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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 AgePropertiesTotalWellness HousingIndependent LivingAssisted LivingMemory CareLong-Term/ Post-Acute Care
Seniors Housing Operating161,887 188,64332,29350,29379,05326,482522
Seniors Housing Triple-net2343029,097—2,19019,1037,525279
Outpatient Medical1920212,904,468(2)n/an/an/an/an/a
Long-Term/Post-Acute Care34381 45,912—45997—44,870
Total202,900

NOI Performance
Same Store(3)
In-Place Portfolio(4)
Properties4Q24 NOI4Q25 NOI% ChangePropertiesAnnualized
In-Place NOI		% of Total
Seniors Housing Operating875$389,654 $469,183 20.4 %1,649$2,855,092 68.6 %
Seniors Housing Triple-net24773,252 75,170 2.6 %425612,740 14.7 %
Outpatient Medical10423,223 23,778 2.4 %112116,192 2.8 %
Long-Term/Post-Acute Care18473,31075,210 2.6 %348576,064 13.9 %
Total1,410$559,439 $643,341 15.0 %2,534$4,160,088 100.0 %

Portfolio PerformanceFacility Revenue Mix
Stable Portfolio(5)
Occupancy
EBITDAR Coverage(6)
EBITDARM Coverage(6)
Private PayMedicaidMedicare
Other Government(7)
Seniors Housing Operating88.9 %n/an/a93.2 %0.7 %0.2 %5.9 %
Seniors Housing Triple-net85.3 %1.191.4087.9 %2.4 %0.2 %9.5 %
Outpatient Medical95.5 %n/an/a100.0 %— — — 
Long-Term/Post-Acute Care86.9 %1.531.9124.2 %48.7 %27.1 %— %
Total1.351.6488.6 %3.9 %2.0 %5.4 %
Notes:
(1) Includes land parcels and properties under development.
(2) Indicates the total square footage of Outpatient Medical properties.
(3) See pages 17 and 18 for reconciliation.
(4) Excludes land parcels, loans, developments and investments held for sale. See page 17 for reconciliation.
(5) Data as of December 31, 2025 for Seniors Housing Operating and Outpatient Medical and September 30, 2025 for the remaining asset types.
(6) Represents trailing twelve month coverage metrics.
(7) Represents various federal and local reimbursement programs in the United Kingdom and Canada.

1
Portfolio


(dollars in thousands at Welltower pro rata ownership)
In-Place NOI Diversification(1)
By Partner:Total PropertiesSeniors Housing OperatingSeniors Housing
Triple-net		Outpatient
Medical		Long-Term/ Post-Acute CareTotal% of Total
Barchester261 $217,296 $265,944 $— $— $483,240 11.6 %
Cogir Management Corporation182 338,244 — — — 338,244 8.1 %
Care UK168 245,768 — — — 245,768 5.9 %
Sunrise Senior Living85 230,936 — — — 230,936 5.6 %
Avir Health Group130 — — — 210,100 210,100 5.1 %
Oakmont Management Group69 178,696 — — — 178,696 4.3 %
Avery Healthcare95 99,104 77,352 — — 176,456 4.2 %
StoryPoint Senior Living109 167,564 — — — 167,564 4.0 %
HC One Ltd215 131,512 — — — 131,512 3.2 %
Sagora Senior Living73 116,264 — — — 116,264 2.8 %
Remaining1,147 1,129,708 269,444 116,192 365,964 1,881,308 45.2 %
Total2,534 $2,855,092 $612,740 $116,192 $576,064 $4,160,088 100.0 %
By Country:
United States1,611 $1,883,928 $233,268 $116,192 $569,464 $2,802,852 67.4 %
United Kingdom786 717,748 376,264 — — 1,094,012 26.3 %
Canada137 253,416 3,208 — 6,600 263,224 6.3 %
Total2,534 $2,855,092 $612,740 $116,192 $576,064 $4,160,088 100.0 %
By MSA:
Greater London143$182,044 $81,816 $— $— $263,860 6.3 %
Los Angeles52127,100 21,328 564 2,640 151,632 3.6 %
New York / New Jersey7097,988 20,196 12,088 16,128 146,400 3.5 %
Dallas8097,044 936 2,160 30,568 130,708 3.1 %
Houston5426,936 — 73,340 19,992 120,268 2.9 %
Montréal2684,604 — — — 84,604 2.0 %
Washington D.C.3262,740 6,288 — 13,408 82,436 2.0 %
Boston2668,548 11,888 184 — 80,620 1.9 %
San Francisco2357,004 11,164 — 2,492 70,660 1.7 %
Chicago3454,312 7,192 — — 61,504 1.5 %
Philadelphia3631,464 5,232 376 13,628 50,700 1.2 %
Tampa3114,256 2,448 928 26,952 44,584 1.1 %
Seattle2840,940 1,268 244 1,964 44,416 1.1 %
Raleigh1111,156 31,352 — — 42,508 1.0 %
Charlotte2320,332 10,328 10,548 — 41,208 1.0 %
San Antonio1924,564 920 488 15,208 41,180 1.0 %
San Diego1429,984 7,532 — 3,212 40,728 1.0 %
Cleveland2433,352 2,460 — 3,912 39,724 1.0 %
Pittsburgh2121,700 5,416 2,452 5,812 35,380 0.9 %
Minneapolis2134,148 — 548 — 34,696 0.8 %
Remaining1,766 1,734,876384,97612,272420,1482,552,27261.4 %
Total2,534 $2,855,092 $612,740 $116,192 $576,064 $4,160,088 100.0 %
Notes:
(1) Represents current quarter annualized In-Place NOI. See page 17 for reconciliation.
2
Portfolio

(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating
Total Portfolio Performance(1)
4Q241Q252Q253Q254Q25
Properties1,085 1,113 1,171 1,199 1,659 
Units118,818 124,742 129,758 131,792 160,218 
Total occupancy84.8 %85.1 %85.6 %86.9 %87.4 %
Total revenues$1,808,025 $1,901,227 $2,007,567 $2,109,690 $2,607,559 
Operating expenses1,366,423 1,410,579 1,464,457 1,530,131 1,902,889 
NOI$441,602 $490,648 $543,110 $579,559 $704,670 
NOI margin24.4 %25.8 %27.1 %27.5 %27.0 %
Recurring cap-ex$75,822 $68,359 $63,937 $78,803 $116,560 
Other cap-ex$188,301 $135,045 $118,646 $131,668 $166,439 

