Form 8-K

8-K — WELLTOWER INC.

Accession: 0000766704-26-000018

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0000766704

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — well-20260428.htm (Primary)

EX-99.1 (a1q26earningsrelease991.htm)

EX-99.2 (a1q26supplement992.htm)

GRAPHIC (backcovera.jpg)

GRAPHIC (chart-a12c5bbf77fd48f5b22a.jpg)

GRAPHIC (supplementalcover1q26a.jpg)

GRAPHIC (welltower_loginlogo.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: well-20260428.htm · Sequence: 1

well-20260428

0000766704false00007667042026-04-282026-04-280000766704us-gaap:CommonStockMember2026-04-282026-04-280000766704well:NotesDue20284.800Member2026-04-282026-04-280000766704well:NotesDue20344.500Member2026-04-282026-04-28

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): April 28, 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 April 28, 2026, Welltower Inc. issued a press release that announced operating results for its first quarter ended March 31, 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 April 28, 2026, announcing earnings for the quarter ended March 31, 2026.

99.2    Welltower Inc. Supplemental Information Package for the quarter ended March 31, 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 and General Counsel

Dated:  April 28, 2026

EX-99.1

EX-99.1

Filename: a1q26earningsrelease991.htm · Sequence: 2

Document

FOR IMMEDIATE RELEASE

April 28, 2026

For more information contact:

Tim McHugh (419) 247-2800

Welltower Reports First Quarter 2026 Results

Toledo, Ohio, April 28, 2026…..Welltower Inc. (NYSE:WELL) today announced results for the quarter ended March 31, 2026.

First Quarter and Other Recent Highlights

•Reported net income attributable to common stockholders of $1.02 per diluted share

•Reported quarterly normalized funds from operations attributable to common stockholders of $1.47 per diluted share, an increase of 23% over the prior year

•Reported total portfolio year-over-year same store NOI ("SSNOI") growth of 16.4%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 22.1%

•SHO portfolio organic same store revenue growth increased 9.5% year-over-year in the first quarter, resulting from 370 basis points ("bps") of average occupancy growth and 5.0% growth in Revenue Per Occupied Room ("RevPOR")

•Year-to-date, closed or under contract to close $10.5 billion of investment activity, including $3.3 billion of pro rata gross investments completed in the first quarter and $7.2 billion of pro rata gross investments closed or are under contract to close subsequent to quarter-end

•We completed $2.8 billion of pro rata dispositions and loan repayments during the first quarter, comprising $1.4 billion of Outpatient Medical ("OM") dispositions which includes follow-on tranches of the previously announced OM portfolio transaction, $524 million of long-term/post-acute care properties which includes the previously announced sale of properties within the Integra joint venture and $873 million of loan repayments

•As of March 31, 2026, reported Net Debt to Adjusted EBITDA of 2.73x and approximately $11.1 billion of available liquidity inclusive of $4.8 billion of available cash and restricted cash and full capacity under our recently upsized $6.25 billion line of credit

•Repaid $700 million of senior unsecured notes at maturity in April 2026 with free cash flow

•Expanded our capital light revenue opportunities through the licensing of our data science platform to Public Storage and a preeminent global private equity real estate firm

Capital Activity and Liquidity

Liquidity Update Net debt to consolidated enterprise value decreased to 8.8% as of March 31, 2026 from 10.8% as of December 31, 2025. We sourced over $4 billion of attractively priced capital, including the assumption of below-market debt, equity issuances and proceeds from dispositions and loan repayments to fund accretive capital deployment opportunities.

Expanded Senior Unsecured Line of Credit In March, we closed on an amended $6.25 billion senior unsecured revolving credit line, which enhances flexibility and achieves a 15 bps improvement in pricing. The revolving facility is comprised of a $4.25 billion tranche that matures on March 6, 2030 and a $2.0 billion tranche that matures on July 24, 2029. We have an ability, on an uncommitted basis, to upsize the revolving facility by up to an additional $1.25 billion. The amended facility increases our total available credit facilities to $7.5 billion. Concurrent with the closing, we repaid our existing $1 billion USD term loan and $250 million CAD term loan with cash on hand.

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

Recent Investment Activity

In the first quarter, we completed $3.3 billion of pro rata gross investments. Additionally, we completed pro rata property dispositions of $1.9 billion and loan repayments of $873 million weighted towards the back half of the quarter.

Notable Portfolio Activity

Page 1 of 11

1Q26 Earnings Release April 28, 2026

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, we entered into forward purchase agreements to acquire five properties currently under development.

Dividend On April 28, 2026, the Board of Directors declared a cash dividend for the quarter ended March 31, 2026 of $0.74 per share. This dividend, which will be paid on May 21, 2026 to stockholders of record as of May 13, 2026, will be our 220th 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 $3.24 to $3.38 per diluted share from the previous range of $3.11 to $3.27. We also increased the guidance range of full year normalized FFO attributable to common stockholders to a range of $6.21 to $6.35 per diluted share from the previous range of $6.09 to $6.25. In preparing our guidance, we have updated or confirmed the following assumptions:

•Same Store NOI: We expect average blended SSNOI growth of 12.25% to 16.00%, which is comprised of the following components:

◦Seniors Housing Operating approximately 16.5% to 21.5%

◦Seniors Housing Triple-net approximately 3.0% to 4.0%

◦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 $263 million to $271 million and stock-based compensation expense to be approximately $60 million.

•Dispositions: We expect pro rata disposition proceeds of $1.4 billion at a blended yield of 6.7% in the next twelve months. This includes approximately $1.1 billion of consideration from expected property sales and $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 first quarter 2026 conference call.

Conference Call Information We have scheduled a conference call on Wednesday, April 29, 2026 at 9:00 a.m. Eastern Time to discuss our first 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 May 6, 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

1Q26 Earnings Release April 28, 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.

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

Page 3 of 11

1Q26 Earnings Release April 28, 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 March 31, 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

1Q26 Earnings Release April 28, 2026

Welltower Inc.

Financial Exhibits

Consolidated Balance Sheets (unaudited)

(in thousands)

March 31,

2026 2025

Assets

Real estate investments:

Land and land improvements $ 6,736,066  $ 5,552,719

Buildings and improvements 52,873,371  44,793,835

Acquired lease intangibles 2,853,696  2,688,181

Real property held for sale, net of accumulated depreciation 749,426  95,667

Construction in progress 764,223  1,045,160

Less accumulated depreciation and intangible amortization (10,822,151) (11,092,885)

Net real property owned 53,154,631  43,082,677

Right of use assets, net 2,023,166  1,230,343

Investments in sales-type leases, net 57,800  —

Real estate loans receivable, net of credit allowance 2,567,564  1,772,708

Net real estate investments 57,803,161  46,085,728

Other assets:

Investments in unconsolidated entities 2,045,081  1,787,398

Cash and cash equivalents 4,703,775  3,501,851

Restricted cash 115,518  108,434

Receivables and other assets 2,553,021  1,810,203

Total other assets 9,417,395  7,207,886

Total assets $ 67,220,556  $ 53,293,614

Liabilities and equity

Liabilities:

Unsecured credit facility and commercial paper $ —  $ —

Senior unsecured notes 15,159,712  13,219,202

Secured debt 2,773,856  2,504,655

Lease liabilities 2,051,273  1,285,727

Accrued expenses and other liabilities 2,306,445  1,702,053

Total liabilities 22,291,286  18,711,637

Redeemable noncontrolling interests 196,411  277,461

Equity:

Common stock 704,860  652,088

Capital in excess of par value 52,409,593  42,030,903

Treasury stock (22,853) (20,172)

Cumulative net income 11,762,241  10,354,681

Cumulative dividends (20,717,700) (18,751,105)

Accumulated other comprehensive income (342,466) (309,636)

