Welltower (NYSE: WELL) lifts 2026 outlook after big seniors housing push

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Welltower Inc. reported strong fourth quarter and full-year 2025 results, highlighting rapid growth in seniors housing and an active capital recycling program. For Q4 2025, net income attributable to common stockholders was $0.14 per diluted share, while normalized FFO reached $1.45 per diluted share, up 28.3% year over year. Same store NOI grew 15.0%, led by 20.4% growth in the Seniors Housing Operating portfolio, supported by 9.6% organic same store revenue growth and higher occupancy and pricing.

For 2025, net income attributable to common stockholders was $1.39 per diluted share and normalized FFO was $5.29 per diluted share, an increase of 22.5% over 2024. The company completed $11 billion of pro rata net investments, focused on seniors housing in the U.S. and U.K., and executed $8.2 billion of dispositions, including a large outpatient medical portfolio. Net debt to Adjusted EBITDA was 3.03x as of December 31, 2025, with approximately $10.2 billion of liquidity.

The Board approved a 10.4% increase in the quarterly dividend to $0.74 per share. For 2026, Welltower expects net income attributable to common stockholders of $3.11 to $3.27 per diluted share and normalized FFO of $6.09 to $6.25, based on blended same store NOI growth of 11.25% to 15.75% and continued portfolio optimization.

Positive

Strong FFO and earnings growth: 2025 normalized FFO attributable to common stockholders rose 22.5% to $5.29 per diluted share, with Q4 normalized FFO up 28.3% to $1.45 per diluted share and Q4 same store NOI up 15.0%.
Strengthened balance sheet and upgraded ratings: Net debt to Adjusted EBITDA was 3.03x and net debt to consolidated enterprise value 10.0% at December 31, 2025, supporting dividend growth and contributing to S&P and Moody’s upgrades to A-/A3 with stable outlooks.

Negative

None.

Insights

Welltower delivers strong FFO growth, de-risks balance sheet, and sets ambitious 2026 outlook.

Welltower shows robust operating momentum in 2025. Normalized FFO attributable to common stockholders rose to $5.29 per diluted share, up 22.5% year over year, while Q4 normalized FFO reached $1.45 per diluted share, up 28.3%. Same store NOI grew 15.0% in Q4, driven by Seniors Housing Operating SSNOI growth of 20.4%, supported by occupancy gains and higher RevPOR.

Capital deployment was sizable and strategic. The company completed $11 billion of pro rata net investments in 2025 and closed major U.K. seniors housing transactions, while total dispositions reached $8.2 billion, including a large outpatient medical portfolio. These moves increased exposure to seniors housing and recycled out of lower-growth assets, while ratings upgrades from S&P to “A-” and Moody’s to “A3” reflect balance sheet strengthening.

Leverage and liquidity metrics are conservative for a growth phase. As of December 31, 2025, net debt to Adjusted EBITDA was 3.03x and net debt to consolidated enterprise value was 10.0%, with about $10.2 billion of available liquidity. For 2026, management guides to net income of $3.11–$3.27 per diluted share and normalized FFO of $6.09–$6.25, underpinned by blended same store NOI growth of 11.25–15.75%. Execution on large U.K. integrations, development conversions, and planned $3.5 billion of dispositions will be key to sustaining the outlined growth path.

02/10/2026 - 04:05 PM

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 10, 2026

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 10, 2026, Welltower Inc. issued a press release that announced operating results for its fourth quarter ended December 31, 2025. 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 on Form 8-K (the "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 10, 2026, announcing earnings for the quarter ended December 31, 2025.

99.2 Welltower Inc. Supplemental Information Package for the quarter ended December 31, 2025.

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 10, 2026

FOR IMMEDIATE RELEASE

February 10, 2026

For more information contact:

Tim McHugh (419) 247-2800

Welltower Reports Fourth Quarter 2025 Results

Toledo, Ohio, February 10, 2026…..Welltower Inc. (NYSE:WELL) today announced results for the quarter ended December 31, 2025.

Fourth Quarter and Other Recent Highlights

•Reported net income attributable to common stockholders of $0.14 per diluted share

•Reported quarterly normalized funds from operations attributable to common stockholders of $1.45 per diluted share, an increase of 28.3% over the prior year

•Reported total portfolio year-over-year same store NOI ("SSNOI") growth of 15.0%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 20.4%

•SHO portfolio organic same store revenue growth increased 9.6% year-over-year in the fourth quarter, resulting from 400 basis points ("bps") of average occupancy growth and 4.7% growth in Revenue Per Occupied Room ("RevPOR"); SSNOI margin expanded by 270 bps year-over-year

•During the fourth quarter, we completed $13.9 billion of pro rata gross investments, which included the closing of all previously announced acquisitions in the U.K.

•Additionally, we completed $7.5 billion of pro rata dispositions and loan payoffs during the fourth quarter, with volume and pace of activity exceeding prior expectations. Pro rata property dispositions of $6.1 billion included the earlier-than-anticipated sale of the first three tranches of the previously announced Outpatient Medical ("OM") real estate portfolio in addition to the previously unannounced sale of skilled nursing properties. We also received $1.4 billion in loan repayment proceeds

•Subsequent to year end, we have closed or are under contract to close newly announced pro rata gross investments, exclusive of development funding of $5.7 billion

•During the fourth quarter, we closed our inaugural private fund vehicle, Seniors Housing Fund I, securing approximately $2.5 billion of total equity commitments. Additionally, during the fourth quarter we launched Seniors Housing Debt Fund I

•As of December 31, 2025, reported Net Debt to Adjusted EBITDA of 3.03x and approximately $10.2 billion of available liquidity inclusive of $5.2 billion of available cash and restricted cash and full capacity under our $5.0 billion line of credit

•Expanded the previously announced 10 Year Executive Continuity and Alignment Program to include seven Executive Vice Presidents of Welltower who have agreed to a reduced annual salary and a single, long-term equity-based incentive award which is 75% performance-based. In addition to the five named executive officers of Welltower, the "all-in" incentive structure now encompasses 12 leaders who will receive no additional compensation, beyond a reduced annual base salary and one-time equity-based incentive award

2025 Annual Highlights

•Reported net income attributable to common stockholders of $1.39 per diluted share

•Reported annual normalized FFO attributable to common stockholders of $5.29 per diluted share, an increase of 22.5% over the prior year

•Meaningfully amplified the Company's long-term growth trajectory through the completion of $11 billion of pro rata net investments, excluding development funding, anchored by acquisitions of seniors housing communities in the U.S. and U.K. and disposition of lower growth outpatient medical properties

•Announced the next era of our journey, "Welltower 3.0", underscoring our commitment to modernizing the seniors housing sector through a reimagined customer journey and technology ecosystem, which includes the hiring of Jeff Stott, formerly with Extra Space Storage, as our Chief Technology Officer


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4Q25			Earnings Release						February 10, 2026

•Deepened economic alignment between our shareholders and key operating partners via the introduction of RIDEA 6.0 contracts and creation of the Welltower Fellowship Grant ($10 million annually) to honor the memory of Charles T. Munger and provide direct financial recognition to front-line staff at our best performing seniors housing communities

•S&P Global Ratings ("S&P") and Moody's Investor Services, Inc. ("Moody's") raised their credit ratings related to Welltower to "A-" with a stable outlook and to "A3" with a stable outlook, respectively

•The Board of Directors approved a 10.4% increase in the quarterly dividend per share, reflecting solid financial performance and the Board's confidence in the durability of outsized levels of cash flow growth. The dividend is further supported by a low payout ratio and low-levered balance sheet

2025 Annual Capital Activity and Liquidity

Liquidity Update Net debt to consolidated enterprise value decreased to 10.0% as of December 31, 2025 from 12.9% as of December 31, 2024. We sourced over $23 billion of attractively priced capital, including the issuance of senior unsecured notes, the assumption of below-market debt, equity issuances and proceeds from dispositions and loan repayments to fund accretive capital deployment opportunities.

Credit Rating On March 31, 2025 S&P increased our credit rating to "A-" with a stable outlook and Moody's increased our credit rating to "A3" with a stable outlook, resulting in improved pricing across our term loans. S&P cited a continued benefit from robust industry tailwinds and the material strengthening of our balance sheet as drivers of the ratings upgrade. S&P also stated that it expects strong operating performance to drive additional improvement to credit metrics over the next two years, driven by beneficial industry supply and demand dynamics along with, as S&P noted, our superior operating platform, providing an expected competitive advantage relative to peers. Additionally, Moody's highlighted our improvement in leverage over the past year, partially driven by strong revenue and earnings growth. Moody's expects benefits from an acceleration in the growth of the aging population and an expansion in our addressable market, to lead to meeting or exceeding growth guidance and further strengthening our financial metrics.

Unsecured Senior Note Activity In June 2025, we repaid our $1.25 billion 4.0% senior unsecured notes at maturity and completed the issuance of $600 million of 4.5% senior unsecured notes due 2030 and $650 million of 5.125% senior unsecured notes due 2035. We completed a follow-on issuance in August 2025 of $400 million of 4.50% senior unsecured notes due 2030 and $600 million of 5.125% senior unsecured notes due 2035. These notes are fungible with and form a single series with the notes of the applicable series issued in June 2025.

Fourth Quarter Investment Activity

In the fourth quarter, we completed $13.9 billion of pro rata gross investments, which includes $1.2 billion in loan funding and $112 million in development funding. Additionally, we completed pro rata property dispositions of $6.1 billion and loan repayments of $1.4 billion, representing a volume and pace exceeding our prior expectations. We completed and placed into service five development projects, including partial conversions and expansions, for an aggregate pro rata investment amount of $173 million.

Barchester Acquisition In October 2025, we acquired a real estate portfolio in the U.K. for approximately £5.2 billion operated by Barchester. The portfolio is comprised of 111 communities managed by Barchester in a RIDEA structure, 150 communities subject to a long-term triple-net lease and 21 ongoing developments which will also be managed in a RIDEA structure following development conversion. The operating portfolio, comprised of both stabilized and lease up properties, is positioned for significant future growth with blended portfolio occupancy in the high 70%s. Moreover, the triple-net lease is structured with 3.5% annual escalators and a coverage-based rent reset every five years at our election. Overall, the acquisition is underwritten to achieve an unlevered IRR in the low-double-digit range. As part of the transaction, we have formed an exclusive long-term partnership with Barchester.

