0000766704false00007667042021-07-292021-07-290000766704us-gaap:CommonStockMember2021-07-292021-07-290000766704well:NotesDue20284.800Member2021-07-292021-07-290000766704well:NotesDue20344.500Member2021-07-292021-07-29

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): July 29, 2021

Welltower Inc.

(Exact name of registrant as specified in its charter)

Delaware

1-8923

34-1096634

(State or other jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

4500 Dorr Street,

Toledo,

Ohio

43615

(Address of principal executive offices)

(Zip Code)

Registrant’s 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:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $1.00 par value per share

WELL

New York Stock Exchange

4.800% Notes due 2028

WELL28

New York Stock Exchange

4.500% Notes due 2034

WELL34

New 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).

Emerging growth company              ☐   

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 1 of 2

---

Item 2.02  Results of Operations and Financial Condition.

On July 29, 2021, Welltower Inc. (the “Company”) issued a press release that announced operating results for its second quarter ended June 30, 2021. 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.

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 of Welltower Inc. dated July 29, 2021

99.2 Welltower Inc. Supplemental Information Package for the quarter ended June 30, 2021.

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

 

Dated:  July 29, 2021

Page 2 of 2

FOR IMMEDIATE RELEASE

July 29, 2021

For more information contact:

Tim McHugh (419) 247-2800

Welltower Reports Second Quarter 2021 Results

Toledo, Ohio, July 29, 2021…..Welltower Inc. (NYSE:WELL) today announced results for the quarter ended June 30, 2021.

Recent Highlights

•Reported net income attributable to common stockholders of $0.06 per diluted share

•Reported normalized FFO attributable to common stockholders of $0.79 per diluted share

•Seniors Housing Operating ("SHO") portfolio occupancy increased approximately 190 basis points ("bps") during the second quarter, exceeding our guidance of an approximate gain of 130 bps

•Completed $1.5 billion of pro rata gross investments during the second quarter

•Announced the acquisition of an 86 property seniors housing portfolio operated by Holiday Retirement for $1.58 billion. The transaction is expected to be immediately accretive to normalized funds from operations per diluted share following its anticipated closing in the third quarter

•Closed on a new $4.7 billion unsecured credit facility which includes a five bps improvement in pricing from the previous facility

•Sold 20.1 million shares of common stock under our ATM program via forward sale agreements since April 1, 2021 which are expected to generate $1.6 billion of gross proceeds and issued $500 million of 2.050% senior unsecured notes due January 2029

•Earned the 2021 ENERGY STAR® Partner of the Year Award for the third consecutive year and further elevated to the level of Sustained Excellence, the Environmental Protection Agency's highest recognition within the ENERGY STAR® program

COVID-19 Update

SHO Portfolio Virtually all of our communities are currently accepting new residents, resulting in an increase in move-in activity and occupancy rates in the most recent months. Month end occupancy rates are as follows:

																														March 2021						April 2021						May 2021						June 2021
Spot occupancy (1)																														72.6		%				73.2		%				73.6		%				74.6		%
Sequential occupancy change (2)																																				0.5		%				0.5		%				0.9		%

(1) Spot occupancy represents approximate month end occupancy at our share for 592 properties in operation as of December 31, 2020, including unconsolidated properties but excluding acquisitions, executed dispositions and development conversions since this date.

(2) Sequential occupancy changes are based on actual spot occupancy and may not recalculate due to rounding.

On a month-to-date basis, as of July 23, 2021, SHO portfolio occupancy has increased approximately 40 bps. Occupancy continued to strengthen in the U.S. and U.K. with gains of approximately 60 bps and 30 bps, respectively, while occupancy in Canada remained flat over the same period.

In 2020, applications were made for amounts under Phase 2 and Phase 3 of the Provider Relief Fund related to our SHO portfolio. During the second quarter, we received pro rata Provider Relief Funds of approximately $5 million, which was recognized as a reduction to COVID-19 costs within property operating expenses.

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 a benefit of approximately $1 million and $24 million for the three and six months ended June 30, 2021, respectively, as compared to an expense of approximately $37 million and $44 million for the three and six months ended June 30, 2020, respectively. These costs included higher labor expenses coupled with expenditures related to procurement of personal protective equipment and other supplies, net of any reimbursements. Such amounts had a favorable impact on net income attributable to common stockholders and normalized FFO per diluted share of less than $0.01 and $0.06, for the three and six months ended June 30, 2021, respectively, and an unfavorable impact of $0.09 and $0.11 per diluted share for the three and six months ended June 30, 2020, respectively.

Page 1 of 10

---

2Q21 Earnings Release						July 29, 2021

Capital Activity and Liquidity In June, we announced an expanded $4.7 billion unsecured credit facility, including an expanded $4.0 billion unsecured revolving line of credit, which replaced our existing line of credit of $3.0 billion. The revolving line of credit will bear interest at LIBOR plus 77.5 bps based on our current credit ratings, which represents a 5 bps improvement from pricing under our previous unsecured revolving credit line. In addition, the revolving facility permits a reduction in the interest rate upon meeting certain reductions in greenhouse gas emissions. We have two existing facilities which remain outstanding: a $500 million USD term loan and a $250 million CAD term loan.

Inclusive of available borrowings under our line of credit, cash and cash equivalents, and IRC Section 1031 deposits, at June 30, 2021, we have $4.8 billion of near-term available liquidity and no material senior unsecured note maturities until 2024. Since the beginning of the second quarter, we sold 20.1 million shares of common stock under our ATM program via forward sale agreements at an initial weighted average price of $79.69 per share. These forward ATM sales are expected to generate gross proceeds of approximately $1.6 billion, of which 2.8 million shares were settled during the second quarter for $212 million of gross proceeds. Since the beginning of the year, we sold 22.3 million shares of common stock under our ATM program via forward sale agreements which are expected to generate gross proceeds of approximately $1.8 billion, of which 5.0 million shares have been settled resulting in $372 million of gross proceeds.

On June 28, 2021 we completed the issuance of $500 million senior unsecured notes bearing interest at 2.05% with a maturity date of January 2029. Proceeds from the offering were used to pay down borrowings under our revolving line of credit. During the quarter we extinguished $1.6 billion of debt, including $674 million in senior unsecured notes due 2023, $860 million pay down of the term loan due 2022 and $25 million of secured debt at a yield of 3.31%.

Dividend On July 29, 2021, the Board of Directors declared a cash dividend for the quarter ended June 30, 2021 of $0.61 per share. This dividend, which will be paid on August 19, 2021 to stockholders of record on August 12, 2021, will be our 201st consecutive quarterly cash dividend. The declaration and payment of future quarterly dividends remains subject to review and approval by the Board of Directors.

Quarterly Investment and Disposition Activity In the second quarter, we completed $1.5 billion of pro rata gross investments including $1.4 billion in acquisitions and loan funding as well as $142 million in development funding. We converted four development projects for an aggregate pro rata amount of $196 million. Additionally, during the quarter we completed pro rata property dispositions and loan payoffs of $541 million.

Notable Investment Activity Completed or Announced During the Quarter

Safanad/HC-One Loan Funding and Equity Investment As previously announced, we provided £540 million ($750 million) of senior loan financing and a £30 million ($42 million) delayed facility to affiliates of Safanad, a global real estate and private equity firm, as part of the successful recapitalization of its investment in HC-One Group. The recapitalization will enhance HC-One’s ability to meet the complex care needs of the communities it serves and reinforces its commitment to its team members at all levels of the organization, while enabling HC-One to continue to modernize and enhance its portfolio of care homes. The loan has a 5-year term and is fully collateralized by the shares and assets of the HC-One Group, including its underlying property portfolio of owned assets across the United Kingdom. Welltower’s last pound basis on the initial £540 million tranche is approximately £40,000 per unit.

Additionally, we will have the ability to participate in the anticipated recovery in the U.K. seniors housing sector through both warrants and an equity investment. The transaction is expected to generate a low-to-mid teens unlevered IRR.

StoryPoint Senior Living During the quarter, we acquired three combination independent living, assisted living and memory care communities located in the Midwest with an average age of four years for $102 million. The communities will be operated by StoryPoint under a new triple-net master lease. The transaction is expected to generate an unlevered IRR in the high-single digit range.

Pathway to Living During the quarter, we formed a new RIDEA relationship with Illinois-based Pathway to Living, an established operator of seniors housing communities, and acquired 22 properties in Illinois and Ohio for a pro rata investment amount of $100 million or $93,000 per unit, representing a substantial discount to replacement cost. In July, we closed on a second tranche of seven seniors housing properties from the same seller for a pro rata purchase price of approximately $50 million which were added to the existing RIDEA relationship with Frontier Management. The total transaction of approximately $147 million is expected to generate a low-double digit unlevered IRR.

Oakmont Senior Living During the quarter, we expanded our relationship with Oakmont Senior Living through the acquisition of Ivy Living at Otay Ranch, a combination assisted living and memory care community in San Diego, California for a pro rata purchase price of $35 million. Subsequent to quarter end, we entered into a strategic partnership with Oakmont Management Group that is expected to expand the size of Welltower and Oakmont’s existing portfolio, which currently spans nine assisted living and memory care communities. The partnership will include acquisition opportunities and an exclusive, long-term development agreement. Welltower and Oakmont have agreed to a strongly aligned RIDEA 3.0 management contract.

Norman Regional Health System During the quarter, we expanded our relationship with Bremner Real Estate and began construction on the first building in a multi-phased expansion of the Norman Regional Health System. The total development cost for phase one of the multi-phased expansion is expected to be in excess of $100 million and will consist of 181,000 rentable square feet of class A outpatient medical facilities.

Page 2 of 10

---

2Q21 Earnings Release						July 29, 2021

ProMedica Joint Venture Disposition As previously announced, the Welltower and ProMedica joint venture intends to divest a 25 property portfolio of non-strategic skilled nursing facilities for $265 million and is expected to generate an unlevered IRR of 22% over the 2.5 year ownership period of the assets. The properties, which were acquired through the formation of the Welltower/ProMedica joint venture in 2018, are in eight states and have an average age of 41 years. During the second quarter, we completed the disposition of 8 properties for pro rata proceeds of $47 million and a gain on sale of $12 million. The sale of the remaining properties are expected to close during the second half of 2021.

Long-Term/Post-Acute Medical Disposition During the quarter, we completed the disposition of three properties for $75 million resulting in a gain on sale of $31 million, further reducing long-term/post-acute care exposure.

Holiday Retirement On June 21, 2021, we announced that we entered into a definitive agreement to acquire a portfolio of 86 seniors housing properties currently owned by Holiday Retirement for $1.58 billion. The portfolio is valued at $152,000 per unit, representing a discount to estimated replacement cost in excess of 30%. Atria Senior Living will assume operations of the portfolio following its acquisition of the Holiday management company (also announced on June 21, 2021). The transaction is expected to be immediately accretive to Welltower's normalized funds from operations per diluted share and has significant growth upside through the post-COVID recovery in seniors housing fundamentals, implementation of Atria's technologically advanced operating platform and capital investment in assets.

Genesis Healthcare Update As previously announced, we entered into a definitive agreement to execute a series of mutually beneficial transactions resulting in the substantial exit of Welltower's operating relationship with Genesis Healthcare. The status of these transactions is as follows:

•The transition of 9 PowerBack facilities to an 80/20 joint venture with ProMedica, which occurred in April and generated pro rata proceeds of $58 million.

•As of July 1, 2021, operations have transitioned for 28 properties with a remaining seven expected to transition before year end. The sales of these properties are expected to close during the second half of the year.

Other Transactions During the second quarter, we acquired four seniors housing communities for $107 million which will be operated by existing operators Sunrise Senior Living, Chartwell Residences, Sparrow Living and a new relationship with Enclave Companies. Additionally, a first mortgage loan previously extended by Welltower in August 2020 was repaid in full for $178 million during the quarter.

Notable July Investment Activity

Aspect Health Acquisition In July, we formed a new 95/5 joint venture with Aspect Health and simultaneously acquired six medical office buildings in infill markets across the New York City metropolitan area for a pro rata investment amount of $99 million. The class-A portfolio has a weighted average remaining lease term of 12 years. With the transaction, we will have a 10-year exclusivity agreement with Aspect Health which allows the joint venture to finance future development projects in the New York City metropolitan area.

Outlook for Third Quarter 2021 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 September 30, 2021 and expect to report net income attributable to common stockholders in a range of $0.44 to $0.49 per diluted share and normalized FFO attributable to common stockholders in a range of $0.78 to $0.83 per diluted share. In preparing our guidance, we have made the following assumptions:

•Provider Relief Funds: Our third quarter guidance does not include the recognition of any Provider Relief Funds which may be received during the quarter.

