733 1.0 %2 / 2221 / 900.6 %6.7 %1,119 98,439 829,245 N/A5.9 %
Total - Top 25289 / 32,594$383,999 66.7 %84 / 11,803106 / 11,638$74,677 3.7 %12.9 %4,282 $115,212 $764,276 1.2 %5.8 %
All Other US SHO Markets307 / 33,337191,74233.3 %40 / 5,46441 / 4,92816,624 3.4 %12.9 %3,43782,690456,818
Total US SHO596 / 65,931$575,741 100.0 %124 / 17,267147 / 16,566$91,301 3.6 %12.9 %3,972$109,443 $709,735 
% of Total IPNOI5.0 %
US National Average3.2 %10.8 %94$72,039 $273,858 1.7 %
(10)
4.6 %
Notes:
(1) Based on historical drawing patterns in our portfolio, a 3-mile ring is appropriate for most urban markets, which accounts for the vast majority of our portfolio. A 5-mile ring is appropriate for most suburban markets. A larger ring is appropriate for rural markets. Each market is unique due to population density, town lines, geographic barriers, and roads/infrastructure. In the interest of simplicity, we have applied a 3-mile competitive ring to all of our properties given the preponderance of urban locations. We have also included a sensitivity with a 5-mile ring.
(2) Represents annualized IPNOI. See pages 2 and 20 for a reconciliation.
(3) Construction data provided by NIC, reflects competitive seniors housing properties within 5 miles of Welltower SHO properties for US markets.
(4) Reflects annualized IPNOI for Welltower SHO properties within 5 miles of new construction for the component of our project that potentially competes with the project under construction.
(5) Total population and 75+ population growth data represents simple averages of Claritas estimates for 2022-2027.
(6) Average population density data represents average population per square mile within a 5-mile ring based on 2022 Claritas estimates.
(7) Household income and household value data are medians weighted by IPNOI.
(8) NIC MAP Data and Analysis Service, 1Q22. Net inventory growth is calculated at the MSA level based on historical deletions from inventory and a 5-6 quarter construction period to reflect our urban locations. Total - Top 25 Net Inventory Growth weighted by IPNOI.
(9) Annual job growth data represents MSA level growth from February 2021 - February 2022 per Bureau of Labor Statistics. Total -Top 25 Estimated Annual Job Growth weighted by IPNOI.
(10) Reflects net inventory growth for NIC Top 99 Markets.


5

Portfolio

(dollars in thousands at Welltower pro rata ownership)
Payment Coverage Stratification
EBITDARM Coverage(1)
EBITDAR Coverage(1)
% of In-Place NOISeniors Housing Triple-netLong-Term/ Post- Acute CareTotalWeighted Average MaturityNumber of LeasesSeniors Housing Triple-netLong-Term/ Post- Acute CareTotalWeighted Average MaturityNumber of Leases
< 0.85x3.2 %0.1 %3.3 %10 8.8 %0.7 %9.5 %10 12 
0.85x - 0.95x3.5 %— %3.5 %0.6 %— %0.6 %
0.95x - 1.05x0.6 %0.8 %1.4 %0.9 %0.6 %1.5 %10 
1.05x - 1.15x2.1 %— %2.1 %15 1.6 %2.1 %3.7 %
1.15x - 1.25x2.5 %— %2.5 %4.5 %— %4.5 %10 
1.25x - 1.35x4.5 %1.7 %6.2 %10 — %— %— %— — 
> 1.35x— %1.6 %1.6 %10 — %0.8 %0.8 %
Total16.4 %4.2 %20.6 %9 24 16.4 %4.2 %20.6 %9 24 
Revenue and Lease Maturity(2)
Rental Income
YearSeniors Housing
Triple-net
Outpatient MedicalHealth
System
Long-Term / Post-Acute CareInterest
Income
Total
Revenues
% of Total
2022$— $42,074 $— $1,319 $2,894 $46,287 3.8 %
2023— 48,734 — 840 7,667 57,241 4.7 %
202412,110 58,170 — — 23,895 94,175 7.7 %
20255,290 31,111 — — 3,085 39,486 3.2 %
202658,515 40,352 — 9,493 98,503 206,863 17.0 %
202713,265 31,743 — — 769 45,777 3.8 %
20284,799 25,892 — 19,383 112 50,186 4.1 %
20293,972 23,272 — — 585 27,829 2.3 %
203015,722 37,768 — 27,601 142 81,233 6.7 %
203116,867 38,233 — 4,336 — 59,436 4.9 %
Thereafter213,326 94,251 172,363 28,420 1,680 510,040 41.8 %
$343,866 $471,600 $172,363 $91,392 $139,332 $1,218,553 100.0 %
Weighted Avg Maturity Years10 14 
Notes:
(1) Represents trailing twelve month coverage metrics as of December 31, 2021 for stable portfolio only. Agreements included represent 80% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 20 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.
(2) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non cash income. Interest income represents contractual rate of interest for loans, net of collectability reserves if applicable.




6

Portfolio

(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)
1Q212Q213Q214Q211Q22
Properties357 360 366 375 379 
Square feet16,917,791 17,291,495 17,383,040 17,572,561 18,079,918 
Occupancy94.4 %94.8 %94.7 %94.8 %94.7 %
Total revenues$157,162 $160,514 $160,003 $161,022 $163,597 
Operating expenses47,764 46,184 48,796 47,254 50,599 
NOI$109,398 $114,330 $111,207 $113,768 $112,998 
NOI margin69.6 %71.2 %69.5 %70.7 %69.1 %
Revenues per square foot$37.16 $37.13 $36.82 $36.65 $36.19 
NOI per square foot$25.87 $26.45 $25.59 $25.90 $25.00 
Recurring cap-ex$4,178 $5,978 $7,327 $18,287 $9,141 
Other cap-ex$2,376 $2,014 $2,064 $4,738 $1,594 

Same Store Performance(2)
1Q212Q213Q214Q211Q22
Properties351 351 351 351 351 
Occupancy94.7 %94.8 %94.7 %94.8 %94.5 %
Same store revenues$145,708 $144,881 $146,785 $146,887 $150,087 
Same store operating expenses45,823 45,439 46,638 44,836 47,456 
Same store NOI$99,885 $99,442 $100,147 $102,051 $102,631 
NOI margin68.6 %68.6 %68.2 %69.5 %68.4 %
Year over year NOI growth rate2.7 %

Portfolio Diversification
by Tenant(3)
Rental Income% of TotalQuality Indicators
Kelsey-Seybold$26,031 5.5 %
Health system affiliated properties as % of NOI(3)
89.8 %
Virtua15,301 3.2 %
Health system affiliated tenants as % of rental income(3)
61.8 %
Novant Health14,778 3.1 %
Retention (trailing twelve months)(3)
90.1 %
Providence Health & Services13,658 2.9 %
In-house managed properties as % of square feet(3,4)
88.4 %
Common Spirit Health12,868 2.7 %
Average remaining lease term (years)(3)
6.6 
Remaining portfolio388,964 82.6 %
Average building size (square feet)(3)
60,127 
Total$471,600 100.0 %Average age (years)16 

Expirations(3)
20222023202420252026Thereafter
Occupied square feet1,434,327 1,740,426 1,950,158 1,120,222 1,532,081 9,348,890 
% of occupied square feet8.4 %10.2 %11.4 %6.5 %8.9 %54.6 %
Notes:
(1) Property count, occupancy, square feet and per square foot metrics exclude properties under development and all land parcels. Per square foot amounts are annualized.
(2) Includes 351 same store properties representing 16,560,342 square feet. See pages 20 and 21 for reconciliation.
(3) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non cash income. Retention includes month-to-month tenants retained.
(4) Excludes tenant managed properties.