HC-One Group Acquisition and Loan Payoff In October 2025, we acquired 100% of the equity ownership of the portfolio in the U.K. operated by HC-One for £1.2 billion, creating a long duration, growing cash flow stream. In conjunction with the transaction, our existing £660 million loan was repaid.

OM Portfolio Disposition We previously entered into a definitive agreement to divest an 18 million square foot OM portfolio in a transaction valued at approximately $7.2 billion. The portfolio is expected to be sold in multiple tranches through mid-2026, subject to satisfaction of customary closing conditions. During the fourth quarter, we completed the sale of 241 properties for pro rata proceeds of $5.2 billion, a pace exceeding our prior expectations, and resulting in a gain of $881 million.

Disposition Activity

As of December 31, 2025, total 2025 and 2026 disposition activity, inclusive of closed amounts and guidance, is expected to be $11.8 billion as compared to $9.8 billion as of September 30, 2025.

2025 Disposition Activity As of September 30, 2025, we had completed $0.8 billion of dispositions year-to-date and anticipated an additional $9.0 billion of dispositions over the subsequent 12 months, consisting predominantly of $7.2 billion of OM property sales and $1.8 billion of loan repayments. Therefore, as of September 30, 2025, total disposition volume closed year-to-date and anticipated to close totaled $9.8 billion. In addition to the $9.8 billion of dispositions closed year-to-date or anticipated to close as of September 30, 2025, during the fourth quarter we entered into an agreement to sell $1.3 billion as part of our Integra joint venture.


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4Q25			Earnings Release						February 10, 2026

The volume and pace of our disposition activity in the fourth quarter 2025 exceeded our prior expectations with $7.5 billion of completed sales:

•$5.2 billion of OM sales, surpassing our initial expectations for the quarter

•$1.4 billion of loan repayments, also representing a pace ahead of our initial expectations

•$0.8 billion of skilled nursing properties as part of our Integra joint venture, which had not previously been contemplated in our disposition guidance as of September 30, 2025

Total dispositions for the full year 2025 totaled $8.2 billion.

2026 Disposition Activity For 2026, we anticipate approximately $3.5 billion of total dispositions, comprised of previously announced deals and incremental disposition activity, with sales weighted towards the first quarter of the year, including $1.9 billion of previously announced OM sales, $0.3 billion of newly announced OM sales, $0.7 billion of loan repayments and an additional $0.5 billion of Integra portfolio sales, as mentioned above.

Notable Portfolio Activity Completed or Announced During 2025

During 2025, we completed $11 billion of pro rata net investments, excluding development funding, comprised of high-quality seniors housing communities across the U.S. and U.K. Additionally, we announced the sale of a 319 property OM portfolio. Through an enhanced focus and increased seniors housing concentration within our portfolio, we expect to extend the duration of our cash flow growth and increase our terminal growth rate.

Private Funds Management Business In January 2025, we announced our foray into the capital light, private funds management business with the launch of our first seniors housing investment fund, Seniors Housing Fund I LP (the "Fund"). In the fourth quarter of 2025, we closed the Fund with approximately $2.5 billion of total equity commitments, which includes commitments from eight global, third-party institutional LPs with ADIA as the anchor investor. Thus far, approximately 50% of committed equity capital has been deployed. Welltower serves as the general partner and asset manager and has a limited partner interest in the Fund.

In the fourth quarter of 2025, we launched our second fund, Seniors Housing Debt Fund I LP.

Dividend On February 10, 2026, the Board of Directors declared a cash dividend for the quarter ended December 31, 2025 of $0.74 per share. This dividend, which will be paid on March 10, 2026 to stockholders of record as of February 25, 2026, will be our 219th 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 2026 We are introducing our 2026 earnings guidance and expect to report net income attributable to common stockholders guidance in a range of $3.11 to $3.27 per diluted share and normalized FFO attributable to common stockholders in a range of $6.09 to $6.25 per diluted share. In preparing our guidance, we have made the following assumptions:

•Same Store NOI: We expect average blended SSNOI growth of 11.25% to 15.75%, 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, restructures or capital activity beyond those announced to date are included.

•General and Administrative Expenses: We anticipate general and administrative expenses to be approximately $260 million to $270 million. General and administrative guidance and 2026 normalized FFO guidance include anticipated stock-based compensation expense of approximately $60 million, or approximately $0.08 per diluted share.

•Development: We anticipate funding an additional $370 million of development in 2026 relating to projects underway as of December 31, 2025.

•Dispositions: We expect pro rata disposition proceeds of $3.5 billion at a blended yield of 6.8% in the next twelve months. This includes approximately $2.7 billion of consideration from expected property sales and $0.7 billion of expected proceeds from 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 2026 outlook and assumptions on the fourth quarter 2025 conference call.


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4Q25			Earnings Release						February 10, 2026

Conference Call Information We have scheduled a conference call on Wednesday, February 11, 2026 at 9:00 a.m. Eastern Time to discuss our fourth quarter 2025 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 18, 2026. To access the rebroadcast, dial (800) 770-2030 or (609) 800-9909 (international). The conference ID number is 8230248. To participate in the webcast, log on to www.welltower.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days.

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

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

We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to managers, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent general overhead costs that are unrelated to property operations and 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. 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 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 portfolio. 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.


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4Q25			Earnings Release						February 10, 2026

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. In addition, we use Adjusted EBITDA to measure our adjusted fixed charge coverage ratio, which represents Adjusted EBITDA divided by fixed charges. Fixed charges include total interest expense and secured debt principal amortization. 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, 2025, 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), an S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio of 2,500+ seniors and wellness housing communities are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micromarkets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly-aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star.

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. These statements include, among others, management's expectations regarding the favorable impact of the acquisitions made and additional acquisition pipeline and our statements under the section "Outlook for 2026." 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,


						Page 5 of 13


4Q25			Earnings Release						February 10, 2026

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.


						Page 6 of 13


4Q25			Earnings Release						February 10, 2026

Welltower Inc.

Financial Exhibits


Consolidated Balance Sheets (unaudited)
(in thousands)
	December 31,
	2025		2024
Assets
Real estate investments:
Land and land improvements	$	6,681,131	$	5,271,418
Buildings and improvements	52,058,099		42,207,735
Acquired lease intangibles	2,845,686		2,548,766
Real property held for sale, net of accumulated depreciation	1,450,137		51,866
Construction in progress	738,859		1,219,720
Less accumulated depreciation and intangible amortization	(10,350,621)		(10,626,263)
Net real property owned	53,423,291		40,673,242
Right of use assets, net	2,158,045		1,201,131
Investments in sales-type leases, net	497,963		172,260
Real estate loans receivable, net of credit allowance	1,831,210		1,805,044
Net real estate investments	57,910,509		43,851,677
Other assets:
Investments in unconsolidated entities	1,809,590		1,768,772
Cash and cash equivalents	5,033,678		3,506,586
Restricted cash	175,861		204,871
Receivables and other assets	2,373,409		1,712,402
Total other assets	9,392,538		7,192,631
Total assets	$	67,303,047	$	51,044,308

Liabilities and equity
Liabilities:
Unsecured credit facility and commercial paper	$	—	$	—
Senior unsecured notes	16,383,522		13,162,102
Secured debt	2,813,780		2,338,155
Lease liabilities	2,182,993		1,258,099
Accrued expenses and other liabilities	2,719,813		1,713,366
Total liabilities	24,100,108		18,471,722
Redeemable noncontrolling interests	263,223		256,220
Equity:
Common stock	696,621		637,002
Capital in excess of par value	50,898,707		40,016,503
Treasury stock	(14,405)		(114,176)
Cumulative net income	11,033,569		10,096,724
Cumulative dividends	(20,197,353)		(18,320,064)
Accumulated other comprehensive income	(287,641)		(359,781)
Total Welltower Inc. stockholders' equity	42,129,498		31,956,208
Noncontrolling interests	810,218		360,158
Total equity	42,939,716		32,316,366
Total liabilities and equity	$	67,303,047	$	51,044,308


						Page 7 of 13


4Q25			Earnings Release						February 10, 2026


Consolidated Statements of Income (unaudited)
(in thousands, except per share data)
		Three Months Ended				Twelve Months Ended
		December 31,				December 31,
		2025		2024		2025		2024
Revenues:
	Resident fees and services	$	2,556,052	$	1,761,878	$	8,452,996	$	6,027,149
	Rental income	523,853		386,329		1,967,935		1,570,278
	Interest income	54,442		71,028		246,205		256,191
	Other income	46,664		31,595		170,898		137,500
	Total revenues	3,181,011		2,250,830		10,838,034		7,991,118
Expenses:
	Property operating expenses	1,933,932		1,409,300		6,488,081		4,830,211
	Depreciation and amortization	594,151		480,406		2,084,868		1,632,093
	Interest expense	203,784		154,469		651,955		574,261
	General and administrative expenses	1,557,378		48,707		1,748,435		235,491
	Loss (gain) on derivatives and financial instruments, net	(5,656)		(9,102)		22,407		(27,887)
	Loss (gain) on extinguishment of debt, net	3,089		—		9,245		2,130
	Provision for loan losses, net	(7,384)		(245)		(9,416)		10,125
	Impairment of assets	45,924		23,647		121,283		92,793
	Other expenses	125,844		34,405		201,201		117,459
	Total expenses	4,451,062		2,141,587		11,318,059		7,466,676
Income (loss) from continuing operations before income taxes and other items		(1,270,051)		109,243		(480,025)		524,442
Income tax (expense) benefit		4,985		(114)		7,116		(2,700)
Income (loss) from unconsolidated entities		4,442		6,429		(14,297)		(496)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net		1,378,391		8,195		1,449,043		451,611
Income (loss) from continuing operations		117,767		123,753		961,837		972,857

Net income (loss)		117,767		123,753		961,837		972,857
Less: Net income (loss) attributable to noncontrolling interests(1)		21,326		3,782		24,992		21,177
Net income (loss) attributable to common stockholders		$	96,441	$	119,971	$	936,845	$	951,680
Average number of common shares outstanding:
	Basic	689,582		625,675		665,639		602,975
	Diluted	710,167		634,259		679,521		608,750
Net income (loss) attributable to common stockholders per share:
	Basic	$	0.14	$	0.19	$	1.41	$	1.58
	Diluted(2)	$	0.14	$	0.19	$	1.39	$	1.57
Common dividends per share		$	0.74	$	0.67	$	2.82	$	2.56

