Form 8-K

8-K — WELLTOWER INC.

Accession: 0000766704-26-000026

Filed: 2026-07-27

Period: 2026-07-27

CIK: 0000766704

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — well-20260727.htm (Primary)

EX-99.1 (a2q26earningsrelease991.htm)

EX-99.2 (a2q26supplement992.htm)

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8-K

8-K (Primary)

Filename: well-20260727.htm · Sequence: 1

well-20260727

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 27, 2026

Welltower Inc.

(Exact name of registrant as specified in its charter)

Delaware 1-8923 34-1096634

(State or other jurisdiction

of Incorporation) (Commission

File Number) (IRS Employer

Identification No.)

4500 Dorr Street, Toledo, Ohio 43615

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (419) 247-2800

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common stock, $1.00 par value per share WELL New York Stock Exchange

Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLC WELL/28 New York Stock Exchange

Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLC WELL/34 New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 27, 2026, Welltower Inc. issued a press release that announced operating results for its second quarter ended June 30, 2026. The press release refers to a supplemental information package that is available on the Company's website (www.welltower.com), free of charge. Copies of the press release and supplemental information package have been furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K (the "Report"), and are incorporated herein by reference.

The information included in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release of Welltower Inc. dated July 27, 2026, announcing earnings for the quarter ended June 30, 2026.

99.2 Welltower Inc. Supplemental Information Package for the quarter ended June 30, 2026.

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WELLTOWER INC.

By: /s/ Matthew McQueen

Name: Matthew McQueen

Title: Chief Legal Officer, General Counsel and Corporate Secretary

Dated: July 27, 2026

EX-99.1

Filename: a2q26earningsrelease991.htm · Sequence: 2

Document

FOR IMMEDIATE RELEASE

July 27, 2026

For more information contact:

Tim McHugh (419) 247-2800

Welltower Reports Second Quarter 2026 Results

Toledo, Ohio, July 27, 2026…..Welltower Inc. (NYSE:WELL) today announced results for the quarter ended June 30, 2026.

Second Quarter and Other Recent Highlights

•Reported net income attributable to common stockholders of $0.61 per diluted share

•Reported quarterly normalized funds from operations attributable to common stockholders of $1.60 per diluted share, an increase of 25.0% over the prior year

•Reported total portfolio year-over-year same store NOI ("SSNOI") growth of 15.5%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 20.5%

•SHO portfolio organic same store revenue growth increased 9.2% year-over-year in the second quarter, resulting from 330 basis points ("bps") of average occupancy growth and 5.2% growth in Revenue Per Occupied Room ("RevPOR")

•Year-to-date, closed or under contract to close $15.5 billion of pro rata gross investments, including $9.4 billion completed in the six months ended June 30, 2026 and $6.1 billion closed or under contract to close subsequent to quarter end, excluding development funding. Expected investments not yet closed are subject to customary closing conditions

•We completed $843 million of pro rata dispositions and loan repayments during the second quarter, including $561 million of Outpatient Medical ("OM") dispositions, which includes follow-on tranches of the previously announced OM portfolio transaction and $155 million of loan repayments. For the year, we have completed $3.6 billion of pro rata dispositions including $1.9 billion of OM dispositions and $1.0 billion of loan repayments

•As of June 30, 2026, reported Net Debt to Adjusted EBITDA of 2.99x and approximately $9.5 billion of available liquidity inclusive of available cash and restricted cash, full capacity under our line of credit and expected proceeds from property sales and loan payoffs

•In July, we issued C$1.15 billion of senior unsecured notes with a weighted-average coupon of 3.95%

•Board of Directors announced a 15% increase in the quarterly dividend to $0.85, reflecting confidence in the durability of outsized levels of cash flow growth and supported by extraordinary balance sheet strength

Capital Activity and Liquidity

Liquidity Update Net debt to consolidated enterprise value decreased to 8.9% as of June 30, 2026 from 10.1% as of June 30, 2025. We sourced over $4 billion of capital, including the assumption of below-market debt, equity issuances and proceeds from dispositions and loan repayments to fund accretive capital deployment opportunities.

Unsecured Senior Note Activity Repaid $700 million of senior unsecured notes in April 2026 with free cash flow.

Canadian Note Issuance In July 2026, we completed the issuance of C$1.15 billion aggregate principal amount of Canadian dollar-denominated senior unsecured notes, consisting of C$750 million of 3.850% notes due August 15, 2031 and C$400 million of 4.150% notes due August 15, 2033.

Recent Investment Activity

In the second quarter, we completed $6.3 billion of pro rata gross investments inclusive of development funding. Additionally, we completed pro rata property dispositions of $688 million and loan repayments of $155 million.

Page 1 of 11

2Q26 Earnings Release July 27, 2026

Notable Portfolio Activity

Amica Senior Lifestyles Acquisition On April 1, 2026, we completed the previously announced acquisition of a Canadian portfolio of 38 seniors housing communities for a pro rata purchase price of C$4.1 billion, including cash of C$3.5 billion and the assumption of C$617 million of secured debt, representing our proportionate share, with an average interest rate of 3.6%. Additionally, on July 2, 2026, we closed on five properties currently under development that are expected to be completed by the end of 2027 for a pro rata purchase price of C$647 million.

OM Portfolio Dispositions We previously entered into a definitive agreement to divest an 18 million square foot OM portfolio in a transaction valued at approximately $7.2 billion. During the quarter, we sold ten properties for gross proceeds of $298 million. As of June 30, 2026 we have eight properties remaining to sell, which are expected to close before the end of 2026. Additionally, during the second quarter we sold five properties outside of the previously announced definitive agreement for gross proceeds of $260 million.

Dividend On July 27, 2026, the Board of Directors declared a cash dividend for the quarter ended June 30, 2026 of $0.85 per share. This dividend, which will be paid on August 20, 2026 to stockholders of record as of August 12, 2026, will be our 221st consecutive quarterly cash dividend. The declaration and payment of future quarterly dividends remains subject to review and approval by the Board of Directors.

Outlook for 2026 Net income attributable to common stockholders guidance has been revised to a range of $3.11 to $3.19 per diluted share from the previous range of $3.24 to $3.38. We also increased the guidance range of full year normalized FFO attributable to common stockholders to a range of $6.36 to $6.44 per diluted share from the previous range of $6.21 to $6.35. In preparing our guidance, we have updated or confirmed the following assumptions:

•Same Store NOI: We expect average blended SSNOI growth of 13.75% to 16.00%, which is comprised of the following components:

◦Seniors Housing Operating approximately 18.5% to 21.5%

◦Seniors Housing Triple-net approximately 3.5% to 4.5%

◦Outpatient Medical approximately 2.0% to 3.0%

◦Long-Term/Post-Acute Care approximately 2.0% to 3.0%

•Investments: Our earnings guidance includes only those acquisitions announced or closed to date. Furthermore, no transitions, restructures or capital activity beyond those announced to date are included.

•General and Administrative Expenses: We anticipate general and administrative expenses to be approximately $265 million to $270 million and stock-based compensation expense to be approximately $60 million.

•Dispositions: We expect pro rata disposition proceeds of $1.1 billion at a blended yield of 6.8% in the next twelve months. This includes approximately $0.8 billion of consideration from expected property sales, which predominantly includes announced OM and Integra dispositions and land parcels related to foregone development, as well as $0.3 billion of expected proceeds from loan repayments.

Our guidance does not include any additional investments, dispositions or capital transactions, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items beyond those disclosed. Please see the Supplemental Reporting Measures section for further discussion and our definition of normalized FFO and SSNOI and Exhibit 3 for a reconciliation of the outlook for net income available to common stockholders to normalized FFO attributable to common stockholders. We will provide additional detail regarding our 2026 outlook and assumptions on the second quarter 2026 conference call.

Conference Call Information We have scheduled a conference call on Tuesday, July 28, 2026 at 9:00 a.m. Eastern Time to discuss our second quarter 2026 results, industry trends and portfolio performance. Telephone access will be available by dialing (888) 340-5024 or (646) 960-0135 (international). For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the call through August 4, 2026. To access the rebroadcast, dial (800) 770-2030 or (609) 800-9909 (international). The conference ID number is 8230248. To participate in the webcast, log on to www.welltower.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days.

Supplemental Reporting Measures We believe that 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"), normalized FFO, net operating income ("NOI"), same store NOI ("SSNOI"), revenue per occupied room ("RevPOR"), same store RevPOR ("SS RevPOR"), expense per occupied room ("ExpPOR"), same store ExpPOR ("SS ExpPOR"), EBITDA and Adjusted EBITDA to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.

Page 2 of 11

2Q26 Earnings Release July 27, 2026

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 fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts ("NAREIT") created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO attributable to common stockholders, as defined by NAREIT, means net income attributable to common stockholders, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate and acquisitions of controlling interests, impairments of depreciable assets, plus real estate depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests. Normalized FFO attributable to common stockholders represents FFO attributable to common stockholders adjusted for certain items detailed in Exhibit 2. We believe that normalized FFO attributable to common stockholders is a useful supplemental measure of operating performance because investors and equity analysts may use this measure to compare the operating performance of Welltower between periods or as compared to other REITs or other companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items.

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, but are not limited to, property-related payroll and benefits, property management fees paid to managers, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent general overhead costs that are unrelated to property operations and are unallocable to the properties. These expenses include, but are not limited to, payroll and benefits related to corporate employees, professional services, office expenses and depreciation of corporate fixed assets. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and leased properties, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and U.K. properties using a consistent exchange rate. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our portfolio. No reconciliation of the forecasted range for SSNOI on a combined basis or by property type is included in this release because we are unable to quantify certain amounts that would be required to be included in the comparable GAAP financial measure without unreasonable efforts, and we believe such reconciliation would imply a degree of precision that could be confusing or misleading to investors.

RevPOR represents the average revenues generated per occupied room per month and ExpPOR represents the average expenses per occupied room per month at our Seniors Housing Operating properties. These metrics are calculated as our pro rata share of total resident fees and services revenues or property operating expenses from the income statement, divided by average monthly occupied room days. SS RevPOR and SS ExpPOR are used to evaluate the RevPOR and ExpPOR performance of our properties under a consistent population, which eliminates changes in the composition of our portfolio. They are based on the same pool of properties used for SSNOI and include any revenue and expense normalizations used for SSNOI. We use RevPOR, ExpPOR, SS RevPOR and SS ExpPOR to evaluate the revenue-generating capacity and profit potential of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.

Page 3 of 11

2Q26 Earnings Release July 27, 2026

and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. In addition, we use Adjusted EBITDA to measure our adjusted fixed charge coverage ratio, which represents Adjusted EBITDA divided by fixed charges. Fixed charges include total interest expense and secured debt principal amortization. Our leverage ratios include net debt to Adjusted EBITDA and consolidated enterprise value. Net debt is defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash. Consolidated enterprise value represents the sum of net debt, the fair market value of our common stock and noncontrolling interests.

Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management performance. None of the supplemental reporting measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Please see the exhibits for reconciliations of supplemental reporting measures and the supplemental information package for the quarter ended June 30, 2026, which is available on Welltower's website (www.welltower.com), for information and reconciliations of additional supplemental reporting measures.