7

Investment

(dollars in thousands at Welltower pro rata ownership)
Relationship Investment History
http://api.rkd.refinitiv.com/api/FilingsRetrieval3/.67667709.chart-6fddafe50a044768853.jpg.ashx
Detail of Acquisitions/JVs(1)
20182019202020211Q2218-22 Total
Count15 27 12 35 94 
Total$3,788,261 $4,073,554 $910,217 $4,101,534 $740,036 $13,613,602 
Low4,950 7,550 6,201 5,000 24,500 4,950 
Median73,727 38,800 48,490 45,157 137,437 44,504 
High2,481,723 1,250,000 235,387 1,576,642 389,149 2,481,723 

Investment Timing
Acquisitions and Loan Funding(2)
Yield
Construction Conversions(3)
YieldDispositions and Loan PayoffsYield
January$547,815 5.2 %$55,093 9.0 %$— — %
February88,661 4.9 %120,328 6.6 %60,632 6.8 %
March150,428 5.5 %52,600 7.0 %94,213 7.6 %
Total$786,904 5.2 %$228,021 7.3 %$154,845 7.3 %

Notes:
(1) Includes non-yielding asset acquisitions.
(2) Excludes land acquisitions and includes advances for non-real estate loans and excludes advances for development loans.
(3) Includes expansion conversions.



8

Investment
(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity
First Quarter 2022
PropertiesBeds / Units / Square FeetInvestment Per
Bed / Unit /
SqFt
Pro Rata
Amount
Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating 101,421 units$334,504 $454,349 
Outpatient Medical4509,617 sf291 148,250 
Health System— units— 137,437 
Loan funding46,868 
Total acquisitions and loan funding(2)
14786,904 5.2 %
Development Funding(3)
Development projects:
Seniors Housing Operating406,194 units193,122 
Seniors Housing Triple-net6551 units18,686 
Outpatient Medical4303,369 sf18,670 
Total development projects50230,478 
Expansion projects:
Seniors Housing Operating3195 units1,710 
Outpatient Medical131,845 sf1,159 
Total expansion projects42,869 
Total development funding54233,347 7.3 %
Total gross investments1,020,251 5.7 %
Dispositions and Loan Payoffs(4)
Seniors Housing Triple-net172units125,347 9,025 
Long-Term/Post-Acute Care6683beds97,936 66,890 
Loan payoffs78,930 
Total dispositions and loan payoffs(5)
7154,845 7.3 %
Net investments (dispositions)$865,406 

Notes:
(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP for all consolidated and unconsolidated property acquisitions and pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans. Includes acquisition of additional ownership interest in existing properties which are excluded from property, unit and per unit metrics.
(2) Acquisition yields represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Loan funding yield represents annualized contractual interest divided by investment amount.
(3) Amounts represent cash funded and capitalized interest for all developments/expansions including construction in progress, loans and in-substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.
(4) Amounts represent proceeds received for loan payoffs and consolidated and unconsolidated property sales.
(5) Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds. Pro rata amounts include joint venture real estate loans receivable.





9

Investment
Property Acquisitions Detail
OperatorUnitsLocationMSA
Seniors Housing Operating
Cogir Management Corporation1531360 K.L.O RoadKelownaBCCAKelowna
Cogir Management Corporation165580 Yates RoadKelownaBCCAKelowna
Cogir Management Corporation1691075 Barnes AvenueKelownaBCCAKelowna
Cogir Management Corporation1651277 Gordon DriveKelownaBCCAKelowna
Cogir Management Corporation763200 Lakeshore RoadKelownaBCCAKelowna
Cogir Management Corporation1583475 Wilson StreetPentictonBCCAPenticton
Cogir Management Corporation1531800 58th AvenueVernonBCCAVernon
Cogir Management Corporation1262505 Ingram RoadWest KelownaBCCAKelowna
New Perspective Senior Living1002300 Illinois Route 53Long GroveILUSChicago
United Group1561 Patriot CircleUticaNYUSUtica, NY
Total1,421 
Outpatient MedicalSq. Ft
Tenet Healthcare133,026513 Brookwood BoulevardBirminghamALUSBirmingham
Tenet Healthcare131,8252006 Brookwood Medical Center DriveBirminghamALUSBirmingham
Tenet Healthcare165,3672022 Brookwood Medical Center DriveBirminghamALUSBirmingham
Tenet Healthcare79,3992018 Brookwood Medical Center DriveBirminghamALUSBirmingham
Total 509,617

