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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 2024
Welltower Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-8923 34-1096634
(State or other jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
4500 Dorr Street,  Toledo, Ohio 43615
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (419) 247-2800
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock, $1.00 par value per share WELL New York Stock Exchange
Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLC WELL/28 New York Stock Exchange
Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLC WELL/34 New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company              ☐   
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02  Results of Operations and Financial Condition.
On April 29, 2024, Welltower Inc. (the “Company”) issued a press release that announced operating results for its first quarter ended March 31, 2024. The press release refers to a supplemental information package that is available on the Company's website (www.welltower.com), free of charge. Copies of the press release and supplemental information package have been furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report, and are incorporated herein by reference.
The information included in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01  Financial Statements and Exhibits.
(d)  Exhibits.
99.1 Press release of Welltower Inc. dated April 29, 2024.
99.2 Welltower Inc. Supplemental Information Package for the quarter ended March 31, 2024.
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.            
 
SIGNATURE
 Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
WELLTOWER INC.
By: /s/ Matthew McQueen
Name: Matthew McQueen
Title: Executive Vice President – General Counsel & Corporate Secretary
 
Dated:  April 29, 2024

EX-99.1 2 a1q24earningsrelease991.htm EX-99.1 Document


'welltowerlogo_rgbxnotm002.jpg

FOR IMMEDIATE RELEASE
April 29, 2024
For more information contact:
Tim McHugh (419) 247-2800
Welltower Reports First Quarter 2024 Results
Toledo, Ohio, April 29, 2024…..Welltower Inc. (NYSE:WELL) today announced results for the quarter ended March 31, 2024.
Recent Highlights
•Reported net income attributable to common stockholders of $0.22 per diluted share
•Reported quarterly normalized funds from operations ("FFO") attributable to common stockholders of $1.01 per diluted share, an increase of 18.8% over the prior year
•Reported total portfolio year-over-year same store NOI ("SSNOI") growth of 12.9%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 25.5%
•SHO portfolio year-over-year same store revenue increased 10.3% in the first quarter, with 340 basis points ("bps") of year-over-year average occupancy growth and Revenue per Occupied Room ("RevPOR") growth of 4.8%
•During the first quarter, we completed $449 million of pro rata gross investments, including $208 million in acquisitions and loan funding and $241 million in development funding
•Since the beginning of the year, we have closed or have definitive agreements to close $2.8 billion in pro rata acquisitions and loan funding across 28 transactions
•Improved net debt to Adjusted EBITDA to 4.03x at March 31, 2024
•As of March 31, 2024, we had approximately $6.5 billion of available liquidity inclusive of $2.5 billion of available cash and restricted cash and full capacity under our $4.0 billion line of credit
Capital Activity and Liquidity
During the first quarter, net debt to consolidated enterprise value improved to 17.4% at March 31, 2024 from 20.9% at December 31, 2023. We sourced over $2.5 billion of attractively priced capital, including equity and proceeds from dispositions and loan repayments to fund accretive capital deployment opportunities and to further strengthen our already robust liquidity profile. Additionally during the quarter, we extinguished $1.35 billion of senior unsecured notes at maturity and $167 million of pro rata secured debt utilizing cash on hand. As of March 31, 2024, our share of variable rate debt was approximately 7.6%.
Investment Activity Completed During the Quarter
In the first quarter, we completed $449 million of pro rata gross investments, including $208 million in acquisitions and loan funding and $241 million in development funding. We opened ten development projects, including partial conversions and expansions, for an aggregate pro rata investment amount of $166 million. Additionally, during the first quarter we completed pro rata property dispositions and loan repayments of $107 million.
Announced Future Investment Activity
Subsequent to quarter end we have closed or are under contract to close on $2.6 billion in pro rata acquisitions and loan funding across 15 transactions. Transactions under contract and not yet closed are subject to customary closing conditions.
Affinity Living Communities As previously disclosed, we entered into a definitive agreement to acquire a portfolio of 25 age-restricted active adult communities for $969 million through a privately negotiated, off-market transaction, subject to customary closing conditions. The transaction is expected to be funded through cash and the assumption of $523 million of below market rate debt with an average interest rate of 3.8% and a nine-year weighted average maturity.
Revera Joint Venture As previously disclosed, we entered into definitive agreements to dissolve our existing Revera joint venture relationship across the U.S., United Kingdom and Canada. The transaction included acquiring the remaining interests in 110 properties from Revera while simultaneously selling interests in 31 properties to Revera. During 2023, we closed the U.S. and U.K. portions of the transaction. On April 1, 2024, we closed the Canadian portion, which included acquiring Revera's interests in 71 properties and selling our interests in 14 properties in a largely cash neutral transaction. Operations for the 71 retained properties previously

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1Q24 Earnings Release April 29, 2024
transitioned to new operators. The Revera joint venture has been fully dissolved following the completion of the Canadian portion of the transaction.
Environmental, Social and Governance (“ESG”) In recognition of our leading environmental efforts, Welltower earned the 2024 ENERGY STAR® Partner of the Year Award for the sixth consecutive year and received recognition at the level of Sustained Excellence, the Environmental Protection Agency's highest honor in the ENERGY STAR program, for the fourth consecutive year.
Dividend On April 29, 2024, the Board of Directors declared a cash dividend for the quarter ended March 31, 2024 of $0.61 per share. This dividend, which will be paid on May 22, 2024 to stockholders of record as of May 13, 2024, will be our 212th consecutive quarterly cash dividend. The declaration and payment of future quarterly dividends remains subject to review and approval by the Board of Directors.
Outlook for 2024 Net income attributable to common stockholders guidance has been revised to a range of $1.48 to $1.61 per diluted share from the previous range of $1.21 to $1.37 per diluted share, primarily due to a change in projected gains/losses/impairments and depreciation and amortization. We increased the guidance range of full year normalized FFO attributable to common stockholders to a range of $4.02 to $4.15 per diluted share from the previous range of $3.94 to $4.10 per diluted share. In preparing our guidance, we have updated or confirmed the following assumptions:
•Same Store NOI: We expect average blended SSNOI growth of 9% to 12%, which is comprised of the following components:
◦Seniors Housing Operating approximately 17% to 22%
◦Seniors Housing Triple-net approximately 2.5% to 4.0%
◦Outpatient Medical approximately 2% to 3%
◦Long-Term/Post-Acute Care approximately 2% to 3%
•Investments: Our earnings guidance includes only those acquisitions announced or closed to date. Furthermore, no transitions or restructures beyond those announced to date are included.
•General and Administrative Expenses: We anticipate general and administrative expenses to be approximately $201 million to $209 million and stock-based compensation expense to be approximately $39 million.
•Development: We anticipate funding an additional $660 million of development in 2024 relating to projects underway on March 31, 2024.
•Dispositions: We expect pro rata disposition proceeds of $1.2 billion at a blended yield of 5.4% in the next twelve months. This includes approximately $1.0 billion of consideration from expected property sales and $110 million of expected proceeds from loan repayments.
•Pandemic Relief Funds: Our initial 2024 earnings guidance did not include the recognition of any pandemic relief funds which may be received during the year. During the three months ended March 31, 2024, we recognized approximately $1 million at our share related to Provider Relief Funds and similar programs in the United Kingdom and Canada. Our updated guidance does not include any additional funds in 2024. In 2023, we recognized approximately $13 million at our share relating to Provider Relief Funds and similar programs in the United Kingdom and Canada.
Our guidance does not include any additional investments, dispositions or capital transactions beyond those we have announced, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items. Please see the Supplemental Reporting Measures section for further discussion and our definition of normalized FFO and SSNOI and Exhibit 3 for a reconciliation of the outlook for net income available to common stockholders to normalized FFO attributable to common stockholders. We will provide additional detail regarding our 2024 outlook and assumptions on the first quarter 2024 conference call.
Conference Call Information We have scheduled a conference call on Tuesday, April 30, 2024 at 9:00 a.m. Eastern Time to discuss our first quarter 2024 results, industry trends and portfolio performance. Telephone access will be available by dialing (888) 340-5024 or (646) 960-0135 (international). For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the call through May 7, 2024. To access the rebroadcast, dial (800) 770-2030 or (609) 800-9909 (international). The conference ID number is 8230248. To participate in the webcast, log on to www.welltower.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days.
Supplemental Reporting Measures We believe that net income and net income attributable to common stockholders ("NICS"), as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider funds from operations ("FFO"), normalized FFO, net operating income ("NOI"), same store NOI ("SSNOI"), revenue per occupied room ("RevPOR"), same store RevPOR ("SS RevPOR"), expense per occupied room ("ExpPOR"), same store ExpPOR ("SS ExpPOR"), EBITDA and Adjusted EBITDA 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.

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1Q24 Earnings Release April 29, 2024
Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts ("NAREIT") created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO attributable to common stockholders, as defined by NAREIT, means net income attributable to common stockholders, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate and impairments of depreciable assets, plus real estate depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests. Normalized FFO attributable to common stockholders represents FFO attributable to common stockholders adjusted for certain items detailed in Exhibit 2. We believe that normalized FFO attributable to common stockholders is a useful supplemental measure of operating performance because investors and equity analysts may use this measure to compare the operating performance of Welltower between periods or as compared to other REITs or other companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items.
We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to 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 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. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and sub-leases, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and UK properties using a consistent exchange rate. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our properties. No reconciliation of the forecasted range for SSNOI on a combined basis or by property type is included in this release because we are unable to quantify certain amounts that would be required to be included in the comparable GAAP financial measure without unreasonable efforts, and we believe such reconciliation would imply a degree of precision that could be confusing or misleading to investors.
RevPOR represents the average revenues generated per occupied room per month 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 version 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 includes any revenue or 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/impairments on properties, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments deemed appropriate in management's opinion. We believe that EBITDA and Adjusted EBITDA, along with net income, are important

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1Q24 Earnings Release April 29, 2024
supplemental measures because they provide additional information to assess and evaluate the performance of our operations. Our leverage ratios include net debt to Adjusted EBITDA and consolidated enterprise value. Net debt is defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash. Consolidated enterprise value represents the sum of net debt, the fair market value of our common stock and noncontrolling interests.
Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and ratings agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, they are utilized by the Board of Directors to evaluate management. The supplemental reporting measures do not represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Please see the exhibits for reconciliations of supplemental reporting measures and the supplemental information package for the quarter ended March 31, 2024, which is available on Welltower's website (www.welltower.com), for information and reconciliations of additional supplemental reporting measures.
About Welltower Welltower Inc. (NYSE:WELL), a real estate investment trust ("REIT") and S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. Welltower invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at www.welltower.com. We routinely post important information on our website at www.welltower.com in the “Investors” section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading “Investors”. Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the Securities and Exchange Commission. The information on our website is not incorporated by reference in this press release, and our web address is included as an inactive textual reference only.
Forward-Looking Statements and Risk Factors This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “pro forma,” “estimate” or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower’s actual results to differ materially from Welltower’s expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower’s ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters, health emergencies (such as the COVID-19 pandemic) and other acts of God affecting Welltower’s properties; Welltower’s ability to re-lease space at similar rates as vacancies occur; Welltower’s ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower’s properties; changes in rules or practices governing Welltower’s financial reporting; the movement of U.S. and foreign currency exchange rates; Welltower’s ability to maintain its qualification as a REIT; key management personnel recruitment and retention; and other risks described in Welltower’s reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.