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


						Page 8 of 13


4Q25			Earnings Release						February 10, 2026


FFO Reconciliations											Exhibit 1
(in thousands, except per share data)		Three Months Ended						Twelve Months Ended
		December 31,						December 31,
		2025			2024			2025			2024
Net income (loss) attributable to common stockholders		$	96,441		$	119,971		$	936,845		$	951,680
Depreciation and amortization		594,151			480,406			2,084,868			1,632,093
Impairments and losses (gains) on real estate dispositions and acquisitions of controlling interests, net		(1,332,467)			15,452			(1,327,760)			(358,818)
Noncontrolling interests(1)		11,940			(6,667)			(13,144)			(30,812)
Unconsolidated entities(2)		32,598			27,978			137,143			129,290
NAREIT FFO attributable to common stockholders		(597,337)			637,140			1,817,952			2,323,433
Normalizing items, net(3)		1,625,396			78,775			1,773,714			303,324
Normalized FFO attributable to common stockholders		$	1,028,059		$	715,915		$	3,591,666		$	2,626,757

Average diluted common shares outstanding
	For net income (loss) and Normalized FFO	710,167			634,259			679,521			608,750
	For NAREIT FFO	689,582			634,259			679,521			608,750


Per diluted share data attributable to common stockholders:
	Net income (loss)(4)	$	0.14		$	0.19		$	1.39		$	1.57
	NAREIT FFO	$	(0.87)		$	1.00		$	2.68		$	3.82
	Normalized FFO	$	1.45		$	1.13		$	5.29		$	4.32


Normalized FFO Payout Ratio:
	Dividends per common share	$	0.74		$	0.67		$	2.82		$	2.56
	Normalized FFO attributable to common stockholders per share	$	1.45		$	1.13		$	5.29		$	4.32
	Normalized FFO payout ratio	51		%	59		%	53		%	59		%

Other items:(5)
Net straight-line rent and above/below market rent amortization(6)		$	(72,863)		$	(36,259)		$	(221,708)		$	(156,460)
Non-cash interest expenses(7)		12,995			13,731			51,230			44,335
Recurring cap-ex, tenant improvements and lease commissions(8)		(120,858)			(81,196)			(370,693)			(286,613)
Stock-based compensation(9)		18,322			9,782			58,462			41,068

(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 Ten Year Executive Continuity and Alignment Program, the 2021 Special Performance Option Awards and 2022-2025 OPP.


						Page 9 of 13


4Q25			Earnings Release						February 10, 2026


Normalizing Items								Exhibit 2
(in thousands, except per share data)	Three Months Ended					Twelve Months Ended
	December 31,					December 31,
	2025			2024		2025		2024
Loss (gain) on derivatives and financial instruments, net	$	(5,656)	(1)	$	(9,102)	$	22,407	$	(27,887)
Loss (gain) on extinguishment of debt, net	3,089		(2)	—		9,245		2,130
Provision for loan losses, net	(7,384)		(3)	(245)		(9,416)		10,125
Income tax benefits	(188)		(4)	(5,140)		(8,369)		(5,140)
Other impairment	—			41,978		604		139,652
Other expenses	125,844		(5)	34,405		201,201		117,459

Special incentive plan compensation	1,489,426		(6)	3,576		1,497,396		33,414
Casualty losses, net of recoveries	3,115		(7)	4,926		11,367		12,261
Foreign currency loss (gain)	2,090		(8)	1,913		2,088		556
Normalizing items attributable to noncontrolling interests and unconsolidated entities, net	15,060		(9)	6,464		47,191		20,754
Net normalizing items	$	1,625,396		$	78,775	$	1,773,714	$	303,324

Average diluted common shares outstanding	710,167			634,259		679,521		608,750
Net normalizing items per diluted share	$	2.29		$	0.12	$	2.61	$	0.50

(1) Primarily related to mark-to-market of the equity warrants received as part of the Safanad/HC-One transaction. The warrants were settled in conjunction with the HC-One acquisition in October.
(2) Primarily related to the extinguishment of secured debt.
(3) Primarily related to adjustments to reserves for loan losses under the current expected credit losses accounting standard.
(4) Primarily related to the release of valuation allowances.
(5) Primarily related to non-capitalizable transaction costs and legal fees.
(6) Primarily related to expenses recognized on the Ten Year Executive Continuity and Alignment Program for named executive officers and key employees, 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, 2026		Exhibit 3
(in millions, except per share data)	Current Outlook
			Low		High
FFO Reconciliation:
Net income attributable to common stockholders			$	2,244	$	2,359
Impairments and losses (gains) on real estate dispositions and acquisitions of controlling interests, net(1)			(564)		(564)
Depreciation and amortization(1)			2,712		2,712


NAREIT and Normalized FFO attributable to common stockholders			$	4,392	$	4,507

Diluted per share data attributable to common stockholders:
Net income			$	3.11	$	3.27
NAREIT and Normalized FFO			$	6.09	$	6.25


Other items:(1)
Net straight-line rent and above/below market rent amortization			$	(289)	$	(289)
Non-cash interest expenses			52		52
Recurring cap-ex, tenant improvements and lease commissions(2)			(459)		(459)
Stock-based compensation			63		63

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


(2) Reflects recurring cap-ex, tenant improvements and lease commissions on owned operational properties.


						Page 10 of 13


4Q25			Earnings Release						February 10, 2026


SSNOI Reconciliation					Exhibit 4
(in thousands)	Three Months Ended
	December 31,
	2025		2024		% growth
Net income (loss)	$	117,767	$	123,753
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net	(1,378,391)		(8,195)
Loss (income) from unconsolidated entities	(4,442)		(6,429)
Income tax expense (benefit)	(4,985)		114
Other expenses	125,844		34,405
Impairment of assets	45,924		23,647
Provision for loan losses, net	(7,384)		(245)
Loss (gain) on extinguishment of debt, net	3,089		—
Loss (gain) on derivatives and financial instruments, net	(5,656)		(9,102)
General and administrative expenses	1,557,378		48,707
Depreciation and amortization	594,151		480,406
Interest expense	203,784		154,469
Consolidated NOI	1,247,079		841,530
NOI attributable to unconsolidated investments(1)	26,430		31,158
NOI attributable to noncontrolling interests(2)	(11,163)		(15,328)
Pro rata NOI	1,262,346		857,360
Non-cash NOI attributable to same store properties	(22,971)		(25,462)
NOI attributable to non-same store properties	(590,634)		(275,531)
Currency and ownership adjustments(3)	(6,519)		1,077
Normalizing adjustments, net(4)	1,119		1,995
Same Store NOI (SSNOI)	$	643,341	$	559,439	15.0%

Seniors Housing Operating	469,183		389,654		20.4%
Seniors Housing Triple-net	75,170		73,252		2.6%
Outpatient Medical	23,778		23,223		2.4%
Long-Term/Post-Acute Care	75,210		73,310		2.6%
Total SSNOI	$	643,341	$	559,439	15.0%

(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) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate UK properties at a GBP/USD rate of 1.23.
(4) Includes other adjustments described in the accompanying Supplement.


						Page 11 of 13


4Q25			Earnings Release						February 10, 2026


Reconciliation of SHO SS RevPOR Growth				Exhibit 5
(in thousands except SS RevPOR)	Three Months Ended
	December 31,
	2025			2024
Consolidated SHO revenues	$	2,575,377		$	1,764,329
Unconsolidated SHO revenues attributable to WELL(1)	53,225			66,122
SHO revenues attributable to noncontrolling interests(2)	(21,043)			(22,426)
SHO pro rata revenues(3)	2,607,559			1,808,025
Non-cash and non-RevPOR revenues on same store properties	(2,997)			(2,514)
Revenues attributable to non-same store properties	(1,020,203)			(372,498)
Currency and ownership adjustments(4)	(18,358)			(3,953)



SHO SS RevPOR revenues(5)	$	1,566,001		$	1,429,060

Average occupied units/month(6)	88,533			84,620
SHO SS RevPOR(7)	$	5,848		$	5,583
SS RevPOR YOY growth	4.7		%

























(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 adjustments to reflect consistent property ownership percentages and foreign currency exchange rates for properties in the U.K. and Canada.


(5) Represents SS SHO RevPOR revenues at Welltower pro rata ownership.
(6) Represents average occupied units for SS properties on a pro rata basis.
(7) Represents pro rata SS average revenues generated per occupied room per month.


						Page 12 of 13


4Q25			Earnings Release						February 10, 2026


Net Debt to Adjusted EBITDA and Adjusted Fixed Charge Ratio Reconciliation	Exhibit 6
(in thousands)	Three Months Ended
	December 31,
	2025
Net income (loss)	$	117,767
Interest expense	203,784
Income tax expense (benefit)	(4,985)
Depreciation and amortization	594,151
EBITDA	910,717
Loss (income) from unconsolidated entities	(4,442)
Stock-based compensation	1,507,748
Loss (gain) on extinguishment of debt, net	3,089
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net	(1,378,391)
Impairment of assets	45,924
Provision for loan losses, net	(7,384)
Loss (gain) on derivatives and financial instruments, net	(5,656)
Other expenses	125,844

Casualty losses, net of recoveries	3,115

Adjusted EBITDA	$	1,200,564

Total debt(1)	$	19,737,446
Cash and cash equivalents and restricted cash	(5,209,539)
Net debt	$	14,527,907

Adjusted EBITDA annualized	$	4,802,256
Net debt to Adjusted EBITDA ratio	3.03x

Interest expense	$	203,784
Capitalized interest	7,476
Non-cash interest expense	(14,546)
Total interest	196,714

Secured financing principal amortization	16,698
Total fixed charges	$	213,412

Adjusted EBITDA	$	1,200,564
Adjusted fixed charge coverage ratio	5.63x


(1) Amounts include unamortized premiums/discounts, other fair value adjustments and financing lease liabilities. Excludes operating lease liabilities related to ASC 842 of $1,642,849,000 as of December 31, 2025.