Same Store Performance(2)
4Q241Q252Q253Q254Q25
Properties875 875 875 875 875 
Units98,967 98,950 98,944 98,943 98,944 
Occupancy85.5 %86.2 %87.3 %88.6 %89.5 %
Same store revenues$1,429,732 $1,471,911 $1,504,244 $1,542,552 $1,566,559 
Compensation611,804 615,699 623,755 636,087 648,384 
Utilities62,769 71,222 59,911 69,320 65,421 
Food60,347 57,375 59,493 60,826 63,139 
Repairs and maintenance38,830 39,088 39,604 42,720 41,957 
Property taxes44,402 49,249 49,473 49,751 46,780 
All other221,926 218,172 224,307 225,227 231,695 
Same store operating expenses1,040,078 1,050,805 1,056,543 1,083,931 1,097,376 
Same store NOI$389,654 $421,106 $447,701 $458,621 $469,183 
Same store NOI margin %27.3 %28.6 %29.8 %29.7 %30.0 %
Year over year NOI growth rate20.4 %
Year over year revenue growth rate9.6 %
Partners(3)
PropertiesPro Rata Units
Welltower Ownership %(4)
Top Markets4Q25 NOI% of Total
Cogir Management Corporation182 27,604 94.0 %Greater London$51,536 7.3 %
Care UK168 10,751 100.0 %Southern California47,805 6.8 %
Sunrise Senior Living85 7,751 91.5 %Northern California34,649 4.9 %
Barchester111 6,811 100.0 %Dallas24,631 3.5 %
Oakmont Management Group69 6,911 100.0 %New York / New Jersey24,367 3.5 %
StoryPoint Senior Living109 11,079 94.7 %Montreal 21,269 3.0 %
HC One Ltd215 12,336 100.0 %Washington D.C.18,279 2.6 %
Sagora Senior Living73 8,476 100.0 %Boston17,049 2.4 %
Legend Senior Living59 5,060 87.7 %Chicago13,604 1.9 %
Avery Healthcare45 3,386 94.8 %Seattle10,591 1.5 %
Belmont Village21 2,803 95.0 %Top markets41,244 5.8 %
Discovery Senior Living75 6,011 57.7 %All other663,426 94.2 %
Quality Senior Living38 4,222 87.4 %Total$704,670 100.0 %
Axis Residential29 4,639 100.0 %
Remaining 370 41,951 
Total1,649 159,791 
Notes:
(1) Properties, units, occupancy and cap-ex exclude land parcels, properties under development/redevelopment, leased properties and nonoperational properties.
(2) See pages 17 and 18 for reconciliation.
(3) Represents partner concentration based on annualized In-Place NOI for the quarter ended December 31, 2025. Property count and pro rata units represent the In-Place portfolio.
(4) Welltower ownership percentage weighted based on In-Place NOI. See page 17 for reconciliation.

3
Portfolio

(dollars in thousands at Welltower pro rata ownership)
Payment Coverage Stratification
EBITDARM Coverage(1)
EBITDAR Coverage(1)
% of In-Place NOISeniors Housing Triple-netLong-Term/ Post- Acute CareTotalWeighted Average MaturityNumber of LeasesSeniors Housing Triple-netLong-Term/ Post- Acute CareTotalWeighted Average MaturityNumber of Leases
<.85x0.2 %0.1 %0.3 %8 3 0.2 %0.1 %0.3 %8 3 
.85x-.95x— %— %— %— — — %— %— %— — 
.95x-1.05x— %— %— %— — 0.4 %3.4 %3.8 %12 3 
1.05x-1.15x— %— %— %— — 0.6 %— %0.6 %8 3 
1.15x-1.25x0.3 %— %0.3 %5 1 4.6 %0.3 %4.9 %8 6 
1.25x-1.35x1.0 %1.3 %2.3 %9 3 1.1 %0.6 %1.7 %6 2 
>1.355.7 %4.8 %10.5 %10 22 0.3 %1.8 %2.1 %14 12 
Total7.2 %6.2 %13.4 %10 29 7.2 %6.2 %13.4 %10 29 
Revenue and Lease Maturity(2)
Rental Income
YearSeniors Housing
Triple-net		Outpatient MedicalLong-Term / Post-Acute CareInterest
Income		Total
Revenues		% of Total
2026$3,244 $2,581 $9,282 $75,751 $90,858 6.0 %
2027— 1,898 1,287 66,989 70,174 4.6 %
2028— 3,816 6,669 2,522 13,007 0.9 %
20291,115 5,317 — 4,297 10,729 0.7 %
203012,525 6,363 30,222 183 49,293 3.2 %
20316,752 4,991 4,630 216 16,589 1.1 %
203297,170 3,159 54,172 356 154,857 10.2 %
203363,400 959 1,070 — 65,429 4.3 %
2034433 4,127 — 274 4,834 0.3 %
203536,868 4,212 15,007 840 56,927 3.7 %
Thereafter381,817 80,999 450,735 75,408 988,959 65.0 %
$603,324 $118,422 $573,074 $226,836 $1,521,656 100.0 %
Weighted Avg Maturity Years15 12 16 8 14 
Notes:
(1) Represents trailing twelve month coverage metrics as of September 30, 2025 for stable portfolio only. Agreements included represent 47% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 17 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.
(2) Excludes all land parcels, developments and investments classified as held for sale, as well as Seniors Housing Triple-net and Long-Term / Post-Acute Care leases accounted for on a cash basis where substantially all contractual rental income during the most recent period was not collected. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non-cash income. Interest income represents the annualized contractual rate of interest for loans, net of collectability reserves, if applicable.




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)
4Q241Q252Q253Q254Q25
Properties429 433 434 437 194 
Square feet21,430,682 21,775,061 21,914,499 22,073,485 8,801,545 
Occupancy94.3 %94.5 %94.4 %94.2 %95.5 %
Total revenues$205,361 $214,693 $215,718 $219,238 $148,862 
Operating expenses61,392 66,804 65,197 65,851 45,000 
NOI$143,969 $147,889 $150,521 $153,387 $103,862 
NOI margin70.1 %68.9 %69.8 %70.0 %69.8 %
Revenues per square foot$38.33 $39.44 $39.37 $39.73 $67.65 
NOI per square foot$26.87 $27.17 $27.47 $27.80 $47.20 
Recurring cap-ex$11,029 $6,191 $13,221 $19,324 $4,298 
Other cap-ex$16,756 $9,742 $9,297 $14,051 $1,963 

Same Store Performance(2)
4Q241Q252Q253Q254Q25
Properties104 104 104 104 104 
Occupancy97.3 %97.2 %97.5 %97.6 %97.5 %
Same store revenues$27,460 $27,443 $27,732 $26,071 $27,459 
Same store operating expenses4,237 4,186 4,104 2,489 3,681 
Same store NOI$23,223 $23,257 $23,628 $23,582 $23,778 
NOI margin84.6 %84.7 %85.2 %90.5 %86.6 %
Year over year NOI growth rate2.4 %

Portfolio Diversification
by Tenant(3)
Rental Income% of TotalQuality Indicators
Kelsey-Seybold$73,348 61.9 %
Health system affiliated properties as % of NOI(3)
99.6 %
UnitedHealth15,356 13.0 %
Health system affiliated tenants as % of rental income(3)
91.6 %
Atrium Health10,456 8.8 %
Investment grade tenants as % of rental income(3)
91.0 %
Normal Regional Health1,333 1.1 %
Retention (trailing twelve months)(3)
85.8 %
Community Health Systems1,243 1.0 %
Average remaining lease term (years)(3)
11.8 
Remaining portfolio16,686 14.2 %
Average building size (square feet)(3)
70,997 
Total$118,422 100.0 %Average age (years)19 

Expirations(3)
20262027202820292030Thereafter
Occupied square feet103,031 73,139 143,266 198,607 272,024 3,232,891 
% of occupied square feet2.6 %1.8 %3.6 %4.9 %6.8 %80.3 %
Notes:
(1) Properties, square feet, occupancy and cap-ex exclude land parcels, properties under development/redevelopment and nonoperational properties. Per square foot amounts are annualized.
(2) Includes 104 same store properties representing 3,434,064 square feet. See pages 17 and 18 for reconciliation.
(3) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non-cash income. Retention includes month-to-month tenants retained.







