October 27, 2025 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 regard ...

Core Insights - Welltower Inc. announced a series of transactions totaling $23 billion to enhance its focus on rental housing for the growing seniors population, including $14 billion in acquisitions primarily in the US and UK [1][6] - The company expects these transactions to be accretive to its normalized funds from operations (FFO) per share in 2026, with significant future earnings growth potential [1][12] Acquisition Details - The largest component of the transactions is the acquisition of a real estate portfolio of Barchester-operated communities in the UK for £5.2 billion, forming a long-term partnership with Barchester [4][5] - Welltower also purchased 100% of the HC-One-operated portfolio for £1.2 billion, funded partially through the repayment of a £660 million loan [7][8] - The company is under contract or has closed an additional $4 billion of seniors housing acquisitions across over 150 communities and 12,000 units [9] Financial Strategy - The transactions are expected to be fully funded through cash on hand and $9 billion from asset sales and loan repayments [1][6] - Welltower anticipates net aggregate proceeds of approximately $6.0 billion from the divestiture of an 18 million square foot outpatient medical portfolio valued at $7.2 billion [10][11] Operational Focus - Following these transactions, Welltower's percentage of in-place net operating income (NOI) from the seniors housing business is expected to rise to the mid-80% range [2][12] - The company aims to drive operational and technological transformation across its seniors housing portfolio to enhance the experience for residents and employees [2][3] Market Positioning - Welltower's strategic focus on seniors housing is seen as a pathway to long-term compounding of per-share growth for investors [3][12] - The company emphasizes its commitment to high-quality care and operational excellence, with 86% of its communities rated as good or outstanding by the Care Quality Commission in the UK [8][9]

Core Insights - Welltower Inc. reported its third-quarter results for the period ending September 30, 2025, highlighting significant capital activity, investment activity, and acquisitions in the seniors housing sector [1]. Financial Performance - Reported net income attributable to common stockholders was $0.41 per diluted share, with normalized funds from operations (FFO) of $1.34 per diluted share, reflecting a 20.7% increase year-over-year [13]. - Total revenues for the third quarter reached $2.69 billion, up from $2.06 billion in the same period last year [29]. - The company revised its net income guidance for the full year to a range of $0.82 to $0.88 per diluted share, down from a previous range of $1.86 to $1.94 per diluted share [12]. Capital Activity and Liquidity - The net debt to consolidated enterprise value decreased to 7.6% as of September 30, 2025, from 13.1% a year earlier [2]. - Over $4.1 billion of attractively priced capital was sourced, including senior unsecured notes and equity issuances [2]. Investment Activity - In the third quarter, Welltower completed $1.9 billion in pro rata gross investments, including $1.8 billion in acquisitions and loan funding [13]. - The company announced $23 billion of additional transaction activity closed or under contract, primarily focused on seniors housing communities in the U.S. and U.K. [13]. Recent Acquisitions - Welltower acquired a real estate portfolio in the U.K. from Barchester Healthcare for approximately £5.2 billion, which includes 111 communities and 21 ongoing developments [5]. - The company also acquired HC-One Group's portfolio for £1.2 billion, creating a long-duration cash flow stream [6]. - An additional acquisition pipeline includes a trophy seniors housing portfolio along the East Coast, with expected completion of the New England portfolio repositioning [7]. Dispositions - Welltower entered into a definitive agreement to divest an 18 million square foot outpatient medical portfolio valued at approximately $7.2 billion, with a current occupancy of 94% [9]. Executive Compensation - The Board approved a Ten Year Executive Continuity and Alignment Program to secure senior leadership, with executives agreeing to a base salary of $110,000 and a long-term equity-based incentive award [10]. Dividend Declaration - The Board declared a cash dividend of $0.74 per share for the quarter ended September 30, 2025, marking the 218th consecutive quarterly cash dividend [11]. Outlook - The company anticipates average blended same store NOI growth of 13.2% to 14.5%, driven by various segments including Seniors Housing Operating [14].

Financial Performance - Welltower reported normalized FFO per share of $1.28, a year-over-year increase of 22%[12] - The company revised its full-year FFO guidance midpoint to $5.10, up from $4.97, driven by strong seniors housing operating (SHO) fundamentals and accretive capital deployment[12] - SHO portfolio same-store net operating income (SSNOI) grew by 23.4%, marking the 11th consecutive quarter with growth exceeding 20%[12] - Year-over-year occupancy growth in the SHO portfolio reached 420 bps, the highest in the company's recorded history outside of the post-COVID recovery[12, 24] - Operating margins expanded by 330 bps year-over-year to 30.7%[12] - The Board of Directors announced a 10.4% increase in the quarterly dividend[12] Investment and Capital Deployment - Welltower announced $9.2 billion of pro rata gross investments year-to-date, including $3.7 billion closed in the first half of the year and $5.5 billion closed or under contract as of July 28, 2025[12] Balance Sheet and Liquidity - The company ended 2Q2025 with net debt to Adjusted EBITDA at 2.9x, the lowest level in the company's recorded history, and $9.5 billion of total near-term liquidity[12] - The Adjusted Fixed Charge Coverage Ratio was 6.3x, highlighting significant balance sheet strength and financial flexibility[12] Guidance and Outlook - The midpoint of the SS SHO Portfolio NOI is expected to grow 20.0%, which represents a 100 bps increase vs the prior midpoint[19] - The company anticipates year-over-year occupancy growth of approximately 360 bps[19]

Financial Performance & Guidance - Welltower reported normalized FFO per diluted share growth of 19% year-over-year, and increased the midpoint of full-year FFO guidance by $0.10 to $4.97 per diluted share[13] - Same store SHO portfolio net operating income (NOI) growth has exceeded 20% for the 10th consecutive quarter, with occupancy growth of 400 bps representing the highest year-over-year growth outside of the post-COVID recovery[13] - The company increased FY2025 Same Store NOI Guidance for the total portfolio to a range of 10% to 13.25%[16] - The Seniors Housing Operating (SHO) portfolio is expected to drive SS NOI growth of 19% at the midpoint, with revenue growth of 9% driven by higher occupancy and RevPOR growth[19] Investment & Capital Activity - Year-to-date investment activity reached $6.2 billion of pro rata gross acquisitions and loan funding, including nearly $2.7 billion closed in Q1 and an additional $3.6 billion of announced investment activity[13] - Welltower's balance sheet is well-positioned with net debt to Adjusted EBITDA of 3.3x and nearly $9 billion of total near-term liquidity at the end of 1Q2025[13] - The company has completed $22 billion of investments since 4Q2020 at attractive high-single-digit to low-double-digit unlevered IRRs[40] Market Trends & Demographics - Seniors housing construction starts are down to GFC levels and represent a ~90% decline from peak, indicating constrained supply through 2030+[94] - The US 80+ population is expected to grow at a CAGR of 4.8% from 2025-2030, compared to 1.7% from 2010-2024, driving increased demand for seniors housing[88, 104] Strategic Initiatives - Welltower is acquiring Amica Senior Lifestyles from Ontario Teachers' Pension Plan for C$4.6 billion, expecting a double-digit unlevered IRR[123] - Annualized NOI Increase Since NNN Conversion of 37 properties is +$39M[68]