•SHO Portfolio Occupancy: Midpoint of normalized FFO guidance assumes a continuation of recent trends resulting in an approximate increase of 190 bps through the third quarter.

•General and Administrative Expenses: We anticipate full year general and administrative expenses to be approximately $132 million to $137 million and stock-based compensation expense to be approximately $21 million.

•Investments: Our third quarter 2021 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 $288 million of development in 2021 relating to projects underway on June 30, 2021.

•Dispositions: We expect pro rata disposition proceeds of $1.5 billion at a blended yield of 8.1% in 2021. This includes approximately $758 million in proceeds from dispositions and loan payoffs completed through June 30, 2021 and $735 million of incremental expected proceeds related to properties classified as held-for-sale as of June 30, 2021.

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

Page 3 of 10

---

2Q21 Earnings Release						July 29, 2021

Supplemental Reporting Measures section for further discussion and our definition of normalized FFO 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 third quarter outlook and assumptions on the second quarter 2021 conference call.

Conference Call Information We have scheduled a conference call on Friday, July 30, 2021 at 9:00 a.m. Eastern Time to discuss our second quarter 2021 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 August 13, 2021. To access the rebroadcast, dial (855) 859-2056 or (404) 537-3406 (international). The conference ID number is 5191208. 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 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.

No reconciliation of forecasted normalized FFO attributable to common stockholders per diluted share accretion or estimate of forecasted impact on net income attributable to common stockholders per diluted share for the announced Holiday Retirement acquisition is provided herein because we are unable to quantify certain amounts that would be required to be included in the comparable GAAP financial measures without unreasonable efforts primarily due to the anticipated timing of receipt of draft third-party real estate appraisals and valuations. We believe such reconciliation would imply a degree of precision that could be confusing or misleading to investors.

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.

Page 4 of 10

---

2Q21 Earnings Release						July 29, 2021

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.

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 June 30, 2021, 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 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 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 duration and scope of the COVID-19 pandemic; the impact of the COVID-19 pandemic on occupancy rates and on the operations of Welltower and its operators/tenants; actions governments take in response to the COVID-19 pandemic, including the introduction of public health measures and other regulations affecting Welltower’s properties and the operations of Welltower and its operators/tenants; uncertainty regarding the implementation and impact of the CARES Act and future stimulus or other COVID-19 relief legislation; the effects of health and safety measures adopted by Welltower and its operators/tenants related to the COVID-19 pandemic; increased operational costs as a result of health and safety measures related to COVID-19; the impact of the COVID-19 pandemic on the business and financial condition of operators/tenants and their ability to make payments to Welltower; disruptions to Welltower's property acquisition and disposition activity due to economic uncertainty caused by COVID-19; general economic uncertainty in key markets as a result of the COVID-19 pandemic and a worsening of global economic conditions or low levels of economic growth; 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

Page 5 of 10

---

2Q21 Earnings Release						July 29, 2021

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 Welltower’s 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. Finally, 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 6 of 10

---

2Q21 Earnings Release						July 29, 2021

Welltower Inc.

Financial Exhibits

Consolidated Balance Sheets (unaudited)
(in thousands)
						June 30,
						2021						2020
Assets
Real estate investments:
Land and land improvements						$	3,448,542					$	3,479,369
Buildings and improvements						28,124,236						28,589,269
Acquired lease intangibles						1,516,971						1,565,978
Real property held for sale, net of accumulated depreciation						592,699						382,580
Construction in progress						458,844						411,700
Less accumulated depreciation and intangible amortization						(6,415,676)						(6,001,177)
Net real property owned						27,725,616						28,427,719
Right of use assets, net						453,621						502,604
Real estate loans receivable, net of credit allowance						1,097,299						224,871
Net real estate investments						29,276,536						29,155,194
Other assets:
Investments in unconsolidated entities						1,020,112						786,921
Goodwill						68,321						68,321
Cash and cash equivalents						513,602						1,678,770
Restricted cash						295,102						147,473
Straight-line rent receivable						331,381						464,716
Receivables and other assets						671,062						861,257
Total other assets						2,899,580						4,007,458
Total assets						$	32,176,116					$	33,162,652
Liabilities and equity
Liabilities:
Unsecured credit facility and commercial paper						$	—					$	—
Senior unsecured notes						11,157,732						11,815,972
Secured debt						2,304,178						2,619,678
Lease liabilities						409,628						447,424
Accrued expenses and other liabilities						1,061,370						1,015,906
Total liabilities						14,932,908						15,898,980
Redeemable noncontrolling interests						392,379						327,145
Equity:
Common stock						423,933						418,343
Capital in excess of par value						21,161,838						20,836,549
Treasury stock						(108,633)						(93,799)
Cumulative net income						8,425,401						7,838,284
Cumulative dividends						(13,854,145)						(12,834,381)
Accumulated other comprehensive income						(127,948)						(116,856)
Total Welltower Inc. stockholders’ equity						15,920,446						16,048,140
Noncontrolling interests						930,383						888,387
Total equity						16,850,829						16,936,527
Total liabilities and equity						$	32,176,116					$	33,162,652

Page 7 of 10

---

2Q21 Earnings Release						July 29, 2021

Consolidated Statements of Income (unaudited)
(in thousands, except per share data)
												Three Months Ended												Six Months Ended
												June 30,												June 30,
												2021						2020						2021						2020
Revenues:
						Resident fees and services						$	740,891					$	769,560					$	1,464,355					$	1,619,532
						Rental income						354,723						396,305						657,566						786,265
						Interest income						38,448						16,069						58,027						31,310
						Other income						6,930						6,541						13,106						9,970
						Total revenues						1,140,992						1,188,475						2,193,054						2,447,077
Expenses:
						Property operating expenses						642,657						660,764						1,259,983						1,342,545
						Depreciation and amortization						240,885						265,371						485,311						540,172
						Interest expense						122,341						126,357						245,483						268,364
						General and administrative expenses						31,436						34,062						61,362						69,543
						Loss (gain) on derivatives and financial instruments, net						(359)						1,434						1,575						9,085
						Loss (gain) on extinguishment of debt, net						55,612						249						50,969						249
						Provision for loan losses						6,197						1,422						7,580						8,494
						Impairment of assets						23,692						75,151						47,260						102,978
						Other expenses						11,687						19,411						22,681						25,703
						Total expenses						1,134,148						1,184,221						2,182,204						2,367,133
Income (loss) from continuing operations before income taxes
						and other items						6,844						4,254						10,850						79,944
Income tax (expense) benefit												2,221						(2,233)						(1,722)						(7,675)
Income (loss) from unconsolidated entities												(7,976)						1,332						5,073						(2,360)
Gain (loss) on real estate dispositions, net												44,668						155,863						103,748						418,687
Income (loss) from continuing operations												45,757						159,216						117,949						488,596
Net income (loss)												45,757						159,216						117,949						488,596
Less:						Net income (loss) attributable to noncontrolling interests (1)						19,500						(20,030)						20,146						(934)
Net income (loss) attributable to common stockholders												$	26,257					$	179,246					$	97,803					$	489,530
Average number of common shares outstanding:
						Basic						417,452						417,084						417,360						413,696
						Diluted						419,305						419,121						419,205						415,775
Net income (loss) attributable to common stockholders per share:
						Basic						$	0.06					$	0.43					$	0.23					$	1.18
						Diluted(2)						$	0.06					$	0.42					$	0.23					$	1.17
Common dividends per share												$	0.61					$	0.61					$	1.22					$	1.48
(1) Includes amounts attributable to redeemable noncontrolling interests.
(2) Includes adjustment to the numerator for income (loss) attributable to OP unitholders.

Page 8 of 10

---

2Q21 Earnings Release						July 29, 2021

FFO Reconciliations																																	Exhibit 1
(in thousands, except per share data)															Three Months Ended												Six Months Ended
															June 30,												June 30,
															2021						2020						2021						2020
Net income (loss) attributable to common stockholders															$	26,257					$	179,246					$	97,803					$	489,530
Depreciation and amortization															240,885						265,371						485,311						540,172
Impairments and losses (gains) on real estate dispositions, net															(20,976)						(80,712)						(56,488)						(315,709)
Noncontrolling interests(1)															(16,591)						(42,539)						(29,107)						(51,948)
Unconsolidated entities(2)															19,265						14,231						38,488						29,676
NAREIT FFO attributable to common stockholders															248,840						335,597						536,007						691,721
Normalizing items, net(3)															81,407						25,358						128,152						88,553
Normalized FFO attributable to common stockholders															$	330,247					$	360,955					$	664,159					$	780,274
Average diluted common shares outstanding															419,305						419,121						419,205						415,775
Per diluted share data attributable to common stockholders:
			Net income (loss)(4)												$	0.06					$	0.42					$	0.23					$	1.17
			NAREIT FFO												$	0.59					$	0.80					$	1.28					$	1.66
			Normalized FFO												$	0.79					$	0.86					$	1.58					$	1.88
Normalized FFO Payout Ratio:
			Dividends per common share												$	0.61					$	0.61					$	1.22					$	1.48
			Normalized FFO attributable to common stockholders per share												$	0.79					$	0.86					$	1.58					$	1.88
						Normalized FFO payout ratio									77		%				71		%				77		%				79		%
Other items:(5)
Net straight-line rent and above/below market rent amortization(6)															$	(20,729)					$	(25,627)					$	(38,863)					$	(50,557)
Non-cash interest expenses(7)															4,714						2,275						8,349						5,098
Recurring cap-ex, tenant improvements, and lease commissions															(20,426)						(17,579)						(31,859)						(40,195)
Stock-based compensation(8)															4,129						6,892						9,510						13,714
(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 normalized incremental interest expense (see Exhibit 2).
(8) Excludes certain severance related stock-based compensation recorded in other expense (see Exhibit 2).

Page 9 of 10

---

2Q21 Earnings Release						July 29, 2021

Normalizing Items																					Exhibit 2
(in thousands, except per share data)									Three Months Ended												Six Months Ended
									June 30,												June 30,
									2021						2020						2021						2020
Loss (gain) on derivatives and financial instruments, net									$	(359)		(1)			$	1,434					$	1,575					$	9,085
Loss (gain) on extinguishment of debt, net									55,612			(2)			249						50,969						249
Provision for loan losses									6,197			(3)			1,422						7,580						8,494
Nonrecurring income tax benefits									(6,298)			(4)			—						(6,298)						—
Incremental interest expense									—						—						—						5,871
Other impairment									—						1,842						49,241						34,110
Other expenses									11,687			(5)			19,411						22,681						25,703
Normalizing items attributable to noncontrolling interests and unconsolidated entities, net									14,568			(6)			1,000						2,404						5,041
Net normalizing items									$	81,407					$	25,358					$	128,152					$	88,553
Average diluted common shares outstanding									419,305						419,121						419,205						415,775
Net normalizing items per diluted share									$	0.19					$	0.06					$	0.31					$	0.21
(1) Primarily related to mark-to-market of Genesis Healthcare stock holdings.
(2) Primarily related to the April extinguishment of $339,128,000 of our 3.75% senior unsecured notes due March 2023 and $334,624,000 of our 3.95% senior unsecured notes due September 2023.
(3) Primarily related to reserves for loan losses under the current expected credit losses accounting standard.
(4) Primarily related to revaluation of deferred taxes due a change in the U.K. tax rate and an adjustment to a deferred tax liability due to the recognition of an impairment charge.
(5) Primarily related to non-capitalizable transaction costs.
(6) Primarily related to noncontrolling interests' share of the reserve for straight-line rent receivable balances related to leases placed on cash recognition.

Outlook Reconciliations: Quarter Ending September 30, 2021																		Exhibit 3
(in millions, except per share data)															Current Outlook
																					Low						High
FFO Reconciliation:
Net income attributable to common stockholders																					$	191					$	212
Impairments and losses (gains) on real estate dispositions, net(1,2)																					(120)						(120)
Depreciation and amortization(1)																					267						267
NAREIT FFO and Normalized FFO attributable to common stockholders																					338						359
Diluted per share data attributable to common stockholders:
Net income																					$	0.44					$	0.49
NAREIT FFO and Normalized FFO																					$	0.78					$	0.83
Other items:(1)
Net straight-line rent and above/below market rent amortization																					$	(20)					$	(20)
Non-cash interest expenses																					5						5
Recurring cap-ex, tenant improvements, and lease commissions																					(30)						(30)
Stock-based compensation																					5						5
(1) Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities.
(2) Includes estimated gains on expected dispositions.