About Welltower Welltower Inc. (NYSE: WELL), an S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio of 2,500+ seniors and wellness housing communities is positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micromarkets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly-aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star.

We routinely post important information on our website at www.welltower.com in the "Investors" section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading "Investors." Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the Securities and Exchange Commission. The information on our website is not incorporated by reference in this press release and our web address is included as an inactive textual reference only.

Forward-Looking Statements and Risk Factors This document contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "pro forma," "estimate" or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. These statements include, among others, management's expectations regarding the favorable impact of the acquisitions made and additional acquisition pipeline and our statements under the section "Outlook for 2026." Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower's actual results to differ materially from Welltower's expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the impact of macroeconomic and geopolitical developments, including economic downturns, elevated inflation and interest rates, political or social conflict, unrest or violence or similar events; the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the healthcare industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements, public perception of the healthcare industry and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the healthcare and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower's ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters, public health emergencies and extreme weather affecting Welltower's properties; Welltower's ability to re-lease space at similar rates as vacancies occur; Welltower's ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower's properties; changes in rules or practices governing Welltower's financial reporting; the movement of U.S. and foreign currency exchange rates and changes to U.S. and global monetary, fiscal or trade policies; Welltower's approach to artificial intelligence; Welltower's ability to maintain its qualification as a REIT; key management personnel recruitment and retention; geopolitical tensions or conflicts, such as the ongoing conflict between Russia and Ukraine and in the Middle East, and other risks described in Welltower's reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.

Page 4 of 11

2Q26 Earnings Release July 27, 2026

Welltower Inc.

Financial Exhibits

Consolidated Balance Sheets (unaudited)

(in thousands)

June 30,

2026 2025

Assets

Real estate investments:

Land and land improvements $ 7,235,877 $ 5,794,697

Buildings and improvements 57,960,485 46,583,039

Acquired lease intangibles 3,167,918 2,775,121

Real property held for sale, net of accumulated depreciation 374,477 108,925

Construction in progress 848,347 712,119

Less accumulated depreciation and intangible amortization (11,533,470) (11,673,306)

Net real property owned 58,053,634 44,300,595

Right of use assets, net 1,959,414 1,279,172

Real estate loans receivable, net of credit allowance 2,952,709 1,801,860

Net real estate investments 62,965,757 47,381,627

Other assets:

Investments in unconsolidated entities 2,001,632 1,964,267

Cash and cash equivalents 1,965,164 4,409,740

Restricted cash 132,000 113,771

Receivables and other assets 2,810,627 1,964,090

Total other assets 6,909,423 8,451,868

Total assets $ 69,875,180 $ 55,833,495

Liabilities and equity

Liabilities:

Unsecured credit facility and commercial paper $ — $ —

Senior unsecured notes 14,295,101 13,448,881

Secured debt 3,431,152 2,522,222

Lease liabilities 1,994,551 1,335,647

Accrued expenses and other liabilities 2,490,804 1,980,444

Total liabilities 22,211,608 19,287,194

Redeemable noncontrolling interests 224,538 283,187

Equity:

Common stock 719,068 665,238

Capital in excess of par value 55,180,367 43,949,130

Treasury stock (25,961) (13,944)

Cumulative net income 12,207,243 10,656,569

Cumulative dividends (21,244,723) (19,190,453)

Accumulated other comprehensive income (421,646) (166,014)

Total Welltower Inc. stockholders' equity 46,414,348 35,900,526

Noncontrolling interests 1,024,686 362,588

Total equity 47,439,034 36,263,114

Total liabilities and equity $ 69,875,180 $ 55,833,495

Page 5 of 11

2Q26 Earnings Release July 27, 2026

Consolidated Statements of Income (unaudited)

(in thousands, except per share data)

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Revenues:

Resident fees and services $ 2,984,891 $ 1,971,044 $ 5,765,822 $ 3,835,574

Rental income 459,740 483,040 913,582 944,607

Interest income 77,369 62,057 148,298 124,547

Other income 22,586 32,103 68,810 66,603

Total revenues 3,544,586 2,548,244 6,896,512 4,971,331

Expenses:

Property operating expenses 2,150,123 1,514,711 4,205,543 2,977,101

Depreciation and amortization 737,764 495,036 1,360,516 980,905

Interest expense 181,914 141,157 374,629 286,119

General and administrative expenses 67,486 64,175 134,960 127,933

Loss (gain) on derivatives and financial instruments, net — (409) — (3,619)

Loss (gain) on extinguishment of debt, net 1,984 — 2,711 6,156

Provision for loan losses, net 2,183 (1,113) 3,815 (3,120)

Impairment of assets 25,774 19,876 30,600 72,278

Other expenses 56,930 16,598 118,067 30,658

Total expenses 3,224,158 2,250,031 6,230,841 4,474,411

Income (loss) from continuing operations before income taxes and other items 320,428 298,213 665,671 496,920

Income tax (expense) benefit 61,979 (1,053) 50,346 4,466

Income (loss) from unconsolidated entities (17,969) (7,392) (19,655) (6,129)

Gain (loss) on real estate dispositions and acquisitions of controlling interests, net 98,537 14,850 518,937 66,627

Income (loss) from continuing operations 462,975 304,618 1,215,299 561,884

Net income (loss) 462,975 304,618 1,215,299 561,884

Less: Net income (loss) attributable to noncontrolling interests(1)

17,973 2,730 41,625 2,039

Net income (loss) attributable to common stockholders $ 445,002 $ 301,888 $ 1,173,674 $ 559,845

Average number of common shares outstanding:

Basic 709,732 656,593 704,812 650,029

Diluted 737,956 668,140 732,137 661,004

Net income (loss) attributable to common stockholders per share:

Basic $ 0.63 $ 0.46 $ 1.67 $ 0.86

Diluted(2)

$ 0.61 $ 0.45 $ 1.63 $ 0.85

Common dividends per share $ 0.74 $ 0.67 $ 1.48 $ 1.34

(1) Includes amounts attributable to redeemable noncontrolling interests.

(2) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units.

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2Q26 Earnings Release July 27, 2026

FFO Reconciliations Exhibit 1

(in thousands, except per share data) Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Net income (loss) attributable to common stockholders $ 445,002 $ 301,888 $ 1,173,674 $ 559,845

Depreciation and amortization 737,764 495,036 1,360,516 980,905

Impairments and losses (gains) on real estate dispositions and acquisitions of controlling interests, net (72,763) 5,026 (488,337) 5,651

Noncontrolling interests(1)

10,639 (6,256) 27,739 (15,724)

Unconsolidated entities(2)

33,011 30,023 62,609 60,237

NAREIT FFO attributable to common stockholders 1,153,653 825,717 2,136,201 1,590,914

Normalizing items, net(3)

26,445 31,472 110,564 53,452

Normalized FFO attributable to common stockholders $ 1,180,098 $ 857,189 $ 2,246,765 $ 1,644,366

Average diluted common shares outstanding 737,956 668,140 732,137 661,004

Per diluted share data attributable to common stockholders:

Net income (loss)(4)

$ 0.61 $ 0.45 $ 1.63 $ 0.85

NAREIT FFO $ 1.56 $ 1.24 $ 2.92 $ 2.41

Normalized FFO $ 1.60 $ 1.28 $ 3.07 $ 2.49

Normalized FFO Payout Ratio:

Dividends per common share $ 0.74 $ 0.67 $ 1.48 $ 1.34

Normalized FFO attributable to common stockholders per share $ 1.60 $ 1.28 $ 3.07 $ 2.49

Normalized FFO payout ratio 46 % 52 % 48 % 54 %

Other items:(5)

Net straight-line rent and above/below market rent amortization $ (86,006) $ (48,607) $ (144,627) $ (94,728)

Non-cash interest expenses(6)

12,292 12,441 25,857 25,310

Recurring cap-ex, tenant improvements and lease commissions(7)

(99,491) (77,158) (168,965) (151,708)

Stock-based compensation(8)

15,264 12,668 32,477 27,311

(1) Represents noncontrolling interests' share of net FFO adjustments.

(2) Represents Welltower's share of net FFO adjustments from unconsolidated entities.

(3) See Exhibit 2.

(4) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units, where applicable.

(5) Amounts presented net of noncontrolling interests' share and including Welltower's share of unconsolidated entities.

(6) Excludes normalized foreign currency loss (gain) (see Exhibit 2).

(7) Reflects recurring cap-ex, tenant improvements and lease commissions on owned operational properties.

(8) Excludes normalized stock compensation expense related to the 2021 Special Performance Option Awards.

Page 7 of 11

2Q26 Earnings Release July 27, 2026

Normalizing Items Exhibit 2

(in thousands, except per share data) Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Loss (gain) on derivatives and financial instruments, net $ — $ (409) $ — $ (3,619)

Loss (gain) on extinguishment of debt, net 1,984 (1) — 2,711 6,156

Provision for loan losses, net 2,183 (2) (1,113) 3,815 (3,120)

Income tax benefits (71,304) (3) (595) (71,304) (8,181)

Other impairment — 604 — 604

Other expenses 56,930 (4) 16,598 118,067 30,658

Special incentive plan compensation 234 (5) 2,540 455 5,402

Casualty losses, net of recoveries 5,038 (6) 2,496 8,078 6,338

Foreign currency loss (gain) 3,298 (7) (1,864) 372 (1,755)

Normalizing items attributable to noncontrolling interests and unconsolidated entities, net 28,082 (8) 13,215 48,370 20,969

Net normalizing items $ 26,445 $ 31,472 $ 110,564 $ 53,452

Average diluted common shares outstanding 737,956 668,140 732,137 661,004

Net normalizing items per diluted share $ 0.04 $ 0.05 $ 0.15 $ 0.08

(1) Primarily related to the extinguishment of unsecured debt.

(2) Primarily related to adjustments to reserves for loan losses based upon our current assessment of expected credit losses in the portfolio.

(3) Primarily related to the partial release of valuation allowances.

(4) Primarily related to non-capitalizable transaction costs and legal fees.

(5) Primarily related to expenses recognized on the 2021 Special Performance Option Awards.

(6) Primarily relates to casualty losses net of any insurance recoveries.

(7) Primarily relates to foreign currency gains and losses related to accrued interest on intercompany loans and third party debt denominated in a foreign currency.

(8) Primarily relates to hypothetical liquidation at book value adjustments related to in substance real estate investments.

Outlook Reconciliation: Year Ending December 31, 2026 Exhibit 3

(in millions, except per share data) Prior Outlook Current Outlook

Low High Low High

FFO Reconciliation:

Net income attributable to common stockholders $ 2,370 $ 2,472 $ 2,302 $ 2,362

Impairments and losses (gains) on real estate dispositions and acquisitions of controlling interests, net(1)

(576) (576) (545) (545)

Depreciation and amortization(1)

2,669 2,669 2,845 2,845

NAREIT FFO attributable to common stockholders 4,463 4,565 4,602 4,662

Normalizing items, net(1,2)

84 84 111 111

Normalized FFO attributable to common stockholders $ 4,547 $ 4,649 $ 4,713 $ 4,773

Diluted per share data attributable to common stockholders:

Net income $ 3.24 $ 3.38 $ 3.11 $ 3.19

NAREIT FFO $ 6.10 $ 6.24 $ 6.21 $ 6.29

Normalized FFO $ 6.21 $ 6.35 $ 6.36 $ 6.44

Other items:(1)

Net straight-line rent and above/below market rent amortization $ (299) $ (299) $ (341) $ (341)

Non-cash interest expenses 57 57 50 50

Recurring cap-ex, tenant improvements and lease commissions(3)

(465) (465) (465) (465)

Stock-based compensation 63 63 63 63

(1) Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities.