Net Debt to Consolidated Enterprise Value				Exhibit 7
(in thousands, except share price)
	December 31, 2025			December 31, 2024
Common shares outstanding	696,507			635,289
Period end share price	$	185.61		$	126.03
Common equity market capitalization	$	129,278,664		$	80,065,473

Total debt	$	19,737,446		$	15,608,294
Cash and cash equivalents and restricted cash	(5,209,539)			(3,711,457)
Net debt	14,527,907			11,896,837

Noncontrolling interests(1)	1,073,441			616,378
Consolidated enterprise value	$	144,880,012		$	92,578,688
Net debt to consolidated enterprise value	10.0		%	12.9		%


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


						Page 13 of 13


Table of Contents


Overview			1

Portfolio			2

Investment			6

Financial			10

Glossary			15

Supplemental Reporting Measures			16

Forward Looking Statements and Risk Factors			20


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	1,887	188,643		32,293	50,293	79,053	26,482	522
Seniors Housing Triple-net	23	430	29,097		—	2,190	19,103	7,525	279
Outpatient Medical	19	202	12,904,468	(2)	n/a	n/a	n/a	n/a	n/a
Long-Term/Post-Acute Care	34	381	45,912		—	45	997	—	44,870
Total	20	2,900


NOI Performance	Same Store(3)							In-Place Portfolio(4)
	Properties	4Q24 NOI		4Q25 NOI		% Change		Properties	Annualized In-Place NOI		% of Total
Seniors Housing Operating	875	$	389,654	$	469,183	20.4	%	1,649	$	2,855,092	68.6	%
Seniors Housing Triple-net	247	73,252		75,170		2.6	%	425	612,740		14.7	%
Outpatient Medical	104	23,223		23,778		2.4	%	112	116,192		2.8	%
Long-Term/Post-Acute Care	184	73,310		75,210		2.6	%	348	576,064		13.9	%
Total	1,410	$	559,439	$	643,341	15.0	%	2,534	$	4,160,088	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	88.9	%	n/a	n/a	93.2	%	0.7	%	0.2	%	5.9	%
Seniors Housing Triple-net	85.3	%	1.19	1.40	87.9	%	2.4	%	0.2	%	9.5	%
Outpatient Medical	95.5	%	n/a	n/a	100.0	%	—		—		—
Long-Term/Post-Acute Care	86.9	%	1.53	1.91	24.2	%	48.7	%	27.1	%	—	%
Total			1.35	1.64	88.6	%	3.9	%	2.0	%	5.4	%

Notes:

(1) Includes land parcels and properties under development.

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

(3) See pages 17 and 18 for reconciliation.

(4) Excludes land parcels, loans, developments and investments held for sale. See page 17 for reconciliation.

(5) Data as of December 31, 2025 for Seniors Housing Operating and Outpatient Medical and September 30, 2025 for the remaining asset types.

(6) Represents trailing twelve month coverage metrics.

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


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
Barchester	261	$	217,296	$	265,944	$	—	$	—	$	483,240	11.6	%
Cogir Management Corporation	182	338,244		—		—		—		338,244		8.1	%
Care UK	168	245,768		—		—		—		245,768		5.9	%
Sunrise Senior Living	85	230,936		—		—		—		230,936		5.6	%
Avir Health Group	130	—		—		—		210,100		210,100		5.1	%
Oakmont Management Group	69	178,696		—		—		—		178,696		4.3	%
Avery Healthcare	95	99,104		77,352		—		—		176,456		4.2	%
StoryPoint Senior Living	109	167,564		—		—		—		167,564		4.0	%
HC One Ltd	215	131,512		—		—		—		131,512		3.2	%
Sagora Senior Living	73	116,264		—		—		—		116,264		2.8	%
Remaining	1,147	1,129,708		269,444		116,192		365,964		1,881,308		45.2	%
Total	2,534	$	2,855,092	$	612,740	$	116,192	$	576,064	$	4,160,088	100.0	%

By Country:
United States	1,611	$	1,883,928	$	233,268	$	116,192	$	569,464	$	2,802,852	67.4	%
United Kingdom	786	717,748		376,264		—		—		1,094,012		26.3	%
Canada	137	253,416		3,208		—		6,600		263,224		6.3	%
Total	2,534	$	2,855,092	$	612,740	$	116,192	$	576,064	$	4,160,088	100.0	%

By MSA:
Greater London	143	$	182,044	$	81,816	$	—	$	—	$	263,860	6.3	%
Los Angeles	52	127,100		21,328		564		2,640		151,632		3.6	%
New York / New Jersey	70	97,988		20,196		12,088		16,128		146,400		3.5	%
Dallas	80	97,044		936		2,160		30,568		130,708		3.1	%
Houston	54	26,936		—		73,340		19,992		120,268		2.9	%
Montréal	26	84,604		—		—		—		84,604		2.0	%
Washington D.C.	32	62,740		6,288		—		13,408		82,436		2.0	%
Boston	26	68,548		11,888		184		—		80,620		1.9	%
San Francisco	23	57,004		11,164		—		2,492		70,660		1.7	%
Chicago	34	54,312		7,192		—		—		61,504		1.5	%
Philadelphia	36	31,464		5,232		376		13,628		50,700		1.2	%
Tampa	31	14,256		2,448		928		26,952		44,584		1.1	%
Seattle	28	40,940		1,268		244		1,964		44,416		1.1	%
Raleigh	11	11,156		31,352		—		—		42,508		1.0	%
Charlotte	23	20,332		10,328		10,548		—		41,208		1.0	%
San Antonio	19	24,564		920		488		15,208		41,180		1.0	%
San Diego	14	29,984		7,532		—		3,212		40,728		1.0	%
Cleveland	24	33,352		2,460		—		3,912		39,724		1.0	%
Pittsburgh	21	21,700		5,416		2,452		5,812		35,380		0.9	%
Minneapolis	21	34,148		—		548		—		34,696		0.8	%
Remaining	1,766	1,734,876		384,976		12,272		420,148		2,552,272		61.4	%
Total	2,534	$	2,855,092	$	612,740	$	116,192	$	576,064	$	4,160,088	100.0	%

Notes:

(1) Represents current quarter annualized In-Place NOI. See page 17 for reconciliation.


Portfolio


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

Seniors Housing Operating

Total Portfolio Performance(1)	4Q24			1Q25			2Q25			3Q25			4Q25
Properties	1,085			1,113			1,171			1,199			1,659
Units	118,818			124,742			129,758			131,792			160,218
Total occupancy	84.8		%	85.1		%	85.6		%	86.9		%	87.4		%
Total revenues	$	1,808,025		$	1,901,227		$	2,007,567		$	2,109,690		$	2,607,559
Operating expenses	1,366,423			1,410,579			1,464,457			1,530,131			1,902,889
NOI	$	441,602		$	490,648		$	543,110		$	579,559		$	704,670
NOI margin	24.4		%	25.8		%	27.1		%	27.5		%	27.0		%
Recurring cap-ex	$	75,822		$	68,359		$	63,937		$	78,803		$	116,560
Other cap-ex	$	188,301		$	135,045		$	118,646		$	131,668		$	166,439


Same Store Performance(2)	4Q24			1Q25			2Q25			3Q25			4Q25
Properties	875			875			875			875			875
Units	98,967			98,950			98,944			98,943			98,944
Occupancy	85.5		%	86.2		%	87.3		%	88.6		%	89.5		%
Same store revenues	$	1,429,732		$	1,471,911		$	1,504,244		$	1,542,552		$	1,566,559
Compensation	611,804			615,699			623,755			636,087			648,384
Utilities	62,769			71,222			59,911			69,320			65,421
Food	60,347			57,375			59,493			60,826			63,139
Repairs and maintenance	38,830			39,088			39,604			42,720			41,957
Property taxes	44,402			49,249			49,473			49,751			46,780
All other	221,926			218,172			224,307			225,227			231,695
Same store operating expenses	1,040,078			1,050,805			1,056,543			1,083,931			1,097,376
Same store NOI	$	389,654		$	421,106		$	447,701		$	458,621		$	469,183
Same store NOI margin %	27.3		%	28.6		%	29.8		%	29.7		%	30.0		%
Year over year NOI growth rate													20.4		%
Year over year revenue growth rate													9.6		%


Partners(3)	Properties	Pro Rata Units	Welltower Ownership %(4)		Top Markets	4Q25 NOI		% of Total
Cogir Management Corporation	182	27,604	94.0	%	Greater London	$	51,536	7.3	%
Care UK	168	10,751	100.0	%	Southern California	47,805		6.8	%
Sunrise Senior Living	85	7,751	91.5	%	Northern California	34,649		4.9	%
Barchester	111	6,811	100.0	%	Dallas	24,631		3.5	%
Oakmont Management Group	69	6,911	100.0	%	New York / New Jersey	24,367		3.5	%
StoryPoint Senior Living	109	11,079	94.7	%	Montreal	21,269		3.0	%
HC One Ltd	215	12,336	100.0	%	Washington D.C.	18,279		2.6	%
Sagora Senior Living	73	8,476	100.0	%	Boston	17,049		2.4	%
Legend Senior Living	59	5,060	87.7	%	Chicago	13,604		1.9	%
Avery Healthcare	45	3,386	94.8	%	Seattle	10,591		1.5	%
Belmont Village	21	2,803	95.0	%	Top markets	41,244		5.8	%
Discovery Senior Living	75	6,011	57.7	%	All other	663,426		94.2	%
Quality Senior Living	38	4,222	87.4	%	Total	$	704,670	100.0	%
Axis Residential	29	4,639	100.0	%
Remaining	370	41,951
Total	1,649	159,791

Notes:

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

(2) See pages 17 and 18 for reconciliation.

(3) Represents partner concentration based on annualized In-Place NOI for the quarter ended December 31, 2025. Property count and pro rata units represent the In-Place portfolio.

(4) Welltower ownership percentage weighted based on In-Place NOI. See page 17 for reconciliation.