5
Investment

(dollars in thousands at Welltower pro rata ownership)
Relationship Investment History
chart-f41b38145b494c8aad8.jpg
Detail of Acquisitions/JVs(1)
20212022202320241Q252Q253Q254Q2521-25 Total
Count35 27 52 54 26 16 1830276 
Total$4,101,534 $2,785,739 $4,222,706 $5,287,140 $2,612,747 $978,896 $1,351,102 $12,623,382 $35,314,348 
Low5,000 6,485 2,950 970 13,358 4,825 13,200 7,725 970 
Median45,157 66,074 65,134 39,863 54,794 50,994 38,440 72,835 51,850 
High1,576,642 389,149 644,443 936,814 990,908 296,300 397,335 6,644,176 6,644,176 

Investment Timing
Acquisitions and Loan Funding(2)
Yield
Construction Conversions(3)
Year 1 YieldDispositions and Loan RepaymentsYield
October$12,191,703 7.4 %$44,353 0.3 %$3,230,100 8.4 %
November666,949 7.5 %11,111 (5.8)%2,343,845 6.0 %
December951,139 7.2 %117,655 0.2 %1,881,397 6.4 %
Total$13,809,791 7.4 %$173,119 (0.2)%$7,455,342 7.1 %

Notes:
(1) Includes non-yielding asset acquisitions.
(2) Includes advances for non-real estate loans. Excludes land acquisitions and advances for development loans.
(3) Includes expansion conversions and excludes in substance real estate investments.
6
Investment
(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity
Fourth Quarter 2025
PropertiesBeds / Units / Square FeetInvestment Per
Bed / Unit /
SqFt		Pro Rata
Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating 55335,582 units$239,760 $8,531,155 
Seniors Housing Triple-net1569,962 units324,775 3,235,410 
Long-Term/Post-Acute Care444,584 beds188,647 864,756 
Loan funding1,178,470 
Total acquisitions and loan funding(2)
75313,809,791 7.4 %
Development Funding(3)
Development projects:
Seniors Housing Operating475,018units100,066 
Outpatient Medical——sf9,648 
Total development projects47109,714 
Redevelopment and expansion projects:
Seniors Housing Operating128units2,221 
Total development funding48111,935 9.8 %
Total gross investments13,921,726 7.8 %
Dispositions and Loan Repayments(4)
Seniors Housing Operating5224 units60,462 13,543 
Seniors Housing Triple-net15564 units123,404 69,600 
Outpatient Medical24413,586,796sf381 5,175,887 
Long-Term/Post-Acute Care394,971 beds168,220 836,222 
Loan repayments1,360,090 
Total dispositions and loan repayments(5)
3037,455,342 7.1 %
Net investments (dispositions)$6,466,384 

Notes:
(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP, for all consolidated and unconsolidated property acquisitions. Pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans. Includes acquisition of leaseholds and additional ownership interest in properties, which are both excluded from property, unit and per unit metrics.
(2) Acquisition yields represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Loan funding yield represents annualized contractual interest divided by investment amount.
(3) Amounts represent cash funded for all developments/expansions including construction in progress, loans and in substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.
(4) Amounts represent proceeds received for loan repayments and consolidated and unconsolidated property sales. Includes disposition of partial ownership interest in properties which are excluded from property, unit and per unit metrics. Other property dispositions include the sale of land parcels and nonoperational properties.
(5) Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds. Pro rata amounts include joint venture real estate loans receivable.
7
Investment
(dollars in thousands, except per bed / unit / square foot, at Welltower pro rata ownership)
Gross Investment Activity
Year-To-Date 2025
PropertiesBeds / Units / Square FeetInvestment Per
Bed / Unit /
SqFt		Pro Rata
Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating68153,327 units$207,215 $11,050,144 
Seniors Housing Triple-net17311,103 units320,892 3,562,864 
Outpatient Medical146,835 sf484 22,691 
Long-Term/Post-Acute Care16018,934 beds155,190 2,938,367 
Loan funding1,702,500 
Total acquisitions and loan funding(2)
1,01519,276,566 7.4 %
Development Funding(3)
Development projects:
Seniors Housing Operating587,432 units358,422 
Outpatient Medical7439,205 sf94,926 
Total development projects65453,348 
Redevelopment and expansion projects:
Seniors Housing Operating2427 units8,385 
Outpatient Medical——sf1,305 
Total redevelopment and expansion projects29,690 
Total development funding67463,038 8.1 %
Total gross investments19,739,604 7.4 %
Dispositions and Loan Repayments(4)
Seniors Housing Operating243,884 units55,984 217,443 
Seniors Housing Triple-net201,371 units181,692 249,100 
Outpatient Medical24513,642,382 sf381 5,197,950 
Long-Term/Post-Acute Care435,532 beds154,404 854,162 
Other property dispositions15,400 
Loan repayments1,689,555 
Total dispositions and loan repayments(5)
3328,223,610 7.3 %
Net investments (dispositions)$11,515,994 
Notes:
(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP, for all consolidated and unconsolidated property acquisitions. Pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans. Includes acquisition of leaseholds and additional ownership interest in properties, which are both excluded from property, unit and per unit metrics.
(2) Acquisition yields represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Loan funding yield represents annualized contractual interest divided by investment amount.
(3) Amounts represent cash funded for all developments/expansions including construction in progress, loans and in substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.
(4) Amounts represent proceeds received for loan repayments and consolidated and unconsolidated property sales. Includes disposition of partial ownership interest in properties which are excluded from property, unit and per unit metrics. Other property dispositions include the sale of land parcels and nonoperational properties.
(5) Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds. Pro rata amounts include joint venture real estate loans receivable.

8
Investment
(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
Projected Future Funding
ProjectsBeds / Units / Square Feet
Stable Yields(2)
2026 FundingFunding ThereafterTotal Unfunded CommitmentsCommitted Balances
Seniors Housing Operating424,08310.4 %$370,374 $195,763 $566,137 $1,343,206 

Development Project Conversion Estimates(1)
Quarterly ConversionsAnnual Conversions
Amount
Year 1 Yields(2)
Stable Yields(2)
Amount
Year 1 Yields(2)
Stable Yields(2)
1Q25 actual$302,507 3.5 %6.7 %2025 actual$1,207,115 1.3 %7.1 %
2Q25 actual459,9171.2 %6.9 %2026 estimate611,972 (0.8)%9.6 %
3Q25 actual260,558(0.2)%7.6 %2027 estimate486,984 (1.6)%11.2 %
4Q25 actual184,133(0.2)%7.3 %Thereafter estimate244,2501.7 %10.9 %
Total$1,207,115 1.3 %7.1 %Total$2,550,321 0.3 %8.8 %


