Slide 1: Business Update
Business Update October 27, 2025 rafal
Slide 2: Forward Looking Statements and Risk Factors
Forward Looking Statements and Risk Factors This document contains “forward-looking statements” as to, their ability to pay rent and repay loans; Welltower’s defined in the Private Securities Litigation Reform Act of ability to transition or sell properties with profitable 1995. When Welltower uses
Slide 3: 3Q 2025 Key Highlights
3Q 2025 Key Highlights 1 20.7% Reported 3Q2025 normalized funds from operations (FFO) per share of $1.34, representing 20.7% year-over-year growth • Increased full year 2025 normalized FFO per share guidance by 17c per share to $5.27, representing 22% year-over- FFO per diluted share growth year gro
Slide 4: 2025 Capital Allocation Highlights
2025 Capital Allocation Highlights $33 billion of activity to transform Welltower into a pure-play rental housing platform for the silver economy Investment Activity 1 $9 billion Previously announced as of 2Q2025 Earnings Release $14 billion Newly Announced Activity $23 billion YTD Investment Activi
Slide 5: Recent Investment Activity Supports Narrowing Focus on Seniors Housing
Recent Investment Activity Supports Narrowing Focus on Seniors Housing $14 Billion Pro-Rata Investment Activity 700+ Seniors Housing Properties 46,000+ Seniors Housing Units 170+ Lease Up or Under Development Communities 5
Slide 6: Recent Transaction Highlights
Recent Transaction Highlights Welltower moat & balance sheet positioning drive unprecedented capital allocation amid post-liberation day uncertainty Historic volume of recent investment activity driven by balance sheet strength and flexibility, Welltower Business $14 billion System and data science
Slide 7: 2025 Guidance Outlook
2025 Guidance Outlook SHO portfolio outperformance and unprecedented capital deployment activity driving 17c increase to Normalized FFO per diluted share guidance midpoint Revised FY2025 Same Store NOI Guidance Seniors Housing Operating Portfolio - Outlook Assumptions • NOI: Positive revenue trends
Slide 8: The Next Era of Our Journey: Welltower 3.0
The Next Era of Our Journey: Welltower 3.0 8
Slide 9: Leadership and Key Operating Partners Going All-In Alongside Welltower Shareholders
Leadership and Key Operating Partners Going “All-In” Alongside Welltower Shareholders 1 1 Prior Compensation Structure 10 Yr Executive Continuity and Alignment Program Strong Alignment with Shareholders Even Stronger Alignment with Shareholders ~90% At Risk ~100% At Risk Base Base Salary 0.04% Salar
Slide 10: WELL Tech Quad
Extending the Revenue Growth Curve via Welltower Business System Newly formed “Tech Quad” to bring technology and enterprise-wide innovation to tech poor seniors housing industry INNOVATION DATA SCIENCE The Second Law of Thermodynamics: LOGAN Efficiency is always greatest when contrast is the SWAGAT
Slide 11: Long-Term Growth Potential Enhanced Through Portfolio Evolution
Long-Term Growth Potential Enhanced Through Portfolio Evolution Portfolio transformation expected to meaningfully enhance Welltower’s long-term growth profile with total seniors housing in- place net operating income expected to increase to the mid-80% range 2Q25 Concentration2 Expected Concentratio
Slide 12: Welltower Transformation 1.0 to 3.0
Welltower Transformation 1.0 to 3.0 12
Slide 13: Welltower's Transformation | Overview
Welltower’s Transformation | Overview Welltower 1.0 Welltower 2.0 Welltower 3.0 4Q15 – 4Q191 1Q20-2Q251 3Q252 Transformation Results Revenue $4B $5B $16B Net Debt to Adj. FFO per share growth EBITDA 3 5.6x 6.4x 2.4x has meaningfully increased despite substantial de- leveraging and WBS- TTM Normalize
Slide 14: Welltower's Transformation | Balance Sheet and Human Capital
Welltower’s Transformation | Balance Sheet and Human Capital De-leveraging driven by cash flow growth and prudent capitalization of investment activity Decades-long investment in building the platform while prudently managing overhead Net Debt / Adjusted EBITDA 1, 2 Overhead as % of EV and Number of
Slide 15: Establishing 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 16: Welltower 3.0 | Hardware & Software Model
