Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 11, 2025

Welltower Inc.

(Exact name of registrant as specified in its charter)

Delaware

1-8923

34-1096634

(State or other jurisdiction
of Incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

4500 Dorr Street,

Toledo,

Ohio

43615

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (419) 247-2800

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $1.00 par value per share

WELL

New York Stock Exchange

Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLC

WELL/28

New York Stock Exchange

Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLC

WELL/34

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 11, 2025, Welltower Inc. issued a press release that announced operating results for its fourth quarter ended December 31, 2024. The press release refers to a supplemental information package that is available on the Company's website (www.welltower.com), free of charge. Copies of the press release and supplemental information package have been furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report, and are incorporated herein by reference.

The information included in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release of Welltower Inc. dated February 11, 2025, announcing earnings for the quarter ended December 31, 2024.

99.2 Welltower Inc. Supplemental Information Package for the quarter ended December 31, 2024.

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


WELLTOWER INC.

By:			/s/ Matthew McQueen
Name:			Matthew McQueen
Title:			Chief Legal Officer and General Counsel

Dated: February 11, 2025

FOR IMMEDIATE RELEASE

February 11, 2025

For more information contact:

Tim McHugh (419) 247-2800

Welltower Reports Fourth Quarter 2024 Results

Toledo, Ohio, February 11, 2025…..Welltower Inc. (NYSE:WELL) today announced results for the quarter ended December 31, 2024.

Fourth Quarter and Other Recent Highlights

•Reported net income attributable to common stockholders of $0.19 per diluted share

•Reported quarterly normalized funds from operations attributable to common stockholders of $1.13 per diluted share, an increase of 17.7% over the prior year

•Reported total portfolio year-over-year same store NOI ("SSNOI") growth of 12.8%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 23.9%

•SHO portfolio year-over-year same store revenue increased 8.8% in the fourth quarter, driven by 310 basis points ("bps") of year-over-year average occupancy growth and Revenue Per Occupied Room ("RevPOR") growth of 5.0%

•SHO portfolio year-over-year SSNOI margin expanded by 320 bps in the fourth quarter driven primarily by strong RevPOR growth, which continued to meaningfully outpace Expense per Occupied Room ("ExpPOR") growth

•During the fourth quarter, we completed $2.4 billion of pro rata gross investments, including $2.2 billion in acquisitions and loan funding and $233 million in development funding

•As of December 31, 2024, we had approximately $8.7 billion of available liquidity inclusive of $3.7 billion of available cash and restricted cash and full capacity under our $5.0 billion line of credit

•In January 2025, we launched our private funds management business to manage third-party capital and announced the formation of our first fund, which has the ability to source up to $2 billion to invest in stable or near-stable seniors housing properties in the U.S.

•In January 2025, we announced executive team promotions to recognize and retain our most valued team members and create significant opportunities for growth and advancement of the next generation of leadership at Welltower. These promotions included the appointment of John Burkart to Vice Chairman & Chief Operating Officer, Nikhil Chaudhri to Co-President & Chief Investment Officer and Tim McHugh to Co-President & Chief Financial Officer

2024 Annual Highlights

•Reported net income attributable to common stockholders of $1.57 per diluted share

•Reported annual normalized FFO attributable to common stockholders of $4.32 per diluted share, an increase of 18.7% over the prior year

•Reported total portfolio year-over-year average SSNOI growth of 12.4%, driven by SSNOI growth in our SHO portfolio of 23.5%

•Completed $7.0 billion of pro rata gross investments during 2024, including property acquisitions at substantial discounts to replacement cost and highly-structured debt and equity investments with significant downside protection

•During the year, we reached agreements to convert 68 triple-net leased properties to Seniors Housing Operating (RIDEA) structures, allowing us to directly participate in the underlying cash flow growth of the communities. The transition to highly-aligned RIDEA 4.0 structures will deepen our partnership with several leading managers, build on success within their existing portfolios and ensure that both Welltower and our partners benefit from the communities' future growth potential.

•Board of Directors approved a 10% increase in the quarterly dividend per share, reflecting our solid financial performance, low payout ratio owing to outsized levels of cash flow growth and the Board's confidence in the Company's strong growth prospects going forward


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4Q24			Earnings Release						February 11, 2025

2024 Annual Capital Activity and Liquidity

Liquidity Update Net debt to consolidated enterprise value decreased to 12.9% as of December 31, 2024 from 20.9% as of December 31, 2023. Additionally, we improved net debt to Adjusted EBITDA to 3.49x at December 31, 2024 from 5.03x at December 31, 2023. We sourced over $11 billion of attractively priced capital, including the assumption of below-market debt, issuance of exchangeable debt, equity and proceeds from dispositions and loan repayments to fund accretive capital deployment opportunities and to further strengthen our already robust liquidity profile. As of December 31, 2024, our share of variable rate debt was approximately 8.8%.

Expanded Senior Unsecured Revolving Credit Facility During the year, we closed on an expanded $5.0 billion senior unsecured revolving credit facility, which replaced our $4.0 billion existing line of credit. The new facility is comprised of a $3.0 billion revolving line of credit maturing in June 2028 that can be extended for an additional year and a $2.0 billion revolving line of credit maturing in June 2029. The loans under the line of credit bear interest at a borrowing rate of 72.5 bps over the adjusted SOFR rate and an annual facility fee of 12.5 bps.

Exchangeable Senior Unsecured Notes Issuance During the year, Welltower OP issued $1,035,000,000 aggregate principal amount of 3.125% exchangeable senior unsecured notes maturing July 15, 2029 (the "Exchangeable Notes") unless earlier exchanged, purchased or redeemed. The Exchangeable Notes will pay interest semi-annually in arrears on January 15 and July 15 of each year.

Unsecured Debt Extinguishment During the year, we extinguished $1.35 billion of senior unsecured notes at maturity.

Credit rating During 2024, our outlook was revised to positive from stable by each of S&P Global and Moody's, citing strong seniors housing industry tailwinds and a materially improved balance sheet.

Notable Portfolio Activity Completed During the Fourth Quarter

In the fourth quarter, we completed $2.4 billion of pro rata gross investments, including $2.2 billion in acquisitions and loan funding and $233 million in development funding. We opened 11 development projects, including partial conversions and expansions, for an aggregate pro rata investment amount of $336 million. Additionally, during the fourth quarter we completed pro rata property dispositions and loan repayments of $464 million.

Affinity Living Communities As previously announced, we entered into a definitive agreement to acquire a portfolio of 25 age-restricted active adult communities for $969 million through a privately negotiated, off-market transaction. During the year, we closed on 22 of the properties with the final 3 properties acquired in 2025.

Notable Portfolio Activity Completed During 2025

Seniors Housing Fund In January 2025, we announced the formation of a private funds management business in conjunction with the launch of our first seniors housing investment fund, which was formed with the intent to invest up to $2 billion in U.S. seniors housing properties that are either stable or with a near-term path to stabilization. Welltower will serve as the General Partner and Asset Manager and also have a limited partner interest in the fund.

Dividend On February 11, 2025, the Board of Directors declared a cash dividend for the quarter ended December 31, 2024 of $0.67 per share. This dividend, which will be paid on March 6, 2025 to stockholders of record as of February 25, 2025, will be our 215th consecutive quarterly cash dividend. The declaration and payment of future quarterly dividends remains subject to review and approval by the Board of Directors.

Outlook for 2025 We are introducing our 2025 earnings guidance and expect to report net income attributable to common stockholders in a range of $1.60 to $1.76 per diluted share and normalized FFO attributable to common stockholders in a range of $4.79 to $4.95 per diluted share. In preparing our guidance, we have made the following assumptions:

•Same Store NOI: We expect average blended SSNOI growth of 9.25% to 13.00%, which is comprised of the following components:

◦Seniors Housing Operating approximately 15.0% to 21.0%

◦Seniors Housing Triple-net approximately 3.0% to 4.0%

◦Outpatient Medical approximately 2.0% to 3.0%

◦Long-Term/Post-Acute Care approximately 2.0% to 3.0%

•Investments: Our earnings guidance includes only those acquisitions announced or closed to date. Furthermore, no transitions or restructures beyond those announced to date are included.

•General and Administrative Expenses: We anticipate general and administrative expenses to be approximately $235 million to $245 million and stock-based compensation expense to be approximately $49 million, exclusive of approximately $10 million of expected expense related to the Special Performance Option Awards and the 2022-2025 OPP Awards.

•Development: We anticipate funding an additional $461 million of development in 2025 relating to projects underway as of December 31, 2024.


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4Q24			Earnings Release						February 11, 2025

•Dispositions: We expect pro rata disposition proceeds of $516 million at a blended yield of 7.8% in the next twelve months. This includes the previously announced $175 million sale of four Seniors Housing Triple-net properties to Brookdale in which we achieved over a 10% unlevered IRR and 2.7x multiple on invested capital and the $201 million sale to Chartwell of our joint venture interests in 16 properties in a transaction in which we are a net buyer and acquired Chartwell's interest in 23 properties. The remaining disposition activity of $140 million is comprised of 14 transactions which are predominantly the disposition of land parcels and loan repayments.

Our guidance does not include any additional investments, dispositions or capital transactions, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items beyond those disclosed. Please see the Supplemental Reporting Measures section for further discussion and our definition of normalized FFO and SSNOI and Exhibit 3 for a reconciliation of the outlook for net income available to common stockholders to normalized FFO attributable to common stockholders. We will provide additional detail regarding our 2025 outlook and assumptions on the fourth quarter 2024 conference call.

Conference Call Information We have scheduled a conference call on Wednesday, February 12, 2025 at 9:00 a.m. Eastern Time to discuss our fourth quarter 2024 results, industry trends and portfolio performance. Telephone access will be available by dialing (888) 340-5024 or (646) 960-0135 (international). For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the call through February 19, 2025. To access the rebroadcast, dial (800) 770-2030 or (609) 800-9909 (international). The conference ID number is 8230248. To participate in the webcast, log on to www.welltower.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days.

Supplemental Reporting Measures We believe that net income and net income attributable to common stockholders ("NICS"), as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider funds from operations ("FFO"), normalized FFO, net operating income ("NOI"), same store NOI ("SSNOI"), revenue per occupied room ("RevPOR"), same store RevPOR ("SS RevPOR"), expense per occupied room ("ExpPOR"), same store ExpPOR ("SS ExpPOR"), EBITDA and Adjusted EBITDA to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.

Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts ("NAREIT") created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO attributable to common stockholders, as defined by NAREIT, means net income attributable to common stockholders, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate and acquisitions of controlling interests, impairments of depreciable assets, plus real estate depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests. Normalized FFO attributable to common stockholders represents FFO attributable to common stockholders adjusted for certain items detailed in Exhibit 2. We believe that normalized FFO attributable to common stockholders is a useful supplemental measure of operating performance because investors and equity analysts may use this measure to compare the operating performance of Welltower between periods or as compared to other REITs or other companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items.