(2) See Exhibit 2.

(3) Reflects recurring cap-ex, tenant improvements and lease commissions on owned operational properties.

Page 8 of 11

2Q26 Earnings Release July 27, 2026

SSNOI Reconciliation Exhibit 4

(in thousands) Three Months Ended

June 30,

2026 2025 % growth

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 7,392

Income tax expense (benefit) (61,979) 1,053

Other expenses 56,930 16,598

Impairment of assets 25,774 19,876

Provision for loan losses, net 2,183 (1,113)

Loss (gain) on extinguishment of debt, net 1,984 —

Loss (gain) on derivatives and financial instruments, net — (409)

General and administrative expenses 67,486 64,175

Depreciation and amortization 737,764 495,036

Interest expense 181,914 141,157

Consolidated NOI 1,394,463 1,033,533

NOI attributable to unconsolidated investments(1)

37,785 26,069

NOI attributable to noncontrolling interests(2)

(10,944) (13,531)

Pro rata NOI 1,421,304 1,046,071

Non-cash NOI attributable to same store properties

(41,721) (40,863)

NOI attributable to non-same store properties

(572,672) (315,738)

Currency and ownership adjustments(3)

(1,092) 1,044

Normalizing adjustments, net(4)

(5,324) 2,770

Same Store NOI (SSNOI) $ 800,495 $ 693,284 15.5%

Seniors Housing Operating 584,770 485,303 20.5%

Seniors Housing Triple-net 82,349 78,281 5.2%

Outpatient Medical 26,945 26,305 2.4%

Long-Term/Post-Acute Care 106,431 103,395 2.9%

Total SSNOI $ 800,495 $ 693,284 15.5%

(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.

(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.

(3) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate U.K. properties at a GBP/USD rate of 1.23.

(4) Includes other adjustments described in the accompanying Supplement.

Page 9 of 11

2Q26 Earnings Release July 27, 2026

Reconciliation of SHO SS RevPOR Growth Exhibit 5

(in thousands except SS RevPOR) Three Months Ended

June 30,

2026 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 noncontrolling interests(2)

(22,535) (20,112)

SHO pro rata revenues(3)

3,031,636 2,007,567

Non-cash and non-RevPOR revenues on same store properties (2,543) (2,549)

Revenues attributable to non-same store properties (1,206,058) (333,704)

Currency and ownership adjustments(4)

(2,805) (3,792)

SHO SS RevPOR revenues(5)

$ 1,820,230 $ 1,667,522

Average occupied units/month(6)

100,410 96,800

SHO SS RevPOR(7)

$ 6,059 $ 5,758

SS RevPOR YOY growth 5.2 %

(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.

(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.

(3) Represents SHO revenues at Welltower pro rata ownership.

(4) Includes adjustments to reflect consistent property ownership percentages and foreign currency exchange rates for properties in the U.K. and Canada.

(5) Represents SS SHO RevPOR revenues at Welltower pro rata ownership.

(6) Represents average occupied units for SS properties on a pro rata basis.

(7) Represents pro rata SS average revenues generated per occupied room per month.

Page 10 of 11

2Q26 Earnings Release July 27, 2026

Net Debt to Adjusted EBITDA Reconciliation Exhibit 6

(in thousands)

Three Months Ended

June 30,

2026

Net income (loss) $ 462,975

Interest expense 181,914

Income tax expense (benefit) (61,979)

Depreciation and amortization 737,764

EBITDA 1,320,674

Loss (income) from unconsolidated entities 17,969

Stock-based compensation 15,498

Loss (gain) on extinguishment of debt, net 1,984

Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (98,537)

Impairment of assets 25,774

Provision for loan losses, net 2,183

Other expenses 56,930

Casualty losses, net of recoveries 5,038

Adjusted EBITDA $ 1,347,513

Total debt(1)

$ 18,218,544

Cash and cash equivalents and restricted cash (2,097,164)

Net debt $ 16,121,380

Adjusted EBITDA annualized $ 5,390,052

Net debt to Adjusted EBITDA ratio 2.99x

(1) Amounts include unamortized premiums/discounts, other fair value adjustments and financing lease liabilities. Excludes operating lease liabilities related to ASC 842 of $1,502,260,000 as of June 30, 2026.

Net Debt to Consolidated Enterprise Value Exhibit 7

(in thousands, except share price)

June 30, 2026 June 30, 2025

Common shares outstanding 718,902 665,120

Period end share price $ 226.97 $ 153.73

Common equity market capitalization $ 163,169,187 $ 102,248,898

Total debt $ 18,218,544 $ 16,079,566

Cash and cash equivalents and restricted cash (2,097,164) (4,523,511)

Net debt 16,121,380 11,556,055

Noncontrolling interests(1)

1,249,224 645,775

Consolidated enterprise value $ 180,539,791 $ 114,450,728

Net debt to consolidated enterprise value 8.9 % 10.1 %

(1) Includes all noncontrolling interests (redeemable and permanent) as reflected on our consolidated balance sheet.

Page 11 of 11

EX-99.2

Filename: a2q26supplement992.htm · Sequence: 3

Document

Table of Contents

Overview

Portfolio

Investment

Financial

Glossary

Supplemental Reporting Measures

Forward Looking Statements and Risk Factors

Overview

(dollars and occupancy at Welltower pro rata ownership; dollars in thousands)

Portfolio Composition(1)

Beds/Unit Mix

Average Age Properties Total Wellness Housing Independent Living Assisted Living Memory Care Long-Term/ Post-Acute Care

Seniors Housing Operating 17 1,994 202,480 33,106 56,242 83,841 28,509 782

Seniors Housing Triple-net 24 427 28,732 — 1,937 19,115 7,488 192

Outpatient Medical 11 127 8,666,907 (2) n/a n/a n/a n/a n/a

Long-Term/Post-Acute Care 35 402 47,684 — 45 947 — 46,692

Total 20 2,950

NOI Performance

Same Store(3)

In-Place Portfolio(4)

Properties 2Q25 NOI 2Q26 NOI % Change Properties Annualized

In-Place NOI % of Total

Seniors Housing Operating 980 $ 485,303 $ 584,770 20.5 % 1,751 $ 3,402,972 69.9 %

Seniors Housing Triple-net 258 78,281 82,349 5.2 % 424 623,896 12.8 %

Outpatient Medical 89 26,305 26,945 2.4 % 93 116,848 2.4 %

Long-Term/Post-Acute Care 241 103,395 106,431 2.9 % 399 721,952 14.9 %

Total 1,568 $ 693,284 $ 800,495 15.5 % 2,667 $ 4,865,668 100.0 %

Portfolio Performance Facility Revenue Mix

Stable Portfolio(5)

Occupancy

EBITDAR Coverage(6)

EBITDARM Coverage(6)

Private Pay Medicaid Medicare

Other Government(7)

Seniors Housing Operating 88.8 % n/a n/a 93.0 % 0.7 % 0.2 % 6.2 %

Seniors Housing Triple-net 84.7 % 1.23 1.46 85.2 % 2.1 % 0.1 % 12.5 %

Outpatient Medical 97.0 % n/a n/a 100.0 % — — —

Long-Term/Post-Acute Care 81.5 % 1.30 1.65 24.8 % 48.7 % 26.7 % — %

Total 1.27 1.56 89.0 % 3.3 % 1.6 % 6.1 %

Notes:

(1) Includes land parcels and properties under development.

(2) Indicates the total square footage of Outpatient Medical properties.

(3) See pages 17 and 18 for reconciliation.

(4) Excludes land parcels, loans, developments and investments held for sale. See page 17 for reconciliation.

(5) Data as of June 30, 2026 for Seniors Housing Operating and Outpatient Medical and March 31, 2026 for the remaining asset types.

(6) Represents trailing twelve month coverage metrics.

(7) Represents various federal and local reimbursement programs in the United Kingdom and Canada.

Portfolio

(dollars in thousands at Welltower pro rata ownership)

In-Place NOI Diversification(1)

By Partner: Total Properties Seniors Housing Operating Seniors Housing

Triple-net Outpatient

Medical Long-Term/ Post-Acute Care Total % of Total

Barchester 264 $ 237,988 $ 263,480 $ — $ — $ 501,468 10.3 %

Cogir Senior Living 181 416,724 — — — 416,724 8.6 %

Avir Health Group 173 — — — 297,176 297,176 6.1 %

Care UK 168 248,860 — — — 248,860 5.1 %

Oakmont Management Group 77 244,068 — — — 244,068 5.0 %

Sunrise Senior Living 71 237,068 — — — 237,068 4.9 %

StoryPoint Senior Living 136 208,696 — — — 208,696 4.3 %

Avery Healthcare 95 108,584 79,092 — — 187,676 3.9 %

Amica Senior Lifestyles 33 148,176 — — — 148,176 3.0 %

HC-One 214 140,744 — — — 140,744 2.9 %

Remaining 1,255 1,412,064 281,324 116,848 424,776 2,235,012 45.9 %

Total 2,667 $ 3,402,972 $ 623,896 $ 116,848 $ 721,952 $ 4,865,668 100.0 %

By Country:

United States 1,708 $ 2,190,560 $ 238,860 $ 116,848 $ 721,952 $ 3,268,220 67.2 %

United Kingdom 795 768,172 385,036 — — 1,153,208 23.7 %

Canada 164 444,240 — — — 444,240 9.1 %

Total 2,667 $ 3,402,972 $ 623,896 $ 116,848 $ 721,952 $ 4,865,668 100.0 %

By MSA:

Greater London 140 $ 184,336 $ 77,860 $ — $ — $ 262,196 5.4 %

New York / New Jersey 74 120,052 24,508 12,132 27,036 183,728 3.8 %

Dallas 91 110,328 968 1,168 57,244 169,708 3.5 %

Los Angeles 50 138,540 19,576 380 3,420 161,916 3.3 %

Houston 58 27,888 — 74,092 27,708 129,688 2.7 %

Washington D.C. 33 80,812 6,628 — 16,932 104,372 2.1 %

Montréal 26 98,644 — — — 98,644 2.0 %

San Francisco 23 85,228 6,644 — 3,912 95,784 2.0 %

Toronto 28 91,352 — — — 91,352 1.9 %

Boston 27 75,728 14,460 212 — 90,400 1.9 %

Philadelphia 45 44,892 5,476 456 25,800 76,624 1.6 %

Chicago 36 68,408 7,156 — — 75,564 1.6 %

Vancouver 11 52,596 — — — 52,596 1.1 %

Seattle 25 49,408 1,268 384 — 51,060 1.0 %

Denver 14 44,928 — — 2,656 47,584 1.0 %

San Antonio 18 23,992 952 260 19,484 44,688 0.9 %

Charlotte 25 20,448 10,572 10,688 — 41,708 0.9 %

Minneapolis 23 41,120 — 560 — 41,680 0.9 %

San Diego 14 29,884 7,528 — 3,160 40,572 0.8 %

Raleigh 10 10,480 29,880 — — 40,360 0.8 %

Remaining 1,896 2,003,908 410,420 16,516 534,600 2,965,444 60.8 %

Total 2,667 $ 3,402,972 $ 623,896 $ 116,848 $ 721,952 $ 4,865,668 100.0 %

Notes:

(1) Represents current quarter annualized In-Place NOI. See page 17 for reconciliation.

