Welltower Inc 8-K, filed Apr 28, 2021

Welltower Inc. (WELL)

8-K 2021-04-28 For: 2021-04-28

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Added on April 11, 2026

About this 8-K

Welltower Inc filed this 8-K on April 28, 2021.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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WELLTOWER INC.

By:			/s/ Matthew McQueen
Name:			Matthew McQueen
Title:			Executive Vice President – General Counsel & Corporate Secretary


	February 2020		December 2020		January 2021		February 2021		March 2021
Spot occupancy (1)	85.4	%	75.9	%	74.4	%	73.6	%	73.6	%
Sequential occupancy change					(1.5)	%	(0.8)	%	—	%


Consolidated Balance Sheets (unaudited)
(in thousands)
	March 31,
	2021		2020
Assets
Real estate investments:
Land and land improvements	$	3,397,055	$	3,514,456
Buildings and improvements	27,667,188		29,236,477
Acquired lease intangibles	1,506,823		1,629,662
Real property held for sale, net of accumulated depreciation	564,062		729,560
Construction in progress	542,302		431,497
Less accumulated depreciation and intangible amortization	(6,212,432)		(5,910,979)
Net real property owned	27,464,998		29,630,673
Right of use assets, net	454,787		523,217
Real estate loans receivable, net of credit allowance	487,674		221,228
Net real estate investments	28,407,459		30,375,118
Other assets:
Investments in unconsolidated entities	1,020,010		702,497
Goodwill	68,321		68,321
Cash and cash equivalents	2,131,846		303,423
Restricted cash	426,976		89,643
Straight-line rent receivable	312,721		449,075
Receivables and other assets	624,918		934,951
Total other assets	4,584,792		2,547,910
Total assets	$	32,992,251	$	32,923,028

Liabilities and equity
Liabilities:
Unsecured credit facility and commercial paper	$	—	$	844,985
Senior unsecured notes	12,183,710		10,218,853
Secured debt	2,329,474		2,901,232
Lease liabilities	408,916		464,659
Accrued expenses and other liabilities	1,023,219		997,603
Total liabilities	15,945,319		15,427,332
Redeemable noncontrolling interests	355,915		429,359
Equity:

Common stock	418,866		418,226
Capital in excess of par value	20,814,196		20,818,242
Treasury stock	(106,519)		(86,975)
Cumulative net income	8,399,144		7,659,038
Cumulative dividends	(13,598,673)		(12,579,535)
Accumulated other comprehensive income	(128,136)		(96,213)

Total Welltower Inc. stockholders’ equity	15,798,878		16,132,783
Noncontrolling interests	892,139		933,554
Total equity	16,691,017		17,066,337
Total liabilities and equity	$	32,992,251	$	32,923,028


Consolidated Statements of Income (unaudited)
(in thousands, except per share data)
		Three Months Ended
		March 31,
		2021		2020
Revenues:
	Resident fees and services	$	723,464	$	849,972
	Rental income	302,843		389,960
	Interest income	19,579		15,241
	Other income	6,176		3,429
	Total revenues	1,052,062		1,258,602
Expenses:
	Property operating expenses	617,326		681,781
	Depreciation and amortization	244,426		274,801
	Interest expense	123,142		142,007
	General and administrative expenses	29,926		35,481
	Loss (gain) on derivatives and financial instruments, net	1,934		7,651
	Loss (gain) on extinguishment of debt, net	(4,643)		—
	Provision for loan losses	1,383		7,072
	Impairment of assets	23,568		27,827
	Other expenses	10,994		6,292
	Total expenses	1,048,056		1,182,912
Income (loss) from continuing operations before income taxes
	and other items	4,006		75,690
Income tax (expense) benefit		(3,943)		(5,442)
Income (loss) from unconsolidated entities		13,049		(3,692)
Gain (loss) on real estate dispositions, net		59,080		262,824
Income (loss) from continuing operations		72,192		329,380

Net income (loss)		72,192		329,380


Less:	Net income (loss) attributable to noncontrolling interests (1)	646		19,096
Net income (loss) attributable to common stockholders		$	71,546	$	310,284
Average number of common shares outstanding:
	Basic	417,241		410,306
	Diluted	419,079		412,420
Net income (loss) attributable to common stockholders per share:
	Basic	$	0.17	$	0.76
	Diluted(2)	$	0.17	$	0.75
Common dividends per share		$	0.61	$	0.87

(1) Includes amounts attributable to redeemable noncontrolling interests.
(2) Includes adjustment to the numerator for income (loss) attributable to OP unitholders.


FFO Reconciliations						Exhibit 1
(in thousands, except per share data)			Three Months Ended
			March 31,
			2021			2020
Net income (loss) attributable to common stockholders			$	71,546		$	310,284
Depreciation and amortization			244,426			274,801
Impairments and losses (gains) on real estate dispositions, net			(35,512)			(234,997)
Noncontrolling interests(1)			(12,516)			(9,409)
Unconsolidated entities(2)			19,223			15,445
NAREIT FFO attributable to common stockholders			287,167			356,124
Normalizing items, net(3)			46,745			63,195
Normalized FFO attributable to common stockholders			$	333,912		$	419,319

Average diluted common shares outstanding			419,079			412,420

Per diluted share data attributable to common stockholders:
	Net income (loss)(4)		$	0.17		$	0.75
	NAREIT FFO		$	0.69		$	0.86
	Normalized FFO		$	0.80		$	1.02

Normalized FFO Payout Ratio:
	Dividends per common share		$	0.61		$	0.87
	Normalized FFO attributable to common stockholders per share		$	0.80		$	1.02
		Normalized FFO payout ratio	76		%	85		%

Other items:(5)
Net straight-line rent and above/below market rent amortization(6)			$	(18,134)		$	(24,930)
Non-cash interest expenses(7)			3,635			2,823
Recurring cap-ex, tenant improvements, and lease commissions			(11,433)			(22,616)
Stock-based compensation(8)			5,381			6,822

(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).


Normalizing Items				Exhibit 2
(in thousands, except per share data)	Three Months Ended
	March 31,
	2021			2020
Loss (gain) on derivatives and financial instruments, net	$	1,934	(1)	$	7,651
Loss (gain) on extinguishment of debt, net	(4,643)		(2)	—
Provision for loan losses	1,383		(3)	7,072


Incremental interest expense	—			5,871
Other impairment	49,241		(4)	32,268
Other expenses	10,994		(5)	6,292

Normalizing items attributable to noncontrolling interests and unconsolidated entities, net	(12,164)		(6)	4,041
Net normalizing items	$	46,745		$	63,195

Average diluted common shares outstanding	419,079			412,420
Net normalizing items per diluted share	$	0.11		$	0.15

(1) Primarily related to mark-to-market of Genesis Healthcare stock holdings.
(2) Primarily related to the extinguishment of secured debt.
(3) Primarily related to reserves for loan losses under the current expected credit losses accounting standard.
(4) Primarily related to reserve for straight-line rent receivable balances related to leases placed on cash recognition.
(5) Primarily related to non-capitalizable transaction costs.
(6) Primarily related to our share of the gain related to the sale of a home health business owned by one of our unconsolidated entities, as well as the noncontrolling interests' share of the reserve for straight-line rent receivable balances related to leases placed on cash recognition.


