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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 Operating171,994 202,48033,10656,24283,84128,509782
Seniors Housing Triple-net2442728,732—1,93719,1157,488192
Outpatient Medical111278,666,907(2)n/an/an/an/an/a
Long-Term/Post-Acute Care35402 47,684—45947—46,692
Total202,950

NOI Performance
Same Store(3)
In-Place Portfolio(4)
Properties2Q25 NOI2Q26 NOI% ChangePropertiesAnnualized
In-Place NOI		% of Total
Seniors Housing Operating980$485,303 $584,770 20.5 %1,751$3,402,972 69.9 %
Seniors Housing Triple-net25878,281 82,349 5.2 %424623,896 12.8 %
Outpatient Medical8926,305 26,945 2.4 %93116,848 2.4 %
Long-Term/Post-Acute Care241103,395106,431 2.9 %399721,952 14.9 %
Total1,568$693,284 $800,495 15.5 %2,667$4,865,668 100.0 %

Portfolio PerformanceFacility Revenue Mix
Stable Portfolio(5)
Occupancy
EBITDAR Coverage(6)
EBITDARM Coverage(6)
Private PayMedicaidMedicare
Other Government(7)
Seniors Housing Operating88.8 %n/an/a93.0 %0.7 %0.2 %6.2 %
Seniors Housing Triple-net84.7 %1.231.4685.2 %2.1 %0.1 %12.5 %
Outpatient Medical97.0 %n/an/a100.0 %— — — 
Long-Term/Post-Acute Care81.5 %1.301.6524.8 %48.7 %26.7 %— %
Total1.271.5689.0 %3.3 %1.6 %6.1 %
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 June 30, 2026 for Seniors Housing Operating and Outpatient Medical and March 31, 2026 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
Barchester264 $237,988 $263,480 $— $— $501,468 10.3 %
Cogir Senior Living181 416,724 — — — 416,724 8.6 %
Avir Health Group173 — — — 297,176 297,176 6.1 %
Care UK168 248,860 — — — 248,860 5.1 %
Oakmont Management Group77 244,068 — — — 244,068 5.0 %
Sunrise Senior Living71 237,068 — — — 237,068 4.9 %
StoryPoint Senior Living136 208,696 — — — 208,696 4.3 %
Avery Healthcare95 108,584 79,092 — — 187,676 3.9 %
Amica Senior Lifestyles33 148,176 — — — 148,176 3.0 %
HC-One214 140,744 — — — 140,744 2.9 %
Remaining1,255 1,412,064 281,324 116,848 424,776 2,235,012 45.9 %
Total2,667 $3,402,972 $623,896 $116,848 $721,952 $4,865,668 100.0 %
By Country:
United States1,708 $2,190,560 $238,860 $116,848 $721,952 $3,268,220 67.2 %
United Kingdom795 768,172 385,036 — — 1,153,208 23.7 %
Canada164 444,240 — — — 444,240 9.1 %
Total2,667 $3,402,972 $623,896 $116,848 $721,952 $4,865,668 100.0 %
By MSA:
Greater London140$184,336 $77,860 $— $— $262,196 5.4 %
New York / New Jersey74120,052 24,508 12,132 27,036 183,728 3.8 %
Dallas91110,328 968 1,168 57,244 169,708 3.5 %
Los Angeles50138,540 19,576 380 3,420 161,916 3.3 %
Houston5827,888 — 74,092 27,708 129,688 2.7 %
Washington D.C.3380,812 6,628 — 16,932 104,372 2.1 %
Montréal2698,644 — — — 98,644 2.0 %
San Francisco2385,228 6,644 — 3,912 95,784 2.0 %
Toronto2891,352 — — — 91,352 1.9 %
Boston2775,728 14,460 212 — 90,400 1.9 %
Philadelphia4544,892 5,476 456 25,800 76,624 1.6 %
Chicago3668,408 7,156 — — 75,564 1.6 %
Vancouver1152,596 — — — 52,596 1.1 %
Seattle2549,408 1,268 384 — 51,060 1.0 %
Denver1444,928 — — 2,656 47,584 1.0 %
San Antonio1823,992 952 260 19,484 44,688 0.9 %
Charlotte2520,448 10,572 10,688 — 41,708 0.9 %
Minneapolis2341,120 — 560 — 41,680 0.9 %
San Diego1429,884 7,528 — 3,160 40,572 0.8 %
Raleigh1010,480 29,880 — — 40,360 0.8 %
Remaining1,896 2,003,908410,42016,516534,6002,965,44460.8 %
Total2,667 $3,402,972 $623,896 $116,848 $721,952 $4,865,668 100.0 %
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)
2Q253Q254Q251Q262Q26
Properties1,171 1,199 1,659 1,689 1,770 
Units129,758 131,792 160,218 163,618 172,155 
Total occupancy85.6 %86.9 %87.4 %87.3 %87.6 %
Total revenues$2,007,567 $2,109,690 $2,607,559 $2,823,788 $3,031,636 
Operating expenses1,464,457 1,530,131 1,902,889 2,042,868 2,158,746 
NOI$543,110 $579,559 $704,670 $780,920 $872,890 
NOI margin27.1 %27.5 %27.0 %27.7 %28.8 %
Recurring cap-ex$63,937 $78,803 $116,560 $67,924 $98,871 
Other cap-ex$118,646 $131,668 $166,439 $165,031 $186,866 

