STOCK TITAN
  1. Home
  2. SEC Filings
  3. WELL
  4. [8-K] WELLTOWER INC. Reports Material Event

Welltower Q1 2026 earnings and raised guidance

Welltower Inc. reported strong first quarter 2026 results, with net income attributable to common stockholders of $728.7 million, or $1.02 per diluted share.

Accepted by SEC EDGAR
Filing Impact
(High)
Filing Sentiment

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment worksHow the balance works

Form Type
8-K

Rhea-AI Filing Summary

Welltower Inc. reported strong first quarter 2026 results, with net income attributable to common stockholders of $728.7 million, or $1.02 per diluted share. Normalized FFO attributable to common stockholders rose to $1.47 per diluted share, a 23% year-over-year increase, supported by 16.4% total same store NOI growth and 22.1% growth in its Seniors Housing Operating portfolio.

The company executed $3.3 billion of pro rata gross investments in the quarter and has $10.5 billion of investment activity closed or under contract year-to-date, while completing $2.8 billion of pro rata dispositions and loan repayments. Net debt to Adjusted EBITDA was 2.73x as of March 31, 2026, with approximately $11.1 billion of available liquidity, and the board declared a $0.74 per share quarterly dividend.

Guidance for 2026 was raised, with net income per diluted share now expected between $3.24 and $3.38 and normalized FFO per diluted share between $6.21 and $6.35. Management expects blended same store NOI growth of 12.25% to 16.00% for the year, led by double-digit growth in Seniors Housing Operating assets.

Positive

  • Strong earnings growth: Normalized FFO attributable to common stockholders rose to $1.47 per diluted share in Q1 2026, a 23% increase over the prior year, supported by 16.4% total same store NOI growth and 22.1% Seniors Housing Operating SSNOI growth.
  • Upgraded 2026 outlook: Management raised 2026 guidance to net income of $3.24–$3.38 per diluted share and normalized FFO of $6.21–$6.35 per diluted share, reflecting confidence in sustained growth.
  • Conservative leverage and ample liquidity: Net debt to Adjusted EBITDA was 2.73x as of March 31, 2026, with approximately $11.1 billion of available liquidity, including $4.8 billion of cash and restricted cash and full capacity on a $6.25 billion revolver.

Negative

  • None.

Insights

Welltower posts robust Q1 growth, raises 2026 guidance while keeping leverage low.

Welltower delivered a sharp uplift in profitability, with net income attributable to common stockholders at $728.7 million and diluted EPS of $1.02. Normalized FFO per diluted share increased 23% to $1.47, driven by 16.4% same store NOI growth and particularly strong Seniors Housing Operating performance at 22.1% SSNOI growth.

Balance sheet metrics remain conservative. Net debt to Adjusted EBITDA was 2.73x, and the company reported approximately $11.1 billion of available liquidity as of March 31, 2026, including $4.8 billion of cash and restricted cash and full capacity on a $6.25 billion credit line. The amended revolver also reduced pricing by 15 bps.

Management raised full-year 2026 guidance, with net income per diluted share now expected between $3.24 and $3.38 and normalized FFO per diluted share between $6.21 and $6.35. Assumptions include blended same store NOI growth of 12.25% to 16.00% and $1.4 billion of disposition proceeds over the next twelve months. Future disclosures in company materials will show how actual results track against these updated ranges.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Q1 2026 net income attributable to common $728.7M Three months ended March 31, 2026
Q1 2026 diluted EPS $1.02 per share Net income attributable to common stockholders per diluted share
Q1 2026 normalized FFO $1,066.7M Normalized FFO attributable to common stockholders
Q1 2026 normalized FFO per diluted share $1.47 per share Up 23% over prior year per company disclosure
Total same store NOI growth 16.4% Year-over-year SSNOI growth for the quarter ended March 31, 2026
Net debt to Adjusted EBITDA 2.73x As of March 31, 2026
Available liquidity $11.1B As of March 31, 2026, including cash and full revolver capacity
2026 normalized FFO guidance $6.21–$6.35 per diluted share Updated full-year 2026 guidance range
Normalized FFO financial
"Reported quarterly normalized funds from operations attributable to common stockholders of $1.47 per diluted share, an increase of 23% over the prior year"
Normalized FFO is a cash-focused measure of a real estate company's recurring operating performance, adjusted to remove one-time gains, losses, or unusual items so results reflect what the business typically earns. Think of it like reporting a restaurant’s average monthly sales after removing a single big catering event or a rare repair bill: it gives investors a clearer, apples-to-apples view of ongoing cash generation used to pay dividends and value the company.
Same store NOI (SSNOI) financial
"Reported total portfolio year-over-year same store NOI ("SSNOI") growth of 16.4%"
Net Debt to Adjusted EBITDA financial
"As of March 31, 2026, reported Net Debt to Adjusted EBITDA of 2.73x"
Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.
Seniors Housing Operating (SHO) portfolio financial
"driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 22.1%"
EBITDAR coverage financial
"EBITDAR Coverage (6) 1.23 1.46 1.32 1.70"
Exchangeable senior unsecured notes financial
"includes $1,035,000,000 of 2.75% exchangeable senior unsecured notes that mature on May 15, 2028"
Total revenues $3,351,926,000
Net income attributable to common stockholders $728,672,000
Diluted EPS $1.02
Normalized FFO per diluted share $1.47 +23% YoY
Total same store NOI growth 16.4%
Seniors Housing Operating SSNOI growth 22.1%
2026 net income guidance per diluted share $3.24–$3.38 Raised from $3.11–$3.27
2026 normalized FFO guidance per diluted share $6.21–$6.35 Raised from $6.09–$6.25
Guidance

For 2026, Welltower expects net income attributable to common stockholders of $3.24–$3.38 per diluted share and normalized FFO of $6.21–$6.35 per diluted share, assuming blended same store NOI growth of 12.25%–16.00% and $1.4 billion of disposition proceeds.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Welltower (WELL) perform in the first quarter of 2026?
Welltower delivered significantly higher earnings in Q1 2026, with net income attributable to common stockholders of $728.7 million and diluted EPS of $1.02. Normalized FFO per diluted share increased 23% year over year to $1.47, supported by strong same store NOI growth.

What were Welltower (WELL) normalized FFO results for Q1 2026?
In Q1 2026, Welltower reported normalized FFO attributable to common stockholders of $1,066.7 million, or $1.47 per diluted share. This represented a 23% increase in normalized FFO per share compared with the prior year, reflecting broad-based portfolio strength.

Did Welltower (WELL) update its 2026 earnings guidance?
Yes. Welltower raised 2026 guidance for net income attributable to common stockholders to $3.24–$3.38 per diluted share from $3.11–$3.27. It also increased normalized FFO guidance to $6.21–$6.35 per diluted share, up from $6.09–$6.25, based on revised operating assumptions.

How strong was Welltower’s same store NOI growth in Q1 2026?
Total portfolio same store NOI grew 16.4% year over year in Q1 2026. The Seniors Housing Operating portfolio was the main driver, posting 22.1% same store NOI growth, supported by 9.5% organic same store revenue growth from higher occupancy and Revenue Per Occupied Room.

What is Welltower’s (WELL) current leverage and liquidity position?
As of March 31, 2026, Welltower reported a net debt to Adjusted EBITDA ratio of 2.73x and approximately $11.1 billion of available liquidity. This included $4.8 billion of cash and restricted cash and full borrowing capacity on a recently upsized $6.25 billion revolving credit facility.

What dividend did Welltower (WELL) declare for Q1 2026?
On April 28, 2026, Welltower’s board declared a $0.74 per share cash dividend for the quarter ended March 31, 2026. The dividend will be paid on May 21, 2026 to stockholders of record as of May 13, 2026, marking the company’s 220th consecutive quarterly cash dividend.

What major investment transactions did Welltower complete around Q1 2026?
Year-to-date, Welltower closed or had under contract $10.5 billion of investment activity, including $3.3 billion of pro rata gross investments in Q1. On April 1, 2026, it acquired a Canadian seniors housing portfolio for C$4.1 billion, including cash and assumed secured debt.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →
See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
0000766704false00007667042026-04-282026-04-280000766704us-gaap:CommonStockMember2026-04-282026-04-280000766704well:NotesDue20284.800Member2026-04-282026-04-280000766704well:NotesDue20344.500Member2026-04-282026-04-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 28, 2026
Welltower Inc.
(Exact name of registrant as specified in its charter)
Delaware1-892334-1096634
(State or other jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
4500 Dorr Street, Toledo, Ohio43615
(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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, $1.00 par value per shareWELLNew York Stock Exchange
Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLCWELL/28New York Stock Exchange
Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLCWELL/34New 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 April 28, 2026, Welltower Inc. issued a press release that announced operating results for its first quarter ended March 31, 2026. 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 April 28, 2026, announcing earnings for the quarter ended March 31, 2026.
99.2    Welltower Inc. Supplemental Information Package for the quarter ended March 31, 2026.
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:  April 28, 2026