Total Welltower Inc. stockholders' equity 43,793,675  33,956,759

Noncontrolling interests 939,184  347,757

Total equity 44,732,859  34,304,516

Total liabilities and equity $ 67,220,556  $ 53,293,614

Page 5 of 11

1Q26 Earnings Release April 28, 2026

Consolidated Statements of Income (unaudited)

(in thousands, except per share data)

Three Months Ended

March 31,

2026 2025

Revenues:

Resident fees and services $ 2,780,931  $ 1,864,530

Rental income 453,842  461,567

Interest income 70,929  62,490

Other income 46,224  34,500

Total revenues 3,351,926  2,423,087

Expenses:

Property operating expenses 2,055,420  1,462,390

Depreciation and amortization 622,752  485,869

Interest expense 192,715  144,962

General and administrative expenses 67,474  63,758

Loss (gain) on derivatives and financial instruments, net —  (3,210)

Loss (gain) on extinguishment of debt, net 727  6,156

Provision for loan losses, net 1,632  (2,007)

Impairment of assets 4,826  52,402

Other expenses 61,137  14,060

Total expenses 3,006,683  2,224,380

Income (loss) from continuing operations before income taxes and other items 345,243  198,707

Income tax (expense) benefit (11,633) 5,519

Income (loss) from unconsolidated entities (1,686) 1,263

Gain (loss) on real estate dispositions and acquisitions of controlling interests, net 420,400  51,777

Income (loss) from continuing operations 752,324  257,266

Net income (loss) 752,324  257,266

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

23,652  (691)

Net income (loss) attributable to common stockholders $ 728,672  $ 257,957

Average number of common shares outstanding:

Basic 699,837  643,393

Diluted 726,255  653,795

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

Basic $ 1.04  $ 0.40

Diluted(2)

$ 1.02  $ 0.40

Common dividends per share $ 0.74  $ 0.67

(1) Includes amounts attributable to redeemable noncontrolling interests.

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

Page 6 of 11

1Q26 Earnings Release April 28, 2026

FFO Reconciliations Exhibit 1

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

March 31,

2026 2025

Net income (loss) attributable to common stockholders $ 728,672  $ 257,957

Depreciation and amortization 622,752  485,869

Impairments and losses (gains) on real estate dispositions and acquisitions of controlling interests, net (415,574) 625

Noncontrolling interests(1)

17,100  (9,468)

Unconsolidated entities(2)

29,598  30,214

NAREIT FFO attributable to common stockholders 982,548  765,197

Normalizing items, net(3)

84,119  21,980

Normalized FFO attributable to common stockholders $ 1,066,667  $ 787,177

Average diluted common shares outstanding 726,255  653,795

Per diluted share data attributable to common stockholders:

Net income (loss)(4)

$ 1.02  $ 0.40

NAREIT FFO $ 1.35  $ 1.17

Normalized FFO $ 1.47  $ 1.20

Normalized FFO Payout Ratio:

Dividends per common share $ 0.74  $ 0.67

Normalized FFO attributable to common stockholders per share $ 1.47  $ 1.20

Normalized FFO payout ratio 50  % 56  %

Other items:(5)

Net straight-line rent and above/below market rent amortization $ (58,621) $ (46,121)

Non-cash interest expenses(6)

13,565  12,869

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

(69,474) (74,550)

Stock-based compensation(8)

17,213  14,643

(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

1Q26 Earnings Release April 28, 2026

Normalizing Items Exhibit 2

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

March 31,

2026 2025

Loss (gain) on derivatives and financial instruments, net $ —  $ (3,210)

Loss (gain) on extinguishment of debt, net 727  (1) 6,156

Provision for loan losses, net 1,632  (2) (2,007)

Income tax benefits —  (7,586)

Other expenses 61,137  (3) 14,060

Special incentive plan compensation 221  (4) 2,862

Casualty losses, net of recoveries 3,040  (5) 3,842

Foreign currency loss (gain) (2,926) (6) 109

Normalizing items attributable to noncontrolling interests and unconsolidated entities, net 20,288  (7) 7,754

Net normalizing items $ 84,119  $ 21,980

Average diluted common shares outstanding 726,255  653,795

Net normalizing items per diluted share $ 0.12  $ 0.03

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

(2) Primarily related to adjustments to reserves for loan losses under the current expected credit losses accounting standard.

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

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

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

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

(7) 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 $ 2,244  $ 2,359  $ 2,370  $ 2,472

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

(564) (564) (576) (576)

Depreciation and amortization(1)

2,712  2,712  2,669  2,669

NAREIT FFO attributable to common stockholders 4,392  4,507  4,463  4,565

Normalizing items, net(1,2)

—  —  84  84

Normalized FFO attributable to common stockholders $ 4,392  $ 4,507  $ 4,547  $ 4,649

Diluted per share data attributable to common stockholders:

Net income $ 3.11  $ 3.27  $ 3.24  $ 3.38

NAREIT FFO $ 6.09  $ 6.25  $ 6.10  $ 6.24

Normalized FFO $ 6.09  $ 6.25  $ 6.21  $ 6.35

Other items:(1)

Net straight-line rent and above/below market rent amortization $ (289) $ (289) $ (299) $ (299)

Non-cash interest expenses 52  52  57  57

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

(459) (459) (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

1Q26 Earnings Release April 28, 2026

SSNOI Reconciliation Exhibit 4

(in thousands) Three Months Ended

March 31,

2026 2025 % growth

Net income (loss) $ 752,324  $ 257,266

Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (420,400) (51,777)

Loss (income) from unconsolidated entities 1,686  (1,263)

Income tax expense (benefit) 11,633  (5,519)

Other expenses 61,137  14,060

Impairment of assets 4,826  52,402

Provision for loan losses, net 1,632  (2,007)

Loss (gain) on extinguishment of debt, net 727  6,156

Loss (gain) on derivatives and financial instruments, net —  (3,210)

General and administrative expenses 67,474  63,758

Depreciation and amortization 622,752  485,869

Interest expense 192,715  144,962

Consolidated NOI 1,296,506  960,697

NOI attributable to unconsolidated investments(1)

48,240  28,316

NOI attributable to noncontrolling interests(2)

(11,785) (14,284)

Pro rata NOI 1,332,961  974,729

Non-cash NOI attributable to same store properties

(26,225) (34,521)

NOI attributable to non-same store properties

(581,183) (329,904)

Currency and ownership adjustments(3)

(1,858) 9,717

Normalizing adjustments, net(4)

(1,734) 22

Same Store NOI (SSNOI) $ 721,961  $ 620,043  16.4%

Seniors Housing Operating 531,817  435,659  22.1%

Seniors Housing Triple-net 79,538  76,534  3.9%

Outpatient Medical 23,842  23,285  2.4%

Long-Term/Post-Acute Care 86,764  84,565  2.6%

Total SSNOI $ 721,961  $ 620,043  16.4%

(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

1Q26 Earnings Release April 28, 2026

Reconciliation of SHO SS RevPOR Growth Exhibit 5

(in thousands except SS RevPOR) Three Months Ended

March 31,

2026 2025

Consolidated SHO revenues $ 2,790,374  $ 1,867,871

Unconsolidated SHO revenues attributable to WELL(1)

55,328  56,430

SHO revenues attributable to noncontrolling interests(2)

(21,914) (23,074)

SHO pro rata revenues(3)

2,823,788  1,901,227

Non-cash and non-RevPOR revenues on same store properties (2,516) (5,082)

Revenues attributable to non-same store properties (1,094,049) (343,836)

Currency and ownership adjustments(4)

(4,719) 19,982

Other normalizing adjustments(5)

(419) —

SHO SS RevPOR revenues(5)

$ 1,722,085  $ 1,572,291

Average occupied units/month(6)