Same Store Performance(2)
2Q253Q254Q251Q262Q26
Properties980 980 980 980 980 
Units112,409 112,411 112,415 112,365 112,241 
Occupancy86.1 %87.6 %88.6 %88.8 %89.4 %
Same store revenues$1,668,269 $1,711,179 $1,741,974 $1,786,385 $1,820,945 
Compensation699,255 711,505 723,987 721,267 730,982 
Utilities68,322 78,157 75,106 83,159 71,897 
Food66,778 68,536 70,975 66,948 68,931 
Repairs and maintenance44,975 48,104 47,376 47,479 47,578 
Property taxes56,277 56,158 52,557 57,615 56,968 
All other247,359 248,281 256,089 255,620 259,819 
Same store operating expenses1,182,966 1,210,741 1,226,090 1,232,088 1,236,175 
Same store NOI$485,303 $500,438 $515,884 $554,297 $584,770 
Same store NOI margin %29.1 %29.2 %29.6 %31.0 %32.1 %
Year over year NOI growth rate20.5 %
Year over year revenue growth rate9.2 %
Partners(3)
PropertiesPro Rata Units
Welltower Ownership %(4)
Top Markets2Q26 NOI% of Total
Cogir Senior Living181 27,389 94.7 %Greater London$52,431 6.0 %
Care UK168 10,780 100.0 %Southern California52,127 6.0 %
Oakmont Management Group77 7,789 100.0 %Northern California47,800 5.5 %
Barchester114 7,006 100.0 %New York / New Jersey29,925 3.4 %
Sunrise Senior Living71 6,460 90.8 %Dallas27,978 3.2 %
StoryPoint Senior Living136 13,343 91.4 %Montréal24,812 2.8 %
Amica Senior Lifestyles33 4,914 100.0 %Toronto24,190 2.8 %
HC-One214 12,296 100.0 %Washington D.C.23,073 2.6 %
Legend Senior Living64 5,416 83.5 %Boston18,808 2.2 %
Sagora Senior Living71 8,172 100.0 %Chicago17,051 2.0 %
Avery Healthcare45 3,377 93.8 %Top markets318,195 36.5 %
Belmont Village21 2,803 95.0 %All other554,695 63.5 %
Clover Management69 7,811 94.4 %Total$872,890 100.0 %
Discovery Senior Living72 5,755 58.1 %
Remaining 415 47,517 
Total1,751 170,828 
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 June 30, 2026. 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
<.85x0.1 %— %0.1 %10 2 0.1 %0.1 %0.2 %11 3 
.85x-.95x— %0.1 %0.1 %13 1 — %— %— %— — 
.95x-1.05x— %— %— %— — 0.4 %3.1 %3.5 %14 4 
1.05x-1.15x— %— %— %— — 0.8 %— %0.8 %12 4 
1.15x-1.25x0.3 %1.8 %2.1 %17 2 3.9 %1.7 %5.6 %9 5 
1.25x-1.35x1.1 %0.2 %1.3 %14 4 — %1.1 %1.1 %15 2 
>1.355.1 %6.7 %11.8 %10 24 1.4 %2.8 %4.2 %12 15 
Total6.6 %8.8 %15.4 %12 33 6.6 %8.8 %15.4 %12 33 
Revenue and Lease Maturity(2)
Rental Income
YearSeniors Housing
Triple-net		Outpatient MedicalLong-Term / Post-Acute CareInterest
Income		Total
Revenues		% of Total
2026$— $1,409 $— $29,212 $30,621 1.7 %
2027— 1,522 1,311 65,663 68,496 3.8 %
2028— 3,200 6,669 2,464 12,333 0.7 %
20291,115 5,053 — 105,689 111,857 6.3 %
203012,525 5,957 30,640 4,007 53,129 3.0 %
2031— 4,974 4,686 13,350 23,010 1.3 %
203299,706 3,104 55,255 359 158,424 8.9 %
2033— 849 1,911 — 2,760 0.2 %
2034433 4,059 — 274 4,766 0.3 %
203536,924 5,331 15,307 1,066 58,628 3.3 %
Thereafter458,881 87,294 611,282 98,632 1,256,089 70.5 %
$609,584 $122,752 $727,061 $320,716 $1,780,113 100.0 %
Weighted Avg Maturity Years17 12 17 8 15 
Notes:
(1) Represents trailing twelve month coverage metrics as of March 31, 2026 for stable portfolio only. Agreements included represent 54% 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)
2Q253Q254Q251Q262Q26
Properties434 437 194 135 121 
Square feet21,914,499 22,073,485 8,801,545 5,576,683 4,754,231 
Occupancy94.4 %94.2 %95.5 %96.9 %97.0 %
Total revenues$215,718 $219,238 $148,862 $76,524 $51,449 
Operating expenses65,197 65,851 45,000 20,184 9,934 
NOI$150,521 $153,387 $103,862 $56,340 $41,515 
NOI margin69.8 %70.0 %69.8 %73.6 %80.7 %
Revenues per square foot$39.37 $39.73 $67.65 $54.89 $43.29 
NOI per square foot$27.47 $27.80 $47.20 $40.41 $34.93 
Recurring cap-ex$13,221 $19,324 $4,298 $1,550 $620 
Other cap-ex$9,297 $14,051 $1,963 $920 $317 

