Revenue Segmentation - The Seniors Housing Operating segment accounted for 72%, 68%, and 67% of total revenues for the years ended December 31, 2022, 2021, and 2020, respectively[27]. - The Triple-net segment accounted for 16%, 19%, and 17% of total revenues for the years ended December 31, 2022, 2021, and 2020, respectively[30]. - The Outpatient Medical segment accounted for 12%, 13%, and 16% of total revenues for the years ended December 31, 2022, 2021, and 2020, respectively[33]. - The relationship with Sunrise Senior Living accounted for approximately 20% of the Seniors Housing Operating segment revenues and 14% of total revenues for the year ended December 31, 2022[27]. - ProMedica Health System accounted for approximately 26% of the Triple-net segment revenues and 4% of total revenues for the year ended December 31, 2022[30]. - Approximately 87% of the outpatient medical building portfolio is affiliated with health systems[33]. - As of December 31, 2022, 96% of the triple-net properties were subject to master leases[38]. Financial Investments and Loans - As of December 31, 2022, the company had outstanding construction investments of $1,021,080,000 and was committed to provide additional funds of approximately $1,883,449,000 to complete construction for consolidated investment properties[40]. - At December 31, 2022, the company had outstanding loans, net of allowances, of $1,180,012,000 with an interest yield of approximately 9.9% per annum[41]. - Investments in unconsolidated entities amounted to $1,499,790,000 as of December 31, 2022[42]. - The company has made loans related to 21 properties with a carrying value of $649,267,000, classified as in substance real estate investments[43]. Green Bonds and Sustainability Initiatives - The company issued an inaugural green bond of $500,000,000 with a 2.700% interest rate due in 2027 and an additional green bond of $550,000,000 with a 3.85% interest rate due in 2032[56]. - The company has utilized $572,090,000 of proceeds from green bond issuances for energy efficiency, water conservation, and green building projects as of September 30, 2022[56]. - The company has been recognized as an ENERGY STAR Partner of the Year for four consecutive years, maintaining the highest level of Sustained Excellence[59]. - The company’s ESG initiatives have led to an MSCI ESG rating improvement from AA to AAA[52]. Employee and Board Diversity - The company’s U.S. employees self-identified as 51% male and 49% female, with a diverse ethnic composition including 80% White, 8% Hispanic or Latino, and 4% Black or African American[58]. - The Board of Directors consists of 60% male and 40% female members, with 20% identifying as Black or African American and 20% as Hispanic or Latino[62]. - The company’s overall employee engagement score improved in 2022 compared to 2021 due to management actions taken on previous survey results[65]. - The company has a commitment to diversity and inclusion, supported by various employee network groups and initiatives[60]. Regulatory Compliance and Risks - Compliance with federal and state health care regulations is critical, as failure to do so can result in loss of accreditation, fines, or exclusion from government programs[74]. - The Health Reform Laws have significantly altered health care delivery and reimbursement, with ongoing reforms expected to impact operators and tenants[77]. - Data privacy laws, including the California Consumer Privacy Act and the Virginia Consumer Data Protection Act, impose new compliance obligations that may affect business operations[81]. - Operators face substantial financial penalties for noncompliance with health care fraud and abuse laws, which could adversely affect their financial condition[78]. - Increased scrutiny and enforcement actions in the health care industry are expected to continue, potentially impacting operators' liquidity and ability to meet obligations[79]. Taxation and REIT Compliance - The company intends to maintain its qualification as a REIT, which allows it to avoid U.S. federal income tax on distributed taxable income[89]. - If the company fails to distribute at least 90% of its REIT taxable income, it will be subject to tax on the undistributed amount at regular corporate tax rates[90]. - The company must satisfy two percentage tests regarding gross income each taxable year to maintain REIT status[99]. - The company is required to make distributions equal to at least 90% of its "REIT taxable income" to avoid being taxed as a regular corporation[117]. - The company must comply with various asset tests, including the 10% vote test and the 5% asset test, to maintain REIT status[104]. - Failure to qualify as a REIT would subject the company to U.S. federal income tax at regular corporate rates, reducing cash available for distribution to stockholders[121]. Market Risks and Financial Strategies - The company is exposed to market risks, including interest rate fluctuations and foreign currency exchange rates, which it seeks to mitigate through various financial strategies[410]. - The company historically borrows on its unsecured revolving credit facility and commercial paper program to finance health care and seniors housing properties[411]. - The total variable rate debt outstanding as of December 31, 2022, was $2,426,134,000, with a projected increase in annual interest expense of $24,261,000 due to a hypothetical 1% increase in interest rates[412]. - Currency fluctuations may impact net income from investments in Canada and the UK, with a potential increase or decrease of less than $8,000,000 if exchange rates change by 10%[413]. - The company plans to mitigate foreign currency exposures through non-U.S. denominated borrowings and derivative contracts[413]. - The company may increase its international presence through investments or acquisitions in seniors housing and healthcare properties outside the U.S.[413].

