
Table of Contents


Overview			1

Portfolio			2

Investment			6

Financial			11

Glossary			16

Supplemental Reporting Measures			17

Forward Looking Statements and Risk Factors			21


Overview


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

Portfolio Composition(1)			Beds/Unit Mix
	Average Age	Properties	Total		Wellness Housing	Independent Living	Assisted Living	Memory Care	Long-Term/ Post-Acute Care
Seniors Housing Operating	17	1,334	153,465		31,443	48,851	48,954	23,677	540
Seniors Housing Triple-net	19	291	19,850		—	2,190	10,205	7,148	307
Outpatient Medical	20	446	26,491,264	(2)	n/a	n/a	n/a	n/a	n/a
Long-Term/Post-Acute Care	34	376	46,429		—	30	1,127	—	45,272
Total	20	2,447


NOI Performance	Same Store(3)							In-Place Portfolio(4)
	Properties	3Q24 NOI		3Q25 NOI		% Change		Properties	Annualized In-Place NOI		% of Total
Seniors Housing Operating	763	$	350,200	$	421,242	20.3	%	1,194	$	2,226,036	67.6	%
Seniors Housing Triple-net	246	69,777		71,925		3.1	%	285	339,992		10.3	%
Outpatient Medical	108	26,019		27,072		4.0	%	116	128,660		3.9	%
Long-Term/Post-Acute Care	222	81,418		83,613		2.7	%	370	600,144		18.2	%
Total	1,339	$	527,414	$	603,852	14.5	%	1,965	$	3,294,832	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	88.4	%	n/a	n/a	96.8	%	0.8	%	0.3	%	2.1	%
Seniors Housing Triple-net	84.7	%	1.21	1.41	87.9	%	2.1	%	0.1	%	9.9	%
Outpatient Medical	94.2	%	n/a	n/a	100.0	%	—		—		—
Long-Term/Post-Acute Care	85.8	%	2.02	2.41	24.3	%	45.0	%	30.7	%	—	%
Total			1.61	1.91	91.7	%	3.8	%	2.3	%	2.2	%

Notes:

(1) Includes land parcels and properties under development.

(2) Indicates the total square footage of Outpatient Medical properties.

(3) See pages 18 and 19 for reconciliation.

(4) Excludes land parcels, loans, developments and investments held for sale. See page 18 for reconciliation.

(5) Data as of September 30, 2025 for Seniors Housing Operating and Outpatient Medical and June 30, 2025 for the remaining asset types.

(6) Represents trailing twelve month coverage metrics.

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


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		Long-Term/ Post-Acute Care		Total		% of Total
Cogir Management Corporation	181	$	344,980	$	—	$	—	$	—	$	344,980	10.5	%
Sunrise Senior Living	85	228,436		—		—		—		228,436		6.9	%
Avery Healthcare	94	100,804		77,824		—		—		178,628		5.4	%
Oakmont Management Group	69	170,512		—		—		—		170,512		5.2	%
StoryPoint Senior Living	101	158,068		—		—		—		158,068		4.8	%
Integra Healthcare Properties	115	—		—		—		154,928		154,928		4.7	%
Avir Health Group	86	—		—		—		149,380		149,380		4.5	%
Care UK	75	138,748		—		—		—		138,748		4.2	%
Legend Senior Living	58	99,104		—		—		1,268		100,372		3.0	%
Sagora Senior Living	73	93,388		236		—		—		93,624		2.8	%
Remaining	1,028	891,996		261,932		128,660		294,568		1,577,156		48.0	%
Total	1,965	$	2,226,036	$	339,992	$	128,660	$	600,144	$	3,294,832	100.0	%

By Country:
United States	1,618	$	1,701,624	$	224,900	$	128,660	$	593,464	$	2,648,648	80.4	%
United Kingdom	211	262,992		111,844		—		—		374,836		11.4	%
Canada	136	261,420		3,248		—		6,680		271,348		8.2	%
Total	1,965	$	2,226,036	$	339,992	$	128,660	$	600,144	$	3,294,832	100.0	%

By MSA:
Los Angeles	55	$	109,756	$	21,328	$	14,388	$	1,368	$	146,840	4.5	%
New York / New Jersey	70	97,404		18,728		12,064		17,504		145,700		4.4	%
Greater London	64	115,952		20,208		—		—		136,160		4.1	%
Houston	53	22,960		236		72,680		19,892		115,768		3.5	%
Dallas	74	85,104		992		392		22,916		109,404		3.3	%
Washington D.C.	37	56,664		6,564		—		26,772		90,000		2.7	%
Montréal	25	84,396		—		—		—		84,396		2.6	%
Chicago	42	54,188		7,232		—		7,084		68,504		2.1	%
San Francisco	23	54,800		11,164		—		2,492		68,456		2.1	%
Philadelphia	43	29,848		5,240		328		32,924		68,340		2.1	%
Boston	20	46,216		5,544		172		—		51,932		1.6	%
Seattle	28	41,172		1,268		268		1,964		44,672		1.4	%
Raleigh	11	10,932		31,228		—		—		42,160		1.3	%
Tampa	33	7,724		2,592		924		29,536		40,776		1.2	%
Charlotte	23	17,324		10,316		10,408		—		38,048		1.2	%
Pittsburgh	21	23,396		5,572		2,452		5,784		37,204		1.1	%
San Antonio	18	21,604		972		492		12,828		35,896		1.1	%
Toronto	15	35,256		—		—		—		35,256		1.1	%
Cleveland	24	26,296		2,612		—		3,912		32,820		1.0	%
Birmingham UK	16	19,968		11,896		—		—		31,864		1.0	%
Remaining	1,270	1,265,076		176,300		14,092		415,168		1,870,636		56.6	%
Total	1,965	$	2,226,036	$	339,992	$	128,660	$	600,144	$	3,294,832	100.0	%

Notes:

(1) Represents current quarter annualized In-Place NOI. See page 18 for reconciliation.


Portfolio


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

Seniors Housing Operating

Total Portfolio Performance(1)	3Q24			4Q24			1Q25			2Q25			3Q25
Properties	1,029			1,085			1,113			1,171			1,199
Units	114,213			118,818			124,742			129,758			131,792
Total occupancy	83.8		%	84.8		%	85.1		%	85.6		%	86.9		%
Total revenues	$	1,556,957		$	1,808,025		$	1,901,227		$	2,007,567		$	2,109,690
Operating expenses	1,167,375			1,366,423			1,410,579			1,464,457			1,530,131
NOI	$	389,582		$	441,602		$	490,648		$	543,110		$	579,559
NOI margin	25.0		%	24.4		%	25.8		%	27.1		%	27.5		%
Recurring cap-ex	$	66,515		$	75,822		$	68,359		$	63,937		$	78,803
Other cap-ex	$	129,242		$	188,301		$	135,045		$	118,646		$	131,668