Same Store Performance(2)
2Q253Q254Q251Q262Q26
Properties89 89 89 89 89 
Occupancy97.9 %98.0 %97.9 %97.9 %98.0 %
Same store revenues$29,952 $28,299 $29,727 $30,246 $30,600 
Same store operating expenses3,647 1,977 3,237 3,655 3,655 
Same store NOI$26,305 $26,322 $26,490 $26,591 $26,945 
NOI margin87.8 %93.0 %89.1 %87.9 %88.1 %
Year over year NOI growth rate2.4 %

Portfolio Diversification
by Tenant(3)
Rental Income% of TotalQuality Indicators
Kelsey-Seybold$74,431 60.6 %
Health system affiliated properties as % of NOI(3)
99.7 %
UnitedHealth15,494 12.6 %
Health system affiliated tenants as % of rental income(3)
93.5 %
Atrium Health10,662 8.7 %
Investment grade tenants as % of rental income(3)
94.7 %
Norman Regional Health6,879 5.6 %
Retention (trailing twelve months)(3)
92.8 %
Baylor Scott & White Health 2,260 1.8 %
Average remaining lease term (years)(3)
11.8 
Remaining portfolio13,026 10.7 %
Average building size (square feet)(3)
75,866 
Total$122,752 100.0 %Average age (years)11 

Expirations(3)
20262027202820292030Thereafter
Occupied square feet62,482 60,858 127,940 187,499 258,280 3,321,663 
% of occupied square feet1.6 %1.5 %3.2 %4.7 %6.4 %82.6 %
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 89 same store properties representing 3,672,588 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 Historychart-588d102f2f3a47c4839.jpg
Detail of Acquisitions/JVs(1)
20222023202420251Q262Q2622-26 Total
Count27 52 54 90 34 29286 
Total$2,785,739 $4,222,706 $5,287,140 $17,566,127 $1,374,866 $5,857,131 $37,093,709 
Low6,485 2,950 970 4,825 259 3,198 259 
Median66,074 65,134 39,863 52,894 26,904 46,000 48,000 
High389,149 644,443 936,814 6,644,176 206,230 2,629,178 6,644,176 

Investment Timing
Acquisitions and Loan Funding(2)
Yield
Construction Conversions(3)
Year 1 YieldDispositions and Loan RepaymentsYield
April$4,113,786 5.7 %$32,985 (3.1)%$499,076 6.0 %
May1,209,224 8.0 %29,195 (2.7)%45,555 12.4 %
June902,672 5.1 %112,605 (1.5)%298,089 5.7 %
Total$6,225,682 6.0 %$174,785 (2.0)%$842,720 6.2 %

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
Second Quarter 2026
PropertiesBeds / Units / Square FeetInvestment Per
Bed / Unit /
SqFt		Pro Rata
Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating 759,711 units$435,406 $4,273,956 
Seniors Housing Triple-net1112 units338,420 37,903 
Long-Term/Post-Acute Care627,763 beds191,742 1,545,272 
Loan funding368,551 
Total acquisitions and loan funding(2)
1386,225,682 6.0 %
Development Funding(3)
Development projects:
Seniors Housing Operating444,329units78,338 
Outpatient Medical——sf49 
Total development projects4478,387 
Redevelopment and expansion projects:
Seniors Housing Operating290units2,687 
Total development funding4681,074 7.8 %
Total gross investments6,306,756 6.0 %
Dispositions and Loan Repayments(4)
Seniors Housing Operating252 units258,974 14,840 
Seniors Housing Triple-net2194 units185,825 36,050 
Outpatient Medical14844,403sf665 561,243 
Long-Term/Post-Acute Care2434 beds315,832 75,800 
Loan repayments154,787 
Total dispositions and loan repayments(5)
20842,720 6.2 %
Net investments (dispositions)$5,464,036 

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.
(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 2026
PropertiesBeds / Units / Square FeetInvestment Per
Bed / Unit /
SqFt		Pro Rata
Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating10713,816 units$381,405 $5,343,558 
Seniors Housing Triple-net7526 units329,156 173,136 
Outpatient Medical1134,307 sf729 97,919 
Long-Term/Post-Acute Care637,879 beds190,119 1,617,384 
Loan funding2,209,045 
Total acquisitions and loan funding(2)
1789,441,042 6.6 %
Development Funding(3)
Development projects:
Seniors Housing Operating484,874 units141,404 
Outpatient Medical—— sf8,340 
Total development projects48149,744 
Redevelopment and expansion projects:
Seniors Housing Operating290 units5,014 
Total redevelopment and expansion projects25,014 
Total development funding50154,758 6.3 %
Total gross investments9,595,800 6.6 %
Dispositions and Loan Repayments(4)
Seniors Housing Operating6269 units100,659 28,451 
Seniors Housing Triple-net4301 units135,714 40,850 
Outpatient Medical744,237,583 sf454 1,925,376 
Long-Term/Post-Acute Care354,956 beds121,105 600,197 
Loan repayments1,027,391 
Total dispositions and loan repayments(5)
1193,622,265 7.3 %
Net investments (dispositions)$5,973,535 
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.
(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 Operating404,06110.5 %$294,799 $441,156 $735,955 $1,440,775 