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	0.2	%	0.1	%	0.3	%	8	3	0.2	%	0.1	%	0.3	%	8	3
.85x-.95x	—	%	—	%	—	%	—	—	—	%	—	%	—	%	—	—
.95x-1.05x	—	%	—	%	—	%	—	—	0.4	%	3.4	%	3.8	%	12	3
1.05x-1.15x	—	%	—	%	—	%	—	—	0.6	%	—	%	0.6	%	8	3
1.15x-1.25x	0.3	%	—	%	0.3	%	5	1	4.6	%	0.3	%	4.9	%	8	6
1.25x-1.35x	1.0	%	1.3	%	2.3	%	9	3	1.1	%	0.6	%	1.7	%	6	2
>1.35	5.7	%	4.8	%	10.5	%	10	22	0.3	%	1.8	%	2.1	%	14	12
Total	7.2	%	6.2	%	13.4	%	10	29	7.2	%	6.2	%	13.4	%	10	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
2026	$	3,244	$	2,581	$	9,282	$	75,751	$	90,858	6.0	%
2027	—		1,898		1,287		66,989		70,174		4.6	%
2028	—		3,816		6,669		2,522		13,007		0.9	%
2029	1,115		5,317		—		4,297		10,729		0.7	%
2030	12,525		6,363		30,222		183		49,293		3.2	%
2031	6,752		4,991		4,630		216		16,589		1.1	%
2032	97,170		3,159		54,172		356		154,857		10.2	%
2033	63,400		959		1,070		—		65,429		4.3	%
2034	433		4,127		—		274		4,834		0.3	%
2035	36,868		4,212		15,007		840		56,927		3.7	%
Thereafter	381,817		80,999		450,735		75,408		988,959		65.0	%
	$	603,324	$	118,422	$	573,074	$	226,836	$	1,521,656	100.0	%

Weighted Avg Maturity Years	15		12		16		8		14

Notes:

(1) Represents trailing twelve month coverage metrics as of September 30, 2025 for stable portfolio only. Agreements included represent 47% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 17 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.

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


Portfolio


(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)	4Q24			1Q25			2Q25			3Q25			4Q25
Properties	429			433			434			437			194
Square feet	21,430,682			21,775,061			21,914,499			22,073,485			8,801,545
Occupancy	94.3		%	94.5		%	94.4		%	94.2		%	95.5		%
Total revenues	$	205,361		$	214,693		$	215,718		$	219,238		$	148,862
Operating expenses	61,392			66,804			65,197			65,851			45,000
NOI	$	143,969		$	147,889		$	150,521		$	153,387		$	103,862
NOI margin	70.1		%	68.9		%	69.8		%	70.0		%	69.8		%
Revenues per square foot	$	38.33		$	39.44		$	39.37		$	39.73		$	67.65
NOI per square foot	$	26.87		$	27.17		$	27.47		$	27.80		$	47.20
Recurring cap-ex	$	11,029		$	6,191		$	13,221		$	19,324		$	4,298
Other cap-ex	$	16,756		$	9,742		$	9,297		$	14,051		$	1,963


Same Store Performance(2)	4Q24			1Q25			2Q25			3Q25			4Q25
Properties	104			104			104			104			104
Occupancy	97.3		%	97.2		%	97.5		%	97.6		%	97.5		%
Same store revenues	$	27,460		$	27,443		$	27,732		$	26,071		$	27,459
Same store operating expenses	4,237			4,186			4,104			2,489			3,681
Same store NOI	$	23,223		$	23,257		$	23,628		$	23,582		$	23,778
NOI margin	84.6		%	84.7		%	85.2		%	90.5		%	86.6		%
Year over year NOI growth rate													2.4		%


Portfolio Diversification by Tenant(3)	Rental Income		% of Total		Quality Indicators
Kelsey-Seybold	$	73,348	61.9	%	Health system affiliated properties as % of NOI(3)	99.6	%
UnitedHealth	15,356		13.0	%	Health system affiliated tenants as % of rental income(3)	91.6	%
Atrium Health	10,456		8.8	%	Investment grade tenants as % of rental income(3)	91.0	%
Normal Regional Health	1,333		1.1	%	Retention (trailing twelve months)(3)	85.8	%
Community Health Systems	1,243		1.0	%	Average remaining lease term (years)(3)	11.8
Remaining portfolio	16,686		14.2	%	Average building size (square feet)(3)	70,997
Total	$	118,422	100.0	%	Average age (years)	19


Expirations(3)	2026		2027		2028		2029		2030		Thereafter
Occupied square feet	103,031		73,139		143,266		198,607		272,024		3,232,891
% of occupied square feet	2.6	%	1.8	%	3.6	%	4.9	%	6.8	%	80.3	%

Notes:

(1) Properties, square feet, occupancy and cap-ex exclude land parcels, properties under development/redevelopment and nonoperational properties. Per square foot amounts are annualized.

(2) Includes 104 same store properties representing 3,434,064 square feet. See pages 17 and 18 for reconciliation.

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


Investment

(dollars in thousands at Welltower pro rata ownership)

Relationship Investment History


Detail of Acquisitions/JVs(1)
	2021			2022		2023		2024		1Q25		2Q25		3Q25		4Q25		21-25 Total
Count		35		27		52		54		26		16		18		30		276
Total		$	4,101,534	$	2,785,739	$	4,222,706	$	5,287,140	$	2,612,747	$	978,896	$	1,351,102	$	12,623,382	$	35,314,348
Low		5,000		6,485		2,950		970		13,358		4,825		13,200		7,725		970
Median		45,157		66,074		65,134		39,863		54,794		50,994		38,440		72,835		51,850
High		1,576,642		389,149		644,443		936,814		990,908		296,300		397,335		6,644,176		6,644,176


Investment Timing
	Acquisitions and Loan Funding(2)		Yield		Construction Conversions(3)		Year 1 Yield		Dispositions and Loan Repayments		Yield
October	$	12,191,703	7.4	%	$	44,353	0.3	%	$	3,230,100	8.4	%
November	666,949		7.5	%	11,111		(5.8)	%	2,343,845		6.0	%
December	951,139		7.2	%	117,655		0.2	%	1,881,397		6.4	%
Total	$	13,809,791	7.4	%	$	173,119	(0.2)	%	$	7,455,342	7.1	%

Notes:

(1) Includes non-yielding asset acquisitions.

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

(3) Includes expansion conversions and excludes in substance real estate investments.


Investment


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

	Fourth Quarter 2025
	Properties	Beds / Units / Square Feet		Investment Per Bed / Unit / SqFt		Pro Rata Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating	553	35,582	units	$	239,760	$	8,531,155
Seniors Housing Triple-net	156	9,962	units	324,775		3,235,410

Long-Term/Post-Acute Care	44	4,584	beds	188,647		864,756
Loan funding						1,178,470
Total acquisitions and loan funding(2)	753					13,809,791		7.4	%

Development Funding(3)
Development projects:
Seniors Housing Operating	47	5,018	units			100,066

Outpatient Medical	—	—	sf			9,648
Total development projects	47					109,714
Redevelopment and expansion projects:
Seniors Housing Operating	1	28	units			2,221




Total development funding	48					111,935		9.8	%

Total gross investments						13,921,726		7.8	%

Dispositions and Loan Repayments(4)
Seniors Housing Operating	5	224	units	60,462		13,543
Seniors Housing Triple-net	15	564	units	123,404		69,600
Outpatient Medical	244	13,586,796	sf	381		5,175,887
Long-Term/Post-Acute Care	39	4,971	beds	168,220		836,222

Loan repayments						1,360,090
Total dispositions and loan repayments(5)	303					7,455,342		7.1	%

Net investments (dispositions)						$	6,466,384

Notes:

(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP, for all consolidated and unconsolidated property acquisitions. Pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans. Includes acquisition of leaseholds and additional ownership interest in properties, which are both excluded from property, unit and per unit metrics.

(2) Acquisition yields represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Loan funding yield represents annualized contractual interest divided by investment amount.

(3) Amounts represent cash funded for all developments/expansions including construction in progress, loans and in substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.

(4) Amounts represent proceeds received for loan repayments and consolidated and unconsolidated property sales. Includes disposition of partial ownership interest in properties which are excluded from property, unit and per unit metrics. Other property dispositions include the sale of land parcels and nonoperational properties.

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


Investment


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

	Year-To-Date 2025
	Properties	Beds / Units / Square Feet		Investment Per Bed / Unit / SqFt		Pro Rata Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating	681	53,327	units	$	207,215	$	11,050,144
Seniors Housing Triple-net	173	11,103	units	320,892		3,562,864
Outpatient Medical	1	46,835	sf	484		22,691
Long-Term/Post-Acute Care	160	18,934	beds	155,190		2,938,367
Loan funding						1,702,500
Total acquisitions and loan funding(2)	1,015					19,276,566		7.4	%

Development Funding(3)
Development projects:
Seniors Housing Operating	58	7,432	units			358,422

Outpatient Medical	7	439,205	sf			94,926
Total development projects	65					453,348
Redevelopment and expansion projects:
Seniors Housing Operating	2	427	units			8,385

Outpatient Medical	—	—	sf			1,305
Total redevelopment and expansion projects	2					9,690

Total development funding	67					463,038		8.1	%

Total gross investments						19,739,604		7.4	%

Dispositions and Loan Repayments(4)
Seniors Housing Operating	24	3,884	units	55,984		217,443
Seniors Housing Triple-net	20	1,371	units	181,692		249,100
Outpatient Medical	245	13,642,382	sf	381		5,197,950
Long-Term/Post-Acute Care	43	5,532	beds	154,404		854,162
Other property dispositions						15,400
Loan repayments						1,689,555
Total dispositions and loan repayments(5)	332					8,223,610		7.3	%

Net investments (dispositions)						$	11,515,994

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 Funding Projections(1)
					Projected Future Funding
	Projects	Beds / Units / Square Feet	Stable Yields(2)		2026 Funding		Funding Thereafter		Total Unfunded Commitments		Committed Balances
Seniors Housing Operating	42	4,083	10.4	%	$	370,374	$	195,763	$	566,137	$	1,343,206


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)
1Q25 actual	$	302,507	3.5	%	6.7	%	2025 actual	$	1,207,115	1.3	%	7.1	%
2Q25 actual	459,917		1.2	%	6.9	%	2026 estimate	611,972		(0.8)	%	9.6	%
3Q25 actual	260,558		(0.2)	%	7.6	%	2027 estimate	486,984		(1.6)	%	11.2	%
4Q25 actual	184,133		(0.2)	%	7.3	%	Thereafter estimate	244,250		1.7	%	10.9	%
Total	$	1,207,115	1.3	%	7.1	%	Total	$	2,550,321	0.3	%	8.8	%


Unstabilized Properties
	9/30/2025 Properties	Stabilizations	Construction Conversions(1)	Acquisitions/ Dispositions	12/31/2025 Properties	Beds / Units
Seniors Housing Operating	64	(10)	5	9	68	9,928
Seniors Housing Triple-net	8	(1)	—	—	7	499

Total	72	(11)	5	9	75	10,427


Occupancy	9/30/2025 Properties	Stabilizations	Construction Conversions(3)		Acquisitions/ Dispositions		Progressions		12/31/2025 Properties
0% - 50%	31	(1)	4		9		(11)		32
50% - 70%	11	(2)	1		—		10		20
70% +	30	(8)	—		—		1		23
Total	72	(11)	5		9		—		75

Occupancy	12/31/2025 Properties	Months In Operation	Revenues		% of Total Revenues(4)		Gross Investment Balance		% of Total Gross Investment
0% - 50%	32	8	$	118,513	0.9	%	$	1,378,619	2.1	%
50% - 70%	20	20	219,790		1.7	%	917,406		1.4	%
70% +	23	42	302,329		2.3	%	1,165,876		1.8	%
Total	75	22	$	640,632	4.9	%	$	3,461,901	5.3	%

(1) Includes development projects (construction in progress, development loans and in substance real estate) and excludes expansion projects. Actual conversions exclude $206,183,000 of in substance real estate investment projects placed in service. Projects expected to be delivered in phases over multiple quarters are reflected in the last quarter.