Outlook Reconciliations: Quarter Ending June 30, 2021		Exhibit 3
(in millions, except per share data)	Current Outlook
			Low		High
FFO Reconciliation:
Net income attributable to common stockholders			$	128	$	149
Impairments and losses (gains) on real estate dispositions, net(1,2)			(75)		(75)
Depreciation and amortization(1)			249		249
NAREIT FFO and Normalized FFO attributable to common stockholders			302		323



Diluted per share data attributable to common stockholders:
Net income			$	0.31	$	0.36
NAREIT FFO and Normalized FFO			$	0.72	$	0.77


Other items:(1)
Net straight-line rent and above/below market rent amortization			$	(20)	$	(20)
Non-cash interest expenses			4		4
Recurring cap-ex, tenant improvements, and lease commissions			(24)		(24)
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 projected dispositions.


Overview			1

Portfolio			2

Investment			9

Financial			14

Glossary			19

Supplemental Reporting Measures			20

Forward Looking Statements and Risk Factors			24


(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	17	649	74,848		34,975	27,661	11,686	526
Seniors Housing Triple-net	15	337	27,582		5,093	15,831	6,354	304
Outpatient Medical	15	369	22,025,757	(1)	n/a	n/a	n/a	n/a
Health System	31	216	25,991		201	663	3,137	21,990
Long-Term/Post-Acute Care	19	135	15,893		40	873	—	14,980
Total	18	1,706


NOI Performance	Same Store(2)							In-Place Portfolio(3)
	Properties	1Q20 NOI		1Q21 NOI		% Change		Properties	Annualized In-Place NOI		% of Total
Seniors Housing Operating	526	$	219,867	$	123,021	(44.0)	%	600	$	647,632	38.5	%
Seniors Housing Triple-net(4)	282	85,560		83,817		(2.0)	%	319	362,608		21.6	%
Outpatient Medical	334	94,114		97,040		3.1	%	357	399,868		23.8	%
Health System	190	34,826		35,784		2.8	%	191	143,684		8.5	%
Long-Term/Post-Acute Care(4)	81	24,794		24,842		0.2	%	103	127,216		7.6	%
Total	1,413	$	459,161	$	364,504	(20.6)	%	1,570	$	1,681,008	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	75.0	%	n/a	n/a	96.7	%	1.1	%	0.4	%	1.8	%
Seniors Housing Triple-net	76.5	%	1.00	1.17	90.8	%	3.3	%	0.8	%	5.1	%
Outpatient Medical	94.4	%	n/a	n/a	100.0	%	—		—		—
Health System(8)	68.4	%	1.90	2.56	30.9	%	51.6	%	17.5	%	—
Long-Term/Post-Acute Care	71.4	%	1.37	1.64	30.0	%	31.6	%	38.4	%	—
Total			1.30	1.62	92.7	%	3.7	%	1.9	%	1.7	%


(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	128	$	171,747	$	—	$	—	$	—	$	—	$	171,747	10.2	%
Sunrise Senior Living United Kingdom	45	52,378		—		—		—		—		52,378		3.1	%
ProMedica	191	—		—		—		143,684		—		143,684		8.5	%
Avery Healthcare	55	5,694		69,249		—		—		—		74,943		4.5	%
Revera	92	60,999		—		—		—		—		60,999		3.6	%
Brookdale Senior Living	85	(896)		60,527		—		—		—		59,631		3.5	%
Sagora Senior Living	31	32,060		26,727		—		—		—		58,787		3.5	%
Senior Resource Group	24	47,997		—		—		—		—		47,997		2.9	%
Belmont Village	21	40,823		—		—		—		—		40,823		2.4	%
Genesis Healthcare	44	—		—		—		—		37,888		37,888		2.3	%
Pegasus Senior Living	36	36,166		—		—		—		—		36,166		2.2	%
Remaining	818	200,664		206,105		399,868		—		89,328		895,965		53.3	%
Total	1,570	$	647,632	$	362,608	$	399,868	$	143,684	$	127,216	$	1,681,008	100.0	%

By Country:
United States	1,309	$	466,621	$	285,758	$	399,868	$	143,684	$	120,342	$	1,416,273	84.3	%
United Kingdom	114	71,699		73,336		—		—		—		145,035		8.6	%
Canada	147	109,312		3,514		—		—		6,874		119,700		7.1	%
Total	1,570	$	647,632	$	362,608	$	399,868	$	143,684	$	127,216	$	1,681,008	100.0	%

By MSA:
New York	76	$	50,797	$	20,933	$	29,733	$	3,609	$	6,082	$	111,154	6.6	%
Los Angeles	67	59,165		18,661		32,275		—		—		110,101		6.5	%
Greater London	47	49,646		17,236		—		—		—		66,882		4.0	%
Washington D.C.	38	35,667		1,420		6,748		15,424		2,676		61,935		3.7	%
Dallas	57	18,478		7,764		30,090		760		3,949		61,041		3.6	%
Philadelphia	44	5,336		1,537		22,727		11,364		13,425		54,389		3.2	%
Houston	33	10,866		3,272		32,337		—		—		46,475		2.8	%
San Francisco	20	23,178		10,039		—		4,385		—		37,602		2.2	%
Seattle	27	12,329		3,130		15,409		1,335		—		32,203		1.9	%
San Diego	17	16,335		6,438		6,434		—		2,733		31,940		1.9	%
Montréal	20	30,421		—		—		—		—		30,421		1.8	%
Chicago	41	9,210		5,175		5,072		9,801		—		29,258		1.7	%
Minneapolis	20	(93)		15,232		13,688		—		—		28,827		1.7	%
Miami	36	2,695		—		15,827		5,217		—		23,739		1.4	%
Raleigh	12	5,261		17,355		992		—		—		23,608		1.4	%
Charlotte	23	—		9,685		13,570		—		—		23,255		1.4	%
Baltimore	19	4,519		—		13,349		2,562		1,755		22,185		1.3	%
Atlanta	23	324		—		18,419		1,807		—		20,550		1.2	%
Boston	17	15,780		—		2,459		—		1,228		19,467		1.2	%
Kansas City	20	4,455		8,412		712		—		5,760		19,339		1.2	%
Remaining	913	293,263		216,319		140,027		87,420		89,608		826,637		49.3	%
Total	1,570	$	647,632	$	362,608	$	399,868	$	143,684	$	127,216	$	1,681,008	100.0	%