Unstabilized Properties
9/30/2025 PropertiesStabilizations
Construction Conversions(1)
Acquisitions/ Dispositions12/31/2025 PropertiesBeds / Units
Seniors Housing Operating64(10)59 689,928
Seniors Housing Triple-net8(1)—— 7499
Total72(11)59 7510,427
Occupancy9/30/2025 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ DispositionsProgressions12/31/2025 Properties
0% - 50%31 (1)4 9 (11)32 
50% - 70%11 (2)1 — 10 20 
70% +30 (8)— — 1 23 
Total72 (11)5 9 — 75 
Occupancy12/31/2025 PropertiesMonths In OperationRevenues
% of Total Revenues(4)
Gross Investment Balance% of Total Gross Investment
0% - 50%32 8 $118,513 0.9 %$1,378,619 2.1 %
50% - 70%20 20 219,790 1.7 %917,406 1.4 %
70% +23 42 302,329 2.3 %1,165,876 1.8 %
Total75 22 $640,632 4.9 %$3,461,901 5.3 %
(1) Includes development projects (construction in progress, development loans and in substance real estate) and excludes expansion projects. Actual conversions exclude $206,183,000 of in substance real estate investment projects placed in service. Projects expected to be delivered in phases over multiple quarters are reflected in the last quarter.
(2) Actual yields may vary.
(3) Includes expansion and development loan conversions.
(4) Percent of total revenues based on current quarter annualized pro rata total revenues on page 11.
9
Financial

(dollars in thousands at Welltower pro rata ownership)
Components of NAV
Stabilized NOIPro rata beds/units/square feet
Seniors Housing Operating(1)
$2,855,092 159,791 units
Seniors Housing Triple-net612,740 28,895 units
Outpatient Medical116,192 4,150,913 square feet
Long-Term/Post-Acute Care576,064 41,339 beds
Total In-Place NOI(2)
4,160,088 
Incremental stabilized NOI(3)
159,235 
Total stabilized NOI$4,319,323 
Obligations
Lines of credit and commercial paper(4)
$— 
Senior unsecured notes(4)
16,451,346 
Secured debt(4)
3,564,334 
Financing lease liabilities544,901 
Total debt20,560,581 
Add (Subtract):
Other liabilities (assets), net(5)
729,212 
Cash and cash equivalents and restricted cash(5,243,581)
Net obligations$16,046,212 
Other Assets
Land parcels(6)
360,321 
Effective Interest Rate(9)
Real estate loans receivable(7)
3,174,141 9.0%
Non-real estate loans receivable(8)
200,469 10.3%
Joint venture real estate loans receivables(10)
227,755 5.7%
Property dispositions(11)
2,734,954 
Development properties:(12)
Current balance781,364 
Unfunded commitments578,736 
Committed balances$1,360,100 
Projected yield10.4 %
Projected NOI$141,450 
Common shares outstanding(13)
716,258 
Notes:
(1) Includes $10,266,000 attributable to our proportional share of income (loss) from unconsolidated management company investments.
(2) See page 17 for reconciliation.
(3) Represents incremental NOI from Seniors Housing Operating unstabilized properties.
(4) Represents principal amounts due and does not include unamortized premiums/discounts, deferred loan expenses or other fair value adjustments as reflected on the balance sheet. Includes $870,255,000 of foreign secured debt and $378,710,000 of foreign failed sale-leaseback financing obligations.
(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 $3,192,028,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, net of $17,887,000 of credit allowances.
(8) Represents $207,202,000 of non-real estate loans, net of $6,733,000 of credit allowances.
(9) Average cash-pay interest rates are 7.8%, 2.2% 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.
(12) Includes expansion projects. Includes partial conversions to date.
(13) Includes December 31, 2025 common shares, OP Units and DownREIT Units outstanding and the dilutive impact of exchangeable senior unsecured notes.
10
Financial
(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
4Q241Q252Q253Q254Q25
Revenues:
Seniors Housing Operating
Resident fees and services$1,805,306 $1,897,810 $2,003,039 $2,100,724 $2,588,078 
Other income2,719 3,417 4,528 8,966 19,481 
Total revenues1,808,025 1,901,227 2,007,567 2,109,690 2,607,559 
Seniors Housing Triple-net
Rental income58,918 103,399 104,360 99,423 167,485 
Interest income8,167 2,111 — — — 
Other income38 32 346 91 537 
Total revenues67,123 105,542 104,706 99,514 168,022 
Outpatient Medical
Rental income203,247 212,554 213,552 217,188 147,701 
Other income2,114 2,139 2,166 2,050 1,161 
Total revenues205,361 214,693 215,718 219,238 148,862 
Long-Term/Post-Acute Care
Rental income122,471 145,439 165,214 184,261 211,841 
Other income21 199 14 194 5 
Total revenues122,492 145,638 165,228 184,455 211,846 
Corporate
Interest income66,261 63,572 65,256 70,477 56,158 
Other income32,195 34,179 30,512 52,439 31,513 
Total revenues98,456 97,751 95,768 122,916 87,671 
Total
Resident fees and services1,805,306 1,897,810 2,003,039 2,100,724 2,588,078 
Rental income384,636 461,392 483,126 500,872 527,027 
Interest income74,428 65,683 65,256 70,477 56,158 
Other income37,087 39,966 37,566 63,740 52,697 
Total revenues2,301,457 2,464,851 2,588,987 2,735,813 3,223,960 
Property operating expenses:
Seniors Housing Operating1,366,423 1,410,579 1,464,457 1,530,131 1,902,889 
Seniors Housing Triple-net5,834 5,190 4,817 4,496 4,490 
Outpatient Medical61,392 66,804 65,197 65,851 45,000 
Long-Term/Post-Acute Care4,063 3,495 3,705 3,609 2,974 
Corporate6,385 4,054 4,740 6,025 6,261 
Total property operating expenses1,444,097 1,490,122 1,542,916 1,610,112 1,961,614 
Net operating income:
Seniors Housing Operating441,602 490,648 543,110 579,559 704,670 
Seniors Housing Triple-net61,289 100,352 99,889 95,018 163,532 
Outpatient Medical143,969 147,889 150,521 153,387 103,862 
Long-Term/Post-Acute Care118,429 142,143 161,523 180,846 208,872 
Corporate92,071 93,697 91,028 116,891 81,410 
Net operating income$857,360 $974,729 $1,046,071 $1,125,701 $1,262,346 