welltower_loginlogo.jpg
FOR IMMEDIATE RELEASE
April 28, 2026
For more information contact:
Tim McHugh (419) 247-2800
Welltower Reports First Quarter 2026 Results
Toledo, Ohio, April 28, 2026…..Welltower Inc. (NYSE:WELL) today announced results for the quarter ended March 31, 2026.
First Quarter and Other Recent Highlights
•Reported net income attributable to common stockholders of $1.02 per diluted share
•Reported quarterly normalized funds from operations attributable to common stockholders of $1.47 per diluted share, an increase of 23% over the prior year
•Reported total portfolio year-over-year same store NOI ("SSNOI") growth of 16.4%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 22.1%
•SHO portfolio organic same store revenue growth increased 9.5% year-over-year in the first quarter, resulting from 370 basis points ("bps") of average occupancy growth and 5.0% growth in Revenue Per Occupied Room ("RevPOR")
•Year-to-date, closed or under contract to close $10.5 billion of investment activity, including $3.3 billion of pro rata gross investments completed in the first quarter and $7.2 billion of pro rata gross investments closed or are under contract to close subsequent to quarter-end
•We completed $2.8 billion of pro rata dispositions and loan repayments during the first quarter, comprising $1.4 billion of Outpatient Medical ("OM") dispositions which includes follow-on tranches of the previously announced OM portfolio transaction, $524 million of long-term/post-acute care properties which includes the previously announced sale of properties within the Integra joint venture and $873 million of loan repayments
•As of March 31, 2026, reported Net Debt to Adjusted EBITDA of 2.73x and approximately $11.1 billion of available liquidity inclusive of $4.8 billion of available cash and restricted cash and full capacity under our recently upsized $6.25 billion line of credit
•Repaid $700 million of senior unsecured notes at maturity in April 2026 with free cash flow
•Expanded our capital light revenue opportunities through the licensing of our data science platform to Public Storage and a preeminent global private equity real estate firm
Capital Activity and Liquidity
Liquidity Update Net debt to consolidated enterprise value decreased to 8.8% as of March 31, 2026 from 10.8% as of December 31, 2025. We sourced over $4 billion of attractively priced capital, including the assumption of below-market debt, equity issuances and proceeds from dispositions and loan repayments to fund accretive capital deployment opportunities.
Expanded Senior Unsecured Line of Credit In March, we closed on an amended $6.25 billion senior unsecured revolving credit line, which enhances flexibility and achieves a 15 bps improvement in pricing. The revolving facility is comprised of a $4.25 billion tranche that matures on March 6, 2030 and a $2.0 billion tranche that matures on July 24, 2029. We have an ability, on an uncommitted basis, to upsize the revolving facility by up to an additional $1.25 billion. The amended facility increases our total available credit facilities to $7.5 billion. Concurrent with the closing, we repaid our existing $1 billion USD term loan and $250 million CAD term loan with cash on hand.
Unsecured Senior Note Activity Repaid $700 million of senior unsecured notes in April 2026 with free cash flow.
Recent Investment Activity
In the first quarter, we completed $3.3 billion of pro rata gross investments. Additionally, we completed pro rata property dispositions of $1.9 billion and loan repayments of $873 million weighted towards the back half of the quarter.
Notable Portfolio Activity

Page 1 of 11
1Q26Earnings ReleaseApril 28, 2026
Amica Senior Lifestyles Acquisition On April 1, 2026, we completed the previously announced acquisition of a Canadian portfolio of 38 seniors housing communities for a pro rata purchase price of C$4.1 billion, including cash of C$3.5 billion and the assumption of C$617 million of secured debt, representing our proportionate share, with an average interest rate of 3.6%. Additionally, we entered into forward purchase agreements to acquire five properties currently under development.
Dividend On April 28, 2026, the Board of Directors declared a cash dividend for the quarter ended March 31, 2026 of $0.74 per share. This dividend, which will be paid on May 21, 2026 to stockholders of record as of May 13, 2026, will be our 220th 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 Net income attributable to common stockholders guidance has been revised to a range of $3.24 to $3.38 per diluted share from the previous range of $3.11 to $3.27. We also increased the guidance range of full year normalized FFO attributable to common stockholders to a range of $6.21 to $6.35 per diluted share from the previous range of $6.09 to $6.25. In preparing our guidance, we have updated or confirmed the following assumptions:
•Same Store NOI: We expect average blended SSNOI growth of 12.25% to 16.00%, which is comprised of the following components:
◦Seniors Housing Operating approximately 16.5% to 21.5%
◦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 $263 million to $271 million and stock-based compensation expense to be approximately $60 million.
•Dispositions: We expect pro rata disposition proceeds of $1.4 billion at a blended yield of 6.7% in the next twelve months. This includes approximately $1.1 billion of consideration from expected property sales and $0.3 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 first quarter 2026 conference call.
Conference Call Information We have scheduled a conference call on Wednesday, April 29, 2026 at 9:00 a.m. Eastern Time to discuss our first quarter 2026 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 May 6, 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.

Page 2 of 11
1Q26Earnings ReleaseApril 28, 2026
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 U.K. 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.
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

Page 3 of 11
1Q26Earnings ReleaseApril 28, 2026
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 March 31, 2026, 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 is positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micromarkets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly-aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star.
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, and changes to, regulations and payment policies, responding to government investigations and punitive settlements, public perception of the healthcare industry and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the healthcare and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower's ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters, public health emergencies and extreme weather affecting Welltower's properties; Welltower's ability to re-lease space at similar rates as vacancies occur; Welltower's ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower's properties; changes in rules or practices governing Welltower's financial reporting; the movement of U.S. and foreign currency exchange rates and changes to U.S. and global monetary, fiscal or trade policies; Welltower's approach to artificial intelligence; Welltower's ability to maintain its qualification as a REIT; key management personnel recruitment and retention; geopolitical tensions or conflicts, such as the ongoing conflict between Russia and Ukraine and in the Middle East, and other risks described in Welltower's reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.

Page 4 of 11
1Q26Earnings ReleaseApril 28, 2026
Welltower Inc.
Financial Exhibits
Consolidated Balance Sheets (unaudited)
(in thousands)
 March 31,
 20262025
Assets  
Real estate investments:  
Land and land improvements$6,736,066 $5,552,719 
Buildings and improvements52,873,371 44,793,835 
Acquired lease intangibles2,853,696 2,688,181 
Real property held for sale, net of accumulated depreciation749,426 95,667 
Construction in progress764,223 1,045,160 
Less accumulated depreciation and intangible amortization(10,822,151)(11,092,885)
Net real property owned53,154,631 43,082,677 
Right of use assets, net2,023,166 1,230,343 
Investments in sales-type leases, net57,800 — 
Real estate loans receivable, net of credit allowance2,567,564 1,772,708 
Net real estate investments57,803,161 46,085,728 
Other assets:  
Investments in unconsolidated entities2,045,081 1,787,398 
Cash and cash equivalents4,703,775 3,501,851 
Restricted cash115,518 108,434 
Receivables and other assets2,553,021 1,810,203 
Total other assets9,417,395 7,207,886 
Total assets$67,220,556 $53,293,614 
Liabilities and equity  
Liabilities:  
Unsecured credit facility and commercial paper$— $— 
Senior unsecured notes15,159,712 13,219,202 
Secured debt2,773,856 2,504,655 
Lease liabilities2,051,273 1,285,727 
Accrued expenses and other liabilities2,306,445 1,702,053 
Total liabilities22,291,286 18,711,637 
Redeemable noncontrolling interests196,411 277,461 
Equity:  
Common stock704,860 652,088 
Capital in excess of par value52,409,593 42,030,903 
Treasury stock(22,853)(20,172)
Cumulative net income11,762,241 10,354,681 
Cumulative dividends(20,717,700)(18,751,105)
Accumulated other comprehensive income(342,466)(309,636)
Total Welltower Inc. stockholders' equity43,793,675 33,956,759 
Noncontrolling interests939,184 347,757 
Total equity44,732,859 34,304,516 
Total liabilities and equity$67,220,556 $53,293,614 

Page 5 of 11
1Q26Earnings ReleaseApril 28, 2026
Consolidated Statements of Income (unaudited)
(in thousands, except per share data)
  Three Months Ended
  March 31,
  20262025
Revenues:  
 Resident fees and services$2,780,931 $1,864,530 
 Rental income453,842 461,567 
 Interest income70,929 62,490 
 Other income46,224 34,500 
Total revenues3,351,926 2,423,087 
Expenses:  
 Property operating expenses2,055,420 1,462,390 
 Depreciation and amortization622,752 485,869 
 Interest expense192,715 144,962 
 General and administrative expenses67,474 63,758 
 Loss (gain) on derivatives and financial instruments, net— (3,210)
 Loss (gain) on extinguishment of debt, net727 6,156 
Provision for loan losses, net1,632 (2,007)
 Impairment of assets4,826 52,402 
 Other expenses61,137 14,060 
 Total expenses3,006,683 2,224,380 
Income (loss) from continuing operations before income taxes and other items345,243 198,707 
Income tax (expense) benefit(11,633)5,519 
Income (loss) from unconsolidated entities(1,686)1,263 
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net420,400 51,777 
Income (loss) from continuing operations752,324 257,266 
Net income (loss)752,324 257,266 
Less: Net income (loss) attributable to noncontrolling interests(1)
23,652 (691)
Net income (loss) attributable to common stockholders$728,672 $257,957 
Average number of common shares outstanding:  
 Basic699,837 643,393 
 Diluted726,255 653,795 
Net income (loss) attributable to common stockholders per share: 
 Basic$1.04 $0.40 
 
Diluted(2)
$1.02 $0.40 
Common dividends per share$0.74 $0.67 
(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 6 of 11
1Q26Earnings ReleaseApril 28, 2026
FFO ReconciliationsExhibit 1
(in thousands, except per share data)Three Months Ended
March 31,
20262025
Net income (loss) attributable to common stockholders$728,672 $257,957 
Depreciation and amortization622,752 485,869 
Impairments and losses (gains) on real estate dispositions and acquisitions of controlling interests, net(415,574)625 
Noncontrolling interests(1)
17,100 (9,468)
Unconsolidated entities(2)
29,598 30,214 
NAREIT FFO attributable to common stockholders982,548 765,197 
Normalizing items, net(3)
84,119 21,980 
Normalized FFO attributable to common stockholders$1,066,667 $787,177 
Average diluted common shares outstanding726,255 653,795 
Per diluted share data attributable to common stockholders:
Net income (loss)(4)
$1.02 $0.40 
NAREIT FFO$1.35 $1.17 
Normalized FFO$1.47 $1.20 
Normalized FFO Payout Ratio:
Dividends per common share$0.74 $0.67 
Normalized FFO attributable to common stockholders per share$1.47 $1.20 
Normalized FFO payout ratio50 %56 %
Other items:(5)
Net straight-line rent and above/below market rent amortization$(58,621)$(46,121)
Non-cash interest expenses(6)
13,565 12,869 
Recurring cap-ex, tenant improvements and lease commissions(7)
(69,474)(74,550)
Stock-based compensation(8)
17,213 14,643 
(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, where applicable.
(5) Amounts presented net of noncontrolling interests' share and including Welltower's share of unconsolidated entities.
(6) Excludes normalized foreign currency loss (gain) (see Exhibit 2).
(7) Reflects recurring cap-ex, tenant improvements and lease commissions on owned operational properties.
(8) Excludes normalized stock compensation expense related to the 2021 Special Performance Option Awards.

Page 7 of 11
1Q26Earnings ReleaseApril 28, 2026
Normalizing ItemsExhibit 2
(in thousands, except per share data)Three Months Ended
March 31,
20262025
Loss (gain) on derivatives and financial instruments, net$— $(3,210)
Loss (gain) on extinguishment of debt, net727 (1)6,156 
Provision for loan losses, net1,632 (2)(2,007)
Income tax benefits— (7,586)
Other expenses61,137 (3)14,060 
Special incentive plan compensation221 (4)2,862 
Casualty losses, net of recoveries3,040 (5)3,842 
Foreign currency loss (gain)(2,926)(6)109 
Normalizing items attributable to noncontrolling interests and unconsolidated entities, net20,288 (7)7,754 
Net normalizing items$84,119 $21,980 
Average diluted common shares outstanding726,255 653,795 
Net normalizing items per diluted share$0.12 $0.03 
(1) Primarily related to the extinguishment of secured debt.
(2) Primarily related to adjustments to reserves for loan losses under the current expected credit losses accounting standard.
(3) Primarily related to non-capitalizable transaction costs and legal fees.
(4) Primarily related to expenses recognized on the 2021 Special Performance Option Awards.
(5) Primarily relates to casualty losses net of any insurance recoveries.
(6) Primarily relates to foreign currency gains and losses related to accrued interest on intercompany loans and third party debt denominated in a foreign currency.
(7) Primarily relates to hypothetical liquidation at book value adjustments related to in substance real estate investments.

Outlook Reconciliation: Year Ending December 31, 2026Exhibit 3
(in millions, except per share data)Prior OutlookCurrent Outlook
LowHighLowHigh
FFO Reconciliation:
Net income attributable to common stockholders$2,244 $2,359 $2,370 $2,472 
Impairments and losses (gains) on real estate dispositions and acquisitions of controlling interests, net(1)
(564)(564)(576)(576)
Depreciation and amortization(1)
2,712 2,712 2,669 2,669 
NAREIT FFO attributable to common stockholders4,392 4,507 4,463 4,565 
Normalizing items, net(1,2)
— — 84 84 
Normalized FFO attributable to common stockholders$4,392 $4,507 $4,547 $4,649 
Diluted per share data attributable to common stockholders:
Net income$3.11 $3.27 $3.24 $3.38 
NAREIT FFO$6.09 $6.25 $6.10 $6.24 
Normalized FFO$6.09 $6.25 $6.21 $6.35 
Other items:(1)
Net straight-line rent and above/below market rent amortization$(289)$(289)$(299)$(299)
Non-cash interest expenses52 52 57 57 
Recurring cap-ex, tenant improvements and lease commissions(3)
(459)(459)(465)(465)
Stock-based compensation63 63 63 63 
(1) Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities.
(2) See Exhibit 2.
(3) Reflects recurring cap-ex, tenant improvements and lease commissions on owned operational properties.

Page 8 of 11
1Q26Earnings ReleaseApril 28, 2026
SSNOI ReconciliationExhibit 4
(in thousands)Three Months Ended
March 31,
20262025% growth
Net income (loss)$752,324 $257,266 
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net(420,400)(51,777)
Loss (income) from unconsolidated entities1,686 (1,263)
Income tax expense (benefit)11,633 (5,519)
Other expenses61,137 14,060 
Impairment of assets4,826 52,402 
Provision for loan losses, net1,632 (2,007)
Loss (gain) on extinguishment of debt, net727 6,156 
Loss (gain) on derivatives and financial instruments, net— (3,210)
General and administrative expenses67,474 63,758 
Depreciation and amortization622,752 485,869 
Interest expense192,715 144,962 
Consolidated NOI1,296,506 960,697 
NOI attributable to unconsolidated investments(1)
48,240 28,316 
NOI attributable to noncontrolling interests(2)
(11,785)(14,284)
Pro rata NOI1,332,961 974,729 
Non-cash NOI attributable to same store properties
(26,225)(34,521)
NOI attributable to non-same store properties
(581,183)(329,904)
Currency and ownership adjustments(3)
(1,858)9,717 
Normalizing adjustments, net(4)
(1,734)22 
Same Store NOI (SSNOI)$721,961 $620,043 16.4%
Seniors Housing Operating531,817 435,659 22.1%
Seniors Housing Triple-net79,538 76,534 3.9%
Outpatient Medical23,842 23,285 2.4%
Long-Term/Post-Acute Care86,764 84,565 2.6%
Total SSNOI$721,961 $620,043 16.4%
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate U.K. properties at a GBP/USD rate of 1.23.
(4) Includes other adjustments described in the accompanying Supplement.


Page 9 of 11
1Q26Earnings ReleaseApril 28, 2026
Reconciliation of SHO SS RevPOR GrowthExhibit 5
(in thousands except SS RevPOR)Three Months Ended
March 31,
20262025
Consolidated SHO revenues$2,790,374 $1,867,871 
Unconsolidated SHO revenues attributable to WELL(1)
55,328 56,430 
SHO revenues attributable to noncontrolling interests(2)
(21,914)(23,074)
SHO pro rata revenues(3)
2,823,788 1,901,227 
Non-cash and non-RevPOR revenues on same store properties(2,516)(5,082)
Revenues attributable to non-same store properties(1,094,049)(343,836)
Currency and ownership adjustments(4)
(4,719)19,982 
Other normalizing adjustments(5)
(419)— 
SHO SS RevPOR revenues(5)
$1,722,085 $1,572,291 
Average occupied units/month(6)
92,987 89,119 
SHO SS RevPOR(7)
$6,259 $5,963 
SS RevPOR YOY growth5.0 %
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Represents SHO revenues at Welltower pro rata ownership.
(4) Includes 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 10 of 11
1Q26Earnings ReleaseApril 28, 2026
Net Debt to Adjusted EBITDA ReconciliationExhibit 6
(in thousands)
Three Months Ended
March 31,
2026
Net income (loss)$752,324 
Interest expense192,715 
Income tax expense (benefit)11,633 
Depreciation and amortization622,752 
EBITDA1,579,424 
Loss (income) from unconsolidated entities1,686 
Stock-based compensation17,434 
Loss (gain) on extinguishment of debt, net727 
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net(420,400)
Impairment of assets4,826 
Provision for loan losses, net1,632 
Other expenses61,137 
Casualty losses, net of recoveries3,040 
Adjusted EBITDA$1,249,506 
Total debt(1)
$18,455,978 
Cash and cash equivalents and restricted cash(4,819,293)
Net debt$13,636,685 
Adjusted EBITDA annualized$4,998,024 
Net debt to Adjusted EBITDA ratio2.73x
(1) Amounts include unamortized premiums/discounts, other fair value adjustments and financing lease liabilities. Excludes operating lease liabilities related to ASC 842 of $1,528,863,000 as of March 31, 2026.
Net Debt to Consolidated Enterprise ValueExhibit 7
(in thousands, except share price)
March 31, 2026March 31, 2025
Common shares outstanding704,687 651,889 
Period end share price$197.71 $153.21 
Common equity market capitalization$139,323,667 $99,875,914 
Total debt$18,455,978 $15,831,799 
Cash and cash equivalents and restricted cash(4,819,293)(3,610,285)
Net debt13,636,685 12,221,514 
Noncontrolling interests(1)
1,135,595 625,218 
Consolidated enterprise value$154,095,947 $112,722,646 
Net debt to consolidated enterprise value8.8 %10.8 %
(1) Includes all noncontrolling interests (redeemable and permanent) as reflected on our consolidated balance sheet.

Page 11 of 11

supplementalcover1q26a.jpg

Table of Contents

    
Overview
1
Portfolio
2
Investment
6
Financial
9
Glossary
14
Supplemental Reporting Measures
15
Forward Looking Statements and Risk Factors
19

Overview

(dollars and occupancy at Welltower pro rata ownership; dollars in thousands)
Portfolio Composition(1)
Beds/Unit Mix
Average AgePropertiesTotalWellness HousingIndependent LivingAssisted LivingMemory CareLong-Term/ Post-Acute Care
Seniors Housing Operating161,917 191,94732,89051,13380,29727,105522
Seniors Housing Triple-net2443129,206—2,19019,2257,488303
Outpatient Medical151419,511,258(2)n/an/an/an/an/a
Long-Term/Post-Acute Care34349 41,312—45997—40,270
Total192,838

NOI Performance
Same Store(3)
In-Place Portfolio(4)
Properties1Q25 NOI1Q26 NOI% ChangePropertiesAnnualized
In-Place NOI		% of Total
Seniors Housing Operating921$435,659 $531,817 22.1 %1,676$3,039,492 69.6 %
Seniors Housing Triple-net25276,534 79,538 3.9 %428623,092 14.3 %
Outpatient Medical8623,285 23,842 2.4 %93117,408 2.7 %
Long-Term/Post-Acute Care19684,56586,764 2.6 %339584,452 13.4 %
Total1,455$620,043 $721,961 16.4 %2,536$4,364,444 100.0 %

Portfolio PerformanceFacility Revenue Mix
Stable Portfolio(5)
Occupancy
EBITDAR Coverage(6)
EBITDARM Coverage(6)
Private PayMedicaidMedicare
Other Government(7)
Seniors Housing Operating88.8 %n/an/a92.3 %0.7 %0.2 %6.8 %
Seniors Housing Triple-net87.4 %1.231.4687.1 %2.3 %0.1 %10.5 %
Outpatient Medical96.9 %n/an/a100.0 %— — — 
Long-Term/Post-Acute Care85.3 %1.321.7025.7 %50.4 %23.9 %— %
Total1.281.5888.8 %3.3 %1.4 %6.6 %
Notes:
(1) Includes land parcels and properties under development.
(2) Indicates the total square footage of Outpatient Medical properties.
(3) See pages 16 and 17 for reconciliation.
(4) Excludes land parcels, loans, developments and investments held for sale. See page 16 for reconciliation.
(5) Data as of March 31, 2026 for Seniors Housing Operating and Outpatient Medical and December 31, 2025 for the remaining asset types.
(6) Represents trailing twelve month coverage metrics.
(7) Represents various federal and local reimbursement programs in the United Kingdom and Canada.

1
Portfolio


(dollars in thousands at Welltower pro rata ownership)
In-Place NOI Diversification(1)
By Partner:Total PropertiesSeniors Housing OperatingSeniors Housing
Triple-net		Outpatient
Medical		Long-Term/ Post-Acute CareTotal% of Total
Barchester261 $217,296 $264,552 $— $— $481,848 11.0 %
Cogir Senior Living180 379,984 — — — 379,984 8.7 %
Care UK170 262,408 — — — 262,408 6.0 %
Sunrise Senior Living85 238,200 — — — 238,200 5.5 %
Avir Health Group131 — — — 211,772 211,772 4.9 %
Oakmont Management Group72 202,772 — — — 202,772 4.6 %
Avery Healthcare95 109,356 78,700 — — 188,056 4.3 %
StoryPoint Senior Living117 179,624 — — — 179,624 4.1 %
HC-One215 126,940 — — — 126,940 2.9 %
Sagora Senior Living71 126,792 — — — 126,792 2.9 %
Remaining1,139 1,196,120 279,840 117,408 372,680 1,966,048 45.1 %
Total2,536 $3,039,492 $623,092 $117,408 $584,452 $4,364,444 100.0 %
By Country:
United States1,610 $2,019,500 $237,196 $117,408 $577,744 $2,951,848 67.6 %
United Kingdom794 742,300 382,636 — — 1,124,936 25.8 %
Canada132 277,692 3,260 — 6,708 287,660 6.6 %
Total2,536 $3,039,492 $623,092 $117,408 $584,452 $4,364,444 100.0 %
By MSA:
Greater London143$187,988 $81,912 $— $— $269,900 6.2 %
New York / New Jersey70111,212 24,396 12,128 17,292 165,028 3.8 %
Los Angeles50132,068 19,524 284 3,400 155,276 3.6 %
Dallas79106,008 968 1,212 30,708 138,896 3.2 %
Houston5428,200 — 74,220 20,068 122,488 2.8 %
Montréal2693,768 — — — 93,768 2.1 %
Washington D.C.3271,492 6,632 — 15,488 93,612 2.1 %
Boston2771,748 14,412 168 — 86,328 2.0 %
San Francisco2365,996 6,212 — 3,876 76,084 1.7 %
Chicago3458,852 7,164 — — 66,016 1.5 %
Philadelphia3636,100 5,480 368 10,964 52,912 1.2 %
Seattle2543,616 1,268 264 — 45,148 1.0 %
Raleigh1111,204 31,428 — — 42,632 1.0 %
Charlotte2521,576 10,580 10,404 — 42,560 1.0 %
San Antonio1626,108 952 228 15,256 42,544 1.0 %
Cleveland2433,100 2,548 — 5,084 40,732 0.9 %
Tampa269,368 2,540 — 27,912 39,820 0.9 %
San Diego1427,148 7,532 — 3,116 37,796 0.9 %
Minneapolis2337,156 — 552 — 37,708 0.9 %
Birmingham UK1624,668 11,896 — — 36,564 0.8 %
Remaining1,782 1,842,116387,64817,580431,2882,678,63261.4 %
Total2,536 $3,039,492 $623,092 $117,408 $584,452 $4,364,444 100.0 %
Notes:
(1) Represents current quarter annualized In-Place NOI. See page 16 for reconciliation.
2
Portfolio

(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating
Total Portfolio Performance(1)
1Q252Q253Q254Q251Q26
Properties1,113 1,171 1,199 1,659 1,689 
Units124,742 129,758 131,792 160,218 163,618 
Total occupancy85.1 %85.6 %86.9 %87.4 %87.3 %
Total revenues$1,901,227 $2,007,567 $2,109,690 $2,607,559 $2,823,788 
Operating expenses1,410,579 1,464,457 1,530,131 1,902,889 2,042,868 
NOI$490,648 $543,110 $579,559 $704,670 $780,920 
NOI margin25.8 %27.1 %27.5 %27.0 %27.7 %
Recurring cap-ex$68,359 $63,937 $78,803 $116,560 $67,924 
Other cap-ex$135,045 $118,646 $131,668 $166,439 $165,031 

Same Store Performance(2)
1Q252Q253Q254Q251Q26
Properties921 921 921 921 921 
Units104,508 104,523 104,522 104,525 104,484 
Occupancy85.3 %86.4 %87.9 %88.9 %89.0 %
Same store revenues$1,572,867 $1,611,726 $1,652,555 $1,680,617 $1,722,576 
Compensation668,246 677,882 689,648 701,603 698,682 
Utilities77,066 64,899 74,637 71,067 78,661 
Food61,729 64,375 66,019 68,450 64,596 
Repairs and maintenance42,473 42,841 45,786 45,310 45,498 
Property taxes52,905 53,030 53,250 49,234 54,611 
All other234,789 240,323 240,550 248,522 248,711 
Same store operating expenses1,137,208 1,143,350 1,169,890 1,184,186 1,190,759 
Same store NOI$435,659 $468,376 $482,665 $496,431 $531,817 
Same store NOI margin %27.7 %29.1 %29.2 %29.5 %30.9 %
Year over year NOI growth rate22.1 %
Year over year revenue growth rate9.5 %
Partners(3)
PropertiesPro Rata Units
Welltower Ownership %(4)
Top Markets1Q26 NOI% of Total
Cogir Senior Living180 27,246 94.3 %Greater London$53,982 6.9 %
Care UK170 10,938 100.0 %Southern California49,692 6.4 %
Sunrise Senior Living85 7,767 90.7 %Northern California39,704 5.1 %
Barchester111 6,814 100.0 %New York / New Jersey27,667 3.5 %
Oakmont Management Group72 7,099 100.0 %Dallas26,701 3.4 %
StoryPoint Senior Living117 11,927 94.2 %Montreal23,568 3.0 %
HC-One215 12,348 100.0 %Washington D.C.20,487 2.6 %
Sagora Senior Living71 8,174 100.0 %Boston17,793 2.3 %
Legend Senior Living59 5,057 89.2 %Chicago14,693 1.9 %
Avery Healthcare45 3,377 94.4 %Seattle11,184 1.4 %
Belmont Village21 2,803 95.0 %Top markets285,471 36.5 %
Clover Management69 7,811 94.2 %All other495,449 63.5 %
Discovery Senior Living73 5,844 59.6 %Total$780,920 100.0 %
Quality Senior Living46 5,195 90.9 %
Remaining 342 40,258 
Total1,676 162,658 
Notes:
(1) Properties, units, occupancy and cap-ex exclude land parcels, properties under development/redevelopment, leased properties and nonoperational properties.
(2) See pages 16 and 17 for reconciliation.
(3) Represents partner concentration based on annualized In-Place NOI for the quarter ended March 31, 2026. Property count and pro rata units represent the In-Place portfolio.
(4) Welltower ownership percentage weighted based on In-Place NOI. See page 16 for reconciliation.

3
Portfolio

(dollars in thousands at Welltower pro rata ownership)
Payment Coverage Stratification
EBITDARM Coverage(1)
EBITDAR Coverage(1)
% of In-Place NOISeniors Housing Triple-netLong-Term/ Post- Acute CareTotalWeighted Average MaturityNumber of LeasesSeniors Housing Triple-netLong-Term/ Post- Acute CareTotalWeighted Average MaturityNumber of Leases
<.85x0.1 %0.1 %0.2 %11 3 0.1 %0.1 %0.2 %11 3 
.85x-.95x— %— %— %— — — %— %— %— — 
.95x-1.05x— %— %— %— — 0.4 %3.4 %3.8 %11 3 
1.05x-1.15x— %— %— %— — 0.4 %— %0.4 %6 2 
1.15x-1.25x0.3 %— %0.3 %4 1 4.7 %1.2 %5.9 %10 7 
1.25x-1.35x1.0 %1.3 %2.3 %9 3 — %— %— %— — 
>1.355.7 %6.1 %11.8 %11 24 1.5 %2.8 %4.3 %11 16 
Total7.1 %7.5 %14.6 %10 31 7.1 %7.5 %14.6 %10 31 
Revenue and Lease Maturity(2)
Rental Income
YearSeniors Housing
Triple-net		Outpatient MedicalLong-Term / Post-Acute CareInterest
Income		Total
Revenues		% of Total
2026$2,613 $1,509 $9,313 $33,252 $46,687 2.9 %
2027— 1,517 1,287 52,514 55,318 3.5 %
2028— 3,197 6,669 2,505 12,371 0.8 %
20291,115 5,068 — 79,933 86,116 5.4 %
203012,525 5,954 30,543 3,646 52,668 3.3 %
2031— 4,886 4,686 12,603 22,175 1.4 %
203299,706 3,052 55,255 359 158,372 9.9 %
203363,175 817 1,070 — 65,062 4.1 %
2034433 3,987 — 274 4,694 0.3 %
203536,868 5,653 15,007 1,024 58,552 3.7 %
Thereafter391,907 86,438 465,451 95,279 1,039,075 64.7 %
$608,342 $122,078 $589,281 $281,389 $1,601,090 100.0 %
Weighted Avg Maturity Years15 12 15 8 14 
Notes:
(1) Represents trailing twelve month coverage metrics as of December 31, 2025 for stable portfolio only. Agreements included represent 53% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 16 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.
(2) Excludes all land parcels, developments and investments classified as held for sale, as well as Seniors Housing Triple-net and Long-Term / Post-Acute Care leases accounted for on a cash basis where substantially all contractual rental income during the most recent period was not collected. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non-cash income. Interest income represents the annualized contractual rate of interest for loans, net of collectability reserves, if applicable.




4
Portfolio


(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)
1Q252Q253Q254Q251Q26
Properties433 434 437 194 135 
Square feet21,775,061 21,914,499 22,073,485 8,801,545 5,576,683 
Occupancy94.5 %94.4 %94.2 %95.5 %96.9 %
Total revenues$214,693 $215,718 $219,238 $148,862 $76,524 
Operating expenses66,804 65,197 65,851 45,000 20,184 
NOI$147,889 $150,521 $153,387 $103,862 $56,340 
NOI margin68.9 %69.8 %70.0 %69.8 %73.6 %
Revenues per square foot$39.44 $39.37 $39.73 $67.65 $54.89 
NOI per square foot$27.17 $27.47 $27.80 $47.20 $40.41 
Recurring cap-ex$6,191 $13,221 $19,324 $4,298 $1,550 
Other cap-ex$9,742 $9,297 $14,051 $1,963 $920 

Same Store Performance(2)
1Q252Q253Q254Q251Q26
Properties86 86 86 86 86 
Occupancy97.5 %97.7 %97.8 %97.7 %97.7 %
Same store revenues$26,977 $27,277 $25,569 $26,990 $27,466 
Same store operating expenses3,692 3,602 1,941 3,200 3,624 
Same store NOI$23,285 $23,675 $23,628 $23,790 $23,842 
NOI margin86.3 %86.8 %92.4 %88.1 %86.8 %
Year over year NOI growth rate2.4 %

Portfolio Diversification
by Tenant(3)
Rental Income% of TotalQuality Indicators
Kelsey-Seybold$73,996 60.6 %
Health system affiliated properties as % of NOI(3)
99.6 %
UnitedHealth15,420 12.6 %
Health system affiliated tenants as % of rental income(3)
93.5 %
Atrium Health10,456 8.6 %
Investment grade tenants as % of rental income(3)
94.8 %
Norman Regional Health6,789 5.6 %
Retention (trailing twelve months)(3)
90.2 %
Baylor Scott & White Health2,234 1.8 %
Average remaining lease term (years)(3)
12.1 
Remaining portfolio13,183 10.8 %
Average building size (square feet)(3)
71,557 
Total$122,078 100.0 %Average age (years)15 

Expirations(3)
20262027202820292030Thereafter
Occupied square feet65,924 60,858 128,406 188,154 258,094 3,315,032 
% of occupied square feet1.6 %1.5 %3.2 %4.7 %6.4 %82.6 %
Notes:
(1) Properties, square feet, occupancy and cap-ex exclude land parcels, properties under development/redevelopment and nonoperational properties. Per square foot amounts are annualized.
(2) Includes 86 same store properties representing 3,362,256 square feet. See pages 16 and 17 for reconciliation.
(3) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non-cash income. Retention includes month-to-month tenants retained.







5
Investment

(dollars in thousands at Welltower pro rata ownership)
Relationship Investment Historychart-a12c5bbf77fd48f5b22a.jpg
Detail of Acquisitions/JVs(1)
20222023202420251Q2622-26 Total
Count27 52 54 90 34257 
Total$2,785,739 $4,222,706 $5,287,140 $17,566,127 $1,374,866 $31,236,578 
Low6,485 2,950 970 4,825 259 259 
Median66,074 65,134 39,863 52,894 26,904 48,899 
High389,149 644,443 936,814 6,644,176 206,230 6,644,176 

Investment Timing
Acquisitions and Loan Funding(2)
Yield
Construction Conversions(3)
Year 1 YieldDispositions and Loan RepaymentsYield
January$421,410 8.6 %$10,242 1.0 %$554,763 6.3 %
February930,790 7.5 %57,317 (1.6)%1,163,973 7.6 %
March1,863,160 7.4 %— — %1,060,809 8.3 %
Total$3,215,360 7.6 %$67,559 (1.2)%$2,779,545 7.6 %

Notes:
(1) Includes non-yielding asset acquisitions.
(2) Includes advances for non-real estate loans. Excludes land acquisitions and advances for development loans.
(3) Includes expansion conversions and excludes in substance real estate investments.
6
Investment
(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity
First Quarter 2026
PropertiesBeds / Units / Square FeetInvestment Per
Bed / Unit /
SqFt		Pro Rata
Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating 324,105 units$254,971 $1,069,602 
Seniors Housing Triple-net6414 units326,649 135,233 
Outpatient Medical1134,307 sf729 97,919 
Long-Term/Post-Acute Care1116 beds81,466 72,112 
Loan funding1,840,494 
Total acquisitions and loan funding(2)
403,215,360 7.6 %
Development Funding(3)
Development projects:
Seniors Housing Operating444,233units63,066 
Outpatient Medical——sf8,291 
Total development projects4471,357 
Redevelopment and expansion projects:
Seniors Housing Operating128units2,327 
Total development funding4573,684 9.6 %
Total gross investments3,289,044 7.6 %
Dispositions and Loan Repayments(4)
Seniors Housing Operating4217 units62,722 13,611 
Seniors Housing Triple-net2107 units44,860 4,800 
Outpatient Medical643,393,449sf402 1,364,133 
Long-Term/Post-Acute Care354,823 beds111,195 524,397 
Loan repayments872,604 
Total dispositions and loan repayments(5)
1052,779,545 7.6 %
Net investments (dispositions)$509,499 

Notes:
(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP, for all consolidated and unconsolidated property acquisitions. Pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans. Includes acquisition of leaseholds and additional ownership interest in properties, which are both excluded from property, unit and per unit metrics.
(2) Acquisition yields represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Loan funding yield represents annualized contractual interest divided by investment amount.
(3) Amounts represent cash funded for all developments/expansions including construction in progress, loans and in substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.
(4) Amounts represent proceeds received for loan repayments and consolidated and unconsolidated property sales. Includes disposition of partial ownership interest in properties which are excluded from property, unit and per unit metrics.
(5) Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds. Pro rata amounts include joint venture real estate loans receivable.


7
Investment
(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
Projected Future Funding
ProjectsBeds / Units / Square Feet
Stable Yields(2)
2026 FundingFunding ThereafterTotal Unfunded CommitmentsCommitted Balances
Seniors Housing Operating393,68610.8 %$294,679 $273,164 $567,843 $1,214,720 

Development Project Conversion Estimates(1)
Quarterly ConversionsAnnual Conversions
Amount
Year 1 Yields(2)
Stable Yields(2)
Amount
Year 1 Yields(2)
Stable Yields(2)
1Q26 actual$68,348 (1.2)%10.4 %2026 actual$68,348 (1.2)%10.4 %
2Q26 estimate202,788(2.3)%10.8 %2026 estimate397,708 (1.6)%11.1 %
3Q26 estimate104,110(0.3)%9.7 %2027 estimate385,901 (1.2)%9.5 %
4Q26 estimate90,810(1.7)%13.3 %Thereafter estimate431,1110.5 %11.6 %
Total$466,056 (1.6)%11.0 %Total$1,283,068 (0.8)%10.7 %


Unstabilized Properties
12/31/2025 PropertiesStabilizations
Construction Conversions(1)
Acquisitions/ Dispositions3/31/2026 PropertiesBeds / Units
Seniors Housing Operating68(6)23 6710,012
Seniors Housing Triple-net7— —— 7499
Total75(6)23 7410,511
Occupancy12/31/2025 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ DispositionsProgressions3/31/2026 Properties
0% - 50%32 — — 3 (7)28 
50% - 70%20 (1)— — 5 24 
70% +23 (5)2 — 2 22 
Total75 (6)2 3 — 74 
Occupancy3/31/2026 PropertiesMonths In OperationRevenues
% of Total Revenues(4)
Gross Investment Balance% of Total Gross Investment
0% - 50%28 9 $114,499 0.8 %$1,134,147 1.7 %
50% - 70%24 23 240,239 1.8 %1,063,887 1.6 %
70% +22 35 245,563 1.8 %1,187,599 1.8 %
Total74 22 $600,302 4.4 %$3,385,633 5.1 %
(1) Includes development projects (construction in progress, development loans and in substance real estate) and excludes expansion projects. Projects expected to be delivered in phases over multiple quarters are reflected in the last quarter.
(2) Actual yields may vary.
(3) Includes expansion and development loan conversions.
(4) Percent of total revenues based on current quarter annualized pro rata total revenues on page 10.
8
Financial

(dollars in thousands at Welltower pro rata ownership)
Components of NAV
Stabilized NOIPro rata beds/units/square feet
Seniors Housing Operating(1)
$3,039,492 162,658 units
Seniors Housing Triple-net623,092 29,111 units
Outpatient Medical117,408 4,130,660 square feet
Long-Term/Post-Acute Care584,452 40,240 beds
Total In-Place NOI(2)
4,364,444 
Incremental stabilized NOI(3)
141,896 
Total stabilized NOI$4,506,340 
Obligations
Lines of credit and commercial paper(4)
$— 
Senior unsecured notes(4)
15,203,031 
Secured debt(4)
3,532,517 
Financing lease liabilities527,174 
Total debt19,262,722 
Add (Subtract):
Other liabilities (assets), net(5)
306,448 
Cash and cash equivalents and restricted cash(4,861,519)
Net obligations$14,707,651 
Other Assets
Land parcels(6)
423,515 
Effective Interest Rate(9)
Real estate loans receivable(7)
4,131,005 8.8%
Non-real estate loans receivable(8)
231,974 10.0%
Joint venture real estate loans receivables(10)
227,219 5.7%
Property dispositions(11)
1,144,138 
Development properties:(12)
Current balance653,352 
Unfunded commitments578,262 
Committed balances$1,231,614 
Projected yield10.8 %
Projected NOI$133,014 
Common shares outstanding(13)
726,394 
Notes:
(1) Includes $18,894,000 attributable to our proportional share of income (loss) from unconsolidated management company investments.
(2) See page 16 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 $850,566,000 of foreign secured debt and $370,880,000 of 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 as straight-line rent receivable, unearned revenues, intangible assets and above/below market lease intangibles.
(6) Includes land parcels and predevelopment projects.
(7) Represents $4,150,715,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, net of $19,710,000 of credit allowances.
(8) Represents $238,580,000 of non-real estate loans, net of $6,606,000 of credit allowances.
(9) Average cash-pay interest rates are 8.2%, 3.3% 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 March 31, 2026 common shares, OP Units and DownREIT Units outstanding and the dilutive impact of exchangeable senior unsecured notes.
9
Financial
(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
1Q252Q253Q254Q251Q26
Revenues:
Seniors Housing Operating
Resident fees and services$1,897,810 $2,003,039 $2,100,724 $2,588,078 $2,814,403 
Other income3,417 4,528 8,966 19,481 9,385 
Total revenues1,901,227 2,007,567 2,109,690 2,607,559 2,823,788 
Seniors Housing Triple-net
Rental income103,399 104,360 99,423 167,485 191,086 
Interest income2,111 — — — — 
Other income32 346 91 537 40 
Total revenues105,542 104,706 99,514 168,022 191,126 
Outpatient Medical
Rental income212,554 213,552 217,188 147,701 75,430 
Other income2,139 2,166 2,050 1,161 1,094 
Total revenues214,693 215,718 219,238 148,862 76,524 
Long-Term/Post-Acute Care
Rental income145,439 165,214 184,261 211,841 191,595 
Interest income— — — — 8,077 
Other income199 14 194 5 192 
Total revenues145,638 165,228 184,455 211,846 199,864 
Corporate
Interest income63,572 65,256 70,477 56,158 85,414 
Other income34,179 30,512 52,439 31,513 41,225 
Total revenues97,751 95,768 122,916 87,671 126,639 
Total
Resident fees and services1,897,810 2,003,039 2,100,724 2,588,078 2,814,403 
Rental income461,392 483,126 500,872 527,027 458,111 
Interest income65,683 65,256 70,477 56,158 93,491 
Other income39,966 37,566 63,740 52,697 51,936 
Total revenues2,464,851 2,588,987 2,735,813 3,223,960 3,417,941 
Property operating expenses:
Seniors Housing Operating1,410,579 1,464,457 1,530,131 1,902,889 2,042,868 
Seniors Housing Triple-net5,190 4,817 4,496 4,490 4,827 
Outpatient Medical66,804 65,197 65,851 45,000 20,184 
Long-Term/Post-Acute Care3,495 3,705 3,609 2,974 2,893 
Corporate4,054 4,740 6,025 6,261 14,208 
Total property operating expenses1,490,122 1,542,916 1,610,112 1,961,614 2,084,980 
Net operating income:
Seniors Housing Operating490,648 543,110 579,559 704,670 780,920 
Seniors Housing Triple-net100,352 99,889 95,018 163,532 186,299 
Outpatient Medical147,889 150,521 153,387 103,862 56,340 
Long-Term/Post-Acute Care142,143 161,523 180,846 208,872 196,971 
Corporate93,697 91,028 116,891 81,410 112,431 
Net operating income$974,729 $1,046,071 $1,125,701 $1,262,346 $1,332,961 

Note:
(1) Please see discussion of Supplemental Reporting Measures on page 15. Includes amounts from investments sold or held for sale. NOI related to OP Unit and DownREIT ownership included at 100%.
10
Financial
(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
Twelve Months EndedThree Months Ended
March 31, 2026March 31, 2026
Net income (loss)$1,456,895 $752,324 
Interest expense699,708 192,715 
Income tax expense (benefit)10,036 11,633 
Depreciation and amortization2,221,751 622,752 
EBITDA4,388,390 1,579,424 
Loss (income) from unconsolidated entities17,246 1,686 
Stock-based compensation1,555,786 17,434 
Loss (gain) on extinguishment of debt, net3,816 727 
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net(1,817,666)(420,400)
Impairment of assets73,707 4,826 
Provision for loan losses, net(5,777)1,632 
Loss (gain) on derivatives and financial instruments, net25,617 — 
Other expenses248,278 61,137 
Casualty losses, net of recoveries10,565 3,040 
Other impairment(2)
604 — 
Total adjustments112,176 (329,918)
Adjusted EBITDA$4,500,566 $1,249,506 
Interest Coverage Ratios
Interest expense$699,708 $192,715 
Capitalized interest30,728 8,449 
Non-cash interest expense(49,166)(10,162)
Total interest$681,270 $191,002 
EBITDA$4,388,390 $1,579,424 
Interest coverage ratio6.44  x8.27  x
Adjusted EBITDA$4,500,566 $1,249,506 
Adjusted Interest coverage ratio6.61  x6.54  x
Fixed Charge Coverage Ratios
Total interest$681,270 $191,002 
Secured debt principal amortization67,019 17,056 
Total fixed charges$748,289 $208,058 
EBITDA$4,388,390 $1,579,424 
Fixed charge coverage ratio5.86  x7.59  x
Adjusted EBITDA$4,500,566 $1,249,506 
Adjusted Fixed charge coverage ratio6.01  x6.01  x
Net Debt to EBITDA Ratios
Total debt(3)
$18,455,978 
Less: cash and cash equivalents and restricted cash(4,819,293)
Net debt$13,636,685 
EBITDA Annualized$6,317,696 
Net debt to EBITDA ratio2.16  x
Adjusted EBITDA Annualized$4,998,024 
Net debt to Adjusted EBITDA ratio2.73  x
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 15.
(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 $522,410,000 and failed sale-leaseback financing obligations of $370,880,000. Excludes operating lease liabilities of $1,528,863,000 related to ASC 842.
11
Financial
(in thousands except share price)
Leverage and Current Capitalization(1)
% of Total
Book capitalization
Lines of credit and commercial paper(2)
$— — %
Long-term debt obligations(2)(3)
18,455,978 31.51 %
Cash and cash equivalents and restricted cash(4,819,293)(8.23)%
Net debt to consolidated book capitalization$13,636,685 23.28 %
Total equity and noncontrolling interests(4)
44,929,270 76.72 %
Consolidated book capitalization$58,565,955 100.00 %
Joint venture debt, net(5)
528,442 
Total book capitalization$59,094,397 
Undepreciated book capitalization
Lines of credit and commercial paper(2)
$— — %
Long-term debt obligations(2)(3)
18,455,978 26.60 %
Cash and cash equivalents and restricted cash(4,819,293)(6.95)%
Net debt to consolidated undepreciated book capitalization$13,636,685 19.65 %
Accumulated depreciation and amortization10,822,151 15.60 %
Total equity and noncontrolling interests(4)
44,929,270 64.75 %
Consolidated undepreciated book capitalization$69,388,106 100.00 %
Joint venture debt, net(5)
528,442 
Total undepreciated book capitalization$69,916,548 
Enterprise value
Lines of credit and commercial paper(2)
$— — %
Long-term debt obligations(2)(3)
18,455,978 11.98 %
Cash and cash equivalents and restricted cash(4,819,293)(3.13)%
Net debt to consolidated enterprise value$13,636,685 8.85 %
Common shares outstanding704,687 
Period end share price197.71 
Common equity market capitalization$139,323,667 90.41 %
Noncontrolling interests(4)
1,135,595 0.74 %
Consolidated enterprise value$154,095,947 100.00 %
Joint venture debt, net(5)
528,442 
Total enterprise value$154,624,389 
Secured debt as % of total assets
Secured debt(2)
$2,773,856 3.55 %
Gross asset value(6)
$78,042,707 
Total debt as % of gross asset value
Total debt(2)(3)
$18,455,978 23.65 %
Gross asset value(6)
$78,042,707 
Unsecured debt as % of unencumbered assets
Unsecured debt(2)
$15,159,712 21.18 %
Unencumbered gross assets(7)
$71,578,405 
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 15.
(2) Amounts include unamortized premiums/discounts and other fair value adjustments as reflected on the balance sheet.
(3) Includes financing lease liabilities of $522,410,000 and failed sale-leaseback financing obligations of $370,880,000. Excludes operating lease liabilities of $1,528,863,000 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.
12
Financial