10

Investment
(dollars in thousands at Welltower pro rata ownership)
Development Summary(1)
Unit Mix
FacilityTotalIndependent LivingAssisted LivingMemory CareCommitment AmountBalance at 03/31/22Estimated Conversion
Seniors Housing Operating
Barnet, UK100 — 76 24 $51,096 $46,122 2Q22
Staten Island, NY95 — 45 50 21,590 19,741 2Q22
Sachse, TX193 193 — — 37,788 18,373 3Q22
Princeton, NJ80 — 68 12 29,624 27,620 3Q22
Montreal, ON249 225 — 24 20,577 12,400 3Q22
Montreal, ON229 229 — — 18,478 11,430 3Q22
Berea, OH120 120 — — 13,441 11,236 3Q22
Painesville, OH119 119 — — 13,016 9,633 3Q22
Beaver, PA116 116 — — 12,766 8,833 3Q22
Bellevue, WA110 — 85 25 10,169 7,335 3Q22
New York, NY528 400 92 36 146,096 140,897 4Q22
New Rochelle, NY72 — 36 36 41,922 17,437 4Q22
Pflugerville, TX196 196 — — 39,224 15,266 4Q22
Georgetown, TX188 188 — — 35,961 18,644 4Q22
Denton, TX65 65 — — 19,386 6,565 4Q22
Orange, CA91 — 49 42 19,054 9,250 4Q22
Livingston, NJ103 — 77 26 16,867 9,145 4Q22
Sunnyvale, CA90 — 52 38 25,661 11,768 1Q23
McLean, VA103 — 63 40 24,211 11,806 1Q23
Brookline, MA159 81 38 40 145,990 36,750 2Q23
New York, NY160 — 76 84 79,400 55,026 2Q23
Vienna, VA85 — 49 36 40,808 15,680 2Q23
Lake Jackson, TX130 130 — — 31,684 4,247 2Q23
Coral Gables, FL91 — 55 36 21,147 5,549 2Q23
White Marsh, MD188 106 55 27 77,234 8,110 3Q23
Weymouth, MA165 91 48 26 76,188 15,200 3Q23
Charlotte, NC328 328 — — 71,658 31,352 3Q23
Glendale, AZ204 204 — — 53,870 8,348 3Q23
Oceanside, CA90 — 50 40 15,147 2,365 3Q23
Miami Twp, OH122 122 — — 16,385 1,962 4Q23
Tarrytown, NY85 — 53 32 20,720 4,004 1Q24
Gaithersburg, MD302 190 89 23 156,194 29,494 2Q24
Leander, TX72 72 — — 26,231 3,595 2Q24
Temple, TX245 245 — — 65,569 5,407 4Q24
Cupertino, CA158 — 158 — 61,929 26,937 4Q24
Kyle, TX225 245 — — 61,436 4,477 1Q25
Subtotal5,656 3,665 1,314 697 1,618,517 672,004 
Seniors Housing Triple-net
Redhill, UK76 — 46 30 20,912 18,471 2Q22
London, UK82 — 51 31 42,436 22,650 3Q22
Wombourne, UK66 — 41 25 15,782 11,891 4Q22
Leicester, UK60 — 36 24 14,730 10,186 4Q22
Rugby, UK76 — 51 25 20,140 10,460 1Q23
Raleigh, NC191 151 40 — 141,853 53,291 2Q23
Subtotal551 151 265 135 255,853 126,949 
Outpatient MedicalRentable Square FtPreleased %Health System AffiliationCommitment AmountBalance at 03/31/22Estimated Conversion
Norman, OK47,082 100 %Yes21,79211,105 3Q22
Tyler, TX85,214 100 %Yes34,75020,452 4Q22
Stafford, TX36,788 100 %Yes18,031 6,172 4Q22
Norman, OK134,285 100 %Yes68,136 7,338 2Q23
Subtotal303,369 142,709 45,067 
Total Development Projects$2,017,079 $844,020 
Note: (1) Includes development projects (construction in progress, development loans and in-substance real estate) and excludes redevelopments and expansion projects. Commitment amount represents current balances plus capitalized interest and unfunded commitments to complete development.
11

Investment
(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
Projected Future Funding
ProjectsBeds / Units / Square Feet
Projected Yields(2)
2022 FundingFunding ThereafterTotal Unfunded CommitmentsCommitted Balances
Seniors Housing Operating365,6567.4 %$501,800 $444,713 $946,513 $1,618,517 
Seniors Housing Triple-net65517.2 %92,511 36,393 128,904 255,853 
Outpatient Medical4303,3696.1 %78,935 18,707 97,642 142,709 
Total467.1 %$673,246 $499,813 $1,173,059 $2,017,079 

Development Project Conversion Estimates(1)
Quarterly ConversionsAnnual Conversions
Amount
Projected
Yields(2)
Amount
Projected
Yields(2)
1Q22 actual$228,021 7.3 %2022 actual$228,021 7.3 %
2Q22 estimate93,5988.5 %2022 estimate715,488 6.9 %
3Q22 estimate220,0877.0 %2023 estimate909,512 7.6 %
4Q22 estimate401,8036.4 %2024 estimate330,6437.4 %
1Q23 estimate70,0127.7 %2025 estimate61,436 6.4 %
2Q23 estimate529,0187.6 %Total$2,245,100 7.3 %
3Q23 estimate294,0977.6 %
4Q23 estimate16,3856.1 %
1Q24 estimate20,7208.2 %
2Q24 estimate182,4258.3 %
4Q24 estimate127,4986.1 %
2Q25 estimate61,4366.4 %
Total$2,245,100 7.3 %

Unstabilized Properties
12/31/2021 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ Dispositions03/31/2022 PropertiesBeds / Units
Seniors Housing Operating33— 4385,474
Seniors Housing Triple-net24— (1)242,554
Total57— 3628,028
Occupancy12/31/2021 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ DispositionsProgressions03/31/2022 Properties
0% - 50%33 — — 38 
50% - 70%17 — — — — 17 
70% +— — — — 
Total57 — — 62 
Occupancy03/31/2022 PropertiesMonths In OperationRevenues
% of Total Revenues(4)
Gross Investment Balance% of Total Gross Investment
0% - 50%38 10 $44,671 0.8 %$1,162,335 2.9 %
50% - 70%17 21 65,177 1.2 %542,950 1.3 %
70% +20 37,571 0.7 %364,880 0.9 %
Total62 11 $147,419 2.7 %$2,070,165 5.1 %
Notes:
(1) Includes development projects (construction in progress, development loans and in-substance real estate) and excludes expansion projects.
(2) Actual yields may vary.
(3) Includes expansion and development loan conversions.
(4) Percent of total revenues based on current quarter annualized pro rata total revenues on page 14.

12

Financial

(dollars in thousands at Welltower pro rata ownership)
Components of NAV
Stabilized NOIPro rata beds/units/square feet
Seniors Housing Operating(1)
$745,316 80,327 units
Seniors Housing Triple-net383,528 24,052 units
Outpatient Medical434,884 18,079,918 square feet
Health System172,368 20,279 units/beds
Long-Term/Post-Acute Care89,252 6,256 beds
Total In-Place NOI(2)
1,825,348 
Incremental stabilized NOI(3)
109,467 
Total stabilized NOI$1,934,815 
Obligations
Lines of credit and commercial paper(4)
$300,000 
Senior unsecured notes(4)
12,231,595 
Secured debt(4)
2,962,487 
Financing lease liabilities110,824 
Total debt$15,604,906 
Add (Subtract):
Other liabilities (assets), net(5)
$436,725 
Cash and cash equivalents and restricted cash(367,043)
Net obligations$15,674,588 
Other Assets
Land parcels$266,338 
Effective Interest Rate(8)
Real estate loans receivable(6)
1,257,303 11.0%
Non real estate loans receivable(7)
239,023 10.6%
Joint venture real estate loans receivables(9)
228,325 5.8%
Other investments(10)
8,844 
Investments held for sale(11)
265,294 
Development properties:(12)
Current balance853,641 
Unfunded commitments1,190,230 
Committed balances$2,043,871 
Projected yield7.1 %
Projected NOI$145,115 
Common Shares Outstanding(13)
455,344 
Notes:
(1) Includes $12,772,000 attributable to our proportional share of income from unconsolidated management company investments.
(2) See page 20 for reconciliation.
(3) Represents incremental NOI from Seniors Housing Operating unstabilized properties.
(4) Represents principal amounts due and do not include unamortized premiums/discounts, deferred loan expenses or other fair value adjustments as reflected on the balance sheet. Includes $1,120,988,000 of foreign secured debt.
(5) Includes liabilities / (assets) that impact cash or NOI and excludes non real estate loans and non-cash items such as the following (in thousands):
Unearned revenues$309,401 
Below market tenant lease intangibles, net27,735 
Deferred taxes, net(33,689)
Intangible assets, net(48,196)
Other non-cash liabilities / (assets), net6,438 
Total non-cash liabilities/(assets), net$261,689 
(6) Represents $1,271,458,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, and net of $14,155,000 of credit allowances.
(7) Represents $390,559,000 of non-real estate loans, net of $151,536,000 of credit allowances.
(8) Average cash-pay interest rates are 6.3% and 1.8% for real estate and non-real estate loans, respectively. Rates exclude non-accrual/interest-free loans.
(9) Represents partners' share of Welltower loans made to our partners in select joint ventures, secured by their interest in the joint venture properties.
(10) Represents the fair value of Genesis Healthcare, Inc. stock investment based on closing stock price at March 31, 2022 and estimated fair value of a 3.4% ownership in a Seniors Housing Operating portfolio excluded from IPNOI.
(11) Represents expected proceeds from assets held for sale.
(12) See pages 11-12. Also includes expansion projects.
(13) Includes redeemable OP units.
13