Development Project Conversion Estimates(1)
Quarterly ConversionsAnnual Conversions
Amount
Year 1 Yields(2)
Stable Yields(2)
Amount
Year 1 Yields(2)
Stable Yields(2)
1Q26 actual$68,348 (1.2)%10.0 %2026 actual$243,133 (1.8)%10.1 %
2Q26 actual174,785(2.0)%10.2 %2026 estimate305,045 (1.0)%10.8 %
3Q26 estimate129,315(1.2)%10.3 %2027 estimate467,069 (0.9)%8.9 %
4Q26 estimate175,730(0.8)%11.1 %Thereafter estimate668,6610.4 %11.5 %
Total$548,178 (1.3)%10.5 %Total$1,683,908 (0.5)%10.4 %


Unstabilized Properties
3/31/2026Stabilizations
Construction Conversions(1)
Acquisitions/ Dispositions6/30/2026Beds / Units
Seniors Housing Operating67(7)4— 648,910
Seniors Housing Triple-net7— —— 7499
Total74(7)4— 719,409
Occupancy3/31/2026Stabilizations
Construction Conversions(3)
Acquisitions/ DispositionsProgressions6/30/2026
0% - 50%28 — 4 — (5)27 
50% - 70%24 — — — (3)21 
70% +22 (7)— — 8 23 
Total74 (7)4 — — 71 
Occupancy6/30/2026Months In OperationRevenues
% of Total Revenues(4)
Gross Investment Balance% of Total Gross Investment
0% - 50%27 10 $108,383 0.8 %$1,044,956 1.5 %
50% - 70%21 24 229,741 1.6 %1,157,874 1.6 %
70% +23 33 290,576 2.0 %1,077,583 1.5 %
Total71 22 $628,701 4.4 %$3,280,413 4.6 %
(1) Includes development projects (construction in progress, development loans and in substance real estate) and excludes expansion projects. Projects expected to be delivered in phases over multiple quarters are reflected in the last quarter.
(2) Actual yields may vary.
(3) Includes expansion and development loan conversions.
(4) Percent of total revenues based on current quarter annualized pro rata total revenues on page 11.
9
Financial

(dollars in thousands at Welltower pro rata ownership)
Components of NAV
Stabilized NOIPro rata beds/units/square feet
Seniors Housing Operating(1)
$3,402,972 170,828 units
Seniors Housing Triple-net623,896 28,649 units
Outpatient Medical116,848 4,130,660 square feet
Long-Term/Post-Acute Care721,952 47,408 beds
Total In-Place NOI(2)
4,865,668 
Incremental stabilized NOI(3)
152,032 
Total stabilized NOI$5,017,700 
Obligations
Lines of credit and commercial paper(4)
$— 
Senior unsecured notes(4)
14,280,506 
Secured debt(4)
4,210,090 
Financing lease liabilities497,063 
Total debt18,987,659 
Add (Subtract):
Other liabilities (assets), net(5)
379,744 
Cash and cash equivalents and restricted cash(2,134,589)
Net obligations$17,232,814 
Other Assets
Land parcels(6)
637,295 
Effective Interest Rate(9)
Real estate loans receivable(7)
4,341,954 8.5%
Non-real estate loans receivable(8)
230,250 9.9%
Joint venture real estate loans receivables(10)
225,578 5.7%
Property dispositions(11)
798,541 
Development properties:(12)
Current balance713,974 
Unfunded commitments755,599 
Committed balances$1,469,573 
Projected yield10.5 %
Projected NOI$154,305 
Common shares outstanding(13)
740,776 
Notes:
(1) Includes $17,900,000 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 $1,526,713,000 of foreign secured debt and $372,646,000 of financing obligations related to sale-leaseback transactions that did not qualify for sale accounting.
(5) Includes liabilities / (assets) that impact cash or NOI and excludes non-real estate loans and non-cash items such as straight-line rent receivable, unearned revenues, intangible assets and above/below market lease intangibles.
(6) Includes land parcels and predevelopment projects.
(7) Represents $4,363,887,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, net of $21,933,000 of credit allowances.
(8) Represents $236,817,000 of non-real estate loans, net of $6,567,000 of credit allowances.
(9) Average cash-pay interest rates are 7.8%, 2.9% 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 June 30, 2026 common shares, OP Units and Exchangeable 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)
2Q253Q254Q251Q262Q26
Revenues:
Seniors Housing Operating
Resident fees and services$2,003,039 $2,100,724 $2,588,078 $2,814,403 $3,021,127 
Other income4,528 8,966 19,481 9,385 10,509 
Total revenues2,007,567 2,109,690 2,607,559 2,823,788 3,031,636 
Seniors Housing Triple-net
Rental income104,360 99,423 167,485 191,086 197,010 
Other income346 91 537 40 47 
Total revenues104,706 99,514 168,022 191,126 197,057 
Outpatient Medical
Rental income213,552 217,188 147,701 75,430 50,630 
Other income2,166 2,050 1,161 1,094 819 
Total revenues215,718 219,238 148,862 76,524 51,449 
Long-Term/Post-Acute Care
Rental income165,214 184,261 211,841 191,595 216,665 
Interest income— — — 8,077 — 
Other income14 194 5 192 5 
Total revenues165,228 184,455 211,846 199,864 216,670 
Corporate
Interest income65,256 70,477 56,158 85,414 89,139 
Other income30,512 52,439 31,513 41,225 17,804 
Total revenues95,768 122,916 87,671 126,639 106,943 
Total
Resident fees and services2,003,039 2,100,724 2,588,078 2,814,403 3,021,127 
Rental income483,126 500,872 527,027 458,111 464,305 
Interest income65,256 70,477 56,158 93,491 89,139 
Other income37,566 63,740 52,697 51,936 29,184 
Total revenues2,588,987 2,735,813 3,223,960 3,417,941 3,603,755 
Property operating expenses:
Seniors Housing Operating1,464,457 1,530,131 1,902,889 2,042,868 2,158,746 
Seniors Housing Triple-net4,817 4,496 4,490 4,827 4,507 
Outpatient Medical65,197 65,851 45,000 20,184 9,934 
Long-Term/Post-Acute Care3,705 3,609 2,974 2,893 2,753 
Corporate4,740 6,025 6,261 14,208 6,511 
Total property operating expenses1,542,916 1,610,112 1,961,614 2,084,980 2,182,451 
Net operating income:
Seniors Housing Operating543,110 579,559 704,670 780,920 872,890 
Seniors Housing Triple-net99,889 95,018 163,532 186,299 192,550 
Outpatient Medical150,521 153,387 103,862 56,340 41,515 
Long-Term/Post-Acute Care161,523 180,846 208,872 196,971 213,917 
Corporate91,028 116,891 81,410 112,431 100,432 
Net operating income$1,046,071 $1,125,701 $1,262,346 $1,332,961 $1,421,304 