(2) Actual yields may vary.

(3) Includes expansion and development loan conversions.

(4) Percent of total revenues based on current quarter annualized pro rata total revenues on page 11.


Financial


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

Stabilized NOI				Pro rata beds/units/square feet
Seniors Housing Operating(1)	$	2,855,092		159,791	units
Seniors Housing Triple-net	612,740			28,895	units
Outpatient Medical	116,192			4,150,913	square feet
Long-Term/Post-Acute Care	576,064			41,339	beds
Total In-Place NOI(2)	4,160,088
Incremental stabilized NOI(3)	159,235
Total stabilized NOI	$	4,319,323

Obligations
Lines of credit and commercial paper(4)	$	—
Senior unsecured notes(4)	16,451,346
Secured debt(4)	3,564,334
Financing lease liabilities	544,901
Total debt	20,560,581
Add (Subtract):
Other liabilities (assets), net(5)	729,212
Cash and cash equivalents and restricted cash	(5,243,581)
Net obligations	$	16,046,212

Other Assets
Land parcels(6)	360,321			Effective Interest Rate(9)
Real estate loans receivable(7)	3,174,141			9.0%
Non-real estate loans receivable(8)	200,469			10.3%
Joint venture real estate loans receivables(10)	227,755			5.7%
Property dispositions(11)	2,734,954
Development properties:(12)
Current balance	781,364
Unfunded commitments	578,736
Committed balances	$	1,360,100
Projected yield	10.4		%
Projected NOI	$	141,450

Common shares outstanding(13)	716,258

Notes:

(1) Includes $10,266,000 attributable to our proportional share of income (loss) from unconsolidated management company investments.

(2) See page 17 for reconciliation.

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

(4) Represents principal amounts due and does not include unamortized premiums/discounts, deferred loan expenses or other fair value adjustments as reflected on the balance sheet. Includes $870,255,000 of foreign secured debt and $378,710,000 of foreign failed sale-leaseback financing obligations.

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

(6) Includes land parcels and predevelopment projects.

(7) Represents $3,192,028,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, net of $17,887,000 of credit allowances.

(8) Represents $207,202,000 of non-real estate loans, net of $6,733,000 of credit allowances.

(9) Average cash-pay interest rates are 7.8%, 2.2% and 5.7% for real estate, non-real estate loans and joint venture real estate loans, respectively. Rates exclude non-accrual/interest-free loans.

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

(11) Represents proceeds from expected property dispositions in the next twelve months.

(12) Includes expansion projects. Includes partial conversions to date.

(13) Includes December 31, 2025 common shares, OP Units and DownREIT Units outstanding and the dilutive impact of exchangeable senior unsecured notes.


Financial


(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
	4Q24		1Q25		2Q25		3Q25		4Q25
Revenues:
Seniors Housing Operating
Resident fees and services	$	1,805,306	$	1,897,810	$	2,003,039	$	2,100,724	$	2,588,078


Other income	2,719		3,417		4,528		8,966		19,481
Total revenues	1,808,025		1,901,227		2,007,567		2,109,690		2,607,559

Seniors Housing Triple-net

Rental income	58,918		103,399		104,360		99,423		167,485
Interest income	8,167		2,111		—		—		—
Other income	38		32		346		91		537
Total revenues	67,123		105,542		104,706		99,514		168,022

Outpatient Medical
Rental income	203,247		212,554		213,552		217,188		147,701

Other income	2,114		2,139		2,166		2,050		1,161
Total revenues	205,361		214,693		215,718		219,238		148,862

Long-Term/Post-Acute Care
Rental income	122,471		145,439		165,214		184,261		211,841

Other income	21		199		14		194		5
Total revenues	122,492		145,638		165,228		184,455		211,846

Corporate
Interest income	66,261		63,572		65,256		70,477		56,158
Other income	32,195		34,179		30,512		52,439		31,513
Total revenues	98,456		97,751		95,768		122,916		87,671

Total
Resident fees and services	1,805,306		1,897,810		2,003,039		2,100,724		2,588,078
Rental income	384,636		461,392		483,126		500,872		527,027
Interest income	74,428		65,683		65,256		70,477		56,158
Other income	37,087		39,966		37,566		63,740		52,697
Total revenues	2,301,457		2,464,851		2,588,987		2,735,813		3,223,960

Property operating expenses:
Seniors Housing Operating	1,366,423		1,410,579		1,464,457		1,530,131		1,902,889
Seniors Housing Triple-net	5,834		5,190		4,817		4,496		4,490
Outpatient Medical	61,392		66,804		65,197		65,851		45,000
Long-Term/Post-Acute Care	4,063		3,495		3,705		3,609		2,974
Corporate	6,385		4,054		4,740		6,025		6,261
Total property operating expenses	1,444,097		1,490,122		1,542,916		1,610,112		1,961,614

Net operating income:
Seniors Housing Operating	441,602		490,648		543,110		579,559		704,670
Seniors Housing Triple-net	61,289		100,352		99,889		95,018		163,532
Outpatient Medical	143,969		147,889		150,521		153,387		103,862
Long-Term/Post-Acute Care	118,429		142,143		161,523		180,846		208,872
Corporate	92,071		93,697		91,028		116,891		81,410
Net operating income	$	857,360	$	974,729	$	1,046,071	$	1,125,701	$	1,262,346

Note:

(1) Please see discussion of Supplemental Reporting Measures on page 16. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%.


Financial


(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
	Twelve Months Ended			Three Months Ended
	December 31, 2025			December 31, 2025
Net income (loss)	$	961,837		$	117,767
Interest expense	651,955			203,784
Income tax expense (benefit)	(7,116)			(4,985)
Depreciation and amortization	2,084,868			594,151
EBITDA	3,691,544			910,717
Loss (income) from unconsolidated entities	14,297			(4,442)
Stock-based compensation	1,555,858			1,507,748
Loss (gain) on extinguishment of debt, net	9,245			3,089
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net	(1,449,043)			(1,378,391)
Impairment of assets	121,283			45,924
Provision for loan losses, net	(9,416)			(7,384)
Loss (gain) on derivatives and financial instruments, net	22,407			(5,656)
Other expenses	201,201			125,844

Casualty losses, net of recoveries	11,367			3,115
Other impairment(2)	604			—
Total adjustments	477,803			289,847
Adjusted EBITDA	$	4,169,347		$	1,200,564

Interest Coverage Ratios
Interest expense	$	651,955		$	203,784
Capitalized interest	33,799			7,476
Non-cash interest expense	(51,629)			(14,546)
Total interest	$	634,125		$	196,714
EBITDA	$	3,691,544		$	910,717
Interest coverage ratio	5.82		x	4.63		x
Adjusted EBITDA	$	4,169,347		$	1,200,564
Adjusted Interest coverage ratio	6.57		x	6.10		x

Fixed Charge Coverage Ratios
Total interest	$	634,125		$	196,714
Secured debt principal amortization	64,408			16,698
Total fixed charges	$	698,533		$	213,412
EBITDA	$	3,691,544		$	910,717
Fixed charge coverage ratio	5.28		x	4.27		x
Adjusted EBITDA	$	4,169,347		$	1,200,564
Adjusted Fixed charge coverage ratio	5.97		x	5.63		x

Net Debt to EBITDA Ratios
Total debt(3)				$	19,737,446
Less: cash and cash equivalents and restricted cash				(5,209,539)
Net debt				$	14,527,907
EBITDA Annualized				$	3,642,868
Net debt to EBITDA ratio				3.99		x
Adjusted EBITDA Annualized				$	4,802,256
Net debt to Adjusted EBITDA ratio				3.03		x

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 16.

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

(3) Includes unamortized premiums/discounts, other fair value adjustments, financing lease liabilities of $540,144,000 and failed sale-leaseback financing obligations of $378,710,000. Excludes operating lease liabilities of $1,642,849,000 related to ASC 842.


Financial


(in thousands except share price)
Leverage and Current Capitalization(1)
			% of Total
Book capitalization
Lines of credit and commercial paper(2)	$	—	—	%
Long-term debt obligations(2)(3)	19,737,446		34.18	%
Cash and cash equivalents and restricted cash	(5,209,539)		(9.02)	%
Net debt to consolidated book capitalization	$	14,527,907	25.16	%
Total equity and noncontrolling interests(4)	43,202,939		74.84	%
Consolidated book capitalization	$	57,730,846	100.00	%
Joint venture debt, net(5)	537,643
Total book capitalization	$	58,268,489

Undepreciated book capitalization
Lines of credit and commercial paper(2)	$	—	—	%
Long-term debt obligations(2)(3)	19,737,446		28.99	%
Cash and cash equivalents and restricted cash	(5,209,539)		(7.65)	%
Net debt to consolidated undepreciated book capitalization	$	14,527,907	21.34	%
Accumulated depreciation and amortization	10,350,621		15.20	%
Total equity and noncontrolling interests(4)	43,202,939		63.46	%
Consolidated undepreciated book capitalization	$	68,081,467	100.00	%
Joint venture debt, net(5)	537,643
Total undepreciated book capitalization	$	68,619,110

Enterprise value
Lines of credit and commercial paper(2)	$	—	—	%
Long-term debt obligations(2)(3)	19,737,446		13.63	%
Cash and cash equivalents and restricted cash	(5,209,539)		(3.60)	%
Net debt to consolidated enterprise value	$	14,527,907	10.03	%
Common shares outstanding	696,507
Period end share price	185.61
Common equity market capitalization	$	129,278,664	89.23	%
Noncontrolling interests(4)	1,073,441		0.74	%
Consolidated enterprise value	$	144,880,012	100.00	%
Joint venture debt, net(5)	537,643
Total enterprise value	$	145,417,655

Secured debt as % of total assets
Secured debt(2)	$	2,813,780	3.62	%
Gross asset value(6)	$	77,653,668

Total debt as % of gross asset value
Total debt(2)(3)	$	19,737,446	25.42	%
Gross asset value(6)	$	77,653,668

Unsecured debt as % of unencumbered assets
Unsecured debt(2)	$	16,383,522	23.05	%



Unencumbered gross assets(7)	$	71,085,327

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 16.