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1Q24 Earnings Release April 29, 2024
Welltower Inc.
Financial Exhibits
Consolidated Balance Sheets (unaudited)
(in thousands)
  March 31,
  2024 2023
Assets    
Real estate investments:    
Land and land improvements $ 4,754,699  $ 4,324,541 
Buildings and improvements 37,841,775  34,161,466 
Acquired lease intangibles 2,158,915  1,990,830 
Real property held for sale, net of accumulated depreciation 422,225  215,583 
Construction in progress 1,342,410  1,121,446 
Less accumulated depreciation and intangible amortization (9,537,562) (8,417,151)
Net real property owned 36,982,462  33,396,715 
Right of use assets, net 348,892  322,896 
Real estate loans receivable, net of credit allowance 1,426,094  954,156 
Net real estate investments 38,757,448  34,673,767 
Other assets:    
Investments in unconsolidated entities 1,719,646  1,596,413 
Goodwill 68,321  68,321 
Cash and cash equivalents 2,388,488  571,902 
Restricted cash 89,847  66,894 
Straight-line rent receivable 469,976  357,359 
Receivables and other assets 1,059,859  1,159,233 
Total other assets 5,796,137  3,820,122 
Total assets $ 44,553,585  $ 38,493,889 
Liabilities and equity    
Liabilities:    
Unsecured credit facility and commercial paper $ —  $ — 
Senior unsecured notes 12,171,913  12,486,229 
Secured debt 2,033,232  2,474,837 
Lease liabilities 381,320  415,169 
Accrued expenses and other liabilities 1,419,212  1,521,499 
Total liabilities 16,005,677  16,897,734 
Redeemable noncontrolling interests 300,915  392,195 
Equity:    
Common stock 592,637  497,928 
Capital in excess of par value 35,105,097  27,160,014 
Treasury stock (114,842) (112,925)
Cumulative net income 9,272,190  8,830,623 
Cumulative dividends (17,126,302) (15,815,926)
Accumulated other comprehensive income (180,837) (111,559)
Total Welltower Inc. stockholders’ equity 27,547,943  20,448,155 
Noncontrolling interests 699,050  755,805 
Total equity 28,246,993  21,203,960 
Total liabilities and equity $ 44,553,585  $ 38,493,889 

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1Q24 Earnings Release April 29, 2024
Consolidated Statements of Income (unaudited)
(in thousands, except per share data)
    Three Months Ended
    March 31,
    2024 2023
Revenues:    
  Resident fees and services $ 1,360,274  $ 1,131,685 
  Rental income 417,652  384,059 
  Interest income 52,664  36,405 
  Other income 29,151  8,580 
Total revenues 1,859,741  1,560,729 
Expenses:    
  Property operating expenses 1,096,913  957,753 
  Depreciation and amortization 365,863  339,112 
  Interest expense 147,318  144,403 
  General and administrative expenses 53,318  44,371 
  Loss (gain) on derivatives and financial instruments, net (3,054) 930 
  Loss (gain) on extinguishment of debt, net
Provision for loan losses, net 1,014  777 
  Impairment of assets 43,331  12,629 
  Other expenses 14,131  22,745 
  Total expenses 1,718,840  1,522,725 
Income (loss) from continuing operations before income taxes    
  and other items 140,901  38,004 
Income tax (expense) benefit (6,191) (3,045)
Income (loss) from unconsolidated entities (7,783) (7,071)
Gain (loss) on real estate dispositions, net 4,707  747 
Income (loss) from continuing operations 131,634  28,635 
Net income (loss) 131,634  28,635 
Less:
Net income (loss) attributable to noncontrolling interests (1)
4,488  2,962 
Net income (loss) attributable to common stockholders $ 127,146  $ 25,673 
Average number of common shares outstanding:    
  Basic 574,049  492,061 
  Diluted 577,530  494,494 
Net income (loss) attributable to common stockholders per share:  
  Basic $ 0.22  $ 0.05 
 
Diluted(2)
$ 0.22  $ 0.05 
Common dividends per share $ 0.61  $ 0.61 
(1) Includes amounts attributable to redeemable noncontrolling interests.
(2) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units.

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1Q24 Earnings Release April 29, 2024
FFO Reconciliations Exhibit 1
(in thousands, except per share data) Three Months Ended
March 31,
2024 2023
Net income (loss) attributable to common stockholders $ 127,146 $ 25,673
Depreciation and amortization 365,863 339,112
Impairments and losses (gains) on real estate dispositions, net 38,624 11,882
Noncontrolling interests(1)
(11,996) (13,327)
Unconsolidated entities(2)
37,066 22,722
NAREIT FFO attributable to common stockholders 556,703 386,062
Normalizing items, net(3)
28,505 33,471
Normalized FFO attributable to common stockholders $ 585,208 $ 419,533
Average diluted common shares outstanding 577,530 494,494
Per diluted share data attributable to common stockholders:
Net income (loss)(4)
$ 0.22 $ 0.05
NAREIT FFO $ 0.96 $ 0.78
Normalized FFO $ 1.01 $ 0.85
Normalized FFO Payout Ratio:
Dividends per common share $ 0.61 $ 0.61
Normalized FFO attributable to common stockholders per share $ 1.01 $ 0.85
Normalized FFO payout ratio 60% 72%
Other items:(5)
Net straight-line rent and above/below market rent amortization(6)
$ (35,004) $ (33,384)
Non-cash interest expenses(7)
9,386 5,878
Recurring cap-ex, tenant improvements, and lease commissions (51,616) (36,913)
Stock-based compensation 11,342 9,124
(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 Units and DownREIT Units.
(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 foreign currency loss (gain) (see Exhibit 2).

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1Q24 Earnings Release April 29, 2024
Normalizing Items Exhibit 2
(in thousands, except per share data) Three Months Ended
March 31,
2024 2023
Loss (gain) on derivatives and financial instruments, net $ (3,054) (1) $ 930 
Loss (gain) on extinguishment of debt, net
Provision for loan losses, net 1,014  (2) 777 
Income tax benefits —  (246)
Other impairment 9,356  (3) — 
Other expenses 14,131  (4) 22,745 
Casualty losses, net of recoveries 2,158  (5) 4,487 
Foreign currency loss (gain) 609  (6) (227)
Normalizing items attributable to noncontrolling interests and unconsolidated entities, net 4,285  (7) 5,000 
Net normalizing items $ 28,505  $ 33,471 
Average diluted common shares outstanding 577,530  494,494 
Net normalizing items per diluted share $ 0.05  $ 0.07 
(1) Primarily related to mark-to-market of the equity warrants received as part of the Safanad/HC-One transactions.
(2) Primarily related to reserves for loan losses under the current expected credit losses accounting standard.
(3) Represents the write off of straight-line rent receivable balances relating to leases placed on cash recognition.
(4) Primarily related to non-capitalizable transaction costs.
(5) Primarily relates to casualty losses net of any insurance recoveries.
(6) Primarily relates to foreign currency gains and losses related to accrued interest on intercompany loans and third party debt denominated in a foreign currency.
(7) Primarily related to hypothetical liquidation at book value adjustments related to in substance real estate investments.

Outlook Reconciliation: Year Ending December 31, 2024 Exhibit 3
(in millions, except per share data) Prior Outlook Current Outlook
Low High Low High
FFO Reconciliation:
Net income attributable to common stockholders $ 694  $ 785  $ 879  $ 957 
Impairments and losses (gains) on real estate dispositions, net(1,2)
(78) (78) (154) (154)
Depreciation and amortization(1)
1,636  1,636  1,638  1,638 
NAREIT FFO attributable to common stockholders 2,252  2,343  2,363  2,441 
Normalizing items, net(1,3)
—  —  29  29 
Normalized FFO attributable to common stockholders $ 2,252  $ 2,343  $ 2,392  $ 2,470 
Diluted per share data attributable to common stockholders:
Net income $ 1.21  $ 1.37  $ 1.48  $ 1.61 
NAREIT FFO $ 3.94  $ 4.10  $ 3.97  $ 4.10 
Normalized FFO $ 3.94  $ 4.10  $ 4.02  $ 4.15 
Other items:(1)
Net straight-line rent and above/below market rent amortization $ (138) $ (138) $ (138) $ (138)
Non-cash interest expenses 36  36  48  48 
Recurring cap-ex, tenant improvements, and lease commissions (226) (226) (235) (235)
Stock-based compensation 39  39  40  40 
(1) Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities.
(2) Includes estimated gains on projected dispositions.
(3) See Exhibit 2.