Note:
(1) Please see discussion of Supplemental Reporting Measures on page 16. Includes amounts from investments sold or held for sale. NOI related to OP Unit and DownREIT ownership included at 100%.
11
Financial
(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
Twelve Months EndedThree Months Ended
June 30, 2026June 30, 2026
Net income (loss)$1,615,252 $462,975 
Interest expense740,465 181,914 
Income tax expense (benefit)(52,996)(61,979)
Depreciation and amortization2,464,479 737,764 
EBITDA4,767,200 1,320,674 
Loss (income) from unconsolidated entities27,823 17,969 
Stock-based compensation1,556,076 15,498 
Loss (gain) on extinguishment of debt, net5,800 1,984 
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net(1,901,353)(98,537)
Impairment of assets79,605 25,774 
Provision for loan losses, net(2,481)2,183 
Loss (gain) on derivatives and financial instruments, net26,026 — 
Other expenses288,610 56,930 
Casualty losses, net of recoveries13,107 5,038 
Total adjustments93,213 26,839 
Adjusted EBITDA$4,860,413 $1,347,513 
Interest Coverage Ratios
Interest expense$740,465 $181,914 
Capitalized interest30,926 8,851 
Non-cash interest expense(54,057)(15,122)
Total interest$717,334 $175,643 
EBITDA$4,767,200 $1,320,674 
Interest coverage ratio6.65  x7.52  x
Adjusted EBITDA$4,860,413 $1,347,513 
Adjusted Interest coverage ratio6.78  x7.67  x
Fixed Charge Coverage Ratios
Total interest$717,334 $175,643 
Secured debt principal amortization70,259 19,798 
Total fixed charges$787,593 $195,441 
EBITDA$4,767,200 $1,320,674 
Fixed charge coverage ratio6.05  x6.76  x
Adjusted EBITDA$4,860,413 $1,347,513 
Adjusted Fixed charge coverage ratio6.17  x6.89  x
Net Debt to EBITDA Ratios
Total debt(2)
$18,218,544 
Less: cash and cash equivalents and restricted cash(2,097,164)
Net debt$16,121,380 
EBITDA Annualized$5,282,696 
Net debt to EBITDA ratio3.05  x
Adjusted EBITDA Annualized$5,390,052 
Net debt to Adjusted EBITDA ratio2.99  x
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 16.
(2) Includes unamortized premiums/discounts, other fair value adjustments, financing lease liabilities of $492,291,000 and failed sale-leaseback financing obligations of $372,646,000. Excludes operating lease liabilities of $1,502,260,000 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)
18,218,544 28.56 %
Cash and cash equivalents and restricted cash(2,097,164)(3.29)%
Net debt to consolidated book capitalization$16,121,380 25.27 %
Total equity and noncontrolling interests(4)
47,663,572 74.73 %
Consolidated book capitalization$63,784,952 100.00 %
Joint venture debt, net(5)
495,303 
Total book capitalization$64,280,255 
Undepreciated book capitalization
Lines of credit and commercial paper(2)
$— — %
Long-term debt obligations(2)(3)
18,218,544 24.18 %
Cash and cash equivalents and restricted cash(2,097,164)(2.78)%
Net debt to consolidated undepreciated book capitalization$16,121,380 21.40 %
Accumulated depreciation and amortization11,533,470 15.31 %
Total equity and noncontrolling interests(4)
47,663,572 63.29 %
Consolidated undepreciated book capitalization$75,318,422 100.00 %
Joint venture debt, net(5)
495,303 
Total undepreciated book capitalization$75,813,725 
Enterprise value
Lines of credit and commercial paper(2)
$— — %
Long-term debt obligations(2)(3)
18,218,544 10.09 %
Cash and cash equivalents and restricted cash(2,097,164)(1.16)%
Net debt to consolidated enterprise value$16,121,380 8.93 %
Common shares outstanding718,902 
Period end share price226.97 
Common equity market capitalization$163,169,187 90.38 %
Noncontrolling interests(4)
1,249,224 0.69 %
Consolidated enterprise value$180,539,791 100.00 %
Joint venture debt, net(5)
495,303 
Total enterprise value$181,035,094 
Secured debt as % of total assets
Secured debt(2)
$3,431,152 4.21 %
Gross asset value(6)
$81,408,650 
Total debt as % of gross asset value
Total debt(2)(3)
$18,218,544 22.38 %
Gross asset value(6)
$81,408,650 
Unsecured debt as % of unencumbered assets
Unsecured debt(2)
$14,295,100 19.12 %
Unencumbered gross assets(7)
$74,783,089 
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 $492,291,000 and failed sale-leaseback financing obligations of $372,646,000. Excludes operating lease liabilities of $1,502,260,000 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$— $— $187,833 $(1,661)$71,571 $257,743 1.42 %3.75 %
2027— 2,645,521 364,342 (2,589)133,927 3,141,201 17.34 %4.03 %
2028— 2,337,135 344,287 (614)32,217 2,713,025 14.97 %3.88 %
2029— 2,235,532 556,583 (151,719)22,751 2,663,147 14.70 %3.42 %
2030— 1,750,000 165,305 (637)3,467 1,918,135 10.59 %3.87 %
2031— 1,350,000 81,982 (667)376,561 1,807,876 9.98 %3.49 %
2032— 1,050,000 93,956 (692)49,719 1,192,983 6.58 %3.50 %
2033— — 486,361 (37,218)639 449,782 2.48 %4.71 %
2034— 662,850 208,662 (8,283)669 863,898 4.77 %4.41 %
2035— 1,250,000 49,535 (931)21,595 1,320,199 7.29 %5.06 %
Thereafter— 1,150,000 652,763 (12,802)— 1,789,961 9.88 %4.86 %
Totals$— $14,431,038 $3,191,609 $(217,813)$713,116 $18,117,950 100.00 %
Weighted Avg. Interest Rate(5)
— %3.94 %4.01 %4.48 %5.32 %4.00 %
Weighted Avg. Maturity Years— 4.96.44.43.85.1
% Floating Rate Debt(5)
— %18.36 %7.46 %69.11 %5.89 %15.34 %