Note:
(1) Please see discussion of Supplemental Reporting Measures on page 16. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%.
11
Financial
(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
Twelve Months EndedThree Months Ended
December 31, 2025December 31, 2025
Net income (loss)$961,837 $117,767 
Interest expense651,955 203,784 
Income tax expense (benefit)(7,116)(4,985)
Depreciation and amortization2,084,868 594,151 
EBITDA3,691,544 910,717 
Loss (income) from unconsolidated entities14,297 (4,442)
Stock-based compensation1,555,858 1,507,748 
Loss (gain) on extinguishment of debt, net9,245 3,089 
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net(1,449,043)(1,378,391)
Impairment of assets121,283 45,924 
Provision for loan losses, net(9,416)(7,384)
Loss (gain) on derivatives and financial instruments, net22,407 (5,656)
Other expenses201,201 125,844 
Casualty losses, net of recoveries11,367 3,115 
Other impairment(2)
604 — 
Total adjustments477,803 289,847 
Adjusted EBITDA$4,169,347 $1,200,564 
Interest Coverage Ratios
Interest expense$651,955 $203,784 
Capitalized interest33,799 7,476 
Non-cash interest expense(51,629)(14,546)
Total interest$634,125 $196,714 
EBITDA$3,691,544 $910,717 
Interest coverage ratio5.82  x4.63  x
Adjusted EBITDA$4,169,347 $1,200,564 
Adjusted Interest coverage ratio6.57  x6.10  x
Fixed Charge Coverage Ratios
Total interest$634,125 $196,714 
Secured debt principal amortization64,408 16,698 
Total fixed charges$698,533 $213,412 
EBITDA$3,691,544 $910,717 
Fixed charge coverage ratio5.28  x4.27  x
Adjusted EBITDA$4,169,347 $1,200,564 
Adjusted Fixed charge coverage ratio5.97  x5.63  x
Net Debt to EBITDA Ratios
Total debt(3)
$19,737,446 
Less: cash and cash equivalents and restricted cash(5,209,539)
Net debt$14,527,907 
EBITDA Annualized$3,642,868 
Net debt to EBITDA ratio3.99  x
Adjusted EBITDA Annualized$4,802,256 
Net debt to Adjusted EBITDA ratio3.03  x
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 16.
(2) Represents the write-off of straight-line rent receivable and unamortized lease incentive balances related to leases placed on cash recognition.
(3) Includes unamortized premiums/discounts, other fair value adjustments, financing lease liabilities of $540,144,000 and failed sale-leaseback financing obligations of $378,710,000. Excludes operating lease liabilities of $1,642,849,000 related to ASC 842.
12
Financial
(in thousands except share price)
Leverage and Current Capitalization(1)
% of Total
Book capitalization
Lines of credit and commercial paper(2)
$— — %
Long-term debt obligations(2)(3)
19,737,446 34.18 %
Cash and cash equivalents and restricted cash(5,209,539)(9.02)%
Net debt to consolidated book capitalization$14,527,907 25.16 %
Total equity and noncontrolling interests(4)
43,202,939 74.84 %
Consolidated book capitalization$57,730,846 100.00 %
Joint venture debt, net(5)
537,643 
Total book capitalization$58,268,489 
Undepreciated book capitalization
Lines of credit and commercial paper(2)
$— — %
Long-term debt obligations(2)(3)
19,737,446 28.99 %
Cash and cash equivalents and restricted cash(5,209,539)(7.65)%
Net debt to consolidated undepreciated book capitalization$14,527,907 21.34 %
Accumulated depreciation and amortization10,350,621 15.20 %
Total equity and noncontrolling interests(4)
43,202,939 63.46 %
Consolidated undepreciated book capitalization$68,081,467 100.00 %
Joint venture debt, net(5)
537,643 
Total undepreciated book capitalization$68,619,110 
Enterprise value
Lines of credit and commercial paper(2)
$— — %
Long-term debt obligations(2)(3)
19,737,446 13.63 %
Cash and cash equivalents and restricted cash(5,209,539)(3.60)%
Net debt to consolidated enterprise value$14,527,907 10.03 %
Common shares outstanding696,507 
Period end share price185.61 
Common equity market capitalization$129,278,664 89.23 %
Noncontrolling interests(4)
1,073,441 0.74 %
Consolidated enterprise value$144,880,012 100.00 %
Joint venture debt, net(5)
537,643 
Total enterprise value$145,417,655 
Secured debt as % of total assets
Secured debt(2)
$2,813,780 3.62 %
Gross asset value(6)
$77,653,668 
Total debt as % of gross asset value
Total debt(2)(3)
$19,737,446 25.42 %
Gross asset value(6)
$77,653,668 
Unsecured debt as % of unencumbered assets
Unsecured debt(2)
$16,383,522 23.05 %
Unencumbered gross assets(7)
$71,085,327 
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 16.
(2) Amounts include unamortized premiums/discounts and other fair value adjustments as reflected on the balance sheet.
(3) Includes financing lease liabilities of $540,144,000 and failed sale-leaseback financing obligations of $378,710,000 and excludes operating lease liabilities of $1,642,849,000 related to ASC 842.
(4) Includes all noncontrolling interests (redeemable and permanent) as reflected on our balance sheet.
(5) Net of Welltower's share of unconsolidated debt and minority partners' share of Welltower consolidated debt.
(6) Gross asset value equals total assets plus accumulated depreciation as reflected on the balance sheet.
(7) Unencumbered gross assets equal gross asset value for consolidated properties that are not financed with secured debt.
13
Financial

(dollars in thousands)
Debt Maturities and Scheduled Principal Amortization(1)
Year
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3)
Consolidated Secured DebtNoncontrolling Interests' Share of Consolidated DebtShare of Unconsolidated Secured Debt
Combined Debt(4)
% of Total
Wtd. Avg. Interest Rate (5)
2026$— $2,703,561 $246,296 $(2,479)$30,570 $2,977,948 15.17 %4.22 %
2027— 1,901,060 355,635 (2,365)133,514 2,387,844 12.16 %3.87 %
2028— 2,539,475 191,638 (334)32,101 2,762,880 14.07 %3.84 %
2029— 2,159,899 420,896 (75,814)22,628 2,527,609 12.87 %3.43 %
2030— 1,750,000 158,629 (332)1,443 1,909,740 9.73 %3.86 %
2031— 1,350,000 59,561 (349)371,780 1,780,992 9.07 %3.48 %
2032— 1,050,000 71,215 (360)49,738 1,170,593 5.96 %3.49 %
2033— — 419,640 (36,872)658 383,426 1.95 %4.82 %
2034— 672,250 207,139 (8,193)688 871,884 4.44 %4.41 %
2035— 1,250,000 42,724 (561)22,325 1,314,488 6.69 %5.06 %
Thereafter— 1,150,000 399,707 (143)— 1,549,564 7.89 %5.02 %
Totals$— $16,526,245 $2,573,080 $(127,802)$665,445 $19,636,968 100.00 %
Weighted Avg. Interest Rate(5)
— %3.95 %4.06 %4.48 %5.34 %4.01 %
Weighted Avg. Maturity Years— 4.86.85.04.55.0
% Floating Rate Debt(5)
— %23.15 %9.26 %58.61 %0.05 %20.32 %