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4Q24			Earnings Release						February 11, 2025

consistent exchange rate. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our properties. No reconciliation of the forecasted range for SSNOI on a combined basis or by property type is included in this release because we are unable to quantify certain amounts that would be required to be included in the comparable GAAP financial measure without unreasonable efforts, and we believe such reconciliation would imply a degree of precision that could be confusing or misleading to investors.

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

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

Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and 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. Please see the exhibits for reconciliations of supplemental reporting measures and the supplemental information package for the quarter ended December 31, 2024, which is available on Welltower's website (www.welltower.com), for information and reconciliations of additional supplemental reporting measures.

About Welltower Welltower Inc. (NYSE:WELL), a real estate investment trust ("REIT") and S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of healthcare infrastructure. Welltower invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall healthcare experience. Welltower owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at www.welltower.com. We routinely post important information on our website at www.welltower.com in the "Investors" section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading "Investors". Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the Securities and Exchange Commission. The information on our website is not incorporated by reference in this press release and our web address is included as an inactive textual reference only.

Forward-Looking Statements and Risk Factors This 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


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4Q24			Earnings Release						February 11, 2025

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.


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4Q24			Earnings Release						February 11, 2025

Welltower Inc.

Financial Exhibits


Consolidated Balance Sheets (unaudited)
(in thousands)
	December 31,
	2024		2023
Assets
Real estate investments:
Land and land improvements	$	5,271,418	$	4,697,824
Buildings and improvements	42,207,735		37,796,553
Acquired lease intangibles	2,548,766		2,166,470
Real property held for sale, net of accumulated depreciation	51,866		372,883
Construction in progress	1,219,720		1,304,441
Less accumulated depreciation and intangible amortization	(10,626,263)		(9,274,814)
Net real property owned	40,673,242		37,063,357
Right of use assets, net	1,201,131		350,969
Investments in sales-type leases, net	172,260		—
Real estate loans receivable, net of credit allowance	1,805,044		1,361,587
Net real estate investments	43,851,677		38,775,913
Other assets:
Investments in unconsolidated entities	1,768,772		1,636,531
Cash and cash equivalents	3,506,586		1,993,646
Restricted cash	204,871		82,437
Receivables and other assets	1,712,402		1,523,639
Total other assets	7,192,631		5,236,253
Total assets	$	51,044,308	$	44,012,166

Liabilities and equity
Liabilities:
Unsecured credit facility and commercial paper	$	—	$	—
Senior unsecured notes	13,162,102		13,552,222
Secured debt	2,338,155		2,183,327
Lease liabilities	1,258,099		383,230
Accrued expenses and other liabilities	1,713,366		1,521,660
Total liabilities	18,471,722		17,640,439
Redeemable noncontrolling interests	256,220		290,605
Equity:
Common stock	637,002		565,894
Capital in excess of par value	40,016,503		32,741,949
Treasury stock	(114,176)		(111,578)
Cumulative net income	10,096,724		9,145,044
Cumulative dividends	(18,320,064)		(16,773,773)
Accumulated other comprehensive income	(359,781)		(163,160)
Total Welltower Inc. stockholders' equity	31,956,208		25,404,376
Noncontrolling interests	360,158		676,746
Total equity	32,316,366		26,081,122
Total liabilities and equity	$	51,044,308	$	44,012,166


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4Q24			Earnings Release						February 11, 2025


Consolidated Statements of Income (unaudited)
(in thousands, except per share data)
		Three Months Ended				Twelve Months Ended
		December 31,				December 31,
		2024		2023		2024		2023
Revenues:
	Resident fees and services	$	1,761,878	$	1,262,862	$	6,027,149	$	4,753,804
	Rental income	386,329		404,068		1,570,278		1,556,073
	Interest income	71,028		51,019		256,191		168,354
	Other income	31,595		31,826		137,500		159,764
	Total revenues	2,250,830		1,749,775		7,991,118		6,637,995
Expenses:
	Property operating expenses	1,409,300		1,036,078		4,830,211		3,947,776
	Depreciation and amortization	480,406		380,730		1,632,093		1,401,101
	Interest expense	154,469		154,574		574,261		607,846
	General and administrative expenses	48,707		44,327		235,491		179,091
	Loss (gain) on derivatives and financial instruments, net	(9,102)		(7,215)		(27,887)		(2,120)
	Loss (gain) on extinguishment of debt, net	—		—		2,130		7
	Provision for loan losses, net	(245)		2,517		10,125		9,809
	Impairment of assets	23,647		14,994		92,793		36,097
	Other expenses	34,405		36,307		117,459		108,341
	Total expenses	2,141,587		1,662,312		7,466,676		6,287,948
Income (loss) from continuing operations before income taxes
	and other items	109,243		87,463		524,442		350,047
Income tax (expense) benefit		(114)		4,768		(2,700)		(6,364)
Income (loss) from unconsolidated entities		6,429		(2,008)		(496)		(53,442)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net		8,195		(1,783)		451,611		67,898
Income (loss) from continuing operations		123,753		88,440		972,857		358,139

Net income (loss)		123,753		88,440		972,857		358,139
Less: Net income (loss) attributable to noncontrolling interests(1)		3,782		4,529		21,177		18,045
Net income (loss) attributable to common stockholders		$	119,971	$	83,911	$	951,680	$	340,094
Average number of common shares outstanding:
	Basic	625,675		548,892		602,975		515,629
	Diluted	634,259		552,380		608,750		518,701
Net income (loss) attributable to common stockholders per share:
	Basic	$	0.19	$	0.15	$	1.58	$	0.66
	Diluted(2)	$	0.19	$	0.15	$	1.57	$	0.66
Common dividends per share		$	0.67	$	0.61	$	2.56	$	2.44

(1) Includes amounts attributable to redeemable noncontrolling interests.
(2) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units.


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4Q24			Earnings Release						February 11, 2025


FFO Reconciliations											Exhibit 1
(in thousands, except per share data)		Three Months Ended						Twelve Months Ended
		December 31,						December 31,
		2024			2023			2024			2023
Net income (loss) attributable to common stockholders		$	119,971		$	83,911		$	951,680		$	340,094
Depreciation and amortization		480,406			380,730			1,632,093			1,401,101
Impairments and losses (gains) on real estate dispositions and acquisitions of controlling interests, net		15,452			16,777			(358,818)			(31,801)
Noncontrolling interests(1)		(6,667)			(11,436)			(30,812)			(46,393)
Unconsolidated entities(2)		27,978			21,877			129,290			100,226
NAREIT FFO attributable to common stockholders		637,140			491,859			2,323,433			1,763,227
Normalizing items, net(3)		78,775			37,760			303,324			122,317
Normalized FFO attributable to common stockholders		$	715,915		$	529,619		$	2,626,757		$	1,885,544




Average diluted common shares outstanding		634,259			552,380			608,750			518,701

Per diluted share data attributable to common stockholders:
	Net income (loss)(4)	$	0.19		$	0.15		$	1.57		$	0.66
	NAREIT FFO	$	1.00		$	0.89		$	3.82		$	3.40
	Normalized FFO	$	1.13		$	0.96		$	4.32		$	3.64



Normalized FFO Payout Ratio:
	Dividends per common share	$	0.67		$	0.61		$	2.56		$	2.44
	Normalized FFO attributable to common stockholders per share	$	1.13		$	0.96		$	4.32		$	3.64
	Normalized FFO payout ratio	59		%	64		%	59		%	67		%

Other items:(5)
Net straight-line rent and above/below market rent amortization(6)		$	(36,259)		$	(39,296)		$	(156,460)		$	(135,356)
Non-cash interest expenses(7)		13,731			7,609			44,335			27,252
Recurring cap-ex, tenant improvements and lease commissions(8)		(86,851)			(71,726)			(286,613)			(199,359)
Stock-based compensation(9)		9,782			8,418			41,068			36,611

(1) Represents noncontrolling interests' share of net FFO adjustments.
(2) Represents Welltower's share of net FFO adjustments from unconsolidated entities.
(3) See Exhibit 2.

(4) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units.
(5) Amounts presented net of noncontrolling interests' share and including Welltower's share of unconsolidated entities.
(6) Excludes normalized other impairment (see Exhibit 2).
(7) Excludes normalized foreign currency loss (gain) (see Exhibit 2).
(8) Reflects recurring cap-ex, tenant improvements and lease commissions on owned operational properties.
(9) Excludes normalized stock compensation expense related to the Special Performance Options and OPP awards (see Exhibit 2).


						Page 8 of 12


4Q24			Earnings Release						February 11, 2025


Normalizing Items								Exhibit 2
(in thousands, except per share data)	Three Months Ended					Twelve Months Ended
	December 31,					December 31,
	2024			2023		2024		2023
Loss (gain) on derivatives and financial instruments, net	$	(9,102)	(1)	$	(7,215)	$	(27,887)	$	(2,120)
Loss (gain) on extinguishment of debt, net	—			—		2,130		7
Provision for loan losses, net	(245)		(2)	2,517		10,125		9,809
Income tax benefits	(5,140)		(3)	(6,731)		(5,140)		(6,977)
Other impairment	41,978		(4)	4,333		139,652		16,642
Other expenses	34,405		(5)	36,307		117,459		108,341
Leasehold interest termination	—			—		—		(65,485)
Special Performance Options and OPP Awards	3,576		(6)	—		33,414		—
Casualty losses, net of recoveries	4,926		(7)	1,038		12,261		10,107
Foreign currency loss (gain)	1,913		(8)	(1,139)		556		(1,629)
Normalizing items attributable to noncontrolling interests and unconsolidated entities, net	6,464		(9)	8,650		20,754		53,622
Net normalizing items	$	78,775		$	37,760	$	303,324	$	122,317

Average diluted common shares outstanding	634,259			552,380		608,750		518,701
Net normalizing items per diluted share	$	0.12		$	0.07	$	0.50	$	0.24

(1) Primarily related to mark-to-market of the equity warrants received as part of the Safanad/HC-One transactions.
(2) Primarily related to adjustments to reserves for loan losses under the current expected credit losses accounting standard.
(3) Primarily related to the release of valuation allowances.
(4) Primarily represents the write-off of straight-line rent receivable and unamortized lease incentive balances relating to the conversion of triple-net leased properties to SHO (RIDEA) structures.
(5) Primarily related to non-capitalizable transaction costs and legal fees.
(6) Primarily related to expenses recognized on the 2021 Special Performance Option Awards and 2022-2025 Outperformance Program (“OPP”).
(7) Primarily relates to casualty losses net of any insurance recoveries.
(8) Primarily relates to foreign currency gains and losses related to accrued interest on intercompany loans and third party debt denominated in a foreign currency.
(9) Primarily relates to hypothetical liquidation at book value adjustments related to in substance real estate investments.