Page 10 of 10

---

Table of Contents

    

Overview			1
Portfolio			2
Investment			9
Financial			15
Glossary			20
Supplemental Reporting Measures			21
Forward Looking Statements and Risk Factors			25

---

Overview

(dollars and occupancy at Welltower pro rata ownership; dollars in thousands)
Portfolio Composition												Beds/Unit Mix
			Average Age						Properties			Total						Independent Living						Assisted Living						Memory Care						Long-Term/ Post-Acute Care
Seniors Housing Operating			18						672			77,131						35,976						28,707						11,922						526
Seniors Housing Triple-net			15						342			28,267						5,341						16,100						6,522						304
Outpatient Medical			16						371			22,179,742			(1)			n/a						n/a						n/a						n/a
Health System			29						217			25,991						201						693						3,137						21,930
Long-Term/Post-Acute Care			21						123			14,652						40						843						—						13,769
Total			18						1,725

NOI Performance						Same Store(2)																					In-Place Portfolio(3)
						Properties						2Q20 NOI						2Q21 NOI			% Change						Properties						Annualized In-Place NOI			% of Total
Seniors Housing Operating						528						$	168,076					$	138,535		(17.6)		%				623						$	605,268		36.8		%
Seniors Housing Triple-net(4)						282						85,376						83,101			(2.7)		%				322						386,148			23.5		%
Outpatient Medical						350						97,279						99,441			2.2		%				359						403,080			24.5		%
Health System						190						34,907						35,866			2.7		%				200						157,612			9.6		%
Long-Term/Post-Acute Care(4)						77						22,472						22,217			(1.1)		%				90						93,260			5.6		%
Total						1,427						$	408,110					$	379,160		(7.1)		%				1,594						$	1,645,368		100.0		%

Portfolio Performance																					Facility Revenue Mix
Stable Portfolio(5)			Occupancy						EBITDAR Coverage(6)						EBITDARM Coverage(6)						Private Pay						Medicaid						Medicare						Other Government(7)
Seniors Housing Operating			74.6		%				n/a						n/a						96.5		%				1.2		%				0.5		%				1.8		%
Seniors Housing Triple-net			72.5		%				0.89						1.05						90.4		%				3.3		%				0.8		%				5.5		%
Outpatient Medical			94.8		%				n/a						n/a						100.0		%				—						—						—
Health System(8)			67.9		%				1.25						1.91						35.3		%				45.3		%				19.4		%				—		%
Long-Term/Post-Acute Care			70.2		%				1.29						1.55						30.2		%				34.3		%				35.5		%				—		%
Total									1.05						1.35						92.9		%				3.5		%				1.8		%				1.8		%

Notes:

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

(2) See pages 22 and 23 for reconciliation.

(3) Excludes land parcels, loans, developments and investments held for sale. See page 22 for reconciliation.

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

(5) Data as of June 30, 2021 for Seniors Housing Operating and Outpatient Medical and March 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.

(8) EBITDAR and EBITDARM coverage as reported by ProMedica inclusive of the 8 properties sold during the quarter ended June 30, 2021 and the 17 properties classified as held for sale as of June 30, 2021.

1

---

Portfolio

(dollars in thousands at Welltower pro rata ownership)
In-Place NOI Diversification(1)
By Partner:			Total Properties						Seniors Housing Operating						Seniors Housing Triple-net						Outpatient Medical						Health System						Long-Term/ Post-Acute Care						Total			% of Total
Sunrise Senior Living North America			131						$	116,838					$	—					$	—					$	—					$	—					$	116,838		7.1		%
Sunrise Senior Living United Kingdom			45						55,616						—						—						—						—						55,616			3.4		%
ProMedica			200						—						—						—						157,612						—						157,612			9.6		%
Avery Healthcare			55						5,311						70,872						—						—						—						76,183			4.6		%
Revera			85						74,477						—						—						—						—						74,477			4.5		%
Belmont Village			21						69,042						—						—						—						—						69,042			4.2		%
Legend Senior Living			33						—						67,588						—						—						1,088						68,676			4.2		%
Brookdale Senior Living			85						(1,038)						60,629						—						—						—						59,591			3.6		%
Sagora Senior Living			31						16,765						26,729						—						—						—						43,494			2.6		%
Senior Resource Group			24						36,856						—						—						—						—						36,856			2.2		%
Chartwell			41						34,152						—						—						—						—						34,152			2.1		%
Remaining			843						197,249						160,330						403,080						—						92,172						852,831			51.9		%
Total			1,594						$	605,268					$	386,148					$	403,080					$	157,612					$	93,260					$	1,645,368		100.0		%
By Country:
United States			1,339						$	402,558					$	307,312					$	403,080					$	157,612					$	85,871					$	1,356,433		82.4		%
United Kingdom			114						76,600						75,060						—						—						—						151,660			9.2		%
Canada			141						126,110						3,776						—						—						7,389						137,275			8.4		%
Total			1,594						$	605,268					$	386,148					$	403,080					$	157,612					$	93,260					$	1,645,368		100.0		%
By MSA:
Los Angeles			67						$	58,490					$	18,693					$	31,258					$	—					$	—					$	108,441		6.6		%
Dallas			58						21,299						21,417						30,416						760						3,949						77,841			4.7		%
New York			76						36,625						2,848						29,087						5,228						3,196						76,984			4.7		%
Greater London			47						52,024						17,535						—						—						—						69,559			4.2		%
Washington D.C.			40						25,624						1,420						6,949						15,753						3,498						53,244			3.2		%
Philadelphia			45						6,008						1,537						23,022						19,471						553						50,591			3.1		%
Houston			32						5,840						3,272						27,881						—						—						36,993			2.2		%
San Diego			18						18,334						6,438						7,231						—						2,725						34,728			2.1		%
San Francisco			20						19,584						10,128						—						4,385						—						34,097			2.1		%
Montréal			21						33,171						—						—						—						—						33,171			2.0		%
Chicago			42						10,071						5,710						5,366						9,801						—						30,948			1.9		%
Charlotte			25						—						9,662						21,052						—						—						30,714			1.9		%
Minneapolis			20						(811)						15,250						14,200						—						—						28,639			1.7		%
Toronto			24						27,456						—						—						—						—						27,456			1.7		%
Seattle			27						7,927						3,130						14,756						1,335						—						27,148			1.6		%
Raleigh			12						4,806						17,391						1,021						—						—						23,218			1.4		%
Baltimore			19						3,429						—						11,864						3,998						3,029						22,320			1.4		%
Miami			36						1,302						—						15,707						5,217						—						22,226			1.4		%
Atlanta			23						733						—						18,675						1,807						—						21,215			1.3		%
Birmingham, UK			15						8,665						10,938						—						—						—						19,603			1.2		%
Remaining			927						264,691						240,779						144,595						89,857						76,310						816,232			49.6		%
Total			1,594						$	605,268					$	386,148					$	403,080					$	157,612					$	93,260					$	1,645,368		100.0		%

Notes:

(1) Represents current quarter annualized In-Place NOI. See page 22 for reconciliation.

2

---

Portfolio

(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating
Total Portfolio Performance(1)									2Q20						3Q20						4Q20						1Q21						2Q21
Properties									578						563						607						608						630
Units									56,822						55,498						58,370						58,185						59,670
Total occupancy									80.7		%				77.9		%				76.0		%				72.7		%				73.0		%
Total revenues									$	752,586					$	726,133					$	703,039					$	711,118					$	728,235
Operating expenses									573,042						550,755						539,465						539,058						584,484
NOI									$	179,544					$	175,378					$	163,574					$	172,060					$	143,751
Recurring cap-ex									$	11,042					$	11,851					$	14,356					$	7,255					$	14,448
Other cap-ex									$	26,445					$	27,577					$	27,728					$	13,413					$	31,794

Same Store Performance(2)									2Q20						3Q20						4Q20						1Q21						2Q21
Properties									528						528						528						528						528
Occupancy									81.0		%				78.4		%				76.9		%				73.9		%				74.3		%
Same store revenues									$	698,084					$	680,472					$	665,011					$	641,296					$	653,143
Compensation									317,301						312,291						304,352						306,689						306,825
Utilities									25,620						28,551						28,359						30,297						26,693
Food									25,965						24,983						25,578						23,418						23,975
Repairs and maintenance									13,556						16,849						17,311						17,300						18,640
Property taxes									26,227						26,849						25,281						27,238						26,545
All other									121,339						104,425						116,466						111,762						111,930
Same store operating expenses									530,008						513,948						517,347						516,704						514,608
Same store NOI									$	168,076					$	166,524					$	147,664					$	124,592					$	138,535
NOI margin									24.1		%				24.5		%				22.2		%				19.4		%				21.2		%
Year over year NOI growth rate																																	(17.6)		%

Partners						Properties(3)						Pro Rata Units(3)						Welltower Ownership %(4)						Core Markets						2Q21 NOI						% of Total
Sunrise Senior Living						176						14,039						99.3		%				Southern California						$	20,874					14.5		%
Revera						85						8,351						75.0		%				Greater London						12,779						8.9		%
Belmont Village						21						2,804						95.0		%				Northern California						12,500						8.7		%
Senior Resource Group						24						3,268						62.1		%				Montréal						8,207						5.7		%
Chartwell Retirement Residences						41						4,393						50.3		%				New York / New Jersey						8,105						5.6		%
Brandywine Living						29						2,791						99.7		%				Washington D.C.						7,243						5.0		%
Pegasus Senior Living						36						3,872						98.6		%				Toronto						6,781						4.7		%
Cogir						18						2,924						88.8		%				Boston						3,486						2.4		%
Clover Management						33						3,630						90.0		%				Ottawa						3,345						2.3		%
Oakmont Senior Living						9						733						100.0		%				Birmingham, UK						2,164						1.5		%
Sagora Senior Living						14						1,483						66.6		%				Seattle						1,966						1.4		%
Signature Senior Lifestyle						11						758						75.0		%				Vancouver						1,734						1.2		%
Balfour Senior Living						7						675						95.0		%				Manchester, UK						1,518						1.1		%
Frontier Management						53						3,108						92.5		%				Core Markets						90,702						63.0		%
Remaining						66						6,710												All Other						53,049						37.0		%
Total						623						59,539												Total						$	143,751					100.0		%

Notes:

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

(2) See pages 22 and 23 for reconciliation.

(3) Represents In-Place Portfolio.

(4) Welltower ownership percentage weighted based on In-Place NOI. See page 22 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 1.7% of our total annualized In-Place NOI (IPNOI).

