July 28, 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. Forward-looking statements are not guarantees of future performance and inv ...

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]