Outlook Reconciliation: Year Ending December 31, 2025	Exhibit 3
(in millions, except per share data)	Current Outlook
		Low		High
FFO Reconciliation:
Net income attributable to common stockholders		$	1,043	$	1,147

Depreciation and amortization(1)		2,062		2,062
NAREIT FFO attributable to common stockholders		3,105		3,209
Normalizing items, net(1,2)		10		10
Normalized FFO attributable to common stockholders		$	3,115	$	3,219

Diluted per share data attributable to common stockholders:
Net income		$	1.60	$	1.76
NAREIT FFO		$	4.77	$	4.93
Normalized FFO		$	4.79	$	4.95

Other items:(1)
Net straight-line rent and above/below market rent amortization		$	(155)	$	(155)
Non-cash interest expenses		51		51
Recurring cap-ex, tenant improvements and lease commissions(3)		(343)		(343)
Stock-based compensation		51		51

(1) Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities.

(2) Includes estimated stock compensation expense related to the one-time 2021 Special Stock Performance Option Awards and the 2022-2025 OPP Awards.
(3) Reflects recurring cap-ex, tenant improvements and lease commissions on owned operational properties.


						Page 9 of 12


4Q24			Earnings Release						February 11, 2025


SSNOI Reconciliations																	Exhibit 4
(in thousands)		Three Months Ended
		March 31,					June 30,					September 30,					December 31,
		2024			2023		2024			2023		2024			2023		2024			2023
Net income (loss)		$	131,634		$	28,635	$	260,670		$	106,342	$	456,800		$	134,722	$	123,753		$	88,440
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net		(4,707)			(747)		(166,443)			2,168		(272,266)			(71,102)		(8,195)			1,783
Loss (income) from unconsolidated entities		7,783			7,071		(4,896)			40,332		4,038			4,031		(6,429)			2,008
Income tax expense (benefit)		6,191			3,045		1,101			3,503		(4,706)			4,584		114			(4,768)
Other expenses		14,131			22,745		48,684			11,069		20,239			38,220		34,405			36,307
Impairment of assets		43,331			12,629		2,394			1,086		23,421			7,388		23,647			14,994
Provision for loan losses, net		1,014			777		5,163			2,456		4,193			4,059		(245)			2,517
Loss (gain) on extinguishment of debt, net		6			5		1,705			1		419			1		—			—
Loss (gain) on derivatives and financial instruments, net		(3,054)			930		(5,825)			1,280		(9,906)			2,885		(9,102)			(7,215)
General and administrative expenses		53,318			44,371		55,565			44,287		77,901			46,106		48,707			44,327
Depreciation and amortization		365,863			339,112		382,045			341,945		403,779			339,314		480,406			380,730
Interest expense		147,318			144,403		133,424			152,337		139,050			156,532		154,469			154,574
Consolidated NOI		762,828			602,976		713,587			706,806		842,962			666,740		841,530			713,697
NOI attributable to unconsolidated investments(1)		32,090			26,354		32,720			25,150		32,043			29,488		31,158			30,785
NOI attributable to noncontrolling interests(2)		(22,796)			(25,057)		(17,296)			(24,262)		(17,332)			(22,838)		(15,328)			(22,402)
Pro rata NOI		772,122			604,273		729,011			707,694		857,673			673,390		857,360			722,080
	Non-cash NOI attributable to same store properties	(11,530)			(28,727)		66,066			(28,888)		(24,835)			(26,713)		16,211			(33,837)
	NOI attributable to non-same store properties	(222,298)			(101,335)		(262,613)			(190,353)		(290,656)			(165,506)		(300,525)			(183,948)
	Currency and ownership(3)	(713)			3,779		(262)			3,131		(2,273)			1,027		(533)			3,705
	Other adjustments(4)	1,558			(545)		5,621			(8,342)		1,219			(1,749)		2,346			1,429
Same Store NOI (SSNOI)		$	539,139		$	477,445	$	537,823		$	483,242	$	541,128		$	480,449	$	574,859		$	509,429

Seniors Housing Operating		$	266,907		$	212,749	$	261,784		$	215,079	$	278,849		$	226,714	$	297,809		$	240,443
Seniors Housing Triple-net		93,740			90,310		90,935			87,221		76,591			72,412		77,199			73,482
Outpatient Medical		119,184			116,879		125,840			123,246		127,766			125,068		130,186			127,636
Long-Term/Post-Acute Care		59,308			57,507		59,264			57,696		57,922			56,255		69,665			67,868
	Total SSNOI	$	539,139		$	477,445	$	537,823		$	483,242	$	541,128		$	480,449	$	574,859		$	509,429

																				Average
Seniors Housing Operating		25.5		%			21.7		%			23.0		%			23.9		%	23.5		%
Seniors Housing Triple-net		3.8		%			4.3		%			5.8		%			5.1		%	4.8		%
Outpatient Medical		2.0		%			2.1		%			2.2		%			2.0		%	2.1		%
Long-Term/Post-Acute Care		3.1		%			2.7		%			3.0		%			2.6		%	2.9		%
	Total SSNOI growth	12.9		%			11.3		%			12.6		%			12.8		%	12.4		%

	(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
	(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
	(3) Includes adjustments to reflect consistent property ownership percentages and foreign currency exchange rates for properties in the U.K. and Canada.
	(4) Includes other adjustments described in the accompanying Supplements.


						Page 10 of 12


4Q24			Earnings Release						February 11, 2025


Reconciliation of SHO SS RevPOR Growth				Exhibit 5
(in thousands except SS RevPOR)	Three Months Ended
	December 31,
	2024			2023
Consolidated SHO revenues	$	1,764,329		$	1,265,368
Unconsolidated SHO revenues attributable to WELL(1)	66,122			62,256
SHO revenues attributable to noncontrolling interests(2)	(22,426)			(42,926)
SHO pro rata revenues(3)	1,808,025			1,284,698
Non-cash and non-RevPOR revenues on same store properties	(2,533)			(4,008)
Revenues attributable to non-same store properties	(698,685)			(272,860)
Currency and ownership adjustments(4)	(1,800)			6,335


Other normalizing adjustments(5)	—			858
SHO SS RevPOR revenues(6)	$	1,105,007		$	1,015,023

Average occupied units/month(7)	59,213			57,110
SHO SS RevPOR(8)	$	6,170		$	5,876
SS RevPOR YOY growth	5.0		%

























(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Represents SHO revenues at Welltower pro rata ownership.
(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.36 and to translate UK properties at a GBP/USD rate of 1.25.

(5) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.
(6) Represents SS SHO RevPOR revenues at Welltower pro rata ownership.
(7) Represents average occupied units for SS properties on a pro rata basis.
(8) Represents pro rata SS average revenues generated per occupied room per month.


						Page 11 of 12


4Q24			Earnings Release						February 11, 2025


Net Debt to Adjusted EBITDA Reconciliation			Exhibit 6
(in thousands)	Three Months Ended
	December 31,
	2024		2023
Net income (loss)	$	123,753	$	88,440
Interest expense	154,469		154,574
Income tax expense (benefit)	114		(4,768)
Depreciation and amortization	480,406		380,730
EBITDA	758,742		618,976
Loss (income) from unconsolidated entities	(6,429)		2,008
Stock-based compensation	13,358		8,418

Loss (gain) on real estate dispositions and acquisitions of controlling interests, net	(8,195)		1,783
Impairment of assets	23,647		14,994
Provision for loan losses, net	(245)		2,517
Loss (gain) on derivatives and financial instruments, net	(9,102)		(7,215)
Other expenses	34,405		36,307

Casualty losses, net of recoveries	4,926		1,038
Other impairment(1)	41,978		4,333
Adjusted EBITDA	$	853,085	$	683,159

Total debt(2)	$	15,608,294	$	15,815,226
Cash and cash equivalents and restricted cash	(3,711,457)		(2,076,083)
Net debt	$	11,896,837	$	13,739,143

Adjusted EBITDA annualized	$	3,412,340	$	2,732,636
Net debt to Adjusted EBITDA ratio	3.49x		5.03		x

(1) Represents the write-off of straight-line rent receivable and unamortized lease incentive balances for leases placed on cash recognition.
(2) Amounts include unamortized premiums/discounts, other fair value adjustments and financing lease liabilities. Excludes operating lease liabilities related to ASC 842 of $1,150,062,000 and $303,553,000 for the three months ended December 31, 2024 and 2023, respectively.


Net Debt to Consolidated Enterprise Value				Exhibit 7
(in thousands, except share price)
	December 31, 2024			December 31, 2023
Common shares outstanding	635,289			564,241
Period end share price	$	126.03		$	90.17
Common equity market capitalization	$	80,065,473		$	50,877,611

Total debt	$	15,608,294		$	15,815,226
Cash and cash equivalents and restricted cash	(3,711,457)			(2,076,083)
Net debt	$	11,896,837		$	13,739,143

Noncontrolling interests(1)	616,378			967,351
Consolidated enterprise value	$	92,578,688		$	65,584,105
Net debt to consolidated enterprise value	12.9		%	20.9		%


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


						Page 12 of 12


Table of Contents


Overview			1

Portfolio			2

Investment			6

Financial			11

Glossary			16

Supplemental Reporting Measures			17

Forward Looking Statements and Risk Factors			21


Overview


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

Portfolio Composition(1)			Beds/Unit Mix
	Average Age	Properties	Total		Wellness Housing	Independent Living	Assisted Living	Memory Care	Long-Term/ Post-Acute Care
Seniors Housing Operating	16	1,232	141,130		26,810	45,822	44,984	22,884	630
Seniors Housing Triple-net	19	306	22,636		—	3,432	11,290	7,507	407
Outpatient Medical	19	447	26,521,917	(2)	n/a	n/a	n/a	n/a	n/a
Long-Term/Post-Acute Care	32	286	36,358		—	—	1,022	—	35,336
Total	19	2,271


NOI Performance	Same Store(3)							In-Place Portfolio(4)
	Properties	4Q23 NOI		4Q24 NOI		% Change		Properties	Annualized In-Place NOI		% of Total
Seniors Housing Operating	660	$	240,443	$	297,809	23.9	%	1,064	$	1,689,804	56.7	%
Seniors Housing Triple-net	272	73,482		77,199		5.1	%	299	340,176		11.4	%
Outpatient Medical	415	127,636		130,186		2.0	%	429	548,136		18.4	%
Long-Term/Post-Acute Care	210	67,868		69,665		2.6	%	281	403,912		13.5	%
Total	1,557	$	509,429	$	574,859	12.8	%	2,073	$	2,982,028	100.0	%


Portfolio Performance					Facility Revenue Mix
Stable Portfolio(5)	Occupancy		EBITDAR Coverage(6)	EBITDARM Coverage(6)	Private Pay		Medicaid		Medicare		Other Government(7)
Seniors Housing Operating	86.1	%	n/a	n/a	96.3	%	1.1	%	0.3	%	2.3	%
Seniors Housing Triple-net	84.3	%	1.12	1.32	89.0	%	1.9	%	0.2	%	8.9	%
Outpatient Medical	94.3	%	n/a	n/a	100.0	%	—		—		—
Long-Term/Post-Acute Care	82.9	%	1.58	1.96	24.9	%	48.1	%	27.0	%	—	%
Total			1.33	1.62	92.7	%	3.4	%	1.6	%	2.3	%

Notes:

(1) Includes land parcels and properties under development.

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

(3) See pages 18 and 19 for reconciliation.