Debt by Local Currency(1)
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3)
Consolidated Secured DebtNoncontrolling Interests' Share of Consolidated DebtShare of Unconsolidated Secured Debt
Combined Debt(4)
Investment Hedges(6)
United States$— $12,709,899 $1,728,066 $(112,189)$624,591 $14,950,367 $— 
United Kingdom— 1,411,725 — — — 1,411,725 11,872,886 
Canada— 2,404,621 845,014 (15,613)40,854 3,274,876 6,220,269 
Totals$— $16,526,245 $2,573,080 $(127,802)$(127,802)$665,445 $19,636,968 $18,093,155 
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 December 31, 2025. The unsecured revolving credit facility is comprised of a $2,000,000,000 tranche that matures on July 24, 2029 and a $3,000,000,000 tranche that matures on July 24, 2028. The $3,000,000,000 tranche may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility.
(3) Senior Unsecured Notes include the following:
•2026 includes CAD $2,747,615,000 of unsecured term loans (approximately $2,003,561,000 USD at December 31, 2025) that mature on October 9, 2026, and bear interest at adjusted CORRA + 0.30%.
•2027 includes a $1,000,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $182,300,000 USD at December 31, 2025). The loans mature on July 19, 2026 . The interest rates on the loans are adjusted SOFR + 0.78% for USD and adjusted CORRA + 0.78% for CAD. Both term loans may be extended for two successive terms of six months at our option.
•2027 also includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $218,760,000 USD at December 31, 2025) that matures on January 15, 2027.
•2028 includes $1,035,000,000 of 2.75% exchangeable senior unsecured notes that mature on May 15, 2028 unless earlier exchanged, purchased or redeemed.
•2028 also includes £550,000,000 of 4.80% senior unsecured notes (approximately $739,475,000 USD at December 31, 2025). The notes mature on November 20, 2028.
•2029 includes $1,035,000,000 of 3.125% exchangeable senior unsecured notes that mature on July 15, 2029 unless earlier exchanged, purchased or redeemed.
•2034 includes £500,000,000 of 4.50% senior unsecured notes (approximately $672,250,000 USD at December 31, 2025). The notes mature on December 1, 2034.
(4) Excludes operating lease liabilities of $1,642,849,000, finance lease liabilities of $540,144,000, and failed sale-leaseback financing obligations of $378,710,000 related to ASC 842.
(5) Based on variable interest rates and foreign currency exchange rates in effect as of December 31, 2025. The interest rate on the unsecured revolving credit facility is adjusted SOFR + 0.705%. Commercial paper, senior notes and secured debt average interest rate represents the face value note rate. Includes the impact of notional swaps and caps to convert fixed rate debt to SOFR-based floating rate debt, and SOFR-based floating rate debt and CORRA-based floating rate debt to fixed rate debt.
(6) Represents notional value of foreign currency derivative contracts at end of period spot FX rates. The fair market value of the gains (losses) of these contracts is currently USD $(415,895,000), as represented in other assets (liabilities) on the balance sheet. We supplement our local currency debt with foreign currency derivative contracts to offset the translation and economic exposures related to our international investments. Currently, our foreign currency derivatives are comprised of cross-currency swaps.

14
Glossary
Age: Current year, less the year built, adjusted for major renovations. Average age is weighted by pro rata NOI.
Cap-ex, Tenant Improvements, Leasing Commissions: Represents amounts incurred for: 1) recurring and non-recurring capital expenditures required to maintain and re-tenant our properties; 2) second generation tenant improvements; and 3) leasing commissions paid to third party leasing agents to secure new tenants. Excludes sustainability investments.
Construction Conversion: Represents completed construction projects that were placed into service and began generating NOI.
EBITDAR: Earnings before interest, taxes, depreciation, amortization and rent. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDAR and has not independently verified the information.
EBITDAR Coverage: Represents the ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.
EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDARM and has not independently verified the information.
EBITDARM Coverage: Represents the ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations, assuming that management fees are not paid. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.
Health System - Affiliated: Outpatient medical properties are considered affiliated with a health system if one or more of the following conditions are met: 1) the land parcel is contained within the physical boundaries of a hospital campus; 2) the land parcel is located adjacent to the campus; 3) the building is physically connected to the hospital regardless of the land ownership structure; 4) a ground lease is maintained with a health system entity; 5) a master lease is maintained with a health system entity; 6) significant square footage is leased to a health system entity; 7) the property includes an ambulatory surgery center with a hospital partnership interest; or 8) a significant square footage is leased to a physician group that is either employed, directly or indirectly by a health system, or has a significant clinical and financial affiliation with the health system.
Long-Term/Post-Acute Care: Includes all skilled nursing, rehabilitation and long-term/post-acute care facilities where the majority of individuals require 24-hour nursing or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement and are subject to triple-net operating leases. Most of these facilities focus on higher acuity patients and offer rehabilitation units specializing in cardiac, orthopedic, dialysis, neurological or pulmonary rehabilitation.
MSA: For the United States and Canada, we use the Metropolitan Statistical Area as defined by the U.S. Census Bureau and the Census Metropolitan Areas as defined by Statistics Canada, respectively. For the United Kingdom, we generally use the Metro Region as defined by EuroStat with Greater London defined as a 55-mile radius around the city’s center.
Occupancy: Outpatient Medical occupancy represents the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. Occupancy for all other property types represents average quarterly operating occupancy based on the most recent quarter of available data and excludes properties that are unstabilized, closed or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy and has not independently verified the information. Occupancy metrics are reflected at our pro rata share.
Outpatient Medical: Outpatient medical buildings include properties offering ambulatory medical services such as primary and secondary care, outpatient surgery, diagnostic procedures and rehabilitation. These properties are typically affiliated with a health system and may be located on a hospital campus. They are specifically designed and constructed for use by healthcare professionals to provide services to patients. They also include medical office buildings that typically contain sole and group physician practices and may provide laboratory and other specialty services.
Seniors Housing Operating (SHO): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in the U.K. generally structured to take advantage of the REIT Investment Diversification and Empowerment Act of 2007, as well as Wellness Housing properties.
Seniors Housing Triple-net (SH-NNN): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in the U.K. subject to triple-net operating leases.
Square Feet: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards.
Stable: Generally, a triple-net rental property is considered stable (versus unstabilized or under development) when it has achieved EBITDAR coverage of 1.00x or greater for three consecutive months or, if targeted performance has not been achieved, 12 months following the budgeted stabilization date. Triple-net properties for which income is recognized on a cash basis and for which substantially all contractual rent during the period has not been collected are excluded from the stable portfolio. A Seniors Housing Operating facility is considered stable upon the earliest of 90% occupancy, NOI at or above the underwritten target or 12 months past the underwritten stabilization date. Excludes assets held for sale and assets disposed of during the current quarter.
Unstabilized: An acquisition that does not meet the stable criteria upon closing or a construction property that has opened but not yet reached stabilization.
15
Supplemental Reporting Measures