Financial Data and Key Metrics Changes - Welltower reported fourth quarter normalized funds from operations of $0.83 per diluted share, representing 7% year-over-year growth after adjusting for prior period government grants and FX headwinds [37] - Total portfolio same-store NOI growth in the quarter was 12.9% year-over-year [37] - The company ended the year with $722 million of cash and $5.1 billion in near-term available liquidity [44] Business Line Data and Key Metrics Changes - The senior housing operating portfolio experienced a 28.1% fourth quarter NOI increase over the prior year's quarter, driven by revenue growth of 10.3% [28] - The outpatient medical business had same-store NOI growth of 2.1% over the prior year's quarter, with same-store occupancy steady at nearly 95% [27] - Agency expenses in the same-store portfolio decreased by 44% year-over-year in Q4 2022, contributing to a moderation in overall expense growth [30] Market Data and Key Metrics Changes - Revenue per occupied room (REVPOR) increased by 7.5% in Q4, reflecting strong pricing power [10] - Average occupancy in the portfolio improved with a gain of 20 basis points during the period [29] - The company expects 2023 same-store NOI growth of 8% to 13%, driven by various segments including senior housing operating growth of 15% to 24% [49] Company Strategy and Development Direction - The company aims to deepen relationships with existing operating partners rather than expanding the number of partners, focusing on regional density [59] - The Private Letter Ruling (PLR) allows Welltower to own and self-manage independent living assets, which is expected to enhance margins and operational efficiency [14][72] - Welltower is committed to modernizing operations and driving efficiencies through scale, leveraging technology and data analytics [47][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future growth supported by favorable demand-supply dynamics in the senior housing sector [12] - The company anticipates a strong start to 2023, with January move-ins up 16% compared to 2019 levels [13] - Management emphasized the importance of long-term value creation over short-term stock performance [7][51] Other Important Information - The company highlighted the addition of Retirement Unlimited as a new operating partner, which is expected to enhance operational performance [16] - Welltower's capital allocation strategy remains focused on acquiring high-quality assets in a favorable investment environment [19] Q&A Session All Questions and Answers Question: What is the landscape of high-quality operators after pandemic headwinds? - Management indicated that the focus is on deepening relationships with existing partners rather than expanding the number of operators, emphasizing the need for higher standards in the industry [59] Question: Have return rates changed for different property types? - Management noted that there are significant opportunities across all product types, with the potential for higher IRRs than seen in the past [63][64] Question: How should we think about the investment year and payoffs? - Management stated that returns are already being realized through aggressive asset management, with expectations for continued significant margin improvement [66] Question: What is the expected range of margins for the SHO business at full occupancy? - Management refrained from speculating but expressed disappointment if margins only returned to pre-COVID levels [69] Question: Can you elaborate on the impact of the PLR on earnings growth? - Management explained that the PLR allows for a shift from fee management to owner-operator, which is expected to significantly improve margins [72][74] Question: How has the relationship with independent living operators changed since the PLR? - Forward-thinking operators are more willing to collaborate on building out the platform, while those stuck in outdated practices are less likely to engage [76] Question: What is the status of the ProMedica and Integra assets? - Management reported smooth transitions with new operators, but it is too early to discuss performance metrics [79] Question: What investment opportunities are currently available? - Management highlighted that opportunities are present across all product types, with a focus on right location and product basis [81]