Financial
(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
1Q212Q213Q214Q211Q22
Revenues:
Seniors Housing Operating
Resident fees and services$708,026 $726,516 $809,930 $870,039 $965,574 
Interest income1,125 859 1,117 1,091 1,398 
Other income1,967 860 1,049 6,434 3,007 
Total revenues711,118 728,235 812,096 877,564 969,979 
Seniors Housing Triple-net
Rental income57,328 108,612 114,039 116,497 108,792 
Interest income6,660 28,885 32,153 33,149 33,097 
Other income913 1,357 901 1,068 1,471 
Total revenues64,901 138,854 147,093 150,714 143,360 
Outpatient Medical
Rental income151,688 150,781 157,474 155,715 160,288 
Interest income3,538 4,731 472 51 71 
Other income1,936 5,002 2,057 5,256 3,238 
Total revenues157,162 160,514 160,003 161,022 163,597 
Health System
Rental income42,445 46,554 46,204 47,440 51,243 
Total revenues42,445 46,554 46,204 47,440 51,243 
Long-Term/Post-Acute Care
Rental income49,761 40,542 32,255 30,989 30,039 
Interest income8,256 3,973 6,122 5,381 5,107 
Other income186 — 184 — 234 
Total revenues58,203 44,515 38,561 36,370 35,380 
Corporate
Other income3,129 2,672 3,362 3,548 3,183 
Total revenues3,129 2,672 3,362 3,548 3,183 
Total
Rental income301,222 346,489 349,972 350,641 350,362 
Resident fees and services708,026 726,516 809,930 870,039 965,574 
Interest income19,579 38,448 39,864 39,672 39,673 
Other income8,131 9,891 7,553 16,306 11,133 
Total revenues1,036,958 1,121,344 1,207,319 1,276,658 1,366,742 
Property operating expenses:
Seniors Housing Operating539,058 584,484 644,241 698,601 774,936 
Seniors Housing Triple-net7,758 7,871 7,927 8,236 7,421 
Outpatient Medical47,764 46,184 48,796 47,254 50,599 
Health System20 54 64 64 35 
Long-Term/Post-Acute Care5,279 4,848 3,859 4,085 3,958 
Corporate1,654 2,174 3,054 1,935 2,615 
Total property operating expenses601,533 645,615 707,941 760,175 839,564 
Net operating income:
Seniors Housing Operating172,060 143,751 167,855 178,963 195,043 
Seniors Housing Triple-net57,143 130,983 139,166 142,478 135,939 
Outpatient Medical109,398 114,330 111,207 113,768 112,998 
Health System42,425 46,500 46,140 47,376 51,208 
Long-Term/Post-Acute Care52,924 39,667 34,702 32,285 31,422 
Corporate1,475 498 308 1,613 568 
Net operating income$435,425 $475,729 $499,378 $516,483 $527,178 
Note:
(1) Please see discussion of Supplemental Reporting Measures on page 19. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%. Excludes NOI related to a leasehold portfolio interest for 26 properties assumed by a wholly-owned affiliate in conjunction with the Holiday Retirement transaction. Subsequent to the initial transaction, we purchased eight of the leased properties and one of the properties was sold by the landlord and removed from the lease. No rent will be paid in excess of net cash flow relating to the leasehold properties and therefore, the leasehold interests have been excluded from NOI and relevant metrics such as property count, unit count, IPNOI. same store NOI, REVPOR and same store REVPOR.
14

Financial
(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
Twelve Months EndedThree Months Ended
March 31, 2022March 31, 2022
Net income (loss)$368,038 $65,751 
Interest expense488,407 121,696 
Income tax expense (benefit)9,783 5,013 
Depreciation and amortization1,097,228 304,088 
EBITDA1,963,456 496,548 
Loss (income) from unconsolidated entities38,866 2,884 
Stock-based compensation(2)
19,681 7,445 
Loss (gain) on extinguishment of debt, net54,505 (12)
Loss (gain) on real estate dispositions, net(199,229)(22,934)
Impairment of assets27,539 — 
Provision for loan losses, net5,083 (804)
Loss (gain) on derivatives and financial instruments, net(6,689)2,578 
Other expenses(2)
56,127 26,066 
Leasehold interest adjustment(3)
(7,697)(8,457)
Casualty losses, net of recoveries(4)
5,799 13 
Total adjustments(6,015)6,779 
Adjusted EBITDA$1,957,441 $503,327 
Interest Coverage Ratios
Interest expense$488,407 $121,696 
Capitalized interest20,335 5,479 
Non-cash interest expense(18,624)(4,109)
Total interest$490,118 $123,066 
EBITDA$1,963,456 $496,548 
Interest coverage ratio4.01  x4.03  x
Adjusted EBITDA$1,957,441 $503,327 
Adjusted Interest coverage ratio3.99  x4.09  x
Fixed Charge Coverage Ratios
Total interest$490,118 $123,066 
Secured debt principal amortization65,600 15,968 
Total fixed charges$555,718 $139,034 
EBITDA$1,963,456 $496,548 
Fixed charge coverage ratio3.53  x3.57  x
Adjusted EBITDA$1,957,441 $503,327 
Adjusted Fixed charge coverage ratio3.52  x3.62  x
Net Debt to EBITDA Ratios
Total debt(5)
$14,652,497 
  Less: cash and cash equivalents and restricted cash(367,043)
Net debt$14,285,454 
EBITDA Annualized$1,986,192 
Net debt to EBITDA ratio7.19  x
Adjusted EBITDA Annualized$2,013,308 
Net debt to Adjusted EBITDA ratio7.10  x
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 19.
(2) Certain severance-related costs are included in stock-based compensation and excluded from other expenses.
(3) For the three months ended March 31, 2022, represents $13,941,000 of revenues and $5,484,000 of property operating expenses associated with a leasehold portfolio interest relating to 26 properties assumed by a wholly-owned affiliate in conjunction with the Holiday Retirement transaction. Subsequent to the initial transaction, we purchased eight of the leased properties and one of the properties was sold by the landlord and removed from the lease. No rent will be paid in excess of net cash flow relating to the leasehold properties and therefore, the net impact has been excluded from Adjusted EBITDA.
(4) Represents casualty losses net of any insurance recoveries.
(5) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $110,824,000. Excludes operating lease liabilities of $438,175,000 related to ASC 842 adoption.
15