Same Store Performance(2)	3Q24			4Q24			1Q25			2Q25			3Q25
Properties	763			763			763			763			763
Units	87,555			87,569			87,556			87,550			87,549
Occupancy	84.9		%	86.3		%	86.9		%	87.8		%	88.9		%
Same store revenues	$	1,284,544		$	1,310,200		$	1,350,245		$	1,376,291		$	1,409,613
Compensation	548,874			559,278			562,456			567,858			579,116
Utilities	59,393			56,312			63,972			53,981			62,437
Food	52,522			55,619			52,978			54,755			55,795
Repairs and maintenance	34,366			34,823			34,775			35,579			37,930
Property taxes	43,877			41,446			45,440			45,769			46,143
All other	195,312			204,169			200,829			206,228			206,950
Same store operating expenses	934,344			951,647			960,450			964,170			988,371
Same store NOI	$	350,200		$	358,553		$	389,795		$	412,121		$	421,242
Same store NOI margin %	27.3		%	27.4		%	28.9		%	29.9		%	29.9		%
Year over year NOI growth rate													20.3		%
Year over year revenue growth rate													9.7		%


Partners(3)	Properties	Pro Rata Units	Welltower Ownership %(4)		Top Markets	3Q25 NOI		% of Total
Cogir Management Corporation	181	27,255	95.3	%	Southern California	$	41,371	7.1	%
Sunrise Senior Living	85	7,751	91.6	%	Northern California	37,263		6.4	%
Oakmont Management Group	69	6,911	100.0	%	Greater London	36,950		6.4	%
StoryPoint Senior Living	101	10,635	97.2	%	New York / New Jersey	24,187		4.2	%
Care UK	75	5,214	100.0	%	Dallas	21,223		3.7	%
Avery Healthcare	44	3,351	95.0	%	Montreal	21,224		3.7	%
Legend Senior Living	57	4,914	90.6	%	Washington D.C.	16,497		2.8	%
Sagora Senior Living	73	8,431	100.0	%	Chicago	13,784		2.4	%
Belmont Village	21	2,803	95.0	%	Boston	11,427		2.0	%
Discovery Senior Living	75	6,268	60.6	%	Seattle	10,406		1.8	%
Axis Residential	29	4,639	100.0	%	Top markets	35,617		6.2	%
Quality Senior Living	35	4,066	91.2	%	All other	543,942		93.8	%
Monarch	33	3,258	99.9	%	Total	$	579,559	100.0	%
New Perspective Senior Living	25	2,652	95.1	%
Remaining	291	33,404
Total	1,194	131,552

Notes:

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

(2) See pages 18 and 19 for reconciliation.

(3) Represents partner concentration based on annualized In-Place NOI for the quarter ended September 30, 2025. Property count and pro rata units represent the In-Place portfolio.

(4) Welltower ownership percentage weighted based on In-Place NOI. See page 18 for reconciliation.


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
<.85x	0.3	%	0.1	%	0.4	%	9	3	0.3	%	0.1	%	0.4	%	9	3
.85x-.95x	—	%	—	%	—	%	—	—	—	%	2.6	%	2.6	%	16	1
.95x-1.05x	—	%	—	%	—	%	—	—	0.4	%	—	%	0.4	%	5	1
1.05x-1.15x	—	%	—	%	—	%	—	—	1.2	%	0.4	%	1.6	%	10	5
1.15x-1.25x	0.4	%	—	%	0.4	%	5	1	5.0	%	—	%	5.0	%	8	3
1.25x-1.35x	0.8	%	2.6	%	3.4	%	15	2	0.2	%	0.7	%	0.9	%	2	2
>1.35	7.4	%	5.8	%	13.2	%	10	22	1.8	%	4.7	%	6.5	%	13	13
Total	8.9	%	8.5	%	17.4	%	11	28	8.9	%	8.5	%	17.4	%	11	28


Revenue and Lease Maturity(2)
	Rental Income
Year	Seniors Housing Triple-net		Outpatient Medical		Long-Term / Post-Acute Care		Interest Income		Total Revenues		% of Total
2025	$	6,012	$	1,045	$	—	$	6,806	$	13,863	1.0	%
2026	3,233		3,693		9,258		97,451		113,635		8.4	%
2027	—		3,108		1,287		51,236		55,631		4.1	%
2028	—		6,143		6,669		114,897		127,709		9.5	%
2029	1,115		7,231		—		4,285		12,631		0.9	%
2030	12,463		7,387		30,060		184		50,094		3.7	%
2031	6,752		5,870		4,630		216		17,468		1.3	%
2032	96,993		5,461		54,172		351		156,977		11.6	%
2033	63,514		1,791		1,070		—		66,375		4.9	%
2034	420		5,636		—		328		6,384		0.5	%
Thereafter	142,023		87,907		496,047		1,132		727,109		54.1	%
	$	332,525	$	135,272	$	603,193	$	276,886	$	1,347,876	100.0	%

Weighted Avg Maturity Years	10		11		15		2		11

Notes:

(1) Represents trailing twelve month coverage metrics as of June 30, 2025 for stable portfolio only. Agreements included represent 61% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 18 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.

(2) Excludes all land parcels, developments and investments classified as held for sale, as well as Seniors Housing Triple-net and Long-Term / Post-Acute Care leases accounted for on a cash basis where substantially all contractual rental income during the most recent period was not collected. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non-cash income. Interest income represents the annualized contractual rate of interest for loans, net of collectability reserves, if applicable.


Portfolio


(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)	3Q24			4Q24			1Q25			2Q25			3Q25
Properties	426			429			433			434			437
Square feet	21,320,290			21,430,682			21,775,061			21,914,499			22,073,485
Occupancy	94.4		%	94.3		%	94.5		%	94.4		%	94.2		%
Total revenues	$	208,750		$	205,361		$	214,693		$	215,718		$	219,238
Operating expenses	64,795			61,392			66,804			65,197			65,851
NOI	$	143,955		$	143,969		$	147,889		$	150,521		$	153,387
NOI margin	69.0		%	70.1		%	68.9		%	69.8		%	70.0		%
Revenues per square foot	$	39.16		$	38.33		$	39.44		$	39.37		$	39.73
NOI per square foot	$	27.01		$	26.87		$	27.17		$	27.47		$	27.80
Recurring cap-ex	$	14,382		$	11,029		$	6,191		$	13,221		$	19,324
Other cap-ex	$	10,649		$	16,756		$	9,742		$	9,297		$	14,051


Same Store Performance(2)	3Q24			4Q24			1Q25			2Q25			3Q25
Properties	108			108			108			108			108
Occupancy	97.0		%	97.1		%	97.1		%	97.3		%	97.5		%
Same store revenues	$	32,748		$	33,157		$	33,144		$	33,477		$	32,358
Same store operating expenses	6,729			7,254			6,503			6,815			5,286
Same store NOI	$	26,019		$	25,903		$	26,641		$	26,662		$	27,072
NOI margin	79.5		%	78.1		%	80.4		%	79.6		%	83.7		%
Year over year NOI growth rate													4.0		%


Portfolio Diversification by Tenant(3)	Rental Income		% of Total		Quality Indicators
Kelsey-Seybold	$	73,011	54.0	%	Health system affiliated properties as % of NOI(3)	89.6	%
UnitedHealth	15,356		11.4	%	Health system affiliated tenants as % of rental income(3)	80.4	%
Atrium Health	10,456		7.7	%	Investment grade tenants as % of rental income(3)	80.1	%
Norman Regional Health	1,304		1.0	%	Retention (trailing twelve months)(3)	86.2	%
Community Health Systems	1,170		0.9	%	Average remaining lease term (years)(3)	11.2
Remaining portfolio	33,975		25.0	%	Average building size (square feet)(3)	70,506
Total	$	135,272	100.0	%	Average age (years)	20


Expirations(3)	2025		2026		2027		2028		2029		Thereafter
Occupied square feet	37,134		106,497		89,606		170,320		220,428		3,613,217
% of occupied square feet	0.9	%	2.5	%	2.1	%	4.0	%	5.2	%	85.3	%

Notes:

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

(2) Includes 108 same store properties representing 3,661,140 square feet. See pages 18 and 19 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.