92,987  89,119

SHO SS RevPOR(7)

$ 6,259  $ 5,963

SS RevPOR YOY growth 5.0  %

(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

1Q26 Earnings Release April 28, 2026

Net Debt to Adjusted EBITDA Reconciliation Exhibit 6

(in thousands)

Three Months Ended

March 31,

2026

Net income (loss) $ 752,324

Interest expense 192,715

Income tax expense (benefit) 11,633

Depreciation and amortization 622,752

EBITDA 1,579,424

Loss (income) from unconsolidated entities 1,686

Stock-based compensation 17,434

Loss (gain) on extinguishment of debt, net 727

Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (420,400)

Impairment of assets 4,826

Provision for loan losses, net 1,632

Other expenses 61,137

Casualty losses, net of recoveries 3,040

Adjusted EBITDA $ 1,249,506

Total debt(1)

$ 18,455,978

Cash and cash equivalents and restricted cash (4,819,293)

Net debt $ 13,636,685

Adjusted EBITDA annualized $ 4,998,024

Net debt to Adjusted EBITDA ratio 2.73x

(1) Amounts include unamortized premiums/discounts, other fair value adjustments and financing lease liabilities. Excludes operating lease liabilities related to ASC 842 of $1,528,863,000 as of March 31, 2026.

Net Debt to Consolidated Enterprise Value Exhibit 7

(in thousands, except share price)

March 31, 2026 March 31, 2025

Common shares outstanding 704,687  651,889

Period end share price $ 197.71  $ 153.21

Common equity market capitalization $ 139,323,667  $ 99,875,914

Total debt $ 18,455,978  $ 15,831,799

Cash and cash equivalents and restricted cash (4,819,293) (3,610,285)

Net debt 13,636,685  12,221,514

Noncontrolling interests(1)

1,135,595  625,218

Consolidated enterprise value $ 154,095,947  $ 112,722,646

Net debt to consolidated enterprise value 8.8  % 10.8  %

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

Page 11 of 11

EX-99.2

EX-99.2

Filename: a1q26supplement992.htm · Sequence: 3

Document

Table of Contents

Overview

1

Portfolio

2

Investment

6

Financial

9

Glossary

14

Supplemental Reporting Measures

15

Forward Looking Statements and Risk Factors

19

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 16 1,917 191,947 32,890 51,133 80,297 27,105 522

Seniors Housing Triple-net 24 431 29,206 — 2,190 19,225 7,488 303

Outpatient Medical 15 141 9,511,258 (2) n/a n/a n/a n/a n/a

Long-Term/Post-Acute Care 34 349 41,312 — 45 997 — 40,270

Total 19 2,838

NOI Performance

Same Store(3)

In-Place Portfolio(4)

Properties 1Q25 NOI 1Q26 NOI % Change Properties Annualized

In-Place NOI % of Total

Seniors Housing Operating 921 $ 435,659  $ 531,817  22.1  % 1,676 $ 3,039,492  69.6  %

Seniors Housing Triple-net 252 76,534  79,538  3.9  % 428 623,092  14.3  %

Outpatient Medical 86 23,285  23,842  2.4  % 93 117,408  2.7  %

Long-Term/Post-Acute Care 196 84,565 86,764  2.6  % 339 584,452  13.4  %

Total 1,455 $ 620,043  $ 721,961  16.4  % 2,536 $ 4,364,444  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 92.3  % 0.7  % 0.2  % 6.8  %

Seniors Housing Triple-net 87.4  % 1.23 1.46 87.1  % 2.3  % 0.1  % 10.5  %

Outpatient Medical 96.9  % n/a n/a 100.0  % —  —  —

Long-Term/Post-Acute Care 85.3  % 1.32 1.70 25.7  % 50.4  % 23.9  % —  %

Total 1.28 1.58 88.8  % 3.3  % 1.4  % 6.6  %

Notes:

(1) Includes land parcels and properties under development.

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

(3) See pages 16 and 17 for reconciliation.

(4) Excludes land parcels, loans, developments and investments held for sale. See page 16 for reconciliation.

(5) Data as of March 31, 2026 for Seniors Housing Operating and Outpatient Medical and December 31, 2025 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.

1

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 261  $ 217,296  $ 264,552  $ —  $ —  $ 481,848  11.0  %

Cogir Senior Living 180  379,984  —  —  —  379,984  8.7  %

Care UK 170  262,408  —  —  —  262,408  6.0  %

Sunrise Senior Living 85  238,200  —  —  —  238,200  5.5  %

Avir Health Group 131  —  —  —  211,772  211,772  4.9  %

Oakmont Management Group 72  202,772  —  —  —  202,772  4.6  %

Avery Healthcare 95  109,356  78,700  —  —  188,056  4.3  %

StoryPoint Senior Living 117  179,624  —  —  —  179,624  4.1  %

HC-One 215  126,940  —  —  —  126,940  2.9  %

Sagora Senior Living 71  126,792  —  —  —  126,792  2.9  %

Remaining 1,139  1,196,120  279,840  117,408  372,680  1,966,048  45.1  %

Total 2,536  $ 3,039,492  $ 623,092  $ 117,408  $ 584,452  $ 4,364,444  100.0  %

By Country:

United States 1,610  $ 2,019,500  $ 237,196  $ 117,408  $ 577,744  $ 2,951,848  67.6  %

United Kingdom 794  742,300  382,636  —  —  1,124,936  25.8  %

Canada 132  277,692  3,260  —  6,708  287,660  6.6  %

Total 2,536  $ 3,039,492  $ 623,092  $ 117,408  $ 584,452  $ 4,364,444  100.0  %

By MSA:

Greater London 143 $ 187,988  $ 81,912  $ —  $ —  $ 269,900  6.2  %

New York / New Jersey 70 111,212  24,396  12,128  17,292  165,028  3.8  %

Los Angeles 50 132,068  19,524  284  3,400  155,276  3.6  %

Dallas 79 106,008  968  1,212  30,708  138,896  3.2  %

Houston 54 28,200  —  74,220  20,068  122,488  2.8  %

Montréal 26 93,768  —  —  —  93,768  2.1  %

Washington D.C. 32 71,492  6,632  —  15,488  93,612  2.1  %

Boston 27 71,748  14,412  168  —  86,328  2.0  %

San Francisco 23 65,996  6,212  —  3,876  76,084  1.7  %

Chicago 34 58,852  7,164  —  —  66,016  1.5  %

Philadelphia 36 36,100  5,480  368  10,964  52,912  1.2  %

Seattle 25 43,616  1,268  264  —  45,148  1.0  %

Raleigh 11 11,204  31,428  —  —  42,632  1.0  %

Charlotte 25 21,576  10,580  10,404  —  42,560  1.0  %

San Antonio 16 26,108  952  228  15,256  42,544  1.0  %

Cleveland 24 33,100  2,548  —  5,084  40,732  0.9  %

Tampa 26 9,368  2,540  —  27,912  39,820  0.9  %

San Diego 14 27,148  7,532  —  3,116  37,796  0.9  %

Minneapolis 23 37,156  —  552  —  37,708  0.9  %

Birmingham UK 16 24,668  11,896  —  —  36,564  0.8  %

Remaining 1,782  1,842,116 387,648 17,580 431,288 2,678,632 61.4  %

Total 2,536  $ 3,039,492  $ 623,092  $ 117,408  $ 584,452  $ 4,364,444  100.0  %

Notes:

(1) Represents current quarter annualized In-Place NOI. See page 16 for reconciliation.