3-Mile Ring(1)
			Welltower												Welltower
MSA			Prop. / Units			Annualized IPNOI(2)			% of US SHO Portfolio			Prop. / Units Under Construction(3)			Prop. / Units Potentially Impacted			IPNOI Potentially Impacted(4)			5 Year Total Pop. Growth(5)			5 Year 75+ Pop. Growth(5)			Avg. Pop. Density(6)			Household Income(7)			Housing Value(7)			Est. Net Annual Inventory Growth(8)						Est. Annual Job Growth(9)
Los Angeles			31 / 3,678			$	58,490		14.5		%	6 / 1,135			6 / 598			$	4,892		1.7		%	10.9		%	6,807			$	100,862		$	1,042,035		1.8		%				8.6		%
New York			32 / 2,757			36,625			9.1		%	2 / 519			3 / 263			1,889			-0.1		%	4.8		%	3,990			119,267			549,240			0.7		%				10.7		%
Washington D.C.			14 / 1,571			25,624			6.4		%	4 / 668			6 / 820			2,509			3.1		%	11.7		%	5,377			137,375			713,342			1.6		%				3.6		%
Dallas			22 / 2,921			21,299			5.3		%	1 / 229			1 / 214			128			7.7		%	29.4		%	3,196			79,339			339,677			1.7		%				7.4		%
San Francisco			13 / 1,623			19,584			4.9		%	—			—			—			3.2		%	11.3		%	9,023			131,187			1,186,392			(0.6)		%				6.1		%
San Diego			8 / 1,033			18,334			4.6		%	—			—			—			2.7		%	15.1		%	4,617			112,683			968,370			(0.3)		%				9.3		%
Boston			12 / 832			13,574			3.4		%	—			—			—			2.5		%	7.2		%	3,084			131,937			780,148			(1.0)		%				10.6		%
Sacramento			7 / 598			12,476			3.1		%	—			—			—			3.5		%	12.5		%	3,715			92,582			518,299			0.3		%				7.5		%
Denver			5 / 735			10,990			2.7		%	5 / 710			2 / 366			3,603			7.1		%	25.8		%	5,108			81,798			581,288			1.2		%				8.0		%
Boulder, CO			6 / 518			10,770			2.7		%	—			—			—			6.1		%	29.3		%	2,031			101,769			695,001			N/A						4.3		%
Chicago			18 / 1,947			10,071			2.5		%	1 / 177			1 / 131			805			-0.3		%	8.9		%	3,102			99,060			349,438			1.3		%				7.3		%
San Jose			4 / 480			8,269			2.1		%	1 / 41			1 / 137			440			3.0		%	12.0		%	6,782			145,204			1,505,838			(2.4)		%				5.4		%
Seattle			14 / 1,415			7,927			2.0		%	3 / 281			4 / 435			637			6.4		%	19.8		%	5,039			103,069			663,121			1.1		%				7.3		%
Charlottesville, VA			1 / 302			7,757			1.9		%	—			—			—			2.9		%	10.2		%	2,100			58,803			375,962			N/A						5.3		%
Buffalo			10 / 1,254			7,508			1.9		%	—			—			—			0.0		%	3.1		%	2,791			73,386			190,759			(0.6)		%				17.4		%
San Antonio			4 / 1,075			6,719			1.7		%	1 / 112			1 / 162			679			8.7		%	29.7		%	2,419			68,936			272,597			(0.5)		%				8.5		%
Philadelphia			12 / 972			6,008			1.5		%	2 / 337			2 / 177			526			0.9		%	4.6		%	2,106			110,291			394,676			0.1		%				10.4		%
Houston			10 / 953			5,840			1.5		%	2 / 230			2 / 241			2,496			7.4		%	25.9		%	3,465			80,630			376,426			3.9		%				4.8		%
Santa Rosa, CA			4 / 511			5,315			1.3		%	—			—			—			1.1		%	6.7		%	2,032			82,841			729,913			N/A						8.3		%
Vallejo, CA			4 / 576			4,891			1.2		%	—			—			—			2.7		%	10.2		%	3,209			83,265			477,226			N/A						6.3		%
Raleigh			2 / 250			4,806			1.2		%	1 / 138			1 / 176			1,829			6.4		%	25.6		%	3,214			93,995			331,133			2.8		%				9.8		%
Trenton, NJ			2 / 207			4,687			1.2		%	1 / 120			1 / 112			1,824			1.3		%	7.9		%	812			126,630			489,925			N/A						6.1		%
Salisbury, MD			2 / 214			4,665			1.2		%	—			—			—			8.0		%	10.1		%	654			76,355			424,518			N/A						19.9		%
Las Vegas			4 / 700			4,651			1.2		%	—			—			—			5.5		%	15.2		%	6,231			53,260			278,585			2.1						21.4		%
Santa Maria, CA			1 / 363			4,403			1.1		%	—			—			—			1.5		%	5.1		%	2,253			121,828			945,988			N/A						8.6		%
Total - Top 25			242 / 27,485			$	321,283		79.8		%	30 / 4,697			31 / 3,832			$	22,257		3.1		%	13.4		%	4,351			$	105,284		$	726,839		0.7		%				8.3		%
All Other US SHO Markets			185 / 18,162			81,275			20.2		%	17 / 2,151			19 / 2,461			5,619			2.9		%	11.0		%	2,132			79,112			334,601
Total US SHO			427 / 45,647			$	402,558		100.0		%	47 / 6,848			50 / 6,293			$	27,876		3.0		%	12.3		%	3,400			$	99,176		$	635,289
% of Total IPNOI																		1.7		%
US National Average																					2.9		%	10.8		%	94			$	67,761		$	254,824		1.0		%	(10)			8.6		%

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 22 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 2021-2026.

(6) Average population density data represents average population per square mile within a 3-mile ring based on 2021 Claritas estimates.

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

(8) NIC MAP Data and Analysis Service, 2Q21. Net inventory growth is calculated at the MSA level based on historical deletions from inventory and a 5-6 quarter construction period to reflect our urban locations. Total - Top 25 Net Inventory Growth weighted by IPNOI.

(9) Annual job growth data represents MSA level growth from May 2020 - May 2021 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 3.4% of our total annualized In-Place NOI (IPNOI).

5-Mile Ring(1)
			Welltower												Welltower
MSA			Prop. / Units			Annualized IPNOI(2)			% of US SHO Portfolio			Prop. / Units Under Construction(3)			Prop. / Units Potentially Impacted			IPNOI Potentially Impacted(4)			5 Year Total Pop. Growth(5)			5 Year 75+ Pop. Growth(5)			Avg. Pop. Density(6)			Household Income(7)			Housing Value(7)			Est. Net Annual Inventory Growth(8)						Est. Annual Job Growth(9)
Los Angeles			31 / 3,678			$	58,490		14.5		%	8 / 1,491			13 / 1,586			$	8,225		1.8		%	11.4		%	6,609			$	95,067		$	970,102		1.8		%				8.6		%
New York			32 / 2,757			36,625			9.1		%	3 / 651			5 / 393			3,008			0.1		%	4.8		%	3,937			114,327			530,624			0.7		%				10.7		%
Washington D.C.			14 / 1,571			25,624			6.4		%	6 / 876			11 / 1,277			3,342			3.5		%	12.3		%	5,367			128,657			684,557			1.6		%				3.6		%
Dallas			22 / 2,921			21,299			5.3		%	6 / 896			6 / 817			2,156			7.6		%	28.9		%	2,872			77,227			332,882			1.7		%				7.4		%
San Francisco			13 / 1,623			19,584			4.9		%	2 / 159			2 / 225			208			3.2		%	11.5		%	7,684			131,708			1,130,549			(0.6)		%				6.1		%
San Diego			8 / 1,033			18,334			4.6		%	—			—			—			2.9		%	13.7		%	4,300			108,618			866,944			(0.3)		%				9.3		%
Boston			12 / 832			13,574			3.4		%	1 / 156			2 / 114			—			2.5		%	7.3		%	3,015			124,028			710,891			(1.0)		%				10.6		%
Sacramento			7 / 598			12,476			3.1		%	—			—			—			3.4		%	13.2		%	3,482			90,839			491,273			0.3		%				7.5		%
Denver			5 / 735			10,990			2.7		%	6 / 791			4 / 529			7,438			6.9		%	24.4		%	4,785			80,354			523,295			1.2		%				8.0		%
Boulder, CO			6 / 518			10,770			2.7		%	—			—			—			6.5		%	26.5		%	1,411			107,077			679,682			N/A						4.3		%
Chicago			18 / 1,947			10,071			2.5		%	3 / 404			3 / 371			1,026			-0.4		%	9.6		%	2,958			103,542			364,513			1.3		%				7.3		%
San Jose			4 / 480			8,269			2.1		%	2 / 154			2 / 280			3,524			3.0		%	12.0		%	5,784			146,128			1,494,081			(2.4)		%				5.4		%
Seattle			14 / 1,415			7,927			2.0		%	4 / 417			5 / 505			1,170			6.5		%	21.7		%	4,543			106,103			666,766			1.1		%				7.3		%
Charlottesville, VA			1 / 302			7,757			1.9		%	—			—			—			4.0		%	12.9		%	1,491			74,576			377,174			N/A						5.3		%
Buffalo			10 / 1,254			7,508			1.9		%	—			—			—			-0.2		%	3.2		%	2,516			69,327			180,286			(0.6)		%				17.4		%
San Antonio			4 / 1,075			6,719			1.7		%	2 / 152			1 / 162			1,140			8.5		%	28.8		%	2,283			70,363			255,377			(0.5)		%				8.5		%
Philadelphia			12 / 972			6,008			1.5		%	3 / 421			4 / 339			1,281			0.8		%	4.8		%	2,305			95,562			352,156			0.1		%				10.4		%
Houston			10 / 953			5,840			1.5		%	4 / 634			4 / 641			3,905			7.6		%	28.9		%	3,458			79,257			303,902			3.9		%				4.8		%
Santa Rosa, CA			4 / 511			5,315			1.3		%	—			—			—			1.3		%	7.7		%	1,127			85,680			739,848			N/A						8.3		%
Vallejo, CA			4 / 576			4,891			1.2		%	—			—			—			2.6		%	10.7		%	1,938			94,563			504,925			N/A						6.3		%
Raleigh			2 / 250			4,806			1.2		%	1 / 138			1 / 176			1,829			7.2		%	31.8		%	2,682			101,868			370,229			2.8		%				9.8		%
Trenton, NJ			2 / 207			4,687			1.2		%	2 / 218			1 / 112			1,824			0.5		%	8.0		%	1,068			124,877			467,344			N/A						6.1		%
Salisbury, MD			2 / 214			4,665			1.2		%	—			—			—			7.5		%	9.7		%	568			78,759			387,428			N/A						19.9		%
Las Vegas			4 / 700			4,651			1.2		%	—			—			—			5.8		%	17.3		%	5,875			52,236			278,145			2.1						21.4		%
Santa Maria, CA			1 / 363			4,403			1.1		%	—			—			—			2.0		%	6.1		%	1,741			104,620			962,329			N/A						8.6		%
Total - Top 25			242 / 27,485			$	321,283		79.8		%	53 / 7,558			64 / 7,527			$	40,076		3.1		%	13.7		%	4,069			$	102,371		$	685,768		0.7		%				8.3		%
All Other US SHO Markets			185 / 18,162			81,275			20.2		%	34 / 4,930			36 / 4,344			15,607			2.8		%	11.3		%	1,822			72,239			315,087
Total US SHO			427 / 45,647			$	402,558		100.0		%	87 / 12,488			100 / 11,871			$	55,683		3.0		%	12.7		%	3,106			$	95,338		$	599,251
% of Total IPNOI																		3.4		%
US National Average																					2.9		%	10.8		%	94			$	67,761		$	254,824		1.0		%	(10)			8.6		%

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 22 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 2021-2026.

(6) Average population density data represents average population per square mile within a 5-mile ring based on 2021 Claritas estimates.

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

(8) NIC MAP Data and Analysis Service, 2Q21. Net inventory growth is calculated at the MSA level based on historical deletions from inventory and a 5-6 quarter construction period to reflect our urban locations. Total - Top 25 Net Inventory Growth weighted by IPNOI.

(9) Annual job growth data represents MSA level growth from May 2020 - May 2021 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

(Currency amounts in thousands, except per unit and REVPOR. Company amounts at Welltower pro rata ownership. DNA = data not available.)

Seniors Housing Operating Quality Indicators
						US Portfolio(1,3,4)						Industry Benchmarks(2)
Property age						18						21
5 year total population growth						3.0		%				2.9		%
5 year 75+ population growth						12.3		%				10.8		%
Housing value						$	635,289					$	254,824
Household income						$	99,176					$	67,761
REVPOR						$	6,242					$	5,202
SS REVPOR growth						1.2		%				1.4		%
SSNOI per unit						$	11,632					$	16,505
SSNOI growth						(19.4)		%				DNA
						UK Portfolio(1,3,4)						Industry Benchmarks(5)
Property age						11						25
Units per property						82						41
5 year total population growth						2.7		%				2.4		%
5 year 75+ population growth						16.0		%				17.9		%
Housing value						£	391,889					£	250,341
REVPOR						£	7,164					£	3,783
SS REVPOR growth						4.1		%				4.1		%
SSNOI per unit						£	13,045					£	9,680
SSNOI growth						33.0		%				DNA
						Canadian Portfolio(1,3,4)						Industry Benchmarks(6)
5 year total population growth						5.7		%				5.5		%
5 year 75+ population growth						18.9		%				22.2		%
Housing value						$	540,421					$	474,236
Household income						$	110,942					$	104,603
REVPOR						$	3,772					$	2,962
SS REVPOR growth						2.2		%				2.8		%
SSNOI per unit						$	9,785					DNA
SSNOI growth						(25.2)		%				DNA

Notes:

(1) Property age, housing value and household income are NOI weighted as of June 30, 2021. The median housing value and household income is used for the US, and the average housing value and household income is used for the UK and Canada. Housing value, household income and population growth are based on a 3-mile radius. Growth figures represent performance of Welltower's same store portfolio for current quarter. See page 24 for reconciliations.

(2) Property age, REVPOR and REVPOR growth per 2Q21 NIC MAP for Majority AL Properties in the primary and secondary markets; AMR is used as a proxy for REVPOR; population growth reflects 2021-2026 Claritas projections; housing value and household income are the US median per Claritas 2021; NOI per unit per The State of Seniors Housing 2020 and represents 2019 results.

(3) REVPOR is based on total 2Q21 results. See page 24 for reconciliation.