Page 8 of 11

1Q24 Earnings Release April 29, 2024
SSNOI Reconciliation Exhibit 4
(in thousands) Three Months Ended
March 31,
2024 2023 % growth
Net income (loss) $ 131,634  $ 28,635 
Loss (gain) on real estate dispositions, net (4,707) (747)
Loss (income) from unconsolidated entities 7,783  7,071 
Income tax expense (benefit) 6,191  3,045 
Other expenses 14,131  22,745 
Impairment of assets 43,331  12,629 
Provision for loan losses, net 1,014  777 
Loss (gain) on extinguishment of debt, net
Loss (gain) on derivatives and financial instruments, net (3,054) 930 
General and administrative expenses 53,318  44,371 
Depreciation and amortization 365,863  339,112 
Interest expense 147,318  144,403 
Consolidated NOI 762,828  602,976 
NOI attributable to unconsolidated investments(1)
32,090  26,354 
NOI attributable to noncontrolling interests(2)
(22,796) (25,057)
Pro rata NOI 772,122  604,273 
Non-cash NOI attributable to same store properties
(11,530) (28,727)
NOI attributable to non-same store properties
(222,298) (101,335)
Currency and ownership adjustments(3)
(713) 3,779 
Normalizing adjustments, net(4)
1,558  (545)
Same Store NOI (SSNOI) $ 539,139  $ 477,445  12.9%
Seniors Housing Operating 266,907  212,749  25.5%
Seniors Housing Triple-net 93,740  90,310  3.8%
Outpatient Medical 119,184  116,879  2.0%
Long-Term/Post-Acute Care 59,308  57,507  3.1%
Total SSNOI
$ 539,139  $ 477,445  12.9%
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Includes adjustments to reflect consistent property ownership percentages and foreign currency exchange rates for properties in the U.K. and Canada.
(4) Includes other adjustments described in the accompanying Supplement.


Page 9 of 11

1Q24 Earnings Release April 29, 2024
Reconciliation of SHO SS RevPOR Growth Exhibit 5
(in thousands except SS RevPOR) Three Months Ended
March 31,
2024 2023
Consolidated SHO revenues $ 1,366,760  $ 1,136,681 
Unconsolidated SHO revenues attributable to WELL(1)
63,581  59,581 
SHO revenues attributable to noncontrolling interests(2)
(43,523) (52,518)
SHO pro rata revenues(3)
1,386,818  1,143,744 
Non-cash and non-RevPOR revenues on same store properties (1,295) (1,935)
Revenues attributable to non-same store properties (381,958) (239,416)
Currency and ownership adjustments(4)
(1,317) 6,049 
SHO SS RevPOR revenues(5)
$ 1,002,248  $ 908,442 
Average occupied units/month(6)
59,502  57,143 
SHO SS RevPOR(7)
$ 5,630  $ 5,373 
SS RevPOR YOY growth 4.8  %
(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 at Welltower pro rata ownership.
(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.36 and to translate UK properties at a GBP/USD rate of 1.25.
(5) Represents SS SHO RevPOR revenues at Welltower pro rata ownership.
(6) Represents average occupied units for SS properties on a pro rata basis.
(7) Represents pro rata SS average revenues generated per occupied room per month.



Page 10 of 11

1Q24 Earnings Release April 29, 2024
Net Debt to Adjusted EBITDA Reconciliation Exhibit 6
(in thousands) Three Months Ended
March 31, 2024
Net income (loss) $ 131,634 
Interest expense 147,318 
Income tax expense (benefit) 6,191 
Depreciation and amortization 365,863 
EBITDA 651,006 
Loss (income) from unconsolidated entities 7,783 
Stock-based compensation 11,342 
Loss (gain) on extinguishment of debt, net
Loss (gain) on real estate dispositions, net (4,707)
Impairment of assets 43,331 
Provision for loan losses, net 1,014 
Loss (gain) on derivatives and financial instruments, net (3,054)
Other expenses 14,131 
Casualty losses, net of recoveries 2,158 
Other impairment(1)
9,356 
Adjusted EBITDA $ 732,366 
Total debt(2)
$ 14,285,686 
Cash and cash equivalents and restricted cash (2,478,335)
Net debt $ 11,807,351 
Adjusted EBITDA annualized $ 2,929,464 
Net debt to Adjusted EBITDA ratio 4.03x
(1) Represents the write off of straight-line rent receivable balances for leases placed on cash recognition.
(2) Amounts include unamortized premiums/discounts, other fair value adjustments and financing lease liabilities. Excludes operating lease liabilities related to ASC 842 of $300,779,000 for the three months ended March 31, 2024.
Net Debt to Consolidated Enterprise Value Exhibit 7
(in thousands, except share price)
March 31, 2024 December 31, 2023
Common shares outstanding 590,934  564,241 
Period end share price $ 93.44  $ 90.17 
Common equity market capitalization $ 55,216,873  $ 50,877,611 
Net debt $ 11,807,351  $ 13,739,143 
Noncontrolling interests(1)
999,965  967,351 
Consolidated enterprise value $ 68,024,189  $ 65,584,105 
Net debt to consolidated enterprise value 17.4  % 20.9  %
(1) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests as reflected on our consolidated balance sheets.

Page 11 of 11
EX-99.2 3 a1q24supplement992.htm EX-99.2 Document

welltowersupplemental_2024.jpg


Table of Contents

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


Overview

(dollars and occupancy at Welltower pro rata ownership; dollars in thousands)
Portfolio 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 17 994 120,401 20,767 45,676 37,958 15,370 630
Seniors Housing Triple-net 18 360 27,842 5,001 13,671 8,791 379
Outpatient Medical 18 450 26,680,153 (2) n/a n/a n/a n/a n/a
Long-Term/Post-Acute Care 32 292 37,225 1,022 36,203
Total 19 2,096

NOI Performance
Same Store(3)
In-Place Portfolio(4)
Properties 1Q23 NOI 1Q24 NOI % Change Properties Annualized
In-Place NOI
% of Total
Seniors Housing Operating 665 $ 212,749  $ 266,907  25.5  % 899 $ 1,344,032  51.5  %
Seniors Housing Triple-net 332 90,310  93,740  3.8  % 357 407,064  15.6  %
Outpatient Medical 378 116,879  119,184  2.0  % 422 526,384  20.2  %
Long-Term/Post-Acute Care 195 57,507 59,308  3.1  % 259 332,320  12.7  %
Total 1,570 $ 477,445  $ 539,139  12.9  % 1,937 $ 2,609,800  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 83.9  % n/a n/a 97.6  % 1.0  % 0.4  % 1.0  %
Seniors Housing Triple-net 83.2  % 1.02 1.23 88.6  % 4.2  % 0.5  % 6.7  %
Outpatient Medical 94.2  % n/a n/a 100.0  % —  —  — 
Long-Term/Post-Acute Care (8)
79.3  % 1.23 1.62 27.6  % 47.7  % 24.7  % —  %
Total 1.06 1.31 93.0  % 3.9  % 1.7  % 1.4  %
Notes:
(1) Includes land parcels and properties under development.
(2) Indicates the total square footage of Outpatient Medical properties.
(3) See pages 17 and 18 for reconciliation.
(4) Excludes land parcels, loans, developments and investments held for sale. See page 17 for reconciliation.
(5) Data as of March 31, 2024 for Seniors Housing Operating and Outpatient Medical and December 31, 2023 for remaining asset types.
(6) Represents trailing twelve month coverage metrics.
(7) Represents various federal and local reimbursement programs in the United Kingdom and Canada.
(8) Long-Term/Post Acute Care coverage now includes 95 properties leased to Integra Healthcare Properties with EBITDARM and EBITDAR coverage of 1.58x and 1.13x, respectively, on a trailing twelve month basis as of December 31, 2023. Excluding these properties, Long-Term/Post-Acute Care EBITDARM and EBITDAR coverage is 1.67x and 1.36x, respectively, on a trailing twelve month basis as of December 31, 2023.
1

Portfolio


(dollars in thousands at Welltower pro rata ownership)
In-Place NOI Diversification(1)
By Partner: Total Properties Seniors Housing Operating Seniors Housing
Triple-net
Outpatient
Medical
Long-Term/ Post-Acute Care Total % of Total
Cogir Management Corporation 105  $ 176,880  $ —  $ —  $ —  $ 176,880  6.8  %
Sunrise Senior Living 91  170,568  —  —  —  170,568  6.5  %
Integra Healthcare Properties 147  —  —  —  156,272  156,272  6.0  %
Avery Healthcare 91  76,420  69,700  —  —  146,120  5.6  %
Oakmont Management Group 63  112,844  —  —  —  112,844  4.3  %
Aspire 53  —  —  —  84,572  84,572  3.2  %
Belmont Village 21  81,564  —  —  —  81,564  3.1  %
Sagora Senior Living 43  56,396  24,492  —  —  80,888  3.1  %
StoryPoint Senior Living 81  51,360  25,832  —  —  77,192  3.0  %
Atria Senior Living 91  76,808  —  —  —  76,808  2.9  %
Remaining 1,151  541,192  287,040  526,384  91,476  1,446,092  55.5  %
Total 1,937  $ 1,344,032  $ 407,064  $ 526,384  $ 332,320  $ 2,609,800  100.0  %
By Country:
United States 1,674  $ 1,061,112  $ 327,168  $ 526,384  $ 325,496  $ 2,240,160  85.8  %
United Kingdom 129  118,344  76,472  —  —  194,816  7.5  %
Canada 134  164,576  3,424  —  6,824  174,824  6.7  %
Total 1,937  $ 1,344,032  $ 407,064  $ 526,384  $ 332,320  $ 2,609,800  100.0  %
By MSA:
Los Angeles 74 $ 90,316  $ 20,580  $ 42,336  $ 2,220  $ 155,452  6.0  %
New York / New Jersey 76 74,284  14,412  38,764  3,608  131,068  5.0  %
Dallas 71 62,816  6,608  29,960  4,496  103,880  4.0  %
Greater London 49 72,720  17,380  —  —  90,100  3.5  %
Washington D.C. 40 44,668  6,648  12,424  18,548  82,288  3.2  %
Houston 38 13,044  3,684  48,516  —  65,244  2.5  %
Philadelphia 45 13,036  5,476  20,920  23,756  63,188  2.4  %
Montréal 25 56,364  —  —  —  56,364  2.2  %
Chicago 49 30,064  6,400  10,204  5,944  52,612  2.0  %
San Francisco 24 29,476  11,012  1,600  4,044  46,132  1.8  %
Raleigh 13 9,320  29,736  3,200  —  42,256  1.6  %
Charlotte 29 7,308  10,412  23,840  —  41,560  1.6  %
San Diego 17 20,012  7,084  9,740  2,980  39,816  1.5  %
Seattle 30 19,472  3,656  15,304  336  38,768  1.5  %
Tampa 37 860  3,624  5,968  27,904  38,356  1.5  %
Miami 41 2,372  1,416  15,196  13,780  32,764  1.3  %
Minneapolis 21 328  18,344  13,856  —  32,528  1.2  %
Pittsburgh 27 16,164  4,900  3,764  7,324  32,152  1.2  %
Baltimore 16 5,528  1,776  12,596  11,900  31,800  1.2  %
Boston 20 21,404  5,412  2,492  —  29,308  1.1  %
Remaining 1,195  754,476 228,504 215,704 205,480 1,404,164 53.7  %
Total 1,937  $ 1,344,032  $ 407,064  $ 526,384  $ 332,320  $ 2,609,800  100.0  %
Notes:
(1) Represents current quarter annualized In-Place NOI. See page 17 for reconciliation.


