Slide 1: Business Update
Business Update April 28, 2026 roll
Slide 2: Forward Looking Statements and Risk Factors
Forward Looking Statements and Risk Factors This document contains “forward-looking statements” as negative developments in the operating results or financial defined in the Private Securities Litigation Reform Act of condition of operators/tenants, including, but not limited to, 1995. When Welltowe
Slide 3: WELL-Acquired Properties (1Q26 – 2Q26)
WELL-Acquired Properties (1Q26 – 2Q26) Vancouver, British Columbia Atlanta, GA 3
Slide 4: First Quarter 2026 Key Highlights
First Quarter 2026 Key Highlights 1 Seniors Housing Operating Portfolio Organic Growth Driven by organic growth and robust external growth, we have achieved… 9.5% 320 bps Organic Revenue Margin Expansion 38% Revenue Growth Growth 370 bps 22.1% 36% Adj. EBITDA Growth Occupancy Growth Same Store Net O
Slide 5: 1Q2026 Key Highlights
1Q2026 Key Highlights • Reported normalized funds from operations (FFO) per diluted share of $1.47, representing an increase of 23% year-over-year, 23% driven by seniors housing operating (SHO) portfolio growth and robust investment activity • Midpoint of full year FFO per share guidance range raise
Slide 6: Capital Allocation, Balance Sheet, and Other Highlights
Capital Allocation, Balance Sheet, and Other Highlights Announced $10.5 billion of pro rata gross investments year-to-date1, inclusive of $3.2 billion closed in the first quarter and $7.3 billion of additional investment activity closed or under contract as of April 28, 2026 $10.5 billion • In April
Slide 7: 2026 Guidance Outlook
2026 Guidance Outlook Mix shift toward SHO portfolio and robust capital deployment driving 11c increase to Normalized FFO per diluted share guidance midpoint Increased FY2026 Same Store NOI Guidance Seniors Housing Operating Portfolio - Outlook Assumptions • NOI: Positive revenue and expense trends
Slide 8: Long-Term Growth Potential Enhanced Through Portfolio Evolution
Long-Term Growth Potential Enhanced Through Portfolio Evolution Cash flow growth profile meaningfully amplified by transformation into pure-play rental housing platform 2Q25 Concentration2 Expected Concentration1,2 15% 12% 2% 13% 16% 59% 10% 72% SHO 85% SH NNN Outpatient Medical Long-Term/Post-Acute
Slide 9: 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 Aging of the Population Senior Housing & Care E-commerce Industrial/Logistics Life Sciences Lab Space The
Slide 10: Commit Fully, Adapt Constantly – Always Compounding
Commit Fully, Adapt Constantly – Always Compounding From 2025 CEO Annual Shareholder Letter Quema Los Barcos Compounding at a Discount “Burning the boats refers to total commitment… This commitment “… The hummingbird provides a useful illustration: superior outcomes are marks the beginning of Wellto
Slide 11: Capital Light Business Expansion: Licensing of Data Science Platform
Capital Light Business Expansion: Licensing of Data Science Platform 11
Slide 12: Executive Summary
Executive Summary Per previous Business Update issued March 1, 2026 A Decade Long Journey: Scaling an Unscalable Business Using Data Science and Machine Learning Inaugural Partnership Details • Announced first-of-its-kind data science partnerships through which bespoke models will be licensed from W
Slide 13: Scaling the World’s Largest Asset Class: The $400 Trillion Global Real Estate Industry
Scaling the World’s Largest Asset Class: The $400 Trillion Global Real Estate Industry Per previous Business Update issued March 1, 2026 Beginning to Strategically Monetize Welltower’s Decade-Long Effort of Applying Data Science to Real Estate Investing Welltower Data Science & Machine Learning Jour
Slide 14: The Next Era of Our Journey: Welltower 3.0
The Next Era of Our Journey: Welltower 3.0 14
Slide 15: 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 16: Welltower Transformation | 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 17: 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 18: Seniors Housing Trends
Seniors Housing Trends 18
Slide 19: Occupancy Outpacing Historical Trends
Occupancy Outpacing Historical Trends Sequential occupancy gains remain elevated through 1Q2026 SHO Portfolio Same Store Sequential Occupancy Change1 2014 - 2019 Max Change Min Change 2026 150 bps Sequential occupancy growth elevated through 100 bps 1Q2026, continuing to outperform historical trends
Slide 20: 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 +320 bps of SS NOI margin expansio
Slide 21: 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 Seniors Housing TTM Construction Starts Seniors Housing Affordability 20M Indexed Growth Since 2008 350% 40k
Slide 22: Supply-Demand Imbalance Expected to Support Sustained Occupancy Growth in 2026+
Supply-Demand Imbalance Expected to Support Sustained Occupancy Growth in 2026+ 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 23: Significant Timeline From Project Formation to Stabilization