(4) SSNOI per unit represents the SSNOI per unit available based on trailing four quarters for those properties in the portfolio for 15 months preceding the end of the current portfolio performance period. SSNOI per unit for UK portfolio in GBP calculated by taking SSNOI per unit in USD divided by a standardized GBP/USD rate of 1.38. SSNOI per unit for Canadian portfolio in CAD calculated by taking SSNOI per unit in USD divided by a standardized USD/CAD rate of 1.2658. See page 24 for reconciliation.

(5) Property age, units per property, REVPOR, REVPOR growth and NOI per Unit derived from LaingBuisson, Care of Older People UK Market Report 31st Edition; population growth reflects 2021-2026 Experian projections; housing value represents UK average per Experian 2019.

(6) Population growth reflects 2019-2024 Environics projection; housing value and household income represents Canadian average per Environics WealthScapes 2020; REVPOR and REVPOR growth are calculated weighted averages from 2020 CMHC Seniors Housing reports from each province.

6

---

Portfolio

(dollars in thousands at Welltower pro rata ownership)
Payment Coverage Stratification
			EBITDARM Coverage(1)																								EBITDAR Coverage(1)
% of In-Place NOI			Seniors Housing Triple-net						Long-Term/ Post- Acute Care			Total						Weighted Average Maturity						Number of Leases						Seniors Housing Triple-net						Long-Term/ Post- Acute Care			Total						Weighted Average Maturity						Number of Leases
<0.85x			6.2		%				0.1		%	6.3		%				8						9						12.7		%				0.1		%	12.8		%				6						11
0.85x - 0.95x			2.9		%				—		%	2.9		%				1						1						1.3		%				2.2		%	3.5		%				11						4
0.95x - 1.05x			4.3		%				—		%	4.3		%				7						2						2.0		%				0.6		%	2.6		%				7						3
1.05x - 1.15x			2.3		%				2.2		%	4.5		%				9						4						—		%				0.1		%	0.1		%				2						1
1.15x - 1.25x			0.3		%				0.6		%	0.9		%				8						2						5.6		%				—		%	5.6		%				11						3
1.25x - 1.35x			0.8		%				0.1		%	0.9		%				6						2						—		%				—		%	—		%				11						—
>1.35x			4.8		%				1.8		%	6.6		%				12						6						—		%				1.8		%	1.8		%				—						4
Total			21.6		%				4.8		%	26.4		%				8						26						21.6		%				4.8		%	26.4		%				8						26

Revenue and Lease Maturity(2)
Year						Seniors Housing Triple-net						Outpatient Medical						Health System						Long-Term / Post-Acute Care												Interest Income						Total Revenues						% of Total
2021						$	—					$	21,349					$	—					$	—											$	2,506					$	23,855					2.1		%
2022						—						47,750						—						2,913												4,970						55,633						4.8		%
2023						1,642						49,234						—						840												6,756						58,472						5.0		%
2024						11,431						59,857						—						—												15,396						86,684						7.5		%
2025						4,917						28,774						—						—												2,364						36,055						3.1		%
2026						60,769						35,791						—						9,631												99,054						205,245						17.7		%
2027						29,266						25,077						—						—												197						54,540						4.7		%
2028						4,527						25,020						—						16,839												2,523						48,909						4.2		%
2029						31,393						21,017						—						—												562						52,972						4.6		%
2030						15,236						35,737						—						26,985												137						78,095						6.7		%
Thereafter						154,646						99,743						157,354						43,046												3,917						458,706						39.6		%
						$	313,827					$	449,349					$	157,354					$	100,254											$	138,382					$	1,159,166					100.0		%
Weighted Avg Maturity Years						9						6						12						9												3						8

Notes:

(1) Represents trailing twelve month coverage metrics as of March 31, 2021 for stable portfolio only. Agreements included represent 91% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 22 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.

7

---

Portfolio

(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)						2Q20						3Q20						4Q20						1Q21						2Q21
Properties						373						359						357						357						360
Square feet						19,878,423						19,150,586						17,315,776						16,917,791						17,291,495
Occupancy						94.1		%				94.0		%				94.5		%				94.4		%				94.8		%
Total revenues						$	178,695					$	170,733					$	166,679					$	157,162					$	160,514
Operating expenses						50,855						52,312						50,231						47,764						46,184
NOI						$	127,840					$	118,421					$	116,448					$	109,398					$	114,330
Revenues per square foot						$	35.96					$	35.66					$	38.50					$	37.16					$	37.13
NOI per square foot						$	25.72					$	24.73					$	26.90					$	25.87					$	26.45
Recurring cap-ex						$	6,537					$	7,592					$	7,278					$	4,178					$	5,978
Other cap-ex						$	9,644					$	8,946					$	6,169					$	2,376					$	2,014

Same Store Performance(2)						2Q20						3Q20						4Q20						1Q21						2Q21
Properties						350						350						350						350						350
Occupancy						94.9		%				94.9		%				94.9		%				94.6		%				94.8		%
Same store revenues						$	138,965					$	142,570					$	143,688					$	145,915					$	145,049
Same store operating expenses						41,686						45,651						43,788						46,037						45,608
Same store NOI						$	97,279					$	96,919					$	99,900					$	99,878					$	99,441
NOI margin						70.0		%				68.0		%				69.5		%				68.4		%				68.6		%
Year over year NOI growth rate																														2.2		%

Portfolio Diversification by Tenant(4)						Rental Income						% of Total						Quality Indicators
Kelsey-Seybold						$	24,945					5.6		%				Health system affiliated properties as % of NOI(3)			92.2		%
Virtua						15,079						3.4		%				Health system affiliated tenants as % of rental income(3)			65.5		%
Novant Health						13,664						3.0		%				Retention (trailing twelve months)(3)			89.1		%
Baylor Scott & White						13,438						3.0		%				In-house managed properties as % of square feet(3,4)			88.5		%
Providence Health & Services						13,418						3.0		%				Average remaining lease term (years)(3)			6.0
Remaining portfolio						368,805						82.0		%				Average building size (square feet)(3)			60,893
Total						$	449,349					100.0		%				Average age (years)			16

Expirations(3)						2021						2022						2023						2024						2025						Thereafter
Occupied square feet						727,848						1,635,493						1,789,276						2,024,711						1,044,442						9,019,290
% of occupied square feet						4.5		%				10.1		%				11.0		%				12.5		%				6.4		%				55.5		%

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 350 same store properties representing 16,566,764 square feet. See pages 22 and 23 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.

8

---

Investment

(dollars in thousands at Welltower pro rata ownership)

Relationship Investment History

Detail of Acquisitions/JVs(1)
			2017									2018						2019						2020						1Q21						2Q21																		17-21 Total
Count						18						15						27						12						6						8																		86
Total						$	742,020					$	3,788,261					$	4,073,554					$	910,217					$	209,413					$	503,362																	$	10,226,827
Low						7,310						4,950						7,550						6,201						5,000						13,650																		4,950
Median						24,025						73,727						38,800						48,490						12,824						41,785																		37,195
High						149,400						2,481,723						1,250,000						235,387						132,124						158,729																		2,481,723

Investment Timing
						Acquisitions and Loan Funding(2)			Yield															Construction Conversions(4)			Yield						Dispositions and Loan Payoffs			Yield
April						$	1,049,642		10.0		%													$	78,546		10.0		%				$	216,641		8.4		%
May						2,604			6.0		%													15,393			9.3		%				69,211			1.8		%
June						325,023			5.4		%													101,867			7.6		%				255,621			8.3		%
Total						$	1,377,269		8.9		%													$	195,806		8.7		%				$	541,473		7.5		%

Notes:

(1) Includes non-yielding asset acquisitions.

(2) Excludes land acquisitions.

(3) Includes advances for non-real estate loans and excludes advances for development loans.

(4) Includes expansion conversions.

9

---

Investment

    

(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity
			Second Quarter 2021
			Properties						Beds / Units / Square Feet									Investment Per Bed / Unit / SqFt						Pro Rata Amount						Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating			27						2,087			units						$	148,872					$	242,293
Seniors Housing Triple-net			3						476			units						215,000						102,340
Outpatient Medical			2						308,277			sf						563						158,729
Loan funding																								873,907
Total acquisitions and loan funding(2)			32																					1,377,269						8.9		%
Development Funding(3)
Development projects:
Seniors Housing Operating			33						4,536			units												112,106
Seniors Housing Triple-net			6						551			units												15,199
Outpatient Medical			5						339,058			sf												12,114
Total development projects			44																					139,419
Expansion projects:
Seniors Housing Operating			1						86			units												1,095
Outpatient Medical			1						17,159			sf												1,258
Total expansion projects			2																					2,353
Total development funding			46																					141,772						7.4		%
Total gross investments																								1,519,041						8.8		%
Dispositions and Loan Payoffs(4)
Seniors Housing Operating			8						575			units						68,445						31,192
Health System			8						1,099			units						53,798						47,299
Long-Term/Post-Acute Care			3						172			beds						436,047						75,000
Loan payoffs																								387,982
Total dispositions and loan payoffs(5)			19																					541,473						7.5		%
Net investments (dispositions)																								$	977,568

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.

(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.

10

---

Investment

(dollars in thousands, except per bed / unit / square foot, at Welltower pro rata ownership)
Gross Investment Activity
			Year-To-Date 2021
			Properties						Beds / Units / Square Feet									Investment Per Bed / Unit / SqFt						Pro Rata Amount						Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating			28						2,140			units						$	147,521					$	247,293
Seniors Housing Triple-net			13						1,421			units						200,110						284,356
Outpatient Medical			3						347,419			sf						540						172,726
Health System			1						48			units						218,750						8,400
Loan funding																								911,452
Total acquisitions and loan funding(2)			45																					1,624,227						8.5		%
Development Funding(3)
Development projects:
Seniors Housing Operating			33						4,948			units												186,886
Seniors Housing Triple-net			8						718			units												51,052
Outpatient Medical			7						339,339			sf												21,676
Total development projects			48																					259,614
Expansion projects:
Seniors Housing Operating			1						86			units												1,674
Outpatient Medical			1						17,159			sf												1,941
Total expansion projects			2																					3,615
Total development funding			50																					263,229						7.3		%
Total gross investments																								1,887,456						8.4		%
Dispositions and Loan Payoffs(4)
Seniors Housing Operating			12						1,103			units						96,939						88,693
Outpatient Medical			8						534,194			sf						365						158,878
Health System			8						1,099			units						53,798						47,299
Long-Term/Post-Acute Care			3						172			beds						436,047						75,000
Loan payoffs																								387,982
Total dispositions and loan payoffs(5)			31																					757,852						6.9		%
Net investments (dispositions)																								$	1,129,604

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.

(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.

11

---

Investment

Property Acquisitions/ Joint Ventures Detail

Operator

Units

Location

MSA

Seniors Housing Operating

Chartwell Retirement Residences

564

950 Boulevard Lucille-Teasdale

Terrebonne

QC

CA

Montréal

Enclave Property Management

95

3783 S 16th St #112

Grand Forks

ND

US

Grand Forks, ND-MN

Oakmont Senior Living

111

1290 Santa Rosa Dr

Chula Vista

CA

US

San Diego

Pathway Senior Living

45

300 Lincoln Highway Road

Charleston

IL

US

Charleston-Mattoon, IL

Pathway Senior Living

46

1101 North Maple Street

Effingham

IL

US

Effingham, IL

Pathway Senior Living

46

315 Market Street

Fairfield

IL

US

No MSA

Pathway Senior Living

46

165 Ron Morse Drive

Harrisburg

IL

US

No MSA

Pathway Senior Living

47

1920 Brookstone Lane

Mattoon

IL

US

Charleston-Mattoon, IL

Pathway Senior Living

46

2008 South 9th Street

Mattoon

IL

US

Charleston-Mattoon, IL

Pathway Senior Living

46

1110 North East Street

Olney

IL

US

No MSA

Pathway Senior Living

46

146 Brookstone Lane

Paris

IL

US

No MSA

Pathway Senior Living

46

300 Twin Lakes Drive

Rantoul

IL

US

Charleston-Mattoon, IL

Pathway Senior Living

42

1101 North Monroe Street

Robinson

IL

US

No MSA

Pathway Senior Living

46

1106 East Northline Road

Tuscola

IL

US

No MSA

Pathway Senior Living

46

1607 West Fillmore Street

Vandalia

IL

US

No MSA

Pathway Senior Living

18

505 West Temple Avenue

Effingham

IL

US

Effingham, IL

Pathway Senior Living

57

2320 Sonora Drive

Grove City

OH

US

Columbus

Pathway Senior Living

99

4650 East Galbraith Road

Cincinnati

OH

US

Cincinnati

Pathway Senior Living

52

800 Becks Knob Road

Lancaster

OH

US

Columbus

Pathway Senior Living

41

715 South Walnut Street

Marysville

OH

US

Columbus

Pathway Senior Living

47

500 Glenn Avenue

Washington Court House

OH

US

Washington Court House, OH

Pathway Senior Living

35

1301 North East Street

Olney

IL

US

No MSA

Pathway Senior Living

62

3495 McFarland Road

Rockford

IL

US

Rockford, IL

Pathway Senior Living

61

1440 Somonauk Street

Sycamore

IL

US

Chicago

Pathway Senior Living

85

2750 West Fair Avenue

Lancaster

OH

US

Columbus

Sparrow Partners

137

3013 Doryn Drive

Grand Prairie

TX

US

Dallas

Sunrise Senior Living

75

1419 Horsham Rd

North Wales

PA

US

Philadelphia

Total

2,087

Seniors Housing Triple-Net

StoryPoint Senior Living

151

13390 N. Illinois St

Carmel

IN

US

Indianapolis

StoryPoint Senior Living

164

12950 Tablick St

Fishers

IN

US

Indianapolis

StoryPoint Senior Living

161

6800 Central Blvd

Zionsville

IN

US

Indianapolis

Total

476

Health System

Sq. Ft

Atrium Health

189,044

1237 Harding Place

Charlotte

NC

US

Charlotte

Atrium Health

119,233

1225 Harding Place

Charlotte

NC

US

Charlotte

Total

308,277

(1) Please refer to the 2Q21 Welltower Facility Address List in the Investors section of our website for further details.

