Slide 1: Business Update
Business Update July 28, 2025 rola
Slide 2: Forward Looking Statements and Risk Factors
Forward Looking Statements and Risk Factors This document contains “forward-looking statements” as other acts of God affecting Welltower’s properties; defined in the Private Securities Litigation Reform Act of Welltower’s ability to re-lease space at similar rates as 1995. When Welltower uses words
Slide 3: WELL-Acquired Properties (2Q25-3Q25)
WELL-Acquired Properties (2Q25-3Q25) The Virginian The Preston of Rockville Fountainwood at Lake Houston
Slide 4: 2Q 2025 Key Highlights
2Q 2025 Key Highlights 1 22% Reported normalized FFO per share of $1.28, representing year-over-year growth of 22%; midpoint of full year FFO guidance range raised by 13c Revised the midpoint of full year FFO guidance range to $5.10 from $4.97 driven by better-than-anticipated seniors housing operat
Slide 5: 2025 Guidance Outlook
2025 Guidance Outlook SHO portfolio outperformance and robust capital deployment activity driving 13¢ 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 are exp
Slide 6: Occupancy Outpacing Historical Trends
Occupancy Outpacing Historical Trends Sequential occupancy gains remain elevated through 2Q2025 SHO Portfolio Same Store Sequential Occupancy Change1 Year-over-Year Occupancy Gains 2014 - 2019 150 bps Sequential occupancy growth elevated Max Change Min Change 2025 2Q25: +420 bps through 2Q2025, cont
Slide 7: 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 +330 bps of SS NOI margin expansio
Slide 8: 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 9: Balance Sheet & Liquidity Update
Balance Sheet & Liquidity Update All-weather balance sheet positioned to withstand macroeconomic volatility; liquidity profile enabling opportunistic capital deployment 2.9x Net Debt to Adjusted EBITDA 10.1% Net Debt to Enterprise Value A- / A3 Stable S&P / Moody’s Credit Ratings 6.3x Adjusted Fixed
Slide 10: 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 11: 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 12: Holiday by Atria Transition Update
Holiday by Atria Transition Update 12
Slide 13: Executive Summary
Executive Summary • Welltower transitioned 89 Holiday by Atria properties to six existing regional operators, 2025 Transition Portfolio YTD Occupancy Gain1 including Arrow, Cogir US, Discovery, QSL, Sagora and StoryPoint. The communities are not yet included in same store metrics • Transitioning fro
Slide 14: Holiday Transitions | Regional Densification Illustration
Holiday Transitions | Regional Densification Illustration Other WELL-Owned Communities Holiday Transition Communities Cogir US – Pacific Northwest StoryPoint – Midwest QSL – Southeast Average Drive Time1 Average Drive Time1 Average Drive Time1 of ~35 Minutes of ~45 Minutes of ~85 minutes South Carol
Slide 15: Capital Markets Disruption
Capital Markets Disruption 15
Slide 16: Dearth of Debt Capital Resulting From Diminished Agency Lending
Dearth of Debt Capital Resulting From Diminished Agency (“GSE”) Lending 1 Pace of agency lending insufficient to address upcoming maturities; agency reform adding further uncertainty GSE reform creating additional uncertainty and disruption $12B Nearly $20B of Seniors Housing GSE lending volume matu
Slide 17: Multi-Year Period of Diminished New Supply Driven by Lack of Development Returns
Multi-Year Period of Diminished New Supply Driven by Lack of Development Returns Developers remain sidelined due to high cost of construction and assets trading at substantial discounts to replacement cost Industry rents remain well below levels feasible for development Deliveries • Properties are c
Slide 18: Current Macroeconomic Conditions Exacerbating Construction and Financing Challenges
Current Macroeconomic Conditions Exacerbating Construction and Financing Challenges Seniors housing supply likely constrained through 2030+ Considerations Impacting Development Economics Construction Pipeline1 Inflation: Interest Rates: NIC Primary and Secondary Markets De-globalization, Tariffs, an
Slide 19: Seniors Housing Trends
Seniors Housing Trends 19
Slide 20: Seniors Housing | Compelling Backdrop for Multi-Year Revenue Growth
Seniors Housing | Compelling Backdrop for Multi-Year Revenue Growth Accelerating 80+ population growth coinciding with diminishing new supply & improved affordability US 80+ Population Growth 40k Seniors Housing TTM Construction Starts Seniors Housing Affordability 20M Indexed Growth Since 2008 350%
Slide 21: Supply-Demand Imbalance Expected to Support Sustained Occupancy Growth in 2025+
Supply-Demand Imbalance Expected to Support Sustained Occupancy Growth in 2025+ Seniors housing demand remains robust while supply continues to rapidly decline TTM Absorption1,2 Construction Pipeline1 NIC MAP Primary and Secondary Markets NIC Primary and Secondary Markets 60K Starts Pre-Covid Averag
Slide 22: SHO In-Place Portfolio | Path to Recovery
SHO In-Place Portfolio | Path to Recovery 2,600M Nearly 42% of the SHO portfolio has Category NOI ($M) surpassed pre-COVID levels4 at today’s rate A) 2Q25 Total Portfolio - IPNOI Portfolio1 2,090 and is $340M higher in aggregate 86% occupancy and 28% margin 2,400M Communities with 2Q25 IPNOI above p
Slide 23: US Demographic Trends
US Demographic Trends End-Market Demand Drivers 23
Slide 24: 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 8,383 5.0% 5.0% Average quarterly absorption has 8,000 nearly doubled post-COVID 4.0% 7,500 7,000 3.