Portfolio

(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)

Seniors Housing Operating

Total Portfolio Performance(1)

2Q25 3Q25 4Q25 1Q26 2Q26

Properties 1,171 1,199 1,659 1,689 1,770

Units 129,758 131,792 160,218 163,618 172,155

Total occupancy 85.6 % 86.9 % 87.4 % 87.3 % 87.6 %

Total revenues $ 2,007,567 $ 2,109,690 $ 2,607,559 $ 2,823,788 $ 3,031,636

Operating expenses 1,464,457 1,530,131 1,902,889 2,042,868 2,158,746

NOI $ 543,110 $ 579,559 $ 704,670 $ 780,920 $ 872,890

NOI margin 27.1 % 27.5 % 27.0 % 27.7 % 28.8 %

Recurring cap-ex $ 63,937 $ 78,803 $ 116,560 $ 67,924 $ 98,871

Other cap-ex $ 118,646 $ 131,668 $ 166,439 $ 165,031 $ 186,866

Same Store Performance(2)

2Q25 3Q25 4Q25 1Q26 2Q26

Properties 980 980 980 980 980

Units 112,409 112,411 112,415 112,365 112,241

Occupancy 86.1 % 87.6 % 88.6 % 88.8 % 89.4 %

Same store revenues $ 1,668,269 $ 1,711,179 $ 1,741,974 $ 1,786,385 $ 1,820,945

Compensation 699,255 711,505 723,987 721,267 730,982

Utilities 68,322 78,157 75,106 83,159 71,897

Food 66,778 68,536 70,975 66,948 68,931

Repairs and maintenance 44,975 48,104 47,376 47,479 47,578

Property taxes 56,277 56,158 52,557 57,615 56,968

All other 247,359 248,281 256,089 255,620 259,819

Same store operating expenses 1,182,966 1,210,741 1,226,090 1,232,088 1,236,175

Same store NOI $ 485,303 $ 500,438 $ 515,884 $ 554,297 $ 584,770

Same store NOI margin % 29.1 % 29.2 % 29.6 % 31.0 % 32.1 %

Year over year NOI growth rate 20.5 %

Year over year revenue growth rate 9.2 %

Partners(3)

Properties Pro Rata Units

Welltower Ownership %(4)

Top Markets 2Q26 NOI % of Total

Cogir Senior Living 181 27,389 94.7 % Greater London $ 52,431 6.0 %

Care UK 168 10,780 100.0 % Southern California 52,127 6.0 %

Oakmont Management Group 77 7,789 100.0 % Northern California 47,800 5.5 %

Barchester 114 7,006 100.0 % New York / New Jersey 29,925 3.4 %

Sunrise Senior Living 71 6,460 90.8 % Dallas 27,978 3.2 %

StoryPoint Senior Living 136 13,343 91.4 % Montréal 24,812 2.8 %

Amica Senior Lifestyles 33 4,914 100.0 % Toronto 24,190 2.8 %

HC-One 214 12,296 100.0 % Washington D.C. 23,073 2.6 %

Legend Senior Living 64 5,416 83.5 % Boston 18,808 2.2 %

Sagora Senior Living 71 8,172 100.0 % Chicago 17,051 2.0 %

Avery Healthcare 45 3,377 93.8 % Top markets 318,195 36.5 %

Belmont Village 21 2,803 95.0 % All other 554,695 63.5 %

Clover Management 69 7,811 94.4 % Total $ 872,890 100.0 %

Discovery Senior Living 72 5,755 58.1 %

Remaining 415 47,517

Total 1,751 170,828

Notes:

(1) Properties, units, occupancy and cap-ex exclude land parcels, properties under development/redevelopment, leased properties and nonoperational properties.

(2) See pages 17 and 18 for reconciliation.

(3) Represents partner concentration based on annualized In-Place NOI for the quarter ended June 30, 2026. Property count and pro rata units represent the In-Place portfolio.

(4) Welltower ownership percentage weighted based on In-Place NOI. See page 17 for reconciliation.

Portfolio

(dollars in thousands at Welltower pro rata ownership)

Payment Coverage Stratification

EBITDARM Coverage(1)

EBITDAR Coverage(1)

% of In-Place NOI Seniors Housing Triple-net Long-Term/ Post- Acute Care Total Weighted Average Maturity Number of Leases Seniors Housing Triple-net Long-Term/ Post- Acute Care Total Weighted Average Maturity Number of Leases

<.85x 0.1 % — % 0.1 % 10 2 0.1 % 0.1 % 0.2 % 11 3

.85x-.95x — % 0.1 % 0.1 % 13 1 — % — % — % — —

.95x-1.05x — % — % — % — — 0.4 % 3.1 % 3.5 % 14 4

1.05x-1.15x — % — % — % — — 0.8 % — % 0.8 % 12 4

1.15x-1.25x 0.3 % 1.8 % 2.1 % 17 2 3.9 % 1.7 % 5.6 % 9 5

1.25x-1.35x 1.1 % 0.2 % 1.3 % 14 4 — % 1.1 % 1.1 % 15 2

>1.35 5.1 % 6.7 % 11.8 % 10 24 1.4 % 2.8 % 4.2 % 12 15

Total 6.6 % 8.8 % 15.4 % 12 33 6.6 % 8.8 % 15.4 % 12 33

Revenue and Lease Maturity(2)

Rental Income

Year Seniors Housing

Triple-net Outpatient Medical Long-Term / Post-Acute Care Interest

Income Total

Revenues % of Total

2026 $ — $ 1,409 $ — $ 29,212 $ 30,621 1.7 %

2027 — 1,522 1,311 65,663 68,496 3.8 %

2028 — 3,200 6,669 2,464 12,333 0.7 %

2029 1,115 5,053 — 105,689 111,857 6.3 %

2030 12,525 5,957 30,640 4,007 53,129 3.0 %

2031 — 4,974 4,686 13,350 23,010 1.3 %

2032 99,706 3,104 55,255 359 158,424 8.9 %

2033 — 849 1,911 — 2,760 0.2 %

2034 433 4,059 — 274 4,766 0.3 %

2035 36,924 5,331 15,307 1,066 58,628 3.3 %

Thereafter 458,881 87,294 611,282 98,632 1,256,089 70.5 %

$ 609,584 $ 122,752 $ 727,061 $ 320,716 $ 1,780,113 100.0 %

Weighted Avg Maturity Years 17 12 17 8 15

Notes:

(1) Represents trailing twelve month coverage metrics as of March 31, 2026 for stable portfolio only. Agreements included represent 54% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 17 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.

(2) Excludes all land parcels, developments and investments classified as held for sale, as well as Seniors Housing Triple-net and Long-Term / Post-Acute Care leases accounted for on a cash basis where substantially all contractual rental income during the most recent period was not collected. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non-cash income. Interest income represents the annualized contractual rate of interest for loans, net of collectability reserves, if applicable.

Portfolio

(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)

Outpatient Medical

Total Portfolio Performance(1)

2Q25 3Q25 4Q25 1Q26 2Q26

Properties 434 437 194 135 121

Square feet 21,914,499 22,073,485 8,801,545 5,576,683 4,754,231

Occupancy 94.4 % 94.2 % 95.5 % 96.9 % 97.0 %

Total revenues $ 215,718 $ 219,238 $ 148,862 $ 76,524 $ 51,449

Operating expenses 65,197 65,851 45,000 20,184 9,934

NOI $ 150,521 $ 153,387 $ 103,862 $ 56,340 $ 41,515

NOI margin 69.8 % 70.0 % 69.8 % 73.6 % 80.7 %

Revenues per square foot $ 39.37 $ 39.73 $ 67.65 $ 54.89 $ 43.29

NOI per square foot $ 27.47 $ 27.80 $ 47.20 $ 40.41 $ 34.93

Recurring cap-ex $ 13,221 $ 19,324 $ 4,298 $ 1,550 $ 620

Other cap-ex $ 9,297 $ 14,051 $ 1,963 $ 920 $ 317

Same Store Performance(2)

2Q25 3Q25 4Q25 1Q26 2Q26

Properties 89 89 89 89 89

Occupancy 97.9 % 98.0 % 97.9 % 97.9 % 98.0 %

Same store revenues $ 29,952 $ 28,299 $ 29,727 $ 30,246 $ 30,600

Same store operating expenses 3,647 1,977 3,237 3,655 3,655

Same store NOI $ 26,305 $ 26,322 $ 26,490 $ 26,591 $ 26,945

NOI margin 87.8 % 93.0 % 89.1 % 87.9 % 88.1 %

Year over year NOI growth rate 2.4 %

Portfolio Diversification

by Tenant(3)

Rental Income % of Total Quality Indicators

Kelsey-Seybold $ 74,431 60.6 %

Health system affiliated properties as % of NOI(3)

99.7 %

UnitedHealth 15,494 12.6 %

Health system affiliated tenants as % of rental income(3)

93.5 %

Atrium Health 10,662 8.7 %

Investment grade tenants as % of rental income(3)

94.7 %

Norman Regional Health 6,879 5.6 %

Retention (trailing twelve months)(3)

92.8 %

Baylor Scott & White Health 2,260 1.8 %

Average remaining lease term (years)(3)

11.8

Remaining portfolio 13,026 10.7 %

Average building size (square feet)(3)

75,866

Total $ 122,752 100.0 % Average age (years) 11

Expirations(3)

2026 2027 2028 2029 2030 Thereafter

Occupied square feet 62,482 60,858 127,940 187,499 258,280 3,321,663

% of occupied square feet 1.6 % 1.5 % 3.2 % 4.7 % 6.4 % 82.6 %

Notes:

(1) Properties, square feet, occupancy and cap-ex exclude land parcels, properties under development/redevelopment and nonoperational properties. Per square foot amounts are annualized.

(2) Includes 89 same store properties representing 3,672,588 square feet. See pages 17 and 18 for reconciliation.

(3) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non-cash income. Retention includes month-to-month tenants retained.

