Slide 1: Business Update
Business Update July 27, 2026 roll
Slide 2: Forward Looking Statements and Risk Factors
Forward Looking Statements and Risk Factors This document contains “forward-looking negative developments in the operating results statements” as defined in the Private Securities or financial condition of operators/tenants, Litigation Reform Act of 1995. When Welltower including, but not limited to
Slide 3: WELL-Acquired Properties (2Q26)
WELL-Acquired Properties (2Q26) Denver Vancouver Toronto Atlanta Atlanta Philadelphia 3
Slide 4: Second Quarter 2026 Key Highlights
Second Quarter 2026 Key Highlights Seniors Housing Operating Portfolio Organic Growth1 Driven by organic growth and robust external growth, we have achieved… 9.2% 330 bps 39% 36% Organic Revenue Growth YoY Occupancy Growth Revenue Growth Adjusted EBITDA Growth 300 bps Margin Expansion 20.5% NOI Grow
Slide 5: 2Q26 Key Highlights
2Q26 Key Highlights • Reported normalized FFO per diluted share of $1.60, an increase of 25% year-over-year, driven 25% primarily by seniors housing operating (SHO) portfolio growth coupled with investment activity and the impact of Welltower Business System (WBS) initiatives • Midpoint of full-year
Slide 6: Occupancy Growth Outpacing Historical Trends
Occupancy Growth Outpacing Historical Trends Sequential occupancy gains remain elevated through 2Q26 SHO Portfolio Same Store Sequential Occupancy Change1 2014 - 2019 Max Change Min Change 2026 Sequential Average Occupancy Growth 150 bps Spot-to-spot occupancy growth of 100 bps 100 bps exceeded sequ
Slide 7: Capital Allocation, Balance Sheet, and Dividend Highlights
Capital Allocation, Balance Sheet, and Dividend Highlights Announced $15.5 billion of pro rata gross investments1, inclusive of $9.4 billion closed in 1H26 and $6.1 billion of additional investment activity closed or under contract to close as of July 27, 2026 $15.5 billion • Newly announced investm
Slide 8: Increased 2026 Guidance
Increased 2026 Guidance SHO portfolio outperformance and investment activity driving 12c increase to Normalized FFO per diluted share guidance midpoint Outlook Assumptions Increased FY2026 Same Store NOI Guidance Midpoints • Total portfolio NOI: Increased SHO and SH NNN NOI growth expectations are I
Slide 9: Enhanced Long-Term Growth Profile
Enhanced Long-Term Growth Profile Cash Cashflow growth flow growth trajectory profile meaningfully meaningfully amplified into amplified by transformation by both therental pure-play transformation housing platforminto a pure-play rental housing platform for an aging population and WBS initiatives I
Slide 10: Accelerating Secular Growth Drivers & Digital Transformation
Accelerating Secular Growth Drivers & Digital Transformation Portfolio strategically positioned at the intersection of powerful long-term secular tailwinds Growth of 80+ population projected to significantly outpace all other age cohorts ~$100 Aging of the Population 1 Senior Housing & Care Five-Yea
Slide 11: Welltower 3.0: Widening Our Moat
Welltower 3.0: Widening Our Moat 11
Slide 12: Welltower Transformation: Foundation for Long-Term Compounding of Per Share Growth
Welltower Transformation | Establishing Foundation for Long -Term Compounding of Per Share Growth Welltower 1.0 Welltower 2.0 Welltower 3.0 4Q15 – 4Q19 1Q20 - 2Q25 3Q25 and beyond Key Theme: Painful but necessary restructuring to reset Key Theme: Leveraging crisis to cement industry Key Theme: Blend
Slide 13: From Tech Quad to Tech SQUAD: Meaningfully Increasing Talent Density
From Tech Quad to Tech SQUAD: Meaningfully Increasing Talent Density Attraction of the Welltower platform for tech talent: “A’s” Hire “A’s” 1 Growing concerns regarding “SaaSpocalypse” 2 “Heavy Asset, Low Obsolescence” sector that cannot be replaced by AI 3 Opportunity to transform a critically impo