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

Total Portfolio Performance(1)	1Q20			2Q20			3Q20			4Q20			1Q21
Properties	586			578			563			607			608
Units (2)	58,788			56,822			55,498			58,370			58,185
Total occupancy (2)	85.0		%	80.7		%	77.9		%	76.0		%	72.7		%
Total revenues	$	821,990		$	752,586		$	726,133		$	703,039		$	711,118
Operating expenses	582,533			573,042			550,755			539,465			539,058
NOI	$	239,457		$	179,544		$	175,378		$	163,574		$	172,060
NOI margin	29.1		%	23.9		%	24.2		%	23.3		%	24.2		%
Recurring cap-ex	$	15,414		$	11,042		$	11,851		$	14,356		$	7,255
Other cap-ex	$	36,751		$	26,445		$	27,577		$	27,728		$	13,413


Same Store Performance(3)	1Q20			2Q20			3Q20			4Q20			1Q21
Properties	526			526			526			526			526
Occupancy	85.4		%	81.3		%	78.6		%	77.0		%	73.9		%
Same store revenues	$	746,385		$	693,246		$	675,138		$	659,510		$	635,692
Compensation	322,331			315,199			310,384			302,158			304,625
Utilities	29,314			25,304			28,216			28,062			29,982
Food	27,611			25,898			24,924			25,503			23,351
Repairs and maintenance	17,068			13,571			16,677			17,152			17,077
Property taxes	26,096			25,947			26,565			24,968			26,610
All other	104,098			120,249			103,503			115,875			111,026
Same store operating expenses	526,518			526,168			510,269			513,718			512,671
Same store NOI	$	219,867		$	167,078		$	164,869		$	145,792		$	123,021
Year over year growth rate													(44.0)		%


Partners	Properties(4)	Pro Rata Units(4)	Welltower Ownership %(5)		Core Markets	1Q21 NOI		% of Total
Sunrise Senior Living	173	13,904	99.3	%	Southern California	$	20,803	12.1	%
Revera	92	8,723	75.0	%	Northern California	14,465		8.4	%
Senior Resource Group	24	3,268	63.7	%	Greater London	12,392		7.2	%
Belmont Village	21	2,804	95.0	%	New York / New Jersey	11,794		6.9	%
Pegasus Senior Living	36	3,833	98.0	%	Washington D.C.	9,954		5.8	%
Cogir	18	2,924	88.1	%	Montréal	7,606		4.4	%
Chartwell Retirement Residences	40	4,153	51.0	%	Toronto	4,789		2.8	%
Brandywine Living	28	2,662	99.5	%	Boston	4,458		2.6	%
Sagora Senior Living	14	1,483	100.0	%	Seattle	3,087		1.8	%
Frontier Management	53	3,108	97.9	%	Ottawa	2,455		1.4	%
Clover Management	33	3,630	89.9	%	Birmingham, UK	2,142		1.2	%
Oakmont Senior Living	8	623	100.0	%	Vancouver	2,139		1.2	%
Signature Senior Lifestyle	11	758	75.0	%	Manchester, UK	1,450		0.8	%
Balfour Senior Living	7	675	95.0	%	Core Markets	97,534		56.6	%
Remaining	42	5,429			All Other	74,526		43.4	%
Total	600	57,977			Total	$	172,060	100.0	%


Table of Contents


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	$	59,165	12.7	%	5 / 824	5 / 448	$	5,718		1.7	%	10.9	%	6,807	$	99,131	$	1,037,762	1.4	%		(11.7)	%
New York	32 / 2,757	50,797		10.9	%	2 / 519	3 / 263	3,545			-0.1	%	4.8	%	3,990	113,384		537,262		1.7	%		(11.2)	%
Washington D.C.	12 / 1,358	35,667		7.6	%	4 / 468	5 / 682	6,762			3.1	%	11.5	%	5,528	129,072		681,968		4.4	%		(9.0)	%
San Francisco	13 / 1,623	23,178		5.0	%	—	—	—			3.2	%	11.3	%	9,023	128,027		1,141,506		(0.4)	%		(11.3)	%
Dallas	21 / 2,784	18,478		4.0	%	1 / 229	1 / 214	56			7.7	%	27.9	%	3,174	82,771		308,293		2.1	%		(3.7)	%
San Diego	7 / 922	16,335		3.5	%	—	—	—			2.3	%	14.1	%	4,570	107,763		958,785		(1.3)	%		(8.7)	%
Boston	11 / 747	15,780		3.4	%	—	—	—			2.5	%	7.1	%	2,601	138,573		778,935		(0.9)	%		(9.1)	%
Sacramento	7 / 598	13,107		2.8	%	—	—	—			3.5	%	12.5	%	3,715	89,983		513,020		1.1	%		(6.2)	%
Seattle	14 / 1,415	12,329		2.6	%	5 / 451	5 / 505	3,164			6.4	%	19.8	%	5,039	97,656		590,710		0.9	%		(6.6)	%
Denver	5 / 735	11,669		2.5	%	4 / 635	2 / 366	3,747			7.1	%	25.8	%	5,108	77,364		552,865		(0.6)	%		(4.9)	%
Boulder, CO	6 / 518	11,494		2.5	%	—	—	—			6.1	%	29.3	%	2,031	103,523		675,817		N/A			(7.5)	%
Houston	10 / 953	10,866		2.3	%	2 / 230	2 / 241	1,822			7.4	%	25.9	%	3,465	81,638		332,385		5.2	%		(7.3)	%
San Antonio	4 / 1,075	10,403		2.2	%	1 / 112	1 / 162	1,071			8.7	%	29.7	%	2,419	72,423		256,088		(0.3)	%		(3.3)	%
Chicago	17 / 1,886	9,210		2.0	%	1 / 201	1 / 131	240			-0.4	%	8.5	%	3,235	77,310		296,207		1.4			(8.4)	%
Buffalo	10 / 1,254	7,489		1.6	%	—	—	—			0.0	%	3.1	%	2,791	70,675		183,691		(0.6)	%		(8.9)	%
Vallejo, CA	4 / 576	7,133		1.5	%	—	—	—			2.7	%	10.2	%	3,209	79,277		458,109		N/A			(8.4)	%
Santa Rosa, CA	4 / 511	7,115		1.5	%	—	—	—			1.1	%	6.7	%	2,032	88,595		771,240		N/A			(12.9)	%
Charlottesville, VA	1 / 302	6,869		1.5	%	—	—	—			2.9	%	10.2	%	2,100	57,071		350,000		N/A			(8.3)	%
San Jose	4 / 480	6,577		1.4	%	—	—	—			3.0	%	12.0	%	6,782	138,316		1,417,379		(1.7)			(8.8)	%
Portland, OR	6 / 581	5,768		1.2	%	—	—	—			6.5	%	17.8	%	2,385	84,225		425,913		1.2			(8.4)	%
Philadelphia	11 / 885	5,336		1.1	%	2 / 336	2 / 177	754			0.7	%	4.2	%	2,149	109,044		373,223		0.5	%		(7.2)	%
Raleigh	2 / 250	5,261		1.1	%	1 / 138	1 / 176	1,923			6.4	%	25.6	%	3,214	91,403		310,412		2.8	%		(3.2)	%
Las Vegas	4 / 700	5,021		1.1	%	—	—	—			5.5	%	15.2	%	6,231	51,081		247,233		2.8	%		(13.8)	%
Pittsburgh	4 / 434	4,883		1.0	%	—	—	—			0.0	%	6.2	%	1,905	88,677		236,216		(2.4)			(7.5)	%
Tucson	4 / 518	4,800		1.0	%	—	—	—			3.7	%	4.2	%	2,062	51,254		205,265		0.1	%		(5.8)	%
Total - Top 25	244 / 27,540	$	364,730	78.2	%	28 / 4,143	28 / 3,365	$	28,802		3.1	%	13.1	%	4,304	$	104,531	$	683,815	1.1	%		(9.0)	%
All Other US SHO Markets	154 / 16,274	101,891		21.8	%	15 / 1,936	17 / 1,890	8,010			3.3	%	12.0	%	2,288	80,342		357,723
Total US SHO	398 / 43,814	$	466,621	100.0	%	43 / 6,079	45 / 5,255	$	36,812		3.2	%	12.7	%	3,534	$	98,602	$	603,884