Investment

(dollars in thousands at Welltower pro rata ownership)

Relationship Investment History

Detail of Acquisitions/JVs(1)

2022 2023 2024 2025 1Q26 2Q26 22-26 Total

Count 27 52 54 90 34 29 286

Total $ 2,785,739 $ 4,222,706 $ 5,287,140 $ 17,566,127 $ 1,374,866 $ 5,857,131 $ 37,093,709

Low 6,485 2,950 970 4,825 259 3,198 259

Median 66,074 65,134 39,863 52,894 26,904 46,000 48,000

High 389,149 644,443 936,814 6,644,176 206,230 2,629,178 6,644,176

Investment Timing

Acquisitions and Loan Funding(2)

Yield

Construction Conversions(3)

Year 1 Yield Dispositions and Loan Repayments Yield

April $ 4,113,786 5.7 % $ 32,985 (3.1) % $ 499,076 6.0 %

May 1,209,224 8.0 % 29,195 (2.7) % 45,555 12.4 %

June 902,672 5.1 % 112,605 (1.5) % 298,089 5.7 %

Total $ 6,225,682 6.0 % $ 174,785 (2.0) % $ 842,720 6.2 %

Notes:

(1) Includes non-yielding asset acquisitions.

(2) Includes advances for non-real estate loans. Excludes land acquisitions and advances for development loans.

(3) Includes expansion conversions and excludes in substance real estate investments.

Investment

(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)

Gross Investment Activity

Second Quarter 2026

Properties Beds / Units / Square Feet Investment Per

Bed / Unit /

SqFt Pro Rata

Amount Yield

Acquisitions and Loan Funding(1)

Seniors Housing Operating 75 9,711 units $ 435,406 $ 4,273,956

Seniors Housing Triple-net 1 112 units 338,420 37,903

Long-Term/Post-Acute Care 62 7,763 beds 191,742 1,545,272

Loan funding 368,551

Total acquisitions and loan funding(2)

138 6,225,682 6.0 %

Development Funding(3)

Development projects:

Seniors Housing Operating 44 4,329 units 78,338

Outpatient Medical — — sf 49

Total development projects 44 78,387

Redevelopment and expansion projects:

Seniors Housing Operating 2 90 units 2,687

Total development funding 46 81,074 7.8 %

Total gross investments 6,306,756 6.0 %

Dispositions and Loan Repayments(4)

Seniors Housing Operating 2 52 units 258,974 14,840

Seniors Housing Triple-net 2 194 units 185,825 36,050

Outpatient Medical 14 844,403 sf 665 561,243

Long-Term/Post-Acute Care 2 434 beds 315,832 75,800

Loan repayments 154,787

Total dispositions and loan repayments(5)

20 842,720 6.2 %

Net investments (dispositions) $ 5,464,036

Notes:

(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP, for all consolidated and unconsolidated property acquisitions. Pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans. Includes acquisition of leaseholds and additional ownership interest in properties, which are both excluded from property, unit and per unit metrics.

(2) Acquisition yields represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Loan funding yield represents annualized contractual interest divided by investment amount.

(3) Amounts represent cash funded for all developments/expansions including construction in progress, loans and in substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.

(4) Amounts represent proceeds received for loan repayments and consolidated and unconsolidated property sales. Includes disposition of partial ownership interest in properties which are excluded from property, unit and per unit metrics.

(5) Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds. Pro rata amounts include joint venture real estate loans receivable.

Investment

(dollars in thousands, except per bed / unit / square foot, at Welltower pro rata ownership)

Gross Investment Activity

Year-To-Date 2026

Properties Beds / Units / Square Feet Investment Per

Bed / Unit /

SqFt Pro Rata

Amount Yield

Acquisitions and Loan Funding(1)

Seniors Housing Operating 107 13,816 units $ 381,405 $ 5,343,558

Seniors Housing Triple-net 7 526 units 329,156 173,136

Outpatient Medical 1 134,307 sf 729 97,919

Long-Term/Post-Acute Care 63 7,879 beds 190,119 1,617,384

Loan funding 2,209,045

Total acquisitions and loan funding(2)

178 9,441,042 6.6 %

Development Funding(3)

Development projects:

Seniors Housing Operating 48 4,874 units 141,404

Outpatient Medical — — sf 8,340

Total development projects 48 149,744

Redevelopment and expansion projects:

Seniors Housing Operating 2 90 units 5,014

Total redevelopment and expansion projects 2 5,014

Total development funding 50 154,758 6.3 %

Total gross investments 9,595,800 6.6 %

Dispositions and Loan Repayments(4)

Seniors Housing Operating 6 269 units 100,659 28,451

Seniors Housing Triple-net 4 301 units 135,714 40,850

Outpatient Medical 74 4,237,583 sf 454 1,925,376

Long-Term/Post-Acute Care 35 4,956 beds 121,105 600,197

Loan repayments 1,027,391

Total dispositions and loan repayments(5)

119 3,622,265 7.3 %

Net investments (dispositions) $ 5,973,535

Notes:

(5) Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds. Pro rata amounts include joint venture real estate loans receivable.

Investment

(dollars in thousands at Welltower pro rata ownership)

Development Funding Projections(1)

Projected Future Funding

Projects Beds / Units / Square Feet

Stable Yields(2)

2026 Funding Funding Thereafter Total Unfunded Commitments Committed Balances

Seniors Housing Operating 40 4,061 10.5 % $ 294,799 $ 441,156 $ 735,955 $ 1,440,775

Development Project Conversion Estimates(1)

Quarterly Conversions Annual Conversions

Amount

Year 1 Yields(2)

Stable Yields(2)

Amount

Year 1 Yields(2)

Stable Yields(2)

1Q26 actual $ 68,348 (1.2) % 10.0 % 2026 actual $ 243,133 (1.8) % 10.1 %

2Q26 actual 174,785 (2.0) % 10.2 % 2026 estimate 305,045 (1.0) % 10.8 %

3Q26 estimate 129,315 (1.2) % 10.3 % 2027 estimate 467,069 (0.9) % 8.9 %

4Q26 estimate 175,730 (0.8) % 11.1 % Thereafter estimate 668,661 0.4 % 11.5 %

Total $ 548,178 (1.3) % 10.5 % Total $ 1,683,908 (0.5) % 10.4 %

Unstabilized Properties

3/31/2026 Stabilizations

Construction Conversions(1)

Acquisitions/ Dispositions 6/30/2026 Beds / Units

Seniors Housing Operating 67 (7) 4 — 64 8,910

Seniors Housing Triple-net 7 — — — 7 499

Total 74 (7) 4 — 71 9,409

Occupancy 3/31/2026 Stabilizations

Construction Conversions(3)

Acquisitions/ Dispositions Progressions 6/30/2026

0% - 50% 28 — 4 — (5) 27

50% - 70% 24 — — — (3) 21

70% + 22 (7) — — 8 23

Total 74 (7) 4 — — 71

Occupancy 6/30/2026 Months In Operation Revenues

% of Total Revenues(4)

Gross Investment Balance % of Total Gross Investment

0% - 50% 27 10 $ 108,383 0.8 % $ 1,044,956 1.5 %

50% - 70% 21 24 229,741 1.6 % 1,157,874 1.6 %

70% + 23 33 290,576 2.0 % 1,077,583 1.5 %

Total 71 22 $ 628,701 4.4 % $ 3,280,413 4.6 %

(1) Includes development projects (construction in progress, development loans and in substance real estate) and excludes expansion projects. Projects expected to be delivered in phases over multiple quarters are reflected in the last quarter.

(2) Actual yields may vary.

(3) Includes expansion and development loan conversions.

(4) Percent of total revenues based on current quarter annualized pro rata total revenues on page 11.

Financial

(dollars in thousands at Welltower pro rata ownership)

Components of NAV

Stabilized NOI Pro rata beds/units/square feet

Seniors Housing Operating(1)

$ 3,402,972 170,828 units

Seniors Housing Triple-net 623,896 28,649 units

Outpatient Medical 116,848 4,130,660 square feet

Long-Term/Post-Acute Care 721,952 47,408 beds

Total In-Place NOI(2)

4,865,668

Incremental stabilized NOI(3)

152,032

Total stabilized NOI $ 5,017,700

Obligations

Lines of credit and commercial paper(4)

$ —

Senior unsecured notes(4)

14,280,506

Secured debt(4)

4,210,090

Financing lease liabilities 497,063

Total debt 18,987,659

Add (Subtract):

Other liabilities (assets), net(5)

379,744

Cash and cash equivalents and restricted cash (2,134,589)

Net obligations $ 17,232,814

Other Assets

Land parcels(6)

637,295

Effective Interest Rate(9)

Real estate loans receivable(7)

4,341,954 8.5%

Non-real estate loans receivable(8)

230,250 9.9%

Joint venture real estate loans receivables(10)

225,578 5.7%

Property dispositions(11)

798,541

Development properties:(12)

Current balance 713,974

Unfunded commitments 755,599

Committed balances $ 1,469,573

Projected yield 10.5 %

Projected NOI $ 154,305

Common shares outstanding(13)

740,776

Notes:

(1) Includes $17,900,000 attributable to our proportional share of income (loss) from unconsolidated management company investments.

(2) See page 17 for reconciliation.

(3) Represents incremental NOI from Seniors Housing Operating unstabilized properties.

(4) Represents principal amounts due and does not include unamortized premiums/discounts, deferred loan expenses or other fair value adjustments as reflected on the balance sheet. Includes $1,526,713,000 of foreign secured debt and $372,646,000 of financing obligations related to sale-leaseback transactions that did not qualify for sale accounting.

(5) Includes liabilities / (assets) that impact cash or NOI and excludes non-real estate loans and non-cash items such as straight-line rent receivable, unearned revenues, intangible assets and above/below market lease intangibles.

(6) Includes land parcels and predevelopment projects.

(7) Represents $4,363,887,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, net of $21,933,000 of credit allowances.

(8) Represents $236,817,000 of non-real estate loans, net of $6,567,000 of credit allowances.

(9) Average cash-pay interest rates are 7.8%, 2.9% and 5.7% for real estate, non-real estate loans and joint venture real estate loans, respectively. Rates exclude non-accrual/interest-free loans.

(10) Represents our partners' share of Welltower loans made to select joint ventures secured by the joint venture owned properties.

(11) Represents proceeds from expected property dispositions in the next twelve months.

(12) Includes expansion projects. Includes partial conversions to date.

(13) Includes June 30, 2026 common shares, OP Units and Exchangeable Units outstanding and the dilutive impact of exchangeable senior unsecured notes.