2

Portfolio

(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating
Total Portfolio Performance(1)
1Q23 2Q23 3Q23 4Q23 1Q24
Properties 885  886  883  915  935 
Units 89,240  89,932  90,953  99,387  101,395 
Total occupancy 79.0  % 79.6  % 80.7  % 82.2  % 82.5  %
Total revenues $ 1,143,744  $ 1,178,975  $ 1,221,753  $ 1,287,666  $ 1,386,818 
Operating expenses 894,981  902,068  933,463  982,077  1,034,982 
NOI $ 248,763  $ 276,907  $ 288,290  $ 305,589  $ 351,836 
NOI margin 21.7  % 23.5  % 23.6  % 23.7  % 25.4  %
Recurring cap-ex $ 26,848  $ 32,791  $ 31,685  $ 49,297  $ 37,104 
Other cap-ex $ 45,557  $ 66,002  $ 68,281  $ 85,506  $ 70,428 

Same Store Performance(2)
1Q23 2Q23 3Q23 4Q23 1Q24
Properties 665  665  665  665  665 
Units 71,396  71,396  71,397  71,340  71,341 
Occupancy 80.0  % 80.8  % 82.2  % 83.5  % 83.4  %
Same store revenues $ 909,268  $ 935,048  $ 962,566  $ 980,403  $ 1,003,135 
Compensation 405,757  411,465  419,371  428,978  427,507 
Utilities 49,419  41,362  48,072  44,909  49,072 
Food 35,847  37,503  38,155  39,878  39,180 
Repairs and maintenance 26,274  27,565  29,135  28,582  28,457 
Property taxes 36,782  36,190  36,125  35,034  37,359 
All other 142,440  149,249  149,454  157,684  154,653 
Same store operating expenses 696,519  703,334  720,312  735,065  736,228 
Same store NOI $ 212,749  $ 231,714  $ 242,254  $ 245,338  $ 266,907 
Same store NOI margin % 23.4  % 24.8  % 25.2  % 25.0  % 26.6  %
Year over year NOI growth rate 25.5  %
Year over year revenue growth rate 10.3  %
Partners(3)
Properties Pro Rata Units
Welltower Ownership %(4)
Top Markets 1Q24 NOI % of Total
Cogir Management Corporation 105  15,533  85.6  % Southern California $ 32,634  9.3  %
Sunrise Senior Living 91  8,096  96.1  % Northern California 19,709  5.6  %
Oakmont Management Group 63  6,557  100.0  % New York / New Jersey 18,426  5.2  %
Belmont Village 21  2,804  95.0  % Greater London, UK 18,191  5.2  %
Atria Senior Living 91  10,728  100.0  % Dallas 15,365  4.4  %
Avery Healthcare 41  3,245  97.6  % Montréal 15,074  4.3  %
Legend Senior Living 40  3,198  93.8  % Washington D.C. 12,611  3.6  %
Brandywine Living 29  2,722  100.0  % Toronto 8,200  2.3  %
Sagora Senior Living 21  3,194  99.6  % Chicago 7,401  2.1  %
StoryPoint Senior Living 60  6,973  100.0  % Boston 5,637  1.6  %
Care UK 26  1,870  100.0  % Top Markets 153,248  43.6  %
Clover 36  3,950  90.4  % All Other 198,588  56.4  %
Pegasus 30  3,348  99.7  % Total $ 351,836  100.0  %
Senior Resource Group 12  1,258  46.6  %
Remaining 233  24,595 
Total 899  98,071 
Notes:
(1) Properties, units and occupancy exclude land parcels and properties under development.
(2) See pages 17 and 18 for reconciliation.
(3) Represents partner concentration based on annualized In-Place NOI for the quarter ended March 31, 2024. Property count and pro rata units represent the In-Place portfolio.
(4) Welltower ownership percentage weighted based on In-Place NOI. See page 17 for reconciliation.

3

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 0.4  % —  % 0.4  % 2.6  % —  % 2.6  %
.85x-.95x —  % —  % —  % —  —  1.5  % 1.3  % 2.8  %
.95x-1.05x 2.3  % —  % 2.3  % 2.6  % —  % 2.6  % 17 
1.05x-1.15x 1.9  % 0.4  % 2.3  % 3.5  % 3.0  % 6.5  %
1.15x-1.25x 2.1  % 0.9  % 3.0  % 11  2.9  % —  % 2.9  % 10 
1.25x-1.35x 5.7  % 0.1  % 5.8  % —  % —  % —  % —  — 
>1.35 1.2  % 4.3  % 5.5  % 17  13  0.5  % 1.4  % 1.9  % 15 
Total 13.6  % 5.7  % 19.3  % 11  29  13.6  % 5.7  % 19.3  % 11  29 
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
2024 $ 13,495  $ 50,449  $ —  $ 39,088  $ 103,032  6.9  %
2025 5,837  40,593  720  16,667  63,817  4.3  %
2026 3,304  49,666  9,287  40,118  102,375  6.8  %
2027 —  45,040  1,232  11,953  58,225  3.9  %
2028 —  46,576  6,404  103,633  156,613  10.4  %
2029 1,035  42,595  —  3,322  46,952  3.1  %
2030 42,330  39,955  29,031  361  111,677  7.4  %
2031 6,571  52,905  4,430  233  64,139  4.3  %
2032 94,226  44,474  —  351  139,051  9.3  %
2033 55,028  32,495  —  —  87,523  5.8  %
Thereafter 154,579  129,182  280,219  1,718  565,698  37.8  %
$ 376,405  $ 573,930  $ 331,323  $ 217,444  $ 1,499,102  100.0  %
Weighted Avg Maturity Years 10  14 
Notes:
(1) Represents trailing twelve month coverage metrics as of December 31, 2023 for stable portfolio only. Agreements included represent 69% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 17 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.
(2) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non cash income. Interest income represents contractual rate of interest for loans, net of collectability reserves if applicable.




4

Portfolio

(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)
1Q23 2Q23 3Q23 4Q23 1Q24
Properties 419  420  422  426  427 
Square feet 20,188,159  20,236,315  20,748,969  21,043,557  21,148,949 
Occupancy 94.0  % 94.4  % 94.5  % 94.5  % 94.2  %
Total revenues $ 185,190  $ 186,802  $ 195,136  $ 192,822  $ 203,849 
Operating expenses 58,977  59,358  63,831  55,060  65,162 
NOI $ 126,213  $ 127,444  $ 131,305  $ 137,762  $ 138,687 
NOI margin 68.2  % 68.2  % 67.3  % 71.4  % 68.0  %
Revenues per square foot $ 36.69  $ 36.92  $ 37.62  $ 36.65  $ 38.55 
NOI per square foot $ 25.01  $ 25.19  $ 25.31  $ 26.19  $ 26.23 
Recurring cap-ex $ 10,666  $ 7,400  $ 18,340  $ 21,106  $ 14,512 
Other cap-ex $ 5,118  $ 4,397  $ 8,545  $ 10,151  $ 7,826 

Same Store Performance(2)
1Q23 2Q23 3Q23 4Q23 1Q24
Properties 378  378  378  378  378 
Occupancy 94.7  % 94.9  % 95.0  % 94.8  % 94.7  %
Same store revenues $ 172,500  $ 171,576  $ 174,464  $ 167,390  $ 176,084 
Same store operating expenses 55,621  53,748  56,714  47,070  56,900 
Same store NOI $ 116,879  $ 117,828  $ 117,750  $ 120,320  $ 119,184 
NOI margin 67.8  % 68.7  % 67.5  % 71.9  % 67.7  %
Year over year NOI growth rate 2.0  %

Portfolio Diversification
by Tenant(3)
Rental Income % of Total Quality Indicators
Kelsey-Seybold $ 45,543  7.9  %
Health system affiliated properties as % of NOI(3)
88.9  %
UnitedHealth 18,404  3.2  %
Health system affiliated tenants as % of rental income(3)
60.4  %
Common Spirit Health 17,976  3.1  % Investment grade tenants as % of rental income 55.6  %
Novant Health 17,485  3.0  %
Retention (trailing twelve months)(3)
92.7  %
Providence Health & Services 16,739  2.9  %
In-house managed properties as % of square feet(3,4)
86.0  %
Remaining portfolio 457,783  79.9  %
Average remaining lease term (years)(3)
6.6 
Total $ 573,930  100.0  %
Average building size (square feet)(3)
59,095 
Average age (years) 18 

Expirations(3)
2024 2025 2026 2027 2028 Thereafter
Occupied square feet 1,696,000  1,335,971  1,785,862  1,588,107  1,652,794  11,863,093 
% of occupied square feet 8.5  % 6.7  % 9.0  % 8.0  % 8.3  % 59.5  %
Notes:
(1) Property count, occupancy, square feet and per square foot metrics exclude properties under development and all land parcels. Per square foot amounts are annualized.
(2) Includes 378 same store properties representing 18,642,638 square feet. See pages 17 and 18 for reconciliation.
(3) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non cash income. Retention includes month-to-month tenants retained.
(4) Excludes tenant managed properties.








5

Investment

(dollars in thousands at Welltower pro rata ownership)
Relationship Investment History
chart-09f62a2364264c70bc5.jpg
Detail of Acquisitions/JVs(1)
2020 2021 2022 2023 1Q24 20-24 Total
Count 12  35  27  52  3 129 
Total $ 910,217  $ 4,101,534  $ 2,785,739  $ 4,222,706  $ 61,034  $ 12,081,230 
Low 6,201  5,000  6,485  2,950  6,786  2,950 
Median 48,490  45,157  66,074  65,134  23,753  48,875 
High 235,387  1,576,642  389,149  644,443  30,495  1,576,642 

Investment Timing
Acquisitions and Loan Funding(2)
Yield
Construction Conversions(3)
Year 1 Yield Dispositions and Loan Repayments Yield
January $ 66,655  6.7  % $ 98,565  5.5  % $ 77,834  4.2  %
February 75,547  6.9  % 47,853  1.3  % 29,050  7.0  %
March 65,732  6.8  % 19,185  0.6  % 110  7.5  %
Total $ 207,934  6.8  % $ 165,603  3.7  % $ 106,994  5.0  %

Notes:
(1) Includes non-yielding asset acquisitions.
(2) Excludes land acquisitions and includes advances for non-real estate loans and excludes advances for development loans.
(3) Includes expansion conversions.
6

Investment
(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity
First Quarter 2024
Properties Beds / Units / Square Feet Investment Per
Bed / Unit /
SqFt
Pro Rata
Amount
Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating 3 363  units $ 168,138  $ 61,034 
Loan funding 146,900 
Total acquisitions and loan funding(2)
3 207,934  6.8  %
Development Funding(3)
Development projects:
Seniors Housing Operating 37 6,298 units 162,798 
Outpatient Medical 14 1,154,635 sf 73,130 
Total development projects 51 235,928 
Redevelopment and expansion projects:
Seniors Housing Operating 3 293 units 2,371 
Outpatient Medical 2 24,097 sf 2,996 
Total redevelopment and expansion projects 5 5,367 
Total development funding 56 241,295  7.1  %
Total gross investments 449,229  6.9  %
Dispositions and Loan Repayments(4)
Seniors Housing Operating 10 907 units 281,147  70,522 
Loan repayments 36,472 
Total dispositions and loan repayments(5)
10 106,994  5.0  %
Net investments (dispositions) $ 342,235 

Notes:
(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP for all consolidated and unconsolidated property acquisitions and pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans.
(2) Acquisition yields represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Loan funding yield represents annualized contractual interest divided by investment amount.
(3) Amounts represent cash funded 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.
(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.




7

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
Phoenix, AZ 204  204  —  —  —  $ 51,179  $ 2,870   4Q23 - 2Q24
San Diego, CA 96  —  —  56  40  42,340  656  2Q24
Houston, TX 130  130  —  —  —  34,216  603  3Q23 - 2Q24
Hartford, CT 128  128  —  —  —  22,058  —  2Q24
Hartford, CT 122  122  —  —  —  20,650  —  2Q24
Cincinnati, OH 122  122  —  —  —  15,602  1,474  2Q24
Washington D.C. 302  —  190  89  23  157,660  17,116  3Q24
Vancouver, BC 85  —  —  45  40  58,597  2,635  3Q24
Dallas, TX 55  55  —  —  —  17,280  1,538  1Q24 - 3Q24
Norwich, UK 80  —  —  52  28  9,669  2,903  3Q24
Boston, MA 160  —  82  37  41  149,274  23,904  4Q24
Kansas City, MO 265  265  —  —  —  70,864  29,820  4Q24
Miami, FL 91  —  —  55  36  69,951  24,185  4Q24
Phoenix, AZ 199  199  —  —  —  51,794  2,312   2Q24 - 4Q24
Tampa, FL 206  206  —  —  —  49,646  13,139  2Q24 - 4Q24
Sacramento, CA 100  —  —  70  30  43,815  15,869  4Q24
Kansas City, MO 134  134  —  —  —  20,980  —  4Q24
Little Rock, AR 283  283  —  —  —  13,456  3,430  3Q24 - 4Q24
Cambridge, UK 70  —  —  45  25  10,284  4,999  4Q24
San Jose, CA 685  509  —  143  33  175,381  4,242  1Q25
Washington D.C. 137  —  53  47  37  120,793  33,549  1Q25
Chattanooga, TN 243  243  —  —  —  62,116  46,838  3Q24 - 1Q25
San Jose, CA 158  —  —  158  —  61,929  29,042  1Q25
Phoenix, AZ 110  110  —  —  —  40,195  18,520   3Q24 - 1Q25
Columbus, OH 409  409  —  —  —  82,069  36,815  2Q25
Sherman, TX 237  237  —  —  —  75,618  43,779  3Q24 - 2Q25
Naples, FL 188  188  —  —  —  52,568  19,356  4Q24 - 2Q25
London, UK 62  —  —  40  22  8,903  5,339  3Q25
Dallas, TX 141  141  —  —  —  47,261  36,580  4Q24 - 4Q25
Brighton and Hove, UK 70  —  —  45  25  11,023  7,101  4Q25
Birmingham, UK 77  —  —  18  59  18,375  14,765  1Q26
Killeen, TX 256  256  —  —  —  68,505  44,591  4Q23 - 3Q26
Tallahassee, FL 206  206  —  —  —  48,469  44,089  4Q25 - 3Q26
Various(3)
272  76  196  —  —  28,569  11,016  1Q24 - 4Q24
Subtotal 6,083  4,223  521  900  439  1,811,089  543,075 
Outpatient Medical Rentable Square Ft Preleased % Health System Affiliation Commitment Amount Future Funding Estimated Conversion
Houston, TX 156,462  100  % Yes 113,125 32,982  1Q24 - 2Q24
Oklahoma City, OK 134,285  100  % Yes 88,912 7,774  2Q24
Santa Fe, NM 90,000  100  % Yes 45,977 18,027  3Q24
Houston, TX 51,134  100  % Yes 28,723  14,616  3Q24
Houston, TX 135,255  100  % Yes 86,559  49,790  4Q24
Houston, TX 111,803  100  % Yes 78,282  48,942  4Q24
Houston, TX 36,248  100  % Yes 32,991  17,698  4Q24
Houston, TX 50,323  100  % Yes 30,156  18,480  4Q24
Dallas, TX 12,000  100  % Yes 6,330  4,279  4Q24
Houston, TX 116,000  100  % Yes 76,800  65,719  1Q25
Durango, CO 33,290  100  % Yes 24,112  19,556  3Q24 - 1Q25
Oklahoma City, OK 47,636  100  % Yes 40,543  29,976  2Q25
Dallas, TX 141,269  59  % Yes 57,896  54,724  3Q25
Subtotal 1,115,705  710,406  382,563 
Total Development Projects $ 2,521,495  $ 925,638 
(1) Includes development and redevelopment projects (construction in progress, development loans and in-substance real estate) but excludes expansion projects. Commitment amount represents current cash amount funded plus unfunded commitments to complete development, but excludes capitalized interest.
(2) Estimated conversion ranges relate to projects to be delivered in phases.
(3) Includes two redevelopment projects.
8

Investment
(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
Projected Future Funding
Projects Beds / Units / Square Feet
Stable Yields(2)
2024 Funding Funding Thereafter Total Unfunded Commitments Committed Balances
Seniors Housing Operating 35 6,083 7.3  % $ 351,697  $ 191,378  $ 543,075  $ 1,811,089 
Outpatient Medical 13 1,115,705 6.3  % 308,716  73,847  382,563  710,406 
Total 48 7.0  % $ 660,413  $ 265,225  $ 925,638  $ 2,521,495 

Development Project Conversion Estimates(1)
Quarterly Conversions Annual Conversions
Amount
Year 1 Yields(2)
Stable Yields(2)
Amount
Year 1 Yields(2)
Stable Yields(2)
1Q24 actual $ 162,557  3.7  % 6.6  % 2024 actual $ 162,557  3.7  % 6.6  %
2Q24 estimate 388,082 2.9  % 6.5  % 2024 estimate 1,448,939  1.9  % 7.1  %
3Q24 estimate 317,906 0.6  % 7.7  % 2025 estimate 937,207  2.9  % 6.8  %
4Q24 estimate 742,951 2.0  % 7.1  % 2026 estimate 135,349 —  % 8.0  %
1Q25 estimate 561,326 4.0  % 7.0  % Total $ 2,684,052  2.3  % 7.0  %
2Q25 estimate 250,798 1.7  % 6.3  %
3Q25 estimate 66,799 0.7  % 6.9  %
4Q25 estimate 58,284 (0.3) % 7.2  %
1Q26 estimate 18,375 (3.4) % 10.9  %
3Q26 estimate 116,974 0.5  % 7.5  %
Total $ 2,684,052  2.3  % 7.0  %

Unstabilized Properties
12/31/2023 Properties Stabilizations
Construction Conversions(3)
Acquisitions/ Dispositions 03/31/2024 Properties Beds / Units
Seniors Housing Operating 44 (2) 1 —  43 6,194
Seniors Housing Triple-net 10 (3) —  7 934
Total 54 (5) 1 —  50 7,128
Occupancy 12/31/2023 Properties Stabilizations
Construction Conversions(3)
Acquisitions/ Dispositions Progressions 03/31/2024 Properties
0% - 50% 21  —  —  —  (5) 16 
50% - 70% 21  (1) —  (1) 20 
70% + 12  (4) —  —  14 
Total 54  (5) —  —  50 
Occupancy 03/31/2024 Properties Months In Operation Revenues
% of Total Revenues(4)
Gross Investment Balance % of Total Gross Investment
0% - 50% 16  11  $ 88,874  1.2  % $ 866,877  1.8  %
50% - 70% 20  24  172,291  2.3  % 938,069  2.0  %
70% + 14  29  165,498  2.2  % 559,736  1.2  %
Total 50  21  $ 426,663  5.7  % $ 2,364,682  5.0  %
Notes:
(1) Includes development and redevelopment projects (construction in progress, development loans and in substance real estate) and excludes expansion projects. 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 11.
9

Financial

(dollars in thousands at Welltower pro rata ownership)
Components of NAV
Stabilized NOI Pro rata beds/units/square feet
Seniors Housing Operating(1)
$ 1,344,032  98,071  units
Seniors Housing Triple-net 407,064  26,144  units
Outpatient Medical 526,384  20,935,057  square feet
Long-Term/Post-Acute Care 332,320  31,554  beds
Total In-Place NOI(2)
2,609,800 
Incremental stabilized NOI(3)
116,098 
Total stabilized NOI $ 2,725,898 
Obligations
Lines of credit and commercial paper(4)
$ — 
Senior unsecured notes(4)
12,328,089 
Secured debt(4)
2,905,614 
Financing lease liabilities 80,541 
Total debt $ 15,314,244 
Add (Subtract):
Other liabilities (assets), net(5)
$ 424,081 
Cash and cash equivalents and restricted cash (2,478,335)
Net obligations $ 13,259,990 
Other Assets
Land parcels(6)
$ 427,215 
Effective Interest Rate(9)
Real estate loans receivable(7)
2,147,555  11.0%
Non-real estate loans receivable(8)
290,619  10.7%
Joint venture real estate loans receivables(10)
269,190  5.8%
Property dispositions(11)
1,043,796 
Development properties:(12)
Current balance 1,606,448 
Unfunded commitments 933,157 
Committed balances $ 2,539,605 
Projected yield 7.0  %
Projected NOI $ 177,772 
Common Shares Outstanding(13)
593,424 
Notes:
(1) Includes $3,272,000 attributable to our proportional share of income (loss) from unconsolidated management company investments.
(2) See page 17 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 $827,372,000 of foreign secured debt.
(5) Includes liabilities / (assets) that impact cash or NOI and excludes non real estate loans and non-cash items such as the following (in thousands):
Unearned revenues $ 369,726 
Below market tenant lease intangibles, net 21,202 
Deferred taxes, net (29,848)
Intangible assets, net (153,211)
Other non-cash liabilities / (assets), net 6,015 
Total non-cash liabilities/(assets), net $ 213,884 
(6) Includes land parcels, predevelopment projects and redevelopment projects.
(7) Represents $2,169,850,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, and net of $22,295,000 of credit allowances.
(8) Represents $461,945,000 of non-real estate loans, net of $171,326,000 of credit allowances.
(9) Average cash-pay interest rates are 7.6%, 1.0% and 5.8% 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 8-9. Includes expansion projects. Includes partial conversions to date.
(13) Includes OP Units and DownREIT Units.
10

Financial
(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
1Q23 2Q23 3Q23 4Q23 1Q24
Revenues:
Seniors Housing Operating
Resident fees and services $ 1,138,916  $ 1,173,630  $ 1,216,368  $ 1,280,154  $ 1,379,295 
Interest income 2,318  1,850  1,928  2,968  4,716 
Other income 2,510  3,495  3,457  4,544  2,807 
Total revenues 1,143,744  1,178,975  1,221,753  1,287,666  1,386,818 
Seniors Housing Triple-net
Rental income 119,786  118,115  110,705  115,615  110,967 
Interest income 31,540  32,657  33,523  36,150  35,478 
Other income 1,675  1,202  1,168  924  955 
Total revenues 153,001  151,974  145,396  152,689  147,400 
Outpatient Medical
Rental income 182,044  185,133  192,732  190,211  200,593 
Interest income 91  95  98  382  852 
Other income 3,055  1,574  2,306  2,229  2,404 
Total revenues 185,190  186,802  195,136  192,822  203,849 
Long-Term/Post-Acute Care
Rental income 80,423  75,766  77,516  96,146  104,046 
Interest income 6,367  8,264  10,981  15,784  15,823 
Other income 193  65,490  315  244 
Total revenues 86,983  149,520  88,812  111,936  120,113 
Corporate
Other income 5,147  16,807  33,802  30,021  28,729 
Total revenues 5,147  16,807  33,802  30,021  28,729 
Total
Rental income 382,253  379,014  380,953  401,972  415,606 
Resident fees and services 1,138,916  1,173,630  1,216,368  1,280,154  1,379,295 
Interest Income 40,316  42,866  46,530  55,284  56,869 
Other Income 12,580  88,568  41,048  37,724  35,139 
Total revenues 1,574,065  1,684,078  1,684,899  1,775,134  1,886,909 
Property operating expenses:
Seniors Housing Operating 894,981  902,068  933,463  982,077  1,034,982 
Seniors Housing Triple-net 7,917  7,996  7,849  6,662  7,559 
Outpatient Medical 58,977  59,358  63,831  55,060  65,162 
Long-Term/Post-Acute Care 4,040  2,827  2,386  3,298  3,448 
Corporate 3,877  4,135  3,980  5,957  3,636 
Total property operating expenses 969,792  976,384  1,011,509  1,053,054  1,114,787 
Net operating income:
Seniors Housing Operating 248,763  276,907  288,290  305,589  351,836 
Seniors Housing Triple-net 145,084  143,978  137,547  146,027  139,841 
Outpatient Medical 126,213  127,444  131,305  137,762  138,687 
Long-Term/Post-Acute Care 82,943  146,693  86,426  108,638  116,665 
Corporate 1,270  12,672  29,822  24,064  25,093 
Net operating income $ 604,273  $ 707,694  $ 673,390  $ 722,080  $ 772,122 
Note:
(1) Please see discussion of Supplemental Reporting Measures on page 16. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%.
11

Financial
(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
Twelve Months Ended Three Months Ended
March 31, 2024 March 31, 2024
Net income (loss) $ 461,138  $ 131,634 
Interest expense 610,761  147,318 
Income tax expense (benefit) 9,510  6,191 
Depreciation and amortization 1,427,852  365,863 
EBITDA 2,509,261  651,006 
Loss (income) from unconsolidated entities 54,154  7,783 
Stock-based compensation 38,829  11,342 
Loss (gain) on extinguishment of debt, net
Loss (gain) on real estate dispositions, net (71,858) (4,707)
Impairment of assets 66,799  43,331 
Provision for loan losses, net 10,046  1,014 
Loss (gain) on derivatives and financial instruments, net (6,104) (3,054)
Other expenses 99,727  14,131 
Leasehold interest termination(2)
(65,485) — 
Casualty losses, net of recoveries 7,778  2,158 
Other impairment(3)
25,998  9,356 
Total adjustments 159,892  81,360 
Adjusted EBITDA $ 2,669,153  $ 732,366 
Interest Coverage Ratios
Interest expense $ 610,761  $ 147,318 
Capitalized interest 54,173  13,809 
Non-cash interest expense (27,695) (9,284)
Total interest $ 637,239  $ 151,843 
EBITDA $ 2,509,261  $ 651,006 
Interest coverage ratio 3.94   x 4.29   x
Adjusted EBITDA $ 2,669,153  $ 732,366 
Adjusted Interest coverage ratio 4.19   x 4.82   x
Fixed Charge Coverage Ratios
Total interest $ 637,239  $ 151,843 
Secured debt principal amortization 51,021  11,887 
Total fixed charges $ 688,260  $ 163,730 
EBITDA $ 2,509,261  $ 651,006 
Fixed charge coverage ratio 3.65   x 3.98   x
Adjusted EBITDA $ 2,669,153  $ 732,366 
Adjusted Fixed charge coverage ratio 3.88   x 4.47   x
Net Debt to EBITDA Ratios
Total debt(4)
$ 14,285,686 
  Less: cash and cash equivalents and restricted cash (2,478,335)
Net debt $ 11,807,351 
EBITDA Annualized $ 2,604,024 
Net debt to EBITDA ratio 4.53   x
Adjusted EBITDA Annualized $ 2,929,464 
Net debt to Adjusted EBITDA ratio 4.03   x
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 16.
(2) Primarily related to the gain associated with the loss of control and derecognition of leasehold interests in 7 properties.
(3) Represents the write off of straight-line rent receivable balances relating to leases placed on cash recognition.
(4) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $80,541,000. Excludes operating lease liabilities of $300,779,000 related to ASC 842 adoption.
12

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)
14,285,686  35.40  %
Cash and cash equivalents and restricted cash (2,478,335) (6.14) %
Net debt to consolidated book capitalization $ 11,807,351  29.26  %
Total equity(4)
28,547,908  70.74  %
Consolidated book capitalization $ 40,355,259  100.00  %
Joint venture debt, net(5)
834,838 
Total book capitalization $ 41,190,097 
Undepreciated book capitalization
Lines of credit and commercial paper(2)
$ —  —  %
Long-term debt obligations(2)(3)
14,285,686  28.64  %
Cash and cash equivalents and restricted cash (2,478,335) (4.97) %
Net debt to consolidated undepreciated book capitalization $ 11,807,351  23.67  %
Accumulated depreciation and amortization 9,537,562  19.12  %
Total equity(4)
28,547,908  57.21  %
Consolidated undepreciated book capitalization $ 49,892,821  100.00  %
Joint venture debt, net(5)
834,838 
Total undepreciated book capitalization $ 50,727,659 
Enterprise value
Lines of credit and commercial paper(2)
$ —  —  %
Long-term debt obligations(2)(3)
14,285,686  21.00  %
Cash and cash equivalents and restricted cash (2,478,335) (3.64) %
Net debt to consolidated enterprise value $ 11,807,351  17.36  %
Common shares outstanding 590,934 
Period end share price 93.44 
Common equity market capitalization $ 55,216,873  81.17  %
Noncontrolling interests(4)
999,965  1.47  %
Consolidated enterprise value $ 68,024,189  100.00  %
Joint venture debt, net(5)
834,838 
Total enterprise value $ 68,859,027 
Secured debt as % of total assets
Secured debt(2)
$ 2,033,232  3.76  %
Gross asset value(6)
$ 54,091,147 
Total debt as % of gross asset value
Total debt(2)(3)
$ 14,285,686  26.41  %
Gross asset value(6)
$ 54,091,147 
Unsecured debt as % of unencumbered assets
Unsecured debt(2)
$ 12,171,913  25.07  %
Unencumbered gross assets(7)
$ 48,557,528 
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 16.
(2) Amounts include unamortized premiums/discounts and other fair value adjustments as reflected on the balance sheet.
(3) Includes financing lease liabilities of $80,541,000 and excludes operating lease liabilities of $300,779,000 related to ASC 842 adoption.
(4) Includes all noncontrolling interests (redeemable and permanent) as reflected on our balance sheet.
(5) Net of Welltower's share of unconsolidated debt and minority partners' share of Welltower consolidated debt.
(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.
13

Financial

(dollars in thousands)
Debt Maturities and Scheduled Principal Amortization(1)
Year
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3,4,5,6,7)
Consolidated Secured Debt Share of Unconsolidated Secured Debt Noncontrolling Interests' Share of Consolidated Secured Debt
Combined Debt(8)
% of Total
Wtd. Avg. Interest Rate (9)
2024 $ —  $ —  $ 307,236  $ 143,300  $ (50,027) $ 400,509  2.63  % 4.75  %
2025 —  1,260,000  379,484  507,757  (32,087) 2,115,154  13.88  % 4.03  %
2026 —  700,000  152,652  48,961  (20,132) 881,481  5.79  % 4.03  %
2027 —  1,906,204  206,191  118,661  (33,157) 2,197,899  14.43  % 4.66  %
2028 —  2,480,035  105,956  26,112  (15,013) 2,597,090  17.05  % 3.79  %
2029 —  1,050,000  318,012  36,367  (1,150) 1,403,229  9.21  % 3.81  %
2030 —  750,000  57,066  34,356  (124) 841,298  5.52  % 3.13  %
2031 —  1,350,000  6,978  33,415  (130) 1,390,263  9.13  % 2.77  %
2032 —  1,050,000  47,952  3,929  (135) 1,101,746  7.23  % 3.38  %
2033 —  —  395,502  7,229  (35,360) 367,371  2.41  % 4.88  %
Thereafter —  1,781,850  93,747  66,997  (4,931) 1,937,663  12.74  % 5.04  %
Totals $ —  $ 12,328,089  $ 2,070,776  $ 1,027,084  $ (192,246) $ 15,233,703  100.00  %
Weighted Avg. Interest Rate(9)
—  3.94  % 4.62  % 3.66  % 3.91  % 4.02  %
Weighted Avg. Maturity Years —  6.3 4.8 4.4 3.7 6.0
% Floating Rate Debt(8)
100.00  % 5.63  % 23.15  % 0.88  % 16.13  % 7.56  %

Debt by Local Currency(1)
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3,4,5,6,7)
Consolidated Secured Debt Share of Unconsolidated Secured Debt Noncontrolling Interests' Share of Consolidated Secured Debt
Combined Debt(8)
Investment Hedges(10)
United States $ —  $ 10,595,000  $ 1,354,921  $ 764,284  $ (40,963) $ 12,673,242  $ — 
United Kingdom —  1,326,885  —  —  —  1,326,885  2,098,637 
Canada —  406,204  715,855  262,800  (151,283) 1,233,576  1,920,236 
Totals $ —  $ 12,328,089  $ 2,070,776  $ 1,027,084  $ (192,246) $ 15,233,703  $ 4,018,873 
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 March 31, 2024. The unsecured revolving credit facility is comprised of a $1,000,000,000 tranche that matures on June 4, 2026 and a $3,000,000,000 tranche that matures on June 4, 2025. Both tranches may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility.
(3) 2027 includes a $1,000,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $184,638,000 USD at March 31, 2024). The loans mature on July 19, 2026. The interest rates on the loans are adjusted SOFR + 0.85% for USD and CDOR + 0.85% for CAD. Both term loans may be extended for two successive terms of six months at our option.
(4) 2027 includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $221,566,000 USD at March 31, 2024) that matures on January 15, 2027.
(5) 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.
(6) 2028 includes £550,000,000 of 4.80% senior unsecured notes (approximately $695,035,000 USD at March 31, 2024). The notes mature on November 20, 2028.
(7) Thereafter includes £500,000,000 of 4.50% senior unsecured notes (approximately $631,850,000 USD at March 31, 2024). The notes mature on December 1, 2034.
(8) Excludes operating lease liabilities of $300,779,000 and finance lease liabilities of $80,541,000 related to ASC 842.
(9) Based on variable interest rates and foreign currency exchange rates in effect as of March 31, 2024. The interest rate on the unsecured revolving credit facility is adjusted SOFR + 0.775%. 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 CDOR-based floating rate debt to fixed rate debt.
(10) 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 $33,743,000, 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.

14

Glossary
Age: Current year, less the year built, adjusted for major renovations. Average age is weighted by pro rata NOI.
Cap-ex, Tenant Improvements, Leasing Commissions: Represents amounts incurred for: 1) recurring and non-recurring capital expenditures required to maintain and re-tenant our properties; 2) second generation tenant improvements; and 3) leasing commissions paid to third party leasing agents to secure new tenants.
Construction Conversion: Represents completed construction projects that were placed into service and began generating NOI.
EBITDAR: Earnings before interest, taxes, depreciation, amortization and rent. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDAR and has not independently verified the information.
EBITDAR Coverage: Represents the ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.
EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDARM and has not independently verified the information.
EBITDARM Coverage: Represents the ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations, assuming that management fees are not paid. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.
Health System - Affiliated: Outpatient medical properties are considered affiliated with a health system if one or more of the following conditions are met: 1) the land parcel is contained within the physical boundaries of a hospital campus; 2) the land parcel is located adjacent to the campus; 3) the building is physically connected to the hospital regardless of the land ownership structure; 4) a ground lease is maintained with a health system entity; 5) a master lease is maintained with a health system entity; 6) significant square footage is leased to a health system entity; 7) the property includes an ambulatory surgery center with a hospital partnership interest; or (8) a significant square footage is leased to a physician group that is either employed, directly or indirectly by a health system, or has a significant clinical and financial affiliation with the health system.
Long-Term/Post-Acute Care: Includes all skilled nursing, rehabilitation and long-term/post-acute care facilities where the majority of individuals require 24-hour nursing or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement and are subject to triple-net operating leases. Most of these facilities focus on higher acuity patients and offer rehabilitation units specializing in cardiac, orthopedic, dialysis, neurological or pulmonary rehabilitation.
MSA:  For the United States and Canada, we use the Metropolitan Statistical Area as defined by the U.S. Census Bureau and the Census Metropolitan Areas as defined by Statistics Canada, respectively. For the United Kingdom, we generally use the Metro Region as defined by EuroStat with Greater London defined as a 55-mile radius around the city’s center.
Occupancy: Outpatient Medical occupancy represents the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. Occupancy for all other property types represents average quarterly operating occupancy based on the most recent quarter of available data and excludes properties that are unstabilized, closed or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy and has not independently verified the information. Occupancy metrics are reflected at our pro rata share.
Outpatient Medical: Outpatient medical buildings include properties offering ambulatory medical services such as primary and secondary care, outpatient surgery, diagnostic procedures and rehabilitation. These properties are typically affiliated with a health system and may be located on a hospital campus. They are specifically designed and constructed for use by health care professionals to provide services to patients. They also include medical office buildings that typically contain sole and group physician practices and may provide laboratory and other specialty services.
Seniors Housing Operating (SHO): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in the U.K. 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 and loans receivable.
Square Feet: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards.
Stable: Generally, a triple-net rental property is considered stable (versus unstabilized or under development) when it has achieved EBITDAR coverage of 1.00x or greater for three consecutive months or, if targeted performance has not been achieved, 12 months following the budgeted stabilization date. Triple-net properties for which income is recognized on a cash basis and for which substantially all contractual rent during the period has not been collected are excluded from the stable portfolio. A Seniors Housing Operating facility is considered stable upon the earliest of 90% occupancy, NOI at or above the underwritten target or 12 months past the underwritten stabilization date. Excludes assets held for sale and assets disposed of during the current quarter.
Unstabilized: An acquisition that does not meet the stable criteria upon closing or a construction property that has opened but not yet reached stabilization.
15

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 NOI excluding interest income, other income and non-IPNOI and adjusted for timing of current quarter portfolio changes such as acquisitions, development conversions, segment transitions, dispositions and investments held for sale. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and sub-leases, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and UK properties using a consistent exchange rate. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI, IPNOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI, IPNOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our properties.
RevPOR represents the average revenues generated per occupied room per month and ExpPOR represents the average expenses per occupied room at our Seniors Housing Operating properties. These metrics are calculated as our pro rata version 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 includes any revenue or 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/impairments on properties, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments deemed appropriate in management's opinion. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. We primarily use these measures to determine our interest coverage ratio, which represents EBITDA and Adjusted EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDA and Adjusted EBITDA divided by fixed charges. Fixed charges include total interest and secured debt principal amortization. Our leverage ratios include net debt to Adjusted EBITDA, book capitalization, undepreciated book capitalization and 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. 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.
16

Supplemental Reporting Measures
(dollars in thousands)
Non-GAAP Reconciliations
NOI Reconciliation 1Q23 2Q23 3Q23 4Q23 1Q24
Net income (loss) $ 28,635  $ 106,342  $ 134,722  $ 88,440  $ 131,634 
Loss (gain) on real estate dispositions, net (747) 2,168  (71,102) 1,783  (4,707)
Loss (income) from unconsolidated entities 7,071  40,332  4,031  2,008  7,783 
Income tax expense (benefit) 3,045  3,503  4,584  (4,768) 6,191 
Other expenses 22,745  11,069  38,220  36,307  14,131 
Impairment of assets 12,629  1,086  7,388  14,994  43,331 
Provision for loan losses, net 777  2,456  4,059  2,517  1,014 
Loss (gain) on extinguishment of debt, net — 
Loss (gain) on derivatives and financial instruments, net 930  1,280  2,885  (7,215) (3,054)
General and administrative expenses 44,371  44,287  46,106  44,327  53,318 
Depreciation and amortization 339,112  341,945  339,314  380,730  365,863 
Interest expense 144,403  152,337  156,532  154,574  147,318 
Consolidated net operating income 602,976  706,806  666,740  713,697  762,828 
NOI attributable to unconsolidated investments(1)
26,354  25,150  29,488  30,785  32,090 
NOI attributable to noncontrolling interests(2)
(25,057) (24,262) (22,838) (22,402) (22,796)
Pro rata net operating income (NOI)(3)
$ 604,273  $ 707,694  $ 673,390  $ 722,080  $ 772,122 

In-Place NOI Reconciliation
At Welltower pro rata ownership Seniors Housing Operating Seniors Housing Triple-net Outpatient Medical Long-Term
/Post-Acute Care
Corporate Total
Revenues $ 1,386,818  $ 147,400  $ 203,849  $ 120,113  $ 28,729  $ 1,886,909 
Property operating expenses (1,034,982) (7,559) (65,162) (3,448) (3,636) (1,114,787)
NOI(3)
351,836  139,841  138,687  116,665  25,093  772,122 
Adjust:
Interest income (4,716) (35,478) (852) (15,823) —  (56,869)
Other income (2,666) (106) 35  (244) (24,087) (27,068)
Sold / held for sale (7,329) (17) (1,229) 191  —  (8,384)
Non operational(4)
3,581  (1,018) (643) —  1,921 
Non In-Place NOI(5)
(6,289) (2,475) (4,046) (17,066) (1,006) (30,882)
Timing adjustments(6)
1,591  —  19  —  —  1,610 
Total adjustments (15,828) (38,075) (7,091) (33,585) (25,093) (119,672)
In-Place NOI 336,008  101,766  131,596  83,080  —  652,450 
Annualized In-Place NOI $ 1,344,032  $ 407,064  $ 526,384  $ 332,320  $ —  $ 2,609,800 