% of Total IPNOI								2.2		%
US National Average											2.9	%	10.8	%	94	$	67,761	$	254,824	1.4	%	(10)	(6.2)	%


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	$	59,165	12.7	%	7 / 983	13 / 1,437	$	10,742		1.8	%	11.4	%	6,609	$	92,596	$	953,680	1.4	%		(11.7)	%
New York	32 / 2,757	50,797		10.9	%	4 / 715	5 / 393	6,533			0.1	%	4.8	%	3,937	109,633		510,114		1.7	%		(11.2)	%
Washington D.C.	12 / 1,358	35,667		7.6	%	6 / 946	10 / 1,139	9,722			3.4	%	12.3	%	5,460	125,618		674,913		4.4	%		(9.0)	%
San Francisco	13 / 1,623	23,178		5.0	%	2 / 159	2 / 225	371			3.2	%	11.5	%	7,684	125,659		1,110,571		(0.4)	%		(11.3)	%
Dallas	21 / 2,784	18,478		4.0	%	5 / 776	5 / 628	2,521			7.6	%	28.1	%	2,825	77,588		297,985		2.1	%		(3.7)	%
San Diego	7 / 922	16,335		3.5	%	—	—	—			2.6	%	13.4	%	4,454	106,482		853,762		(1.3)	%		(8.7)	%
Boston	11 / 747	15,780		3.4	%	—	—	—			2.5	%	7.1	%	2,539	123,300		683,023		(0.9)	%		(9.1)	%
Sacramento	7 / 598	13,107		2.8	%	3 / 270	2 / 195	1,212			3.4	%	13.2	%	3,482	87,041		483,504		1.1	%		(6.2)	%
Seattle	14 / 1,415	12,329		2.6	%	6 / 587	5 / 505	3,164			6.5	%	21.7	%	4,543	101,145		608,418		0.9	%		(6.6)	%
Denver	5 / 735	11,669		2.5	%	5 / 716	4 / 529	7,578			6.9	%	24.4	%	4,785	72,964		486,457		(0.6)	%		(4.9)	%
Boulder, CO	6 / 518	11,494		2.5	%	—	—	—			6.5	%	26.5	%	1,411	111,084		664,150		N/A			(7.5)	%
Houston	10 / 953	10,866		2.3	%	5 / 733	4 / 641	4,949			7.6	%	28.9	%	3,458	78,738		274,164		5.2	%		(7.3)	%
San Antonio	4 / 1,075	10,403		2.2	%	2 / 152	1 / 162	1,796			8.5	%	28.8	%	2,283	69,130		240,322		(0.3)	%		(3.3)	%
Chicago	17 / 1,886	9,210		2.0	%	5 / 703	5 / 575	2,639			-0.4	%	9.2	%	3,092	86,301		310,760		1.4			(8.4)	%
Buffalo	10 / 1,254	7,489		1.6	%	—	—	—			-0.2	%	3.2	%	2,516	67,123		174,709		(0.6)	%		(8.9)	%
Vallejo, CA	4 / 576	7,133		1.5	%	—	—	—			2.6	%	10.7	%	1,938	88,468		474,249		N/A			(8.4)	%
Santa Rosa, CA	4 / 511	7,115		1.5	%	—	—	—			1.3	%	7.7	%	1,127	92,803		796,078		N/A			(12.9)	%
Charlottesville, VA	1 / 302	6,869		1.5	%	—	—	—			4.0	%	12.9	%	1,491	73,864		354,630		N/A			(8.3)	%
San Jose	4 / 480	6,577		1.4	%	—	—	—			3.0	%	12.0	%	5,784	136,600		1,406,014		(1.7)			(8.8)	%
Portland, OR	6 / 581	5,768		1.2	%	—	—	—			6.1	%	16.5	%	2,093	82,691		416,519		1.2			(8.4)	%
Philadelphia	11 / 885	5,336		1.1	%	3 / 420	4 / 339	1,266			0.8	%	4.7	%	2,332	99,840		332,585		0.5	%		(7.2)	%
Raleigh	2 / 250	5,261		1.1	%	1 / 138	1 / 176	1,923			7.2	%	31.8	%	2,682	98,673		363,401		2.8	%		(3.2)	%
Las Vegas	4 / 700	5,021		1.1	%	1 / 62	1 / 80	272			5.8	%	17.3	%	5,875	50,770		246,700		2.8	%		(13.8)	%
Pittsburgh	4 / 434	4,883		1.0	%	1 / 127	1 / 73	1,066			0.4	%	5.3	%	1,729	83,643		220,991		(2.4)			(7.5)	%
Tucson	4 / 518	4,800		1.0	%	—	—	—			3.8	%	5.1	%	1,811	53,531		210,726		0.1	%		(5.8)	%
Total - Top 25	244 / 27,540	$	364,730	78.2	%	56 / 7,487	63 / 7,097	$	55,754		3.2	%	13.5	%	4,013	$	101,516	$	646,349	1.1	%		(9.0)	%
All Other US SHO Markets	154 / 16,274	101,891		21.8	%	29 / 3,764	29 / 3,230	14,777			3.2	%	12.4	%	2,009	75,629		344,063
Total US SHO	398 / 43,814	$	466,621	100.0	%	85 / 11,251	92 / 10,327	$	70,531		3.2	%	13.1	%	3,244	$	95,583	$	574,774