Financial

(dollars in thousands at Welltower pro rata ownership)

Net Operating Income(1)

2Q25 3Q25 4Q25 1Q26 2Q26

Revenues:

Seniors Housing Operating

Resident fees and services $ 2,003,039 $ 2,100,724 $ 2,588,078 $ 2,814,403 $ 3,021,127

Other income 4,528 8,966 19,481 9,385 10,509

Total revenues 2,007,567 2,109,690 2,607,559 2,823,788 3,031,636

Seniors Housing Triple-net

Rental income 104,360 99,423 167,485 191,086 197,010

Other income 346 91 537 40 47

Total revenues 104,706 99,514 168,022 191,126 197,057

Outpatient Medical

Rental income 213,552 217,188 147,701 75,430 50,630

Other income 2,166 2,050 1,161 1,094 819

Total revenues 215,718 219,238 148,862 76,524 51,449

Long-Term/Post-Acute Care

Rental income 165,214 184,261 211,841 191,595 216,665

Interest income — — — 8,077 —

Other income 14 194 5 192 5

Total revenues 165,228 184,455 211,846 199,864 216,670

Corporate

Interest income 65,256 70,477 56,158 85,414 89,139

Other income 30,512 52,439 31,513 41,225 17,804

Total revenues 95,768 122,916 87,671 126,639 106,943

Total

Resident fees and services 2,003,039 2,100,724 2,588,078 2,814,403 3,021,127

Rental income 483,126 500,872 527,027 458,111 464,305

Interest income 65,256 70,477 56,158 93,491 89,139

Other income 37,566 63,740 52,697 51,936 29,184

Total revenues 2,588,987 2,735,813 3,223,960 3,417,941 3,603,755

Property operating expenses:

Seniors Housing Operating 1,464,457 1,530,131 1,902,889 2,042,868 2,158,746

Seniors Housing Triple-net 4,817 4,496 4,490 4,827 4,507

Outpatient Medical 65,197 65,851 45,000 20,184 9,934

Long-Term/Post-Acute Care 3,705 3,609 2,974 2,893 2,753

Corporate 4,740 6,025 6,261 14,208 6,511

Total property operating expenses 1,542,916 1,610,112 1,961,614 2,084,980 2,182,451

Net operating income:

Seniors Housing Operating 543,110 579,559 704,670 780,920 872,890

Seniors Housing Triple-net 99,889 95,018 163,532 186,299 192,550

Outpatient Medical 150,521 153,387 103,862 56,340 41,515

Long-Term/Post-Acute Care 161,523 180,846 208,872 196,971 213,917

Corporate 91,028 116,891 81,410 112,431 100,432

Net operating income $ 1,046,071 $ 1,125,701 $ 1,262,346 $ 1,332,961 $ 1,421,304

Note:

(1) Please see discussion of Supplemental Reporting Measures on page 16. Includes amounts from investments sold or held for sale. NOI related to OP Unit and DownREIT ownership included at 100%.

Financial

(dollars in thousands)

Leverage and EBITDA Reconciliations(1)

Twelve Months Ended Three Months Ended

June 30, 2026 June 30, 2026

Net income (loss) $ 1,615,252 $ 462,975

Interest expense 740,465 181,914

Income tax expense (benefit) (52,996) (61,979)

Depreciation and amortization 2,464,479 737,764

EBITDA 4,767,200 1,320,674

Loss (income) from unconsolidated entities 27,823 17,969

Stock-based compensation 1,556,076 15,498

Loss (gain) on extinguishment of debt, net 5,800 1,984

Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (1,901,353) (98,537)

Impairment of assets 79,605 25,774

Provision for loan losses, net (2,481) 2,183

Loss (gain) on derivatives and financial instruments, net 26,026 —

Other expenses 288,610 56,930

Casualty losses, net of recoveries 13,107 5,038

Total adjustments 93,213 26,839

Adjusted EBITDA $ 4,860,413 $ 1,347,513

Interest Coverage Ratios

Interest expense $ 740,465 $ 181,914

Capitalized interest 30,926 8,851

Non-cash interest expense (54,057) (15,122)

Total interest $ 717,334 $ 175,643

EBITDA $ 4,767,200 $ 1,320,674

Interest coverage ratio 6.65 x 7.52 x

Adjusted EBITDA $ 4,860,413 $ 1,347,513

Adjusted Interest coverage ratio 6.78 x 7.67 x

Fixed Charge Coverage Ratios

Total interest $ 717,334 $ 175,643

Secured debt principal amortization 70,259 19,798

Total fixed charges $ 787,593 $ 195,441

EBITDA $ 4,767,200 $ 1,320,674

Fixed charge coverage ratio 6.05 x 6.76 x

Adjusted EBITDA $ 4,860,413 $ 1,347,513

Adjusted Fixed charge coverage ratio 6.17 x 6.89 x

Net Debt to EBITDA Ratios

Total debt(2)

$ 18,218,544

Less: cash and cash equivalents and restricted cash (2,097,164)

Net debt $ 16,121,380

EBITDA Annualized $ 5,282,696

Net debt to EBITDA ratio 3.05 x

Adjusted EBITDA Annualized $ 5,390,052

Net debt to Adjusted EBITDA ratio 2.99 x

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 16.

(2) Includes unamortized premiums/discounts, other fair value adjustments, financing lease liabilities of $492,291,000 and failed sale-leaseback financing obligations of $372,646,000. Excludes operating lease liabilities of $1,502,260,000 related to ASC 842.

Financial

(in thousands except share price)

Leverage and Current Capitalization(1)

% of Total

Book capitalization

Lines of credit and commercial paper(2)

$ — — %

Long-term debt obligations(2)(3)

18,218,544 28.56 %

Cash and cash equivalents and restricted cash (2,097,164) (3.29) %

Net debt to consolidated book capitalization $ 16,121,380 25.27 %

Total equity and noncontrolling interests(4)

47,663,572 74.73 %

Consolidated book capitalization $ 63,784,952 100.00 %

Joint venture debt, net(5)

495,303

Total book capitalization $ 64,280,255

Undepreciated book capitalization

Lines of credit and commercial paper(2)

$ — — %

Long-term debt obligations(2)(3)

18,218,544 24.18 %

Cash and cash equivalents and restricted cash (2,097,164) (2.78) %

Net debt to consolidated undepreciated book capitalization $ 16,121,380 21.40 %

Accumulated depreciation and amortization 11,533,470 15.31 %

Total equity and noncontrolling interests(4)

47,663,572 63.29 %

Consolidated undepreciated book capitalization $ 75,318,422 100.00 %

Joint venture debt, net(5)

495,303

Total undepreciated book capitalization $ 75,813,725

Enterprise value

Lines of credit and commercial paper(2)

$ — — %

Long-term debt obligations(2)(3)

18,218,544 10.09 %

Cash and cash equivalents and restricted cash (2,097,164) (1.16) %

Net debt to consolidated enterprise value $ 16,121,380 8.93 %

Common shares outstanding 718,902

Period end share price 226.97

Common equity market capitalization $ 163,169,187 90.38 %

Noncontrolling interests(4)

1,249,224 0.69 %

Consolidated enterprise value $ 180,539,791 100.00 %

Joint venture debt, net(5)

495,303

Total enterprise value $ 181,035,094

Secured debt as % of total assets

Secured debt(2)

$ 3,431,152 4.21 %

Gross asset value(6)

$ 81,408,650

Total debt as % of gross asset value

Total debt(2)(3)

$ 18,218,544 22.38 %

Gross asset value(6)

$ 81,408,650

Unsecured debt as % of unencumbered assets

Unsecured debt(2)

$ 14,295,100 19.12 %

Unencumbered gross assets(7)

$ 74,783,089

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 16.

(2) Amounts include unamortized premiums/discounts and other fair value adjustments as reflected on the balance sheet.

(3) Includes financing lease liabilities of $492,291,000 and failed sale-leaseback financing obligations of $372,646,000. Excludes operating lease liabilities of $1,502,260,000 related to ASC 842.

(4) Includes all noncontrolling interests (redeemable and permanent) as reflected on our balance sheet.

(5) Net of Welltower's share of unconsolidated debt and minority partners' share of Welltower consolidated debt.

(6) Gross asset value equals total assets plus accumulated depreciation as reflected on the balance sheet.

(7) Unencumbered gross assets equal gross asset value for consolidated properties that are not financed with secured debt.

Financial

(dollars in thousands)

Debt Maturities and Scheduled Principal Amortization(1)

Year

Lines of Credit and Commercial Paper(2)

Senior Unsecured Notes(3)

Consolidated Secured Debt Noncontrolling Interests' Share of Consolidated Debt Share of Unconsolidated Secured Debt

Combined Debt(4)

% of Total

Wtd. Avg. Interest Rate (5)

2026 $ — $ — $ 187,833 $ (1,661) $ 71,571 $ 257,743 1.42 % 3.75 %

2027 — 2,645,521 364,342 (2,589) 133,927 3,141,201 17.34 % 4.03 %

2028 — 2,337,135 344,287 (614) 32,217 2,713,025 14.97 % 3.88 %

2029 — 2,235,532 556,583 (151,719) 22,751 2,663,147 14.70 % 3.42 %

2030 — 1,750,000 165,305 (637) 3,467 1,918,135 10.59 % 3.87 %

2031 — 1,350,000 81,982 (667) 376,561 1,807,876 9.98 % 3.49 %

2032 — 1,050,000 93,956 (692) 49,719 1,192,983 6.58 % 3.50 %

2033 — — 486,361 (37,218) 639 449,782 2.48 % 4.71 %

2034 — 662,850 208,662 (8,283) 669 863,898 4.77 % 4.41 %

2035 — 1,250,000 49,535 (931) 21,595 1,320,199 7.29 % 5.06 %

Thereafter — 1,150,000 652,763 (12,802) — 1,789,961 9.88 % 4.86 %

Totals $ — $ 14,431,038 $ 3,191,609 $ (217,813) $ 713,116 $ 18,117,950 100.00 %

Weighted Avg. Interest Rate(5)

— % 3.94 % 4.01 % 4.48 % 5.32 % 4.00 %

Weighted Avg. Maturity Years — 4.9 6.4 4.4 3.8 5.1

% Floating Rate Debt(5)

— % 18.36 % 7.46 % 69.11 % 5.89 % 15.34 %

Debt by Local Currency(1)

Lines of Credit and Commercial Paper(2)

Senior Unsecured Notes(3)

Consolidated Secured Debt Noncontrolling Interests' Share of Consolidated Debt Share of Unconsolidated Secured Debt

Combined Debt(4)

Investment Hedges(6)

United States $ — $ 10,893,532 $ 1,715,724 $ (187,813) $ 632,288 $ 13,053,731 $ —

United Kingdom — 1,391,985 — — — 1,391,985 11,733,383

Canada — 2,145,521 1,475,885 (30,000) 80,828 3,672,234 6,954,551

Totals $ — $ 14,431,038 $ 3,191,609 $ (217,813) $ 713,116 $ 18,117,950 $ 18,687,934

Notes:

(1) Represents principal amounts due excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.

(2) Our unsecured commercial paper program and our unsecured revolving credit facility had a zero balance as of June 30, 2026. The unsecured revolving credit facility is comprised of a $2,000,000,000 tranche that matures on July 24, 2029 and a $4,250,000,000 tranche that matures on March 6, 2030. The $4,250,000,000 tranche may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility.

(3) Senior Unsecured Notes include the following:

•2027 includes CAD $2,747,615,000 of unsecured term loans (approximately $1,934,321,000 USD at June 30, 2026) that mature on April 9, 2027, and bear interest at adjusted CORRA + 0.65%.

•2027 includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $211,200,000 USD at June 30, 2026) that mature on January 15, 2027.

•2028 includes $843,000,000 of 2.75% exchangeable senior unsecured notes that mature on May 15, 2028 unless earlier exchanged, purchased or redeemed.

•2028 also includes £550,000,000 of 4.80% senior unsecured notes (approximately $729,135,000 USD at June 30, 2026). The notes mature on November 20, 2028.

•2029 includes $1,035,000,000 of 3.125% exchangeable senior unsecured notes that mature on July 15, 2029 unless earlier exchanged, purchased or redeemed.