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

(3) Includes financing lease liabilities of $540,144,000 and failed sale-leaseback financing obligations of $378,710,000 and excludes operating lease liabilities of $1,642,849,000 related to ASC 842.

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

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

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

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


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

Weighted Avg. Interest Rate(5)	—		%	3.95		%	4.06		%	4.48		%	5.34		%	4.01		%

Weighted Avg. Maturity Years	—			4.8			6.8			5.0			4.5			5.0

% Floating Rate Debt(5)	—		%	23.15		%	9.26		%	58.61		%	0.05		%	20.32		%


Debt by Local Currency(1)
	Lines of Credit and Commercial Paper(2)		Senior Unsecured Notes(3)		Consolidated Secured Debt		Noncontrolling Interests' Share of Consolidated Debt				Share of Unconsolidated Secured Debt		Combined Debt(4)		Investment Hedges(6)
United States	$	—	$	12,709,899	$	1,728,066	$	(112,189)			$	624,591	$	14,950,367	$	—
United Kingdom	—		1,411,725		—		—				—		1,411,725		11,872,886
Canada	—		2,404,621		845,014		(15,613)				40,854		3,274,876		6,220,269
Totals	$	—	$	16,526,245	$	2,573,080	$	(127,802)	$	(127,802)	$	665,445	$	19,636,968	$	18,093,155

Notes:

(1) Represents principal amounts due excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.

(2) Our unsecured commercial paper program and our unsecured revolving credit facility had a zero balance as of December 31, 2025. The unsecured revolving credit facility is comprised of a $2,000,000,000 tranche that matures on July 24, 2029 and a $3,000,000,000 tranche that matures on July 24, 2028. The $3,000,000,000 tranche may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility.

(3) Senior Unsecured Notes include the following:

•2026 includes CAD $2,747,615,000 of unsecured term loans (approximately $2,003,561,000 USD at December 31, 2025) that mature on October 9, 2026, and bear interest at adjusted CORRA + 0.30%.

•2027 includes a $1,000,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $182,300,000 USD at December 31, 2025). The loans mature on July 19, 2026 . The interest rates on the loans are adjusted SOFR + 0.78% for USD and adjusted CORRA + 0.78% for CAD. Both term loans may be extended for two successive terms of six months at our option.

•2027 also includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $218,760,000 USD at December 31, 2025) that matures on January 15, 2027.

•2028 includes $1,035,000,000 of 2.75% exchangeable senior unsecured notes that mature on May 15, 2028 unless earlier exchanged, purchased or redeemed.

•2028 also includes £550,000,000 of 4.80% senior unsecured notes (approximately $739,475,000 USD at December 31, 2025). The notes mature on November 20, 2028.

•2029 includes $1,035,000,000 of 3.125% exchangeable senior unsecured notes that mature on July 15, 2029 unless earlier exchanged, purchased or redeemed.

•2034 includes £500,000,000 of 4.50% senior unsecured notes (approximately $672,250,000 USD at December 31, 2025). The notes mature on December 1, 2034.

(4) Excludes operating lease liabilities of $1,642,849,000, finance lease liabilities of $540,144,000, and failed sale-leaseback financing obligations of $378,710,000 related to ASC 842.

(5) Based on variable interest rates and foreign currency exchange rates in effect as of December 31, 2025. The interest rate on the unsecured revolving credit facility is adjusted SOFR + 0.705%. Commercial paper, senior notes and secured debt average interest rate represents the face value note rate. Includes the impact of notional swaps and caps to convert fixed rate debt to SOFR-based floating rate debt, and SOFR-based floating rate debt and CORRA-based floating rate debt to fixed rate debt.

(6) Represents notional value of foreign currency derivative contracts at end of period spot FX rates. The fair market value of the gains (losses) of these contracts is currently USD $(415,895,000), as represented in other assets (liabilities) on the balance sheet. We supplement our local currency debt with foreign currency derivative contracts to offset the translation and economic exposures related to our international investments. Currently, our foreign currency derivatives are comprised of cross-currency swaps.


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 and dispositions. Properties classified as held for sale and leased properties are excluded from IPNOI. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and leased properties, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and UK properties using a consistent exchange rate. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI, IPNOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI, IPNOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our portfolio.

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	4Q24		1Q25			2Q25		3Q25		4Q25
Net income (loss)	$	123,753	$	257,266		$	304,618	$	282,186	$	117,767
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net	(8,195)		(51,777)			(14,850)		(4,025)		(1,378,391)
Loss (income) from unconsolidated entities	(6,429)		(1,263)			7,392		12,610		(4,442)
Income tax expense (benefit)	114		(5,519)			1,053		2,335		(4,985)
Other expenses	34,405		14,060			16,598		44,699		125,844
Impairment of assets	23,647		52,402			19,876		3,081		45,924
Provision for loan losses, net	(245)		(2,007)			(1,113)		1,088		(7,384)
Loss (gain) on extinguishment of debt, net	—		6,156		w	—		—		3,089
Loss (gain) on derivatives and financial instruments, net	(9,102)		(3,210)			(409)		31,682		(5,656)
General and administrative expenses	48,707		63,758			64,175		63,124		1,557,378
Depreciation and amortization	480,406		485,869			495,036		509,812		594,151
Interest expense	154,469		144,962			141,157		162,052		203,784
Consolidated net operating income	841,530		960,697			1,033,533		1,108,644		1,247,079
NOI attributable to unconsolidated investments(1)	31,158		28,316			26,069		29,337		26,430
NOI attributable to noncontrolling interests(2)	(15,328)		(14,284)			(13,531)		(12,280)		(11,163)
Pro rata net operating income (NOI)(3)	$	857,360	$	974,729		$	1,046,071	$	1,125,701	$	1,262,346


In-Place NOI Reconciliation
At Welltower pro rata ownership	Seniors Housing Operating		Seniors Housing Triple-net		Outpatient Medical		Long-Term /Post-Acute Care		Corporate		Total
Revenues	$	2,607,559	$	168,022	$	148,862	$	211,846	$	87,671	$	3,223,960
Property operating expenses	(1,902,889)		(4,490)		(45,000)		(2,974)		(6,261)		(1,961,614)
NOI(3)	704,670		163,532		103,862		208,872		81,410		1,262,346
Adjust:
Interest income	—		—		—		—		(56,158)		(56,158)
Other income	(2,419)		(537)		(19)		(5)		(25,705)		(28,685)
Sold / held for sale	1,334		(1,000)		(71,124)		(25,877)		—		(96,667)
Nonoperational(4)	1,313		—		25		(323)		—		1,015
Non In-Place NOI(5)	(25,423)		(26,426)		(3,696)		(38,750)		453		(93,842)
Timing adjustments(6)	34,298		17,616		—		99		—		52,013
Total adjustments	9,103		(10,347)		(74,814)		(64,856)		(81,410)		(222,324)
In-Place NOI	713,773		153,185		29,048		144,016		—		1,040,022
Annualized In-Place NOI	$	2,855,092	$	612,740	$	116,192	$	576,064	$	—	$	4,160,088


Same Store Property Reconciliation
	Seniors Housing Operating	Seniors Housing Triple-net	Outpatient Medical	Long-Term /Post-Acute Care	Total
Total properties	1,887	430	202	381	2,900
Recent acquisitions and development conversions(7)	(586)	(173)	(8)	(139)	(906)
Under development	(43)	—	—	—	(43)
Under redevelopment(8)	(2)	—	—	(1)	(3)
Current held for sale	(13)	(2)	(82)	(1)	(98)
Land parcels, loans and leased properties	(174)	(4)	(8)	(30)	(216)
Transitions(9)	(185)	(4)	—	(24)	(213)
Other(10)	(9)	—	—	(2)	(11)
Same store properties	875	247	104	184	1,410

Notes:

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

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

(3) Represents Welltower's pro rata share of NOI. See page 11 for more information.

(4) Primarily includes development properties and land parcels.

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

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

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

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

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

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


Supplemental Reporting Measures


(dollars in thousands at Welltower pro rata ownership)

Same Store NOI Reconciliation	4Q24		1Q25		2Q25		3Q25		4Q25		Y/o/Y
Seniors Housing Operating
NOI	$	441,602	$	490,648	$	543,110	$	579,559	$	704,670
Non-cash NOI on same store properties	(1,963)		(2,560)		(1,443)		(1,966)		(2,010)
NOI attributable to non-same store properties	(51,765)		(68,597)		(93,456)		(116,010)		(229,879)
Currency and ownership adjustments(1)	(594)		1,369		(4,342)		(5,627)		(4,939)





Other normalizing adjustments(2)	2,374		246		3,832		2,665		1,341
SSNOI	389,654		421,106		447,701		458,621		469,183		20.4	%

Seniors Housing Triple-net
NOI	61,289		100,352		99,889		95,018		163,532
Non-cash NOI on same store properties	(10,123)		(9,328)		(9,070)		(7,881)		(7,042)
NOI attributable to non-same store properties	22,316		(17,100)		(15,499)		(10,825)		(79,462)
Currency and ownership adjustments(1)	1,119		1,546		278		(1,241)		(1,636)

Normalizing adjustments for joint venture recapitalization(3)	(1,349)		(1,400)		(1,400)		(467)		—


Other normalizing adjustments(2)	—		—		—		—		(222)
SSNOI	73,252		74,070		74,198		74,604		75,170		2.6	%

Outpatient Medical
NOI	143,969		147,889		150,521		153,387		103,862
Non-cash NOI on same store properties	(2,706)		(2,594)		(2,521)		(2,326)		(2,239)
NOI attributable to non-same store properties	(118,040)		(122,027)		(124,265)		(127,459)		(77,845)