Welltower 3.0 | 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 allocation, Welltower has secu
Slide 17: Transaction Activity
Transaction Activity 17
Slide 18: Barchester Portfolio Acquisition
Barchester Portfolio Acquisition Portfolio Details RIDEA NNN Total Developments Assets Assets Communities 111 152 21 284 • Acquired a real estate portfolio of 284 Barchester-operated seniors housing communities for £5.2 billion, including ~£760 million of OP unit consideration • The portfolio has si
Slide 19: HC-One Portfolio Acquisition
HC-One Portfolio Acquisition Transaction History | Opportunistic Investment During Uncertainty Next Phase of Growth | Long Duration Ownership • In April 2021, Welltower provided an initial debt investment secured • Welltower purchased 100% of the HC-One-operated portfolio for £1.2 by first mortgage
Slide 20: Case Study | Rebuilding New England Portfolio
Case Study | Rebuilding New England Portfolio Legacy New England Portfolio Sale Background: Welltower expanded its presence in New England between 2011-2015 and subsequently disposed of a significant portion of its portfolio in 2019 through a $1.75 billion sale to KKR • The dispositions scored in th
Slide 21: Seniors Housing Trends
Seniors Housing Trends 21
Slide 22: Occupancy Outpacing Historical Trends
Occupancy Outpacing Historical Trends Sequential occupancy gains remain elevated through 3Q2025 SHO Portfolio Same Store Sequential Occupancy Change1 2014 - 2019 Max Change Min Change 2025 150 bps Sequential occupancy growth elevated through 3Q2025, continuing to 100 bps outperform historical trends
Slide 23: 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 +260 bps of SS NOI margin expansio
Slide 24: Global Financial Crisis Case Study
Global Financial Crisis Case Study Resilient demand during GFC driven by needs-based nature of seniors housing Seniors Housing Average Occupancy TTM Market Rent Growth Existing Home Sales (Millions) 7.0 4.0% 95% Nearly 50% decline in home 6.5 sales from peak to trough 2.0% Seniors housing occupancy
Slide 25: Balance Sheet & Liquidity Update For 3Q2025
Balance Sheet & Liquidity Update For 3Q2025 All-weather balance sheet positioned to withstand macroeconomic volatility; liquidity profile enabling opportunistic capital deployment 2.4x Net Debt to Adjusted EBITDA 7.6% Net Debt to Enterprise Value A- Stable / A3 Stable S&P / Moody’s Credit Ratings 6.
Slide 26: Welltower's Unique Value Creation Flywheel
Welltower’s Unique Value Creation Flywheel Established competitive advantages driving sustainable 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 sign
Slide 27: SHO In-Place Portfolio | Path to Recovery
SHO In-Place Portfolio | Path to Recovery 2,600M Nearly 45% of the SHO portfolio has Category2,3 NOI ($M) surpassed pre-COVID levels4 at today’s rate 3Q25 Total Portfolio - IPNOI Portfolio1 and is $395M higher in aggregate A) 2,226 87% occupancy and 28% margin $123 Communities with 3Q25 IPNOI above
Slide 28: 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 Digital Technology Data Centers Themes of the last 10 years Operationaliz
Slide 29: Seniors Housing | Compelling 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 40k Seniors Housing TTM Construction Starts Seniors Housing Affordability 20M Indexed Growth Since 2008 350%
Slide 30: Supply-Demand Imbalance Expected to Support Sustained Occupancy Growth
Supply-Demand Imbalance Expected to Support Sustained Occupancy Growth in 2025+ Seniors housing demand remains robust while supply continues to rapidly decline TTM Absorption1,2 Construction Pipeline1 NIC MAP Primary and Secondary Markets NIC Primary and Secondary Markets 60K Starts Pre-Covid Averag
Slide 31: US Demographic Trends
US Demographic Trends End-Market Demand Drivers 31
Slide 32: Seniors Housing Demand Expected to Increase Further as 80+ Population Expands
Seniors Housing Demand Expected to Increase Further as 80+ Population Expands 80+ Population CAGR in the US1 Average Quarterly Total Absorption2 6.0% NIC MAP Primary and Secondary Markets 9,000 8,500 5.0% 5.0% 8,171 Average quarterly absorption has 8,000 nearly doubled post-COVID 4.0% 7,500 7,000 3.