Slide 25: 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 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 26: Capital Allocation & Balance Sheet
Capital Allocation & Balance Sheet 26
Slide 27: 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 $23.2B 252 851 79k Gross Investments Total Propert
Slide 28: Plurality of Capital Sources
Plurality of Capital Sources 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 portfolio quality and capitalize on
Slide 29: Well-Laddered Debt Maturity Schedule
1 Well-Laddered Debt Maturity Schedule Weighted Average Maturity of 5.8 Years USD Unsecured USD Secured USD Convertible Debt GBP Unsecured CAD Unsecured CAD Secured Weighted Average Interest $6,000 6% 5.18% As of June 30, 2025, liquidity profile includes $4.5 billion of cash & cash equivalents 4.99%
Slide 30: Appendix & Supplemental Financial Measures
Appendix & Supplemental Financial Measures 30
Slide 31: Appendix | SHO Portfolio Path to Recovery Bucketing
Appendix | SHO Portfolio Path to Recovery Bucketing A) 2Q25 Portfolio In-Place NOI B) Incremental NOI from communities with 2Q25 IPNOI above pre-COVID NOI (for 4Q19 owned properties) or above underwritten stabilized NOI (for development and post-4Q19 acquisition properties) assuming 2Q25 RevPOR C) I
Slide 32: 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 33: 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 34: FFO Reconciliation
FFO Reconciliation (in thousands, except per share information) Three Months Ended Twelve Months Ended June 30, 2025 June 30, 2024 December 31, 2024 % Growth Net income (loss) attributable to common stockholders $ 301,888 $ 254,714 $ 951,680 Depreciation and amortization 495,036 382,045 1,632,093 Im
Slide 35: Earnings Outlook Reconciliation
Earnings Outlook Reconciliation Outlook Reconciliation: Year Ending December 31, 2025 (in millions, except per share data) Current Outlook 1Q25 Outlook Update Initial Guidance Low High Low High Low High FFO Reconciliation: Net income attributable to common stockholders $ 1,249 $ 1,303 $ 1,127 $ 1,21
Slide 36: 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 37: 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 interes
Slide 38: SSNOI Reconciliation
SSNOI Reconciliation (dollars in thousands) Three Months Ended June 30, 2025 June 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 (4,
Slide 39: 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 June 30, 2025 June 30, 2024 Consolidated SHO revenues $ 1,975,732 $ 1,395,373 Unconsolidated SHO revenues attributable to WELL(1) 51,947 63,164 SHO revenues attributable to
Slide 40: SHO SS ExpPOR Growth Reconciliation
SHO SS ExpPOR Growth Reconciliation (dollars in thousands, except SS ExpPOR and units) Three Months Ended June 30, 2025 June 30, 2024 SHO SS ExpPOR Growth Consolidated SHO property operating expenses $ 1,438,277 $ 1,034,906 Unconsolidated SHO expenses attributable to WELL(1) 33,566 40,123 SHO expens
Slide 41: 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 42: 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 43: 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 44: 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 45: Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA (dollars in thousands) Three Months Ended Three Months Ended June 30, 2025 June 30, 2025 Net income $ 304,618 Total debt(1) $ 16,079,566 Interest expense 141,157 Cash and cash equivalents and restricted cash (4,523,511) Income tax expense (benefit) 1,053 Net debt 11,556,0
Slide 46: Net Debt to Consolidated Enterprise Value
Net Debt to Consolidated Enterprise Value (in thousands, except share price) Three Months Ended June 30, 2025 Common shares outstanding 665,120 Period end share price $ 153.73 Common equity market capitalization $ 102,248,898 Total debt(1) $ 16,079,566 Cash and cash equivalents and restricted cash (
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