Financial
(in thousands except share price)
Leverage and Current Capitalization(1)
% of Total
Book Capitalization
Lines of credit and commercial paper(2)
$299,968 0.90 %
Long-term debt obligations(2)(3)
14,352,529 42.89 %
Cash and cash equivalents and restricted cash(367,043)(1.10)%
Net debt to consolidated book capitalization$14,285,454 42.69 %
Total equity(4)
19,178,026 57.31 %
Consolidated book capitalization$33,463,480 100.00 %
Joint venture debt, net(5)
846.846 
Total book capitalization$33,464,326.846 
Undepreciated Book Capitalization
Lines of credit and commercial paper(2)
$299,968 0.74 %
Long-term debt obligations(2)(3)
14,352,529 35.28 %
Cash and cash equivalents and restricted cash(367,043)(0.90)%
Net debt to consolidated undepreciated book capitalization$14,285,454 35.12 %
Accumulated depreciation and amortization7,215,622 17.74 %
Total equity(4)
19,178,026 47.14 %
Consolidated undepreciated book capitalization$40,679,102 100.00 %
Joint venture debt, net(5)
846.846 
Total undepreciated book capitalization$40,679,948.846 
Enterprise Value
Lines of credit and commercial paper(2)
$299,968 0.51 %
Long-term debt obligations(2)(3)
14,352,529 24.24 %
Cash and cash equivalents and restricted cash(367,043)(0.62)%
Net debt to consolidated enterprise value$14,285,454 24.13 %
Common shares outstanding453,948 
Period end share price96.14 
Common equity market capitalization$43,642,561 73.71 %
Noncontrolling interests(4)
1,282,450 2.17 %
Consolidated enterprise value$59,210,465 100.00 %
Joint venture debt, net(5)
846.846 
Total enterprise value$59,211,311.846 
Secured Debt as % of Total Assets
Secured debt(2)
$2,104,945 5.93 %
Total assets$35,472,453 
Total Debt as % of Total Assets
Total debt(2)(3)
$14,652,497 41.31 %
Total assets$35,472,453 
Unsecured Debt as % of Unencumbered Assets
Unsecured debt(2)
$12,436,728 35.52 %
Unencumbered assets$35,009,520 
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 19.
(2) Amounts include unamortized premiums/discounts and other fair value adjustments as reflected on the balance sheet.
(3) Includes financing lease liabilities of $110,824,000 and excludes operating lease liabilities of $438,175,000 related to ASC 842 adoption.
(4) Includes all noncontrolling interests (redeemable and permanent) as reflected on our balance sheet.
(5) Net of Welltower's share of unconsolidated debt and minority partners' share of Welltower consolidated debt.

16

Financial
(dollars in thousands)
Debt Maturities and Principal Payments(1)
Year
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3,4,5,6)
Consolidated Secured DebtShare of Unconsolidated Secured DebtNoncontrolling Interests' Share of Consolidated Secured Debt
Combined Debt(7)
% of Total
Wtd. Avg. Interest Rate(8)
2022$— $— $575,737 $146,558 $(162,930)$559,365 3.61 %2.93 %
2023— 700,288 448,580 159,884 (71,314)1,237,438 7.99 %2.42 %
2024— 1,350,000 184,770 143,002 (25,125)1,652,647 10.67 %3.78 %
2025— 1,260,000 167,506 502,528 (30,530)1,899,504 12.26 %3.78 %
2026300,000 700,000 109,782 50,001 (30,115)1,129,668 7.29 %3.22 %
2027— 740,347 169,760 66,084 (46,692)929,499 6.00 %2.95 %
2028— 1,473,360 80,994 27,411 (13,840)1,567,925 10.12 %4.47 %
2029— 1,050,000 246,513 36,732 (1,945)1,331,300 8.59 %2.84 %
2030— 750,000 5,028 32,496 (1,133)786,391 5.08 %3.06 %
2031— 1,350,000 5,254 27,996 (1,186)1,382,064 8.92 %2.77 %
Thereafter— 2,857,600 121,717 74,213 (35,249)3,018,281 19.47 %4.42 %
Totals$300,000 $12,231,595 $2,115,641 $1,266,905 $(420,059)$15,494,082 100.00 %
Weighted Avg. Interest Rate(8)
1.01 %3.61 %3.03 %3.30 %2.91 %3.47 %
Weighted Avg. Maturity Years4.27.63.65.33.36.9
% Floating Rate Debt(8)
100.00 %10.30 %33.14 %25.22 %36.68 %15.66 %

Debt by Local Currency(1)
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3,4,5,6)
Consolidated Secured DebtShare of Unconsolidated Secured DebtNoncontrolling Interests' Share of Consolidated Secured Debt
Combined Debt(7)
Investment Hedges(9)
United States$300,000 $10,410,000 $1,082,993 $934,809 $(176,303)$12,551,499 $— 
United Kingdom— 1,380,960 — — — 1,380,960 2,486,659 
Canada— 440,635 1,032,648 332,096 (243,756)1,561,623 861,240 
Totals$300,000 $12,231,595 $2,115,641 $1,266,905 $(420,059)$15,494,082 $3,347,899 
Notes:
(1) Represents principal amounts due excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.
(2) The 2026 maturity reflects the $190,000,000 in principal outstanding on our unsecured commercial paper program as of as of March 31, 2022. The unsecured revolving credit facility is comprised of a $1,000,000,000 tranche that matures on June 4, 2023 (none outstanding at March 31, 2022) and a $3,000,000,000 tranche that matures on June 4, 2025 ($110,000,000 at March 31, 2022). Both tranches may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility. As such, we calculate the weighted average remaining term of our commercial paper borrowings using the extended maturity date of the unsecured revolving credit facility.
(3) 2023 includes a $500,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $200,288,000 USD at March 31, 2022). The loans mature on July 19, 2023. The interest rates on the loans are LIBOR + 0.9% for USD and CDOR + 0.9% for CAD.
(4) 2027 includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $240,347,000 USD at March 31, 2022) that matures on January 15, 2027.
(5) 2028 includes £550,000,000 of 4.80% senior unsecured notes (approximately $723,360,000 USD at March 31, 2022). The notes mature on November 20, 2028.
(6) Thereafter includes £500,000,000 of 4.50% senior unsecured notes (approximately $657,600,000 USD at March 31, 2022). The notes mature on December 1, 2034.
(7) Excludes operating lease liabilities of $438,175,000 and finance lease liabilities of $110,824,000 related to ASC 842 adoption.
(8) Based on variable interest rates and foreign currency exchange rates in effect as of March 31, 2022. The interest rate on the unsecured revolving credit facility is 1-month LIBOR + 0.775%. Commercial paper, senior notes and secured debt average interest rate represents the face value note rate. Includes the impact of notional swaps to convert fixed rate debt to SOFR-based floating rate debt, LIBOR-based floating rate debt to fixed rate debt, and CDOR-based floating rate debt to fixed rate debt.
(9) Represents notional value of foreign currency derivative contracts at end of period spot FX rates. The fair market value of the gains (losses) of these contracts is currently USD $(23,548,000), as represented in other assets (liabilities) on the balance sheet. We supplement our local currency debt with foreign currency derivative contracts to offset the translation and economic exposures related to our international investments. Currently, our foreign currency derivatives are comprised of forward contracts and cross-currency swaps.