Slide 33: 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 higher demand for seniors housing Birth Rates in the U.S.1 U.S. Population Growth Change1 Familial Caregiver Ratio1,2 Per 1,0
Slide 34: Capital Allocation & Balance Sheet
Capital Allocation & Balance Sheet 34
Slide 35: Acquisitions Since 4Q2020
Acquisitions Since 4Q2020 Leaning into cash flow distress (early) and balance sheet distress (now) through disciplined approach to capital allocation and unparalleled access to capital Capital deployment volume 1 Granular and off-market transactions $24.9B 266 913 80k Gross Investments Total Propert
Slide 36: Expanding Capital Horizons Since Leadership Transition in 2015
Expanding Capital Horizons Since Leadership Transition in 2015 Leveraging efficient and low-cost capital to execute capital allocation strategy ✓ Access to secured and unsecured debt financing ✓ Pivot between multiple sources of capital based upon cost and availability ✓ Recycle capital to improve p
Slide 37: Well-Laddered Debt Maturity Schedule
1 Well-Laddered Debt Maturity Schedule Weighted Average Maturity of 5.7 Years USD Unsecured USD Secured USD Convertible Debt GBP Unsecured CAD Unsecured CAD Secured Weighted Average Interest $6,000 6% 5.03% As of September 30, 2025, liquidity profile includes $6.9 billion of cash & cash equivalents
Slide 38: Appendix & Supplemental Financial Measures
Appendix & Supplemental Financial Measures 38
Slide 39: Appendix | SHO Portfolio Path to Recovery Bucketing
Appendix | SHO Portfolio Path to Recovery Bucketing A) 3Q25 Portfolio In-Place NOI B) Incremental NOI from communities with 3Q25 IPNOI above pre-COVID NOI (for 4Q19 owned properties) or above underwritten stabilized NOI (for development and post-4Q19 acquisition properties) assuming 3Q25 RevPOR C) I
Slide 40: 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 41: 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 42: FFO Reconciliation
FFO Reconciliation (in thousands, except per share information) Three Months Ended Twelve Months Ended September 30, 2025 September 30, 2024 December 31, 2024 % Growth Net income (loss) attributable to common stockholders $ 280,559 $ 449,849 $ 951,680 Depreciation and amortization 509,812 403,779 1,
Slide 43: FFO Reconciliation (continued)
FFO Reconciliation (continued) Trailing Twelve Trailing Twelve (in thousands, except per share information) Three Months Ended Months Three Months Ended Months December 31, March 31, June 30, September 30, September 30, 2024 December 31, March 31, June 30, September 30, September 30, 2025 2023 2024
Slide 44: FFO Reconciliation (continued)
FFO Reconciliation (continued) Twelve Months Ended Twelve Months Ended (in thousands, except per share information) December 31, 2015 December 31, 2014 % Growth December 31, 2019 December 31, 2018 % Growth Net income (loss) attributable to common stockholders $ 818,344 $ 446,745 $ 1,232,432 $ 758,25
Slide 45: Earnings Outlook Reconciliation
Earnings Outlook Reconciliation Outlook Reconciliation: Year Ending December 31, 2025 (in millions, except per share data) Current Outlook 2Q25 Outlook Update Initial Guidance Low High Low High Low High FFO Reconciliation: $ 557 $ 598 $ 1,249 $ 1,303 $ 1,043 $ 1,147 Net income attributable to common
Slide 46: NOI, IPNOI, SSNOI, RevPOR, ExpPOR, SS RevPOR & SS ExpPOR
NOI, IPNOI, 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 incl
Slide 47: In-Place NOI Reconciliations