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$— $10,893,532 $1,715,724 $(187,813)$632,288 $13,053,731 $— 
United Kingdom— 1,391,985 — — — 1,391,985 11,733,383 
Canada— 2,145,521 1,475,885 (30,000)80,828 3,672,234 6,954,551 
Totals$— $14,431,038 $3,191,609 $(217,813)$713,116 $18,117,950 $18,687,934 
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 June 30, 2026. The unsecured revolving credit facility is comprised of a $2,000,000,000 tranche that matures on July 24, 2029 and a $4,250,000,000 tranche that matures on March 6, 2030. The $4,250,000,000 tranche may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility.
(3) Senior Unsecured Notes include the following:
•2027 includes CAD $2,747,615,000 of unsecured term loans (approximately $1,934,321,000 USD at June 30, 2026) that mature on April 9, 2027, and bear interest at adjusted CORRA + 0.65%.
•2027 includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $211,200,000 USD at June 30, 2026) that mature on January 15, 2027.
•2028 includes $843,000,000 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 $729,135,000 USD at June 30, 2026). 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 $662,850,000 USD at June 30, 2026). The notes mature on December 1, 2034.
(4) Excludes operating lease liabilities of $1,502,260,000, finance lease liabilities of $492,291,000 and failed sale-leaseback financing obligations of $372,646,000 related to ASC 842.
(5) Based on variable interest rates and foreign currency exchange rates in effect as of June 30, 2026. The interest rate on the unsecured revolving credit facility is SOFR + 0.655%. 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 $(188,859,000), 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 Reconciliation2Q253Q254Q251Q262Q26
Net income (loss)$304,618 $282,186 $117,767 $752,324 $462,975 
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net(14,850)(4,025)(1,378,391)(420,400)(98,537)
Loss (income) from unconsolidated entities7,392 12,610 (4,442)1,686 17,969 
Income tax expense (benefit)1,053 2,335 (4,985)11,633 (61,979)
Other expenses16,598 44,699 125,844 61,137 56,930 
Impairment of assets19,876 3,081 45,924 4,826 25,774 
Provision for loan losses, net(1,113)1,088 (7,384)1,632 2,183 
Loss (gain) on extinguishment of debt, net— — 3,089 727 1,984 
Loss (gain) on derivatives and financial instruments, net(409)31,682 (5,656)— — 
General and administrative expenses64,175 63,124 1,557,378 67,474 67,486 
Depreciation and amortization495,036 509,812 594,151 622,752 737,764 
Interest expense141,157 162,052 203,784 192,715 181,914 
Consolidated net operating income1,033,533 1,108,644 1,247,079 1,296,506 1,394,463 
NOI attributable to unconsolidated investments(1)
26,069 29,337 26,430 48,240 37,785 
NOI attributable to noncontrolling interests(2)
(13,531)(12,280)(11,163)(11,785)(10,944)
Pro rata net operating income (NOI)(3)
$1,046,071 $1,125,701 $1,262,346 $1,332,961 $1,421,304 