Slide 14: Welltower 3.0: Vertically Integrated Hardware + Software Model
Welltower 3.0 | Vertically Integrated Hardware + Software Model Key Theme: Welltower 3.0 marks the convergence of real estate (hardware) and operational & technological (software) capabilities to strengthen long-term positioning. By obsessively focusing on operations, technology and capital allocati
Slide 15: Welltower's Data Science Advantage
Welltower’s Data Science Advantage Data Science Platform compresses transaction execution from months down to weeks, providing sellers with significantly greater Welltower's special sauce to winning off-market and on-market deals certainty of close Welltower typically completes transactions in 45 –
Slide 16: Welltower 3.0: Cascading Our "All-In" Culture to Operating Partners
Welltower 3.0: Cascading Our “All-In” Culture to Operating Partners Deepening economic alignment between shareholders, Welltower management, key operating partners, and frontline staff . StoryPoint’s 1440 mantra is focused on Three Layers of Economic Alignment: creating the absolute best experience
Slide 17: Welltower's Unique Value Creation Flywheel
Welltower’s Unique Value Creation Flywheel Established competitive advantages driving long-term shareholder value creation Welltower Value-Add and Moat through Best-in-Class: Internal Growth • Local & regional operators: Superior managers with • Long-term demographic tailwinds and significant signif
Slide 18: Seniors Housing Supply Constraints
Seniors Housing Supply Constraints 18
Slide 19: Current Macroeconomic Conditions Exacerbating Construction and Financing Challenges
Current Macroeconomic Conditions Exacerbating Construction and Financing Challenges The factors constraining new supply first highlighted in 2024 remain relevant today Seniors housing supply likely constrained through 2030+ Considerations Impacting Development Economics Inflation: De-Globalization,
Slide 20: Why Luxury Seniors Housing Development Has Not Returned
Why Luxury Seniors Housing Development Has Not Returned Seniors housing-specific economics, rather than macro factors alone, keep construction starts near record lows • Benchmark rates continue to pressure project economics Seniors Housing Construction Starts 2 as a Percent of Total Inventory • Mean
Slide 21: Luxury Seniors Housing Is ~2x Costlier to Build Than Multifamily
Luxury Seniors Housing Is Structurally Complex and ~2x Costlier to Build Than Multifamily Lower building efficiency drives materially higher per unit development costs compared to multifamily Multifamily vs. Seniors Housing Development1, 2 Cost per unit bridge by category Illustrative Cost Per Unit
Slide 22: Extended Timeline From Project Formation to Stabilization
Extended Timeline From Project Formation to Stabilization Even if developers can overcome stubbornly high construction costs and rates, a significant timeline to stabilization exists Human Capital Formation Entitlements Construction Breakeven Stabilization ~1 year 1-5+ years 2 years 2 years 1 year A
Slide 23: Seniors Housing Trends
Seniors Housing Trends 23
Slide 24: Societal & Technological Trends | Impact on Real Estate Sectors
Societal & Technological Trends | Impact on Real Estate Sectors Precedent for extended period of compounding cash flow growth driven by shifting secular tailwinds Theme Real Estate Sector Impact E-commerce Industrial/Logistics Life Sciences Lab Space Themes of the last 10 years Operationalization Se
Slide 25: Seniors Housing Utilization Rate Expected to Increase
Seniors Housing Utilization Rate Expected to Increase Given Demographic & Societal Trends Growth of 80+ age cohort rapidly exceeding available FAMILIAL CAREGIVERS, leading to increased demand for seniors housing Birth Rates in the U.S.1 U.S. Population Growth Change1 Familial Caregiver Ratio1 Per 1,