Investment

(dollars in thousands at Welltower pro rata ownership)

Relationship Investment History


Detail of Acquisitions/JVs(1)
	2021			2022		2023		2024		1Q25		2Q25		3Q25		21-25 Total
Count		35		27		52		54		26		16		18		228
Total		$	4,101,534	$	2,785,739	$	4,222,706	$	5,287,140	$	2,612,747	$	978,896	$	1,351,102	$	21,339,864
Low		5,000		6,485		2,950		970		13,358		4,825		13,200		970
Median		45,157		66,074		65,134		39,863		54,794		50,994		38,440		47,479
High		1,576,642		389,149		644,443		936,814		990,908		296,300		397,335		1,576,642


Investment Timing
	Acquisitions and Loan Funding(2)		Yield		Construction Conversions(3)		Year 1 Yield		Dispositions and Loan Repayments		Yield
July	$	973,930	8.1	%	$	14,599	1.2	%	$	46,996	11.7	%
August	233,976		6.5	%	161,959		0.5	%	64,075		9.4	%
September	554,205		7.8	%	84,000		(1.9)	%	32,797		12.6	%
Total	$	1,762,111	7.8	%	$	260,558	(0.2)	%	$	143,868	10.9	%

Notes:

(1) Includes non-yielding asset acquisitions.

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

(3) Includes expansion conversions and excludes in substance real estate investments.


Investment


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

	Third Quarter 2025
	Properties	Beds / Units / Square Feet		Investment Per Bed / Unit / SqFt		Pro Rata Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating	17	1,973	units	$	260,699	$	443,495
Seniors Housing Triple-net	—	—	units	—		25,000

Long-Term/Post-Acute Care	45	5,039	beds	175,155		882,607
Loan funding						411,009
Total acquisitions and loan funding(2)	62					1,762,111		7.8	%

Development Funding(3)
Development projects:
Seniors Housing Operating	24	3,774	units			74,801

Outpatient Medical	2	155,370	sf			19,476
Total development projects	26					94,277
Redevelopment and expansion projects:
Seniors Housing Operating	1	28	units			1,884




Total development funding	27					96,161		7.5	%

Total gross investments						1,858,272		7.8	%

Dispositions and Loan Repayments(4)
Seniors Housing Operating	2	96	units	117,064		11,238
Seniors Housing Triple-net	1	115	units	39,130		4,500

Long-Term/Post-Acute Care	2	168	beds	70,000		11,760
Other property dispositions						2,450
Loan repayments						113,920
Total dispositions and loan repayments(5)	5					143,868		10.9	%

Net investments (dispositions)						$	1,714,404

Notes:

(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP, for all consolidated and unconsolidated property acquisitions. Pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans. Includes acquisition of leaseholds and additional ownership interest in properties, which are both excluded from property, unit and per unit metrics.

(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 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 repayments and consolidated and unconsolidated property sales. Includes disposition of partial ownership interest in properties which are excluded from property, unit and per unit metrics. Other property dispositions include the sale of land parcels and nonoperational properties.

(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.


Investment


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

	Year-To-Date 2025
	Properties	Beds / Units / Square Feet		Investment Per Bed / Unit / SqFt		Pro Rata Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating	95	13,077	units	$	300,242	$	2,518,989
Seniors Housing Triple-net	17	1,141	units	265,078		327,454
Outpatient Medical	1	46,835	sf	484		22,691
Long-Term/Post-Acute Care	94	10,552	beds	180,451		2,073,611
Loan funding						524,031
Total acquisitions and loan funding(2)	207					5,466,776		7.3	%

Development Funding(3)
Development projects:
Seniors Housing Operating	31	5,600	units			258,356

Outpatient Medical	7	439,205	sf			85,278
Total development projects	38					343,634
Redevelopment and expansion projects:
Seniors Housing Operating	2	427	units			6,164

Outpatient Medical	—	—	sf			1,305
Total redevelopment and expansion projects	2					7,469

Total development funding	40					351,103		7.4	%

Total gross investments						5,817,879		7.3	%

Dispositions and Loan Repayments(4)
Seniors Housing Operating	18	3,576	units	102,104		203,900
Seniors Housing Triple-net	5	807	units	222,429		179,500
Outpatient Medical	1	55,586	sf	397		22,063
Long-Term/Post-Acute Care	4	561	beds	31,979		17,940
Other property dispositions						15,400
Loan repayments						329,465
Total dispositions and loan repayments(5)	28					768,268		8.8	%

Net investments (dispositions)						$	5,049,611

Notes:

(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.


Investment


(dollars in thousands at Welltower pro rata ownership)
Development Summary(1)
		Unit Mix
	Facility MSA	Total	Wellness Housing	Independent Living	Assisted Living	Memory Care	Commitment Amount		Future Funding		Estimated Conversion(2)

Seniors Housing Operating
	Columbus, OH	409	409	—	—	—	$	89,957	$	—	4Q25
	Chattanooga, TN	243	243	—	—	—	60,861		5,609		1Q25 - 4Q25
	Kansas City, MO	134	134	—	—	—	24,214		—		4Q25
	Southampton, UK	80	—	—	80	—	22,722		4,123		4Q25
	Houston, TX	80	80	—	—	—	22,358		681		2Q25 - 4Q25
	Brighton and Hove, UK	70	—	—	45	25	11,023		1,857		4Q25
	Killeen, TX	256	256	—	—	—	68,243		3,507		4Q23 - 1Q26
	Naples, FL	188	188	—	—	—	53,612		—		4Q25 - 1Q26
	Dallas, TX	142	142	—	—	—	45,480		7,687		4Q24 - 1Q26
	Saffron Walden, UK	70	—	—	70	—	23,914		6,489		1Q26
	Tring, UK	72	—	—	72	—	23,610		9,451		2Q26
	Birmingham, UK	77	—	—	18	59	18,375		3,247		2Q26
	Dallas, TX	230	230	—	—	—	84,674		57,902		3Q25 - 3Q26
	Dallas, TX	201	201	—	—	—	59,944		25,644		2Q25 - 3Q26
	Stafford, UK	76	—	—	76	—	24,700		14,377		3Q26
	San Jose, CA	158	—	—	158	—	61,929		27,931		Post 2026
	Auburn Opelika, AL	225	225	—	—	—	59,303		43,750		Post 2026
	Tallahassee, FL	206	206	—	—	—	48,064		33,822		Post 2026
	Atlanta, GA	192	192	—	—	—	47,069		34,271		Post 2026
	Copthorne, UK	78	—	—	78	—	25,753		17,474		Post 2026






Total		3,187	2,506	—	597	84	$	875,805	$	297,822

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

(2) Estimated conversion ranges relate to projects to be delivered in phases.