% of Total IPNOI								4.2		%
US National Average											2.9	%	10.8	%	94	$	67,761	$	254,824	1.4	%	(10)	(6.2)	%


Seniors Housing Operating Quality Indicators

	US Portfolio(1,3,4)			Industry Benchmarks(2)
Property age	17			21
5 year total population growth	3.2		%	2.9		%
5 year 75+ population growth	12.7		%	10.8		%
Housing value	$	603,884		$	254,824
Household income	$	98,602		$	67,761
REVPOR	$	6,338		$	5,164
SS REVPOR growth	(1.7)		%	0.9		%
SSNOI per unit	$	12,564		$	16,505
SSNOI growth	(47.8)		%	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	£	399,632		£	250,341
REVPOR	£	7,106		£	3,783
SS REVPOR growth	2.6		%	4.1		%
SSNOI per unit	£	13,180		£	9,680
SSNOI growth	(27.4)		%	DNA

	Canadian Portfolio(1,3,4)			Industry Benchmarks(6)
5 year total population growth	5.6		%	5.5		%
5 year 75+ population growth	19.1		%	22.2		%
Housing value	$	540,840		$	474,236
Household income	$	110,220		$	104,603
REVPOR	$	3,791		$	2,962
SS REVPOR growth	1.5		%	2.8		%
SSNOI per unit	$	10,248		DNA
SSNOI growth	(36.2)		%	DNA


(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	0.9	%	—	%	0.9	%	15	4		5.0	%	0.5	%	5.5	%	9	12
0.85x - 0.95x	0.9	%	—	%	0.9	%	10	3		2.0	%	1.3	%	3.3	%	10	3
0.95x - 1.05x	5.2	%	0.5	%	5.7	%	9	6		5.3	%	1.5	%	6.8	%	8	4
1.05x - 1.15x	1.6	%	1.3	%	2.9	%	8	3		0.3	%	—	%	0.3	%	5	1
1.15x - 1.25x	3.6	%	1.5	%	5.1	%	8	3		4.8	%	—	%	4.8	%	11	2
1.25x - 1.35x	1.1	%	—	%	1.1	%	6	2		—	%	—	%	—	%	—	—
>1.35x	4.6	%	2.2	%	6.8	%	12	7		0.5	%	2.2	%	2.7	%	11	6
Total	17.9	%	5.5	%	23.4	%	9	28		17.9	%	5.5	%	23.4	%	9	28


Revenue and Lease Maturity(2)
	Rental Income
Year	Seniors Housing Triple-net		Outpatient Medical		Health System		Long-Term / Post-Acute Care		Interest Income		Total Revenues		% of Total
2021	$	—	$	32,815	$	—	$	—	$	19,494	$	52,309	5.0	%
2022	—		46,951		—		2,913		$	5,758	55,622		5.3	%
2023	1,642		49,113		—		840		$	2,695	54,290		5.2	%
2024	11,431		58,975		—		—		$	23,957	94,363		9.1	%
2025	4,917		29,331		—		—		$	326	34,574		3.3	%
2026	58,564		34,501		—		17,308		$	—	110,373		10.6	%
2027	29,266		24,222		—		—		$	203	53,691		5.2	%
2028	4,527		23,326		—		16,797		$	1,717	46,367		4.4	%
2029	31,393		21,271		—		—		$	219	52,883		5.1	%
2030	15,236		34,767		—		26,899		$	462	77,364		7.4	%
Thereafter	146,312		86,958		143,137		31,923		$	2,162	410,492		39.4	%
	$	303,288	$	442,230	$	143,137	$	96,680	$	56,993	$	1,042,328	100.0	%

Weighted Avg Maturity Years	10		6		12		9		2		8


(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)	1Q20			2Q20			3Q20			4Q20			1Q21
Properties	388			373			359			357			357
Square feet (2)	20,806,517			19,878,423			19,150,586			17,315,776			16,917,791
Occupancy (2)	94.6		%	94.1		%	94.0		%	94.5		%	94.4		%
Total revenues	$	193,959		$	178,695		$	170,733		$	166,679		$	157,162
Operating expenses	58,533			50,855			52,312			50,231			47,764
NOI	$	135,426		$	127,840		$	118,421		$	116,448		$	109,398
NOI margin	69.8		%	71.5		%	69.4		%	69.9		%	69.6		%
Revenues per square foot	$	36.86		$	35.96		$	35.66		$	38.50		$	37.16
NOI per square foot	$	25.74		$	25.72		$	24.73		$	26.90		$	25.87
Recurring cap-ex	$	7,202		$	6,537		$	7,592		$	7,278		$	4,178
Other cap-ex	$	5,893		$	9,644		$	8,946		$	6,169		$	2,376


Portfolio Diversification by Tenant(4)	Rental Income		% of Total		Quality Indicators
Kelsey-Seybold	$	23,580	5.3	%	Health system affiliated properties as % of NOI(4)	91.9	%
Virtua	15,054		3.4	%	Health system affiliated tenants as % of rental income(4)	65.1	%
Novant Health	14,810		3.3	%	Retention (trailing twelve months)(4)	87.3	%
Baylor Scott & White	13,435		3.0	%	In-house managed properties as % of square feet(4,5)	85.7	%
Providence Health & Services	13,252		3.0	%	Average remaining lease term (years)(4)	6.0
Remaining portfolio	362,099		82.0	%	Average building size (square feet)(4)	60,331
Total	$	442,230	100.0	%	Average age (years)	15


Expirations(4)	2021		2022		2023		2024		2025		Thereafter
Occupied square feet	1,111,953		1,595,389		1,787,183		1,984,184		1,075,132		8,422,233
% of occupied square feet	7.0	%	10.0	%	11.2	%	12.4	%	6.7	%	52.7	%


Detail of Acquisitions/JVs(1)
	2017			2018		2019		2020		1Q21		17-21 Total
Count		18		15		27		12		6		78
Total		$	742,020	$	3,788,261	$	4,073,554	$	910,217	$	209,413	$	9,723,465
Low		7,310		4,950		7,550		6,201		5,000		4,950
Median		24,025		73,727		38,800		48,490		12,824		37,195
High		149,400		2,481,723		1,250,000		235,387		132,124		2,481,723