Slide 26: Favorable Unit Economics Driving Substantial Margin Expansion
Favorable Unit Economics Driving Substantial Margin Expansion Unit Revenue and Expense Trends1 Same Store RevPOR (left axis) Same Store ExpPOR (left axis) Delta Between RevPOR and ExpPOR (right axis) 14% 10% RevPOR growth continues to outpace ExpPOR growth, driving +300 bps of SS NOI margin expansio
Slide 27: Seniors Housing | Backdrop for Multi-Year Revenue Growth
Seniors Housing | Compelling Backdrop for Multi-Year Revenue Growth Accelerating 80+ population growth coinciding with diminishing new supply & improved affordability US 80+ Population Growth Seniors Housing TTM Construction Starts Strengthening Affordability as 20M Consumer Affluence Rises1 35k Net
Slide 28: Global Financial Crisis Case Study
Global Financial Crisis Case Study Resilient demand during GFC driven by needs-based nature of seniors housing (Millions) Seniors Housing Average Occupancy TTM Market Rent Growth 7.0 Existing Home Sales 4.0% 95% Nearly 50% decline in home 6.5 sales from peak to trough 2.0% Seniors housing occupancy
Slide 29: Capital Allocation & Balance Sheet
Capital Allocation & Balance Sheet 29
Slide 30: Acquisitions Since 4Q20
Acquisitions Since 4Q20 Off-market and relationship-driven investments made at significant discounts to replacement cost driven by our conviction to lean into cash flow distress (early) and balance sheet distress Capital deployment volume1 358 1,843 139k $47.8B Total Transactions Properties Seniors
Slide 31: S&P and Moody's Upgrade Credit Outlook to Positive
S&P and Moody’s Upgrade Credit Outlook to Positive Both S&P and Moody’s affirmed Welltower’s A- / A3 rating and upgraded the credit outlook to positive 2.99x Net Debt to Adjusted EBITDA 8.9% Net Debt to Enterprise Value A- POSITIVE / A3 POSITIVE S&P / Moody’s Credit Ratings We believe these industry
Slide 32: Expanding Capital Horizons Since Leadership Transition in 2015
Expanding Capital Horizons Since Leadership Transition in 2015 Unparalleled Access to Plurality of Capital Sources Access to secured and unsecured debt financing Pivot between multiple regions and sources of capital based upon cost and availability Recycle capital to improve portfolio quality
Slide 33: WELL-Laddered Debt Maturity Schedule
WELL-Laddered Debt Maturity Schedule 1 USD Unsecured USD Secured USD Convertible Debt GBP Unsecured GBP Secured CAD Unsecured CAD Secured Weighted Average Interest Rate 5.06% $6,000 4.86% 4.71% 4.41% 4.03% 3.88% 3.87% 3.75% 3.42% 3.49% 3.50% $4,000 $2,000 $0 ($mm) 2026 2027 2028 2029 2030 2031 2032
Slide 34: Appendix & Supplemental Financial Measures
Appendix & Supplemental Financial Measures 34
Slide 35: Non-GAAP Financial Measures
Non-GAAP Financial Measures We believe that revenues, 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"),
Slide 36: FFO and Normalized FFO
FFO and Normalized FFO 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
Slide 37: FFO Reconciliation
FFO Reconciliation (in thousands, except per share information) Three Months Ended Twelve Months Ended June 30, 2026 June 30, 2025 % Growth December 31, 2025 Net income (loss) attributable to common stockholders $ 445,002 $ 301,888 $ 936,845 Depreciation and amortization 737,764 495,036 2,084,868 Im
Slide 38: FFO Reconciliation (continued)
FFO Reconciliation (continued) (in thousands, except per share information) Three Months Ended June 30, 2025 June 30, 2024 % Growth Net income (loss) attributable to common stockholders $ 301,888 $ 254,714 Depreciation and amortization 495,036 382,045 Impairments and losses (gains) on real estate di
Slide 39: Earnings Outlook Reconciliation