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

(5) Data as of December 31, 2024 for Seniors Housing Operating and Outpatient Medical and September 30, 2024 for the remaining asset types.

(6) Represents trailing twelve month coverage metrics.

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


Portfolio


(dollars in thousands at Welltower pro rata ownership)
In-Place NOI Diversification(1)
By Partner:	Total Properties	Seniors Housing Operating		Seniors Housing Triple-net		Outpatient Medical		Long-Term/ Post-Acute Care		Total		% of Total
Cogir Management Corporation	129	$	222,100	$	—	$	—	$	—	$	222,100	7.4	%
Sunrise Senior Living	93	179,920		—		—		—		179,920		6.0	%
Integra Healthcare Properties	139	—		—		—		166,468		166,468		5.6	%
Avery Healthcare	92	77,100		72,272		—		—		149,372		5.0	%
Oakmont Management Group	66	143,460		—		—		—		143,460		4.8	%
StoryPoint Senior Living	96	109,504		—		—		—		109,504		3.7	%
Care UK	72	107,112		—		—		—		107,112		3.6	%
Aspire Healthcare	53	—		—		—		86,616		86,616		2.9	%
Belmont Village	21	80,240		—		—		—		80,240		2.7	%
Legend Senior Living	50	74,988		—		—		1,240		76,228		2.6	%
Remaining	1,262	695,380		267,904		548,136		149,588		1,661,008		55.7	%
Total	2,073	$	1,689,804	$	340,176	$	548,136	$	403,912	$	2,982,028	100.0	%

By Country:
United States	1,754	$	1,302,156	$	246,252	$	548,136	$	397,336	$	2,493,880	83.6	%
United Kingdom	185	184,232		90,728		—		—		274,960		9.2	%
Canada	134	203,416		3,196		—		6,576		213,188		7.2	%
Total	2,073	$	1,689,804	$	340,176	$	548,136	$	403,912	$	2,982,028	100.0	%

By MSA:
Los Angeles	73	$	106,064	$	20,724	$	40,812	$	1,332	$	168,932	5.7	%
New York / New Jersey	81	67,528		19,760		39,244		17,220		143,752		4.8	%
Dallas	77	78,440		5,820		30,768		4,556		119,584		4.0	%
Greater London	61	87,848		18,860		—		—		106,708		3.6	%
Washington D.C.	42	39,540		6,648		12,664		26,440		85,292		2.9	%
Houston	42	16,592		3,032		56,352		—		75,976		2.5	%
Philadelphia	52	21,372		5,492		21,008		26,828		74,700		2.5	%
Chicago	49	39,316		6,476		9,468		7,052		62,312		2.1	%
Montréal	25	62,172		—		—		—		62,172		2.1	%
San Francisco	24	44,172		10,864		1,660		2,424		59,120		2.0	%
Seattle	28	34,224		1,212		15,632		1,916		52,984		1.8	%
Charlotte	30	16,904		10,068		23,088		—		50,060		1.7	%
Raleigh	13	10,724		30,504		2,920		—		44,148		1.5	%
Tampa	37	4,868		2,220		6,092		29,036		42,216		1.4	%
San Diego	19	19,860		7,324		11,040		2,972		41,196		1.4	%
Boston	22	28,364		5,412		2,524		—		36,300		1.2	%
Minneapolis	23	20,708		—		13,608		—		34,316		1.2	%
Baltimore	16	5,760		1,776		12,324		13,984		33,844		1.1	%
Miami	41	1,404		1,416		14,904		15,148		32,872		1.1	%
Pittsburgh	21	17,808		4,916		3,776		4,268		30,768		1.0	%
Remaining	1,297	966,136		177,652		230,252		250,736		1,624,776		54.4	%
Total	2,073	$	1,689,804	$	340,176	$	548,136	$	403,912	$	2,982,028	100.0	%

Notes:

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


Portfolio


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

Total Portfolio Performance(1)	4Q23			1Q24			2Q24			3Q24			4Q24
Properties	915			935			947			1,029			1,085
Units	99,387			101,395			105,076			114,213			118,818
Total occupancy	82.2		%	82.5		%	82.8		%	83.8		%	84.8		%
Total revenues	$	1,284,698		$	1,382,102		$	1,438,143		$	1,556,957		$	1,808,025
Operating expenses	982,077			1,034,982			1,066,391			1,167,375			1,366,423
NOI	$	302,621		$	347,120		$	371,752		$	389,582		$	441,602
NOI margin	23.6		%	25.1		%	25.8		%	25.0		%	24.4		%
Recurring cap-ex	$	49,297		$	37,104		$	56,151		$	66,515		$	75,822
Other cap-ex	$	85,506		$	70,428		$	82,217		$	129,242		$	188,301


Same Store Performance(2)	4Q23			1Q24			2Q24			3Q24			4Q24
Properties	660			660			660			660			660
Units	68,011			68,017			68,011			68,009			68,007
Occupancy	84.0		%	84.1		%	84.5		%	85.9		%	87.1		%
Same store revenues	$	1,016,211		$	1,045,130		$	1,059,674		$	1,088,119		$	1,105,708
Compensation	464,042			464,367			465,856			477,674			486,758
Utilities	45,717			49,602			42,232			49,128			46,135
Food	40,331			40,105			39,706			41,793			44,087
Repairs and maintenance	28,717			27,896			28,092			28,988			28,895
Property taxes	33,832			36,376			36,746			35,092			32,934
All other	163,129			162,132			164,952			169,254			169,090
Same store operating expenses	775,768			780,478			777,584			801,929			807,899
Same store NOI	$	240,443		$	264,652		$	282,090		$	286,190		$	297,809
Same store NOI margin %	23.7		%	25.3		%	26.6		%	26.3		%	26.9		%
Year over year NOI growth rate													23.9		%
Year over year revenue growth rate													8.8		%


Partners(3)	Properties	Pro Rata Units	Welltower Ownership %(4)		Top Markets	4Q24 NOI		% of Total
Cogir Management Corporation	129	20,010	94.4	%	Southern California	$	38,899	8.8	%
Sunrise Senior Living	93	8,281	93.5	%	Greater London	29,665		6.7	%
Oakmont Management Group	66	6,802	100.0	%	Northern California	26,121		5.9	%
StoryPoint Senior Living	96	10,379	100.0	%	Dallas	19,434		4.4	%
Care UK	72	4,976	100.0	%	Montreal	16,616		3.8	%
Belmont Village	21	2,804	95.0	%	New York / New Jersey	16,529		3.7	%
Avery Healthcare	42	3,285	95.7	%	Washington D.C.	10,168		2.3	%
Legend Senior Living	49	4,263	94.6	%	Chicago	9,843		2.2	%
Sagora Senior Living	43	5,579	99.5	%	Seattle	8,207		1.9	%
Axis Residential	22	3,385	100.0	%	Toronto	8,062		1.8	%
Pegasus Senior Living	30	3,345	100.0	%	Top markets	183,544		41.5	%
Discovery Senior Living	36	5,012	99.1	%	All other	258,058		58.5	%
New Perspective Senior Living	19	2,184	99.7	%	Total	$	441,602	100.0	%
Clover Management	37	4,060	90.2	%
Remaining	309	32,530
Total	1,064	116,895

Notes:

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

(2) See pages 18 and 19 for reconciliation.

(3) Represents partner concentration based on annualized In-Place NOI for the quarter ended December 31, 2024. Property count and pro rata units represent the In-Place portfolio.

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


Portfolio


(dollars in thousands at Welltower pro rata ownership)
Payment Coverage Stratification
	EBITDARM Coverage(1)								EBITDAR Coverage(1)
% of In-Place NOI	Seniors Housing Triple-net		Long-Term/ Post- Acute Care		Total		Weighted Average Maturity	Number of Leases	Seniors Housing Triple-net		Long-Term/ Post- Acute Care		Total		Weighted Average Maturity	Number of Leases
<.85x	0.3	%	1.2	%	1.5	%	12	4	0.3	%	1.3	%	1.6	%	12	5
.85x-.95x	—	%	—	%	—	%	—	1	0.7	%	0.4	%	1.1	%	11	2
.95x-1.05x	—	%	—	%	—	%	—	—	1.0	%	0.8	%	1.8	%	6	5
1.05x-1.15x	1.1	%	—	%	1.1	%	12	2	2.0	%	—	%	2.0	%	10	2
1.15x-1.25x	1.0	%	0.4	%	1.4	%	4	3	5.6	%	—	%	5.6	%	8	3
1.25x-1.35x	1.1	%	0.8	%	1.9	%	8	2	—	%	—	%	—	%	2	1
>1.35	6.4	%	6.4	%	12.8	%	12	17	0.3	%	6.3	%	6.6	%	17	11
Total	9.9	%	8.8	%	18.7	%	11	29	9.9	%	8.8	%	18.7	%	11	29


Revenue and Lease Maturity(2)
	Rental Income
Year	Seniors Housing Triple-net		Outpatient Medical		Long-Term / Post-Acute Care		Interest Income		Total Revenues		% of Total
2025	$	5,837	$	57,968	$	720	$	20,642	$	85,167	5.5	%
2026	3,137		41,543		9,007		58,571		112,258		7.2	%
2027	—		47,620		1,259		59,653		108,532		7.0	%
2028	—		44,937		6,484		100,048		151,469		9.7	%
2029	1,083		47,148		—		3,546		51,777		3.3	%
2030	12,160		42,067		29,470		141		83,838		5.4	%
2031	6,571		48,044		4,503		225		59,343		3.8	%
2032	95,310		51,461		52,000		348		199,119		12.8	%
2033	58,068		32,568		1,019		—		91,655		5.9	%
2034	420		50,849		—		328		51,597		3.3	%
Thereafter	120,925		131,915		305,329		1,684		559,853		36.1	%
	$	303,511	$	596,120	$	409,791	$	245,186	$	1,554,608	100.0	%

Weighted Avg Maturity Years	11		7		14		3		9

Notes:

(1) Represents trailing twelve month coverage metrics as of September 30, 2024 for stable portfolio only. Agreements included represent 75% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 18 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.