We believe that revenues and net income, as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider EBITDA, Adjusted EBITDA, RevPOR, ExpPOR, SS RevPOR, SS ExpPOR, NOI, In-Place NOI ("IPNOI") and Same Store NOI ("SSNOI") to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.
We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to managers, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent general overhead costs that are unrelated to property operations and are unallocable to the properties. These expenses include, but are not limited to, payroll and benefits related to corporate employees, professional services, office expenses and depreciation of corporate fixed assets. IPNOI represents cash NOI excluding interest income, other income and non-IPNOI and adjusted for timing of current quarter portfolio changes such as acquisitions, development conversions, segment transitions and dispositions. Properties classified as held for sale and leased properties are excluded from IPNOI. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and leased properties, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and UK properties using a consistent exchange rate. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI, IPNOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI, IPNOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our portfolio.
RevPOR represents the average revenues generated per occupied room per month and ExpPOR represents the average expenses per occupied room per month at our Seniors Housing Operating properties. These metrics are calculated as our pro rata share of total resident fees and services revenues or property operating expenses from the income statement, divided by average monthly occupied room days. SS RevPOR and SS ExpPOR are used to evaluate the RevPOR and ExpPOR performance of our properties under a consistent population, which eliminates changes in the composition of our portfolio. They are based on the same pool of properties used for SSNOI and include any revenue and expense normalizations used for SSNOI. We use RevPOR, ExpPOR, SS RevPOR and SS ExpPOR to evaluate the revenue-generating capacity and profit potential of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.
We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and restricted cash. We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The ratios are based on EBITDA and Adjusted EBITDA. EBITDA is defined as earnings (net income per income statement) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding unconsolidated entities and including adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/losses on disposition of properties and acquisitions of controlling interests, impairment of assets, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments deemed appropriate in management's opinion. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. We primarily use these measures to determine our interest coverage ratio, which represents EBITDA and Adjusted EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDA and Adjusted EBITDA divided by fixed charges. Fixed charges include total interest and secured debt principal amortization. Our leverage ratios include net debt to Adjusted EBITDA, book capitalization, undepreciated book capitalization and consolidated enterprise value. Book capitalization represents the sum of net debt (defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Consolidated enterprise value represents book capitalization adjusted for the fair market value of our common stock. Our leverage ratios are defined as the proportion of net debt to total capitalization.
Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management performance. None of the supplemental reporting measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Multi-period amounts may not equal the sum of the individual quarterly amounts due to rounding.
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Supplemental Reporting Measures
(dollars in thousands)
Non-GAAP Reconciliations
NOI Reconciliation4Q241Q252Q253Q254Q25
Net income (loss)$123,753 $257,266 $304,618 $282,186 $117,767 
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net(8,195)(51,777)(14,850)(4,025)(1,378,391)
Loss (income) from unconsolidated entities(6,429)(1,263)7,392 12,610 (4,442)
Income tax expense (benefit)114 (5,519)1,053 2,335 (4,985)
Other expenses34,405 14,060 16,598 44,699 125,844 
Impairment of assets23,647 52,402 19,876 3,081 45,924 
Provision for loan losses, net(245)(2,007)(1,113)1,088 (7,384)
Loss (gain) on extinguishment of debt, net— 6,156 w— — 3,089 
Loss (gain) on derivatives and financial instruments, net(9,102)(3,210)(409)31,682 (5,656)
General and administrative expenses48,707 63,758 64,175 63,124 1,557,378 
Depreciation and amortization480,406 485,869 495,036 509,812 594,151 
Interest expense154,469 144,962 141,157 162,052 203,784 
Consolidated net operating income841,530 960,697 1,033,533 1,108,644 1,247,079 
NOI attributable to unconsolidated investments(1)
31,158 28,316 26,069 29,337 26,430 
NOI attributable to noncontrolling interests(2)
(15,328)(14,284)(13,531)(12,280)(11,163)
Pro rata net operating income (NOI)(3)
$857,360 $974,729 $1,046,071 $1,125,701 $1,262,346 

In-Place NOI Reconciliation
At Welltower pro rata ownershipSeniors Housing OperatingSeniors Housing Triple-netOutpatient MedicalLong-Term
/Post-Acute Care		CorporateTotal
Revenues$2,607,559 $168,022 $148,862 $211,846 $87,671 $3,223,960 
Property operating expenses(1,902,889)(4,490)(45,000)(2,974)(6,261)(1,961,614)
NOI(3)
704,670 163,532 103,862 208,872 81,410 1,262,346 
Adjust:
Interest income— — — — (56,158)(56,158)
Other income(2,419)(537)(19)(5)(25,705)(28,685)
Sold / held for sale1,334 (1,000)(71,124)(25,877)— (96,667)
Nonoperational(4)
1,313 — 25 (323)— 1,015 
Non In-Place NOI(5)
(25,423)(26,426)(3,696)(38,750)453 (93,842)
Timing adjustments(6)
34,298 17,616 — 99 — 52,013 
Total adjustments9,103 (10,347)(74,814)(64,856)(81,410)(222,324)
In-Place NOI713,773 153,185 29,048 144,016 — 1,040,022 
Annualized In-Place NOI$2,855,092 $612,740 $116,192 $576,064 $— $4,160,088 
Same Store Property Reconciliation
Seniors Housing OperatingSeniors Housing
Triple-net		Outpatient MedicalLong-Term
/Post-Acute Care		Total
Total properties1,887 430 202 381 2,900 
Recent acquisitions and development conversions(7)
(586)(173)(8)(139)(906)
Under development(43)— — — (43)
Under redevelopment(8)
(2)— — (1)(3)
Current held for sale(13)(2)(82)(1)(98)
Land parcels, loans and leased properties(174)(4)(8)(30)(216)
Transitions(9)
(185)(4)— (24)(213)
Other(10)
(9)— — (2)(11)
Same store properties875 247 104 184 1,410 
Notes:
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Represents Welltower's pro rata share of NOI. See page 11 for more information.
(4) Primarily includes development properties and land parcels.
(5) Primarily represents non-cash NOI and NOI associated with leased properties.
(6) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions.
(7) Acquisitions and development conversions will enter the same store pool five full quarters after acquisition or certificate of occupancy.
(8) Redevelopment properties will enter the same store pool after five full quarters of operations post redevelopment completion.
(9) Transitioned properties will enter the same store pool after five full quarters of operations with the new operator in place or under the new structure.
(10) Represents properties that are either closed or being closed.
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Supplemental Reporting Measures
(dollars in thousands at Welltower pro rata ownership)
Same Store NOI Reconciliation4Q241Q252Q253Q254Q25Y/o/Y
Seniors Housing Operating
NOI$441,602 $490,648 $543,110 $579,559 $704,670 
Non-cash NOI on same store properties(1,963)(2,560)(1,443)(1,966)(2,010)
NOI attributable to non-same store properties(51,765)(68,597)(93,456)(116,010)(229,879)
Currency and ownership adjustments(1)
(594)1,369 (4,342)(5,627)(4,939)
Other normalizing adjustments(2)
2,374 246 3,832 2,665 1,341 
SSNOI389,654 421,106 447,701 458,621 469,183 20.4 %
Seniors Housing Triple-net
NOI61,289 100,352 99,889 95,018 163,532 
Non-cash NOI on same store properties(10,123)(9,328)(9,070)(7,881)(7,042)
NOI attributable to non-same store properties22,316 (17,100)(15,499)(10,825)(79,462)
Currency and ownership adjustments(1)
1,119 1,546 278 (1,241)(1,636)
Normalizing adjustments for joint venture recapitalization(3)
(1,349)(1,400)(1,400)(467)— 
Other normalizing adjustments(2)
— — — — (222)
SSNOI73,252 74,070 74,198 74,604 75,170 2.6 %
Outpatient Medical
NOI143,969 147,889 150,521 153,387 103,862 
Non-cash NOI on same store properties(2,706)(2,594)(2,521)(2,326)(2,239)
NOI attributable to non-same store properties(118,040)(122,027)(124,265)(127,459)(77,845)
Other normalizing adjustments(2)
— (11)(107)(20)— 
SSNOI23,223 23,257 23,628 23,582 23,778 2.4 %
Long-Term/Post-Acute Care
NOI118,429 142,143 161,523 180,846 208,872 
Non-cash NOI on same store properties(10,670)(12,007)(12,451)(12,181)(11,680)
NOI attributable to non-same store properties(35,971)(56,886)(75,831)(94,572)(122,038)
Currency and ownership adjustments(1)
552 150 91 83 56 
Normalizing adjustments for service agreement termination(4)
970 970 970 647 — 
SSNOI73,310 74,370 74,302 74,823 75,210 2.6 %
Corporate
NOI92,071 93,697 91,028 116,891 81,410 
NOI attributable to non-same store properties(92,071)(93,697)(91,028)(116,891)(81,410)
SSNOI— — — — — 
Total
NOI857,360 974,729 1,046,071 1,125,701 1,262,346 
Non-cash NOI on same store properties(25,462)(26,489)(25,485)(24,354)(22,971)
NOI attributable to non-same store properties(275,531)(358,307)(400,079)(465,757)(590,634)
Currency and ownership adjustments(1)
1,077 3,065 (3,973)(6,785)(6,519)
Normalizing adjustments, net1,995 (195)3,295 2,825 1,119 
SSNOI$559,439 $592,803 $619,829 $631,630 $643,341 15.0 %
Notes:
(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate UK properties at a GBP/USD rate of 1.23.
(2) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.
(3) Represents normalizing adjustment related to a joint venture recapitalization associated with one Seniors Housing Triple-net lease.
(4) Represents normalizing adjustment related to the termination of a service agreement related to one Long-Term/Post-Acute Care lease.
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Supplemental Reporting Measures