Investment Timing
	Acquisitions/Joint Ventures(2)		Yield		Loan Advances(3)		Yield		Construction Conversions(4)		Yield		Dispositions			Yield
January	$	13,997	5.9	%	$	6,349	10.0	%	$	22,990	7.0	%		$	40,616	6.3	%
February	187,016		6.2	%	3,170		10.0	%	20,861		8.0	%		65,763		5.3	%
March	8,400		6.5	%	28,026		6.4	%	129,941		5.7	%		110,000		5.3	%
Total	$	209,413	6.2	%	$	37,545	7.3	%	$	173,792	6.2	%		$	216,379	5.5	%


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

	First Quarter 2021
	Properties	Beds / Units / Square Feet		Pro Rata Amount		Investment Per Bed / Unit / SqFt	Yield
Acquisitions / Joint Ventures(1)
Seniors Housing Operating	1	53	units	$	5,000	94,340	9.6	%
Seniors Housing Triple-net	10	945	units	182,016		192,610	6.1	%
Outpatient Medical	1	39,142	sf	13,997		358	5.9	%
Health System	1	48	units	8,400		218,750	6.5	%

Total acquisitions	13			209,413			6.2	%

Development(2)
Development projects:
Seniors Housing Operating	28	4,304	units	74,780
Seniors Housing Triple-net	8	718	units	35,853
Outpatient Medical	5	207,043	sf	9,562


Total development projects	41			120,195
Expansion projects:
Seniors Housing Operating	1	86	units	579

Outpatient Medical	1	17,159	sf	683
Total expansion projects	2			1,262

Total development	43			121,457			7.1	%

Loan advances(3)				37,545			7.3	%
Total gross investments				368,415			6.6	%

Dispositions(4)
Seniors Housing Operating	4	528	units	57,501		127,970	6.1	%

Outpatient Medical	8	534,194	sf	158,878		365	5.2	%


Real property dispositions	12			216,379			5.5	%




Net investments (dispositions)				$	152,036


(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 3/31/21		Estimated Conversion

Seniors Housing Operating
	New York, NY	151	—	69		82	$	98,125	$	96,724	2Q21
	Potomac, MD	120	—	90		30	55,798		54,735		2Q21
	Scarborough, ON	172	141	—		31	34,921		23,307		2Q21
	Alexandria, VA	93	—	66		27	20,624		18,776		2Q21
	Newton, MA	85	—	43		42	15,393		14,199		2Q21
	Staten Island, NY	95	—	45		50	21,590		17,488		3Q21
	Franklin Lakes, NY	88	—	51		37	16,921		12,822		3Q21
	Fairfax, VA	84	—	51		33	16,658		11,136		3Q21
	Mountain Lakes, NJ	90	—	57		33	15,063		10,079		3Q21
	Hendon, UK	102	—	78		24	57,418		41,024		4Q21
	Barnet, UK	100	—	76		24	53,590		33,896		4Q21
	Beckenham, UK	100	—	76		24	48,727		37,995		4Q21
	Redwood City, CA	90	—	56		34	19,465		14,347		4Q21
	San Francisco, CA	214	11	170		33	110,905		105,350		1Q22
	White Plains, NY	132	132	—		—	59,913		34,389		1Q22
	Bellevue, WA	110	—	82		25	9,518		3,467		1Q22
	New York, NY	528	400	92		36	145,864		108,898		2Q22
	Georgetown, TX	188	188	—		—	35,961		5,203		2Q22
	Princeton, NJ	80	—	68		12	29,592		18,403		3Q22
	Montreal, ON	247	247	—		—	16,355		3,656		3Q22
	Montreal, ON	223	223	—		—	13,908		2,948		3Q22
	Orange, CA	91	—	49		42	18,578		3,823		4Q22
	Coral Gables, FL	91	—	55		36	18,225		4,272		4Q22
	Livingston, NJ	103	—	77		26	17,375		2,546		4Q22
	Berea, OH	120	120	—		—	13,441		2,110		4Q22
	Painesville, OH	119	119	—		—	13,016		1,672		4Q22
	Beaver, PA	116	116	—		—	12,766		2,152		4Q22
	New York, NY	160	—	76		84	79,400		33,909		2Q23
	Subtotal	3,892	1,697	1,427		765	1,069,110		719,326

Seniors Housing Triple-net
	Redhill, UK	76	—	46		30	21,932		12,097		2Q21
	Leicester, UK	60	—	36		24	15,449		6,495		1Q22
	London, UK	82	—	51		31	44,508		22,738		2Q22
	Wombourne, UK	66	—	41		25	16,553		6,434		2Q22
	Rugby, UK	76	—	51		25	21,123		3,782		4Q22
	Raleigh, NC	191	151	40		—	141,853		13,016		2Q23
	Subtotal	551	151	265		135	261,418		64,562

Outpatient Medical
			Rentable Square Ft	Preleased %		Health System Affiliation	Commitment Amount		Balance at 3/31/21		Estimated Conversion
	Brooklyn, NY		140,955	100	%	Yes	110,306		106,692		2Q21
	Kalamazoo, MI		40,607	100	%	Yes	14,267		5,917		3Q21
	College Station, TX		25,200	100	%	Yes	9,025		1,111		1Q22
	Subtotal		206,762				133,598		113,720




Total Development Projects							$	1,464,126	$	897,608


(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	28	3,892	7.7	%	$	225,361	$	124,423	$	349,784	$	1,069,110
Seniors Housing Triple-net	6	551	7.2	%	76,763		120,093		196,856		261,418
Outpatient Medical	3	206,762	7.4	%	17,899		1,979		19,878		133,598


Total	37		7.6	%	$	320,023	$	246,495	$	566,518	$	1,464,126


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	$	173,792	6.2	%
2Q21 estimate	357,099		7.9	%	2021 estimate	620,798		8.5	%
3Q21 estimate	84,499		9.4	%	2022 estimate	622,075		6.6	%
4Q21 estimate	179,200		9.2	%	2023 estimate	221,253		7.8	%
1Q22 estimate	204,810		6.7	%	Total	$	1,637,918	7.4	%
2Q22 estimate	242,886		5.8	%
3Q22 estimate	59,855		7.7	%
4Q22 estimate	114,524		7.7	%
2Q23 estimate	221,253		7.8	%
Total	$	1,637,918	7.4	%