In-Place NOI Reconciliations Three Months Ended Annualized (dollars in thousands) September 30, 2025 In-Place NOI by Property Type September 30, 2025 % of Total Net income (loss) $ 282,186 Seniors Housing Operating $ 2,226,036 68 % Loss (gain) on real estate dispositions and acquisitions of controll
Slide 48: In-Place NOI Reconciliations
In-Place NOI Reconciliations Three Months Ended Annualized (dollars in thousands) June 30, 2025 In-Place NOI by Property Type June 30, 2025 % of Total Net income (loss) $ 304,618 Seniors Housing Operating $ 2,090,216 59 % Loss (gain) on real estate dispositions and acquisitions of controlling intere
Slide 49: In-Place NOI Reconciliations (continued)
In-Place NOI Reconciliations (continued) (dollars in thousands) September 30, 2025 Acquisition Impact (2) SHO Incremental Revenues (4) Total Expected Revenue Annualized Pro Rata Revenues (1) $ 10,943,252 $ 2,782,082 $ 1,927,652 $ 15,652,986 Annualized In-Place NOI by Property Type September 30, 2025
Slide 50: SSNOI Reconciliation
SSNOI Reconciliation (dollars in thousands) Three Months Ended September 30, 2025 September 30, 2024 % growth YOY Net income (loss) $ 282,186 $ 456,800 Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (4,025) (272,266) Loss (income) from unconsolidated entities
Slide 51: SHO SS RevPOR Growth Reconciliation
SHO SS RevPOR Growth Reconciliation (dollars in thousands, except SS RevPOR and units) Three Months Ended SHO SS RevPOR Growth September 30, 2025 September 30, 2024 Consolidated SHO revenues $ 2,070,115 $ 1,514,022 Unconsolidated SHO revenues attributable to WELL(1) 60,435 64,491 SHO revenues attrib
Slide 52: SHO SS ExpPOR Growth Reconciliation
SHO SS ExpPOR Growth Reconciliation (dollars in thousands, except SS ExpPOR and units) Three Months Ended September 30, 2025 September 30, 2024 SHO SS ExpPOR Growth Consolidated SHO property operating expenses $ 1,499,215 $ 1,135,887 Unconsolidated SHO expenses attributable to WELL(1) 38,882 41,785
Slide 53: SHO SS ExpPOR Growth Reconciliations
SHO SS ExpPOR Growth Reconciliations (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 Unconsolidated SHO
Slide 54: 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 55: 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 expen
Slide 56: 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 57: Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA (dollars in thousands) Three Months Ended Three Months Ended September 30, 2025 September 30, 2025 Net income $ 282,186 Total debt(1) $ 16,960,008 Interest expense 162,052 Cash and cash equivalents and restricted cash (6,940,573) Income tax expense (benefit) 2,335 Net deb
Slide 58: Net Debt to Adjusted EBITDA (continued)
Net Debt to Adjusted EBITDA (continued) (dollars in thousands) Three Months Ended Three Months Ended December 31, 2015 December 31, 2019 Net income $ 149,416 $ 240,136 Interest expense 131,097 131,648 Income tax expense (benefit) 2,682 (4,832) Depreciation and amortization 222,809 262,644 EBITDA 506
Slide 59: Net Debt to Consolidated Enterprise Value
Net Debt to Consolidated Enterprise Value (in thousands, except share price) Three Months Ended September 30, 2025 Common shares outstanding 684,108 Period end share price $ 178.14 Common equity market capitalization $ 121,866,999 Total debt(1) $ 16,960,008 Cash and cash equivalents and restricted c
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