2

Portfolio

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

Seniors Housing Operating

Total Portfolio Performance(1)

1Q25 2Q25 3Q25 4Q25 1Q26

Properties 1,113  1,171  1,199  1,659  1,689

Units 124,742  129,758  131,792  160,218  163,618

Total occupancy 85.1  % 85.6  % 86.9  % 87.4  % 87.3  %

Total revenues $ 1,901,227  $ 2,007,567  $ 2,109,690  $ 2,607,559  $ 2,823,788

Operating expenses 1,410,579  1,464,457  1,530,131  1,902,889  2,042,868

NOI $ 490,648  $ 543,110  $ 579,559  $ 704,670  $ 780,920

NOI margin 25.8  % 27.1  % 27.5  % 27.0  % 27.7  %

Recurring cap-ex $ 68,359  $ 63,937  $ 78,803  $ 116,560  $ 67,924

Other cap-ex $ 135,045  $ 118,646  $ 131,668  $ 166,439  $ 165,031

Same Store Performance(2)

1Q25 2Q25 3Q25 4Q25 1Q26

Properties 921  921  921  921  921

Units 104,508  104,523  104,522  104,525  104,484

Occupancy 85.3  % 86.4  % 87.9  % 88.9  % 89.0  %

Same store revenues $ 1,572,867  $ 1,611,726  $ 1,652,555  $ 1,680,617  $ 1,722,576

Compensation 668,246  677,882  689,648  701,603  698,682

Utilities 77,066  64,899  74,637  71,067  78,661

Food 61,729  64,375  66,019  68,450  64,596

Repairs and maintenance 42,473  42,841  45,786  45,310  45,498

Property taxes 52,905  53,030  53,250  49,234  54,611

All other 234,789  240,323  240,550  248,522  248,711

Same store operating expenses 1,137,208  1,143,350  1,169,890  1,184,186  1,190,759

Same store NOI $ 435,659  $ 468,376  $ 482,665  $ 496,431  $ 531,817

Same store NOI margin % 27.7  % 29.1  % 29.2  % 29.5  % 30.9  %

Year over year NOI growth rate 22.1  %

Year over year revenue growth rate 9.5  %

Partners(3)

Properties Pro Rata Units

Welltower Ownership %(4)

Top Markets 1Q26 NOI % of Total

Cogir Senior Living 180  27,246  94.3  % Greater London $ 53,982  6.9  %

Care UK 170  10,938  100.0  % Southern California 49,692  6.4  %

Sunrise Senior Living 85  7,767  90.7  % Northern California 39,704  5.1  %

Barchester 111  6,814  100.0  % New York / New Jersey 27,667  3.5  %

Oakmont Management Group 72  7,099  100.0  % Dallas 26,701  3.4  %

StoryPoint Senior Living 117  11,927  94.2  % Montreal 23,568  3.0  %

HC-One 215  12,348  100.0  % Washington D.C. 20,487  2.6  %

Sagora Senior Living 71  8,174  100.0  % Boston 17,793  2.3  %

Legend Senior Living 59  5,057  89.2  % Chicago 14,693  1.9  %

Avery Healthcare 45  3,377  94.4  % Seattle 11,184  1.4  %

Belmont Village 21  2,803  95.0  % Top markets 285,471  36.5  %

Clover Management 69  7,811  94.2  % All other 495,449  63.5  %

Discovery Senior Living 73  5,844  59.6  % Total $ 780,920  100.0  %

Quality Senior Living 46  5,195  90.9  %

Remaining 342  40,258

Total 1,676  162,658

Notes:

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

(2) See pages 16 and 17 for reconciliation.

(3) Represents partner concentration based on annualized In-Place NOI for the quarter ended March 31, 2026. Property count and pro rata units represent the In-Place portfolio.

(4) Welltower ownership percentage weighted based on In-Place NOI. See page 16 for reconciliation.

3

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  % 0.2  % 11  3  0.1  % 0.1  % 0.2  % 11  3

.85x-.95x —  % —  % —  % —  —  —  % —  % —  % —  —

.95x-1.05x —  % —  % —  % —  —  0.4  % 3.4  % 3.8  % 11  3

1.05x-1.15x —  % —  % —  % —  —  0.4  % —  % 0.4  % 6  2

1.15x-1.25x 0.3  % —  % 0.3  % 4  1  4.7  % 1.2  % 5.9  % 10  7

1.25x-1.35x 1.0  % 1.3  % 2.3  % 9  3  —  % —  % —  % —  —

>1.35 5.7  % 6.1  % 11.8  % 11  24  1.5  % 2.8  % 4.3  % 11  16

Total 7.1  % 7.5  % 14.6  % 10  31  7.1  % 7.5  % 14.6  % 10  31

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 $ 2,613  $ 1,509  $ 9,313  $ 33,252  $ 46,687  2.9  %

2027 —  1,517  1,287  52,514  55,318  3.5  %

2028 —  3,197  6,669  2,505  12,371  0.8  %

2029 1,115  5,068  —  79,933  86,116  5.4  %

2030 12,525  5,954  30,543  3,646  52,668  3.3  %

2031 —  4,886  4,686  12,603  22,175  1.4  %

2032 99,706  3,052  55,255  359  158,372  9.9  %

2033 63,175  817  1,070  —  65,062  4.1  %

2034 433  3,987  —  274  4,694  0.3  %

2035 36,868  5,653  15,007  1,024  58,552  3.7  %

Thereafter 391,907  86,438  465,451  95,279  1,039,075  64.7  %

$ 608,342  $ 122,078  $ 589,281  $ 281,389  $ 1,601,090  100.0  %

Weighted Avg Maturity Years 15  12  15  8  14

Notes:

(1) Represents trailing twelve month coverage metrics as of December 31, 2025 for stable portfolio only. Agreements included represent 53% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 16 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.

4

Portfolio

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

Outpatient Medical

Total Portfolio Performance(1)

1Q25 2Q25 3Q25 4Q25 1Q26

Properties 433  434  437  194  135

Square feet 21,775,061  21,914,499  22,073,485  8,801,545  5,576,683

Occupancy 94.5  % 94.4  % 94.2  % 95.5  % 96.9  %

Total revenues $ 214,693  $ 215,718  $ 219,238  $ 148,862  $ 76,524

Operating expenses 66,804  65,197  65,851  45,000  20,184

NOI $ 147,889  $ 150,521  $ 153,387  $ 103,862  $ 56,340

NOI margin 68.9  % 69.8  % 70.0  % 69.8  % 73.6  %

Revenues per square foot $ 39.44  $ 39.37  $ 39.73  $ 67.65  $ 54.89

NOI per square foot $ 27.17  $ 27.47  $ 27.80  $ 47.20  $ 40.41

Recurring cap-ex $ 6,191  $ 13,221  $ 19,324  $ 4,298  $ 1,550

Other cap-ex $ 9,742  $ 9,297  $ 14,051  $ 1,963  $ 920

Same Store Performance(2)

1Q25 2Q25 3Q25 4Q25 1Q26

Properties 86  86  86  86  86

Occupancy 97.5  % 97.7  % 97.8  % 97.7  % 97.7  %

Same store revenues $ 26,977  $ 27,277  $ 25,569  $ 26,990  $ 27,466

Same store operating expenses 3,692  3,602  1,941  3,200  3,624

Same store NOI $ 23,285  $ 23,675  $ 23,628  $ 23,790  $ 23,842

NOI margin 86.3  % 86.8  % 92.4  % 88.1  % 86.8  %

Year over year NOI growth rate 2.4  %

Portfolio Diversification

by Tenant(3)

Rental Income % of Total Quality Indicators

Kelsey-Seybold $ 73,996  60.6  %

Health system affiliated properties as % of NOI(3)

99.6  %

UnitedHealth 15,420  12.6  %

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

93.5  %

Atrium Health 10,456  8.6  %

Investment grade tenants as % of rental income(3)

94.8  %

Norman Regional Health 6,789  5.6  %

Retention (trailing twelve months)(3)

90.2  %

Baylor Scott & White Health 2,234  1.8  %

Average remaining lease term (years)(3)

12.1

Remaining portfolio 13,183  10.8  %

Average building size (square feet)(3)

71,557

Total $ 122,078  100.0  % Average age (years) 15

Expirations(3)

2026 2027 2028 2029 2030 Thereafter

Occupied square feet 65,924  60,858  128,406  188,154  258,094  3,315,032

% 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 86 same store properties representing 3,362,256 square feet. See pages 16 and 17 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.