In-Place NOI Reconciliation
At Welltower pro rata ownershipSeniors Housing OperatingSeniors Housing Triple-netOutpatient MedicalLong-Term
/Post-Acute Care		CorporateTotal
Revenues$3,031,636 $197,057 $51,449 $216,670 $106,943 $3,603,755 
Property operating expenses(2,158,746)(4,507)(9,934)(2,753)(6,511)(2,182,451)
NOI(3)
872,890 192,550 41,515 213,917 100,432 1,421,304 
Adjust:
Interest income— — — — (89,139)(89,139)
Other income(3,304)(47)(17)(5)(8,045)(11,418)
Sold / held for sale(3,313)(313)(8,562)(714)— (12,902)
Nonoperational(4)
3,214 8 54 (229)— 3,047 
Non In-Place NOI(5)
(25,598)(36,209)(3,778)(45,349)(3,248)(114,182)
Timing adjustments(6)
6,854 (15)— 12,868 — 19,707 
Total adjustments(22,147)(36,576)(12,303)(33,429)(100,432)(204,887)
In-Place NOI850,743 155,974 29,212 180,488 — 1,216,417 
Annualized In-Place NOI$3,402,972 $623,896 $116,848 $721,952 $— $4,865,668 
Same Store Property Reconciliation
Seniors Housing OperatingSeniors Housing
Triple-net		Outpatient MedicalLong-Term
/Post-Acute Care		Total
Total properties1,994 427 127 402 2,950 
Recent acquisitions and development conversions(7)
(636)(164)(4)(156)(960)
Under development(41)— — — (41)
Under redevelopment(8)
(2)— — — (2)
Current held for sale(22)— (29)(2)(53)
Land parcels, loans and leased properties(171)(4)(5)— (180)
Transitions(9)
(134)(1)— (2)(137)
Other(10)
(8)— — (1)(9)
Same store properties980 258 89 241 1,568 
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 Reconciliation2Q253Q254Q251Q262Q26Y/o/Y
Seniors Housing Operating
NOI$543,110 $579,559 $704,670 $780,920 $872,890 
Non-cash NOI on same store properties(1,614)(1,938)(2,148)(1,475)(1,294)
NOI attributable to non-same store properties(58,945)(79,376)(188,554)(226,197)(288,148)
Currency and ownership adjustments(1)
(939)(698)587 (1,706)(833)
Normalizing adjustment for government grants(2)
— — (1,607)— (2,439)
Other normalizing adjustments(3)
3,691 2,891 2,936 2,755 4,594 
SSNOI485,303 500,438 515,884 554,297 584,770 20.5 %
Seniors Housing Triple-net
NOI99,889 95,018 163,532 186,299 192,550 
Non-cash NOI on same store properties(11,059)(9,899)(8,867)(6,856)(12,511)
NOI attributable to non-same store properties(11,006)(6,021)(74,809)(97,221)(96,912)
Currency and ownership adjustments(1)
1,851 291 (2)(370)(259)
Normalizing adjustments for joint venture recapitalization(4)
(1,394)(465)— — — 
Normalizing adjustments for lease restructure(5)
— — (349)(512)(519)
SSNOI78,281 78,924 79,505 81,340 82,349 5.2 %
Outpatient Medical
NOI150,521 153,387 103,862 56,340 41,515 
Non-cash NOI on same store properties(3,573)(3,365)(3,273)(3,171)(3,036)
NOI attributable to non-same store properties(120,466)(123,688)(74,099)(26,521)(11,584)
Other normalizing adjustments(3)
(177)(12)— (57)50 
SSNOI26,305 26,322 26,490 26,591 26,945 2.4 %
Long-Term/Post-Acute Care
NOI161,523 180,846 208,872 196,971 213,917 
Non-cash NOI on same store properties(24,617)(24,228)(23,751)(23,563)(24,880)
NOI attributable to non-same store properties(34,293)(53,868)(80,908)(63,530)(75,596)
Currency and ownership adjustments(1)
132 132 88 — — 
Normalizing adjustment for lease restructure(5)
— — — (4,031)(6,998)
Normalizing adjustments for service agreement termination(6)
941 627 — — — 
Other normalizing adjustments(3)
(291)393 — — (12)
SSNOI103,395 103,902 104,301 105,847 106,431 2.9 %
Corporate
NOI91,028 116,891 81,410 112,431 100,432 
NOI attributable to non-same store properties(91,028)(116,891)(81,410)(112,431)(100,432)
SSNOI— — — — — 
Total
NOI1,046,071 1,125,701 1,262,346 1,332,961 1,421,304 
Non-cash NOI on same store properties(40,863)(39,430)(38,039)(35,065)(41,721)
NOI attributable to non-same store properties(315,738)(379,844)(499,780)(525,900)(572,672)
Currency and ownership adjustments(1)
1,044 (275)673 (2,076)(1,092)
Normalizing adjustments, net2,770 3,434 980 (1,845)(5,324)
SSNOI$693,284 $709,586 $726,180 $768,075 $800,495 15.5 %
Notes:
(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate UK properties at a GBP/USD rate of 1.23.
(2) Represents normalizing adjustment related to amounts recognized under government subsidy programs.
(3) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.
(4) Represents normalizing adjustment related to a joint venture recapitalization associated with one Seniors Housing Triple-net lease.
(5) Represents normalizing adjustment related to lease restructures with one Seniors Housing Triple-net lease and three Long-Term/Post-Acute Care leases.
(6) 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$1,713,610 $999,315 $282,411 $2,995,336 
Unconsolidated SHO revenues attributable to Welltower(1)
48,951 7,565 2,319 58,835 
SHO revenues attributable to noncontrolling interests(2)
(19,812)— (2,723)(22,535)
Pro rata SHO revenues(3)
1,742,749 1,006,880 282,007 3,031,636 
Non-cash and non-RevPOR revenues(3,441)(1,152)(702)(5,295)
Revenues attributable to non in-place properties(3,974)(227,006)(7,913)(238,893)
SHO local revenues1,735,334 778,722 273,392 2,787,448 
Average occupied units/month94,461 29,528 24,249 148,238 
RevPOR/month in USD$6,140 $8,815 $3,768 $6,285 
RevPOR/month in local currency(4)
£7,167 $5,383 