12

---

Investment

(dollars in thousands at Welltower pro rata ownership)
Development Summary(1)
						Unit Mix
			Facility			Total			Independent Living			Assisted Living			Memory Care									Commitment Amount						Balance at 6/30/21						Estimated Conversion
Seniors Housing Operating
			New York, NY			151			—			69			82									$	98,125					$	98,148					3Q21
			Scarborough, ON			172			141			—			31									35,391						27,261						3Q21
			Staten Island, NY			95			—			45			50									21,590						18,578						3Q21
			Franklin Lakes, NY			88			—			51			37									16,921						14,213						3Q21
			Fairfax, VA			84			—			51			33									16,658						12,702						3Q21
			Mountain Lakes, NJ			90			—			57			33									15,063						11,874						3Q21
			Hendon, UK			102			—			78			24									57,467						45,580						4Q21
			Barnet, UK			100			—			76			24									53,636						38,716						4Q21
			Beckenham, UK			100			—			76			24									48,770						41,784						4Q21
			Redwood City, CA			90			—			56			34									19,465						17,080						4Q21
			San Francisco, CA			214			11			170			33									110,905						106,945						1Q22
			White Plains, NY			132			132			—			—									59,913						38,483						1Q22
			Bellevue, WA			110			—			82			25									9,518						3,822						1Q22
			New York, NY			528			400			92			36									145,864						138,820						2Q22
			Georgetown, TX			188			188			—			—									35,961						5,295						2Q22
			New Rochelle, NY			72			—			36			36									41,922						8,404						3Q22
			Pflugerville, TX			196			196			—			—									39,224						4,846						3Q22
			Sachse, TX			188			188			—			—									37,788						5,691						3Q22
			Princeton, NJ			80			—			68			12									29,592						21,513						3Q22
			Montreal, ON			247			247			—			—									16,575						4,542						3Q22
			Montreal, ON			223			223			—			—									14,096						3,758						3Q22
			McLean, VA			103			—			63			40									24,211						5,656						4Q22
			Orange, CA			91			—			49			42									18,578						4,790						4Q22
			Coral Gables, FL			91			—			55			36									18,225						4,513						4Q22
			Livingston, NJ			103			—			77			26									17,375						3,163						4Q22
			Berea, OH			120			120			—			—									13,441						3,801						4Q22
			Painesville, OH			119			119			—			—									13,016						3,209						4Q22
			Beaver, PA			116			116			—			—									12,766						3,209						4Q22
			Vienna, VA			85			—			49			36									40,808						7,726						1Q23
			New York, NY			160			—			76			84									79,400						37,792						2Q23
			Subtotal			4,238			2,081			1,376			778									1,162,264						741,914
Seniors Housing Triple-net
			Redhill, UK			76			—			46			30									21,952						16,710						3Q21
			Leicester, UK			60			—			36			24									15,463						7,457						1Q22
			London, UK			82			—			51			31									44,546						22,974						2Q22
			Wombourne, UK			66			—			41			25									16,567						7,838						2Q22
			Rugby, UK			76			—			51			25									21,141						5,545						4Q22
			Raleigh, NC			191			151			40			—									141,853						19,131						2Q23
			Subtotal			551			151			265			135									261,522						79,655
Outpatient Medical
									Rentable Square Ft			Preleased %			Health System Affiliation									Commitment Amount						Balance at 6/30/21						Estimated Conversion
			Kalamazoo, MI						40,607			100		%	Yes									14,267						9,709						3Q21
			College Station, TX						25,200			100		%	Yes									9,025						2,189						1Q22
			Norman, OK						47,082			100		%	Yes									21,707						745						3Q22
			Tyler, TX						85,214			100		%	Yes									34,750						3,536						4Q22
			Subtotal						198,103															79,749						16,179
Total Development Projects																								$	1,503,535					$	837,748

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.

13

---

Investment

(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
																					Projected Future Funding
			Projects						Beds / Units / Square Feet						Projected Yields(2)						2021 Funding						Funding Thereafter						Total Unfunded Commitments						Committed Balances
Seniors Housing Operating			30						4,238						7.5		%				$	199,047					$	221,303					$	420,350					$	1,162,264
Seniors Housing Triple-net			6						551						7.2		%				61,774						120,093						181,867						261,522
Outpatient Medical			4						198,103						6.2		%				27,420						36,150						63,570						79,749
Total			40												7.4		%				$	288,241					$	377,546					$	665,787					$	1,503,535

Development Project Conversion Estimates(1)
Quarterly Conversions																		Annual Conversions
						Amount						Projected Yields(2)												Amount						Projected Yields(2)
1Q21 actual						$	173,792					6.2		%				2021 actual						$	369,598					7.5		%
2Q21 actual						195,806						8.7		%				2021 estimate						419,305						8.4		%
3Q21 estimate						239,967						7.8		%				2022 estimate						822,169						6.7		%
4Q21 estimate						179,338						9.2		%				2023 estimate						262,061						7.9		%
1Q22 estimate						204,824						6.7		%				Total						$	1,873,133					7.4		%
2Q22 estimate						242,938						5.8		%
3Q22 estimate						200,904						7.1		%
4Q22 estimate						173,503						7.6		%
1Q23 estimate						40,808						8.2		%
2Q23 estimate						221,253						7.8		%
Total						$	1,873,133					7.4		%

Unstabilized Properties
			03/31/2021 Properties						Stabilizations						Construction Conversions(3)						Acquisitions/ Dispositions						6/30/2021 Properties						Beds / Units
Seniors Housing Operating			31						(3)						3						2						33						4,766
Seniors Housing Triple-net			13						(1)						—						3						15						1,601
Long-Term/Post-Acute Care			—						—						—						—						—						—
Total			44						(4)						3						5						48						6,367

Occupancy			03/31/2021 Properties						Stabilizations						Construction Conversions(3)						Acquisitions/ Dispositions						Progressions						6/30/2021 Properties
0% - 50%			28						(1)						3						3						(5)						28
50% - 70%			12						(2)						—						2						3						15
70% +			4						(1)						—						—						2						5
Total			44						(4)						3						5						—						48
Occupancy			6/30/2021 Properties						Months In Operation						Revenues						% of Total Revenues(4)						Gross Investment Balance						% of Total Gross Investment
0% - 50%			28						7						$	48,621					1.1		%				$	768,782					2.1		%
50% - 70%			15						15						44,916						1.0		%				504,626						1.4		%
70% +			5						27						23,828						0.5		%				205,450						0.6		%
Total			48						11						$	117,365					2.6		%				$	1,478,858					4.1		%

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 16.

14

---

Financial

(dollars in thousands at Welltower pro rata ownership)
Components of NAV
Stabilized NOI									Pro rata beds/units/square feet
Seniors Housing Operating(1)						$	605,268		59,541			units
Seniors Housing Triple-net						386,148			24,905			units
Outpatient Medical						403,080			17,164,549			square feet
Health System						157,612			19,048			units/beds
Long-Term/Post-Acute Care						93,260			7,987			beds
Total In-Place NOI(2)						1,645,368
Incremental stabilized NOI(3)						81,055
Total stabilized NOI						$	1,726,423
Obligations
Lines of credit and commercial paper(4)						$	—
Senior unsecured notes(4)						11,252,985
Secured debt(4)						3,074,655
Financing lease liabilities						110,906
Total debt						$	14,438,546
Add (Subtract):
Other liabilities (assets), net(5)						$	377,757
Cash and cash equivalents and restricted cash						(808,704)
Net obligations						$	14,007,599
Other Assets
Land parcels						$	197,716					Effective Interest Rate(8)
Real estate loans receivable(6)						1,086,061						7.9%
Non real estate loans receivable(7)						196,894						11.3%
Joint venture real estate loans receivables(9)						229,996						5.3%
Other investments(10)						10,450
Investments held for sale(11)						735,457
Development properties:(12)
Current balance						837,773
Unfunded commitments						667,715
Committed balances						$	1,505,488
Projected yield						7.4		%
Projected NOI						$	111,406
Common Shares Outstanding(13)						423,958

Notes:

(1) Includes $6,792,000 attributable to our proportional share of income from unconsolidated management company investments.

(2) See page 22 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 $1,190,657,000 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						$	132,677
Below market tenant lease intangibles, net						32,631
Deferred taxes, net						(38,903)
In place lease intangibles, net						(41,113)
Other non-cash liabilities / (assets), net						6,644
Total non-cash liabilities/(assets), net						$	91,936

(6) Represents $1,102,210,000 of real estate loans, excluding development loans and including completed in substance real estate developments and held to maturity debt securities, and net of $16,149,000 of credit allowances.

(7) Represents $347,938,000 of non-real estate loans, net of $151,045,000 of credit allowances.

(8) Average cash-pay interest rates are 7.9% and 1.9% 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 June 30, 2021 and estimated fair value of a 3.4% ownership in a 34 property Seniors Housing Operating portfolio excluded from IPNOI.

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

(12) See pages 13-14. Also includes expansion projects.

(13) Includes redeemable OP units.

15

---

Financial

(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
						2Q20						3Q20						4Q20						1Q21						2Q21
Revenues:
Seniors Housing Operating
Resident fees and services						$	748,520					$	725,043					$	701,590					$	708,026					$	726,516
Interest income						88						113						313						1,125						859
Other income						3,978						977						1,136						1,967						860
Total revenues						752,586						726,133						703,039						711,118						728,235
Seniors Housing Triple-net
Rental income						111,749						92,572						115,604						57,328						108,612
Interest income						5,960						6,552						6,763						6,660						28,885
Other income						937						930						1,503						913						1,357
Total revenues						118,646						100,054						123,870						64,901						138,854
Outpatient Medical
Rental income						176,555						169,007						160,981						151,688						150,781
Interest income						461						760						4,226						3,538						4,731
Other income						1,679						966						1,472						1,936						5,002
Total revenues						178,695						170,733						166,679						157,162						160,514
Health System
Rental income						42,446						42,445						42,445						42,445						46,554
Total revenues						42,446						42,445						42,445						42,445						46,554
Long-Term/Post-Acute Care
Rental income						53,696						(46,789)						54,272						49,761						40,542
Interest income						9,560						9,325						9,794						8,256						3,973
Other income						(329)						190						9						186						—
Total revenues						62,927						(37,274)						64,075						58,203						44,515
Corporate
Other income						253						2,966						3,095						3,129						2,672
Total revenues						253						2,966						3,095						3,129						2,672
Total
Rental income						384,446						257,235						373,302						301,222						346,489
Resident fees and services						748,520						725,043						701,590						708,026						726,516
Interest income						16,069						16,750						21,096						19,579						38,448
Other income						6,518						6,029						7,215						8,131						9,891
Total revenues						1,155,553						1,005,057						1,103,203						1,036,958						1,121,344
Property operating expenses:
Seniors Housing Operating						573,042						550,755						539,465						539,058						584,484
Seniors Housing Triple-net						8,285						7,353						9,110						7,758						7,871
Outpatient Medical						50,855						52,312						50,231						47,764						46,184
Health System						20						20						20						20						54
Long-Term/Post-Acute Care						5,138						5,107						5,728						5,279						4,848
Corporate						—						1,718						1,663						1,654						2,174
Total property operating expenses						637,340						617,265						606,217						601,533						645,615
Net operating income:
Seniors Housing Operating						179,544						175,378						163,574						172,060						143,751
Seniors Housing Triple-net						110,361						92,701						114,760						57,143						130,983
Outpatient Medical						127,840						118,421						116,448						109,398						114,330
Health System						42,426						42,425						42,425						42,425						46,500
Long-Term/Post-Acute Care						57,789						(42,381)						58,347						52,924						39,667
Corporate						253						1,248						1,432						1,475						498
Net operating income						$	518,213					$	387,792					$	496,986					$	435,425					$	475,729

Note:

(1) Please see discussion of Supplemental Reporting Measures on page 21. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%.