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


Portfolio


(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)	4Q23			1Q24			2Q24			3Q24			4Q24
Properties	426			427			425			426			429
Square feet	21,043,557			21,148,949			21,208,417			21,320,290			21,430,682
Occupancy	94.5		%	94.2		%	94.2		%	94.4		%	94.3		%
Total revenues	$	192,440		$	202,997		$	201,504		$	208,750		$	205,361
Operating expenses	55,060			65,162			63,440			64,795			61,392
NOI	$	137,380		$	137,835		$	138,064		$	143,955		$	143,969
NOI margin	71.4		%	67.9		%	68.5		%	69.0		%	70.1		%
Revenues per square foot	$	36.58		$	38.39		$	38.00		$	39.16		$	38.33
NOI per square foot	$	26.11		$	26.07		$	26.04		$	27.01		$	26.87
Recurring cap-ex	$	21,106		$	14,512		$	11,098		$	14,382		$	11,029
Other cap-ex	$	10,151		$	7,826		$	14,389		$	10,649		$	16,756


Same Store Performance(2)	4Q23			1Q24			2Q24			3Q24			4Q24
Properties	415			415			415			415			415
Occupancy	94.5		%	94.2		%	94.1		%	94.3		%	94.4		%
Same store revenues	$	181,204		$	190,470		$	188,173		$	190,641		$	188,588
Same store operating expenses	53,568			62,639			60,983			62,177			58,402
Same store NOI	$	127,636		$	127,831		$	127,190		$	128,464		$	130,186
NOI margin	70.4		%	67.1		%	67.6		%	67.4		%	69.0		%
Year over year NOI growth rate													2.0		%


Portfolio Diversification by Tenant(3)	Rental Income		% of Total		Quality Indicators
Kelsey-Seybold	$	56,796	9.5	%	Health system affiliated properties as % of NOI(3)	89.3	%
UnitedHealth	18,534		3.1	%	Health system affiliated tenants as % of rental income(3)	64.8	%
Novant Health	17,639		3.0	%	Investment grade tenants as % of rental income(3)	59.7	%
Providence Health & Services	17,087		2.9	%	Retention (trailing twelve months)(3)	93.6	%
Common Spirit Health	16,072		2.7	%	In-house managed properties as % of square feet(3,4)	85.8	%
Remaining portfolio	469,992		78.8	%	Average remaining lease term (years)(3)	7.0
Total	$	596,120	100.0	%	Average building size (square feet)(3)	59,869
					Average age (years)	19


Expirations(3)	2025		2026		2027		2028		2029		Thereafter
Occupied square feet	1,875,168		1,464,282		1,558,617		1,569,620		1,598,308		12,145,403
% of occupied square feet	9.3	%	7.2	%	7.7	%	7.8	%	7.9	%	60.1	%

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 415 same store properties representing 20,478,163 square feet. See pages 18 and 19 for reconciliation.

(3) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non-cash income. Retention includes month-to-month tenants retained.

(4) Excludes tenant managed properties.


Investment

(dollars in thousands at Welltower pro rata ownership)

Relationship Investment History


Detail of Acquisitions/JVs(1)
	2020			2021		2022		2023		1Q24		2Q24		3Q24		4Q24		20-24 Total
Count		12		35		27		52		3		12		18		21		180
Total		$	910,217	$	4,101,534	$	2,785,739	$	4,222,706	$	61,034	$	937,122	$	2,150,572	$	2,138,412	$	17,307,336
Low		6,201		5,000		6,485		2,950		6,786		15,923		16,669		970		970
Median		48,490		45,157		66,074		65,134		23,753		34,725		50,469		45,000		48,407
High		235,387		1,576,642		389,149		644,443		30,495		374,281		577,477		936,814		1,576,642


Investment Timing
	Acquisitions and Loan Funding(2)		Yield		Construction Conversions(3)		Year 1 Yield		Dispositions and Loan Repayments		Yield
October	$	1,585,722	9.4	%	$	46,660	1.4	%	$	62,124	7.7	%
November	466,512		4.6	%	10,755		1.6	%	94,180		10.0	%
December	133,825		7.5	%	278,674		1.7	%	307,693		7.2	%
Total	$	2,186,059	8.2	%	$	336,089	1.6	%	$	463,997	7.9	%

Notes:

(1) Includes non-yielding asset acquisitions.

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

(3) Includes expansion conversions.


Investment


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

	Fourth Quarter 2024
	Properties	Beds / Units / Square Feet		Investment Per Bed / Unit / SqFt		Pro Rata Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating	56	4,762	units	$	291,817	$	1,855,064
Seniors Housing Triple-net	5	330	units	292,476		96,517

Long-Term/Post-Acute Care	1	117	beds	73,077		186,831
Loan funding						47,647
Total acquisitions and loan funding(2)	62					2,186,059		8.2	%

Development Funding(3)
Development projects:
Seniors Housing Operating	35	5,939	units			166,955

Outpatient Medical	11	768,214	sf			64,131
Total development projects	46					231,086
Redevelopment and expansion projects:
Seniors Housing Operating	3	521	units			1,831

Outpatient Medical						433
Total redevelopment and expansion projects	3					2,264

Total development funding	49					233,350		7.8	%

Total gross investments						2,419,409		8.2	%

Dispositions and Loan Repayments(4)
Seniors Housing Operating	4	274	units	60,223		16,501
Seniors Housing Triple-net	11	1,229	units	244,101		300,000

Long-Term/Post-Acute Care	9	1,274	beds	58,901		103,877
Loan repayments						43,619

Total dispositions and loan repayments(5)	24					463,997		7.9	%

Net investments (dispositions)						$	1,955,412

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.


Investment


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

	Year-To-Date 2024
	Properties	Beds / Units / Square Feet		Investment Per Bed / Unit / SqFt		Pro Rata Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating	109	11,793	units	$	263,672	$	3,948,619
Seniors Housing Triple-net	10	626	units	295,299		484,858
Outpatient Medical	1	103,652	sf	439		45,555
Long-Term/Post-Acute Care	3	529	beds	98,960		808,108
Loan funding						744,349
Total acquisitions and loan funding(2)	123					6,031,489		7.4	%

Development Funding(3)
Development projects:
Seniors Housing Operating	45	7,313	units			600,147

Outpatient Medical	15	1,270,329	sf			303,699
Total development projects	60					903,846
Redevelopment and expansion projects:
Seniors Housing Operating	4	542	units			19,602

Outpatient Medical	2	36,332	sf			6,025
Total redevelopment and expansion projects	6					25,627

Total development funding	66					929,473		7.2	%

Total gross investments						6,960,962		7.4	%

Dispositions and Loan Repayments(4)
Seniors Housing Operating	31	3,428	units	222,435		463,061
Seniors Housing Triple-net	11	1,229	units	244,101		375,000
Outpatient Medical	4	304,881	sf	375		55,799
Long-Term/Post-Acute Care	10	1,434	beds	67,671		270,246
Loan repayments						368,935

Total dispositions and loan repayments(5)	56					1,533,041		6.5	%

Net investments (dispositions)						$	5,427,921

Notes:

(5) Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds. Pro rata amounts include joint venture real estate loans receivable.


Investment


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

Seniors Housing Operating
	San Jose, CA	685	509	—	143		33	$	175,381	$	3,612	1Q25
	Washington D.C.	298	—	184	89		25	156,499		9,484		3Q24 - 1Q25
	Miami, FL	93	—	—	39		54	69,299		1,721		1Q25
	Tampa, FL	204	204	—	—		—	49,325		3,898		4Q24 - 1Q25
	Wilmslow, UK	60	—	—	60		—	23,332		3,287		1Q25
	Little Rock, AR	283	283	—	—		—	15,083		957		1Q25
	Cambridge, UK	70	—	—	45		25	9,172		1,527		1Q25
	Washington D.C.	137	—	53	47		37	129,759		15,340		2Q25
	Columbus, OH	409	409	—	—		—	82,069		9,616		2Q25
	Sherman, TX	237	237	—	—		—	74,846		9,871		3Q24 - 2Q25
	Kansas City, MO	263	263	—	—		—	70,864		3,999		2Q25
	Dallas, TX	201	201	—	—		—	65,655		42,727		1Q25 - 2Q25
	Houston, TX	80	80	—	—		—	22,424		12,370		1Q25 - 2Q25
	Hartford, CT	122	122	—	—		—	20,741		—		2Q25
	Dallas, TX	43	43	—	—		—	11,514		7,158		1Q25 - 2Q25
	London, UK	62	—	—	40		22	8,903		3,208		2Q25
	Naples, FL	188	188	—	—		—	52,343		7,239		2Q25 - 3Q25
	Phoenix, AZ	110	110	—	—		—	39,661		4,973		1Q25 - 3Q25
	Kansas City, MO	134	134	—	—		—	21,111		—		3Q25
	Brighton and Hove, UK	70	—	—	45		25	11,023		4,895		3Q25
	Chattanooga, TN	243	243	—	—		—	61,587		23,359		1Q25 - 4Q25
	Southampton, UK	80	—	—	80		—	22,722		12,826		4Q25
	Killeen, TX	256	256	—	—		—	68,073		27,957		4Q23 - 1Q26
	Dallas, TX	141	141	—	—		—	45,619		26,827		4Q24 - 1Q26
	Saffron Walden, UK	70	—	—	70		—	23,914		14,112		1Q26
	Tring, UK	72	—	—	72		—	23,610		15,942		2Q26
	Birmingham, UK	77	—	—	18		59	18,375		11,505		2Q26
	Dallas, TX	230	230	—	—		—	84,674		57,902		2Q25 - 3Q26
	San Jose, CA	158	—	—	158		—	61,929		28,691		3Q26
	Tallahassee, FL	206	206	—	—		—	48,086		37,940		3Q25 - 3Q26
	Stafford, UK	76	—	—	76		—	24,700		19,945		3Q26
	Atlanta, GA	192	192	—	—		—	47,069		41,065		1Q26 - 4Q26
	Redevelopment(3)	76	76	—	—		—	14,818		1,280		1Q24 - 1Q25


	Subtotal	5,626	4,127	237	982		280	1,654,180		465,233





Outpatient Medical				Rentable Square Ft	Preleased %		Health System Affiliation	Commitment Amount		Future Funding		Estimated Conversion
	Houston, TX			143,568	100	%	Yes	86,559		14,070		1Q25
	Houston, TX			119,682	100	%	Yes	78,282		13,032		1Q25
	Houston, TX			50,379	100	%	Yes	28,723		4,089		1Q25
	Houston, TX			144,645	100	%	Yes	76,800		23,029		2Q25
	Oklahoma City, OK			47,636	100	%	Yes	42,487		12,246		2Q25
	Durango, CO			33,296	100	%	Yes	24,112		6,467		1Q25 - 2Q25
	Dallas, TX			143,046	85.6	%	Yes	58,362		39,681		3Q25
	Waco, TX			12,324	100	%	Yes	7,846		5,875		3Q25





	Subtotal			694,576				403,171		118,489

Total Development Projects								$	2,057,351	$	583,722

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

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

(3) Relates to one redevelopment project.