5

Investment

(dollars in thousands at Welltower pro rata ownership)

Relationship Investment History

Detail of Acquisitions/JVs(1)

2022 2023 2024 2025 1Q26 22-26 Total

Count 27  52  54  90  34 257

Total $ 2,785,739  $ 4,222,706  $ 5,287,140  $ 17,566,127  $ 1,374,866  $ 31,236,578

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

Median 66,074  65,134  39,863  52,894  26,904  48,899

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

Investment Timing

Acquisitions and Loan Funding(2)

Yield

Construction Conversions(3)

Year 1 Yield Dispositions and Loan Repayments Yield

January $ 421,410  8.6  % $ 10,242  1.0  % $ 554,763  6.3  %

February 930,790  7.5  % 57,317  (1.6) % 1,163,973  7.6  %

March 1,863,160  7.4  % —  —  % 1,060,809  8.3  %

Total $ 3,215,360  7.6  % $ 67,559  (1.2) % $ 2,779,545  7.6  %

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.

6

Investment

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

Gross Investment Activity

First Quarter 2026

Properties Beds / Units / Square Feet Investment Per

Bed / Unit /

SqFt Pro Rata

Amount Yield

Acquisitions and Loan Funding(1)

Seniors Housing Operating 32 4,105  units $ 254,971  $ 1,069,602

Seniors Housing Triple-net 6 414  units 326,649  135,233

Outpatient Medical 1 134,307  sf 729  97,919

Long-Term/Post-Acute Care 1 116  beds 81,466  72,112

Loan funding 1,840,494

Total acquisitions and loan funding(2)

40 3,215,360  7.6  %

Development Funding(3)

Development projects:

Seniors Housing Operating 44 4,233 units 63,066

Outpatient Medical — — sf 8,291

Total development projects 44 71,357

Redevelopment and expansion projects:

Seniors Housing Operating 1 28 units 2,327

Total development funding 45 73,684  9.6  %

Total gross investments 3,289,044  7.6  %

Dispositions and Loan Repayments(4)

Seniors Housing Operating 4 217  units 62,722  13,611

Seniors Housing Triple-net 2 107  units 44,860  4,800

Outpatient Medical 64 3,393,449 sf 402  1,364,133

Long-Term/Post-Acute Care 35 4,823  beds 111,195  524,397

Loan repayments 872,604

Total dispositions and loan repayments(5)

105 2,779,545  7.6  %

Net investments (dispositions) $ 509,499

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.

7

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 39 3,686 10.8  % $ 294,679  $ 273,164  $ 567,843  $ 1,214,720

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) % 10.4  % 2026 actual $ 68,348  (1.2) % 10.4  %

2Q26 estimate 202,788 (2.3) % 10.8  % 2026 estimate 397,708  (1.6) % 11.1  %

3Q26 estimate 104,110 (0.3) % 9.7  % 2027 estimate 385,901  (1.2) % 9.5  %

4Q26 estimate 90,810 (1.7) % 13.3  % Thereafter estimate 431,111 0.5  % 11.6  %

Total $ 466,056  (1.6) % 11.0  % Total $ 1,283,068  (0.8) % 10.7  %

Unstabilized Properties

12/31/2025 Properties Stabilizations

Construction Conversions(1)

Acquisitions/ Dispositions 3/31/2026 Properties Beds / Units

Seniors Housing Operating 68 (6) 2 3  67 10,012

Seniors Housing Triple-net 7 —  — —  7 499

Total 75 (6) 2 3  74 10,511

Occupancy 12/31/2025 Properties Stabilizations

Construction Conversions(3)

Acquisitions/ Dispositions Progressions 3/31/2026 Properties

0% - 50% 32  —  —  3  (7) 28

50% - 70% 20  (1) —  —  5  24

70% + 23  (5) 2  —  2  22

Total 75  (6) 2  3  —  74

Occupancy 3/31/2026 Properties Months In Operation Revenues

% of Total Revenues(4)

Gross Investment Balance % of Total Gross Investment

0% - 50% 28  9  $ 114,499  0.8  % $ 1,134,147  1.7  %

50% - 70% 24  23  240,239  1.8  % 1,063,887  1.6  %

70% + 22  35  245,563  1.8  % 1,187,599  1.8  %

Total 74  22  $ 600,302  4.4  % $ 3,385,633  5.1  %

(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 10.

8

Financial

(dollars in thousands at Welltower pro rata ownership)

Components of NAV

Stabilized NOI Pro rata beds/units/square feet

Seniors Housing Operating(1)

$ 3,039,492  162,658  units

Seniors Housing Triple-net 623,092  29,111  units

Outpatient Medical 117,408  4,130,660  square feet

Long-Term/Post-Acute Care 584,452  40,240  beds

Total In-Place NOI(2)

4,364,444

Incremental stabilized NOI(3)

141,896

Total stabilized NOI $ 4,506,340

Obligations

Lines of credit and commercial paper(4)

$ —

Senior unsecured notes(4)

15,203,031

Secured debt(4)

3,532,517

Financing lease liabilities 527,174

Total debt 19,262,722

Add (Subtract):

Other liabilities (assets), net(5)

306,448

Cash and cash equivalents and restricted cash (4,861,519)

Net obligations $ 14,707,651

Other Assets

Land parcels(6)

423,515

Effective Interest Rate(9)

Real estate loans receivable(7)

4,131,005  8.8%

Non-real estate loans receivable(8)

231,974  10.0%

Joint venture real estate loans receivables(10)

227,219  5.7%

Property dispositions(11)

1,144,138

Development properties:(12)

Current balance 653,352

Unfunded commitments 578,262

Committed balances $ 1,231,614

Projected yield 10.8  %

Projected NOI $ 133,014

Common shares outstanding(13)

726,394

Notes:

(1) Includes $18,894,000 attributable to our proportional share of income (loss) from unconsolidated management company investments.

(2) See page 16 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 $850,566,000 of foreign secured debt and $370,880,000 of failed sale-leaseback financing obligations.

(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 $4,150,715,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, net of $19,710,000 of credit allowances.

(8) Represents $238,580,000 of non-real estate loans, net of $6,606,000 of credit allowances.

(9) Average cash-pay interest rates are 8.2%, 3.3% 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 March 31, 2026 common shares, OP Units and DownREIT Units outstanding and the dilutive impact of exchangeable senior unsecured notes.