Reconciliations of SHO SS RevPOR Growth, SSNOI Growth and SSNOI/Unit
United StatesUnited KingdomCanadaTotal
2Q252Q262Q252Q262Q252Q262Q252Q26
SHO SS RevPOR Growth
Consolidated SHO revenues$1,450,344 $1,713,610 $357,582 $999,315 $167,806 $282,411 $1,975,732 $2,995,336 
Unconsolidated SHO revenues attributable to WELL(1)
44,823 48,951 5,283 7,565 1,841 2,319 51,947 58,835 
SHO revenues attributable to noncontrolling interests(2)
(17,707)(19,812)— — (2,405)(2,723)(20,112)(22,535)
SHO pro rata revenues(3)
1,477,460 1,742,749 362,865 1,006,880 167,242 282,007 2,007,567 3,031,636 
Non-cash and non-RevPOR revenues on same store properties(2,238)(2,233)— — (311)(310)(2,549)(2,543)
Revenues attributable to non-same store properties(182,061)(330,121)(143,868)(768,988)(7,775)(106,949)(333,704)(1,206,058)
Currency and ownership adjustments(4)
(2,319)— (918)(2,199)(555)(606)(3,792)(2,805)
SHO SS RevPOR revenues(5)
$1,290,842 $1,410,395 $218,079 $235,693 $158,601 $174,142 $1,667,522 $1,820,230 
Avg. occupied units/month(6)
70,946 73,620 7,129 7,415 18,725 19,375 96,800 100,410 
SHO SS RevPOR(7)
$6,082 $6,403 $10,225 1 $10,624 $2,831 $3,004 $5,758 $6,059 
SS RevPOR YOY growth5.3 %3.9 %6.1 %5.2 %
SHO SSNOI Growth
Consolidated SHO NOI$403,960 $541,574 $71,103 $211,595 $62,392 $114,058 $537,455 $867,227 
Unconsolidated SHO NOI attributable to WELL(1)
16,756 18,718 739 1,805 886 606 18,381 21,129 
SHO NOI attributable to noncontrolling interests(2)
(11,579)(14,106)— — (1,147)(1,360)(12,726)(15,466)
SHO pro rata NOI(3)
409,137 546,186 71,842 213,400 62,131 113,304 543,110 872,890 
Non-cash NOI on same store properties(1,609)(1,337)(9)45 4 (2)(1,614)(1,294)
NOI attributable to non-same store properties(38,673)(98,336)(18,077)(148,076)(2,195)(41,736)(58,945)(288,148)
Currency and ownership adjustments(4)
(476)— (264)(602)(199)(231)(939)(833)
Normalizing adjustment for government grants(8)
— (2,439)— — — — — (2,439)
Other normalizing adjustments(9)
3,977 4,545 — — (286)49 3,691 4,594 
SHO pro rata SSNOI(5)
$372,356 $448,619 $53,492 $64,767 $59,455 $71,384 $485,303 $584,770 
SHO SSNOI growth20.5 %21.1 %20.1 %20.5 %
SHO SSNOI/Unit
Trailing four quarters' SSNOI(5)
$1,642,695 $250,367 $262,327 $2,155,389 
Average units in service(10)
82,451 8,529 21,261 112,241 
SSNOI/unit in USD$19,923 $29,355 $12,338 $19,203 
SSNOI/unit in local currency(4)
£23,866 $17,626 
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 normalizing adjustment related to amounts recognized under government subsidy programs.
(9) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth.
(10) 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; geopolitical tension or conflicts, such as the ongoing conflict between Russia and Ukraine and in the Middle East, 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 July 27, 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 is 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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