Investment


(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
					Projected Future Funding
	Projects	Beds / Units / Square Feet	Stable Yields(3)		2025 Funding		Funding Thereafter		Total Unfunded Commitments		Committed Balances
Seniors Housing Operating	20	3,187	7.7	%	$	79,871	$	217,951	$	297,822	$	875,805


Development Project Conversion Estimates(1)
Quarterly Conversions							Annual Conversions
	Amount		Year 1 Yields(3)		Stable Yields(3)			Amount		Year 1 Yields(3)		Stable Yields(3)
1Q25 actual	$	302,507	3.5	%	6.6	%	2025 actual	$	1,022,982	1.5	%	7.0	%
2Q25 actual	459,917		1.2	%	6.9	%	2025 estimate	231,135		(0.4)	%	7.7	%
3Q25 actual	260,558		(0.2)	%	7.6	%	2026 estimate	402,552		0.0	%	7.9	%
4Q25 estimate	231,135		(0.4)	%	7.7	%	Thereafter estimate	242,118		1.0	%	7.4	%
Total	$	1,254,117	1.2	%	7.1	%	Total	$	1,898,787	0.9	%	7.3	%


Unstabilized Properties
	6/30/2025 Properties	Stabilizations	Construction Conversions(1)	Acquisitions/ Dispositions	9/30/2025 Properties	Beds / Units
Seniors Housing Operating	61	(5)	6	2	64	9,552
Seniors Housing Triple-net	10	—	—	(2)	8	604

Total	71	(5)	6	—	72	10,156


Occupancy	6/30/2025 Properties	Stabilizations	Construction Conversions(3)		Acquisitions/ Dispositions		Progressions		9/30/2025 Properties
0% - 50%	29	—	5		—		(3)		31
50% - 70%	17	—	1		—		(7)		11
70% +	25	(5)	—		—		10		30
Total	71	(5)	6		—		—		72

Occupancy	9/30/2025 Properties	Months In Operation	Revenues		% of Total Revenues(2)		Gross Investment Balance		% of Total Gross Investment
0% - 50%	31	10	$	151,578	1.4	%	$	1,198,084	2.1	%
50% - 70%	11	27	204,415		1.9	%	686,474		1.2	%
70% +	30	40	421,397		3.9	%	1,581,530		2.8	%
Total	72	25	$	777,390	7.2	%	$	3,466,088	6.1	%

(1) Includes development projects (construction in progress, development loans and in substance real estate) and excludes expansion projects. Actual conversions exclude $206,183,000 of in substance real estate investment projects placed in service. Projects expected to be delivered in phases over multiple quarters are reflected in the last quarter.

(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 12.


Financial


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

Stabilized NOI				Pro rata beds/units/square feet
Seniors Housing Operating(1)	$	2,226,036		131,552	units
Seniors Housing Triple-net	339,992			19,483	units
Outpatient Medical	128,660			4,377,989	square feet
Long-Term/Post-Acute Care	600,144			45,632	beds
Total In-Place NOI(2)	3,294,832
Incremental stabilized NOI(3)	150,673
Total stabilized NOI	$	3,445,505

Obligations
Lines of credit and commercial paper(4)	$	—
Senior unsecured notes(4)	14,436,465
Secured debt(4)	3,321,341
Financing lease liabilities	112,091
Total debt	17,869,897
Add (Subtract):
Other liabilities (assets), net(5)	497,854
Cash and cash equivalents and restricted cash	(6,976,593)
Net obligations	$	11,391,158

Other Assets
Land parcels(6)	$	303,983		Effective Interest Rate(9)
Real estate loans receivable(7)	2,929,551			10.6%
Non-real estate loans receivable(8)	560,474			9.3%
Joint venture real estate loans receivables(10)	258,468			5.5%
Property dispositions(11)	7,211,771
Development properties:(12)
Current balance	580,250
Unfunded commitments	304,679
Committed balances	$	884,929
Projected yield	7.7		%
Projected NOI	$	68,140

Common shares outstanding(13)	686,356

Notes:

(1) Includes $12,574,000 attributable to our proportional share of income (loss) from unconsolidated management company investments.

(2) See page 18 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 $871,392,000 of foreign secured debt.

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

(6) Includes land parcels and predevelopment projects.

(7) Represents $2,952,905,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, net of $23,354,000 of credit allowances.

(8) Represents $569,102,000 of non-real estate loans, net of $8,628,000 of credit allowances.

(9) Average cash-pay interest rates are 7.5%, 0.8% and 5.5% for real estate, non-real estate loans and joint venture real estate loans, respectively. Rates exclude non-accrual/interest-free loans.

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

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

(12) See pages 9-10. Includes expansion projects. Includes partial conversions to date.

(13) Includes OP Units and DownREIT Units.


Financial


(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
	3Q24		4Q24		1Q25		2Q25		3Q25
Revenues:
Seniors Housing Operating
Resident fees and services	$	1,554,263	$	1,805,306	$	1,897,810	$	2,003,039	$	2,100,724


Other income	2,694		2,719		3,417		4,528		8,966
Total revenues	1,556,957		1,808,025		1,901,227		2,007,567		2,109,690

Seniors Housing Triple-net

Rental income	115,763		58,918		103,399		104,360		99,423
Interest income	—		8,167		2,111		—		—
Other income	773		38		32		346		91
Total revenues	116,536		67,123		105,542		104,706		99,514

Outpatient Medical
Rental income	206,709		203,247		212,554		213,552		217,188

Other income	2,041		2,114		2,139		2,166		2,050
Total revenues	208,750		205,361		214,693		215,718		219,238

Long-Term/Post-Acute Care
Rental income	105,234		122,471		145,439		165,214		184,261

Other income	201		21		199		14		194
Total revenues	105,435		122,492		145,638		165,228		184,455

Corporate
Interest income	72,742		66,261		63,572		65,256		70,477
Other income	43,653		32,195		34,179		30,512		52,439
Total revenues	116,395		98,456		97,751		95,768		122,916

Total
Resident fees and services	1,554,263		1,805,306		1,897,810		2,003,039		2,100,724
Rental income	427,706		384,636		461,392		483,126		500,872
Interest income	72,742		74,428		65,683		65,256		70,477
Other income	49,362		37,087		39,966		37,566		63,740
Total revenues	2,104,073		2,301,457		2,464,851		2,588,987		2,735,813