9

Financial

(dollars in thousands at Welltower pro rata ownership)

Net Operating Income(1)

1Q25 2Q25 3Q25 4Q25 1Q26

Revenues:

Seniors Housing Operating

Resident fees and services $ 1,897,810  $ 2,003,039  $ 2,100,724  $ 2,588,078  $ 2,814,403

Other income 3,417  4,528  8,966  19,481  9,385

Total revenues 1,901,227  2,007,567  2,109,690  2,607,559  2,823,788

Seniors Housing Triple-net

Rental income 103,399  104,360  99,423  167,485  191,086

Interest income 2,111  —  —  —  —

Other income 32  346  91  537  40

Total revenues 105,542  104,706  99,514  168,022  191,126

Outpatient Medical

Rental income 212,554  213,552  217,188  147,701  75,430

Other income 2,139  2,166  2,050  1,161  1,094

Total revenues 214,693  215,718  219,238  148,862  76,524

Long-Term/Post-Acute Care

Rental income 145,439  165,214  184,261  211,841  191,595

Interest income —  —  —  —  8,077

Other income 199  14  194  5  192

Total revenues 145,638  165,228  184,455  211,846  199,864

Corporate

Interest income 63,572  65,256  70,477  56,158  85,414

Other income 34,179  30,512  52,439  31,513  41,225

Total revenues 97,751  95,768  122,916  87,671  126,639

Total

Resident fees and services 1,897,810  2,003,039  2,100,724  2,588,078  2,814,403

Rental income 461,392  483,126  500,872  527,027  458,111

Interest income 65,683  65,256  70,477  56,158  93,491

Other income 39,966  37,566  63,740  52,697  51,936

Total revenues 2,464,851  2,588,987  2,735,813  3,223,960  3,417,941

Property operating expenses:

Seniors Housing Operating 1,410,579  1,464,457  1,530,131  1,902,889  2,042,868

Seniors Housing Triple-net 5,190  4,817  4,496  4,490  4,827

Outpatient Medical 66,804  65,197  65,851  45,000  20,184

Long-Term/Post-Acute Care 3,495  3,705  3,609  2,974  2,893

Corporate 4,054  4,740  6,025  6,261  14,208

Total property operating expenses 1,490,122  1,542,916  1,610,112  1,961,614  2,084,980

Net operating income:

Seniors Housing Operating 490,648  543,110  579,559  704,670  780,920

Seniors Housing Triple-net 100,352  99,889  95,018  163,532  186,299

Outpatient Medical 147,889  150,521  153,387  103,862  56,340

Long-Term/Post-Acute Care 142,143  161,523  180,846  208,872  196,971

Corporate 93,697  91,028  116,891  81,410  112,431

Net operating income $ 974,729  $ 1,046,071  $ 1,125,701  $ 1,262,346  $ 1,332,961

Note:

(1) Please see discussion of Supplemental Reporting Measures on page 15. Includes amounts from investments sold or held for sale. NOI related to OP Unit and DownREIT ownership included at 100%.

10

Financial

(dollars in thousands)

Leverage and EBITDA Reconciliations(1)

Twelve Months Ended Three Months Ended

March 31, 2026 March 31, 2026

Net income (loss) $ 1,456,895  $ 752,324

Interest expense 699,708  192,715

Income tax expense (benefit) 10,036  11,633

Depreciation and amortization 2,221,751  622,752

EBITDA 4,388,390  1,579,424

Loss (income) from unconsolidated entities 17,246  1,686

Stock-based compensation 1,555,786  17,434

Loss (gain) on extinguishment of debt, net 3,816  727

Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (1,817,666) (420,400)

Impairment of assets 73,707  4,826

Provision for loan losses, net (5,777) 1,632

Loss (gain) on derivatives and financial instruments, net 25,617  —

Other expenses 248,278  61,137

Casualty losses, net of recoveries 10,565  3,040

Other impairment(2)

604  —

Total adjustments 112,176  (329,918)

Adjusted EBITDA $ 4,500,566  $ 1,249,506

Interest Coverage Ratios

Interest expense $ 699,708  $ 192,715

Capitalized interest 30,728  8,449

Non-cash interest expense (49,166) (10,162)

Total interest $ 681,270  $ 191,002

EBITDA $ 4,388,390  $ 1,579,424

Interest coverage ratio 6.44   x 8.27   x

Adjusted EBITDA $ 4,500,566  $ 1,249,506

Adjusted Interest coverage ratio 6.61   x 6.54   x

Fixed Charge Coverage Ratios

Total interest $ 681,270  $ 191,002

Secured debt principal amortization 67,019  17,056

Total fixed charges $ 748,289  $ 208,058

EBITDA $ 4,388,390  $ 1,579,424

Fixed charge coverage ratio 5.86   x 7.59   x

Adjusted EBITDA $ 4,500,566  $ 1,249,506

Adjusted Fixed charge coverage ratio 6.01   x 6.01   x

Net Debt to EBITDA Ratios

Total debt(3)

$ 18,455,978

Less: cash and cash equivalents and restricted cash (4,819,293)

Net debt $ 13,636,685

EBITDA Annualized $ 6,317,696

Net debt to EBITDA ratio 2.16   x

Adjusted EBITDA Annualized $ 4,998,024

Net debt to Adjusted EBITDA ratio 2.73   x

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 15.

(2) Represents the write-off of straight-line rent receivable and unamortized lease incentive balances related to leases placed on cash recognition.

(3) Includes unamortized premiums/discounts, other fair value adjustments, financing lease liabilities of $522,410,000 and failed sale-leaseback financing obligations of $370,880,000. Excludes operating lease liabilities of $1,528,863,000 related to ASC 842.

11

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)

18,455,978  31.51  %

Cash and cash equivalents and restricted cash (4,819,293) (8.23) %

Net debt to consolidated book capitalization $ 13,636,685  23.28  %

Total equity and noncontrolling interests(4)

44,929,270  76.72  %

Consolidated book capitalization $ 58,565,955  100.00  %

Joint venture debt, net(5)

528,442

Total book capitalization $ 59,094,397

Undepreciated book capitalization

Lines of credit and commercial paper(2)

$ —  —  %

Long-term debt obligations(2)(3)

18,455,978  26.60  %

Cash and cash equivalents and restricted cash (4,819,293) (6.95) %

Net debt to consolidated undepreciated book capitalization $ 13,636,685  19.65  %

Accumulated depreciation and amortization 10,822,151  15.60  %

Total equity and noncontrolling interests(4)

44,929,270  64.75  %

Consolidated undepreciated book capitalization $ 69,388,106  100.00  %

Joint venture debt, net(5)

528,442

Total undepreciated book capitalization $ 69,916,548

Enterprise value

Lines of credit and commercial paper(2)

$ —  —  %

Long-term debt obligations(2)(3)

18,455,978  11.98  %

Cash and cash equivalents and restricted cash (4,819,293) (3.13) %

Net debt to consolidated enterprise value $ 13,636,685  8.85  %

Common shares outstanding 704,687

Period end share price 197.71

Common equity market capitalization $ 139,323,667  90.41  %

Noncontrolling interests(4)

1,135,595  0.74  %

Consolidated enterprise value $ 154,095,947  100.00  %

Joint venture debt, net(5)

528,442

Total enterprise value $ 154,624,389

Secured debt as % of total assets

Secured debt(2)

$ 2,773,856  3.55  %

Gross asset value(6)

$ 78,042,707

Total debt as % of gross asset value

Total debt(2)(3)

$ 18,455,978  23.65  %

Gross asset value(6)

$ 78,042,707

Unsecured debt as % of unencumbered assets

Unsecured debt(2)

$ 15,159,712  21.18  %

Unencumbered gross assets(7)

$ 71,578,405

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 15.

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

(3) Includes financing lease liabilities of $522,410,000 and failed sale-leaseback financing obligations of $370,880,000. Excludes operating lease liabilities of $1,528,863,000 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.