Investment


(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
					Projected Future Funding
	Projects	Beds / Units / Square Feet	Stable Yields(2)		2025 Funding		Funding Thereafter		Total Unfunded Commitments		Committed Balances
Seniors Housing Operating	33	5,626	7.5	%	$	350,614	$	114,619	$	465,233	$	1,654,180

Outpatient Medical	8	694,576	6.5	%	110,325		8,164		118,489		403,171
Total	41		7.3	%	$	460,939	$	122,783	$	583,722	$	2,057,351


Development Project Conversion Estimates(1)
Quarterly Conversions							Annual Conversions
	Amount		Year 1 Yields(2)		Stable Yields(2)			Amount		Year 1 Yields(2)		Stable Yields(2)
1Q24 actual	$	162,557	3.7	%	6.6	%	2024 actual	$	990,366	1.8	%	7.3	%
2Q24 actual	198,193		2.5	%	6.7	%	2025 estimate	1,611,302		1.9	%	7.2	%
3Q24 actual	293,527		0.4	%	7.4	%	2026 estimate	446,049		0.6	%	7.6	%
4Q24 actual	336,089		1.6	%	7.9	%	Total	$	3,047,717	1.7	%	7.3	%
1Q25 estimate	706,473		2.9	%	7.5	%
2Q25 estimate	630,174		1.5	%	6.7	%
3Q25 estimate	190,346		0.7	%	6.8	%
4Q25 estimate	84,309		(0.4)	%	8.4	%
1Q26 estimate	137,606		0.6	%	8.0	%
2Q26 estimate	41,985		(2.7)	%	11.4	%
3Q26 estimate	219,389		1.4	%	6.8	%
4Q26 estimate	47,069		(0.1)	%	7.1	%


Total	$	3,047,717	1.7	%	7.3	%


Unstabilized Properties
	09/30/2024 Properties	Stabilizations	Construction Conversions(3)	Acquisitions/ Dispositions	12/31/2024 Properties	Beds / Units
Seniors Housing Operating	55	(3)	4	3	59	8,043
Seniors Housing Triple-net	4	(1)	—	3	6	474

Total	59	(4)	4	6	65	8,517


Occupancy	09/30/2024 Properties	Stabilizations	Construction Conversions(3)		Acquisitions/ Dispositions		Progressions		12/31/2024 Properties
0% - 50%	18	(1)	3		6		(6)		20
50% - 70%	21	—	1		—		(4)		18
70% +	20	(3)	—		—		10		27
Total	59	(4)	4		6		—		65

Occupancy	12/31/2024 Properties	Months In Operation	Revenues		% of Total Revenues(4)		Gross Investment Balance		% of Total Gross Investment
0% - 50%	20	8	$	78,148	0.8	%	$	762,709	1.5	%
50% - 70%	18	28	176,808		1.9	%	851,283		1.6	%
70% +	27	34	332,092		3.6	%	1,206,179		2.3	%
Total	65	29	$	587,048	6.3	%	$	2,820,171	5.4	%

Notes:

(1) Includes development and redevelopment projects (construction in progress, development loans and in substance real estate) and excludes expansion projects. Projects expected to be delivered in phases over multiple quarters are reflected in the last quarter.

(2) Actual yields may vary.

(3) Includes expansion and development loan conversions.

(4) Percent of total revenues based on current quarter annualized pro rata total revenues on page 12.


Financial


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

Stabilized NOI				Pro rata beds/units/square feet
Seniors Housing Operating(1)	$	1,689,804		116,895	units
Seniors Housing Triple-net	340,176			21,168	units
Outpatient Medical	548,136			21,430,682	square feet
Long-Term/Post-Acute Care	403,912			34,665	beds
Total In-Place NOI(2)	2,982,028
Incremental stabilized NOI(3)	160,035
Total stabilized NOI	$	3,142,063

Obligations
Lines of credit and commercial paper(4)	$	—
Senior unsecured notes(4)	13,326,465
Secured debt(4)	3,262,992
Financing lease liabilities	112,620
Total debt	16,702,077
Add (Subtract):
Other liabilities (assets), net(5)	465,030
Cash and cash equivalents and restricted cash	(3,744,509)
Net obligations	$	13,422,598

Other Assets
Land parcels(6)	$	334,492		Effective Interest Rate(9)
Real estate loans receivable(7)	2,688,874			10.6%
Non-real estate loans receivable(8)	189,194			10.1%
Joint venture real estate loans receivables(10)	288,864			5.7%
Property dispositions(11)	408,848
Development properties:(12)
Current balance	1,473,629
Unfunded commitments	583,722
Committed balances	$	2,057,351
Projected yield	7.3		%
Projected NOI	$	150,187

Common Shares Outstanding(13)	637,546

Notes:

(1) Includes $3,180,000 attributable to our proportional share of income (loss) from unconsolidated management company investments.

(2) See page 18 for reconciliation.

(3) Represents incremental NOI from Seniors Housing Operating unstabilized properties.

(4) Represents principal amounts due and do not include unamortized premiums/discounts, deferred loan expenses or other fair value adjustments as reflected on the balance sheet. Includes $852,138,000 of foreign secured debt.

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

(6) Includes land parcels and predevelopment projects.

(7) Represents $2,714,706,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, net of $25,831,000 of credit allowances.

(8) Represents $196,641,000 of non-real estate loans, net of $7,447,000 of credit allowances.

(9) Average cash-pay interest rates are 6.9%, 9.2% and 5.7% for real estate, non-real estate loans and joint venture real estate loans, respectively. Rates exclude non-accrual/interest-free loans.

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

(11) Represents proceeds from expected property dispositions in the next twelve months, including properties subject to sales-type leases expected to be sold to tenants.

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

(13) Includes OP Units and DownREIT Units.


Financial


(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
	4Q23		1Q24		2Q24		3Q24		4Q24
Revenues:
Seniors Housing Operating
Resident fees and services	$	1,280,154	$	1,379,295	$	1,435,064	$	1,554,263	$	1,805,306


Other income	4,544		2,807		3,079		2,694		2,719
Total revenues	1,284,698		1,382,102		1,438,143		1,556,957		1,808,025

Seniors Housing Triple-net

Rental income	115,615		110,967		30,113		115,763		58,918
Interest income	140		—		—		—		8,167
Other income	924		955		1,032		773		38
Total revenues	116,679		111,922		31,145		116,536		67,123

Outpatient Medical
Rental income	190,211		200,593		198,924		206,709		203,247

Other income	2,229		2,404		2,580		2,041		2,114
Total revenues	192,440		202,997		201,504		208,750		205,361

Long-Term/Post-Acute Care
Rental income	96,146		104,046		104,312		105,234		122,471

Other income	6		244		43		201		21
Total revenues	96,152		104,290		104,355		105,435		122,492

Corporate
Interest income	55,144		56,869		67,224		72,742		66,261
Other income	30,021		28,729		31,873		43,653		32,195
Total revenues	85,165		85,598		99,097		116,395		98,456

Total
Resident fees and services	1,280,154		1,379,295		1,435,064		1,554,263		1,805,306
Rental income	401,972		415,606		333,349		427,706		384,636
Interest Income	55,284		56,869		67,224		72,742		74,428
Other Income	37,724		35,139		38,607		49,362		37,087
Total revenues	1,775,134		1,886,909		1,874,244		2,104,073		2,301,457

Property operating expenses:
Seniors Housing Operating	982,077		1,034,982		1,066,391		1,167,375		1,366,423
Seniors Housing Triple-net	6,662		7,559		7,231		6,103		5,834
Outpatient Medical	55,060		65,162		63,440		64,795		61,392
Long-Term/Post-Acute Care	3,298		3,448		3,458		3,436		4,063
Corporate	5,957		3,636		4,713		4,691		6,385
Total property operating expenses	1,053,054		1,114,787		1,145,233		1,246,400		1,444,097

Net operating income:
Seniors Housing Operating	302,621		347,120		371,752		389,582		441,602
Seniors Housing Triple-net	110,017		104,363		23,914		110,433		61,289
Outpatient Medical	137,380		137,835		138,064		143,955		143,969
Long-Term/Post-Acute Care	92,854		100,842		100,897		101,999		118,429
Corporate	79,208		81,962		94,384		111,704		92,071
Net operating income	$	722,080	$	772,122	$	729,011	$	857,673	$	857,360

Note:

(1) Please see discussion of Supplemental Reporting Measures on page 17. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%. Interest income related to all loan investments has been reclassified to Corporate for all periods presented to better align with the manner in which loan investments are managed.


Financial


(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
	Twelve Months Ended			Three Months Ended
	December 31, 2024			December 31, 2024
Net income (loss)	$	972,857		$	123,753
Interest expense	574,261			154,469
Income tax expense (benefit)	2,700			114
Depreciation and amortization	1,632,093			480,406
EBITDA	3,181,911			758,742
Loss (income) from unconsolidated entities	496			(6,429)
Stock-based compensation	74,482			13,358
Loss (gain) on extinguishment of debt, net	2,130			—
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net	(451,611)			(8,195)
Impairment of assets	92,793			23,647
Provision for loan losses, net	10,125			(245)
Loss (gain) on derivatives and financial instruments, net	(27,887)			(9,102)
Other expenses	117,459			34,405

Casualty losses, net of recoveries	12,261			4,926
Other impairment(2)	139,652			41,978
Total adjustments	(30,100)			94,343
Adjusted EBITDA	$	3,151,811		$	853,085

Interest Coverage Ratios
Interest expense	$	574,261		$	154,469
Capitalized interest	58,115			14,160
Non-cash interest expense	(42,388)			(15,143)
Total interest	$	589,988		$	153,486
EBITDA	$	3,181,911		$	758,742
Interest coverage ratio	5.39		x	4.94		x
Adjusted EBITDA	$	3,151,811		$	853,085
Adjusted Interest coverage ratio	5.34		x	5.56		x

Fixed Charge Coverage Ratios
Total interest	$	589,988		$	153,486
Secured debt principal amortization	47,329			14,918
Total fixed charges	$	637,317		$	168,404
EBITDA	$	3,181,911		$	758,742
Fixed charge coverage ratio	4.99		x	4.51		x
Adjusted EBITDA	$	3,151,811		$	853,085
Adjusted Fixed charge coverage ratio	4.95		x	5.07		x

Net Debt to EBITDA Ratios
Total debt(3)				$	15,608,294
Less: cash and cash equivalents and restricted cash				(3,711,457)
Net debt				$	11,896,837
EBITDA Annualized				$	3,034,968
Net debt to EBITDA ratio				3.92		x
Adjusted EBITDA Annualized				$	3,412,340
Net debt to Adjusted EBITDA ratio				3.49		x

Notes:

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

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

(3) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $108,037,000. Excludes operating lease liabilities of $1,150,062,000 related to ASC 842.


Financial


(in thousands except share price)
Leverage and Current Capitalization(1)
			% of Total
Book capitalization
Lines of credit and commercial paper(2)	$	—	—	%
Long-term debt obligations(2)(3)	15,608,294		35.10	%
Cash and cash equivalents and restricted cash	(3,711,457)		(8.35)	%
Net debt to consolidated book capitalization	$	11,896,837	26.75	%
Total equity(4)	32,572,586		73.25	%
Consolidated book capitalization	$	44,469,423	100.00	%
Joint venture debt, net(5)	795,769
Total book capitalization	$	45,265,192

Undepreciated book capitalization
Lines of credit and commercial paper(2)	$	—	—	%
Long-term debt obligations(2)(3)	15,608,294		28.33	%
Cash and cash equivalents and restricted cash	(3,711,457)		(6.74)	%
Net debt to consolidated undepreciated book capitalization	$	11,896,837	21.59	%
Accumulated depreciation and amortization	10,626,263		19.29	%
Total equity(4)	32,572,586		59.12	%
Consolidated undepreciated book capitalization	$	55,095,686	100.00	%
Joint venture debt, net(5)	795,769
Total undepreciated book capitalization	$	55,891,455

Enterprise value
Lines of credit and commercial paper(2)	$	—	—	%
Long-term debt obligations(2)(3)	15,608,294		16.86	%
Cash and cash equivalents and restricted cash	(3,711,457)		(4.01)	%
Net debt to consolidated enterprise value	$	11,896,837	12.85	%
Common shares outstanding	635,289
Period end share price	126.03
Common equity market capitalization	$	80,065,473	86.48	%
Noncontrolling interests(4)	616,378		0.67	%
Consolidated enterprise value	$	92,578,688	100.00	%
Joint venture debt, net(5)	795,769
Total enterprise value	$	93,374,457

Secured debt as % of total assets
Secured debt(2)	$	2,338,155	3.79	%
Gross asset value(6)	$	61,670,571

Total debt as % of gross asset value
Total debt(2)(3)	$	15,608,294	25.31	%
Gross asset value(6)	$	61,670,571

Unsecured debt as % of unencumbered assets
Unsecured debt(2)	$	13,162,102	23.97	%



Unencumbered gross assets(7)	$	54,916,648

Notes:

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

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

(3) Includes financing lease liabilities of $108,037,000 and excludes operating lease liabilities of $1,150,062,000 related to ASC 842.