Property operating expenses:
Seniors Housing Operating	1,167,375		1,366,423		1,410,579		1,464,457		1,530,131
Seniors Housing Triple-net	6,103		5,834		5,190		4,817		4,496
Outpatient Medical	64,795		61,392		66,804		65,197		65,851
Long-Term/Post-Acute Care	3,436		4,063		3,495		3,705		3,609
Corporate	4,691		6,385		4,054		4,740		6,025
Total property operating expenses	1,246,400		1,444,097		1,490,122		1,542,916		1,610,112

Net operating income:
Seniors Housing Operating	389,582		441,602		490,648		543,110		579,559
Seniors Housing Triple-net	110,433		61,289		100,352		99,889		95,018
Outpatient Medical	143,955		143,969		147,889		150,521		153,387
Long-Term/Post-Acute Care	101,999		118,429		142,143		161,523		180,846
Corporate	111,704		92,071		93,697		91,028		116,891
Net operating income	$	857,673	$	857,360	$	974,729	$	1,046,071	$	1,125,701

Note:

(1) Please see discussion of Supplemental Reporting Measures on page 17. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%.


Financial


(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
	Twelve Months Ended			Three Months Ended
	September 30, 2025			September 30, 2025
Net income (loss)	$	967,823		$	282,186
Interest expense	602,640			162,052
Income tax expense (benefit)	(2,017)			2,335
Depreciation and amortization	1,971,123			509,812
EBITDA	3,539,569			956,385
Loss (income) from unconsolidated entities	12,310			12,610
Stock-based compensation	61,467			15,396
Loss (gain) on extinguishment of debt, net	6,156			—
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net	(78,847)			(4,025)
Impairment of assets	99,006			3,081
Provision for loan losses, net	(2,277)			1,088
Loss (gain) on derivatives and financial instruments, net	18,961			31,682
Other expenses	109,762			44,699

Casualty losses, net of recoveries	13,178			1,914
Other impairment(2)	42,582			—
Total adjustments	282,298			106,445
Adjusted EBITDA	$	3,821,867		$	1,062,830

Interest Coverage Ratios
Interest expense	$	602,640		$	162,052
Capitalized interest	40,483			6,150
Non-cash interest expense	(52,226)			(14,227)
Total interest	$	590,897		$	153,975
EBITDA	$	3,539,569		$	956,385
Interest coverage ratio	5.99		x	6.21		x
Adjusted EBITDA	$	3,821,867		$	1,062,830
Adjusted Interest coverage ratio	6.47		x	6.90		x

Fixed Charge Coverage Ratios
Total interest	$	590,897		$	153,975
Secured debt principal amortization	62,627			16,707
Total fixed charges	$	653,524		$	170,682
EBITDA	$	3,539,569		$	956,385
Fixed charge coverage ratio	5.42		x	5.60		x
Adjusted EBITDA	$	3,821,867		$	1,062,830
Adjusted Fixed charge coverage ratio	5.85		x	6.23		x

Net Debt to EBITDA Ratios
Total debt(3)				$	16,960,008
Less: cash and cash equivalents and restricted cash				(6,940,573)
Net debt				$	10,019,435
EBITDA Annualized				$	3,825,540
Net debt to EBITDA ratio				2.62		x
Adjusted EBITDA Annualized				$	4,251,320
Net debt to Adjusted EBITDA ratio				2.36		x

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 17.

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

(3) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $107,646,000. Excludes operating lease liabilities of $1,203,954,000 related to ASC 842.


Financial


(in thousands except share price)
Leverage and Current Capitalization(1)
			% of Total
Book capitalization
Lines of credit and commercial paper(2)	$	—	—	%
Long-term debt obligations(2)(3)	16,960,008		34.38	%
Cash and cash equivalents and restricted cash	(6,940,573)		(14.07)	%
Net debt to consolidated book capitalization	$	10,019,435	20.31	%
Total equity and noncontrolling interests(4)	39,312,382		79.69	%
Consolidated book capitalization	$	49,331,817	100.00	%
Joint venture debt, net(5)	614,039
Total book capitalization	$	49,945,856

Undepreciated book capitalization
Lines of credit and commercial paper(2)	$	—	—	%
Long-term debt obligations(2)(3)	16,960,008		28.54	%
Cash and cash equivalents and restricted cash	(6,940,573)		(11.68)	%
Net debt to consolidated undepreciated book capitalization	$	10,019,435	16.86	%
Accumulated depreciation and amortization	10,107,309		17.00	%
Total equity and noncontrolling interests(4)	39,312,382		66.14	%
Consolidated undepreciated book capitalization	$	59,439,126	100.00	%
Joint venture debt, net(5)	614,039
Total undepreciated book capitalization	$	60,053,165

Enterprise value
Lines of credit and commercial paper(2)	$	—	—	%
Long-term debt obligations(2)(3)	16,960,008		12.81	%
Cash and cash equivalents and restricted cash	(6,940,573)		(5.24)	%
Net debt to consolidated enterprise value	$	10,019,435	7.57	%
Common shares outstanding	684,108
Period end share price	178.14
Common equity market capitalization	$	121,866,999	92.02	%
Noncontrolling interests(4)	555,564		0.42	%
Consolidated enterprise value	$	132,441,998	100.00	%
Joint venture debt, net(5)	614,039
Total enterprise value	$	133,056,037

Secured debt as % of total assets
Secured debt(2)	$	2,487,354	3.57	%
Gross asset value(6)	$	69,612,111

Total debt as % of gross asset value
Total debt(2)(3)	$	16,960,008	24.36	%
Gross asset value(6)	$	69,612,111

Unsecured debt as % of unencumbered assets
Unsecured debt(2)	$	14,365,008	23.13	%



Unencumbered gross assets(7)	$	62,112,165

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 17.

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

(3) Includes financing lease liabilities of $107,646,000 and excludes operating lease liabilities of $1,203,954,000 related to ASC 842.

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

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

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

(7) Unencumbered gross assets equals gross asset value for consolidated properties that are not financed with secured debt.


Financial


(dollars in thousands)
Debt Maturities and Scheduled Principal Amortization(1)
Year	Lines of Credit and Commercial Paper(2)			Senior Unsecured Notes(3)			Consolidated Secured Debt			Noncontrolling Interests' Share of Consolidated Debt			Share of Unconsolidated Secured Debt			Combined Debt(4)			% of Total		Wtd. Avg. Interest Rate (5)
2025	$	—		$	—		$	26,037		$	(307)		$	34,033		$	59,763		0.34	%	5.03	%
2026	—			700,000			256,400			(2,441)			32,121			986,080			5.55	%	4.01	%
2027	—			1,894,845			366,517			(2,340)			141,242			2,400,264			13.52	%	4.07	%
2028	—			2,534,420			190,724			(329)			32,258			2,757,073			15.53	%	3.84	%
2029	—			2,162,321			420,424			(78,216)			23,048			2,527,577			14.23	%	3.46	%
2030	—			1,750,000			178,007			(327)			1,888			1,929,568			10.87	%	3.86	%
2031	—			1,350,000			59,188			(343)			372,036			1,780,881			10.03	%	3.66	%
2032	—			1,050,000			70,849			(355)			84,374			1,204,868			6.79	%	3.56	%
2033	—			—			419,259			(36,866)			650			383,043			2.16	%	4.82	%
2034	—			672,200			204,310			(8,066)			680			869,124			4.89	%	4.41	%
Thereafter	—			2,400,000			438,266			(699)			21,998			2,859,565			16.09	%	5.02	%
Totals	$	—		$	14,513,786		$	2,629,981		$	(130,289)		$	744,328		$	17,757,806		100.00	%