Unstabilized Properties
	12/31/2020 Properties	Stabilizations	Construction Conversions(3)	Acquisitions/ Dispositions	3/31/2021 Properties	Beds / Units
Seniors Housing Operating	33	(2)	—	—	31	4,611
Seniors Housing Triple-net	9	—	2	2	13	1,163
Long-Term/Post-Acute Care	1	(1)	—	—	—	—
Total	43	(3)	2	2	44	5,774


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

Stabilized NOI				Pro rata beds/units/square feet
Seniors Housing Operating(1)	$	647,632		57,977	units
Seniors Housing Triple-net	362,608			24,428	units
Outpatient Medical	399,868			16,917,791	square feet
Health System	143,684			18,193	units/beds
Long-Term/Post-Acute Care	127,216			9,387	beds
Total In-Place NOI(2)	1,681,008
Incremental stabilized NOI(3)	77,128
Total stabilized NOI	$	1,758,136

Obligations
Lines of credit and commercial paper(4)	$	—
Senior unsecured notes(4)	12,279,592
Secured debt(4)	3,036,901
Financing lease liabilities	105,529
Total debt	$	15,422,022
Add (Subtract):
Other liabilities (assets), net(5)	$	328,470
Cash and cash equivalents and restricted cash	(2,558,822)
Net obligations	$	13,191,670

Other Assets
Land parcels	$	201,462			Effective Interest Rate(8)
Real estate loans receivable(6)	587,272				6.1%
Non real estate loans receivable(7)	242,928				11.4%
Joint venture real estate loans receivables(9)	227,166				5.4%
Other investments(10)	10,092
Investments held for sale(11)	688,021
Development properties:(12)
Current balance	898,870
Unfunded commitments	571,550
Committed balances	$	1,470,420
Projected yield	7.6		%
Projected NOI	$	111,752

Common Shares Outstanding(13)	418,916


Unearned revenues	$	133,374
Below market tenant lease intangibles, net	34,909
Deferred taxes, net	(35,169)
In place lease intangibles, net	(40,848)
Other non-cash liabilities / (assets), net	6,647
Total non-cash liabilities/(assets), net	$	98,913


(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)

	1Q20		2Q20		3Q20		4Q20		1Q21
Revenues:
Seniors Housing Operating
Resident fees and services	$	820,828	$	748,520	$	725,043	$	701,590	$	708,026
Interest income	104		88		113		313		1,125
Other income	1,058		3,978		977		1,136		1,967
Total revenues	821,990		752,586		726,133		703,039		711,118

Seniors Housing Triple-net
Rental income	85,409		111,749		92,572		115,604		57,328
Interest income	5,810		5,960		6,552		6,763		6,660
Other income	1,159		937		930		1,503		913
Total revenues	92,378		118,646		100,054		123,870		64,901

Outpatient Medical
Rental income	193,084		176,555		169,007		160,981		151,688
Interest income	466		461		760		4,226		3,538
Other income	409		1,679		966		1,472		1,936
Total revenues	193,959		178,695		170,733		166,679		157,162

Health System
Rental income	42,818		42,446		42,445		42,445		42,445


Total revenues	42,818		42,446		42,445		42,445		42,445

Long-Term/Post-Acute Care
Rental income	53,388		53,696		(46,789)		54,272		49,761
Interest income	8,861		9,560		9,325		9,794		8,256
Other income	514		(329)		190		9		186
Total revenues	62,763		62,927		(37,274)		64,075		58,203

Corporate


Other income	294		253		2,966		3,095		3,129
Total revenues	294		253		2,966		3,095		3,129

Total
Rental income	374,699		384,446		257,235		373,302		301,222
Resident fees and services	820,828		748,520		725,043		701,590		708,026
Interest income	15,241		16,069		16,750		21,096		19,579
Other income	3,434		6,518		6,029		7,215		8,131
Total revenues	1,214,202		1,155,553		1,005,057		1,103,203		1,036,958

Property operating expenses:
Seniors Housing Operating	582,533		573,042		550,755		539,465		539,058
Seniors Housing Triple-net	8,363		8,285		7,353		9,110		7,758
Outpatient Medical	58,533		50,855		52,312		50,231		47,764
Health System	20		20		20		20		20
Long-Term/Post-Acute Care	4,799		5,138		5,107		5,728		5,279
Corporate	—		—		1,718		1,663		1,654
Total property operating expenses	654,248		637,340		617,265		606,217		601,533

Net operating income:
Seniors Housing Operating	239,457		179,544		175,378		163,574		172,060
Seniors Housing Triple-net	84,015		110,361		92,701		114,760		57,143
Outpatient Medical	135,426		127,840		118,421		116,448		109,398
Health System	42,798		42,426		42,425		42,425		42,425
Long-Term/Post-Acute Care	57,964		57,789		(42,381)		58,347		52,924
Corporate	294		253		1,248		1,432		1,475
Net operating income	$	559,954	$	518,213	$	387,792	$	496,986	$	435,425


(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
	Twelve Months Ended			Three Months Ended
	March 31, 2021			March 31, 2021
Net income (loss)	$	781,664		$	72,192
Interest expense	495,523			123,142
Income tax expense (benefit)	8,469			3,943
Depreciation and amortization	1,008,062			244,426
EBITDA	2,293,718			443,703
Loss (income) from unconsolidated entities	(8,658)			(13,049)
Stock-based compensation(2)	26,811			5,576
Loss (gain) on extinguishment of debt, net	42,406			(4,643)
Loss (gain) on real estate dispositions, net	(884,711)			(59,080)
Impairment of assets	131,349			23,568
Provision for loan losses	88,747			1,383
Loss (gain) on derivatives and financial instruments, net	5,332			1,934
Other expenses(2)	68,939			10,799
Other impairment(3)	163,481			49,241

Total adjustments	(366,304)			15,729
Adjusted EBITDA	$	1,927,414		$	459,432

Interest Coverage Ratios
Interest expense	$	495,523		$	123,142
Capitalized interest	17,222			4,496
Non-cash interest expense	(10,617)			(2,991)
Total interest	$	502,128		$	124,647
EBITDA	$	2,293,718		$	443,703
Interest coverage ratio	4.57		x	3.56		x
Adjusted EBITDA	$	1,927,414		$	459,432
Adjusted Interest coverage ratio	3.84		x	3.69		x

Fixed Charge Coverage Ratios
Total interest	$	502,128		$	124,647
Secured debt principal amortization	63,136			15,955
Total fixed charges	$	565,264		$	140,602
EBITDA	$	2,293,718		$	443,703
Fixed charge coverage ratio	4.06		x	3.16		x
Adjusted EBITDA	$	1,927,414		$	459,432
Adjusted Fixed charge coverage ratio	3.41		x	3.27		x