•2034 includes £500,000,000 of 4.50% senior unsecured notes (approximately $662,850,000 USD at June 30, 2026). The notes mature on December 1, 2034.

(4) Excludes operating lease liabilities of $1,502,260,000, finance lease liabilities of $492,291,000 and failed sale-leaseback financing obligations of $372,646,000 related to ASC 842.

(5) Based on variable interest rates and foreign currency exchange rates in effect as of June 30, 2026. The interest rate on the unsecured revolving credit facility is SOFR + 0.655%. Commercial paper, senior notes and secured debt average interest rate represents the face value note rate. Includes the impact of notional swaps and caps to convert fixed rate debt to SOFR-based floating rate debt, and SOFR-based floating rate debt and CORRA-based floating rate debt to fixed rate debt.

(6) Represents notional value of foreign currency derivative contracts at end of period spot FX rates. The fair market value of the gains (losses) of these contracts is currently USD $(188,859,000), as represented in other assets (liabilities) on the balance sheet. We supplement our local currency debt with foreign currency derivative contracts to offset the translation and economic exposures related to our international investments. Currently, our foreign currency derivatives are comprised of cross-currency swaps.

Glossary

Age: Current year, less the year built, adjusted for major renovations. Average age is weighted by pro rata NOI.

Cap-ex, Tenant Improvements, Leasing Commissions: Represents amounts incurred for: 1) recurring and non-recurring capital expenditures required to maintain and re-tenant our properties; 2) second generation tenant improvements; and 3) leasing commissions paid to third party leasing agents to secure new tenants. Excludes sustainability investments.

Construction Conversion: Represents completed construction projects that were placed into service and began generating NOI.

EBITDAR: Earnings before interest, taxes, depreciation, amortization and rent. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDAR and has not independently verified the information.

EBITDAR Coverage: Represents the ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.

EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDARM and has not independently verified the information.

EBITDARM Coverage: Represents the ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations, assuming that management fees are not paid. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.

Health System - Affiliated: Outpatient medical properties are considered affiliated with a health system if one or more of the following conditions are met: 1) the land parcel is contained within the physical boundaries of a hospital campus; 2) the land parcel is located adjacent to the campus; 3) the building is physically connected to the hospital regardless of the land ownership structure; 4) a ground lease is maintained with a health system entity; 5) a master lease is maintained with a health system entity; 6) significant square footage is leased to a health system entity; 7) the property includes an ambulatory surgery center with a hospital partnership interest; or 8) a significant square footage is leased to a physician group that is either employed, directly or indirectly by a health system, or has a significant clinical and financial affiliation with the health system.

Long-Term/Post-Acute Care: Includes all skilled nursing, rehabilitation and long-term/post-acute care facilities where the majority of individuals require 24-hour nursing or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement and are subject to triple-net operating leases. Most of these facilities focus on higher acuity patients and offer rehabilitation units specializing in cardiac, orthopedic, dialysis, neurological or pulmonary rehabilitation.

MSA: For the United States and Canada, we use the Metropolitan Statistical Area as defined by the U.S. Census Bureau and the Census Metropolitan Areas as defined by Statistics Canada, respectively. For the United Kingdom, we generally use the Metro Region as defined by EuroStat with Greater London defined as a 55-mile radius around the city’s center.

Occupancy: Outpatient Medical occupancy represents the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. Occupancy for all other property types represents average quarterly operating occupancy based on the most recent quarter of available data and excludes properties that are unstabilized, closed or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy and has not independently verified the information. Occupancy metrics are reflected at our pro rata share.

Outpatient Medical: Outpatient medical buildings include properties offering ambulatory medical services such as primary and secondary care, outpatient surgery, diagnostic procedures and rehabilitation. These properties are typically affiliated with a health system and may be located on a hospital campus. They are specifically designed and constructed for use by healthcare professionals to provide services to patients. They also include medical office buildings that typically contain sole and group physician practices and may provide laboratory and other specialty services.

Seniors Housing Operating (SHO): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in the U.K. generally structured to take advantage of the REIT Investment Diversification and Empowerment Act of 2007, as well as Wellness Housing properties.

Seniors Housing Triple-net (SH-NNN): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in the U.K. subject to triple-net operating leases.

Square Feet: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards.

Stable: Generally, a triple-net rental property is considered stable (versus unstabilized or under development) when it has achieved EBITDAR coverage of 1.00x or greater for three consecutive months or, if targeted performance has not been achieved, 12 months following the budgeted stabilization date. Triple-net properties for which income is recognized on a cash basis and for which substantially all contractual rent during the period has not been collected are excluded from the stable portfolio. A Seniors Housing Operating facility is considered stable upon the earliest of 90% occupancy, NOI at or above the underwritten target or 12 months past the underwritten stabilization date. Excludes assets held for sale and assets disposed of during the current quarter.

Unstabilized: An acquisition that does not meet the stable criteria upon closing or a construction property that has opened but not yet reached stabilization.

Supplemental Reporting Measures

We believe that revenues and net income, as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider EBITDA, Adjusted EBITDA, RevPOR, ExpPOR, SS RevPOR, SS ExpPOR, NOI, In-Place NOI ("IPNOI") and Same Store NOI ("SSNOI") to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.

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, but are not limited to, property-related payroll and benefits, property management fees paid to managers, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent general overhead costs that are unrelated to property operations and are unallocable to the properties. These expenses include, but are not limited to, payroll and benefits related to corporate employees, professional services, office expenses and depreciation of corporate fixed assets. IPNOI represents cash NOI excluding interest income, other income and non-IPNOI and adjusted for timing of current quarter portfolio changes such as acquisitions, development conversions, segment transitions and dispositions. Properties classified as held for sale and leased properties are excluded from IPNOI. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and leased properties, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and UK properties using a consistent exchange rate. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI, IPNOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI, IPNOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our portfolio.

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 restricted cash. We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The ratios are based on EBITDA and Adjusted EBITDA. EBITDA is defined as earnings (net income per income statement) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding unconsolidated entities and including adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/losses on disposition of properties and acquisitions of controlling interests, impairment of assets, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments deemed appropriate in management's opinion. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. We primarily use these measures to determine our interest coverage ratio, which represents EBITDA and Adjusted EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDA and Adjusted EBITDA divided by fixed charges. Fixed charges include total interest and secured debt principal amortization. Our leverage ratios include net debt to Adjusted EBITDA, book capitalization, undepreciated book capitalization and consolidated enterprise value. Book capitalization represents the sum of net debt (defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Consolidated enterprise value represents book capitalization adjusted for the fair market value of our common stock. Our leverage ratios are defined as the proportion of net debt to total capitalization.

Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management performance. None of the supplemental reporting measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Multi-period amounts may not equal the sum of the individual quarterly amounts due to rounding.

Supplemental Reporting Measures

(dollars in thousands)

Non-GAAP Reconciliations

NOI Reconciliation 2Q25 3Q25 4Q25 1Q26 2Q26

Net income (loss) $ 304,618 $ 282,186 $ 117,767 $ 752,324 $ 462,975

Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (14,850) (4,025) (1,378,391) (420,400) (98,537)

Loss (income) from unconsolidated entities 7,392 12,610 (4,442) 1,686 17,969

Income tax expense (benefit) 1,053 2,335 (4,985) 11,633 (61,979)

Other expenses 16,598 44,699 125,844 61,137 56,930

Impairment of assets 19,876 3,081 45,924 4,826 25,774

Provision for loan losses, net (1,113) 1,088 (7,384) 1,632 2,183

Loss (gain) on extinguishment of debt, net — — 3,089 727 1,984

Loss (gain) on derivatives and financial instruments, net (409) 31,682 (5,656) — —

General and administrative expenses 64,175 63,124 1,557,378 67,474 67,486

Depreciation and amortization 495,036 509,812 594,151 622,752 737,764

Interest expense 141,157 162,052 203,784 192,715 181,914

Consolidated net operating income 1,033,533 1,108,644 1,247,079 1,296,506 1,394,463

NOI attributable to unconsolidated investments(1)

26,069 29,337 26,430 48,240 37,785

NOI attributable to noncontrolling interests(2)

(13,531) (12,280) (11,163) (11,785) (10,944)

Pro rata net operating income (NOI)(3)

$ 1,046,071 $ 1,125,701 $ 1,262,346 $ 1,332,961 $ 1,421,304

In-Place NOI Reconciliation

At Welltower pro rata ownership Seniors Housing Operating Seniors Housing Triple-net Outpatient Medical Long-Term

/Post-Acute Care Corporate Total

Revenues $ 3,031,636 $ 197,057 $ 51,449 $ 216,670 $ 106,943 $ 3,603,755

Property operating expenses (2,158,746) (4,507) (9,934) (2,753) (6,511) (2,182,451)

NOI(3)

872,890 192,550 41,515 213,917 100,432 1,421,304

Adjust:

Interest income — — — — (89,139) (89,139)

Other income (3,304) (47) (17) (5) (8,045) (11,418)

Sold / held for sale (3,313) (313) (8,562) (714) — (12,902)

Nonoperational(4)

3,214 8 54 (229) — 3,047

Non In-Place NOI(5)

(25,598) (36,209) (3,778) (45,349) (3,248) (114,182)

Timing adjustments(6)

6,854 (15) — 12,868 — 19,707

Total adjustments (22,147) (36,576) (12,303) (33,429) (100,432) (204,887)

In-Place NOI 850,743 155,974 29,212 180,488 — 1,216,417

Annualized In-Place NOI $ 3,402,972 $ 623,896 $ 116,848 $ 721,952 $ — $ 4,865,668

Same Store Property Reconciliation

Seniors Housing Operating Seniors Housing

Triple-net Outpatient Medical Long-Term

/Post-Acute Care Total

Total properties 1,994 427 127 402 2,950

Recent acquisitions and development conversions(7)

(636) (164) (4) (156) (960)

Under development (41) — — — (41)

Under redevelopment(8)

(2) — — — (2)

Current held for sale (22) — (29) (2) (53)

Land parcels, loans and leased properties (171) (4) (5) — (180)

Transitions(9)

(134) (1) — (2) (137)

Other(10)

(8) — — (1) (9)

Same store properties 980 258 89 241 1,568

Notes:

(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.

(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.

(3) Represents Welltower's pro rata share of NOI. See page 11 for more information.

(4) Primarily includes development properties and land parcels.

(5) Primarily represents non-cash NOI and NOI associated with leased properties.

(6) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions.

(7) Acquisitions and development conversions will enter the same store pool five full quarters after acquisition or certificate of occupancy.

(8) Redevelopment properties will enter the same store pool after five full quarters of operations post redevelopment completion.

(9) Transitioned properties will enter the same store pool after five full quarters of operations with the new operator in place or under the new structure.

(10) Represents properties that are either closed or being closed.