Weighted Avg. Interest Rate(5)	—		%	3.96		%	4.09		%	4.79		%	5.44		%	4.03		%

Weighted Avg. Maturity Years	—			5.6			7.0			5.2			4.6			5.7

% Floating Rate Debt(5)	—		%	12.52		%	9.06		%	59.35		%	4.58		%	11.33		%


Debt by Local Currency(1)
	Lines of Credit and Commercial Paper(2)		Senior Unsecured Notes(3)		Consolidated Secured Debt		Noncontrolling Interests' Share of Consolidated Debt		Share of Unconsolidated Secured Debt		Combined Debt(4)		Investment Hedges(6)
United States	$	—	$	12,707,321	$	1,783,314	$	(114,615)	$	703,929	$	15,079,949	$	—
United Kingdom	—		1,411,620		—		—		—		1,411,620		2,420,871
Canada	—		394,845		846,667		(15,674)		40,399		1,266,237		4,151,400
Totals	$	—	$	14,513,786	$	2,629,981	$	(130,289)	$	744,328	$	17,757,806	$	6,572,271

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 September 30, 2025. The unsecured revolving credit facility is comprised of a $2,000,000,000 tranche that matures on July 24, 2029 and a $3,000,000,000 tranche that matures on July 24, 2028. The $3,000,000,000 tranche may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility.

(3) Senior Unsecured Notes include the following:

•2027 includes a $1,000,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $179,475,000 USD at September 30, 2025). The loans mature on July 19, 2026. The interest rates on the loans are adjusted SOFR + 0.78% for USD and adjusted CORRA + 0.78% for CAD. Both term loans may be extended for two successive terms of six months at our option.

•2027 also includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $215,370,000 USD at September 30, 2025) that matures on January 15, 2027.

•2028 includes $1,035,000,000 of 2.75% exchangeable senior unsecured notes that mature on May 15, 2028 unless earlier exchanged, purchased or redeemed.

•2028 also includes £550,000,000 of 4.80% senior unsecured notes (approximately $739,420,000 USD at September 30, 2025). The notes mature on November 20, 2028.

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

•2034 includes £500,000,000 of 4.50% senior unsecured notes (approximately $672,200,000 USD at September 30, 2025). The notes mature on December 1, 2034.

(4) Excludes operating lease liabilities of $1,203,954,000 and finance lease liabilities of $107,646,000 related to ASC 842.

(5) Based on variable interest rates and foreign currency exchange rates in effect as of September 30, 2025. The interest rate on the unsecured revolving credit facility is adjusted SOFR + 0.705%. Commercial paper, senior notes and secured debt average interest rate represents the face value note rate. Includes the impact of notional swaps and caps to convert fixed rate debt to SOFR-based floating rate debt, and SOFR-based floating rate debt and CORRA-based floating rate debt to fixed rate debt.

(6) 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 $(174,461,000), as represented in other assets (liabilities) on the balance sheet. We supplement our local currency debt with foreign currency derivative contracts to offset the translation and economic exposures related to our international investments. Currently, our foreign currency derivatives are comprised of cross-currency swaps.


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. Excludes sustainability investments.

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 - Affiliated: Outpatient medical properties are considered affiliated with a health system if one or more of the following conditions are met: 1) the land parcel is contained within the physical boundaries of a hospital campus; 2) the land parcel is located adjacent to the campus; 3) the building is physically connected to the hospital regardless of the land ownership structure; 4) a ground lease is maintained with a health system entity; 5) a master lease is maintained with a health system entity; 6) significant square footage is leased to a health system entity; 7) the property includes an ambulatory surgery center with a hospital partnership interest; or 8) a significant square footage is leased to a physician group that is either employed, directly or indirectly by a health system, or has a significant clinical and financial affiliation with the health system.

Long-Term/Post-Acute Care: Includes all skilled nursing, rehabilitation and long-term/post-acute care facilities where the majority of individuals require 24-hour nursing or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement and are subject to triple-net operating leases. Most of these facilities focus on higher acuity patients and offer rehabilitation units specializing in cardiac, orthopedic, dialysis, neurological or pulmonary rehabilitation.

MSA: For the United States and Canada, we use the Metropolitan Statistical Area as defined by the U.S. Census Bureau and the Census Metropolitan Areas as defined by Statistics Canada, respectively. For the United Kingdom, we generally use the Metro Region as defined by EuroStat with Greater London defined as a 55-mile radius around the city’s center.

Occupancy: Outpatient Medical occupancy represents the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. Occupancy for all other property types represents average quarterly operating occupancy based on the most recent quarter of available data and excludes properties that are unstabilized, closed or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy and has not independently verified the information. Occupancy metrics are reflected at our pro rata share.

Outpatient Medical: Outpatient medical buildings include properties offering ambulatory medical services such as primary and secondary care, outpatient surgery, diagnostic procedures and rehabilitation. These properties are typically affiliated with a health system and may be located on a hospital campus. They are specifically designed and constructed for use by healthcare 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. generally structured to take advantage of the REIT Investment Diversification and Empowerment Act of 2007, as well as Wellness Housing properties.

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.

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.


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, ExpPOR, SS RevPOR, SS ExpPOR, NOI, In-Place NOI ("IPNOI") and Same Store NOI ("SSNOI") to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.

We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to managers, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent general overhead costs that are unrelated to property operations and are unallocable to the properties. These expenses include, but are not limited to, payroll and benefits related to corporate employees, professional services, office expenses and depreciation of corporate fixed assets. IPNOI represents cash NOI excluding interest income, other income and non-IPNOI and adjusted for timing of current quarter portfolio changes such as acquisitions, development conversions, segment transitions and dispositions. Properties classified as held for sale and leased properties are excluded from IPNOI. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and leased properties, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and UK properties using a consistent exchange rate. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI, IPNOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI, IPNOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our portfolio.

RevPOR represents the average revenues generated per occupied room per month and ExpPOR represents the average expenses per occupied room per month at our Seniors Housing Operating properties. These metrics are calculated as our pro rata share of total resident fees and services revenues or property operating expenses from the income statement, divided by average monthly occupied room days. SS RevPOR and SS ExpPOR are used to evaluate the RevPOR and ExpPOR performance of our properties under a consistent population, which eliminates changes in the composition of our portfolio. They are based on the same pool of properties used for SSNOI and include any revenue and expense normalizations used for SSNOI. We use RevPOR, ExpPOR, SS RevPOR and SS ExpPOR to evaluate the revenue-generating capacity and profit potential of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.