12

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 $ —  $ 2,668,941  $ 227,324  $ (2,305) $ 39,579  $ 2,933,539  15.97  % 4.35  %

2027 —  714,980  351,366  (2,344) 133,541  1,197,543  6.52  % 3.31  %

2028 —  2,525,010  189,887  (328) 32,130  2,746,699  14.96  % 3.83  %

2029 —  2,179,674  416,690  (95,567) 22,657  2,523,454  13.74  % 3.39  %

2030 —  1,750,000  157,587  (326) 1,473  1,908,734  10.39  % 3.86  %

2031 —  1,350,000  59,306  (343) 373,220  1,782,183  9.70  % 3.47  %

2032 —  1,050,000  70,974  (354) 49,728  1,170,348  6.37  % 3.49  %

2033 —  —  419,389  (36,866) 649  383,172  2.09  % 4.82  %

2034 —  659,100  204,165  (8,051) 679  855,893  4.66  % 4.41  %

2035 —  1,250,000  42,236  (551) 21,961  1,313,646  7.15  % 5.06  %

Thereafter —  1,150,000  399,598  (140) —  1,549,458  8.45  % 4.98  %

Totals $ —  $ 15,297,705  $ 2,538,522  $ (147,175) $ 675,617  $ 18,364,669  100.00  %

Weighted Avg. Interest Rate(5)

—  % 3.94  % 4.04  % 4.46  % 5.32  % 4.00  %

Weighted Avg. Maturity Years —  4.8 6.7 4.5 4.2 5.0

% Floating Rate Debt(5)

—  % 17.18  % 9.39  % 64.33  % 0.04  % 15.10  %

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 $ —  $ 11,729,674  $ 1,721,942  $ (131,959) $ 626,415  $ 13,946,072  $ —

United Kingdom —  1,384,110  —  —  —  1,384,110  11,640,639

Canada —  2,183,921  816,580  (15,216) 49,202  3,034,487  6,505,742

Totals $ —  $ 15,297,705  $ 2,538,522  $ (147,175) $ 675,617  $ 18,364,669  $ 18,146,381

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 March 31, 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:

•2026 includes CAD $2,747,615,000 of unsecured term loans (approximately $1,968,941,000 USD at March 31, 2026) that mature on October 9, 2026, and bear interest at adjusted CORRA + 0.70%.

•2027 includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $214,980,000 USD at March 31, 2026) that mature on January 15, 2027.

•2028 includes $1,035,000,000 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 $725,010,000 USD at March 31, 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 $659,100,000 USD at March 31, 2026). The notes mature on December 1, 2034.

(4) Excludes operating lease liabilities of $1,528,863,000, finance lease liabilities of $522,410,000 and failed sale-leaseback financing obligations of $370,880,000 related to ASC 842.

(5) Based on variable interest rates and foreign currency exchange rates in effect as of March 31, 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 $(74,239,000), 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.

13

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.

14

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.

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.

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.

15

Supplemental Reporting Measures

(dollars in thousands)

Non-GAAP Reconciliations

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

Net income (loss) $ 257,266  $ 304,618  $ 282,186  $ 117,767  $ 752,324

Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (51,777) (14,850) (4,025) (1,378,391) (420,400)

Loss (income) from unconsolidated entities (1,263) 7,392  12,610  (4,442) 1,686

Income tax expense (benefit) (5,519) 1,053  2,335  (4,985) 11,633

Other expenses 14,060  16,598  44,699  125,844  61,137

Impairment of assets 52,402  19,876  3,081  45,924  4,826

Provision for loan losses, net (2,007) (1,113) 1,088  (7,384) 1,632

Loss (gain) on extinguishment of debt, net 6,156  —  —  3,089  727

Loss (gain) on derivatives and financial instruments, net (3,210) (409) 31,682  (5,656) —

General and administrative expenses 63,758  64,175  63,124  1,557,378  67,474

Depreciation and amortization 485,869  495,036  509,812  594,151  622,752

Interest expense 144,962  141,157  162,052  203,784  192,715

Consolidated net operating income 960,697  1,033,533  1,108,644  1,247,079  1,296,506

NOI attributable to unconsolidated investments(1)

28,316  26,069  29,337  26,430  48,240

NOI attributable to noncontrolling interests(2)

(14,284) (13,531) (12,280) (11,163) (11,785)

Pro rata net operating income (NOI)(3)

$ 974,729  $ 1,046,071  $ 1,125,701  $ 1,262,346  $ 1,332,961

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 $ 2,823,788  $ 191,126  $ 76,524  $ 199,864  $ 126,639  $ 3,417,941

Property operating expenses (2,042,868) (4,827) (20,184) (2,893) (14,208) (2,084,980)

NOI(3)

780,920  186,299  56,340  196,971  112,431  1,332,961

Adjust:

Interest income —  —  —  (8,077) (85,414) (93,491)

Other income (2,020) (40) (164) (192) (34,444) (36,860)

Sold / held for sale (2,359) (29) (23,178) (4,159) —  (29,725)

Nonoperational(4)

1,259  5  8  (319) —  953

Non In-Place NOI(5)

(26,419) (30,491) (3,654) (38,242) 7,427  (91,379)

Timing adjustments(6)

8,492  29  —  131  —  8,652

Total adjustments (21,047) (30,526) (26,988) (50,858) (112,431) (241,850)

In-Place NOI 759,873  155,773  29,352  146,113  —  1,091,111

Annualized In-Place NOI $ 3,039,492  $ 623,092  $ 117,408  $ 584,452  $ —  $ 4,364,444

Same Store Property Reconciliation

Seniors Housing Operating Seniors Housing

Triple-net Outpatient Medical Long-Term

/Post-Acute Care Total

Total properties 1,917  431  141  349  2,838

Recent acquisitions and development conversions(7)

(591) (174) (7) (141) (913)

Under development (40) —  —  —  (40)

Under redevelopment(8)

(2) —  —  —  (2)

Current held for sale (16) —  (42) (2) (60)

Land parcels, loans and leased properties (176) (4) (6) (6) (192)

Transitions(9)

(163) (1) —  (2) (166)

Other(10)

(8) —  —  (2) (10)

Same store properties 921  252  86  196  1,455

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 10 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.

16

Supplemental Reporting Measures

(dollars in thousands at Welltower pro rata ownership)

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

Seniors Housing Operating

NOI $ 490,648  $ 543,110  $ 579,559  $ 704,670  $ 780,920

Non-cash NOI on same store properties (4,423) (1,632) (1,956) (2,153) (1,479)

NOI attributable to non-same store properties (57,288) (77,535) (97,717) (208,753) (248,830)

Currency and ownership adjustments(1)

6,273  632  (65) 528  (1,500)

Other normalizing adjustments(2)

449  3,801  2,844  2,139  2,706

SSNOI 435,659  468,376  482,665  496,431  531,817  22.1  %

Seniors Housing Triple-net

NOI 100,352  99,889  95,018  163,532  186,299

Non-cash NOI on same store properties (10,687) (10,120) (8,966) (8,053) (6,055)

NOI attributable to non-same store properties (14,996) (13,588) (8,781) (77,489) (100,016)

Currency and ownership adjustments(1)

3,259  1,859  327  —  (337)

Normalizing adjustments for joint venture recapitalization(3)

(1,394) (1,394) (465) —  —

Other normalizing adjustments(2)

—  —  —  (240) (353)

SSNOI 76,534  76,646  77,133  77,750  79,538  3.9  %

Outpatient Medical

NOI 147,889  150,521  153,387  103,862  56,340

Non-cash NOI on same store properties (2,857) (2,783) (2,592) (2,507) (2,442)

NOI attributable to non-same store properties (121,744) (123,951) (127,151) (77,562) (30,000)

Other normalizing adjustments(2)

(3) (112) (16) (3) (56)

SSNOI 23,285  23,675  23,628  23,790  23,842  2.4  %

Long-Term/Post-Acute Care

NOI 142,143  161,523  180,846  208,872  196,971

Non-cash NOI on same store properties (16,554) (16,997) (16,728) (16,227) (16,249)

NOI attributable to non-same store properties (42,179) (61,111) (79,861) (107,311) (89,906)

Currency and ownership adjustments(1)

185  126  118  94  (21)

Normalizing adjustment for lease restructure(4)

—  —  —  —  (4,031)

Normalizing adjustments for service agreement termination(5)

970  970  647  —  —

SSNOI 84,565  84,511  85,022  85,428  86,764  2.6  %

Corporate

NOI 93,697  91,028  116,891  81,410  112,431

NOI attributable to non-same store properties (93,697) (91,028) (116,891) (81,410) (112,431)

SSNOI —  —  —  —  —

Total

NOI 974,729  1,046,071  1,125,701  1,262,346  1,332,961

Non-cash NOI on same store properties (34,521) (31,532) (30,242) (28,940) (26,225)

NOI attributable to non-same store properties (329,904) (367,213) (430,401) (552,525) (581,183)

Currency and ownership adjustments(1)

9,717  2,617  380  622  (1,858)

Normalizing adjustments, net 22  3,265  3,010  1,896  (1,734)

SSNOI $ 620,043  $ 653,208  $ 668,448  $ 683,399  $ 721,961  16.4  %

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

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

(4) Represents normalizing adjustment related to lease restructures with two Long-Term/Post-Acute Care leases.