Supplemental Reporting Measures

(dollars in thousands at Welltower pro rata ownership)

Same Store NOI Reconciliation 2Q25 3Q25 4Q25 1Q26 2Q26 Y/o/Y

Seniors Housing Operating

NOI $ 543,110 $ 579,559 $ 704,670 $ 780,920 $ 872,890

Non-cash NOI on same store properties (1,614) (1,938) (2,148) (1,475) (1,294)

NOI attributable to non-same store properties (58,945) (79,376) (188,554) (226,197) (288,148)

Currency and ownership adjustments(1)

(939) (698) 587 (1,706) (833)

Normalizing adjustment for government grants(2)

— — (1,607) — (2,439)

Other normalizing adjustments(3)

3,691 2,891 2,936 2,755 4,594

SSNOI 485,303 500,438 515,884 554,297 584,770 20.5 %

Seniors Housing Triple-net

NOI 99,889 95,018 163,532 186,299 192,550

Non-cash NOI on same store properties (11,059) (9,899) (8,867) (6,856) (12,511)

NOI attributable to non-same store properties (11,006) (6,021) (74,809) (97,221) (96,912)

Currency and ownership adjustments(1)

1,851 291 (2) (370) (259)

Normalizing adjustments for joint venture recapitalization(4)

(1,394) (465) — — —

Normalizing adjustments for lease restructure(5)

— — (349) (512) (519)

SSNOI 78,281 78,924 79,505 81,340 82,349 5.2 %

Outpatient Medical

NOI 150,521 153,387 103,862 56,340 41,515

Non-cash NOI on same store properties (3,573) (3,365) (3,273) (3,171) (3,036)

NOI attributable to non-same store properties (120,466) (123,688) (74,099) (26,521) (11,584)

Other normalizing adjustments(3)

(177) (12) — (57) 50

SSNOI 26,305 26,322 26,490 26,591 26,945 2.4 %

Long-Term/Post-Acute Care

NOI 161,523 180,846 208,872 196,971 213,917

Non-cash NOI on same store properties (24,617) (24,228) (23,751) (23,563) (24,880)

NOI attributable to non-same store properties (34,293) (53,868) (80,908) (63,530) (75,596)

Currency and ownership adjustments(1)

132 132 88 — —

Normalizing adjustment for lease restructure(5)

— — — (4,031) (6,998)

Normalizing adjustments for service agreement termination(6)

941 627 — — —

Other normalizing adjustments(3)

(291) 393 — — (12)

SSNOI 103,395 103,902 104,301 105,847 106,431 2.9 %

Corporate

NOI 91,028 116,891 81,410 112,431 100,432

NOI attributable to non-same store properties (91,028) (116,891) (81,410) (112,431) (100,432)

SSNOI — — — — —

Total

NOI 1,046,071 1,125,701 1,262,346 1,332,961 1,421,304

Non-cash NOI on same store properties (40,863) (39,430) (38,039) (35,065) (41,721)

NOI attributable to non-same store properties (315,738) (379,844) (499,780) (525,900) (572,672)

Currency and ownership adjustments(1)

1,044 (275) 673 (2,076) (1,092)

Normalizing adjustments, net 2,770 3,434 980 (1,845) (5,324)

SSNOI $ 693,284 $ 709,586 $ 726,180 $ 768,075 $ 800,495 15.5 %

Notes:

(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate UK properties at a GBP/USD rate of 1.23.

(2) Represents normalizing adjustment related to amounts recognized under government subsidy programs.

(3) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.

(4) Represents normalizing adjustment related to a joint venture recapitalization associated with one Seniors Housing Triple-net lease.

(5) Represents normalizing adjustment related to lease restructures with one Seniors Housing Triple-net lease and three Long-Term/Post-Acute Care leases.

(6) Represents normalizing adjustment related to the termination of a service agreement related to one Long-Term/Post-Acute Care lease.

Supplemental Reporting Measures

(dollars in thousands, except RevPOR, SS RevPOR and SSNOI/unit)

SHO RevPOR Reconciliation United States United Kingdom Canada Total

Consolidated SHO revenues $ 1,713,610 $ 999,315 $ 282,411 $ 2,995,336

Unconsolidated SHO revenues attributable to Welltower(1)

48,951 7,565 2,319 58,835

SHO revenues attributable to noncontrolling interests(2)

(19,812) — (2,723) (22,535)

Pro rata SHO revenues(3)

1,742,749 1,006,880 282,007 3,031,636

Non-cash and non-RevPOR revenues (3,441) (1,152) (702) (5,295)

Revenues attributable to non in-place properties (3,974) (227,006) (7,913) (238,893)

SHO local revenues 1,735,334 778,722 273,392 2,787,448

Average occupied units/month 94,461 29,528 24,249 148,238

RevPOR/month in USD $ 6,140 $ 8,815 $ 3,768 $ 6,285

RevPOR/month in local currency(4)

£ 7,167 $ 5,383

Reconciliations of SHO SS RevPOR Growth, SSNOI Growth and SSNOI/Unit

United States United Kingdom Canada Total

2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26

SHO SS RevPOR Growth

Consolidated SHO revenues $ 1,450,344 $ 1,713,610 $ 357,582 $ 999,315 $ 167,806 $ 282,411 $ 1,975,732 $ 2,995,336

Unconsolidated SHO revenues attributable to WELL(1)

44,823 48,951 5,283 7,565 1,841 2,319 51,947 58,835

SHO revenues attributable to noncontrolling interests(2)

(17,707) (19,812) — — (2,405) (2,723) (20,112) (22,535)

SHO pro rata revenues(3)

1,477,460 1,742,749 362,865 1,006,880 167,242 282,007 2,007,567 3,031,636

Non-cash and non-RevPOR revenues on same store properties (2,238) (2,233) — — (311) (310) (2,549) (2,543)

Revenues attributable to non-same store properties (182,061) (330,121) (143,868) (768,988) (7,775) (106,949) (333,704) (1,206,058)

Currency and ownership adjustments(4)

(2,319) — (918) (2,199) (555) (606) (3,792) (2,805)

SHO SS RevPOR revenues(5)

$ 1,290,842 $ 1,410,395 $ 218,079 $ 235,693 $ 158,601 $ 174,142 $ 1,667,522 $ 1,820,230

Avg. occupied units/month(6)

70,946 73,620 7,129 7,415 18,725 19,375 96,800 100,410

SHO SS RevPOR(7)

$ 6,082 $ 6,403 $ 10,225 1 $ 10,624 $ 2,831 $ 3,004 $ 5,758 $ 6,059

SS RevPOR YOY growth 5.3 % 3.9 % 6.1 % 5.2 %

SHO SSNOI Growth

Consolidated SHO NOI $ 403,960 $ 541,574 $ 71,103 $ 211,595 $ 62,392 $ 114,058 $ 537,455 $ 867,227

Unconsolidated SHO NOI attributable to WELL(1)

16,756 18,718 739 1,805 886 606 18,381 21,129

SHO NOI attributable to noncontrolling interests(2)

(11,579) (14,106) — — (1,147) (1,360) (12,726) (15,466)

SHO pro rata NOI(3)

409,137 546,186 71,842 213,400 62,131 113,304 543,110 872,890

Non-cash NOI on same store properties (1,609) (1,337) (9) 45 4 (2) (1,614) (1,294)

NOI attributable to non-same store properties (38,673) (98,336) (18,077) (148,076) (2,195) (41,736) (58,945) (288,148)

Currency and ownership adjustments(4)

(476) — (264) (602) (199) (231) (939) (833)

Normalizing adjustment for government grants(8)

— (2,439) — — — — — (2,439)

Other normalizing adjustments(9)

3,977 4,545 — — (286) 49 3,691 4,594

SHO pro rata SSNOI(5)

$ 372,356 $ 448,619 $ 53,492 $ 64,767 $ 59,455 $ 71,384 $ 485,303 $ 584,770

SHO SSNOI growth 20.5 % 21.1 % 20.1 % 20.5 %

SHO SSNOI/Unit

Trailing four quarters' SSNOI(5)

$ 1,642,695 $ 250,367 $ 262,327 $ 2,155,389

Average units in service(10)

82,451 8,529 21,261 112,241

SSNOI/unit in USD $ 19,923 $ 29,355 $ 12,338 $ 19,203

SSNOI/unit in local currency(4)

£ 23,866 $ 17,626

Notes:

(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.

(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.

(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See page 11 for more information.

(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate UK properties at a GBP/USD rate of 1.23.

(5) Represents SS SHO RevPOR revenues/SSNOI at Welltower pro rata ownership. See page 18 for more information.

(6) Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.

(7) Represents pro rata SS average revenues generated per occupied room per month.

(8) Represents normalizing adjustment related to amounts recognized under government subsidy programs.

(9) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth.

(10) Represents average units in service for SS properties related solely to referenced country on a pro rata basis.

Forward-Looking Statement and Risk Factors

Forward-Looking Statements and Risk Factors

This document contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "pro forma," "estimate" or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower's actual results to differ materially from Welltower's expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the impact of macroeconomic and geopolitical developments, including economic downturns, elevated inflation and interest rates, political or social conflict, unrest or violence or similar events; the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the healthcare industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements, public perception of the healthcare industry and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the healthcare and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower's ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters, public health emergencies and extreme weather affecting Welltower's properties; Welltower's ability to re-lease space at similar rates as vacancies occur; Welltower's ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower's properties; changes in rules or practices governing Welltower's financial reporting; the movement of U.S. and foreign currency exchange rates and changes to U.S. and global monetary, fiscal or trade policies; Welltower's approach to artificial intelligence; Welltower's ability to maintain its qualification as a REIT; key management personnel recruitment and retention; geopolitical tension or conflicts, such as the ongoing conflict between Russia and Ukraine and in the Middle East, and other risks described in Welltower's reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.

Additional Information

The information in this supplemental information package should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings press release dated July 27, 2026 and other information filed with, or furnished to, the SEC. The Supplemental Reporting Measures and reconciliations of Non-GAAP measures are an integral part of the information presented herein.

You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.welltower.com as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC's website at http://www.sec.gov. We routinely post important information on our website at www.welltower.com in the “Investors” section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading "Investors." Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the SEC. The information on or connected to our website is not, and shall not be deemed to be, a part of, or incorporated into this supplemental information package.

About Welltower

Welltower Inc. (NYSE: WELL), an S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio of 2,500+ seniors and wellness housing communities is positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micromarkets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly-aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star. More information is available at www.welltower.com.

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Jul. 27, 2026

Document Information [Line Items]

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Document Period End Date

Jul. 27, 2026

Entity Registrant Name

Welltower Inc.

Entity Incorporation, State or Country Code

Entity File Number

1-8923

Entity Tax Identification Number

34-1096634

Entity Address, Address Line One

4500 Dorr Street,

Entity Address, City or Town

Toledo,

Entity Address, State or Province

Entity Address, Postal Zip Code

43615

City Area Code

419

Local Phone Number

247-2800

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Document Information [Line Items]

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Trading Symbol

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Security Exchange Name

NYSE

Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLC

Document Information [Line Items]

Title of 12(b) Security

Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLC

Trading Symbol

WELL/28

Security Exchange Name

NYSE

Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLC

Document Information [Line Items]

Title of 12(b) Security

Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLC

Trading Symbol

WELL/34

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Address Line 1 such as Attn, Building Name, Street Name

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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-Name Exchange Act

-Number 240

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-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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-Publisher SEC

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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-Section 13e

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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-Section 425

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