We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and restricted cash. We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The ratios are based on EBITDA and Adjusted EBITDA. EBITDA is defined as earnings (net income per income statement) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding unconsolidated entities and including adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/losses on disposition of properties and acquisitions of controlling interests, impairment of assets, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments deemed appropriate in management's opinion. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. We primarily use these measures to determine our interest coverage ratio, which represents EBITDA and Adjusted EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDA and Adjusted EBITDA divided by fixed charges. Fixed charges include total interest and secured debt principal amortization. Our leverage ratios include net debt to Adjusted EBITDA, book capitalization, undepreciated book capitalization and consolidated enterprise value. Book capitalization represents the sum of net debt (defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Consolidated enterprise value represents book capitalization adjusted for the fair market value of our common stock. Our leverage ratios are defined as the proportion of net debt to total capitalization.

Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management performance. None of the supplemental reporting measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Multi-period amounts may not equal the sum of the individual quarterly amounts due to rounding.


Supplemental Reporting Measures


(dollars in thousands)
Non-GAAP Reconciliations

NOI Reconciliation	3Q24		4Q24		1Q25		2Q25		3Q25
Net income (loss)	$	456,800	$	123,753	$	257,266	$	304,618	$	282,186
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net	(272,266)		(8,195)		(51,777)		(14,850)		(4,025)
Loss (income) from unconsolidated entities	4,038		(6,429)		(1,263)		7,392		12,610
Income tax expense (benefit)	(4,706)		114		(5,519)		1,053		2,335
Other expenses	20,239		34,405		14,060		16,598		44,699
Impairment of assets	23,421		23,647		52,402		19,876		3,081
Provision for loan losses, net	4,193		(245)		(2,007)		(1,113)		1,088
Loss (gain) on extinguishment of debt, net	419		—		6,156		—		—
Loss (gain) on derivatives and financial instruments, net	(9,906)		(9,102)		(3,210)		(409)		31,682
General and administrative expenses	77,901		48,707		63,758		64,175		63,124
Depreciation and amortization	403,779		480,406		485,869		495,036		509,812
Interest expense	139,050		154,469		144,962		141,157		162,052
Consolidated net operating income	842,962		841,530		960,697		1,033,533		1,108,644
NOI attributable to unconsolidated investments(1)	32,043		31,158		28,316		26,069		29,337
NOI attributable to noncontrolling interests(2)	(17,332)		(15,328)		(14,284)		(13,531)		(12,280)
Pro rata net operating income (NOI)(3)	$	857,673	$	857,360	$	974,729	$	1,046,071	$	1,125,701


In-Place NOI Reconciliation
At Welltower pro rata ownership	Seniors Housing Operating		Seniors Housing Triple-net		Outpatient Medical		Long-Term /Post-Acute Care		Corporate		Total
Revenues	$	2,109,690	$	99,514	$	219,238	$	184,455	$	122,916	$	2,735,813
Property operating expenses	(1,530,131)		(4,496)		(65,851)		(3,609)		(6,025)		(1,610,112)
NOI(3)	579,559		95,018		153,387		180,846		116,891		1,125,701
Adjust:
Interest income	—		—		—		—		(70,477)		(70,477)
Other income	(2,032)		(91)		(64)		(194)		(46,454)		(48,835)
Sold / held for sale	917		(204)		(112,984)		(86)		—		(112,357)
Nonoperational(4)	604		—		(63)		(335)		—		206
Non In-Place NOI(5)	(27,360)		(9,642)		(8,111)		(35,071)		40		(80,144)
Timing adjustments(6)	4,821		(83)		—		4,876		—		9,614
Total adjustments	(23,050)		(10,020)		(121,222)		(30,810)		(116,891)		(301,993)
In-Place NOI	556,509		84,998		32,165		150,036		—		823,708
Annualized In-Place NOI	$	2,226,036	$	339,992	$	128,660	$	600,144	$	—	$	3,294,832


Same Store Property Reconciliation
	Seniors Housing Operating	Seniors Housing Triple-net	Outpatient Medical	Long-Term /Post-Acute Care	Total
Total properties	1,334	291	446	376	2,447
Recent acquisitions and development conversions(7)	(208)	(20)	(8)	(123)	(359)
Under development	(20)	—	—	—	(20)
Under redevelopment(8)	(1)	—	—	(1)	(2)
Current held for sale	(8)	(3)	(322)	(4)	(337)
Land parcels, loans and leased properties	(108)	(4)	(8)	—	(120)
Transitions(9)	(221)	(18)	—	(24)	(263)
Other(10)	(5)	—	—	(2)	(7)
Same store properties	763	246	108	222	1,339

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 12 for more information.

(4) Primarily includes development properties and land parcels.

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

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

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

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

(9) Transitioned properties will enter the same store pool after five full quarters of operations with the new operator in place or under the new structure.

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


Supplemental Reporting Measures


(dollars in thousands at Welltower pro rata ownership)

Same Store NOI Reconciliation	3Q24		4Q24		1Q25		2Q25		3Q25		Y/o/Y
Seniors Housing Operating
NOI	$	389,582	$	441,602	$	490,648	$	543,110	$	579,559
Non-cash NOI on same store properties	(2,281)		(2,008)		(2,573)		(1,411)		(1,994)
NOI attributable to non-same store properties	(36,623)		(81,971)		(98,898)		(128,663)		(153,386)
Currency and ownership adjustments(1)	(2,643)		(1,058)		572		(4,503)		(5,568)





Other normalizing adjustments(2)	2,165		1,988		46		3,588		2,631
SSNOI	350,200		358,553		389,795		412,121		421,242		20.3	%

Seniors Housing Triple-net
NOI	110,433		61,289		100,352		99,889		95,018
Non-cash NOI on same store properties	(5,494)		(5,733)		(5,107)		(4,893)		(3,981)
NOI attributable to non-same store properties	(34,645)		15,627		(23,739)		(22,373)		(17,413)
Currency and ownership adjustments(1)	826		1,131		1,549		273		(1,203)

Normalizing adjustments for joint venture recapitalization(3)	(1,343)		(1,343)		(1,394)		(1,394)		(465)


Other normalizing adjustments(2)	—		—		(31)		(31)		(31)
SSNOI	69,777		70,971		71,630		71,471		71,925		3.1	%

Outpatient Medical
NOI	143,955		143,969		147,889		150,521		153,387
Non-cash NOI on same store properties	(5,347)		(2,871)		(2,790)		(2,661)		(2,490)
NOI attributable to non-same store properties	(112,521)		(115,195)		(118,435)		(121,157)		(123,808)
Currency and ownership adjustments(1)	(89)		—		—		—		—



Other normalizing adjustments(2)	21		—		(23)		(41)		(17)
SSNOI	26,019		25,903		26,641		26,662		27,072		4.0	%

Long-Term/Post-Acute Care
NOI	101,999		118,429		142,143		161,523		180,846
Non-cash NOI on same store properties	(14,705)		(14,650)		(15,338)		(15,782)		(15,505)
NOI attributable to non-same store properties	(10,054)		(23,725)		(44,614)		(63,576)		(82,315)
Currency and ownership adjustments(1)	3,283		748		7		(52)		(60)