Financial Data and Key Metrics Changes - Welltower reported normalized funds from operations (FFO) of $0.84 per diluted share, representing a 6.2% growth year-over-year, marking the second consecutive quarter of year-over-year growth since the pandemic began [46] - The company achieved a total portfolio same-store NOI growth of 7.2% year-over-year [47] - The fourth quarter guidance for net income attributable to common stockholders is projected to be between $0.08 to $0.13 per diluted share, with normalized FFO expected to be between $0.80 to $0.85 per diluted share [55] Business Line Data and Key Metrics Changes - In the senior housing operating business, same-store revenue increased by 10.8% year-over-year, with same-store NOI growth of 17.6% [8][11] - The outpatient medical business reported same-store NOI growth of 1.4% year-over-year, with a retention rate of 93% [36] - The senior housing triple-net portfolio saw same-store NOI increase by 1.6% year-over-year [47] Market Data and Key Metrics Changes - The U.S. senior housing operating portfolio experienced over 20% same-store NOI growth, while Canada and the UK reported growth of 6.3% and 9.8%, respectively [40] - The company noted a significant surge in applications and net hiring, with total portfolio monthly contract labor spend being the lowest since August 2021 [10] Company Strategy and Development Direction - The company is focused on capital allocation priorities and is optimistic about the recovery in the senior housing sector, expecting continued growth driven by demographic trends [6][17] - Welltower is restructuring its lease with ProMedica Health System, aiming for improved financial stability and operational efficiency [22][29] - The company is exploring various capital deployment opportunities, including share repurchases, while maintaining a favorable capital position [52][70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the labor market improving, which is expected to benefit the sector significantly [11][41] - The company anticipates a continued recovery in senior housing, with expectations of 4.5% growth in the 80-plus population in 2023 [17] - Management highlighted the importance of maintaining a strong capital position to navigate the current volatile market environment [32][60] Other Important Information - The company has raised approximately $760 million through its ATM program to enhance balance sheet strength [52] - The transition to Integra Health is expected to improve the financial state of ProMedica while providing a well-capitalized partner for skilled nursing properties [50][51] Q&A Session Summary Question: Sustainability of pricing power across regions and impact of flu - Management indicated that pricing power is expected to remain strong due to rising market rents and occupancy improvements, with early renewals showing promising trends [62][63] - COVID protocols are in place to mitigate flu impacts, which should positively affect community health [65] Question: Share repurchase program details - The company finds its stock attractively priced and is considering share repurchases as part of its capital deployment strategy, though timing remains uncertain [68][70] Question: Differences in margins between assisted living and independent living - Management noted that while there are naturally different margins, improvements are expected across both segments due to operational enhancements [72][73] Question: Trends in senior housing project types - Assisted living is experiencing robust recovery due to its need-based nature, while independent living is recovering more slowly but remains a strong business [77][79] Question: Opportunities in the medical office space - Management has not seen foreclosures yet but noted increasing cap rates, indicating potential investment opportunities in the future [81][84] Question: ProMedica joint venture details - The reserves from ProMedica are earmarked for operating losses and working capital, with a focus on improving portfolio quality [93] Question: Strategic direction of skilled nursing segment - The company is partnering with Integra for skilled nursing, leveraging their expertise while ensuring downside protection for Welltower [96][100]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-8923 WELLTOWER INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of Incorporation) 450 ...