16

---

Financial

(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
						Twelve Months Ended						Three Months Ended
						June 30, 2021						June 30, 2021
Net income (loss)						$	668,205					$	45,757
Interest expense						491,507						122,341
Income tax expense (benefit)						4,015						(2,221)
Depreciation and amortization						983,576						240,885
EBITDA						2,147,303						406,762
Loss (income) from unconsolidated entities						650						7,976
Stock-based compensation(2)						24,278						4,757
Loss (gain) on extinguishment of debt, net						97,769						55,612
Loss (gain) on real estate dispositions, net						(773,516)						(44,668)
Impairment of assets						79,890						23,692
Provision for loan losses						93,522						6,197
Loss (gain) on derivatives and financial instruments, net						3,539						(359)
Other expenses(2)						60,985						11,059
Other impairment(3)						161,639						—
Total adjustments						(251,244)						64,266
Adjusted EBITDA						$	1,896,059					$	471,028
Interest Coverage Ratios
Interest expense						$	491,507					$	122,341
Capitalized interest						17,543						4,862
Non-cash interest expense						(12,675)						(3,972)
Total interest						$	496,375					$	123,231
EBITDA						$	2,147,303					$	406,762
Interest coverage ratio						4.33		x				3.30		x
Adjusted EBITDA						$	1,896,059					$	471,028
Adjusted Interest coverage ratio						3.82		x				3.82		x
Fixed Charge Coverage Ratios
Total interest						$	496,375					$	123,231
Secured debt principal amortization						63,668						15,715
Total fixed charges						$	560,043					$	138,946
EBITDA						$	2,147,303					$	406,762
Fixed charge coverage ratio						3.83		x				2.93		x
Adjusted EBITDA						$	1,896,059					$	471,028
Adjusted Fixed charge coverage ratio						3.39		x				3.39		x
Net Debt to EBITDA Ratios
Total debt(4)												$	13,572,816
Less: cash and cash equivalents(5)												(763,921)
Net debt												$	12,808,895
EBITDA Annualized												$	1,627,048
Net debt to EBITDA ratio												7.87		x
Adjusted EBITDA Annualized												$	1,884,112
Net debt to Adjusted EBITDA ratio												6.80		x

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 21.

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

(3) Amounts relate to reserve for straight-line rent receivable balances for leases placed on cash recognition.

(4) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $110,906,000. Excludes operating lease liabilities of $298,722,000 related to ASC 842 adoption.

(5) Inclusive of IRC Section 1031 deposits, if any.

17

---

Financial

(in thousands except share price)
Leverage and Current Capitalization(1)
															% of Total
Book Capitalization
Lines of credit and commercial paper(2)									$	—					0.00		%
Long-term debt obligations(2)(3)									13,572,816						45.16		%
Cash and cash equivalents(4)									(763,921)						(2.54)		%
Net debt to consolidated book capitalization									$	12,808,895					42.62		%
Total equity(5)									17,243,208						57.38		%
Consolidated book capitalization									$	30,052,103					100.00		%
Joint venture debt, net(6)									763,527
Total book capitalization									$	30,815,630
Undepreciated Book Capitalization
Lines of credit and commercial paper(2)									$	—					0.00		%
Long-term debt obligations(2)(3)									13,572,816						37.22		%
Cash and cash equivalents(4)									(763,921)						(2.09)		%
Net debt to consolidated undepreciated book capitalization									$	12,808,895					35.12		%
Accumulated depreciation and amortization									6,415,676						17.59		%
Total equity(5)									17,243,208						47.28		%
Consolidated undepreciated book capitalization									$	36,467,779					100.00		%
Joint venture debt, net(6)									763,527
Total undepreciated book capitalization									$	37,231,306
Enterprise Value
Lines of credit and commercial paper(2)									$	—					0.00		%
Long-term debt obligations(2)(3)									13,572,816						27.56		%
Cash and cash equivalents(4)									(763,921)						(1.55)		%
Net debt to consolidated enterprise value									$	12,808,895					26.01		%
Common shares outstanding									422,562
Period end share price									83.10
Common equity market capitalization									$	35,114,902					71.30		%
Noncontrolling interests(5)									1,322,762						2.69		%
Consolidated enterprise value									$	49,246,559					100.00		%
Joint venture debt, net(6)									763,527
Total enterprise value									$	50,010,086
Secured Debt as % of Total Assets
Secured debt(2)									$	2,304,178					7.16		%
Total assets									$	32,176,116
Total Debt as % of Total Assets
Total debt(2)(3)									$	13,572,816					42.18		%
Total assets									$	32,176,116
Unsecured Debt as % of Unencumbered Assets
Unsecured debt(2)									$	11,157,732					36.44		%
Unencumbered assets									$	30,619,538

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 21.

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

(3) Includes financing lease liabilities of $110,906,000 and excludes operating lease liabilities of $298,722,000 related to ASC 842 adoption.

(4) Inclusive of IRC Section 1031 deposits, if any.

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

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

18

---

Financial

(dollars in thousands)
Debt Maturities and Principal Payments(1)
Year						Lines of Credit and Commercial Paper(2)						Senior Unsecured Notes(3,4,5,6)						Consolidated Secured Debt						Share of Unconsolidated Secured Debt						Noncontrolling Interests' Share of Consolidated Secured Debt						Combined Debt(7)						% of Total						Wtd. Avg. Interest Rate
2021						$	—					$	—					$	253,459					$	46,642					$	(47,520)					$	252,581					1.76		%				3.29		%
2022						—						10,000						486,699						109,169						(71,365)						534,503						3.73		%				3.22		%
2023						—						701,525						489,409						140,653						(131,523)						1,200,064						8.38		%				2.36		%
2024						—						1,350,000						185,318						120,706						(25,123)						1,630,901						11.38		%				3.83		%
2025						—						1,250,000						181,449						499,661						(33,855)						1,897,255						13.24		%				3.83		%
2026						—						700,000						90,165						21,408						(25,042)						786,531						5.49		%				4.10		%
2027						—						741,830						166,260						66,191						(46,137)						928,144						6.48		%				2.95		%
2028						—						1,509,330						77,016						27,565						(13,397)						1,600,514						11.17		%				4.48		%
2029						—						1,050,000						247,426						36,815						(1,956)						1,332,285						9.30		%				3.12		%
2030						—						750,000						5,992						32,684						(1,139)						787,537						5.50		%				3.07		%
Thereafter						—						3,190,300						127,935						95,523						(36,433)						3,377,325						23.57		%				4.11		%
Totals						$	—					$	11,252,985					$	2,311,128					$	1,197,017					$	(433,490)					$	14,327,640					100.00		%
Weighted Avg Interest Rate(8)						—						3.71		%				3.10		%				3.27		%				2.86		%				3.60		%
Weighted Avg Maturity Years						—						8.2						3.9						6.1						3.7						7.4
% Floating Rate Debt						100.00		%				6.32		%				32.76		%				34.13		%				39.96		%				11.89		%

Debt by Local Currency(1)
									Lines of Credit and Commercial Paper(2)						Senior Unsecured Notes(3,4,5,6)						Consolidated Secured Debt						Share of Unconsolidated Secured Debt						Noncontrolling Interests' Share of Consolidated Secured Debt						Combined Debt(7)						Investment Hedges(9)
United States									$	—					$	9,360,000					$	1,196,933					$	869,378					$	(182,313)					$	11,243,998					$	—
United Kingdom									—						1,449,630						—						—						—						1,449,630						2,596,505
Canada									—						443,355						1,114,195						327,639						(251,177)						1,634,012						503,813
Totals									$	—					$	11,252,985					$	2,311,128					$	1,197,017					$	(433,490)					$	14,327,640					$	3,100,318

Notes:

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

(2) Our unsecured commercial paper program and our unsecured revolving credit facility had a zero balance as of June 30, 2021. The unsecured revolving credit facility is comprised of a $1,000,000,000 tranche that matures on June 4, 2023 and a $3,000,000,000 tranche that matures on June 4, 2025. Both tranches may be extended for two successive terms of six month at our option. Available borrowing capacity of our unsecured revolving credit facility was $4,000,000,000 as of June 30, 2021.

(3) 2023 includes a $500,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $201,525,000 USD at June 30, 2021). 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 $241,830,000 USD at June 30, 2021) that matures on January 15, 2027.

(5) 2028 includes £550,000,000 of 4.80% senior unsecured notes (approximately $759,330,000 USD at June 30, 2021). The notes mature on November 20, 2028.

(6) Thereafter includes £500,000,000 of 4.50% senior unsecured notes (approximately $690,300,000 USD at June 30, 2021). The notes mature on December 1, 2034.

(7) Excludes operating lease liabilities of $298,722,000 and finance lease liabilities of $110,906,000 related to ASC 842 adoption.

(8) 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.

(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 $(83,663,000), 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.

19

---

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 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.

20

---

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 Internal Revenue Code (“IRC”) Section 1031 deposits. 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, additional other income and other impairment charges. 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 any IRC Section 1031 deposits), 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.

21

---

Supplemental Reporting Measures

(dollars in thousands)
Non-GAAP Reconciliations
NOI Reconciliation															2Q20						3Q20						4Q20						1Q21						2Q21
Net income (loss)															$	159,216					$	394,978					$	155,278					$	72,192					$	45,757
Loss (gain) on real estate dispositions, net															(155,863)						(484,304)						(185,464)						(59,080)						(44,668)
Loss (income) from unconsolidated entities															(1,332)						5,981						(258)						(13,049)						7,976
Income tax expense (benefit)															2,233						2,003						290						3,943						(2,221)
Other expenses															19,411						11,544						33,088						10,994						11,687
Impairment of assets															75,151						23,313						9,317						23,568						23,692
Provision for loan losses															1,422						2,857						83,085						1,383						6,197
Loss (gain) on extinguishment of debt, net															249						33,004						13,796						(4,643)						55,612
Loss (gain) on derivatives and financial instruments, net															1,434						1,395						569						1,934						(359)
General and administrative expenses															34,062						31,003						27,848						29,926						31,436
Depreciation and amortization															265,371						255,532						242,733						244,426						240,885
Interest expense															126,357						124,851						121,173						123,142						122,341
Consolidated net operating income															527,711						402,157						501,455						434,736						498,335
NOI attributable to unconsolidated investments(1)															20,871						13,659						21,481						21,516						21,180
NOI attributable to noncontrolling interests(2)															(30,369)						(28,024)						(25,950)						(20,827)						(43,786)
Pro rata net operating income (NOI)(3)															$	518,213					$	387,792					$	496,986					$	435,425					$	475,729

In-Place NOI Reconciliation
At Welltower pro rata ownership						Seniors Housing Operating						Seniors Housing Triple-net						Outpatient Medical						Health System						Long-Term /Post-Acute Care						Corporate						Total
Revenues						$	728,235					$	138,854					$	160,514					$	46,554					$	44,515					$	2,672					$	1,121,344
Property operating expenses						(584,484)						(7,871)						(46,184)						(54)						(4,848)						(2,174)						(645,615)
NOI(3)						143,751						130,983						114,330						46,500						39,667						498						475,729
Adjust:
Interest income						(859)						(28,885)						(4,731)						—						(3,973)						—						(38,448)
Other income						(860)						(1,357)						(5,002)						—						—						(2,672)						(9,891)
Sold / held for sale						(326)						(185)						(1,235)						(1,134)						(11,425)						—						(14,305)
Developments / land						1,710						—						84						—						—						—						1,794
Non In-Place NOI(4)						7,751						(5,148)						(2,972)						(5,963)						(954)						2,174						(5,112)
Timing adjustments(5)						150						1,129						296						—						—						—						1,575
Total adjustments						7,566						(34,446)						(13,560)						(7,097)						(16,352)						(498)						(64,387)
In-Place NOI						151,317						96,537						100,770						39,403						23,315						—						411,342
Annualized In-Place NOI						$	605,268					$	386,148					$	403,080					$	157,612					$	93,260					$	—					$	1,645,368

Same Store Property Reconciliation
						Seniors Housing Operating						Seniors Housing Triple-net						Outpatient Medical						Health System						Long-Term /Post-Acute Care						Total
Total properties						672						342						371						217						123						1,725
Recent acquisitions/ development conversions(6)						(56)						(28)						(7)						(1)						—						(92)
Under development						(30)						(5)						(4)						—						—						(39)
Under redevelopment(7)						(10)						—						(2)						—						(1)						(13)
Current held for sale						(8)						(4)						(2)						(17)						(33)						(64)
Land parcels, loans and sub-leases						(11)						(12)						(6)						—						(7)						(36)
Transitions(8)						(27)						(11)						—						(9)						(3)						(50)
Other(9)						(2)						—						—						—						(2)						(4)
Same store properties						528						282						350						190						77						1,427

Notes:

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

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

(3) Represents Welltower's pro rata share of NOI. See page 16 for more information.