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

17

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 $ 1,642,960  $ 962,582  $ 184,832  $ 2,790,374

Unconsolidated SHO revenues attributable to Welltower(1)

46,106  6,965  2,257  55,328

SHO revenues attributable to noncontrolling interests(2)

(19,206) —  (2,708) (21,914)

Pro rata SHO revenues(3)

1,669,860  969,547  184,381  2,823,788

Non-cash and non-RevPOR revenues (3,203) (772) (235) (4,210)

Revenues attributable to non in-place properties (5,332) (215,543) (8,442) (229,317)

SHO local revenues 1,661,325  753,232  175,704  2,590,261

Average occupied units/month 91,106  29,635  19,676  140,417

RevPOR/month in USD $ 6,163  $ 8,590  $ 3,018  $ 6,234

RevPOR/month in local currency(4)

£ 6,984  $ 4,311

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

United States United Kingdom Canada Total

1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26

SHO SS RevPOR Growth

Consolidated SHO revenues $ 1,396,502  $ 1,642,960  $ 322,505  $ 962,582  $ 148,864  $ 184,832  $ 1,867,871  $ 2,790,374

Unconsolidated SHO revenues attributable to WELL(1)

41,589  46,106  4,337  6,965  10,504  2,257  56,430  55,328

SHO revenues attributable to noncontrolling interests(2)

(20,799) (19,206) —  —  (2,275) (2,708) (23,074) (21,914)

SHO pro rata revenues(3)

1,417,292  1,669,860  326,842  969,547  157,093  184,381  1,901,227  2,823,788

Non-cash and non-RevPOR revenues on same store properties (4,912) (2,275) —  —  (170) (241) (5,082) (2,516)

Revenues attributable to non-same store properties (176,782) (308,226) (130,012) (738,669) (37,042) (47,154) (343,836) (1,094,049)

Currency and ownership adjustments(4)

4,912  —  10,998  (2,994) 4,072  (1,725) 19,982  (4,719)

Other normalizing adjustments(5)

—  (419) —  —  —  —  —  (419)

SHO SS RevPOR revenues(6)

$ 1,240,510  $ 1,358,940  $ 207,828  $ 227,884  $ 123,953  $ 135,261  $ 1,572,291  $ 1,722,085

Avg. occupied units/month(7)

67,813  70,912  6,980  7,310  14,326  14,765  89,119  92,987

SHO SS RevPOR(8)

$ 6,182  $ 6,477  $ 10,063  $ 10,536  $ 2,924  $ 3,096  $ 5,963  $ 6,259

SS RevPOR YOY growth 4.8  % 4.7  % 5.9  % 5.0  %

SHO SSNOI Growth

Consolidated SHO NOI $ 363,213  $ 495,848  $ 66,561  $ 205,996  $ 53,413  $ 73,169  $ 483,187  $ 775,013

Unconsolidated SHO NOI attributable to WELL(1)

15,696  17,194  708  1,636  4,142  1,175  20,546  20,005

SHO NOI attributable to noncontrolling interests(2)

(12,024) (12,761) —  —  (1,061) (1,337) (13,085) (14,098)

SHO pro rata NOI(3)

366,885  500,281  67,269  207,632  56,494  73,007  490,648  780,920

Non-cash NOI on same store properties (4,414) (1,511) (9) 45  —  (13) (4,423) (1,479)

NOI attributable to non-same store properties (27,127) (85,790) (16,336) (143,205) (13,825) (19,835) (57,288) (248,830)

Currency and ownership adjustments(4)

2,006  —  2,803  (823) 1,464  (677) 6,273  (1,500)

Other normalizing adjustments(5)

802  2,671  —  —  (353) 35  449  2,706

SHO pro rata SSNOI(6)

$ 338,152  $ 415,651  $ 53,727  $ 63,649  $ 43,780  $ 52,517  $ 435,659  $ 531,817

SHO SSNOI growth 22.9  % 18.5  % 20.0  % 22.1  %

SHO SSNOI/Unit

Trailing four quarters' SSNOI(6)

$ 1,545,094  $ 237,738  $ 196,457  $ 1,979,289

Average units in service(9)

79,974  8,445  16,065  104,484

SSNOI/unit in USD $ 19,320  $ 28,151  $ 12,229  $ 18,943

SSNOI/unit in local currency(4)

£ 22,887  $ 17,470

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 10 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 aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth.

(6) Represents SS SHO RevPOR revenues/SSNOI at Welltower pro rata ownership. See page 17 for more information.

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

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

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

18

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 April 28, 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.

19

GRAPHIC

GRAPHIC

Filename: backcovera.jpg · Sequence: 8

Binary file (2436198 bytes)

Download backcovera.jpg

GRAPHIC

GRAPHIC

Filename: chart-a12c5bbf77fd48f5b22a.jpg · Sequence: 9

Binary file (71169 bytes)

Download chart-a12c5bbf77fd48f5b22a.jpg

GRAPHIC

GRAPHIC

Filename: supplementalcover1q26a.jpg · Sequence: 10

Binary file (838412 bytes)

Download supplementalcover1q26a.jpg

GRAPHIC

GRAPHIC

Filename: welltower_loginlogo.jpg · Sequence: 11

Binary file (12876 bytes)

Download welltower_loginlogo.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 13

v3.26.1

Cover Page

Apr. 28, 2026

Document Information [Line Items]

Document Type

8-K

Document Period End Date

Apr. 28, 2026

Entity Registrant Name

Welltower Inc.

Entity Incorporation, State or Country Code

DE

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

OH

Entity Address, Postal Zip Code

43615

City Area Code

419

Local Phone Number

247-2800

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Entity Central Index Key

0000766704

Amendment Flag

false

Common stock, $1.00 par value per share

Document Information [Line Items]

Title of 12(b) Security

Common stock, $1.00 par value per share

Trading Symbol

WELL

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

Security Exchange Name

NYSE

X

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_DocumentInformationLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

na

Period Type:

duration

X

- Definition

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

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

na

Period Type:

duration

X

- Definition

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

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

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.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

na

Period Type:

duration

X

- Definition

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

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

na

Period Type:

duration

X

- Definition

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

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

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

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

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.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

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.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Title of a 12(b) registered security.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the Exchange on which a security is registered.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

na

Period Type:

duration

X

- Definition

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.

+ References

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

na

Period Type:

duration

X

- Definition

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.

+ References

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

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember

Namespace Prefix:

Data Type:

na

Balance Type:

Period Type:

X

- Details

Name:

us-gaap_StatementClassOfStockAxis=well_NotesDue20284.800Member

Namespace Prefix:

Data Type:

na

Balance Type:

Period Type:

X

- Details

Name:

us-gaap_StatementClassOfStockAxis=well_NotesDue20344.500Member

Namespace Prefix:

Data Type:

na

Balance Type:

Period Type: