Welltower (NYSE: WELL) director adds shares via dividend-equivalent grant

Rhea-AI Filing Summary

Welltower Inc. director Dennis G. Lopez reported a small equity award rather than an open-market trade. On this Form 4, he acquired 63 shares of common stock at an indicated value of $216.01 per share through a grant classified as a "grant, award, or other acquisition."

According to a footnote, these shares represent dividend equivalent rights that accrued on outstanding deferred stock units he already holds, and they may only be settled in common stock. After this award, Lopez directly holds 18,524.57 shares of Welltower common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider LOPEZ DENNIS G

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	63	$216.01	$14K

Holdings After Transaction: Common Stock — 18,524.57 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares acquired: 63 shares Grant value per share: $216.01 per share Holdings after transaction: 18,524.57 shares

3 metrics

Shares acquired 63 shares Grant/award acquisition on May 21, 2026

Grant value per share $216.01 per share Value for the 63-share award

Holdings after transaction 18,524.57 shares Total Welltower common stock directly held by Lopez after grant

Key Terms

dividend equivalent rights, deferred stock units, grant, award, or other acquisition

3 terms

dividend equivalent rights financial

"These shares represent dividend equivalent rights accrued on outstanding deferred stock units"

Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.

deferred stock units financial

"dividend equivalent rights accrued on outstanding deferred stock units held by the reporting person"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LOPEZ DENNIS G

(Last) (First) (Middle)

4500 DORR STREET

(Street)

TOLEDO OHIO 43615

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
WELLTOWER INC. [ WELL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/21/2026		A		63(1)	A	$216.01	18,524.57	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares represent dividend equivalent rights accrued on outstanding deferred stock units held by the reporting person, which may only be settled in common stock.

	Matthew G. McQueen, Attorney-in-Fact For: Dennis G. Lopez	05/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did WELL director Dennis G. Lopez report?

Dennis G. Lopez reported an acquisition of 63 Welltower common shares. The Form 4 shows this as a grant or award tied to existing deferred stock units, not an open-market purchase or sale, and it modestly increases his direct share ownership.

Was the WELL insider transaction a buy or sell in the open market?

The transaction was not an open-market buy or sell. It is coded as a grant or award, reflecting dividend equivalent rights on deferred stock units that can only be settled in common stock, rather than a discretionary market trade by the director.

How many WELL shares did Dennis G. Lopez hold after this Form 4?

After the reported transaction, Dennis G. Lopez held 18,524.57 Welltower common shares directly. This total includes the 63 additional shares received as dividend equivalent rights related to deferred stock units, as disclosed in the Form 4 filing.

What price per share is associated with the WELL shares granted to Lopez?

The 63 shares are reported at $216.01 per Welltower share. This price reflects the value used in the Form 4 for the grant of dividend equivalent rights on outstanding deferred stock units, rather than a price from an open-market transaction.

What are dividend equivalent rights in the context of WELL’s Form 4?

Dividend equivalent rights are credits that mirror dividends on deferred stock units. In this case, they accrued on Dennis G. Lopez’s outstanding deferred stock units and are settled in Welltower common stock, resulting in the 63 additional shares reported on the Form 4.