(4) Primarily represents non-cash NOI.

(5) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions

(6) Acquisitions and development conversions will enter the same store pool 5 full quarters after acquisition or certificate of occupancy.

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

(8) 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.

(9) Represents properties that are either closed or being closed.

22

---

Supplemental Reporting Measures

(dollars in thousands at Welltower pro rata ownership)
Same Store NOI Reconciliation						2Q20						3Q20						4Q20						1Q21						2Q21			Y/o/Y
Seniors Housing Operating
NOI						$	179,544					$	175,378					$	163,574					$	172,060					$	143,751
Non-cash NOI on same store properties						(957)						(1,015)						(349)						(821)						12,338
NOI attributable to non-same store properties						(12,476)						(9,401)						(4,515)						(13,026)						(7,405)
Currency and ownership adjustments(1)						3,894						2,553						1,662						80						(1,127)
Normalizing adjustment for government grants(2)						—						—						(12,350)						(33,701)						(9,327)
Normalizing adjustment for management fee reduction(3)						—						—						—						—						(2,058)
Normalizing adjustment for prior period allowance(4)						—						—						—						—						1,527
Normalizing adjustment for casualty related expenses, net(5)						—						—						—						—						1,192
Normalizing adjustment for policy change(6)						(1,596)						(991)						(358)						—						—
Other normalizing adjustments(7)						(333)						—						—						—						(356)
SSNOI(8)						168,076						166,524						147,664						124,592						138,535			(17.6)		%
Seniors Housing Triple-net
NOI						110,361						92,701						114,760						57,143						130,983
Non-cash NOI on same store properties						(4,100)						17,006						(3,158)						42,439						(1,383)
NOI attributable to non-same store properties						(23,111)						(26,649)						(28,521)						(18,970)						(43,056)
Currency and ownership adjustments(1)						1,854						1,175						793						9						(258)
Normalizing adjustment for prior period allowance(4)						1,243						—						—						3,185						(3,185)
Normalizing adjustments for lease restructuring(9)						(871)						(65)						(873)						—						—
SSNOI						85,376						84,168						83,001						83,806						83,101			(2.7)		%
Outpatient Medical
NOI						127,840						118,421						116,448						109,398						114,330
Non-cash NOI on same store properties						(3,486)						(3,497)						(2,921)						(2,529)						(2,533)
NOI attributable to non-same store properties						(15,841)						(8,078)						(7,698)						(5,708)						(11,961)
Currency and ownership adjustments(1)						(10,669)						(10,063)						(5,706)						(1,151)						(67)
Normalizing adjustment for lease termination fees(10)						(626)						—						—						—						(139)
Other normalizing adjustments(7)						61						136						(223)						(132)						(189)
SSNOI						97,279						96,919						99,900						99,878						99,441			2.2		%
Health System
NOI						42,426						42,425						42,425						42,425						46,500
Non-cash NOI on same store properties						(6,200)						(5,585)						(5,278)						(5,278)						(5,278)
NOI attributable to non-same store properties						(1,319)						(1,293)						(1,280)						(1,281)						(5,356)
SSNOI						34,907						35,547						35,867						35,866						35,866			2.7		%
Long-Term/Post-Acute Care
NOI						57,789						(42,381)						58,347						52,924						39,667
Non-cash NOI on same store properties						(1,529)						4,945						(1,150)						(326)						(950)
NOI attributable to non-same store properties						(33,937)						59,861						(34,685)						(30,436)						(16,445)
Currency and ownership adjustments(1)						149						87						49						—						(55)
Other normalizing adjustments(7)						—						—						—						166						—
SSNOI						22,472						22,512						22,561						22,328						22,217			(1.1)		%
Corporate
NOI						253						1,248						1,432						1,475						498
NOI attributable to non-same store properties						(253)						(1,248)						(1,432)						(1,475)						(498)
SSNOI						—						—						—						—						—
Total
NOI						518,213						387,792						496,986						435,425						475,729
Non-cash NOI on same store properties						(16,272)						11,854						(12,856)						33,485						2,194
NOI attributable to non-same store properties						(86,937)						13,192						(78,131)						(70,896)						(84,721)
Currency and ownership adjustments(1)						(4,772)						(6,248)						(3,202)						(1,062)						(1,507)
Normalizing adjustments, net						(2,122)						(920)						(13,804)						(30,482)						(12,535)
SSNOI						$	408,110					$	405,670					$	388,993					$	366,470					$	379,160		(7.1)		%

Notes:

(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2658 and to translate UK properties at a GBP/USD rate of 1.38.    

(2) Represents normalizing adjustment related to amounts recognized related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada.

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

(4) Represents normalizing adjustment related to an allowance of prior period rent related to one Seniors Housing Operating lease and two Seniors Housing Triple-net leases.

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

(6) Represents normalizing adjustment to reflect the application of consistent policies for all periods presented for one Seniors Housing Operating partner.

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

(8) SHO SSNOI includes expenses that are directly attributable to the COVID-19 pandemic net of any reimbursements exclusive of those included in (2) above.

(9) Represents normalizing adjustment related to lease restructuring associated with one Seniors Housing Triple-net lease.

(10) Represents normalizing adjustment related to lease termination fees associated with Outpatient Medical tenants.

23

---

Supplemental Reporting Measures

(dollars in thousands, except REVPOR, SS REVPOR and SSNOI/unit)
SHO REVPOR Reconciliation						United States						United Kingdom						Canada						Total
Consolidated SHO revenues						$	540,559					$	98,221					$	103,769					$	742,549
Unconsolidated SHO revenues attributable to Welltower(1)						22,854						—						22,178						45,032
SHO revenues attributable to noncontrolling interests(2)						(24,333)						(12,267)						(22,746)						(59,346)
Pro rata SHO revenues(3)						539,080						85,954						103,201						728,235
SHO interest and other income						(1,686)						—						(33)						(1,719)
SHO revenues attributable to sold and held for sale properties						(1,809)						—						(899)						(2,708)
Currency and ownership adjustments(4)						—						(1,098)						(3,038)						(4,136)
SHO local revenues						535,617						84,856						99,230						719,703
Average occupied units/month						28,683						2,869						11,129						42,681
REVPOR/month in USD						$	6,242					$	9,886					$	2,980					$	5,699
REVPOR/month in local currency(4)												£	7,164					$	3,772

Reconciliations of SHO SS REVPOR Growth, SSNOI Growth and SSNOI/Unit
			United States												United Kingdom												Canada												Total
			2Q20						2Q21						2Q20						2Q21						2Q20						2Q21						2Q20						2Q21
SHO SS REVPOR Growth
Consolidated SHO revenues			$	592,693					$	540,559					$	78,046					$	98,221					$	102,911					$	103,769					$	773,650					$	742,549
Unconsolidated SHO revenues attributable to WELL(1)			22,102						22,854						—						—						20,314						22,178						42,416						45,032
SHO revenues attributable to noncontrolling interests(2)			(33,435)						(24,333)						(7,246)						(12,267)						(22,799)						(22,746)						(63,480)						(59,346)
SHO pro rata revenues(3)			581,360						539,080						70,800						85,954						100,426						103,201						752,586						728,235
Non-cash revenues on same store properties			(847)						(571)						—						—						—						—						(847)						(571)
Revenues attributable to non-same store properties			(50,833)						(43,955)						(11,432)						(22,841)						(5,048)						(4,104)						(67,313)						(70,900)
Currency and ownership adjustments(4)			390						121						6,215						(806)						9,167						(2,936)						15,772						(3,621)
Normalizing adjustment for policy change(5)			(2,114)						—						—						—						—						—						(2,114)						—
SHO SS revenues(7)			527,956						494,675						65,583						62,307						104,545						96,161						698,084						653,143
Avg. occupied units/month(8)			28,142						26,046						2,388						2,179						12,053						10,849						42,583						39,074
SHO SS REVPOR(9)			$	6,271					$	6,348					$	9,180					$	9,558					$	2,899					$	2,963					$	5,480					$	5,587
SS REVPOR YOY growth			—		%				1.2		%				—		%				4.1		%				—		%				2.2		%				—						2.0		%
SHO SSNOI Growth
Consolidated SHO NOI			$	138,301					$	107,314					$	10,967					$	22,663					$	28,869					$	30,211					$	178,137					$	160,188
Unconsolidated SHO NOI attributable to WELL(1)			5,421						3,437						—						—						7,856						7,867						13,277						11,304
SHO NOI attributable to noncontrolling interests(2)			(5,233)						(18,698)						(385)						(2,612)						(6,252)						(6,431)						(11,870)						(27,741)
SHO pro rata NOI(3)			138,489						92,053						10,582						20,051						30,473						31,647						179,544						143,751
Non-cash NOI on same store properties			(935)						12,329						0						9						(22)						—						(957)						12,338
NOI attributable to non-same store properties			(10,601)						(948)						(1,845)						(5,889)						(30)						(568)						(12,476)						(7,405)
Currency and ownership adjustments(4)			84						29						883						(195)						2,927						(961)						3,894						(1,127)
Normalizing adjustment for government grants(10)			—						(5,021)						—						(1,177)						—						(3,129)						—						(9,327)
Normalizing adjustment for management fee reduction(11)			—						—						—						—						—						(2,058)						—						(2,058)
Normalizing adjustment for prior period allowance(12)			—						1,527						—						—						—						—						—						1,527
Normalizing adjustment for casualty related expenses(13)			—						1,192						—						—						—						—						—						1,192
Normalizing adjustment for policy change(5)			(1,596)						—						—						—						—						—						(1,596)						—
Other normalizing adjustments(6)			(333)						(356)						—						—						—						—						(333)						(356)
SHO pro rata SSNOI(7)			$	125,108					$	100,805					$	9,620					$	12,799					$	33,348					$	24,931					$	168,076					$	138,535
SHO SSNOI growth									(19.4)		%										33.0		%										(25.2)		%										(17.6)		%
SHO SSNOI/Unit
Trailing four quarters' SSNOI(7)									$	411,818											$	57,301											$	108,196											$	577,315
Average units in service(14)									35,404												3,183												13,996												52,583
SSNOI/unit in USD									$	11,632											$	18,002											$	7,730											$	10,979
SSNOI/unit in local currency(4)																					£	13,045											$	9,785

Notes:

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

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

(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See pages 16 & 23 for more information.

(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2658 and to translate UK properties at a GBP/USD rate of 1.38.

(5) Represents normalizing adjustment to reflect the application of consistent policies for all periods presented for one Seniors Housing Operating partner.

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

(7) Represents SS SHO revenues/SSNOI at Welltower pro rata ownership. See page 23 for more information.

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

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

(10) 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.

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

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

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

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

24

---

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 duration and scope of the COVID-19 pandemic; the impact of the COVID-19 pandemic on occupancy rates and on the operations of Welltower and its operators/tenants; actions governments take in response to the COVID-19 pandemic, including the introduction of public health measures and other regulations affecting Welltower’s properties and the operations of Welltower and its operators/tenants; the effects of health and safety measures adopted by Welltower and its operators/tenants related to the COVID-19 pandemic; increased operational costs as a result of health and safety measures related to COVID-19; the impact of the COVID-19 pandemic on the business and financial condition of operators/tenants and their ability to make payments to Welltower; disruptions to Welltower's property acquisition and disposition activity due to economic uncertainty caused by COVID-19; general economic uncertainty in key markets as a result of the COVID-19 pandemic and a worsening of global economic conditions or low levels of economic growth; the status of capital markets, including availability and cost of capital; uncertainty from the expected discontinuance of LIBOR and the transition to any other interest rate benchmark; 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 Welltower’s 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. Finally, 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 July 29, 2021 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.

25

---