Financial Data and Key Metrics Changes - Total revenue increased by 29% year-over-year, driven by organic growth and significant capital deployment over the last 18 months [7] - Same-store senior housing operating portfolio revenue rose by 11.5% year-over-year, with a 5% occupancy growth and 4.5% REVPOR growth [7] - Same-store NOI growth was 15.4% in Q2, with annual EBITDA exceeding $2 billion [7][8] - Normalized FFO per diluted share was $0.86, representing an 8.9% year-over-year growth [53][54] Business Line Data and Key Metrics Changes - The outpatient medical business saw a 2.5% same-store NOI growth year-over-year, with occupancy increasing by 30 basis points [32] - Senior housing operating platform revenue growth was led by the U.S. and UK, with respective growth rates of 13.1% and 14.7% [33] - Senior housing triple-net portfolio same-store NOI increased by 9.9% year-over-year, driven by improved rent collections [55] Market Data and Key Metrics Changes - The overall market experienced a rebound in demand, particularly in the second half of July, leading to increased move-ins [15][36] - Average occupancy for the portfolio in July was up over 40 basis points in the same-store portfolio [36] - The traffic in July was comparable to June, indicating a recovery trend [36] Company Strategy and Development Direction - The company is focused on long-term earnings and cash flow growth, emphasizing occupancy, rates, labor costs, and external growth opportunities [64] - A significant capital deployment of $1.1 billion occurred in Q2, with a robust pipeline of high-quality opportunities [22][24] - The company is transforming its operating platform to enhance operational excellence and efficiency in senior housing [39][47] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from COVID-19 but noted that the impact is lessening, with quicker rebounds observed [65] - There is confidence in driving occupancy and rate growth due to a sharp increase in the senior population and reduced new supply [68] - Management remains focused on long-term value creation despite short-term challenges [30] Other Important Information - The company has about 120 senior housing properties generating negative cash flow, which could significantly improve as they stabilize [10][96] - The company is implementing a data analytics platform to enhance operational results and customer experience [47][50] Q&A Session Summary Question: Can you discuss the impact of high-frequency data on future projections? - Management acknowledged the noise in high-frequency data and emphasized the importance of focusing on long-term trends despite short-term fluctuations [73][76] Question: What are the expectations for pricing power and margins in the senior housing space? - Management noted that street rates are significantly increasing, which should translate into continued pricing power and improved margins [82][84] Question: How is the company addressing labor cost growth in different care segments? - Management indicated that capital allocation is driven by opportunity sets rather than labor costs, which can be priced in [88][89] Question: What is the trajectory of recurring CapEx spend? - Management explained that the increase in CapEx is due to a combination of deferred spending and value-add opportunities from recent acquisitions [92][93] Question: What is the NOI drag from the 120 senior housing facilities generating negative cash flow? - Management refrained from providing specific numbers but indicated that these properties are expected to stabilize faster than the overall portfolio [95][96]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (Mark One) Commission file number: 1-8923 ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 WELLTOWER INC. For the quarterly period ended June 30, 2022 (Exact name of registrant as specified in its charter) (State or other jurisdiction of Incorporation) 4500 Dor ...

Welltower Inc. (NYSE:WELL) Q1 2022 Results Conference Call May 11, 2022 9:00 AM ET Company Participants Matt McQueen - General Counsel Shankh Mitra - Chief Executive Officer John Burkart - Chief Operating Officer Tim McHugh - Chief Financial Officer Conference Call Participants Vikram Malhotra - Mizuho Steve Sakwa - Evercore ISI Derek Johnston - Deutsche Bank Joshua Dennerlein - Bank of America John Pawlowski - Green Street Rich Anderson - SMBC Adam Kramer - Morgan Stanley Michael Griffin - Citi Michael Car ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-8923 (Welltower Inc.) 333-264093-01 (Welltower OP Inc.) WELLTOWER INC. WELLTOWER OP INC. (Exact name of registrant as specified i ...

Welltower Inc. (NYSE:WELL) Q4 2021 Earnings Conference Call February 16, 2022 9:00 AM ET Company Participants Matt McQueen - General Counsel Shankh Mitra - Chief Executive Officer John Burkart - Chief Operating Officer Tim McHugh - Chief Financial Officer Conference Call Participants Jonathan Hughes - Raymond James Nick Joseph - Citi Vikram Malhotra - Mizuho Derek Johnston - Deutsche Bank Steve Sakwa - Evercore ISI Rich Hill - Morgan Stanley Juan Sanabria - BMO Capital Markets Mike Mueller - JPMorgan Connor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number 1-8923 WELLTOWER INC. (Exact name of registrant as specified in its charter) Delaware 34-1096634 (State or other jurisdiction of incorporatio ...