株探米国株
日本語 英語
エドガーで原本を確認する
0000766704false00007667042024-10-282024-10-280000766704us-gaap:CommonStockMember2024-10-282024-10-280000766704well:NotesDue20284.800Member2024-10-282024-10-280000766704well:NotesDue20344.500Member2024-10-282024-10-28

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): October 28, 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 October 28, 2024, Welltower Inc. issued a press release that announced operating results for its third quarter ended September 30, 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 October 28, 2024, announcing earnings for the quarter ended September 30, 2024.
99.2    Welltower Inc. Supplemental Information Package for the quarter ended September 30, 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:  October 28, 2024

EX-99.1 2 a3q24earningsrelease991.htm EX-99.1 Document


welltowerlogo_rgbxnotm002.jpg

FOR IMMEDIATE RELEASE
October 28, 2024
For more information contact:
Tim McHugh (419) 247-2800
Welltower Reports Third Quarter 2024 Results
Toledo, Ohio, October 28, 2024…..Welltower Inc. (NYSE:WELL) today announced results for the quarter ended September 30, 2024.
Recent Highlights
•Reported net income attributable to common stockholders of $0.73 per diluted share
•Reported quarterly normalized funds from operations attributable to common stockholders of $1.11 per diluted share, an increase of 20.7% over the prior year
•Reported total portfolio year-over-year same store NOI ("SSNOI") growth of 12.6%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 23.0%
•SHO portfolio year-over-year same store revenue increased 8.9% in the third quarter, driven by 310 basis points ("bps") of year-over-year average occupancy growth and Revenue Per Occupied Room ("RevPOR") growth of 4.9%
•SHO portfolio year-over-year SSNOI margin expanded by 300 bps in the third quarter driven primarily by strong RevPOR growth, which continued to meaningfully outpace Expense per Occupied Room ("ExpPOR") growth
•During the third quarter, we completed $2.4 billion of pro rata gross investments, including $2.2 billion in acquisitions and loan funding and $203 million in development funding
•Since the beginning of the year, we have closed or have definitive agreements to close $6.1 billion in pro rata acquisitions and loan funding
•Improved net debt to Adjusted EBITDA to 3.73x at September 30, 2024 from 5.14x at September 30, 2023
•As of September 30, 2024, we had approximately $8.8 billion of available liquidity inclusive of $3.8 billion of available cash and restricted cash and full capacity under our $5.0 billion line of credit
•As previously announced, the Board of Directors approved a 10% increase in the quarterly dividend per share, reflecting our solid financial performance, low payout ratio owing to outsized levels of cash flow growth and the Board's confidence in the Company's strong growth prospects going forward
Capital Activity and Liquidity
Liquidity Update During the third quarter, net debt to consolidated enterprise value improved to 13.1% as of September 30, 2024 from 20.9% as of December 31, 2023. We sourced over $3.6 billion of attractively priced capital, including the assumption of below-market debt, issuance of exchangeable debt, equity and proceeds from dispositions and loan repayments to fund accretive capital deployment opportunities and to further strengthen our already robust liquidity profile. As of September 30, 2024, our share of variable rate debt was approximately 5.6%.
Expanded Senior Unsecured Revolving Credit Facility As previously reported, in July we closed on an expanded $5.0 billion senior unsecured revolving credit facility, which replaced our $4.0 billion existing line of credit. The new facility is comprised of a $3.0 billion revolving line of credit maturing in June 2028 that can be extended for an additional year and a $2.0 billion revolving line of credit maturing in June 2029. The revolving lines of credit will bear interest at a borrowing rate of 72.5 bps over the adjusted SOFR rate and an annual facility fee of 12.5 bps.
Exchangeable Senior Unsecured Notes Issuance In July, Welltower OP issued $1,035,000,000 aggregate principal amount of 3.125% exchangeable senior unsecured notes maturing July 15, 2029 (the "Exchangeable Notes") unless earlier exchanged, purchased or redeemed. The Exchangeable Notes will pay interest semi-annually in arrears on January 15 and July 15 of each year.

Page 1 of 13

3Q24 Earnings Release October 28, 2024
Notable Portfolio Activity
In the third quarter, we completed $2.4 billion of pro rata gross investments, including $2.2 billion in acquisitions and loan funding and $203 million in development funding. We opened nine development projects, including partial conversions and expansions, for an aggregate pro rata investment amount of $294 million. Additionally, during the third quarter we completed pro rata property dispositions and loan repayments of $384 million.
Affinity Living Communities As previously announced, 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. During the quarter, we acquired 20 properties for approximately $691 million spread across two tranches, with the last tranche expected to close by the end of the year.
Triple-net to Seniors Housing Operating Transitions During the second and third quarters, we reached agreements to convert 52 triple-net leased properties to Seniors Housing Operating (RIDEA) structures, allowing us to directly participate in the underlying cash flow growth of the communities. The transition to highly-aligned RIDEA 4.0 structures will deepen our partnership with several leading managers, build on success within their existing portfolios, and ensure that both Welltower and our partners benefit from the communities' future growth potential. During the third quarter, we completed the conversion of 41 of these properties.
Environmental, Social and Governance ("ESG")
We received the GRESB Green Star recognition for the fourth consecutive year, highlighting our achievement of performing above the industry average in energy performance, social commitments and governance practices.
Dividend On October 28, 2024, the Board of Directors declared a cash dividend for the quarter ended September 30, 2024 of $0.67 per share. This dividend, which will be paid on November 21, 2024 to stockholders of record as of November 13, 2024, will be our 214th 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 $1.75 to $1.81 per diluted share from the previous range of $1.52 to $1.60 per diluted share. We increased the guidance range of full year normalized FFO attributable to common stockholders to a range of $4.27 to $4.33 per diluted share from the previous range of $4.13 to $4.21 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 11.5% to 13.0%, which is comprised of the following components:
◦Seniors Housing Operating approximately 22.0% to 24.0%
◦Seniors Housing Triple-net approximately 4.0% to 5.0%
◦Outpatient Medical approximately 2.0% to 3.0%
◦Long-Term/Post-Acute Care approximately 2.0% to 3.0%
•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 $205 million to $211 million and stock-based compensation expense to be approximately $40 million, exclusive of approximately $33.5 million of expected expense related to the Special Performance Option Awards and the 2022-2025 OPP Awards.
•Development: We anticipate funding an additional $247 million of development in 2024 relating to projects underway as of September 30, 2024.
•Dispositions: We expect pro rata disposition proceeds of $899 million at a blended yield of 8.4% in the next twelve months. This includes approximately $790 million of consideration from expected property sales and $109 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 nine months ended September 30, 2024, we recognized approximately $2 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, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items beyond those disclosed. 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 third quarter 2024 conference call.
Conference Call Information We have scheduled a conference call on Tuesday, October 29, 2024 at 9:00 a.m. Eastern Time to discuss our third quarter 2024 results, industry trends and portfolio performance. Telephone access will be available by dialing (888)

Page 2 of 13

3Q24 Earnings Release October 28, 2024
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 November 5, 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.
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 acquisitions of controlling interests, 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.

Page 3 of 13

3Q24 Earnings Release October 28, 2024
RevPOR represents the average revenues generated per occupied room per month and ExpPOR represents the average expenses per occupied room per month at our Seniors Housing Operating properties. These metrics are calculated as our pro rata share of total resident fees and services revenues or property operating expenses from the income statement, divided by average monthly occupied room days. SS RevPOR and SS ExpPOR are used to evaluate the RevPOR and ExpPOR performance of our properties under a consistent population, which eliminates changes in the composition of our portfolio. They are based on the same pool of properties used for SSNOI and include any revenue and expense normalizations used for SSNOI. We use RevPOR, ExpPOR, SS RevPOR and SS ExpPOR to evaluate the revenue-generating capacity and profit potential of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.
We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and restricted cash. We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The ratios are based on EBITDA and Adjusted EBITDA. EBITDA is defined as earnings (net income per income statement) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding unconsolidated entities and including adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/losses on disposition of properties and acquisitions of controlling interests, impairment of assets, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments deemed appropriate in management's opinion. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. 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 September 30, 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/

Page 4 of 13

3Q24 Earnings Release October 28, 2024
tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower's properties; changes in rules or practices governing Welltower's financial reporting; the movement of U.S. and foreign currency exchange rates; Welltower's ability to maintain its qualification as a REIT; key management personnel recruitment and retention; and other risks described in Welltower's reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.

Page 5 of 13

3Q24 Earnings Release October 28, 2024
Welltower Inc.
Financial Exhibits
Consolidated Balance Sheets (unaudited)
(in thousands)
  September 30,
  2024 2023
Assets    
Real estate investments:    
Land and land improvements $ 5,075,391  $ 4,373,058 
Buildings and improvements 40,646,767  35,010,855 
Acquired lease intangibles 2,268,889  1,961,799 
Real property held for sale, net of accumulated depreciation 110,689  355,380 
Construction in progress 1,374,996  1,338,076 
Less accumulated depreciation and intangible amortization (10,276,509) (8,868,627)
Net real property owned 39,200,223  34,170,541 
Right of use assets, net 358,160  338,693 
Investments in sales-type leases, net 469,260  — 
Real estate loans receivable, net of credit allowance 1,840,453  1,181,265 
Net real estate investments 41,868,096  35,690,499 
Other assets:    
Investments in unconsolidated entities 1,742,836  1,568,096 
Goodwill 68,321  68,321 
Cash and cash equivalents 3,564,942  2,582,037 
Restricted cash 219,466  104,674 
Straight-line rent receivable 518,387  405,154 
Receivables and other assets 971,650  1,235,921 
Total other assets 7,085,602  5,964,203 
Total assets $ 48,953,698  $ 41,654,702 
Liabilities and equity    
Liabilities:    
Unsecured credit facility and commercial paper $ —  $ — 
Senior unsecured notes 13,295,096  13,453,985 
Secured debt 2,468,527  2,380,253 
Lease liabilities 392,360  365,115 
Accrued expenses and other liabilities 1,733,712  1,636,730 
Total liabilities 17,889,695  17,836,083 
Redeemable noncontrolling interests 270,182  244,793 
Equity:    
Common stock 620,107  533,918 
Capital in excess of par value 37,949,035  30,056,076 
Treasury stock (114,876) (112,313)
Cumulative net income 9,976,753  9,061,133 
Cumulative dividends (17,901,600) (16,435,416)
Accumulated other comprehensive income (195,138) (149,362)
Total Welltower Inc. stockholders' equity 30,334,281  22,954,036 
Noncontrolling interests 459,540  619,790 
Total equity 30,793,821  23,573,826 
Total liabilities and equity $ 48,953,698  $ 41,654,702 

Page 6 of 13

3Q24 Earnings Release October 28, 2024
Consolidated Statements of Income (unaudited)
(in thousands, except per share data)
    Three Months Ended Nine Months Ended
    September 30, September 30,
    2024 2023 2024 2023
Revenues:        
  Resident fees and services $ 1,511,524  $ 1,199,808  $ 4,265,271  $ 3,490,942 
  Rental income 430,486  384,507  1,183,949  1,152,005 
  Interest income 69,046  42,220  185,163  117,335 
  Other income 44,607  35,478  105,905  127,938 
Total revenues 2,055,663  1,662,013  5,740,288  4,888,220 
Expenses:        
  Property operating expenses 1,212,701  995,273  3,420,911  2,911,698 
  Depreciation and amortization 403,779  339,314  1,151,687  1,020,371 
  Interest expense 139,050  156,532  419,792  453,272 
  General and administrative expenses 77,901  46,106  186,784  134,764 
  Loss (gain) on derivatives and financial instruments, net (9,906) 2,885  (18,785) 5,095 
  Loss (gain) on extinguishment of debt, net 419  2,130 
Provision for loan losses, net 4,193  4,059  10,370  7,292 
  Impairment of assets 23,421  7,388  69,146  21,103 
  Other expenses 20,239  38,220  83,054  72,034 
  Total expenses 1,871,797  1,589,778  5,325,089  4,625,636 
Income (loss) from continuing operations before income taxes        
  and other items 183,866  72,235  415,199  262,584 
Income tax (expense) benefit 4,706  (4,584) (2,586) (11,132)
Income (loss) from unconsolidated entities (4,038) (4,031) (6,925) (51,434)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net 272,266  71,102  443,416  69,681 
Income (loss) from continuing operations 456,800  134,722  849,104  269,699 
Net income (loss) 456,800  134,722  849,104  269,699 
Less: Net income (loss) attributable to noncontrolling interests(1)
6,951  7,252  17,395  13,516 
Net income (loss) attributable to common stockholders $ 449,849  $ 127,470  $ 831,709  $ 256,183 
Average number of common shares outstanding:        
  Basic 611,290  521,848  595,353  504,420 
  Diluted 618,306  525,138  600,191  507,353 
Net income (loss) attributable to common stockholders per share:    
  Basic $ 0.74  $ 0.24  $ 1.40  $ 0.51 
 
Diluted(2)
$ 0.73  $ 0.24  $ 1.39  $ 0.50 
Common dividends per share $ 0.67  $ 0.61  $ 1.89  $ 1.83 
(1) Includes amounts attributable to redeemable noncontrolling interests.
(2) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units.

Page 7 of 13

3Q24 Earnings Release October 28, 2024
FFO Reconciliations Exhibit 1
(in thousands, except per share data) Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
Net income (loss) attributable to common stockholders $ 449,849  $ 127,470  $ 831,709  $ 256,183 
Depreciation and amortization 403,779  339,314  1,151,687  1,020,371 
Impairments and losses (gains) on real estate dispositions and acquisitions of controlling interests, net (248,845) (63,714) (374,270) (48,578)
Noncontrolling interests(1)
(5,801) (8,789) (24,145) (34,957)
Unconsolidated entities(2)
36,835  24,843  101,312  78,349 
NAREIT FFO attributable to common stockholders 635,817  419,124  1,686,293  1,271,368 
Normalizing items, net(3)
52,285  66,404  224,549  84,557 
Normalized FFO attributable to common stockholders $ 688,102  $ 485,528  $ 1,910,842  $ 1,355,925 
Average diluted common shares outstanding 618,306  525,138  600,191  507,353 
Per diluted share data attributable to common stockholders:
Net income (loss)(4)
$ 0.73  $ 0.24  $ 1.39  $ 0.50 
NAREIT FFO $ 1.03  $ 0.80  $ 2.81  $ 2.51 
Normalized FFO $ 1.11  $ 0.92  $ 3.18  $ 2.67 
Normalized FFO Payout Ratio:
Dividends per common share $ 0.67  $ 0.61  $ 1.89  $ 1.83 
Normalized FFO attributable to common stockholders per share $ 1.11  $ 0.92  $ 3.18  $ 2.67 
Normalized FFO payout ratio 60  % 66  % 59  % 69  %
Other items:(5)
Net straight-line rent and above/below market rent amortization(6)
$ (48,093) $ (32,340) $ (120,201) $ (96,060)
Non-cash interest expenses(7)
11,406  7,191  30,604  19,643 
Recurring cap-ex, tenant improvements, and lease commissions (81,196) (50,026) (200,160) (127,633)
Stock-based compensation(8)
9,918  8,578  31,286  28,193 
(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).
(8) Excludes normalized stock compensation expense related to the Special Performance Options and OPP awards (see Exhibit 2).

Page 8 of 13

3Q24 Earnings Release October 28, 2024
Normalizing Items Exhibit 2
(in thousands, except per share data) Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
Loss (gain) on derivatives and financial instruments, net $ (9,906) (1) $ 2,885  $ (18,785) $ 5,095 
Loss (gain) on extinguishment of debt, net 419  (2) 2,130 
Provision for loan losses, net 4,193  (3) 4,059  10,370  7,292 
Income tax benefits —  —  —  (246)
Other impairment —  12,309  97,674  12,309 
Other expenses 20,239  (4) 38,220  83,054  72,034 
Leasehold interest termination —  —  —  (65,485)
Special Performance Options and OPP Awards 29,838  (5) —  29,838  — 
Casualty losses, net of recoveries 3,224  (6) 1,014  7,335  9,069 
Foreign currency loss (gain) (1,766) (7) 82  (1,357) (490)
Normalizing items attributable to noncontrolling interests and unconsolidated entities, net 6,044  (8) 7,834  14,290  44,972 
Net normalizing items $ 52,285  $ 66,404  $ 224,549  $ 84,557 
Average diluted common shares outstanding 618,306  525,138  600,191  507,353 
Net normalizing items per diluted share $ 0.08  $ 0.13  $ 0.37  $ 0.17 
(1) Primarily related to mark-to-market of the equity warrants received as part of the Safanad/HC-One transactions.
(2) Primarily related to the closing of the expanded senior unsecured revolving credit facility.
(3) Primarily related to reserves for loan losses under the current expected credit losses accounting standard.
(4) Primarily related to non-capitalizable transaction costs.
(5) Primarily related to true-up accruals from the one-time 2021 Special Performance Option Awards and 2022-2025 Outperformance Program (“OPP”) Awards which were deemed probable this quarter based upon their respective financial metric hurdles. These accruals will be reversed if their respective hurdles are not eventually met.
(6) Primarily relates to casualty losses net of any insurance recoveries.
(7) Primarily relates to foreign currency gains and losses related to accrued interest on intercompany loans and third party debt denominated in a foreign currency.
(8) Primarily relates to hypothetical liquidation at book value adjustments related to in substance real estate investments.


Page 9 of 13

3Q24 Earnings Release October 28, 2024
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 $ 918  $ 966  $ 1,067  $ 1,104 
Impairments and losses (gains) on real estate dispositions and acquisitions of controlling interests, net(1,2)
(249) (249) (387) (387)
Depreciation and amortization(1)
1,650  1,650  1,691  1,691 
NAREIT FFO attributable to common stockholders 2,319  2,367  2,371  2,408 
Normalizing items, net(1,3)
172  172  228  228 
Normalized FFO attributable to common stockholders $ 2,491  $ 2,539  $ 2,599  $ 2,636 
Diluted per share data attributable to common stockholders:
Net income $ 1.52  $ 1.60  $ 1.75  $ 1.81 
NAREIT FFO $ 3.84  $ 3.92  $ 3.90  $ 3.96 
Normalized FFO $ 4.13  $ 4.21  $ 4.27  $ 4.33 
Other items:(1)
Net straight-line rent and above/below market rent amortization $ (144) $ (144) $ (159) $ (159)
Non-cash interest expenses 44  44  45  45 
Recurring cap-ex, tenant improvements, and lease commissions (251) (251) (257) (257)
Stock-based compensation 41  41  41  41 
(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. Also includes estimated stock compensation expense related to the one-time 2021 Special Stock Performance Option Awards and the 2022-2025 OPP Awards for the fourth quarter assuming the performance-based metrics continue to be probable of achievement.

Page 10 of 13

3Q24 Earnings Release October 28, 2024
SSNOI Reconciliation Exhibit 4
(in thousands) Three Months Ended
September 30,
2024 2023 % growth
Net income (loss) $ 456,800  $ 134,722 
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (272,266) (71,102)
Loss (income) from unconsolidated entities 4,038  4,031 
Income tax expense (benefit) (4,706) 4,584 
Other expenses 20,239  38,220 
Impairment of assets 23,421  7,388 
Provision for loan losses, net 4,193  4,059 
Loss (gain) on extinguishment of debt, net 419 
Loss (gain) on derivatives and financial instruments, net (9,906) 2,885 
General and administrative expenses 77,901  46,106 
Depreciation and amortization 403,779  339,314 
Interest expense 139,050  156,532 
Consolidated NOI 842,962  666,740 
NOI attributable to unconsolidated investments(1)
32,043  29,488 
NOI attributable to noncontrolling interests(2)
(17,332) (22,838)
Pro rata NOI 857,673  673,390 
Non-cash NOI attributable to same store properties
(24,835) (26,713)
NOI attributable to non-same store properties
(290,656) (165,506)
Currency and ownership adjustments(3)
(2,273) 1,027 
Normalizing adjustments, net(4)
1,219  (1,749)
Same Store NOI (SSNOI) $ 541,128  $ 480,449  12.6%
Seniors Housing Operating 278,849  226,714  23.0%
Seniors Housing Triple-net 76,591  72,412  5.8%
Outpatient Medical 127,766  125,068  2.2%
Long-Term/Post-Acute Care 57,922  56,255  3.0%
Total SSNOI
$ 541,128  $ 480,449  12.6%
(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 11 of 13

3Q24 Earnings Release October 28, 2024
Net Debt to Adjusted EBITDA Reconciliation Exhibit 5
(in thousands) Three Months Ended
September 30,
2024 2023
Net income (loss) $ 456,800  $ 134,722 
Interest expense 139,050  156,532 
Income tax expense (benefit) (4,706) 4,584 
Depreciation and amortization 403,779  339,314 
EBITDA 994,923  635,152 
Loss (income) from unconsolidated entities 4,038  4,031 
Stock-based compensation 39,756  8,578 
Loss (gain) on extinguishment of debt, net 419 
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (272,266) (71,102)
Impairment of assets 23,421  7,388 
Provision for loan losses, net 4,193  4,059 
Loss (gain) on derivatives and financial instruments, net (9,906) 2,885 
Other expenses 20,239  38,220 
Casualty losses, net of recoveries 3,224  1,014 
Other impairment(1)
—  12,309 
Adjusted EBITDA $ 808,041  $ 642,535 
Total debt(2)
$ 15,854,937  $ 15,899,420 
Cash and cash equivalents and restricted cash (3,784,408) (2,686,711)
Net debt $ 12,070,529  $ 13,212,709 
Adjusted EBITDA annualized $ 3,232,164  $ 2,570,140 
Net debt to Adjusted EBITDA ratio 3.73x 5.14  x
(1) Represents the write-off of straight-line rent receivable and unamortized lease incentive 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 $301,046,000 and $299,933,000 for the three months ended September 30, 2024 and 2023, respectively.
Net Debt to Consolidated Enterprise Value Exhibit 6
(in thousands, except share price)
September 30, 2024 December 31, 2023
Common shares outstanding 618,396  564,241 
Period end share price $ 128.03  $ 90.17 
Common equity market capitalization $ 79,173,240  $ 50,877,611 
Net debt $ 12,070,529  $ 13,739,143 
Noncontrolling interests(1)
729,722  967,351 
Consolidated enterprise value $ 91,973,491  $ 65,584,105 
Net debt to consolidated enterprise value 13.1  % 20.9  %
(1) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests as reflected on our consolidated balance sheets.

Page 12 of 13

3Q24 Earnings Release October 28, 2024
Reconciliation of SHO SS RevPOR Growth Exhibit 7
(in thousands except SS RevPOR) Three Months Ended
September 30,
2024 2023
Consolidated SHO revenues $ 1,530,350  $ 1,203,899 
Unconsolidated SHO revenues attributable to WELL(1)
64,494  59,550 
SHO revenues attributable to noncontrolling interests(2)
(21,921) (41,696)
SHO pro rata revenues(3)
1,572,923  1,221,753 
Non-cash and non-RevPOR revenues on same store properties (2,559) (2,391)
Revenues attributable to non-same store properties (513,653) (254,327)
Currency and ownership adjustments(4)
(5,363) 426 
SHO SS RevPOR revenues(5)
$ 1,051,348  $ 965,461 
Average occupied units/month(6)
55,662  53,598 
SHO SS RevPOR(7)
$ 6,245  $ 5,955 
SS RevPOR YOY growth 4.9  %
(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) 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 13 of 13
EX-99.2 3 a3q24supplement992.htm EX-99.2 Document

welltowersupplemental_2024a.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 1,084 130,101 25,525 45,795 41,220 16,931 630
Seniors Housing Triple-net 19 312 23,544 4,126 11,468 7,543 407
Outpatient Medical 19 447 26,660,083 (2) n/a n/a n/a n/a n/a
Long-Term/Post-Acute Care 32 294 37,515 1,022 36,493
Total 20 2,137

NOI Performance
Same Store(3)
In-Place Portfolio(4)
Properties 3Q23 NOI 3Q24 NOI % Change Properties Annualized
In-Place NOI
% of Total
Seniors Housing Operating 620 $ 226,714  $ 278,849  23.0  % 1,007 $ 1,612,952  57.0  %
Seniors Housing Triple-net 272 72,412  76,591  5.8  % 294 339,640  12.0  %
Outpatient Medical 412 125,068  127,766  2.2  % 426 543,176  19.2  %
Long-Term/Post-Acute Care 186 56,255 57,922  3.0  % 280 332,136  11.8  %
Total 1,490 $ 480,449  $ 541,128  12.6  % 2,007 $ 2,827,904  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 84.3  % n/a n/a 96.8  % 1.6  % 0.4  % 1.2  %
Seniors Housing Triple-net 82.8  % 1.09 1.28 89.1  % 1.8  % 0.2  % 8.9  %
Outpatient Medical 94.4  % n/a n/a 100.0  % —  —  — 
Long-Term/Post-Acute Care (8)
81.7  % 1.74 2.13 24.3  % 47.6  % 28.1  % —  %
Total 1.35 1.63 92.6  % 4.0  % 1.9  % 1.5  %
Notes:
(1) Includes land parcels and properties under development.
(2) Indicates the total square footage of Outpatient Medical properties.
(3) See pages 18 and 19 for reconciliation.
(4) Excludes land parcels, loans, developments and investments held for sale. See page 18 for reconciliation.
(5) Data as of September 30, 2024 for Seniors Housing Operating and Outpatient Medical and June 30, 2024 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 120 properties leased to Integra Healthcare Properties with EBITDAR and EBITDARM coverage of 1.87x and 2.30x, respectively, on a trailing twelve month basis as of June 30, 2024. Excluding these properties, Long-Term/Post-Acute Care EBITDAR and EBITDARM coverage is 1.49x and 1.80x, respectively, on a trailing twelve month basis as of June 30, 2024.
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 125  $ 233,728  $ —  $ —  $ —  $ 233,728  8.3  %
Sunrise Senior Living 93  179,236  —  —  —  179,236  6.3  %
Avery Healthcare 92  82,908  72,800  —  —  155,708  5.5  %
Integra Healthcare Properties 139  —  —  —  149,988  149,988  5.3  %
Oakmont Management Group 65  136,764  —  —  —  136,764  4.8  %
StoryPoint Senior Living 98  110,676  —  —  —  110,676  3.9  %
Sagora Senior Living 59  61,556  25,804  —  —  87,360  3.1  %
Aspire Healthcare 53  —  —  —  85,048  85,048  3.0  %
Belmont Village 21  78,440  —  —  —  78,440  2.8  %
Legend Senior Living 47  69,804  —  —  1,248  71,052  2.5  %
Remaining 1,215  659,840  241,036  543,176  95,852  1,539,904  54.5  %
Total 2,007  $ 1,612,952  $ 339,640  $ 543,176  $ 332,136  $ 2,827,904  100.0  %
By Country:
United States 1,736  $ 1,276,720  $ 251,724  $ 543,176  $ 325,396  $ 2,397,016  84.8  %
United Kingdom 137  135,416  84,640  —  —  220,056  7.8  %
Canada 134  200,816  3,276  —  6,740  210,832  7.4  %
Total 2,007  $ 1,612,952  $ 339,640  $ 543,176  $ 332,136  $ 2,827,904  100.0  %
By MSA:
Los Angeles 73 $ 93,572  $ 20,696  $ 40,768  $ 1,332  $ 156,368  5.5  %
New York / New Jersey 82 66,496  15,996  38,420  3,356  124,268  4.4  %
Dallas 75 63,844  6,724  30,196  4,556  105,320  3.7  %
Greater London 49 77,904  18,044  —  —  95,948  3.4  %
Washington D.C. 42 41,260  6,648  11,932  18,784  78,624  2.8  %
Houston 40 12,376  3,632  55,944  —  71,952  2.5  %
Philadelphia 49 16,420  5,492  20,104  24,692  66,708  2.4  %
Chicago 49 43,760  6,428  9,452  6,000  65,640  2.3  %
Montréal 25 65,132  —  —  —  65,132  2.3  %
San Francisco 24 39,260  10,836  888  2,424  53,408  1.9  %
Charlotte 30 15,204  10,040  24,444  —  49,688  1.8  %
Seattle 27 26,428  1,144  15,608  1,916  45,096  1.6  %
Raleigh 13 9,100  30,368  3,180  —  42,648  1.5  %
San Diego 19 19,236  7,304  10,324  3,028  39,892  1.4  %
Boston 21 30,016  5,412  2,412  —  37,840  1.3  %
Minneapolis 23 22,120  948  13,304  —  36,372  1.3  %
Tampa 38 (604) 2,220  6,052  28,048  35,716  1.3  %
Detroit 29 22,244  2,488  5,120  4,380  34,232  1.2  %
Miami 41 3,536  1,416  14,748  13,816  33,516  1.2  %
Baltimore 16 5,504  1,776  13,108  11,900  32,288  1.1  %
Remaining 1,242  940,144 182,028 227,172 207,904 1,557,248 55.1  %
Total 2,007  $ 1,612,952  $ 339,640  $ 543,176  $ 332,136  $ 2,827,904  100.0  %
Notes:
(1) Represents current quarter annualized In-Place NOI. See page 18 for reconciliation.