Other normalizing adjustments(2)	—		(11)		(107)		(20)		—
SSNOI	23,223		23,257		23,628		23,582		23,778		2.4	%

Long-Term/Post-Acute Care
NOI	118,429		142,143		161,523		180,846		208,872
Non-cash NOI on same store properties	(10,670)		(12,007)		(12,451)		(12,181)		(11,680)
NOI attributable to non-same store properties	(35,971)		(56,886)		(75,831)		(94,572)		(122,038)
Currency and ownership adjustments(1)	552		150		91		83		56

Normalizing adjustments for service agreement termination(4)	970		970		970		647		—


SSNOI	73,310		74,370		74,302		74,823		75,210		2.6	%

Corporate
NOI	92,071		93,697		91,028		116,891		81,410
NOI attributable to non-same store properties	(92,071)		(93,697)		(91,028)		(116,891)		(81,410)
SSNOI	—		—		—		—		—

Total
NOI	857,360		974,729		1,046,071		1,125,701		1,262,346
Non-cash NOI on same store properties	(25,462)		(26,489)		(25,485)		(24,354)		(22,971)
NOI attributable to non-same store properties	(275,531)		(358,307)		(400,079)		(465,757)		(590,634)
Currency and ownership adjustments(1)	1,077		3,065		(3,973)		(6,785)		(6,519)
Normalizing adjustments, net	1,995		(195)		3,295		2,825		1,119
SSNOI	$	559,439	$	592,803	$	619,829	$	631,630	$	643,341	15.0	%

Notes:

(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate UK properties at a GBP/USD rate of 1.23.

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

(3) Represents normalizing adjustment related to a joint venture recapitalization associated with one Seniors Housing Triple-net lease.

(4) Represents normalizing adjustment related to the termination of a service agreement related to one Long-Term/Post-Acute Care lease.


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	$	1,575,369	$	821,109	$	178,899	$	2,575,377
Unconsolidated SHO revenues attributable to Welltower(1)	44,360		6,628		2,237		53,225
SHO revenues attributable to noncontrolling interests(2)	(18,436)		—		(2,607)		(21,043)
Pro rata SHO revenues(3)	1,601,293		827,737		178,529		2,607,559
Non-cash and non-RevPOR revenues	(4,134)		(945)		(177)		(5,256)
Revenues attributable to non in-place properties	(4,619)		(199,564)		—		(204,183)

SHO local revenues	1,592,540		627,228		178,352		2,398,120
Average occupied units/month	89,041		24,104		20,064		133,209
RevPOR/month in USD	$	5,913	$	8,603	$	2,939	$	5,952
RevPOR/month in local currency(4)			£	6,994	$	4,199


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

	United States					United Kingdom					Canada					Total
	4Q24		4Q25			4Q24		4Q25			4Q24		4Q25			4Q24		4Q25
SHO SS RevPOR Growth
Consolidated SHO revenues	$	1,308,177	$	1,575,369		$	324,638	$	821,109		$	131,514	$	178,899		$	1,764,329	$	2,575,377
Unconsolidated SHO revenues attributable to WELL(1)	33,920		44,360			4,148		6,628			28,054		2,237			66,122		53,225
SHO revenues attributable to noncontrolling interests(2)	(20,079)		(18,436)			—		—			(2,347)		(2,607)			(22,426)		(21,043)
SHO pro rata revenues(3)	1,322,018		1,601,293			328,786		827,737			157,221		178,529			1,808,025		2,607,559
Non-cash and non-RevPOR revenues on same store properties	(2,292)		(2,769)			(14)		(6)			(208)		(222)			(2,514)		(2,997)
Revenues attributable to non-same store properties	(197,586)		(362,976)			(145,291)		(619,462)			(29,621)		(37,765)			(372,498)		(1,020,203)
Currency and ownership adjustments(4)	5,875		751			(7,333)		(15,706)			(2,495)		(3,403)			(3,953)		(18,358)




SHO SS RevPOR revenues(5)	$	1,128,015	$	1,236,299		$	176,148	$	192,563		$	124,897	$	137,139		$	1,429,060	$	1,566,001
Avg. occupied units/month(6)	63,608		66,733			6,332		6,577			14,680		15,223			84,620		88,533
SHO SS RevPOR(7)	$	5,863	$	6,125		$	9,197	$	9,680		$	2,813	$	2,978		$	5,583	$	5,848
SS RevPOR YOY growth			4.5		%			5.3		%			5.9		%			4.7		%

SHO SSNOI Growth
Consolidated SHO NOI	$	319,413	$	465,091		$	65,879	$	169,281		$	45,397	$	63,561		$	430,689	$	697,933
Unconsolidated SHO NOI attributable to WELL(1)	11,658		17,581			865		1,485			10,759		1,026			23,282		20,092
SHO NOI attributable to noncontrolling interests(2)	(11,308)		(12,138)			—		—			(1,061)		(1,215)			(12,369)		(13,353)
SHO pro rata NOI(3)	319,763		470,534			66,744		170,766			55,095		63,372			441,602		704,672
Non-cash NOI on same store properties	(1,839)		(1,998)			(124)		(12)			—		—			(1,963)		(2,010)
NOI attributable to non-same store properties	(20,453)		(101,029)			(20,575)		(115,534)			(10,737)		(13,316)			(51,765)		(229,879)
Currency and ownership adjustments(4)	2,113		387			(1,841)		(4,162)			(866)		(1,164)			(594)		(4,939)





Other normalizing adjustments(8)	3,197		1,183			—		—			(823)		158			2,374		1,341
SHO pro rata SSNOI(5)	$	302,781	$	369,077		$	44,204	$	51,058		$	42,669	$	49,050		$	389,654	$	469,185
SHO SSNOI growth			21.9		%			15.5		%			15.0		%			20.4		%

SHO SSNOI/Unit
Trailing four quarters' SSNOI(5)			$	1,404,675				$	198,219				$	193,717				$	1,796,611
Average units in service(9)			74,987					7,516					16,442					98,945
SSNOI/unit in USD			$	18,732				$	26,373				$	11,782				$	18,158
SSNOI/unit in local currency(4)								£	21,441				$	16,831

Notes:

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

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

(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See page 11 for more information.

(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate UK properties at a GBP/USD rate of 1.23.

(5) Represents SS SHO RevPOR revenues/SSNOI at Welltower pro rata ownership. See page 18 for more information.

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

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

(8) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.

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


Forward-Looking Statement and Risk Factors

Forward-Looking Statements and Risk Factors

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

Additional Information

The information in this supplemental information package should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings press release dated February 10, 2026 and other information filed with, or furnished to, the SEC. The Supplemental Reporting Measures and reconciliations of Non-GAAP measures are an integral part of the information presented herein.

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

About Welltower

Welltower Inc. (NYSE: WELL), an S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio of 2,500+ seniors and wellness housing communities are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micromarkets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly-aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star. More information is available at www.welltower.com.

Source: View Original Filing on SEC EDGAR

FAQ

How did Welltower (WELL) perform financially in Q4 2025?

Welltower reported Q4 2025 net income attributable to common stockholders of $0.14 per diluted share. Normalized FFO was much higher at $1.45 per diluted share, a 28.3% increase over the prior year, reflecting strong portfolio performance and accretive capital deployment.

What were Welltower’s full-year 2025 results for net income and normalized FFO?

For 2025, Welltower generated net income attributable to common stockholders of $1.39 per diluted share. Normalized FFO attributable to common stockholders was $5.29 per diluted share, up 22.5% from 2024, supported by significant seniors housing investments and strong same store NOI growth.

What same store NOI growth did Welltower (WELL) report for Q4 2025?

Welltower reported total portfolio same store NOI growth of 15.0% in Q4 2025. The Seniors Housing Operating portfolio led the performance with same store NOI growth of 20.4%, driven by 400 basis points of average occupancy growth and 4.7% same store RevPOR growth.

What guidance did Welltower provide for 2026 earnings and FFO?

For 2026, Welltower expects net income attributable to common stockholders between $3.11 and $3.27 per diluted share. The company also projects normalized FFO attributable to common stockholders between $6.09 and $6.25 per diluted share, assuming blended same store NOI growth of 11.25% to 15.75%.

How active was Welltower’s investment and disposition program in 2025?

In 2025, Welltower completed $11 billion of pro rata net investments, excluding development funding, mainly in seniors housing communities in the U.S. and U.K. Total dispositions reached $8.2 billion, including a large outpatient medical real estate portfolio and skilled nursing properties, enhancing portfolio mix and growth potential.

What is Welltower’s leverage and liquidity position at year-end 2025?

As of December 31, 2025, Welltower reported net debt to Adjusted EBITDA of 3.03x and net debt to consolidated enterprise value of 10.0%. The company had approximately $10.2 billion of available liquidity, including $5.2 billion of cash and restricted cash plus full capacity on its $5.0 billion credit facility.

Did Welltower (WELL) change its dividend based on 2025 performance?

Welltower’s Board approved a 10.4% increase in the quarterly dividend per share in 2025. For the quarter ended December 31, 2025, the Board declared a cash dividend of $0.74 per share, payable March 10, 2026, supported by strong normalized FFO and a low-levered balance sheet.

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Welltower (NYSE: WELL) lifts 2026 outlook after big seniors housing push

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How did Welltower (WELL) perform financially in Q4 2025?

What were Welltower’s full-year 2025 results for net income and normalized FFO?

What same store NOI growth did Welltower (WELL) report for Q4 2025?

What guidance did Welltower provide for 2026 earnings and FFO?

How active was Welltower’s investment and disposition program in 2025?

What is Welltower’s leverage and liquidity position at year-end 2025?

Did Welltower (WELL) change its dividend based on 2025 performance?

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Welltower (NYSE: WELL) lifts 2026 outlook after big seniors housing push

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FAQ

How did Welltower (WELL) perform financially in Q4 2025?

What were Welltower’s full-year 2025 results for net income and normalized FFO?

What same store NOI growth did Welltower (WELL) report for Q4 2025?

What guidance did Welltower provide for 2026 earnings and FFO?

How active was Welltower’s investment and disposition program in 2025?

What is Welltower’s leverage and liquidity position at year-end 2025?

Did Welltower (WELL) change its dividend based on 2025 performance?

Filing Exhibits & Attachments

Press Releases

Other Documents

NYSE:WELL

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WELL Stock Data