Net Debt to EBITDA Ratios
Total debt(4)				$	14,618,713
Less: cash and cash equivalents(5)				(2,513,156)
Net debt				$	12,105,557
EBITDA Annualized				$	1,774,812
Net debt to EBITDA ratio				6.82		x
Adjusted EBITDA Annualized				$	1,837,728
Net debt to Adjusted EBITDA ratio				6.59		x


(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)	14,618,713		50.14	%
Cash and cash equivalents(4)	(2,513,156)		(8.62)	%
Net debt to consolidated book capitalization	$	12,105,557	41.52	%
Total equity(5)	17,046,932		58.48	%
Consolidated book capitalization	$	29,152,489	100.00	%
Joint venture debt, net(6)	700,729
Total book capitalization	$	29,853,218

Undepreciated Book Capitalization
Lines of credit and commercial paper(2)	$	—	0.00	%
Long-term debt obligations(2)(3)	14,618,713		41.34	%
Cash and cash equivalents(4)	(2,513,156)		(7.11)	%
Net debt to consolidated undepreciated book capitalization	$	12,105,557	34.23	%
Accumulated depreciation and amortization	6,212,432		17.57	%
Total equity(5)	17,046,932		48.20	%
Consolidated undepreciated book capitalization	$	35,364,921	100.00	%
Joint venture debt, net(6)	700,729
Total undepreciated book capitalization	$	36,065,650

Enterprise Value
Lines of credit and commercial paper(2)	$	—	0.00	%
Long-term debt obligations(2)(3)	14,618,713		33.79	%
Cash and cash equivalents(4)	(2,513,156)		(5.81)	%
Net debt to consolidated enterprise value	$	12,105,557	27.99	%
Common shares outstanding	417,520
Period end share price	71.63
Common equity market capitalization	$	29,906,958	69.13	%
Noncontrolling interests(5)	1,248,054		2.88	%

Consolidated enterprise value	$	43,260,569	100.00	%
Joint venture debt, net(6)	700,729
Total enterprise value	$	43,961,298

Secured Debt as % of Total Assets
Secured debt(2)	$	2,329,474	7.06	%
Total assets	$	32,992,251

Total Debt as % of Total Assets
Total debt(2)(3)	$	14,618,713	44.31	%
Total assets	$	32,992,251

Unsecured Debt as % of Unencumbered Assets
Unsecured debt(2)	$	12,183,710	39.14	%
Unencumbered assets	$	31,131,596


(dollars in thousands)
Debt Maturities and Principal Payments(1)
Year	Lines of Credit and Commercial Paper(2)			Senior Unsecured Notes(3,4,5,6,7,8)			Consolidated Secured Debt			Share of Unconsolidated Secured Debt			Noncontrolling Interests' Share of Consolidated Secured Debt			Combined Debt(9)			% of Total		Wtd. Avg. Interest Rate
2021	$	—		$	—		$	438,772		$	16,407		$	(135,816)		$	319,363		2.09	%	3.13	%
2022	—			870,000			463,891			108,821			(70,354)			1,372,358			8.96	%	2.06	%
2023	—			1,372,602			373,613			130,065			(54,634)			1,821,646			11.89	%	2.93	%
2024	—			1,350,000			183,982			109,666			(24,830)			1,618,818			10.57	%	3.84	%
2025	—			1,250,000			180,595			499,286			(33,704)			1,896,177			12.38	%	3.84	%
2026	—			700,000			67,851			21,168			(19,901)			769,118			5.02	%	4.15	%
2027	—			738,620			164,967			65,959			(45,820)			923,726			6.03	%	2.95	%
2028	—			1,508,670			81,623			27,231			(14,555)			1,602,969			10.47	%	4.48	%
2029	—			550,000			247,346			36,636			(1,943)			832,039			5.43	%	3.95	%
2030	—			750,000			5,956			32,278			(1,137)			787,097			5.14	%	3.07	%
Thereafter	—			3,189,700			127,576			92,322			(36,416)			3,373,182			22.02	%	4.11	%
Totals	$	—		$	12,279,592		$	2,336,172		$	1,139,839		$	(439,110)		$	15,316,493		100.00	%

Weighted Avg Interest Rate(10)	—			3.62		%	3.14		%	3.29		%	2.92		%	3.54		%

Weighted Avg Maturity Years	—			7.6			4.0			6.6			3.6			7.1

% Floating Rate Debt	100.00		%	12.78		%	31.51		%	30.78		%	39.31		%	16.21		%


Debt by Local Currency(1)
	Lines of Credit and Commercial Paper(2)		Senior Unsecured Notes(3,4,5,6,7,8)		Consolidated Secured Debt		Share of Unconsolidated Secured Debt		Noncontrolling Interests' Share of Consolidated Secured Debt		Combined Debt(9)		Investment Hedges(11)
United States	$	—	$	10,393,752	$	1,201,503	$	853,088	$	(182,844)	$	12,265,499	$	—
United Kingdom	—		1,448,370		—		—		—		1,448,370		1,849,373
Canada	—		437,470		1,134,669		286,751		(256,266)		1,602,624		497,125
Totals	$	—	$	12,279,592	$	2,336,172	$	1,139,839	$	(439,110)	$	15,316,493	$	2,346,498


(dollars in thousands)
Non-GAAP Reconciliations

NOI Reconciliation	1Q20		2Q20		3Q20		4Q20		1Q21
Net income (loss)	$	329,380	$	159,216	$	394,978	$	155,278	$	72,192
Loss (gain) on real estate dispositions, net	(262,824)		(155,863)		(484,304)		(185,464)		(59,080)
Loss (income) from unconsolidated entities	3,692		(1,332)		5,981		(258)		(13,049)
Income tax expense (benefit)	5,442		2,233		2,003		290		3,943
Other expenses	6,292		19,411		11,544		33,088		10,994
Impairment of assets	27,827		75,151		23,313		9,317		23,568
Provision for loan losses	7,072		1,422		2,857		83,085		1,383
Loss (gain) on extinguishment of debt, net	—		249		33,004		13,796		(4,643)
Loss (gain) on derivatives and financial instruments, net	7,651		1,434		1,395		569		1,934
General and administrative expenses	35,481		34,062		31,003		27,848		29,926
Depreciation and amortization	274,801		265,371		255,532		242,733		244,426
Interest expense	142,007		126,357		124,851		121,173		123,142
Consolidated net operating income	576,821		527,711		402,157		501,455		434,736
NOI attributable to unconsolidated investments(1)	21,150		20,871		13,659		21,481		21,516
NOI attributable to noncontrolling interests(2)	(38,017)		(30,369)		(28,024)		(25,950)		(20,827)
Pro rata net operating income (NOI)(3)	$	559,954	$	518,213	$	387,792	$	496,986	$	435,425