Other normalizing adjustments(2)	895		970		970		970		647
SSNOI	81,418		81,772		83,168		83,083		83,613		2.7	%

Corporate
NOI	111,704		92,071		93,697		91,028		116,891
NOI attributable to non-same store properties	(111,704)		(92,071)		(93,697)		(91,028)		(116,891)
SSNOI	—		—		—		—		—

Total
NOI	857,673		857,360		974,729		1,046,071		1,125,701
Non-cash NOI on same store properties	(27,827)		(25,262)		(25,808)		(24,747)		(23,970)
NOI attributable to non-same store properties	(305,547)		(297,335)		(379,383)		(426,797)		(493,813)
Currency and ownership adjustments(1)	1,377		821		2,128		(4,282)		(6,831)
Normalizing adjustments, net	1,738		1,615		(432)		3,092		2,765
SSNOI	$	527,414	$	537,199	$	571,234	$	593,337	$	603,852	14.5	%

Notes:

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

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

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


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	$	1,507,666	$	388,623	$	173,826	$	2,070,115
Unconsolidated SHO revenues attributable to Welltower(1)	51,976		6,090		2,369		60,435
SHO revenues attributable to noncontrolling interests(2)	(18,389)		—		(2,471)		(20,860)
Pro rata SHO revenues(3)	1,541,253		394,713		173,724		2,109,690
Non-cash and non-RevPOR revenues	(3,397)		(611)		(491)		(4,499)
Revenues attributable to non in-place properties	(6,446)		(147,179)		—		(153,625)

SHO local revenues	1,531,409		246,923		173,233		1,951,565
Average occupied units/month	86,062		7,896		19,494		113,452
RevPOR/month in USD	$	5,883	$	10,339	$	2,938	$	5,687
RevPOR/month in local currency(4)			£	8,406	$	4,197


Reconciliations of SHO SS RevPOR Growth, SSNOI Growth and SSNOI/Unit

	United States					United Kingdom					Canada					Total
	3Q24		3Q25			3Q24		3Q25			3Q24		3Q25			3Q24		3Q25
SHO SS RevPOR Growth
Consolidated SHO revenues	$	1,256,831	$	1,507,666		$	125,954	$	388,623		$	131,237	$	173,826		$	1,514,022	$	2,070,115
Unconsolidated SHO revenues attributable to WELL(1)	32,653		51,976			3,862		6,090			27,976		2,369			64,491		60,435
SHO revenues attributable to noncontrolling interests(2)	(19,203)		(18,389)			—		—			(2,353)		(2,471)			(21,556)		(20,860)
SHO pro rata revenues(3)	1,270,281		1,541,253			129,816		394,713			156,860		173,724			1,556,957		2,109,690
Non-cash and non-RevPOR revenues on same store properties	(3,197)		(2,623)			(303)		—			(254)		(222)			(3,754)		(2,845)
Revenues attributable to non-same store properties	(230,414)		(396,418)			(73)		(246,142)			(30,177)		(37,282)			(260,664)		(679,842)
Currency and ownership adjustments(4)	3,151		—			(6,999)		(13,070)			(5,569)		(4,925)			(9,417)		(17,995)




SHO SS RevPOR revenues(5)	$	1,039,821	$	1,142,212		$	122,441	$	135,501		$	120,860	$	131,295		$	1,283,122	$	1,409,008
Avg. occupied units/month(6)	55,834		58,445			4,147		4,428			14,332		14,984			74,313		77,857
SHO SS RevPOR(7)	$	6,157	$	6,461		$	9,762	$	10,117		$	2,788	$	2,897		$	5,709	$	5,983
SS RevPOR YOY growth			4.9		%			3.6		%			3.9		%			4.8		%

SHO SSNOI Growth
Consolidated SHO NOI	$	300,729	$	417,973		$	32,878	$	86,736		$	44,528	$	66,191		$	378,135	$	570,900
Unconsolidated SHO NOI attributable to WELL(1)	11,048		18,887			688		1,345			10,970		1,321			22,706		21,553
SHO NOI attributable to noncontrolling interests(2)	(10,120)		(11,661)			—		—			(1,139)		(1,233)			(11,259)		(12,894)
SHO pro rata NOI(3)	301,657		425,199			33,566		88,081			54,359		66,279			389,582		579,559
Non-cash NOI on same store properties	(2,281)		(1,994)			—		—			—		—			(2,281)		(1,994)
NOI attributable to non-same store properties	(27,170)		(93,190)			52		(46,152)			(9,505)		(14,044)			(36,623)		(153,386)
Currency and ownership adjustments(4)	1,135		—			(1,822)		(3,689)			(1,956)		(1,879)			(2,643)		(5,568)





Other normalizing adjustments(8)	2,077		2,590			—		—			88		41			2,165		2,631
SHO pro rata SSNOI(5)	$	275,418	$	332,605		$	31,796	$	38,240		$	42,986	$	50,397		$	350,200	$	421,242
SHO SSNOI growth			20.8		%			20.3		%			17.2		%			20.3		%

SHO SSNOI/Unit
Trailing four quarters' SSNOI(5)			$	1,256,543				$	138,702				$	186,466				$	1,581,711
Average units in service(9)			66,088					5,114					16,347					87,549
SSNOI/unit in USD			$	19,013				$	27,122				$	11,407				$	18,067
SSNOI/unit in local currency(4)								£	22,050				$	16,296

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 page 12 for more information.

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

(5) Represents SS SHO RevPOR revenues/SSNOI at Welltower pro rata ownership. See page 19 for more information.

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

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

(8) Represents aggregate normalizing adjustments which are individually less than .50% of SS RevPOR revenues/NOI growth.

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


Forward-Looking Statement and Risk Factors

Forward-Looking Statements and Risk Factors

This document contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "pro forma," "estimate" or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower's actual results to differ materially from Welltower's expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the impact of macroeconomic and geopolitical developments, including economic downturns, elevated inflation and interest rates, political or social conflict, unrest or violence or similar events; the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the healthcare industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements, public perception of the healthcare industry and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the healthcare and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower's ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters, public health emergencies and extreme weather affecting Welltower's properties; Welltower's ability to re-lease space at similar rates as vacancies occur; Welltower's ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower's properties; changes in rules or practices governing Welltower's financial reporting; the movement of U.S. and foreign currency exchange rates and changes to U.S. and global monetary, fiscal or trade policies; Welltower's approach to artificial intelligence; Welltower's ability to maintain its qualification as a REIT; key management personnel recruitment and retention; and other risks described in Welltower's reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.

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 October 27, 2025 and other information filed with, or furnished to, the SEC. The Supplemental Reporting Measures and reconciliations of Non-GAAP measures are an integral part of the information presented herein.

You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at 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, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio of 2,000+ seniors and wellness housing communities are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micromarkets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly-aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star. More information is available at www.welltower.com.

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