17

Glossary
Age: Current year, less the year built, adjusted for major renovations. Average age is weighted by pro rata NOI.
Cap-ex, Tenant Improvements, Leasing Commissions: Represents amounts incurred for: 1) recurring and non-recurring capital expenditures required to maintain and re-tenant our properties; 2) second generation tenant improvements; and 3) leasing commissions paid to third party leasing agents to secure new tenants.
Construction Conversion: Represents completed construction projects that were placed into service and began generating NOI.
EBITDAR: Earnings before interest, taxes, depreciation, amortization and rent. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDAR and has not independently verified the information.
EBITDAR Coverage: Represents the ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.
EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDARM and has not independently verified the information.
EBITDARM Coverage: Represents the ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations, assuming that management fees are not paid. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.
Health System: Includes independent, assisted living, dementia care and long-term/post-acute care properties subject to triple-net operating leases to or guaranteed by investment-grade health systems.
Health System - Affiliated: Outpatient medical properties are considered affiliated with a health system if one or more of the following conditions are met: 1) the land parcel is contained within the physical boundaries of a hospital campus; 2) the land parcel is located adjacent to the campus; 3) the building is physically connected to the hospital regardless of the land ownership structure; 4) a ground lease is maintained with a health system entity; 5) a master lease is maintained with a health system entity; 6) significant square footage is leased to a health system entity; 7) the property includes an ambulatory surgery center with a hospital partnership interest; or (8) a significant square footage is leased to a physician group that is either employed, directly or indirectly by a health system, or has a significant clinical and financial affiliation with the health system.
Long-Term/Post-Acute Care: Includes all skilled nursing, rehabilitation and long-term/post-acute care facilities where the majority of individuals require 24-hour nursing or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement and are subject to triple-net operating leases. Most of these facilities focus on higher acuity patients and offer rehabilitation units specializing in cardiac, orthopedic, dialysis, neurological or pulmonary rehabilitation.
MSA:  For the United States and Canada, we use the Metropolitan Statistical Area as defined by the U.S. Census Bureau and the Census Metropolitan Areas as defined by Statistics Canada, respectively. For the United Kingdom, we generally use the Metro Region as defined by EuroStat with Greater London defined as a 55-mile radius around the city’s center.
Occupancy: Outpatient Medical occupancy represents the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. Occupancy for all other property types represents average quarterly operating occupancy based on the most recent quarter of available data and excludes properties that are unstabilized, closed or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy and has not independently verified the information. Occupancy metrics are reflected at our pro rata share.
Outpatient Medical: Outpatient medical buildings include properties offering ambulatory medical services such as primary and secondary care, outpatient surgery, diagnostic procedures and rehabilitation. These properties are typically affiliated with a health system and may be located on a hospital campus. They are specifically designed and constructed for use by health care professionals to provide services to patients. They also include medical office buildings that typically contain sole and group physician practices and may provide laboratory and other specialty services.
Seniors Housing Operating (SHO): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in the U.K. structured to take advantage of the REIT Investment Diversification and Empowerment Act of 2007.
Seniors Housing Triple-net (SH-NNN): Includes independent, assisted living, and dementia care properties in the U.S. and Canada and all care homes in the U.K. subject to triple-net operating leases and loans receivable.
Square Feet: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards.
Stable: Generally, a triple-net rental property is considered stable (versus unstabilized or under development) when it has achieved EBITDAR coverage of 1.00x or greater for three consecutive months or, if targeted performance has not been achieved, 12 months following the budgeted stabilization date. Triple-net properties for which income is recognized on a cash basis and for which substantially all contractual rent during the period has not been collected are excluded from the stable portfolio. A Seniors Housing Operating facility is considered stable upon the earliest of 90% occupancy, NOI at or above the underwritten target or 12 months past the underwritten stabilization date. Excludes assets held for sale and assets disposed of during the current quarter.
Unstabilized: An acquisition that does not meet the stable criteria upon closing or a construction property that has opened but not yet reached stabilization.
18

Supplemental Reporting Measures

We believe that revenues and net income, as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider EBITDA, Adjusted EBITDA, REVPOR, SS REVPOR, NOI, In-Place NOI ("IPNOI") and SSNOI to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.
We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to operators, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent costs unrelated to property operations or transaction costs. These expenses include, but are not limited to, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets. IPNOI represents NOI excluding interest income, other income and non-IPNOI and adjusted for timing of current quarter portfolio changes such as acquisitions, development conversions, segment transitions, dispositions and investments held for sale. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and sub-leases, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and UK properties using a consistent exchange rate. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI, IPNOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI, IPNOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our properties.
REVPOR represents the average revenues generated per occupied room per month at our Seniors Housing Operating properties. It is calculated as our pro rata version of total resident fees and services revenues from the income statement divided by average monthly occupied room days. SS REVPOR is used to evaluate the REVPOR performance of our properties under a consistent population which eliminates changes in the composition of our portfolio. It is based on the same pool of properties used for SSNOI and includes any revenue normalizations used for SSNOI. We use REVPOR and SS REVPOR to evaluate the revenue-generating capacity and profit potential of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.
We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and restricted cash. We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The ratios are based on EBITDA and Adjusted EBITDA. EBITDA is defined as earnings (net income per income statement) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding unconsolidated entities and including adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/losses/impairments on properties, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments deemed appropriate in management's opinion. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. We primarily use these measures to determine our interest coverage ratio, which represents EBITDA and Adjusted EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDA and Adjusted EBITDA divided by fixed charges. Fixed charges include total interest and secured debt principal amortization. Our leverage ratios include net debt to Adjusted EBITDA, book capitalization, undepreciated book capitalization and market capitalization. Book capitalization represents the sum of net debt (defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Market capitalization represents book capitalization adjusted for the fair market value of our common stock. Our leverage ratios are defined as the proportion of net debt to total capitalization.
Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management. None of the supplemental reporting measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Multi-period amounts may not equal the sum of the individual quarterly amounts due to rounding.
19