Earnings Outlook Reconciliation Outlook Reconciliation: Year Ending December 31, 2026 (in millions, except per share data) Current Outlook 1Q26 Outlook Initial Guidance Low High Low High Low High FFO Reconciliation: Net income attributable to common stockholders $ 2,302 $ 2,362 $ 2,370 $ 2,472 $ 2,2
Slide 40: NOI, SSNOI, RevPOR, ExpPOR, SS RevPOR & SS ExpPOR
NOI, SSNOI, RevPOR, ExpPOR, SS RevPOR & SS ExpPOR 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, bu
Slide 41: SSNOI Reconciliation
SSNOI Reconciliation (dollars in thousands) Three Months Ended June 30, 2026 June 30, 2025 % growth YOY Net income (loss) $ 462,975 $ 304,618 Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (98,537) (14,850) Loss (income) from unconsolidated entities 17,969 7,3
Slide 42: SSNOI Reconciliation (continued)
SSNOI Reconciliation (continued) (dollars in thousands) Three Months Ended 6/30/2025 6/30/2024 % growth YOY Net income (loss) $ 304,618 $ 260,670 Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (14,850) (166,443) Loss (income) from unconsolidated entities 7,392
Slide 43: SHO SS RevPOR Growth Reconciliation
SHO SS RevPOR Growth Reconciliation (in thousands, except SS RevPOR and units) Three Months Ended SHO SS RevPOR Growth June 30, 2026 June 30, 2025 Consolidated SHO revenues $ 2,995,336 $ 1,975,732 Unconsolidated SHO revenues attributable to WELL(1) 58,835 51,947 SHO revenues attributable to noncontr
Slide 44: SHO SS ExpPOR Growth Reconciliations
SHO SS ExpPOR Growth Reconciliations (dollars in thousands, except SS ExpPOR and units) 2Q25 2Q26 1Q25 1Q26 3Q25 3Q26 4Q25 4Q26 SHO SS ExpPOR Growth Consolidated SHO property operating expenses $ 1,438,277 $ 2,128,109 $ 1,384,684 $ 2,015,361 Unconsolidated SHO expenses attributable to WELL(1) 33,566
Slide 45: SHO SS ExpPOR Growth Reconciliations (cont.)
SHO SS ExpPOR Growth Reconciliations (cont.) (dollars in thousands, except SS ExpPOR and units) 1Q23 1Q24 2Q23 2Q24 3Q23 3Q24 4Q23 4Q24 SHO SS ExpPOR Growth Consolidated SHO property operating expenses $ 883,784 $ 1,019,347 $ 885,187 $ 1,034,906 $ 918,990 $ 1,135,887 $ 967,547 $ 1,333,640 Unconsolid
Slide 46: SHO SS ExpPOR Growth Reconciliations (cont.)
SHO SS ExpPOR Growth Reconciliations (cont.) (dollars in thousands, except SS ExpPOR and units) 1Q21 1Q22 2Q21 2Q22 3Q21 3Q22 4Q21 4Q22 SHO SS ExpPOR Growth Consolidated SHO property operating expenses $ 555,968 $ 789,928 $ 582,361 $ 789,299 $ 666,610 $ 841,914 $ 724,405 $ 870,904 Unconsolidated SHO
Slide 47: SHO SS ExpPOR Growth Reconciliations (cont.)
SHO SS ExpPOR Growth Reconciliations (cont.) (dollars in thousands, except SS ExpPOR and units) 1Q19 1Q20 2Q19 2Q20 3Q19 3Q20 4Q19 4Q20 SHO SS ExpPOR Growth Consolidated SHO property operating expenses $ 607,686 $ 607,871 $ 637,317 $ 595,513 $ 581,341 $ 567,704 $ 591,005 $ 555,223 Unconsolidated SHO
Slide 48: EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA 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 cash equivalents and restricted cash. We expect to maintain capitali
Slide 49: Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA (dollars in thousands) Three Months Ended June 30, 2026 June 30, 2025 % Growth Net income $ 462,975 $ 304,618 Interest expense 181,914 141,157 Income tax expense (benefit) (61,979) 1,053 Depreciation and amortization 737,764 495,036 EBITDA 1,320,674 941,864 Loss (income)
Slide 50: Net Debt to Consolidated Enterprise Value
Net Debt to Consolidated Enterprise Value (in thousands, except share price) Three Months Ended June 30, 2026 Common shares outstanding 718,902 Period end share price $ 226.97 Common equity market capitalization $ 163,169,187 Total debt(1) $ 18,218,544 Cash and cash equivalents and restricted cash (
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