(dollars in thousands)
Debt Maturities and Scheduled Principal Amortization(1)
Year
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3)
Consolidated Secured DebtNoncontrolling Interests' Share of Consolidated DebtShare of Unconsolidated Secured Debt
Combined Debt(4)
% of Total
Wtd. Avg. Interest Rate (5)
2026$— $2,668,941 $227,324 $(2,305)$39,579 $2,933,539 15.97 %4.35 %
2027— 714,980 351,366 (2,344)133,541 1,197,543 6.52 %3.31 %
2028— 2,525,010 189,887 (328)32,130 2,746,699 14.96 %3.83 %
2029— 2,179,674 416,690 (95,567)22,657 2,523,454 13.74 %3.39 %
2030— 1,750,000 157,587 (326)1,473 1,908,734 10.39 %3.86 %
2031— 1,350,000 59,306 (343)373,220 1,782,183 9.70 %3.47 %
2032— 1,050,000 70,974 (354)49,728 1,170,348 6.37 %3.49 %
2033— — 419,389 (36,866)649 383,172 2.09 %4.82 %
2034— 659,100 204,165 (8,051)679 855,893 4.66 %4.41 %
2035— 1,250,000 42,236 (551)21,961 1,313,646 7.15 %5.06 %
Thereafter— 1,150,000 399,598 (140)— 1,549,458 8.45 %4.98 %
Totals$— $15,297,705 $2,538,522 $(147,175)$675,617 $18,364,669 100.00 %
Weighted Avg. Interest Rate(5)
— %3.94 %4.04 %4.46 %5.32 %4.00 %
Weighted Avg. Maturity Years— 4.86.74.54.25.0
% Floating Rate Debt(5)
— %17.18 %9.39 %64.33 %0.04 %15.10 %

Debt by Local Currency(1)
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3)
Consolidated Secured DebtNoncontrolling Interests' Share of Consolidated DebtShare of Unconsolidated Secured Debt
Combined Debt(4)
Investment Hedges(6)
United States$— $11,729,674 $1,721,942 $(131,959)$626,415 $13,946,072 $— 
United Kingdom— 1,384,110 — — — 1,384,110 11,640,639 
Canada— 2,183,921 816,580 (15,216)49,202 3,034,487 6,505,742 
Totals$— $15,297,705 $2,538,522 $(147,175)$675,617 $18,364,669 $18,146,381 
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 March 31, 2026. The unsecured revolving credit facility is comprised of a $2,000,000,000 tranche that matures on July 24, 2029 and a $4,250,000,000 tranche that matures on March 6, 2030. The $4,250,000,000 tranche may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility.
(3) Senior Unsecured Notes include the following:
•2026 includes CAD $2,747,615,000 of unsecured term loans (approximately $1,968,941,000 USD at March 31, 2026) that mature on October 9, 2026, and bear interest at adjusted CORRA + 0.70%.
•2027 includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $214,980,000 USD at March 31, 2026) that mature 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 $725,010,000 USD at March 31, 2026). The notes mature on November 20, 2028.
•2029 includes $1,035,000,000 of 3.125% exchangeable senior unsecured notes that mature on July 15, 2029 unless earlier exchanged, purchased or redeemed.
•2034 includes £500,000,000 of 4.50% senior unsecured notes (approximately $659,100,000 USD at March 31, 2026). The notes mature on December 1, 2034.
(4) Excludes operating lease liabilities of $1,528,863,000, finance lease liabilities of $522,410,000 and failed sale-leaseback financing obligations of $370,880,000 related to ASC 842.
(5) Based on variable interest rates and foreign currency exchange rates in effect as of March 31, 2026. The interest rate on the unsecured revolving credit facility is SOFR + 0.655%. Commercial paper, senior notes and secured debt average interest rate represents the face value note rate. Includes the impact of notional swaps and caps to convert fixed rate debt to SOFR-based floating rate debt, and SOFR-based floating rate debt and CORRA-based floating rate debt to fixed rate debt.
(6) Represents notional value of foreign currency derivative contracts at end of period spot FX rates. The fair market value of the gains (losses) of these contracts is currently USD $(74,239,000), 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.

13
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.
14
Supplemental Reporting Measures

We believe that revenues and net income, as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider EBITDA, Adjusted EBITDA, RevPOR, ExpPOR, SS RevPOR, SS ExpPOR, NOI, In-Place NOI ("IPNOI") and Same Store NOI ("SSNOI") to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.
We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to managers, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent general overhead costs that are unrelated to property operations and are unallocable to the properties. These expenses include, but are not limited to, payroll and benefits related to corporate employees, professional services, office expenses and depreciation of corporate fixed assets. IPNOI represents cash NOI excluding interest income, other income and non-IPNOI and adjusted for timing of current quarter portfolio changes such as acquisitions, development conversions, segment transitions and dispositions. Properties classified as held for sale and leased properties are excluded from IPNOI. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and leased properties, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and UK properties using a consistent exchange rate. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI, IPNOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI, IPNOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our portfolio.
RevPOR represents the average revenues generated per occupied room per month and ExpPOR represents the average expenses per occupied room per month at our Seniors Housing Operating properties. These metrics are calculated as our pro rata share of total resident fees and services revenues or property operating expenses from the income statement, divided by average monthly occupied room days. SS RevPOR and SS ExpPOR are used to evaluate the RevPOR and ExpPOR performance of our properties under a consistent population, which eliminates changes in the composition of our portfolio. They are based on the same pool of properties used for SSNOI and include any revenue and expense normalizations used for SSNOI. We use RevPOR, ExpPOR, SS RevPOR and SS ExpPOR to evaluate the revenue-generating capacity and profit potential of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.
We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and restricted cash. We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The ratios are based on EBITDA and Adjusted EBITDA. EBITDA is defined as earnings (net income per income statement) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding unconsolidated entities and including adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/losses on disposition of properties and acquisitions of controlling interests, impairment of assets, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments deemed appropriate in management's opinion. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. We primarily use these measures to determine our interest coverage ratio, which represents EBITDA and Adjusted EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDA and Adjusted EBITDA divided by fixed charges. Fixed charges include total interest and secured debt principal amortization. Our leverage ratios include net debt to Adjusted EBITDA, book capitalization, undepreciated book capitalization and consolidated enterprise value. Book capitalization represents the sum of net debt (defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Consolidated enterprise value represents book capitalization adjusted for the fair market value of our common stock. Our leverage ratios are defined as the proportion of net debt to total capitalization.
Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management performance. None of the supplemental reporting measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Multi-period amounts may not equal the sum of the individual quarterly amounts due to rounding.
15
Supplemental Reporting Measures
(dollars in thousands)
Non-GAAP Reconciliations
NOI Reconciliation1Q252Q253Q254Q251Q26
Net income (loss)$257,266 $304,618 $282,186 $117,767 $752,324 
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net(51,777)(14,850)(4,025)(1,378,391)(420,400)
Loss (income) from unconsolidated entities(1,263)7,392 12,610 (4,442)1,686 
Income tax expense (benefit)(5,519)1,053 2,335 (4,985)11,633 
Other expenses14,060 16,598 44,699 125,844 61,137 
Impairment of assets52,402 19,876 3,081 45,924 4,826 
Provision for loan losses, net(2,007)(1,113)1,088 (7,384)1,632 
Loss (gain) on extinguishment of debt, net6,156 — — 3,089 727 
Loss (gain) on derivatives and financial instruments, net(3,210)(409)31,682 (5,656)— 
General and administrative expenses63,758 64,175 63,124 1,557,378 67,474 
Depreciation and amortization485,869 495,036 509,812 594,151 622,752 
Interest expense144,962 141,157 162,052 203,784 192,715 
Consolidated net operating income960,697 1,033,533 1,108,644 1,247,079 1,296,506 
NOI attributable to unconsolidated investments(1)
28,316 26,069 29,337 26,430 48,240 
NOI attributable to noncontrolling interests(2)
(14,284)(13,531)(12,280)(11,163)(11,785)
Pro rata net operating income (NOI)(3)
$974,729 $1,046,071 $1,125,701 $1,262,346 $1,332,961 