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

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

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

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


Financial


(dollars in thousands)
Debt Maturities and Scheduled Principal Amortization(1)
Year	Lines of Credit and Commercial Paper(2)			Senior Unsecured Notes(3)			Consolidated Secured Debt			Noncontrolling Interests' Share of Consolidated Secured Debt			Share of Unconsolidated Secured Debt			Combined Debt(4)			% of Total		Wtd. Avg. Interest Rate (5)
2025	$	—		$	1,260,000		$	216,034		$	(1,141)		$	590,357		$	2,065,250		12.45	%	3.98	%
2026	—			700,000			226,754			(2,012)			46,295			971,037			5.85	%	4.00	%
2027	—			1,881,865			258,216			(2,316)			71,091			2,208,856			13.31	%	4.23	%
2028	—			2,473,600			160,028			(318)			24,705			2,658,015			16.02	%	3.79	%
2029	—			2,085,000			392,703			(866)			41,299			2,518,136			15.18	%	3.48	%
2030	—			750,000			124,502			(316)			31,487			905,673			5.46	%	3.18	%
2031	—			1,350,000			50,195			(332)			28,998			1,428,861			8.61	%	2.79	%
2032	—			1,050,000			62,903			(343)			2,629			1,115,189			6.72	%	3.39	%
2033	—			—			411,005			(35,577)			5,708			381,136			2.30	%	4.84	%
2034	—			626,000			189,701			(7,801)			8,890			816,790			4.92	%	4.42	%
Thereafter	—			1,150,000			375,182			(4,668)			—			1,520,514			9.17	%	5.02	%
Totals	$	—		$	13,326,465		$	2,467,223		$	(55,690)		$	851,459		$	16,589,457		100.00	%

Weighted Avg. Interest Rate(5)	—		%	3.81		%	4.17		%	4.51		%	3.80		%	3.86		%

Weighted Avg. Maturity Years	—			5.4			7.1			8.5			1.7			5.5

% Floating Rate Debt(5)	—		%	8.88		%	9.80		%	—		%	4.07		%	8.80		%


Debt by Local Currency(1)
	Lines of Credit and Commercial Paper(2)		Senior Unsecured Notes(3)		Consolidated Secured Debt		Noncontrolling Interests' Share of Consolidated Secured Debt		Share of Unconsolidated Secured Debt		Combined Debt(4)		Investment Hedges(6)
United States	$	—	$	11,630,000	$	1,828,396	$	(40,054)	$	622,512	$	14,040,854	$	—
United Kingdom	—		1,314,600		—		—		—		1,314,600		1,791,246
Canada	—		381,865		638,827		(15,636)		228,947		1,234,003		2,016,267
Totals	$	—	$	13,326,465	$	2,467,223	$	(55,690)	$	851,459	$	16,589,457	$	3,807,513

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, 2024. The unsecured revolving credit facility is comprised of a $2,000,000,000 tranche that matures on July 24, 2029 and a $3,000,000,000 tranche that matures on July 24, 2028. The $3,000,000,000 tranche may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility.

(3) Senior Unsecured Notes include the following:

•2025 includes $1,250,000,000 of 4.0% senior unsecured notes that mature on June 1, 2025, which we intend to repay at maturity using available cash. At December 31, 2024, we had approximately $3,711,457,000 of cash and cash equivalents and restricted cash.

•2027 includes a $1,000,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $173,575,000 USD at December 31, 2024). The loans mature on July 19, 2026. The interest rates on the loans are adjusted SOFR + 0.85% for USD and adjusted CORRA + 0.85% for CAD. Both term loans may be extended for two successive terms of six months at our option.

•2027 also includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $208,290,000 USD at December 31, 2024) 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 $688,600,000 USD at December 31, 2024). 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 $626,000,000 USD at December 31, 2024). The notes mature on December 1, 2034.

(4) Excludes operating lease liabilities of $1,150,062,000 and finance lease liabilities of $108,037,000 related to ASC 842.

(5) Based on variable interest rates and foreign currency exchange rates in effect as of December 31, 2024. The interest rate on the unsecured revolving credit facility is adjusted SOFR + 0.725%. Commercial paper, senior notes and secured debt average interest rate represents the face value note rate. Includes the impact of notional swaps and caps to convert fixed rate debt to SOFR-based floating rate debt, and SOFR-based floating rate debt and CORRA-based floating rate debt to fixed rate debt.

(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 $99,931,000, as represented in other assets (liabilities) on the balance sheet. We supplement our local currency debt with foreign currency derivative contracts to offset the translation and economic exposures related to our international investments. Currently, our foreign currency derivatives are comprised of cross-currency swaps.


Glossary

Age: Current year, less the year built, adjusted for major renovations. Average age is weighted by pro rata NOI.

Cap-ex, Tenant Improvements, Leasing Commissions: Represents amounts incurred for: 1) recurring and non-recurring capital expenditures required to maintain and re-tenant our properties; 2) second generation tenant improvements; and 3) leasing commissions paid to third party leasing agents to secure new tenants. Excludes sustainability investments.

Construction Conversion: Represents completed construction projects that were placed into service and began generating NOI.

EBITDAR: Earnings before interest, taxes, depreciation, amortization and rent. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDAR and has not independently verified the information.

EBITDAR Coverage: Represents the ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.

EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDARM and has not independently verified the information.

EBITDARM Coverage: Represents the ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations, assuming that management fees are not paid. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.

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

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

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

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

Outpatient Medical: Outpatient medical buildings include properties offering ambulatory medical services such as primary and secondary care, outpatient surgery, diagnostic procedures and rehabilitation. These properties are typically affiliated with a health system and may be located on a hospital campus. They are specifically designed and constructed for use by healthcare professionals to provide services to patients. They also include medical office buildings that typically contain sole and group physician practices and may provide laboratory and other specialty services.

Seniors Housing Operating (SHO): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in the U.K. generally structured to take advantage of the REIT Investment Diversification and Empowerment Act of 2007, as well as Wellness Housing properties.

Seniors Housing Triple-net (SH-NNN): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in the U.K. subject to triple-net operating leases.

Square Feet: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards.

Stable: Generally, a triple-net rental property is considered stable (versus unstabilized or under development) when it has achieved EBITDAR coverage of 1.00x or greater for three consecutive months or, if targeted performance has not been achieved, 12 months following the budgeted stabilization date. Triple-net properties for which income is recognized on a cash basis and for which substantially all contractual rent during the period has not been collected are excluded from the stable portfolio. A Seniors Housing Operating facility is considered stable upon the earliest of 90% occupancy, NOI at or above the underwritten target or 12 months past the underwritten stabilization date. Excludes assets held for sale and assets disposed of during the current quarter.

Unstabilized: An acquisition that does not meet the stable criteria upon closing or a construction property that has opened but not yet reached stabilization.


Supplemental Reporting Measures

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

We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to managers, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent general overhead costs that are unrelated to property operations and are unallocable to the properties. These expenses include, but are not limited to, payroll and benefits related to corporate employees, professional services, office expenses and depreciation of corporate fixed assets. IPNOI represents cash NOI excluding interest income, other income and non-IPNOI and adjusted for timing of current quarter portfolio changes such as acquisitions, development conversions, segment transitions, dispositions and investments held for sale. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and 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 properties.

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

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


Supplemental Reporting Measures


(dollars in thousands)
Non-GAAP Reconciliations

NOI Reconciliation	4Q23		1Q24		2Q24		3Q24		4Q24
Net income (loss)	$	88,440	$	131,634	$	260,670	$	456,800	$	123,753
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net	1,783		(4,707)		(166,443)		(272,266)		(8,195)
Loss (income) from unconsolidated entities	2,008		7,783		(4,896)		4,038		(6,429)
Income tax expense (benefit)	(4,768)		6,191		1,101		(4,706)		114
Other expenses	36,307		14,131		48,684		20,239		34,405
Impairment of assets	14,994		43,331		2,394		23,421		23,647
Provision for loan losses, net	2,517		1,014		5,163		4,193		(245)
Loss (gain) on extinguishment of debt, net	—		6		1,705		419		—
Loss (gain) on derivatives and financial instruments, net	(7,215)		(3,054)		(5,825)		(9,906)		(9,102)
General and administrative expenses	44,327		53,318		55,565		77,901		48,707
Depreciation and amortization	380,730		365,863		382,045		403,779		480,406
Interest expense	154,574		147,318		133,424		139,050		154,469
Consolidated net operating income	713,697		762,828		713,587		842,962		841,530
NOI attributable to unconsolidated investments(1)	30,785		32,090		32,720		32,043		31,158
NOI attributable to noncontrolling interests(2)	(22,402)		(22,796)		(17,296)		(17,332)		(15,328)
Pro rata net operating income (NOI)(3)	$	722,080	$	772,122	$	729,011	$	857,673	$	857,360


In-Place NOI Reconciliation
At Welltower pro rata ownership	Seniors Housing Operating		Seniors Housing Triple-net		Outpatient Medical		Long-Term /Post-Acute Care		Corporate		Total
Revenues	$	1,808,025	$	67,123	$	205,361	$	122,492	$	98,456	$	2,301,457
Property operating expenses	(1,366,423)		(5,834)		(61,392)		(4,063)		(6,385)		(1,444,097)
NOI(3)	441,602		61,289		143,969		118,429		92,071		857,360
Adjust:
Interest income	—		(8,167)		—		—		(66,261)		(74,428)
Other income	(2,118)		(38)		(57)		(21)		(26,973)		(29,207)
Sold / held for sale(4)	(2,579)		(5)		(20)		(837)		—		(3,441)
Nonoperational(5)	6,162		4		(6)		(582)		—		5,578
Non In-Place NOI(6)	(25,601)		31,368		(6,873)		(17,120)		1,163		(17,063)
Timing adjustments(7)	4,985		593		21		1,109		—		6,708
Total adjustments	(19,151)		23,755		(6,935)		(17,451)		(92,071)		(111,853)
In-Place NOI	422,451		85,044		137,034		100,978		—		745,507
Annualized In-Place NOI	$	1,689,804	$	340,176	$	548,136	$	403,912	$	—	$	2,982,028


Same Store Property Reconciliation
	Seniors Housing Operating	Seniors Housing Triple-net	Outpatient Medical	Long-Term /Post-Acute Care	Total
Total properties	1,232	306	447	286	2,271
Recent acquisitions and development conversions(8)	(167)	(9)	(12)	(65)	(253)
Under development	(34)	—	(8)	—	(42)
Under redevelopment(9)	(2)	—	(2)	(4)	(8)
Current held for sale	(22)	—	—	(1)	(23)
Land parcels, loans and leased properties(4)	(105)	(8)	(9)	—	(122)
Transitions(10)	(234)	(17)	—	(2)	(253)
Other(11)	(8)	—	(1)	(4)	(13)
Same store properties	660	272	415	210	1,557

Notes:

(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.