Supplemental Reporting Measures
(dollars in thousands)
Non-GAAP Reconciliations
NOI Reconciliation1Q212Q213Q214Q211Q22
Net income (loss)$72,192 $45,757 $190,336 $66,194 $65,751 
Loss (gain) on real estate dispositions, net(59,080)(44,668)(119,954)(11,673)(22,934)
Loss (income) from unconsolidated entities(13,049)7,976 15,832 12,174 2,884 
Income tax expense (benefit)3,943 (2,221)4,940 2,051 5,013 
Other expenses10,994 11,687 3,575 15,483 26,069 
Impairment of assets23,568 23,692 1,490 2,357 — 
Provision for loan losses, net1,383 6,197 (271)(39)(804)
Loss (gain) on extinguishment of debt, net(4,643)55,612 (5)(1,090)(12)
Loss (gain) on derivatives and financial instruments, net1,934 (359)(8,078)(830)2,578 
General and administrative expenses29,926 31,436 32,256 33,109 37,706 
Depreciation and amortization244,426 240,885 267,754 284,501 304,088 
Interest expense123,142 122,341 122,522 121,848 121,696 
Consolidated net operating income434,736 498,335 510,397 524,085 542,035 
NOI attributable to unconsolidated investments(1)
21,516 21,180 20,042 20,287 20,142 
NOI attributable to noncontrolling interests(2)
(20,827)(43,786)(31,061)(27,889)(34,999)
Pro rata net operating income (NOI)(3)
$435,425 $475,729 $499,378 $516,483 $527,178 


In-Place NOI Reconciliation
At Welltower pro rata ownershipSeniors Housing OperatingSeniors Housing Triple-netOutpatient MedicalHealth SystemLong-Term
/Post-Acute Care
CorporateTotal
Revenues$969,979 $143,360 $163,597 $51,243 $35,380 $3,183 $1,366,742 
Property operating expenses(774,936)(7,421)(50,599)(35)(3,958)(2,615)(839,564)
NOI(3)
195,043 135,939 112,998 51,208 31,422 568 527,178 
Adjust:
Interest income(1,398)(33,097)(71)— (5,107)— (39,673)
Other income(4)
(3,007)(1,471)(3,238)— (234)(3,183)(11,133)
Sold / held for sale276 30 — (454)(2,656)— (2,804)
Non operational(5)
1,258 — 67 — (272)— 1,053 
Non In-Place NOI(6)
(6,401)(5,680)(3,073)(8,289)(840)2,615 (21,668)
Timing adjustments(7)
558 161 2,038 627 — — 3,384 
Total adjustments(8,714)(40,057)(4,277)(8,116)(9,109)(568)(70,841)
In-Place NOI186,329 95,882 108,721 43,092 22,313 — 456,337 
Annualized In-Place NOI$745,316 $383,528 $434,884 $172,368 $89,252 $— $1,825,348 

Same Store Property Reconciliation
Seniors Housing OperatingSeniors Housing
Triple-net
Outpatient MedicalHealth SystemLong-Term
/Post-Acute Care
Total
Total properties869 318 390 205 94 1,876 
Recent acquisitions/ development conversions(8)
(172)(28)(26)(2)— (228)
Under development(36)(5)(4)— — (45)
Under redevelopment(9)
(4)— (2)— (3)(9)
Current held for sale(3)— (1)(4)(9)(17)
Land parcels, loans and sub-leases(23)(11)(6)— — (40)
Transitions(10)
(97)(7)— (9)(3)(116)
Other(11)
(2)— — — (3)(5)
Same store properties532 267 351 190 76 1,416 
Notes:
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner and includes an adjustment to remove NOI related to certain leasehold properties. See page 14 for more information.
(3) Represents Welltower's pro rata share of NOI. See page 14 for more information.
(4) Excludes amounts recognized in other income related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada.
(5) Primarily includes development properties and land parcels.
(6) Primarily represents non-cash NOI.
(7) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions
(8) Acquisitions and development conversions will enter the same store pool 5 full quarters after acquisition or certificate of occupancy.
(9) Redevelopment properties will enter the same store pool after 5 full quarters of operations post redevelopment completion.
(10) Transitioned properties will enter the same store pool after 5 full quarters of operations with the new operator in place or under the new structure.
(11) Represents properties that are either closed or being closed.
20

Supplemental Reporting Measures
(dollars in thousands at Welltower pro rata ownership)
Same Store NOI Reconciliation1Q212Q213Q214Q211Q22Y/o/Y
Seniors Housing Operating
NOI$172,060 $143,751 $167,855 $178,963 $195,043 
Non-cash NOI on same store properties(865)12,268 (98)(36)(74)
NOI attributable to non-same store properties(19,399)(13,548)(29,810)(35,210)(51,575)
Currency and ownership adjustments(1)
(186)(998)12 78 178 
Normalizing adjustment for government grants(2)
(32,457)(8,130)(4,998)(18,051)(1,304)
Other normalizing adjustments(3)
770 1,094 1,337 3,757 (249)
SSNOI(4)
119,923 134,437 134,298 129,501 142,019 18.4 %
Seniors Housing Triple-net
NOI57,143 130,983 139,166 142,478 135,939 
Non-cash NOI on same store properties(4,537)(4,461)(3,987)(2,694)(2,912)
NOI attributable to non-same store properties25,170 (52,410)(59,664)(61,300)(50,186)
Currency and ownership adjustments(1)
(233)(515)(237)184 274 
Other normalizing adjustments(3)
(12)405 535 59 (213)
SSNOI77,531 74,002 75,813 78,727 82,902 6.9 %
Outpatient Medical
NOI109,398 114,330 111,207 113,768 112,998 
Non-cash NOI on same store properties(2,656)(2,675)(1,901)(2,493)(2,096)
NOI attributable to non-same store properties(5,562)(11,810)(8,441)(9,278)(7,798)
Currency and ownership adjustments(1)
(1,140)(55)296 (240)64 
Other normalizing adjustments(3)
(155)(348)(1,014)294 (537)
SSNOI99,885 99,442 100,147 102,051 102,631 2.7 %
Health System
NOI42,425 46,500 46,140 47,376 51,208 
Non-cash NOI on same store properties(5,278)(5,278)(4,647)(5,760)(7,418)
NOI attributable to non-same store properties(1,361)(5,436)(5,051)(4,845)(5,289)
Currency and ownership adjustments(1)
2,237 2,237 2,278 2,298 568 
SSNOI38,023 38,023 38,720 39,069 39,069 2.8 %
Long-Term/Post-Acute Care
NOI52,924 39,667 34,702 32,285 31,422 
Non-cash NOI on same store properties(326)(950)(1,137)(937)(1,026)
NOI attributable to non-same store properties(30,840)(16,849)(11,679)(9,376)(8,082)
Currency and ownership adjustments(1)
(10)(67)(21)(19)(10)
Other normalizing adjustments(3)
169 — — — — 
SSNOI21,917 21,801 21,865 21,953 22,304 1.8 %
Corporate
NOI1,475 498 308 1,613 568 
NOI attributable to non-same store properties(1,475)(498)(308)(1,613)(568)
SSNOI— — — — — 
Total
NOI435,425 475,729 499,378 516,483 527,178 
Non-cash NOI on same store properties(13,662)(1,096)(11,770)(11,920)(13,526)
NOI attributable to non-same store properties(33,467)(100,551)(114,953)(121,622)(123,498)
Currency and ownership adjustments(1)
668 (1,635)50 1,074 
Normalizing adjustments, net(31,685)(6,979)(4,140)(13,941)(2,303)
SSNOI$357,279 $365,468 $368,565 $369,003 $388,925 8.9 %
Notes:
(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2739 and to translate UK properties at a GBP/USD rate of 1.35.    
(2) Represents normalizing adjustment related to amounts recognized related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada.
(3) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.
(4) SHO SSNOI includes expenses that are directly attributable to the COVID-19 pandemic net of any reimbursements exclusive of those included in (2) above.