(dollars in thousands, except RevPOR, SS RevPOR and SSNOI/unit)
SHO RevPOR ReconciliationUnited StatesUnited KingdomCanadaTotal
Consolidated SHO revenues$1,575,369 $821,109 $178,899 $2,575,377 
Unconsolidated SHO revenues attributable to Welltower(1)
44,360 6,628 2,237 53,225 
SHO revenues attributable to noncontrolling interests(2)
(18,436)— (2,607)(21,043)
Pro rata SHO revenues(3)
1,601,293 827,737 178,529 2,607,559 
Non-cash and non-RevPOR revenues(4,134)(945)(177)(5,256)
Revenues attributable to non in-place properties(4,619)(199,564)— (204,183)
SHO local revenues1,592,540 627,228 178,352 2,398,120 
Average occupied units/month89,041 24,104 20,064 133,209 
RevPOR/month in USD$5,913 $8,603 $2,939 $5,952 
RevPOR/month in local currency(4)
£6,994 $4,199 

Reconciliations of SHO SS RevPOR Growth, SSNOI Growth and SSNOI/Unit
United StatesUnited KingdomCanadaTotal
4Q244Q254Q244Q254Q244Q254Q244Q25
SHO SS RevPOR Growth
Consolidated SHO revenues$1,308,177 $1,575,369 $324,638 $821,109 $131,514 $178,899 $1,764,329 $2,575,377 
Unconsolidated SHO revenues attributable to WELL(1)
33,920 44,360 4,148 6,628 28,054 2,237 66,122 53,225 
SHO revenues attributable to noncontrolling interests(2)
(20,079)(18,436)— — (2,347)(2,607)(22,426)(21,043)
SHO pro rata revenues(3)
1,322,018 1,601,293 328,786 827,737 157,221 178,529 1,808,025 2,607,559 
Non-cash and non-RevPOR revenues on same store properties(2,292)(2,769)(14)(6)(208)(222)(2,514)(2,997)
Revenues attributable to non-same store properties(197,586)(362,976)(145,291)(619,462)(29,621)(37,765)(372,498)(1,020,203)
Currency and ownership adjustments(4)
5,875 751 (7,333)(15,706)(2,495)(3,403)(3,953)(18,358)
SHO SS RevPOR revenues(5)
$1,128,015 $1,236,299 $176,148 $192,563 $124,897 $137,139 $1,429,060 $1,566,001 
Avg. occupied units/month(6)
63,608 66,733 6,332 6,577 14,680 15,223 84,620 88,533 
SHO SS RevPOR(7)
$5,863 $6,125 $9,197 $9,680 $2,813 $2,978 $5,583 $5,848 
SS RevPOR YOY growth4.5 %5.3 %5.9 %4.7 %
SHO SSNOI Growth
Consolidated SHO NOI$319,413 $465,091 $65,879 $169,281 $45,397 $63,561 $430,689 $697,933 
Unconsolidated SHO NOI attributable to WELL(1)
11,658 17,581 865 1,485 10,759 1,026 23,282 20,092 
SHO NOI attributable to noncontrolling interests(2)
(11,308)(12,138)— — (1,061)(1,215)(12,369)(13,353)
SHO pro rata NOI(3)
319,763 470,534 66,744 170,766 55,095 63,372 441,602 704,672 
Non-cash NOI on same store properties(1,839)(1,998)(124)(12)— — (1,963)(2,010)
NOI attributable to non-same store properties(20,453)(101,029)(20,575)(115,534)(10,737)(13,316)(51,765)(229,879)
Currency and ownership adjustments(4)
2,113 387 (1,841)(4,162)(866)(1,164)(594)(4,939)
Other normalizing adjustments(8)
3,197 1,183 — — (823)158 2,374 1,341 
SHO pro rata SSNOI(5)
$302,781 $369,077 $44,204 $51,058 $42,669 $49,050 $389,654 $469,185 
SHO SSNOI growth21.9 %15.5 %15.0 %20.4 %
SHO SSNOI/Unit
Trailing four quarters' SSNOI(5)
$1,404,675 $198,219 $193,717 $1,796,611 
Average units in service(9)
74,987 7,516 16,442 98,945 
SSNOI/unit in USD$18,732 $26,373 $11,782 $18,158 
SSNOI/unit in local currency(4)
£21,441 $16,831 
Notes:
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See page 11 for more information.
(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate UK properties at a GBP/USD rate of 1.23.
(5) Represents SS SHO RevPOR revenues/SSNOI at Welltower pro rata ownership. See page 18 for more information.
(6) Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.
(7) Represents pro rata SS average revenues generated per occupied room per month.
(8) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.
(9) Represents average units in service for SS properties related solely to referenced country on a pro rata basis.
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Forward-Looking Statement and Risk Factors
Forward-Looking Statements and Risk Factors
This document contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "pro forma," "estimate" or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower's actual results to differ materially from Welltower's expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the impact of macroeconomic and geopolitical developments, including economic downturns, elevated inflation and interest rates, political or social conflict, unrest or violence or similar events; the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the healthcare industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements, public perception of the healthcare industry and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the healthcare and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower's ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters, public health emergencies and extreme weather affecting Welltower's properties; Welltower's ability to re-lease space at similar rates as vacancies occur; Welltower's ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower's properties; changes in rules or practices governing Welltower's financial reporting; the movement of U.S. and foreign currency exchange rates and changes to U.S. and global monetary, fiscal or trade policies; Welltower's approach to artificial intelligence; Welltower's ability to maintain its qualification as a REIT; key management personnel recruitment and retention; and other risks described in Welltower's reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.
Additional Information
The information in this supplemental information package should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings press release dated February 10, 2026 and other information filed with, or furnished to, the SEC. The Supplemental Reporting Measures and reconciliations of Non-GAAP measures are an integral part of the information presented herein.
You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.welltower.com as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC's website at http://www.sec.gov. We routinely post important information on our website at www.welltower.com in the “Investors” section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading "Investors." Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the SEC. The information on or connected to our website is not, and shall not be deemed to be, a part of, or incorporated into this supplemental information package.
About Welltower
Welltower Inc. (NYSE: WELL), an S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio of 2,500+ seniors and wellness housing communities are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micromarkets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly-aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star. More information is available at www.welltower.com.
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