(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.

(3) Represents Welltower's pro rata share of NOI. See page 12 for more information.

(4) Includes four Seniors Housing Triple-net properties accounted for as sales-type leases expected to be sold to tenants.

(5) Primarily includes development properties and land parcels.

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

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

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

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

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

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


Supplemental Reporting Measures


(dollars in thousands at Welltower pro rata ownership)

Same Store NOI Reconciliation	4Q23		1Q24		2Q24		3Q24		4Q24		Y/o/Y
Seniors Housing Operating
NOI	$	302,621	$	347,120	$	371,752	$	389,582	$	441,602
Non-cash NOI on same store properties	(2,757)		(2,670)		(2,450)		(2,109)		(1,834)
NOI attributable to non-same store properties	(62,817)		(80,731)		(91,751)		(101,281)		(143,604)
Currency and ownership adjustments(1)	1,500		105		(279)		(1,369)		(267)





Other normalizing adjustments(2)	1,896		828		4,818		1,367		1,912
SSNOI	240,443		264,652		282,090		286,190		297,809		23.9	%

Seniors Housing Triple-net
NOI	110,017		104,363		23,914		110,433		61,289
Non-cash NOI on same store properties	(11,923)		(8,872)		(8,360)		(7,015)		35,980
NOI attributable to non-same store properties	(24,648)		(20,645)		61,099		(26,010)		(19,555)
Currency and ownership adjustments(1)	36		(346)		(241)		(817)		(515)





SSNOI	73,482		74,500		76,412		76,591		77,199		5.1	%

Outpatient Medical
NOI	137,380		137,835		138,064		143,955		143,969
Non-cash NOI on same store properties	(5,433)		(3,654)		(4,300)		(7,224)		(5,488)
NOI attributable to non-same store properties	(3,607)		(6,505)		(7,364)		(7,988)		(8,742)
Currency and ownership adjustments(1)	77		65		56		(60)		13

Normalizing adjustment for casualty related expenses, net(3)	(492)		—		144		156		366

Other normalizing adjustments(2)	(289)		90		590		(375)		68
SSNOI	127,636		127,831		127,190		128,464		130,186		2.0	%

Long-Term/Post-Acute Care
NOI	92,854		100,842		100,897		101,999		118,429
Non-cash NOI on same store properties	(13,724)		(12,692)		(12,723)		(12,369)		(12,447)
NOI attributable to non-same store properties	(13,668)		(21,123)		(21,290)		(22,122)		(36,553)
Currency and ownership adjustments(1)	2,092		2,134		2,160		2,157		236



Other normalizing adjustments(2)	314		—		111		—		—
SSNOI	67,868		69,161		69,155		69,665		69,665		2.6	%

Corporate
NOI	79,208		81,962		94,384		111,704		92,071
NOI attributable to non-same store properties	(79,208)		(81,962)		(94,384)		(111,704)		(92,071)
SSNOI	—		—		—		—		—

Total
NOI	722,080		772,122		729,011		857,673		857,360
Non-cash NOI on same store properties	(33,837)		(27,888)		(27,833)		(28,717)		16,211
NOI attributable to non-same store properties	(183,948)		(210,966)		(153,690)		(269,105)		(300,525)
Currency and ownership adjustments(1)	3,705		1,958		1,696		(89)		(533)
Normalizing adjustments, net	1,429		918		5,663		1,148		2,346
SSNOI	$	509,429	$	536,144	$	554,847	$	560,910	$	574,859	12.8	%

Notes:

(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.36 and to translate UK properties at a GBP/USD rate of 1.25.

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

(3) Represents normalizing adjustment for casualty related expenses net of any insurance reimbursements.


Supplemental Reporting Measures


(dollars in thousands, except RevPOR, SS RevPOR and SSNOI/unit)

SHO RevPOR Reconciliation	United States		United Kingdom		Canada		Total
Consolidated SHO revenues	$	1,308,177	$	324,638	$	131,514	$	1,764,329
Unconsolidated SHO revenues attributable to Welltower(1)	33,920		4,148		28,054		66,122
SHO revenues attributable to noncontrolling interests(2)	(20,079)		—		(2,347)		(22,426)
Pro rata SHO revenues(3)	1,322,018		328,786		157,221		1,808,025
Non-cash and non-RevPOR revenues	(3,157)		(873)		(552)		(4,582)
Revenues attributable to non in-place properties	(4,685)		(133,520)		(11,186)		(149,391)
Currency and ownership adjustments(4)	(379)		—		—		(379)
SHO local revenues	1,313,797		194,393		145,483		1,653,673
Average occupied units/month	74,647		6,750		17,067		98,464
RevPOR/month in USD	$	5,819	$	9,521	$	2,818	$	5,553
RevPOR/month in local currency(4)			£	7,934	$	3,860


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

	United States					United Kingdom					Canada					Total
	4Q23		4Q24			4Q23		4Q24			4Q23		4Q24			4Q23		4Q24
SHO SS RevPOR Growth
Consolidated SHO revenues	$	1,007,010	$	1,308,177		$	112,705	$	324,638		$	145,653	$	131,514		$	1,265,368	$	1,764,329
Unconsolidated SHO revenues attributable to WELL(1)	32,069		33,920			2,555		4,148			27,632		28,054			62,256		66,122
SHO revenues attributable to noncontrolling interests(2)	(17,416)		(20,079)			—		—			(25,510)		(2,347)			(42,926)		(22,426)
SHO pro rata revenues(3)	1,021,663		1,322,018			115,260		328,786			147,775		157,221			1,284,698		1,808,025
Non-cash and non-RevPOR revenues on same store properties	(3,656)		(2,176)			—		—			(352)		(357)			(4,008)		(2,533)
Revenues attributable to non-same store properties	(183,313)		(408,658)			(34)		(198,919)			(89,513)		(91,108)			(272,860)		(698,685)
Currency and ownership adjustments(4)	167		—			213		(3,668)			5,955		1,868			6,335		(1,800)



Other normalizing adjustments(5)	858		—			—		—			—		—			858		—
SHO SS RevPOR revenues(6)	$	835,719	$	911,184		$	115,439	$	126,199		$	63,865	$	67,624		$	1,015,023	$	1,105,007
Avg. occupied units/month(7)	44,885		46,653			3,995		4,220			8,230		8,340			57,110		59,213
SHO SS RevPOR(8)	$	6,156	$	6,457		$	9,553	$	9,887		$	2,566	$	2,681		$	5,876	$	6,170
SS RevPOR YOY growth			4.9		%			3.5		%			4.5		%			5.0		%

SHO SSNOI Growth
Consolidated SHO NOI	$	223,989	$	319,413		$	27,720	$	65,879		$	46,112	$	45,397		$	297,821	$	430,689
Unconsolidated SHO NOI attributable to WELL(1)	9,412		11,658			389		865			10,688		10,759			20,489		23,282
SHO NOI attributable to noncontrolling interests(2)	(8,761)		(11,308)			—		—			(6,928)		(1,061)			(15,689)		(12,369)
SHO pro rata NOI(3)	224,640		319,763			28,109		66,744			49,872		55,095			302,621		441,602
Non-cash NOI on same store properties	(2,725)		(1,719)			—		(115)			(32)		—			(2,757)		(1,834)
NOI attributable to non-same store properties	(33,438)		(78,580)			(31)		(33,746)			(29,348)		(31,278)			(62,817)		(143,604)
Currency and ownership adjustments(4)	22		—			24		(931)			1,454		664			1,500		(267)





Other normalizing adjustments(5)	2,098		2,572			—		—			(202)		(660)			1,896		1,912
SHO pro rata SSNOI(6)	$	190,597	$	242,036		$	28,102	$	31,952		$	21,744	$	23,821		$	240,443	$	297,809
SHO SSNOI growth			27.0		%			13.7		%			9.6		%			23.9		%

SHO SSNOI/Unit
Trailing four quarters' SSNOI(6)			$	917,622				$	120,590				$	92,529				$	1,130,741
Average units in service(9)			53,408					5,114					9,485					68,007
SSNOI/unit in USD			$	17,181				$	23,580				$	9,755				$	16,627
SSNOI/unit in local currency(4)								£	19,650				$	13,363

Notes:

(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.

(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.

(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See page 12 for more information.

(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.36 and to translate UK properties at a GBP/USD rate of 1.25.

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

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

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

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

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


Forward-Looking Statement and Risk Factors

Forward-Looking Statements and Risk Factors

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

Additional Information

The information in this supplemental information package should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings press release dated February 11, 2025 and other information filed with, or furnished to, the SEC. The Supplemental Reporting Measures and reconciliations of Non-GAAP measures are an integral part of the information presented herein.

You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.welltower.com as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC's website at http://www.sec.gov. We routinely post important information on our website at www.welltower.com in the “Investors” section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading "Investors." Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the SEC. The information on or connected to our website is not, and shall not be deemed to be, a part of, or incorporated into this supplemental information package.

About Welltower

Welltower Inc. (NYSE:WELL), a REIT and S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of healthcare infrastructure. Welltower invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall healthcare experience. Welltower owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at www.welltower.com.

Cover Page	Feb. 11, 2025
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 11, 2025
Entity Registrant Name	Welltower Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	1-8923
Entity Tax Identification Number	34-1096634
Entity Address, Address Line One	4500 Dorr Street,
Entity Address, City or Town	Toledo,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43615
City Area Code	419
Local Phone Number	247-2800
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000766704
Amendment Flag	false
Common stock, $1.00 par value per share
Document Information [Line Items]
Title of 12(b) Security	Common stock, $1.00 par value per share
Trading Symbol	WELL
Security Exchange Name	NYSE
Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLC
Document Information [Line Items]
Title of 12(b) Security	Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLC
Trading Symbol	WELL/28
Security Exchange Name	NYSE
Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLC
Document Information [Line Items]
Title of 12(b) Security	Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLC
Trading Symbol	WELL/34
Security Exchange Name	NYSE

Welltower OP (NYSE:WELL)
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부터 1월(1) 2025 으로 2월(2) 2025

Welltower OP (NYSE:WELL)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025

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