Significant Timeline From Project Formation to Stabilization Contributing to Lack of Supply Even if developers can overcome stubbornly high construction costs and rates, they face an extended timeline to stabilization Human Capital Formation Entitlements Construction Breakeven Stabilization ~1 year
Slide 24: 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 25: US Demographic Trends
US Demographic Trends End-Market Demand Drivers 25
Slide 26: 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 8,000 5.4% 7,764 5.0% 7,500 Average quarterly absorption has nearly doubled post-COVID 7,000 4.0% 6,500 3.0% 6,0
Slide 27: Seniors Housing Utilization Rate Expected to Increase Given Demographic & Societal Trends
Seniors Housing Utilization Rate Expected to Increase Given Demographic & Societal Trends Growth of 80+ age cohort rapidly exceeding available FAMILIAL CAREGIVERS, leading to increased penetration rate for seniors housing Birth Rates in the U.S.1 U.S. Population Growth Change1 Familial Caregiver Rat
Slide 28: Capital Allocation & Balance Sheet
Capital Allocation & Balance Sheet 28
Slide 29: 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 30: Acquisitions Since 4Q2020
Acquisitions Since 4Q2020 Off-market and relationship-driven investments made at significant discounts to replacement cost driven by conviction to lean into cash flow distress (early) and balance sheet distress 1 Capital deployment volume 334 1,705 129k $41.9B Total Transactions Properties Seniors h
Slide 31: Moody’s Upgrades Credit Outlook to Positive
Moody’s Upgrades Credit Outlook to Positive On February 26, 2026, Moody’s affirmed WELL’s A3 rating and upgraded the credit outlook to positive 2.7x Net Debt to Adjusted EBITDA 8.8% Net Debt to Enterprise Value A- Stable / A3 POSITIVE S&P / Moody’s Credit Ratings A key driver of today's rating actio
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 sources of capital based upon cost and availability Recycle capital to improve portfolio quality and capitali
Slide 33: Well-Laddered Debt Maturity Schedule
Well-Laddered Debt Maturity Schedule 1 Weighted Average Maturity of 5.0 Years USD Unsecured USD Secured USD Convertible Debt GBP Unsecured GBP Secured CAD Unsecured CAD Secured Weighted Average Interest Rate $6,000 6% 5.02% $5,000 4.82% 5% 4.41% 3.83% 3.86% $4,000 4% 3.39% 3.47% 3.49% 3.31% 3.04% $3
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 March 31, 2026 March 31, 2025 December 31, 2025 % Growth Net income (loss) attributable to common stockholders $ 728,672 $ 257,957 $ 936,845 Depreciation and amortization 622,752 485,869 2,084,868
Slide 38: Earnings Outlook Reconciliation
Earnings Outlook Reconciliation Outlook Reconciliation: Year Ending December 31, 2026 (in millions, except per share data) Current Outlook Initial Guidance Low High Low High FFO Reconciliation: Net income attributable to common stockholders $ 2,370 $ 2,472 $ 2,244 $ 2,359 Impairments and losses (gai
Slide 39: 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 40: In-Place NOI Reconciliation
In-Place NOI Reconciliation Three Months Ended Annualized (dollars in thousands) March 31, 2026 In-Place NOI by Property Type March 31, 2026 % of Total Net income (loss) $ 752,324 Seniors Housing Operating $ 3,039,492 70 % Loss (gain) on real estate dispositions and acquisitions of controlling inter
Slide 41: In-Place NOI Reconciliation (cont.)
In-Place NOI Reconciliation (cont.) 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
Slide 42: SSNOI Reconciliation
SSNOI Reconciliation (dollars in thousands) Three Months Ended March 31, 2026 March 31, 2025 % growth YOY 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 entities 1,686 (
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 March 31, 2026 March 31, 2025 Consolidated SHO revenues $ 2,790,374 $ 1,867,871 Unconsolidated SHO revenues attributable to WELL(1) 55,328 56,430 SHO revenues attributable to noncon
Slide 44: SHO SS ExpPOR Growth Reconciliations
SHO SS ExpPOR Growth Reconciliations (dollars in thousands, except SS ExpPOR and units) 1Q25 1Q26 2Q25 2Q26 3Q25 3Q26 4Q25 4Q26 SHO SS ExpPOR Growth Consolidated SHO property operating expenses $ 1,384,684 $ 2,015,361 Unconsolidated SHO expenses attributable to WELL(1) 35,884 35,323 SHO expenses att
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 March 31, 2026 March 31, 2025 % Growth Net income $ 752,324 $ 257,266 Interest expense 192,715 144,962 Income tax expense (benefit) 11,633 (5,519) Depreciation and amortization 622,752 485,869 EBITDA 1,579,424 882,578 Loss (income
Slide 50: Net Debt to Consolidated Enterprise Value
Net Debt to Consolidated Enterprise Value (in thousands, except share price) Three Months Ended March 31, 2026 Common shares outstanding 704,687 Period end share price $ 197.71 Common equity market capitalization $ 139,323,667 Total debt(1) $ 18,455,978 Cash and cash equivalents and restricted cash
Slide 51: Slide 51