In-Place NOI Reconciliation
At Welltower pro rata ownershipSeniors Housing OperatingSeniors Housing Triple-netOutpatient MedicalLong-Term
/Post-Acute Care		CorporateTotal
Revenues$2,823,788 $191,126 $76,524 $199,864 $126,639 $3,417,941 
Property operating expenses(2,042,868)(4,827)(20,184)(2,893)(14,208)(2,084,980)
NOI(3)
780,920 186,299 56,340 196,971 112,431 1,332,961 
Adjust:
Interest income— — — (8,077)(85,414)(93,491)
Other income(2,020)(40)(164)(192)(34,444)(36,860)
Sold / held for sale(2,359)(29)(23,178)(4,159)— (29,725)
Nonoperational(4)
1,259 5 8 (319)— 953 
Non In-Place NOI(5)
(26,419)(30,491)(3,654)(38,242)7,427 (91,379)
Timing adjustments(6)
8,492 29 — 131 — 8,652 
Total adjustments(21,047)(30,526)(26,988)(50,858)(112,431)(241,850)
In-Place NOI759,873 155,773 29,352 146,113 — 1,091,111 
Annualized In-Place NOI$3,039,492 $623,092 $117,408 $584,452 $— $4,364,444 
Same Store Property Reconciliation
Seniors Housing OperatingSeniors Housing
Triple-net		Outpatient MedicalLong-Term
/Post-Acute Care		Total
Total properties1,917 431 141 349 2,838 
Recent acquisitions and development conversions(7)
(591)(174)(7)(141)(913)
Under development(40)— — — (40)
Under redevelopment(8)
(2)— — — (2)
Current held for sale(16)— (42)(2)(60)
Land parcels, loans and leased properties(176)(4)(6)(6)(192)
Transitions(9)
(163)(1)— (2)(166)
Other(10)
(8)— — (2)(10)
Same store properties921 252 86 196 1,455 
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 10 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.
16
Supplemental Reporting Measures
(dollars in thousands at Welltower pro rata ownership)
Same Store NOI Reconciliation1Q252Q253Q254Q251Q26Y/o/Y
Seniors Housing Operating
NOI$490,648 $543,110 $579,559 $704,670 $780,920 
Non-cash NOI on same store properties(4,423)(1,632)(1,956)(2,153)(1,479)
NOI attributable to non-same store properties(57,288)(77,535)(97,717)(208,753)(248,830)
Currency and ownership adjustments(1)
6,273 632 (65)528 (1,500)
Other normalizing adjustments(2)
449 3,801 2,844 2,139 2,706 
SSNOI435,659 468,376 482,665 496,431 531,817 22.1 %
Seniors Housing Triple-net
NOI100,352 99,889 95,018 163,532 186,299 
Non-cash NOI on same store properties(10,687)(10,120)(8,966)(8,053)(6,055)
NOI attributable to non-same store properties(14,996)(13,588)(8,781)(77,489)(100,016)
Currency and ownership adjustments(1)
3,259 1,859 327 — (337)
Normalizing adjustments for joint venture recapitalization(3)
(1,394)(1,394)(465)— — 
Other normalizing adjustments(2)
— — — (240)(353)
SSNOI76,534 76,646 77,133 77,750 79,538 3.9 %
Outpatient Medical
NOI147,889 150,521 153,387 103,862 56,340 
Non-cash NOI on same store properties(2,857)(2,783)(2,592)(2,507)(2,442)
NOI attributable to non-same store properties(121,744)(123,951)(127,151)(77,562)(30,000)
Other normalizing adjustments(2)
(3)(112)(16)(3)(56)
SSNOI23,285 23,675 23,628 23,790 23,842 2.4 %
Long-Term/Post-Acute Care
NOI142,143 161,523 180,846 208,872 196,971 
Non-cash NOI on same store properties(16,554)(16,997)(16,728)(16,227)(16,249)
NOI attributable to non-same store properties(42,179)(61,111)(79,861)(107,311)(89,906)
Currency and ownership adjustments(1)
185 126 118 94 (21)
Normalizing adjustment for lease restructure(4)
— — — — (4,031)
Normalizing adjustments for service agreement termination(5)
970 970 647 — — 
SSNOI84,565 84,511 85,022 85,428 86,764 2.6 %
Corporate
NOI93,697 91,028 116,891 81,410 112,431 
NOI attributable to non-same store properties(93,697)(91,028)(116,891)(81,410)(112,431)
SSNOI— — — — — 
Total
NOI974,729 1,046,071 1,125,701 1,262,346 1,332,961 
Non-cash NOI on same store properties(34,521)(31,532)(30,242)(28,940)(26,225)
NOI attributable to non-same store properties(329,904)(367,213)(430,401)(552,525)(581,183)
Currency and ownership adjustments(1)
9,717 2,617 380 622 (1,858)
Normalizing adjustments, net22 3,265 3,010 1,896 (1,734)
SSNOI$620,043 $653,208 $668,448 $683,399 $721,961 16.4 %
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 lease restructures with two Long-Term/Post-Acute Care leases.
(5) Represents normalizing adjustment related to the termination of a service agreement related to one Long-Term/Post-Acute Care lease.
17
Supplemental Reporting Measures

(dollars in thousands, except RevPOR, SS RevPOR and SSNOI/unit)
SHO RevPOR ReconciliationUnited StatesUnited KingdomCanadaTotal
Consolidated SHO revenues$1,642,960 $962,582 $184,832 $2,790,374 
Unconsolidated SHO revenues attributable to Welltower(1)
46,106 6,965 2,257 55,328 
SHO revenues attributable to noncontrolling interests(2)
(19,206)— (2,708)(21,914)
Pro rata SHO revenues(3)
1,669,860 969,547 184,381 2,823,788 
Non-cash and non-RevPOR revenues(3,203)(772)(235)(4,210)
Revenues attributable to non in-place properties(5,332)(215,543)(8,442)(229,317)
SHO local revenues1,661,325 753,232 175,704 2,590,261 
Average occupied units/month91,106 29,635 19,676 140,417 
RevPOR/month in USD$6,163 $8,590 $3,018 $6,234 
RevPOR/month in local currency(4)
£6,984 $4,311 

Reconciliations of SHO SS RevPOR Growth, SSNOI Growth and SSNOI/Unit
United StatesUnited KingdomCanadaTotal
1Q251Q261Q251Q261Q251Q261Q251Q26
SHO SS RevPOR Growth
Consolidated SHO revenues$1,396,502 $1,642,960 $322,505 $962,582 $148,864 $184,832 $1,867,871 $2,790,374 
Unconsolidated SHO revenues attributable to WELL(1)
41,589 46,106 4,337 6,965 10,504 2,257 56,430 55,328 
SHO revenues attributable to noncontrolling interests(2)
(20,799)(19,206)— — (2,275)(2,708)(23,074)(21,914)
SHO pro rata revenues(3)
1,417,292 1,669,860 326,842 969,547 157,093 184,381 1,901,227 2,823,788 
Non-cash and non-RevPOR revenues on same store properties(4,912)(2,275)— — (170)(241)(5,082)(2,516)
Revenues attributable to non-same store properties(176,782)(308,226)(130,012)(738,669)(37,042)(47,154)(343,836)(1,094,049)
Currency and ownership adjustments(4)
4,912 — 10,998 (2,994)4,072 (1,725)19,982 (4,719)
Other normalizing adjustments(5)
— (419)— — — — — (419)
SHO SS RevPOR revenues(6)
$1,240,510 $1,358,940 $207,828 $227,884 $123,953 $135,261 $1,572,291 $1,722,085 
Avg. occupied units/month(7)
67,813 70,912 6,980 7,310 14,326 14,765 89,119 92,987 
SHO SS RevPOR(8)
$6,182 $6,477 $10,063 $10,536 $2,924 $3,096 $5,963 $6,259 
SS RevPOR YOY growth4.8 %4.7 %5.9 %5.0 %
SHO SSNOI Growth
Consolidated SHO NOI$363,213 $495,848 $66,561 $205,996 $53,413 $73,169 $483,187 $775,013 
Unconsolidated SHO NOI attributable to WELL(1)
15,696 17,194 708 1,636 4,142 1,175 20,546 20,005 
SHO NOI attributable to noncontrolling interests(2)
(12,024)(12,761)— — (1,061)(1,337)(13,085)(14,098)
SHO pro rata NOI(3)
366,885 500,281 67,269 207,632 56,494 73,007 490,648 780,920 
Non-cash NOI on same store properties(4,414)(1,511)(9)45 — (13)(4,423)(1,479)
NOI attributable to non-same store properties(27,127)(85,790)(16,336)(143,205)(13,825)(19,835)(57,288)(248,830)
Currency and ownership adjustments(4)
2,006 — 2,803 (823)1,464 (677)6,273 (1,500)
Other normalizing adjustments(5)
802 2,671 — — (353)35 449 2,706 
SHO pro rata SSNOI(6)
$338,152 $415,651 $53,727 $63,649 $43,780 $52,517 $435,659 $531,817 
SHO SSNOI growth22.9 %18.5 %20.0 %22.1 %
SHO SSNOI/Unit
Trailing four quarters' SSNOI(6)
$1,545,094 $237,738 $196,457 $1,979,289 
Average units in service(9)
79,974 8,445 16,065 104,484 
SSNOI/unit in USD$19,320 $28,151 $12,229 $18,943 
SSNOI/unit in local currency(4)
£22,887 $17,470 
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 10 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 aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth.
(6) Represents SS SHO RevPOR revenues/SSNOI at Welltower pro rata ownership. See page 17 for more information.
(7) Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.
(8) Represents pro rata SS average revenues generated per occupied room per month.
(9) Represents average units in service for SS properties related solely to referenced country on a pro rata basis.
18
Forward-Looking Statement and Risk Factors
Forward-Looking Statements and Risk Factors
This document contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "pro forma," "estimate" or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower's actual results to differ materially from Welltower's expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the impact of macroeconomic and geopolitical developments, including economic downturns, elevated inflation and interest rates, political or social conflict, unrest or violence or similar events; the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the healthcare industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements, public perception of the healthcare industry and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the healthcare and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower's ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters, public health emergencies and extreme weather affecting Welltower's properties; Welltower's ability to re-lease space at similar rates as vacancies occur; Welltower's ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower's properties; changes in rules or practices governing Welltower's financial reporting; the movement of U.S. and foreign currency exchange rates and changes to U.S. and global monetary, fiscal or trade policies; Welltower's approach to artificial intelligence; Welltower's ability to maintain its qualification as a REIT; key management personnel recruitment and retention; geopolitical tension or conflicts, such as the ongoing conflict between Russia and Ukraine and in the Middle East, and other risks described in Welltower's reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.
Additional Information
The information in this supplemental information package should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings press release dated April 28, 2026 and other information filed with, or furnished to, the SEC. The Supplemental Reporting Measures and reconciliations of Non-GAAP measures are an integral part of the information presented herein.
You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.welltower.com as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC's website at http://www.sec.gov. We routinely post important information on our website at www.welltower.com in the “Investors” section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading "Investors." Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the SEC. The information on or connected to our website is not, and shall not be deemed to be, a part of, or incorporated into this supplemental information package.
About Welltower
Welltower Inc. (NYSE: WELL), an S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio of 2,500+ seniors and wellness housing communities is positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micromarkets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly-aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star. More information is available at www.welltower.com.
19

backcovera.jpg

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

6 documents

Press Releases

Other Documents

Keep reading

More on WELL

All WELL news

Trending in the feed

DFNS
T3 Defense Secures Exclusive Israeli Distribution Rights for Copting GmbH Tethered Drone System Open the live feed