2

Portfolio

(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating
Total Portfolio Performance(1)
3Q23 4Q23 1Q24 2Q24 3Q24
Properties 883  915  935  947  1,029 
Units 90,953  99,387  101,395  105,076  114,213 
Total occupancy 80.7  % 82.2  % 82.5  % 82.8  % 83.8  %
Total revenues $ 1,221,753  $ 1,287,666  $ 1,386,818  $ 1,453,891  $ 1,572,923 
Operating expenses 933,463  982,077  1,034,982  1,066,391  1,167,375 
NOI $ 288,290  $ 305,589  $ 351,836  $ 387,500  $ 405,548 
NOI margin 23.6  % 23.7  % 25.4  % 26.7  % 25.8  %
Recurring cap-ex $ 31,685  $ 49,297  $ 37,104  $ 56,151  $ 66,515 
Other cap-ex $ 68,281  $ 85,506  $ 70,428  $ 82,217  $ 129,242 

Same Store Performance(2)
3Q23 4Q23 1Q24 2Q24 3Q24
Properties 620  620  620  620  620 
Units 64,753  64,754  64,769  64,763  64,761 
Occupancy 82.8  % 84.1  % 84.1  % 84.7  % 85.9  %
Same store revenues $ 966,636  $ 984,967  $ 1,012,161  $ 1,025,805  $ 1,052,869 
Compensation 439,099  448,281  448,200  450,198  461,698 
Utilities 47,995  43,915  47,438  40,446  47,381 
Food 36,696  38,220  38,154  37,787  39,651 
Repairs and maintenance 27,974  27,681  26,717  26,840  27,900 
Property taxes 33,827  32,397  34,607  35,502  33,646 
All other 154,331  158,494  156,737  159,437  163,744 
Same store operating expenses 739,922  748,988  751,853  750,210  774,020 
Same store NOI $ 226,714  $ 235,979  $ 260,308  $ 275,595  $ 278,849 
Same store NOI margin % 23.5  % 24.0  % 25.7  % 26.9  % 26.5  %
Year over year NOI growth rate 23.0  %
Year over year revenue growth rate 8.9  %
Partners(3)
Properties Pro Rata Units
Welltower Ownership %(4)
Top Markets 3Q24 NOI % of Total
Cogir Management Corporation 125  19,521  95.1  % Southern California $ 34,920  8.6  %
Sunrise Senior Living 93  8,281  94.4  % Northern California 26,715  6.6  %
Oakmont Management Group 65  6,702  100.0  % Greater London 19,792  4.9  %
StoryPoint Senior Living 98  10,637  100.0  % Montreal 17,421  4.3  %
Avery Healthcare 42  3,285  96.8  % New York / New Jersey 16,477  4.1  %
Belmont Village 21  2,804  95.0  % Dallas 15,753  3.9  %
Legend Senior Living 46  3,825  94.1  % Chicago 10,777  2.7  %
Sagora Senior Living 43  5,579  99.6  % Toronto 7,950  2.0  %
Care UK 29  2,056  100.0  % Boston 5,395  1.3  %
Discovery Senior Living 36  5,012  99.3  % Washington D.C. 5,159  1.3  %
Axis Residential 20  3,045  100.0  % Top markets 160,359  39.7  %
Quality Senior Living 26  2,950  100.0  % All other 245,189  60.3  %
Brandywine Living 29  2,722  100.0  % Total $ 405,548  100.0  %
New Perspective Senior Living 19  2,184  99.7  %
Remaining 315  33,586 
Total 1,007  112,189 
Notes:
(1) Properties, units and occupancy exclude land parcels and properties under development.
(2) See pages 18 and 19 for reconciliation.
(3) Represents partner concentration based on annualized In-Place NOI for the quarter ended September 30, 2024. Property count and pro rata units represent the In-Place portfolio.
(4) Welltower ownership percentage weighted based on In-Place NOI. See page 18 for reconciliation.

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 0.3  % —  % 0.3  % 0.3  % —  % 0.3  %
.85x-.95x —  % —  % —  % —  —  1.1  % 0.4  % 1.5  %
.95x-1.05x —  % —  % —  % —  —  2.3  % 0.8  % 3.1  %
1.05x-1.15x 1.5  % 0.4  % 1.9  % 1.3  % —  % 1.3  % 10 
1.15x-1.25x 1.6  % 0.8  % 2.4  % 4.9  % —  % 4.9  %
1.25x-1.35x 1.7  % —  % 1.7  % 10  —  % —  % —  %
>1.35 5.1  % 5.7  % 10.8  % 13  16  0.3  % 5.7  % 6.0  % 17  10 
Total 10.2  % 6.9  % 17.1  % 11  27  10.2  % 6.9  % 17.1  % 11  27 
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 $ —  $ 29,752  $ —  $ 3,579  $ 33,331  2.2  %
2025 5,837  37,327  720  18,453  62,337  4.2  %
2026 3,296  41,487  9,334  60,772  114,889  7.7  %
2027 —  47,584  1,259  57,872  106,715  7.2  %
2028 —  45,045  6,566  102,719  154,330  10.4  %
2029 1,083  46,779  —  3,359  51,221  3.4  %
2030 12,100  40,819  29,297  139  82,355  5.5  %
2031 6,571  47,104  4,503  222  58,400  3.9  %
2032 94,808  50,411  —  339  145,558  9.8  %
2033 58,464  32,338  1,019  —  91,821  6.2  %
Thereafter 129,685  169,925  282,465  1,663  583,738  39.5  %
$ 311,844  $ 588,571  $ 335,163  $ 249,117  $ 1,484,695  100.0  %
Weighted Avg Maturity Years 10  14 
Notes:
(1) Represents trailing twelve month coverage metrics as of June 30, 2024 for stable portfolio only. Agreements included represent 72% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 18 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.
(2) Excludes all land parcels, developments and investments classified as held for sale, as well as Seniors Housing Triple-net and Long-Term / Post-Acute Care leases accounted for on a cash basis where substantially all contractual rental income during the most recent period was not collected. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non cash income. Interest income represents 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)
3Q23 4Q23 1Q24 2Q24 3Q24
Properties 422  426  427  425  426 
Square feet 20,748,969  21,043,557  21,148,949  21,208,417  21,320,290 
Occupancy 94.5  % 94.5  % 94.2  % 94.2  % 94.4  %
Total revenues $ 195,136  $ 192,822  $ 203,849  $ 202,352  $ 209,602 
Operating expenses 63,831  55,060  65,162  63,440  64,795 
NOI $ 131,305  $ 137,762  $ 138,687  $ 138,912  $ 144,807 
NOI margin 67.3  % 71.4  % 68.0  % 68.6  % 69.1  %
Revenues per square foot $ 37.62  $ 36.65  $ 38.55  $ 38.16  $ 39.32 
NOI per square foot $ 25.31  $ 26.19  $ 26.23  $ 26.20  $ 27.17 
Recurring cap-ex $ 18,340  $ 21,106  $ 14,512  $ 11,098  $ 14,382 
Other cap-ex $ 8,545  $ 10,151  $ 7,826  $ 14,389  $ 10,649 

Same Store Performance(2)
3Q23 4Q23 1Q24 2Q24 3Q24
Properties 412  412  412  412  412 
Occupancy 94.9  % 94.8  % 94.4  % 94.4  % 94.5  %
Same store revenues $ 186,092  $ 179,708  $ 188,597  $ 186,714  $ 189,196 
Same store operating expenses 61,024  53,089  62,244  60,380  61,430 
Same store NOI $ 125,068  $ 126,619  $ 126,353  $ 126,334  $ 127,766 
NOI margin 67.2  % 70.5  % 67.0  % 67.7  % 67.5  %
Year over year NOI growth rate 2.2  %

Portfolio Diversification
by Tenant(3)
Rental Income % of Total Quality Indicators
Kelsey-Seybold $ 52,616  8.9  %
Health system affiliated properties as % of NOI(3)
89.7  %
UnitedHealth 18,534  3.1  %
Health system affiliated tenants as % of rental income(3)
61.6  %
Novant Health 17,701  3.0  %
Investment grade tenants as % of rental income(3)
57.4  %
Providence Health & Services 17,013  2.9  %
Retention (trailing twelve months)(3)
93.4  %
Common Spirit Health 16,011  2.7  %
In-house managed properties as % of square feet(3,4)
86.7  %
Remaining portfolio 466,696  79.4  %
Average remaining lease term (years)(3)
7.0 
Total $ 588,571  100.0  %
Average building size (square feet)(3)
60,418 
Average age (years) 19 

Expirations(3)
2024 2025 2026 2027 2028 Thereafter
Occupied square feet 1,017,915  1,193,562  1,468,348  1,575,967  1,588,562  13,291,805 
% of occupied square feet 5.1  % 5.9  % 7.3  % 7.8  % 7.9  % 66.0  %
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 412 same store properties representing 20,294,678 square feet. See pages 18 and 19 for reconciliation.
(3) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non cash income. Retention includes month-to-month tenants retained.
(4) Excludes tenant managed properties.








5

Investment

(dollars in thousands at Welltower pro rata ownership)
Relationship Investment History
chart-4f199381fee14514882a.jpg
Detail of Acquisitions/JVs(1)
2020 2021 2022 2023 1Q24 2Q24 3Q24 20-24 Total
Count 12  35  27  52  12  18 159 
Total $ 910,217  $ 4,101,534  $ 2,785,739  $ 4,222,706  $ 61,034  $ 937,122  $ 2,150,572  $ 15,168,924 
Low 6,201  5,000  6,485  2,950  6,786  15,923  16,669  2,950 
Median 48,490  45,157  66,074  65,134  23,753  34,725  50,469  48,104 
High 235,387  1,576,642  389,149  644,443  30,495  374,281  577,477  1,576,642 

Investment Timing
Acquisitions and Loan Funding(2)
Yield
Construction Conversions(3)
Year 1 Yield Dispositions and Loan Repayments Yield
July $ 297,730  4.3  % $ 7,424  2.5  % $ 21,245  7.4  %
August 792,895  5.7  % 120,845  2.2  % 31,078  7.8  %
September 1,123,446  7.9  % 165,258  (1.0) % 331,239  6.1  %
Total $ 2,214,071  6.7  % $ 293,527  0.4  % $ 383,562  6.3  %

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

Investment
(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity
Third Quarter 2024
Properties Beds / Units / Square Feet Investment Per
Bed / Unit /
SqFt
Pro Rata
Amount
Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating 37 5,036  units $ 241,835  $ 1,217,302 
Seniors Housing Triple-net 3 186  units 299,957  355,793 
Long-Term/Post-Acute Care     577,477 
Loan funding 63,499 
Total acquisitions and loan funding(2)
40 2,214,071  6.7  %
Development Funding(3)
Development projects:
Seniors Housing Operating 35 6,133 units 123,537 
Outpatient Medical 12 858,214 sf 73,437 
Total development projects 47 196,974 
Redevelopment and expansion projects:
Seniors Housing Operating 3 521 units 5,276 
Outpatient Medical   1,138 
Total redevelopment and expansion projects 3 6,414 
Total development funding 50 203,388  6.8  %
Total gross investments 2,417,459  6.6  %
Dispositions and Loan Repayments(4)
Seniors Housing Operating 2 202 units 67,327  12,770 
Seniors Housing Triple-net     75,000 
Long-Term/Post-Acute Care     144,369 
Loan repayments 151,423 
Total dispositions and loan repayments(5)
2 383,562  6.3  %
Net investments (dispositions) $ 2,033,897 

Notes:
(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP for all consolidated and unconsolidated property acquisitions and pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans. Includes acquisition of additional ownership interest in properties which are excluded from property, unit and per unit metrics.
(2) Acquisition yields represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Loan funding yield represents annualized contractual interest divided by investment amount.
(3) Amounts represent cash funded for all developments/expansions including construction in progress, loans and in substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.
(4) Amounts represent proceeds received for loan repayments and consolidated and unconsolidated property sales. Includes disposition of partial ownership interest in properties which are excluded from property, unit and per unit metrics.
(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, except per bed / unit / square foot, at Welltower pro rata ownership)
Gross Investment Activity
Year-To-Date 2024
Properties Beds / Units / Square Feet Investment Per
Bed / Unit /
SqFt
Pro Rata
Amount
Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating 53 7,031  units $ 244,610  $ 2,093,555 
Seniors Housing Triple-net 5 296  units 298,446  388,341 
Outpatient Medical 1 103,652  sf 439  45,555 
Long-Term/Post-Acute Care 2 412  beds 106,311  621,277 
Loan funding 696,702 
Total acquisitions and loan funding(2)
61 3,845,430  7.0  %
Development Funding(3)
Development projects:
Seniors Housing Operating 40 6,956  units 433,192 
Outpatient Medical 15 1,270,329  sf 239,568 
Total development projects 55 672,760 
Redevelopment and expansion projects:
Seniors Housing Operating 4 542  units 17,771 
Outpatient Medical 2 36,332 sf 5,592 
Total redevelopment and expansion projects 6 23,363 
Total development funding 61 696,123  7.0  %
Total gross investments 4,541,553  7.0  %
Dispositions and Loan Repayments(4)
Seniors Housing Operating 27 3,154  units 236,526  446,560 
Seniors Housing Triple-net     75,000 
Outpatient Medical 4 304,881  sf 375  55,799 
Long-Term/Post-Acute Care 1 160  beds 137,500  166,369 
Loan repayments 325,316 
Total dispositions and loan repayments(5)
32 1,069,044  5.9  %
Net investments (dispositions) $ 3,472,509 
Notes:
(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP for all consolidated and unconsolidated property acquisitions and pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans. Includes acquisition of additional ownership interest in properties which are excluded from property, unit and per unit metrics.
(2) Acquisition yields represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Loan funding yield represents annualized contractual interest divided by investment amount.
(3) Amounts represent cash funded and capitalized interest for all developments/expansions including construction in progress, loans and in substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.
(4) Amounts represent proceeds received for loan repayments and consolidated and unconsolidated property sales. Includes disposition of partial ownership interest in properties which are excluded from property, unit and per unit metrics.
(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.
8

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
Boston, MA 159  —  81  38  40  $ 157,758  $ 13,942  4Q24
Washington D.C. 298  —  184  89  25  156,499  11,793  3Q24 - 4Q24
Miami, FL 93  —  —  39  54  69,299  5,858  4Q24
Sacramento, CA 100  —  —  70  30  47,623  7,071  4Q24
Hartford, CT 128  128  —  —  —  22,081  —  4Q24
Hartford, CT 122  122  —  —  —  20,689  —  4Q24
San Jose, CA 685  509  —  143  33  175,381  3,786  1Q25
Tampa, FL 206  206  —  —  —  49,325  4,318  4Q24 - 1Q25
Kansas City, MO 134  134  —  —  —  21,007  —  1Q25
Little Rock, AR 283  283  —  —  —  14,823  1,667  4Q24 - 1Q25
Cambridge, UK 70  —  —  45  25  9,172  1,871  1Q25
Washington D.C. 137  —  53  47  37  130,331  25,221  2Q25
Columbus, OH 409  409  —  —  —  82,069  20,567  2Q25
Sherman, TX 237  237  —  —  —  74,846  17,084  3Q24 - 2Q25
Kansas City, MO 263  263  —  —  —  70,864  12,455  2Q25
Dallas, TX 201  201  —  —  —  65,655  45,684  1Q25 - 2Q25
Naples, FL 188  188  —  —  —  52,343  12,460  1Q25 - 2Q25
Phoenix, AZ 110  110  —  —  —  39,705  7,809  1Q25 - 2Q25
Houston, TX 80  80  —  —  —  22,424  14,700  1Q25 - 2Q25
Dallas, TX 43  43  —  —  —  11,514  8,221  1Q25 - 2Q25
London, UK 62  —  —  40  22  8,903  3,802  3Q25
Chattanooga, TN 243  243  —  —  —  61,587  38,568  4Q24 - 4Q25
Brighton and Hove, UK 70  —  —  45  25  11,023  5,534  4Q25
Killeen, TX 256  256  —  —  —  68,241  36,233  4Q23 - 1Q26
Dallas, TX 141  141  —  —  —  46,344  31,599  4Q24 - 1Q26
Birmingham, UK 77  —  —  18  59  18,375  13,227  1Q26
Dallas, TX 230  230  —  —  —  84,674  57,926  2Q25 - 3Q26
San Jose, CA 158  —  —  158  —  61,929  28,905  3Q26
Tallahassee, FL 206  206  —  —  —  48,086  41,698  3Q25 - 3Q26
Atlanta, GA 192  192  —  —  —  47,069  42,154  1Q25 - 4Q26
Various(3)
271  76  195  —  —  28,569  5,070  1Q24 - 4Q24
Subtotal 5,852  4,257  513  732  350  1,778,208  519,223 
Outpatient Medical Rentable Square Ft Preleased % Health System Affiliation Commitment Amount Future Funding Estimated Conversion
Houston, TX 135,255  100  % Yes 86,559 22,142  4Q24
Houston, TX 111,803  100  % Yes 78,282 19,365  4Q24
Houston, TX 36,248  100  % Yes 32,991 7,063  4Q24
Houston, TX 50,323  100  % Yes 30,156  5,030  4Q24
Dallas, TX 12,000  100  % Yes 6,330  1,524  4Q24
Houston, TX 51,134  100  % Yes 28,723  4,833  1Q25
Durango, CO 33,290  100  % Yes 24,112  10,009  4Q24 - 1Q25
Houston, TX 116,000  100  % Yes 76,800  38,124  2Q25
Oklahoma City, OK 47,636  100  % Yes 40,543  15,902  2Q25
Dallas, TX 143,046  82.2  % Yes 58,362  43,988  3Q25
Waco, TX 12,324  100  % Yes 7,846  6,059  3Q25
Subtotal 749,059  470,704  174,039 
Total Development Projects $ 2,248,912  $ 693,262 
(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.
9

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 32 5,852 7.3  % $ 153,713  $ 365,510  $ 519,223  $ 1,778,208 
Outpatient Medical 11 749,059 6.5  % 93,066  80,973  174,039  470,704 
Total 43 7.1  % $ 246,779  $ 446,483  $ 693,262  $ 2,248,912 

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 $ 654,277  1.9  % 7.0  %
2Q24 actual 198,193 2.5  % 6.7  % 2024 estimate 736,836  1.6  % 7.8  %
3Q24 actual 293,527 0.4  % 7.4  % 2025 estimate 1,137,358  2.2  % 6.8  %
4Q24 estimate 736,836 1.6  % 7.8  % 2026 estimate 374,718 1.1  % 6.9  %
1Q25 estimate 322,543 5.1  % 6.9  % Total $ 2,903,189  1.8  % 7.1  %
2Q25 estimate 667,094 1.2  % 6.7  %
3Q25 estimate 75,111 1.4  % 7.4  %
4Q25 estimate 72,610 (0.7) % 7.2  %
1Q26 estimate 132,960 0.5  % 7.9  %
3Q26 estimate 194,689 1.8  % 6.1  %
4Q26 estimate 47,069 (0.1) % 7.1  %
Total $ 2,903,189  1.8  % 7.1  %

Unstabilized Properties
06/30/2024 Properties Stabilizations
Construction Conversions(3)
Acquisitions/ Dispositions 09/30/2024 Properties Beds / Units
Seniors Housing Operating 46 (1) 5 55 7,787
Seniors Housing Triple-net 8 (1) (3) 4 453
Total 54 (2) 5 59 8,240
Occupancy 06/30/2024 Properties Stabilizations
Construction Conversions(3)
Acquisitions/ Dispositions Progressions 09/30/2024 Properties
0% - 50% 15  —  (4) 18 
50% - 70% 21  (2) —  —  21 
70% + 18  —  —  —  20 
Total 54  (2) —  59 
Occupancy 09/30/2024 Properties Months In Operation Revenues
% of Total Revenues(4)
Gross Investment Balance % of Total Gross Investment
0% - 50% 18  12  $ 66,474  0.8  % $ 729,488  1.4  %
50% - 70% 21  31  211,677  2.5  % 984,640  1.9  %
70% + 20  31  266,751  3.2  % 976,588  1.9  %
Total 59  21  $ 544,902  6.5  % $ 2,690,716  5.2  %
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 12.
10

Financial

(dollars in thousands at Welltower pro rata ownership)
Components of NAV
Stabilized NOI Pro rata beds/units/square feet
Seniors Housing Operating(1)
$ 1,612,952  112,189  units
Seniors Housing Triple-net 339,640  20,847  units
Outpatient Medical 543,176  21,476,752  square feet
Long-Term/Post-Acute Care 332,136  33,755  beds
Total In-Place NOI(2)
2,827,904 
Incremental stabilized NOI(3)
132,660 
Total stabilized NOI $ 2,960,564 
Obligations
Lines of credit and commercial paper(4)
$ — 
Senior unsecured notes(4)
13,443,735 
Secured debt(4)
3,404,813 
Financing lease liabilities 95,894 
Total debt $ 16,944,442 
Add (Subtract):
Other liabilities (assets), net(5)
$ 760,473 
Cash and cash equivalents and restricted cash (3,824,350)
Net obligations $ 13,880,565 
Other Assets
Land parcels(6)
$ 291,204 
Effective Interest Rate(9)
Real estate loans receivable(7)
2,691,196  10.7%
Non-real estate loans receivable(8)
212,884  10.0%
Joint venture real estate loans receivables(10)
278,950  5.7%
Property dispositions(11)
789,875 
Development properties:(12)
Current balance 1,555,650 
Unfunded commitments 693,262 
Committed balances $ 2,248,912 
Projected yield 7.1  %
Projected NOI $ 159,673 
Common Shares Outstanding(13)
620,253 
Notes:
(1) Includes $2,500,000 attributable to our proportional share of income (loss) from unconsolidated management company investments.
(2) See page 18 for reconciliation.
(3) Represents incremental NOI from Seniors Housing Operating unstabilized properties.
(4) Represents principal amounts due and do not include unamortized premiums/discounts, deferred loan expenses or other fair value adjustments as reflected on the balance sheet. Includes $732,157,000 of foreign secured debt.
(5) Includes liabilities / (assets) that impact cash or NOI and excludes non-real estate loans and non-cash items such straight-line rent receivable, unearned revenues, intangible assets and above/below market lease intangibles.
(6) Includes land parcels and predevelopment projects.
(7) Represents $2,717,729,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, and net of $26,533,000 of credit allowances.
(8) Represents $239,726,000 of non-real estate loans, net of $26,842,000 of credit allowances.
(9) Average cash-pay interest rates are 7.0%, 1.2% and 5.7% 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 including properties subject to sales-type leases expected to be sold to tenants.
(12) See pages 9-10. Includes expansion projects. Includes partial conversions to date.
(13) Includes OP Units and DownREIT Units.
11

Financial
(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
3Q23 4Q23 1Q24 2Q24 3Q24
Revenues:
Seniors Housing Operating
Resident fees and services $ 1,216,368  $ 1,280,154  $ 1,379,295  $ 1,435,064  $ 1,554,263 
Interest income 1,928  2,968  4,716  15,748  15,966 
Other income 3,457  4,544  2,807  3,079  2,694 
Total revenues 1,221,753  1,287,666  1,386,818  1,453,891  1,572,923 
Seniors Housing Triple-net
Rental income 110,705  115,615  110,967  30,113  115,763 
Interest income 33,523  36,150  35,478  34,594  35,542 
Other income 1,168  924  955  1,032  773 
Total revenues 145,396  152,689  147,400  65,739  152,078 
Outpatient Medical
Rental income 192,732  190,211  200,593  198,924  206,709 
Interest income 98  382  852  848  852 
Other income 2,306  2,229  2,404  2,580  2,041 
Total revenues 195,136  192,822  203,849  202,352  209,602 
Long-Term/Post-Acute Care
Rental income 77,516  96,146  104,046  104,312  105,234 
Interest income 10,981  15,784  15,823  16,034  20,382 
Other income 315  244  43  201 
Total revenues 88,812  111,936  120,113  120,389  125,817 
Corporate
Other income 33,802  30,021  28,729  31,873  43,653 
Total revenues 33,802  30,021  28,729  31,873  43,653 
Total
Rental income 380,953  401,972  415,606  333,349  427,706 
Resident fees and services 1,216,368  1,280,154  1,379,295  1,435,064  1,554,263 
Interest Income 46,530  55,284  56,869  67,224  72,742 
Other Income 41,048  37,724  35,139  38,607  49,362 
Total revenues 1,684,899  1,775,134  1,886,909  1,874,244  2,104,073 
Property operating expenses:
Seniors Housing Operating 933,463  982,077  1,034,982  1,066,391  1,167,375 
Seniors Housing Triple-net 7,849  6,662  7,559  7,231  6,103 
Outpatient Medical 63,831  55,060  65,162  63,440  64,795 
Long-Term/Post-Acute Care 2,386  3,298  3,448  3,458  3,436 
Corporate 3,980  5,957  3,636  4,713  4,691 
Total property operating expenses 1,011,509  1,053,054  1,114,787  1,145,233  1,246,400 
Net operating income:
Seniors Housing Operating 288,290  305,589  351,836  387,500  405,548 
Seniors Housing Triple-net 137,547  146,027  139,841  58,508  145,975 
Outpatient Medical 131,305  137,762  138,687  138,912  144,807 
Long-Term/Post-Acute Care 86,426  108,638  116,665  116,931  122,381 
Corporate 29,822  24,064  25,093  27,160  38,962 
Net operating income $ 673,390  $ 722,080  $ 772,122  $ 729,011  $ 857,673 
Note:
(1) Please see discussion of Supplemental Reporting Measures on page 17. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%.
12

Financial
(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
Twelve Months Ended Three Months Ended
September 30, 2024 September 30, 2024
Net income (loss) $ 937,544  $ 456,800 
Interest expense 574,366  139,050 
Income tax expense (benefit) (2,182) (4,706)
Depreciation and amortization 1,532,417  403,779 
EBITDA 3,042,145  994,923 
Loss (income) from unconsolidated entities 8,933  4,038 
Stock-based compensation 69,542  39,756 
Loss (gain) on extinguishment of debt, net 2,130  419 
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (441,633) (272,266)
Impairment of assets 84,140  23,421 
Provision for loan losses, net 12,887  4,193 
Loss (gain) on derivatives and financial instruments, net (26,000) (9,906)
Other expenses 119,361  20,239 
Casualty losses, net of recoveries 8,373  3,224 
Other impairment(2)
102,007  — 
Total adjustments (60,260) (186,882)
Adjusted EBITDA $ 2,981,885  $ 808,041 
Interest Coverage Ratios
Interest expense $ 574,366  $ 139,050 
Capitalized interest 58,502  15,668 
Non-cash interest expense (33,116) (9,008)
Total interest $ 599,752  $ 145,710 
EBITDA $ 3,042,145  $ 994,923 
Interest coverage ratio 5.07   x 6.83   x
Adjusted EBITDA $ 2,981,885  $ 808,041 
Adjusted Interest coverage ratio 4.97   x 5.55   x
Fixed Charge Coverage Ratios
Total interest $ 599,752  $ 145,710 
Secured debt principal amortization 44,841  10,417 
Total fixed charges $ 644,593  $ 156,127 
EBITDA $ 3,042,145  $ 994,923 
Fixed charge coverage ratio 4.72   x 6.37   x
Adjusted EBITDA $ 2,981,885  $ 808,041 
Adjusted Fixed charge coverage ratio 4.63   x 5.18   x
Net Debt to EBITDA Ratios
Total debt(3)
$ 15,854,937 
  Less: cash and cash equivalents and restricted cash (3,784,408)
Net debt $ 12,070,529 
EBITDA Annualized $ 3,979,692 
Net debt to EBITDA ratio 3.03   x
Adjusted EBITDA Annualized $ 3,232,164 
Net debt to Adjusted EBITDA ratio 3.73   x
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 17.
(2) Represents the write-off of straight-line rent receivable and unamortized lease incentive balances relating to leases placed on cash recognition.
(3) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $91,314,000. Excludes operating lease liabilities of $301,046,000 related to ASC 842 adoption.
13

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)
15,854,937  36.75  %
Cash and cash equivalents and restricted cash (3,784,408) (8.77) %
Net debt to consolidated book capitalization $ 12,070,529  27.98  %
Total equity(4)
31,064,003  72.02  %
Consolidated book capitalization $ 43,134,532  100.00  %
Joint venture debt, net(5)
822,935 
Total book capitalization $ 43,957,467 
Undepreciated book capitalization
Lines of credit and commercial paper(2)
$ —  —  %
Long-term debt obligations(2)(3)
15,854,937  29.69  %
Cash and cash equivalents and restricted cash (3,784,408) (7.09) %
Net debt to consolidated undepreciated book capitalization $ 12,070,529  22.60  %
Accumulated depreciation and amortization 10,276,509  19.24  %
Total equity(4)
31,064,003  58.16  %
Consolidated undepreciated book capitalization $ 53,411,041  100.00  %
Joint venture debt, net(5)
822,935 
Total undepreciated book capitalization $ 54,233,976 
Enterprise value
Lines of credit and commercial paper(2)
$ —  —  %
Long-term debt obligations(2)(3)
15,854,937  17.23  %
Cash and cash equivalents and restricted cash (3,784,408) (4.11) %
Net debt to consolidated enterprise value $ 12,070,529  13.12  %
Common shares outstanding 618,396 
Period end share price 128.03 
Common equity market capitalization $ 79,173,240  86.08  %
Noncontrolling interests(4)
729,722  0.79  %
Consolidated enterprise value $ 91,973,491  100.00  %
Joint venture debt, net(5)
822,935 
Total enterprise value $ 92,796,426 
Secured debt as % of total assets
Secured debt(2)
$ 2,468,527  4.17  %
Gross asset value(6)
$ 59,230,207 
Total debt as % of gross asset value
Total debt(2)(3)
$ 15,854,937  26.77  %
Gross asset value(6)
$ 59,230,207 
Unsecured debt as % of unencumbered assets
Unsecured debt(2)
$ 13,295,096  25.25  %
Unencumbered gross assets(7)
$ 52,660,448 
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 17.
(2) Amounts include unamortized premiums/discounts and other fair value adjustments as reflected on the balance sheet.
(3) Includes financing lease liabilities of $91,314,000 and excludes operating lease liabilities of $301,046,000 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.
14

Financial

(dollars in thousands)
Debt Maturities and Scheduled Principal Amortization(1)
Year
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3,4,5,6,7,8)
Consolidated Secured Debt Share of Unconsolidated Secured Debt Noncontrolling Interests' Share of Consolidated Secured Debt
Combined Debt(9)
% of Total
Wtd. Avg. Interest Rate (10)
2024 $ —  $ —  $ 96,016  $ 98,880  $ (1,172) $ 193,724  1.15  % 4.83  %
2025 —  1,260,000  279,372  498,250  (1,042) 2,036,580  12.09  % 3.86  %
2026 —  700,000  231,413  47,538  (1,963) 976,988  5.80  % 3.99  %
2027 —  1,906,945  448,710  74,485  (2,225) 2,427,915  14.41  % 4.59  %
2028 —  2,521,890  157,797  26,303  (144) 2,705,846  16.06  % 3.81  %
2029 —  2,085,000  388,642  42,616  (719) 2,515,539  14.93  % 3.54  %
2030 —  750,000  118,537  33,555  (124) 901,968  5.35  % 3.17  %
2031 —  1,350,000  44,632  30,902  (133) 1,425,401  8.46  % 2.79  %
2032 —  1,050,000  57,116  2,802  (135) 1,109,783  6.59  % 3.38  %
2033 —  —  404,981  6,083  (35,362) 375,702  2.23  % 4.86  %
Thereafter —  1,819,900  354,662  9,474  (4,934) 2,179,102  12.93  % 4.89  %
Totals $ —  $ 13,443,735  $ 2,581,878  $ 870,888  $ (47,953) $ 16,848,548  100.00  %
Weighted Avg. Interest Rate(10)
—  3.87  % 4.34  % 3.58  % 4.67  % 3.92  %
Weighted Avg. Maturity Years —  5.7 6.0 1.9 8.2 5.5
% Floating Rate Debt(10)
100.00  % 5.17  % 9.79  % 0.07  % 2.24  % 5.62  %

Debt by Local Currency(1)
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3,4,5,6,7,8)
Consolidated Secured Debt Share of Unconsolidated Secured Debt Noncontrolling Interests' Share of Consolidated Secured Debt
Combined Debt(9)
Investment Hedges(11)
United States $ —  $ 11,630,000  $ 2,090,931  $ 622,928  $ (41,203) $ 14,302,656  $ — 
United Kingdom —  1,406,790  —  —  —  1,406,790  2,225,017 
Canada —  406,945  490,947  247,960  (6,750) 1,139,102  2,145,710 
Totals $ —  $ 13,443,735  $ 2,581,878  $ 870,888  $ (47,953) $ 16,848,548  $ 4,370,727 
Notes:
(1) Represents principal amounts due excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.
(2) Our unsecured commercial paper program and our unsecured revolving credit facility had a zero balance as of September 30, 2024. The unsecured revolving credit facility is comprised of a $2,000,000,000 tranche that matures on July 24, 2029 and a $3,000,000,000 tranche that matures on July 24, 2028. The $3,000,000,000 tranche may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility.
(3) 2027 includes a $1,000,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $184,975,000 USD at September 30, 2024). The loans mature on July 19, 2026. The interest rates on the loans are adjusted SOFR + 0.85% for USD and adjusted CORRA + 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 $221,970,000 USD at September 30, 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 $736,890,000 USD at September 30, 2024). The notes mature on November 20, 2028.
(7) 2029 includes $1,035,000,000 of 3.125% exchangeable senior unsecured notes that mature on July 15, 2029 unless earlier exchanged, purchased or redeemed.
(8) Thereafter includes £500,000,000 of 4.50% senior unsecured notes (approximately $669,900,000 USD at September 30, 2024). The notes mature on December 1, 2034.
(9) Excludes operating lease liabilities of $301,046,000 and finance lease liabilities of $91,314,000 related to ASC 842.
(10) Based on variable interest rates and foreign currency exchange rates in effect as of September 30, 2024. The interest rate on the unsecured revolving credit facility is adjusted SOFR + 0.725%. Commercial paper, senior notes and secured debt average interest rate represents the face value note rate. Includes the impact of notional swaps and caps to convert fixed rate debt to SOFR-based floating rate debt, and SOFR-based floating rate debt and CORRA-based floating rate debt to fixed rate debt.
(11) 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 $(81,172,000), 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.

15

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.
16

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 share of total resident fees and services revenues or property operating expenses from the income statement divided by average monthly occupied room days. SS RevPOR and SS ExpPOR are used to evaluate the RevPOR and ExpPOR performance of our properties under a consistent population which eliminates changes in the composition of our portfolio. They are based on the same pool of properties used for SSNOI and 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 on disposition of properties and acquisitions of controlling interests, impairment of assets, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments deemed appropriate in management's opinion. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. We primarily use these measures to determine our interest coverage ratio, which represents EBITDA and Adjusted EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDA and Adjusted EBITDA divided by fixed charges. Fixed charges include total interest and secured debt principal amortization. Our leverage ratios include net debt to Adjusted EBITDA, book capitalization, undepreciated book capitalization and consolidated enterprise value. Book capitalization represents the sum of net debt (defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Consolidated enterprise value represents book capitalization adjusted for the fair market value of our common stock. Our leverage ratios are defined as the proportion of net debt to total capitalization.
Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management. 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.
17

Supplemental Reporting Measures
(dollars in thousands)
Non-GAAP Reconciliations
NOI Reconciliation 3Q23 4Q23 1Q24 2Q24 3Q24
Net income (loss) $ 134,722  $ 88,440  $ 131,634  $ 260,670  $ 456,800 
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (71,102) 1,783  (4,707) (166,443) (272,266)
Loss (income) from unconsolidated entities 4,031  2,008  7,783  (4,896) 4,038 
Income tax expense (benefit) 4,584  (4,768) 6,191  1,101  (4,706)
Other expenses 38,220  36,307  14,131  48,684  20,239 
Impairment of assets 7,388  14,994  43,331  2,394  23,421 
Provision for loan losses, net 4,059  2,517  1,014  5,163  4,193 
Loss (gain) on extinguishment of debt, net —  1,705  419 
Loss (gain) on derivatives and financial instruments, net 2,885  (7,215) (3,054) (5,825) (9,906)
General and administrative expenses 46,106  44,327  53,318  55,565  77,901 
Depreciation and amortization 339,314  380,730  365,863  382,045  403,779 
Interest expense 156,532  154,574  147,318  133,424  139,050 
Consolidated net operating income 666,740  713,697  762,828  713,587  842,962 
NOI attributable to unconsolidated investments(1)
29,488  30,785  32,090  32,720  32,043 
NOI attributable to noncontrolling interests(2)
(22,838) (22,402) (22,796) (17,296) (17,332)
Pro rata net operating income (NOI)(3)
$ 673,390  $ 722,080  $ 772,122  $ 729,011  $ 857,673 

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 $ 1,572,923  $ 152,078  $ 209,602  $ 125,817  $ 43,653  $ 2,104,073 
Property operating expenses (1,167,375) (6,103) (64,795) (3,436) (4,691) (1,246,400)
NOI(3)
405,548  145,975  144,807  122,381  38,962  857,673 
Adjust:
Interest income (15,966) (35,542) (852) (20,382) —  (72,742)
Other income (2,311) 77  164  (201) (38,946) (41,217)
Sold / held for sale(4)
(2,785) (4,876) 89  (2,195) —  (9,767)
Non operational(5)
10,609  —  (174) (320) —  10,115 
Non In-Place NOI(6)
(5,386) (21,103) (8,240) (16,249) (16) (50,994)
Timing adjustments(7)
13,529  379  —  —  —  13,908 
Total adjustments (2,310) (61,065) (9,013) (39,347) (38,962) (150,697)
In-Place NOI 403,238  84,910  135,794  83,034  —  706,976 
Annualized In-Place NOI $ 1,612,952  $ 339,640  $ 543,176  $ 332,136  $ —  $ 2,827,904 

Same Store Property Reconciliation
Seniors Housing Operating Seniors Housing
Triple-net
Outpatient Medical Long-Term
/Post-Acute Care
Total
Total properties 1,084  312  447  294  2,137 
Recent acquisitions/ development conversions(8)
(114) (4) (12) (88) (218)
Under development (31) —  (11) —  (42)
Under redevelopment(9)
(2) —  —  (4) (6)
Current held for sale (23) —  —  (10) (33)
Land parcels, loans and sub-leases(4)
(15) (19) (9) —  (43)
Transitions(10)
(271) (17) —  (2) (290)
Other(11)
(8) —  (3) (4) (15)
Same store properties 620  272  412  186  1,490 
Notes:
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Represents Welltower's pro rata share of NOI. See page 12 for more information.
(4) Includes 15 Seniors Housing Triple-net properties accounted for as sales-type leases expected to be sold to tenants.
(5) Primarily includes development properties and land parcels.
(6) Primarily represents non-cash NOI.
(7) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions.
(8) Acquisitions and development conversions will enter the same store pool five full quarters after acquisition or certificate of occupancy.
(9) Redevelopment properties will enter the same store pool after five full quarters of operations post redevelopment completion.
(10) 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.
(11) Represents properties that are either closed or being closed.
18

Supplemental Reporting Measures
(dollars in thousands at Welltower pro rata ownership)
Same Store NOI Reconciliation 3Q23 4Q23 1Q24 2Q24 3Q24 Y/o/Y
Seniors Housing Operating
NOI $ 288,290  $ 305,589  $ 351,836  $ 387,500  $ 405,548 
Non-cash NOI on same store properties (1,073) (995) (647) (1,177) (840)
NOI attributable to non-same store properties (58,152) (71,438) (91,639) (115,228) (125,424)
Currency and ownership adjustments(1)
531  1,068  (16) (285) (1,372)
Normalizing adjustment for government grants(2)
(3,490) (26) (198) (72) (185)
Other normalizing adjustments(3)
608  1,781  972  4,857  1,122 
SSNOI 226,714  235,979  260,308  275,595  278,849  23.0  %
Seniors Housing Triple-net
NOI 137,547  146,027  139,841  58,508  145,975 
Non-cash NOI on same store properties (9,253) (11,923) (8,872) (8,360) (7,015)
NOI attributable to non-same store properties (55,570) (60,658) (56,123) 26,505  (61,552)
Currency and ownership adjustments(1)
(312) 36  (346) (241) (817)
SSNOI 72,412  73,482  74,500  76,412  76,591  5.8  %
Outpatient Medical
NOI 131,305  137,762  138,687  138,912  144,807 
Non-cash NOI on same store properties (5,131) (5,686) (3,418) (4,080) (7,010)
NOI attributable to non-same store properties (3,194) (4,766) (8,861) (9,269) (10,224)
Currency and ownership adjustments(1)
833  66  45  37  (89)
Other normalizing adjustments(3)
1,255  (757) (100) 734  282 
SSNOI 125,068  126,619  126,353  126,334  127,766  2.2  %
Long-Term/Post-Acute Care
NOI 86,426  108,638  116,665  116,931  122,381 
Non-cash NOI on same store properties (11,256) (11,195) (10,189) (10,220) (9,970)
NOI attributable to non-same store properties (18,768) (41,108) (48,861) (49,252) (54,494)
Currency and ownership adjustments(1)
(25) —  (16)
Other normalizing adjustments(3)
(122) —  —  111  — 
SSNOI 56,255  56,335  57,599  57,579  57,922  3.0  %
Corporate
NOI 29,822  24,064  25,093  27,160  38,962 
NOI attributable to non-same store properties (29,822) (24,064) (25,093) (27,160) (38,962)
SSNOI —  —  —  —  — 
Total
NOI 673,390  722,080  772,122  729,011  857,673 
Non-cash NOI on same store properties (26,713) (29,799) (23,126) (23,837) (24,835)
NOI attributable to non-same store properties (165,506) (202,034) (230,577) (174,404) (290,656)
Currency and ownership adjustments(1)
1,027  1,170  (333) (480) (2,273)
Normalizing adjustments, net (1,749) 998  674  5,630  1,219 
SSNOI $ 480,449  $ 492,415  $ 518,760  $ 535,920  $ 541,128  12.6  %
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 for amounts recognized related to Health and Human Services Provide Relief Fund in the United States and similar programs in the United Kingdom and Canada.
(3) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.
19

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 $ 1,271,302  $ 126,292  $ 132,756  $ 1,530,350 
Unconsolidated SHO revenues attributable to Welltower(1)
32,656  3,862  27,976  64,494 
SHO revenues attributable to noncontrolling interests(2)
(19,230) (338) (2,353) (21,921)
Pro rata SHO revenues(3)
1,284,728  129,816  158,379  1,572,923 
SHO interest and other income (8,015) (374) (587) (8,976)
SHO revenues attributable to sold and held for sale properties (950) —  (11,451) (12,401)
Currency and ownership adjustments(4)
(14,640) —  (1,519) (16,159)
SHO local revenues 1,261,123  129,442  144,822  1,535,387 
Average occupied units/month 70,424  4,147  16,710  91,281 
RevPOR/month in USD $ 5,921  $ 10,320  $ 2,865  $ 5,561 
RevPOR/month in local currency(4)
£ 8,600  $ 3,925 

Reconciliations of SHO SS RevPOR Growth, SSNOI Growth and SSNOI/Unit
United States United Kingdom Canada Total
3Q23 3Q24 3Q23 3Q24 3Q23 3Q24 3Q23 3Q24
SHO SS RevPOR Growth
Consolidated SHO revenues $ 970,588  $ 1,271,302  $ 112,267  $ 126,292  $ 121,044  $ 132,756  $ 1,203,899  $ 1,530,350 
Unconsolidated SHO revenues attributable to WELL(1)
30,953  32,656  2,990  3,862  25,607  27,976  59,550  64,494 
SHO revenues attributable to noncontrolling interests(2)
(17,171) (19,230) (265) (338) (24,260) (2,353) (41,696) (21,921)
SHO pro rata revenues(3)
984,370  1,284,728  114,992  129,816  122,391  158,379  1,221,753  1,572,923 
Non-cash and non-RevPOR revenues on same store properties (2,128) (1,847) —  (307) (263) (405) (2,391) (2,559)
Revenues attributable to non-same store properties (178,815) (408,597) (852) (73) (74,660) (104,983) (254,327) (513,653)
Currency and ownership adjustments(4)
182  —  (1,906) (5,517) 2,150  154  426  (5,363)
SHO SS RevPOR revenues(5)
$ 803,609  $ 874,284  $ 112,234  $ 123,919  $ 49,618  $ 53,145  $ 965,461  $ 1,051,348 
Avg. occupied units/month(6)
42,998  44,676  3,907  4,147  6,693  6,839  53,598  55,662 
SHO SS RevPOR(7)
$ 6,179  $ 6,470  $ 9,497  $ 9,879  $ 2,451  $ 2,569  $ 5,955  $ 6,245 
SS RevPOR YOY growth 4.7  % 4.0  % 4.8  % 4.9  %
SHO SSNOI Growth
Consolidated SHO NOI $ 226,086  $ 315,200  $ 21,443  $ 33,216  $ 37,380  $ 46,047  $ 284,909  $ 394,463 
Unconsolidated SHO NOI attributable to WELL(1)
8,459  11,051  900  688  9,679  10,970  19,038  22,709 
SHO NOI attributable to noncontrolling interests(2)
(8,565) (10,147) (268) (338) (6,824) (1,139) (15,657) (11,624)
SHO pro rata NOI(3)
225,980  316,104  22,075  33,566  40,235  55,878  288,290  405,548 
Non-cash NOI on same store properties (1,070) (841) (3) —  —  (1,073) (840)
NOI attributable to non-same store properties (36,154) (92,115) (852) 52  (21,146) (33,361) (58,152) (125,424)
Currency and ownership adjustments(4)
16  —  (333) (1,435) 848  63  531  (1,372)
Normalizing adjustment for government grants(8)
(3,490) (185) —  —  —  —  (3,490) (185)
Other normalizing adjustments(9)
608  1,201  —  —  —  (79) 608  1,122 
SHO pro rata SSNOI(5)
$ 185,890  $ 224,164  $ 20,887  $ 32,184  $ 19,937  $ 22,501  $ 226,714  $ 278,849 
SHO SSNOI growth 20.6  % 54.1  % 12.9  % 23.0  %
SHO SSNOI/Unit
Trailing four quarters' SSNOI(5)
$ 848,235  $ 116,734  $ 85,762  $ 1,050,731 
Average units in service(10)
51,864  5,114  7,783  64,761 
SSNOI/unit in USD $ 16,355  $ 22,826  $ 11,019  $ 16,225 
SSNOI/unit in local currency(4)
£ 19,022  $ 15,095 
Notes:
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See page 12 for more information.
(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.36 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 19 for more information.
(6) Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.
(7) Represents pro rata SS average revenues generated per occupied room per month.
(8) Represents normalizing adjustment for amounts recognized related to Health and Human Services Provide Relief Fund in the United States and similar programs in the United Kingdom and Canada.
(9) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI
(10) Represents average units in service for SS properties related solely to referenced country on a pro rata basis.
20

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 October 28, 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.

21


welltoweraddressa29a.gif