Same Store Property Reconciliation
Seniors Housing Operating Seniors Housing
Triple-net
Outpatient Medical Long-Term
/Post-Acute Care
Total
Total properties 994  360  450  292  2,096 
Recent acquisitions/ development conversions(7)
(69) (11) (40) (58) (178)
Under development (34) —  (13) —  (47)
Under redevelopment(8)
(5) —  (2) (4) (11)
Current held for sale (37) —  (6) (29) (72)
Land parcels, loans and sub-leases (15) (4) (8) —  (27)
Transitions(9)
(159) (13) —  (2) (174)
Other(10)
(10) —  (3) (4) (17)
Same store properties 665  332  378  195  1,570 
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 11 for more information.
(4) Primarily includes development properties and land parcels.
(5) Primarily represents non-cash NOI.
(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.
17

Supplemental Reporting Measures
(dollars in thousands at Welltower pro rata ownership)
Same Store NOI Reconciliation 1Q23 2Q23 3Q23 4Q23 1Q24 Y/o/Y
Seniors Housing Operating
NOI $ 248,763  $ 276,907  $ 288,290  $ 305,589  $ 351,836 
Non-cash NOI on same store properties (851) (783) (242) (186) (195)
NOI attributable to non-same store properties (35,153) (36,448) (42,435) (61,368) (86,107)
Currency and ownership adjustments(1)
357  303  113  437  (374)
Normalizing adjustment for management fee(2)
(4,298) (4,709) (895) (702) — 
Normalizing adjustment for casualty related expenses, net(3)
3,931  1,791  284  715  1,945 
Other normalizing adjustments(4)
—  (5,347) (2,861) 853  (198)
SSNOI 212,749  231,714  242,254  245,338  266,907  25.5  %
Seniors Housing Triple-net
NOI 145,084  143,978  137,547  146,027  139,841 
Non-cash NOI on same store properties (12,010) (9,667) (9,150) (4,731) 2,510 
NOI attributable to non-same store properties (43,201) (43,594) (36,016) (48,832) (48,268)
Currency and ownership adjustments(1)
437  (112) (317) 56  (343)
Other normalizing adjustments(4)
—  —  —  308  — 
SSNOI 90,310  90,605  92,064  92,828  93,740  3.8  %
Outpatient Medical
NOI 126,213  127,444  131,305  137,762  138,687 
Non-cash NOI on same store properties (5,167) (4,730) (4,605) (5,527) (3,253)
NOI attributable to non-same store properties (6,984) (7,451) (10,143) (12,117) (16,081)
Currency and ownership adjustments(1)
2,995  2,293  818  42  20 
Normalizing adjustment for casualty related expenses, net(3)
361  272  375  160  (189)
Other normalizing adjustments(4)
(539) —  —  —  — 
SSNOI 116,879  117,828  117,750  120,320  119,184  2.0  %
Long-Term/Post-Acute Care
NOI 82,943  146,693  86,426  108,638  116,665 
Non-cash NOI on same store properties (10,699) (13,815) (11,733) (11,672) (10,592)
NOI attributable to non-same store properties (14,727) (75,160) (16,649) (39,015) (46,749)
Currency and ownership adjustments(1)
(10) (22) (25) —  (16)
Other normalizing adjustments(4)
—  —  (122) —  — 
SSNOI 57,507  57,696  57,897  57,951  59,308  3.1  %
Corporate
NOI 1,270  12,672  29,822  24,064  25,093 
NOI attributable to non-same store properties (1,270) (12,672) (29,822) (24,064) (25,093)
SSNOI —  —  —  —  — 
Total
NOI 604,273  707,694  673,390  722,080  772,122 
Non-cash NOI on same store properties (28,727) (28,995) (25,730) (22,116) (11,530)
NOI attributable to non-same store properties (101,335) (175,325) (135,065) (185,396) (222,298)
Currency and ownership adjustments(1)
3,779  2,462  589  535  (713)
Normalizing adjustments, net (545) (7,993) (3,219) 1,334  1,558 
SSNOI $ 477,445  $ 497,843  $ 509,965  $ 516,437  $ 539,139  12.9  %
Notes:
(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.36 and to translate UK properties at a GBP/USD rate of 1.25.    
(2) Represents normalizing adjustment related to the disposition of our ownership interest in three Seniors Housing Operating management company investments.
(3) Represents normalizing adjustment for casualty related expenses net of any insurance reimbursements.
(4) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.
18

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 $ 1,100,895  $ 117,242  $ 148,623  $ 1,366,760 
Unconsolidated SHO revenues attributable to Welltower(1)
32,397  2,937  28,247  63,581 
SHO revenues attributable to noncontrolling interests(2)
(17,503) (292) (25,728) (43,523)
Pro rata SHO revenues(3)
1,115,789  119,887  151,142  1,386,818 
SHO interest and other income (3,923) (71) (1,894) (5,888)
SHO revenues attributable to sold and held for sale properties (3,511) —  (26,065) (29,576)
Currency and ownership adjustments(4)
(2,878) (1) (2,046) (4,925)
SHO local revenues 1,105,477  119,815  121,137  1,346,429 
Average occupied units/month 61,801  3,998  14,743  80,542 
RevPOR/month in USD $ 5,979  $ 10,017  $ 2,746  $ 5,588 
RevPOR/month in local currency(4)
£ 8,348  $ 3,762 

Reconciliations of SHO SS RevPOR Growth, SSNOI Growth and SSNOI/Unit
United States United Kingdom Canada Total
1Q23 1Q24 1Q23 1Q24 1Q23 1Q24 1Q23 1Q24
SHO SS RevPOR Growth
Consolidated SHO revenues $ 913,152  $ 1,100,895  $ 109,328  $ 117,242  $ 114,201  $ 148,623  $ 1,136,681  $ 1,366,760 
Unconsolidated SHO revenues attributable to WELL(1)
35,175  32,397  1,174  2,937  23,232  28,247  59,581  63,581 
SHO revenues attributable to noncontrolling interests(2)
(18,433) (17,503) (11,234) (292) (22,851) (25,728) (52,518) (43,523)
SHO pro rata revenues(3)
929,894  1,115,789  99,268  119,887  114,582  151,142  1,143,744  1,386,818 
Non-cash and non-RevPOR revenues on same store properties (1,702) (881) —  (33) (233) (381) (1,935) (1,295)
Revenues attributable to non-same store properties (116,244) (215,771) (53,638) (65,159) (69,534) (101,028) (239,416) (381,958)
Currency and ownership adjustments(4)
4,420  150  1,154  (1,006) 475  (461) 6,049  (1,317)
SHO SS RevPOR revenues(5)
$ 816,368  $ 899,287  $ 46,784  $ 53,689  $ 45,290  $ 49,272  $ 908,442  $ 1,002,248 
Avg. occupied units/month(6)
48,991  50,941  1,952  2,065  6,200  6,496  57,143  59,502 
SHO SS RevPOR(7)
$ 5,632  $ 5,901  $ 8,100  $ 8,690  $ 2,469  $ 2,535  $ 5,373  $ 5,630 
SS RevPOR YOY growth 4.8  % 7.3  % 2.7  % 4.8  %
SHO SSNOI Growth
Consolidated SHO NOI $ 203,132  $ 268,650  $ 19,197  $ 29,726  $ 30,568  $ 49,037  $ 252,897  $ 347,413 
Unconsolidated SHO NOI attributable to WELL(1)
5,859  10,335  (558) 480  6,825  10,967  12,126  21,782 
SHO NOI attributable to noncontrolling interests(2)
(8,860) (9,744) (1,962) (547) (5,438) (7,068) (16,260) (17,359)
SHO pro rata NOI(3)
200,131  269,241  16,677  29,659  31,955  52,936  248,763  351,836 
Non-cash NOI on same store properties (851) (177) —  —  —  (18) (851) (195)
NOI attributable to non-same store properties (11,389) (37,321) (8,078) (16,328) (15,686) (32,458) (35,153) (86,107)
Currency and ownership adjustments(4)
(96) 56  219  (246) 234  (184) 357  (374)
Normalizing adjustment for management fee(8)
(4,195) —  —  —  (103) —  (4,298) — 
Normalizing adjustment for casualty related expenses(9)
3,931  2,233  —  —  —  (288) 3,931  1,945 
Other normalizing adjustments(10)
—  (198) —  —  —  —  —  (198)
SHO pro rata SSNOI(5)
$ 187,531  $ 233,834  $ 8,818  $ 13,085  $ 16,400  $ 19,988  $ 212,749  $ 266,907 
SHO SSNOI growth 24.7  % 48.4  % 21.9  % 25.5  %
SHO SSNOI/Unit
Trailing four quarters' SSNOI(5)
$ 864,375  $ 45,590  $ 76,248  $ 986,213 
Average units in service(11)
61,453  2,469  7,419  71,341 
SSNOI/unit in USD $ 14,066  $ 18,465  $ 10,277  $ 13,824 
SSNOI/unit in local currency(4)
£ 15,388  $ 14,078 
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 11 for more information.
(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.36 and to translate UK properties at a GBP/USD rate of 1.25.
(5) Represents SS SHO RevPOR revenues/SSNOI at Welltower pro rata ownership. See page 18 for more information.
(6) Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.
(7) Represents pro rata SS average revenues generated per occupied room per month.
(8) Represents normalizing adjustment related to the disposition of our ownership interest in three Seniors Housing Operating management company investments.
(9) Represents normalizing adjustment for casualty related expenses net of any insurance reimbursements.
(10) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.
(11) Represents average units in service for SS properties related solely to referenced country on a pro rata basis.

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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 status of the economy; the status of capital markets, including availability and cost of capital; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower’s ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters, health emergencies (such as the COVID-19 pandemic) and other acts of God affecting Welltower’s properties; Welltower’s ability to re-lease space at similar rates as vacancies occur; Welltower’s ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower’s properties; changes in rules or practices governing Welltower’s financial reporting; the movement of U.S. and foreign currency exchange rates; Welltower’s ability to maintain its qualification as a REIT; key management personnel recruitment and retention; and other risks described in Welltower’s reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.
Additional Information
The information in this supplemental information package should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings press release dated April 29, 2024 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), a REIT and S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. Welltower invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at www.welltower.com.

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