21

Supplemental Reporting Measures
(dollars in thousands, except REVPOR, SS REVPOR and SSNOI/unit)
SHO REVPOR ReconciliationUnited StatesUnited KingdomCanadaTotal
Consolidated SHO revenues$786,071 $101,099 $109,442 $996,612 
Unconsolidated SHO revenues attributable to Welltower(1)
26,834 — 22,274 49,108 
SHO revenues attributable to noncontrolling interests(2)
(43,901)(9,367)(22,473)(75,741)
Pro rata SHO revenues(3)
769,004 91,732 109,243 969,979 
SHO interest and other income(1,940)(6)(2,458)(4,404)
SHO revenues attributable to sold and held for sale properties(186)— — (186)
Currency and ownership adjustments(4)
— 581 (596)(15)
SHO local revenues766,877 92,307 106,189 965,373 
Average occupied units/month45,842 3,218 12,104 61,164 
REVPOR/month in USD$5,654 $9,694 $2,965 $5,334 
REVPOR/month in local currency(4)
£7,025 $3,753 

Reconciliations of SHO SS REVPOR Growth, SSNOI Growth and SSNOI/Unit
United StatesUnited KingdomCanadaTotal
1Q211Q221Q211Q221Q211Q221Q211Q22
SHO SS REVPOR Growth
Consolidated SHO revenues$526,248 $786,071 $95,184 $101,099 $104,970 $109,442 $726,402 $996,612 
Unconsolidated SHO revenues attributable to WELL(1)
22,008 26,834 — — 21,206 22,274 43,214 49,108 
SHO revenues attributable to noncontrolling interests(2)
(23,702)(43,901)(11,705)(9,367)(23,122)(22,473)(58,529)(75,741)
SHO pro rata revenues(3)
524,554 769,004 83,479 91,732 103,054 109,243 711,087 969,979 
Non-cash revenues on same store properties(849)(562)— — — — (849)(562)
Revenues attributable to non-same store properties(30,443)(208,311)(63,175)(69,174)(5,099)(11,544)(98,717)(289,029)
Currency and ownership adjustments(4)
161 — 368 147 (597)(541)(68)(394)
SHO SS revenues(5)
493,423 560,131 20,672 22,705 97,358 97,158 611,453 679,994 
Avg. occupied units/month(6)
26,647 29,177 746 802 11,086 10,929 38,479 40,908 
SHO SS REVPOR(7)
$6,258 $6,488 $9,365 $9,568 $2,968 $3,004 $5,370 $5,618 
SS REVPOR YOY growth— %3.7 %— %2.2 %— %1.2 %— 4.6 %
SHO SSNOI Growth
Consolidated SHO NOI$123,120 $162,292 $21,226 $18,224 $26,088 $26,168 $170,434 $206,684 
Unconsolidated SHO NOI attributable to WELL(1)
4,612 3,617 — — 7,291 5,973 11,903 9,590 
SHO NOI attributable to noncontrolling interests(2)
(2,693)(15,007)(2,225)(1,345)(5,359)(4,879)(10,277)(21,231)
SHO pro rata NOI(3)
125,039 150,902 19,001 16,879 28,020 27,262 172,060 195,043 
Non-cash NOI on same store properties(865)(86)— — — 12 (865)(74)
NOI attributable to non-same store properties(4,606)(34,305)(14,171)(12,714)(622)(4,556)(19,399)(51,575)
Currency and ownership adjustments(4)
(80)266 94 33 (200)(121)(186)178 
Normalizing adjustment for government grants(8)
(30,041)(497)— — (2,416)(807)(32,457)(1,304)
Other normalizing adjustments(9)
770 (249)— — — — 770 (249)
SHO pro rata SSNOI(5)
$90,217 $116,031 $4,924 $4,198 $24,782 $21,790 $119,923 $142,019 
SHO SSNOI growth28.6 %(14.7)%(12.1)%18.4 %
SHO SSNOI/Unit
Trailing four quarters' SSNOI(5)
$426,375 $19,478 $94,402 $540,255 
Average units in service(10)
37,257 1,203 13,995 52,455 
SSNOI/unit in USD$11,444 $16,191 $6,745 $10,299 
SSNOI/unit in local currency(4)
£11,733 $8,538 
Notes:
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner and includes an adjustment to remove NOI related to certain leasehold properties. See page 14 for more information.
(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See pages 14 & 21 for more information.
(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2739 and to translate UK properties at a GBP/USD rate of 1.35.
(5) Represents SS SHO revenues/SSNOI at Welltower pro rata ownership. See page 21 for more information.
(6) Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.
(7) Represents pro rata SS average revenues generated per occupied room per month.
(8) Represents normalizing adjustment related to amounts recognized related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada.
(9) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.
(10) Represents average units in service for SS properties related solely to referenced country on a pro rata basis.




22

Forward-Looking Statement and Risk Factors
Forward-Looking Statements and Risk Factors
This document contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “pro forma,” “estimate” or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower’s actual results to differ materially from Welltower’s expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the impact of the COVID-19 pandemic; uncertainty regarding the implementation and impact of the CARES Act and future stimulus or other COVID-19 relief legislation; the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower’s ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters and other acts of God affecting Welltower’s properties; Welltower’s ability to re-lease space at similar rates as vacancies occur; Welltower’s ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower’s properties; changes in rules or practices governing Welltower’s financial reporting; the movement of U.S. and foreign currency exchange rates; Welltower’s ability to maintain its qualification as a REIT; key management personnel recruitment and retention; and other risks described in Welltower’s reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.
Additional Information
The information in this supplemental information package should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings press release dated May 10, 2022 and other information filed with, or furnished to, the SEC. The Supplemental Reporting Measures and reconciliations of Non-GAAP measures are an integral part of the information presented herein.
You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.welltower.com as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC’s website at http://www.sec.gov. We routinely post important information on our website at www.welltower.com in the “Investors” section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading “Investors.” Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the SEC. The information on or connected to our website is not, and shall not be deemed to be, a part of, or incorporated into this supplemental information package.

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

23


http://api.rkd.refinitiv.com/api/FilingsRetrieval3/.67667709.welltoweraddressa29.gif.ashx