EX-99.23a3q25supplement992.htmEX-99.2 Document
Table of Contents
Overview
1
Portfolio
2
Investment
6
Financial
11
Glossary
16
Supplemental Reporting Measures
17
Forward Looking Statements and Risk Factors
21
Overview
(dollars and occupancy at Welltower pro rata ownership; dollars in thousands)
Portfolio Composition(1)
Beds/Unit Mix
Average Age
Properties
Total
Wellness Housing
Independent Living
Assisted Living
Memory Care
Long-Term/ Post-Acute Care
Seniors Housing Operating
17
1,334
153,465
31,443
48,851
48,954
23,677
540
Seniors Housing Triple-net
19
291
19,850
—
2,190
10,205
7,148
307
Outpatient Medical
20
446
26,491,264
(2)
n/a
n/a
n/a
n/a
n/a
Long-Term/Post-Acute Care
34
376
46,429
—
30
1,127
—
45,272
Total
20
2,447
NOI Performance
Same Store(3)
In-Place Portfolio(4)
Properties
3Q24 NOI
3Q25 NOI
% Change
Properties
Annualized
In-Place NOI
% of Total
Seniors Housing Operating
763
$
350,200
$
421,242
20.3
%
1,194
$
2,226,036
67.6
%
Seniors Housing Triple-net
246
69,777
71,925
3.1
%
285
339,992
10.3
%
Outpatient Medical
108
26,019
27,072
4.0
%
116
128,660
3.9
%
Long-Term/Post-Acute Care
222
81,418
83,613
2.7
%
370
600,144
18.2
%
Total
1,339
$
527,414
$
603,852
14.5
%
1,965
$
3,294,832
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
88.4
%
n/a
n/a
96.8
%
0.8
%
0.3
%
2.1
%
Seniors Housing Triple-net
84.7
%
1.21
1.41
87.9
%
2.1
%
0.1
%
9.9
%
Outpatient Medical
94.2
%
n/a
n/a
100.0
%
—
—
—
Long-Term/Post-Acute Care
85.8
%
2.02
2.41
24.3
%
45.0
%
30.7
%
—
%
Total
1.61
1.91
91.7
%
3.8
%
2.3
%
2.2
%
Notes:
(1) Includes land parcels and properties under development.
(2) Indicates the total square footage of Outpatient Medical properties.
(3) See pages 18 and 19 for reconciliation.
(4) Excludes land parcels, loans, developments and investments held for sale. See page 18 for reconciliation.
(5) Data as of September 30, 2025 for Seniors Housing Operating and Outpatient Medical and June 30, 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
Cogir Management Corporation
181
$
344,980
$
—
$
—
$
—
$
344,980
10.5
%
Sunrise Senior Living
85
228,436
—
—
—
228,436
6.9
%
Avery Healthcare
94
100,804
77,824
—
—
178,628
5.4
%
Oakmont Management Group
69
170,512
—
—
—
170,512
5.2
%
StoryPoint Senior Living
101
158,068
—
—
—
158,068
4.8
%
Integra Healthcare Properties
115
—
—
—
154,928
154,928
4.7
%
Avir Health Group
86
—
—
—
149,380
149,380
4.5
%
Care UK
75
138,748
—
—
—
138,748
4.2
%
Legend Senior Living
58
99,104
—
—
1,268
100,372
3.0
%
Sagora Senior Living
73
93,388
236
—
—
93,624
2.8
%
Remaining
1,028
891,996
261,932
128,660
294,568
1,577,156
48.0
%
Total
1,965
$
2,226,036
$
339,992
$
128,660
$
600,144
$
3,294,832
100.0
%
By Country:
United States
1,618
$
1,701,624
$
224,900
$
128,660
$
593,464
$
2,648,648
80.4
%
United Kingdom
211
262,992
111,844
—
—
374,836
11.4
%
Canada
136
261,420
3,248
—
6,680
271,348
8.2
%
Total
1,965
$
2,226,036
$
339,992
$
128,660
$
600,144
$
3,294,832
100.0
%
By MSA:
Los Angeles
55
$
109,756
$
21,328
$
14,388
$
1,368
$
146,840
4.5
%
New York / New Jersey
70
97,404
18,728
12,064
17,504
145,700
4.4
%
Greater London
64
115,952
20,208
—
—
136,160
4.1
%
Houston
53
22,960
236
72,680
19,892
115,768
3.5
%
Dallas
74
85,104
992
392
22,916
109,404
3.3
%
Washington D.C.
37
56,664
6,564
—
26,772
90,000
2.7
%
Montréal
25
84,396
—
—
—
84,396
2.6
%
Chicago
42
54,188
7,232
—
7,084
68,504
2.1
%
San Francisco
23
54,800
11,164
—
2,492
68,456
2.1
%
Philadelphia
43
29,848
5,240
328
32,924
68,340
2.1
%
Boston
20
46,216
5,544
172
—
51,932
1.6
%
Seattle
28
41,172
1,268
268
1,964
44,672
1.4
%
Raleigh
11
10,932
31,228
—
—
42,160
1.3
%
Tampa
33
7,724
2,592
924
29,536
40,776
1.2
%
Charlotte
23
17,324
10,316
10,408
—
38,048
1.2
%
Pittsburgh
21
23,396
5,572
2,452
5,784
37,204
1.1
%
San Antonio
18
21,604
972
492
12,828
35,896
1.1
%
Toronto
15
35,256
—
—
—
35,256
1.1
%
Cleveland
24
26,296
2,612
—
3,912
32,820
1.0
%
Birmingham UK
16
19,968
11,896
—
—
31,864
1.0
%
Remaining
1,270
1,265,076
176,300
14,092
415,168
1,870,636
56.6
%
Total
1,965
$
2,226,036
$
339,992
$
128,660
$
600,144
$
3,294,832
100.0
%
Notes:
(1) Represents current quarter annualized In-Place NOI. See page 18 for reconciliation.
2
Portfolio
(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating
Total Portfolio Performance(1)
3Q24
4Q24
1Q25
2Q25
3Q25
Properties
1,029
1,085
1,113
1,171
1,199
Units
114,213
118,818
124,742
129,758
131,792
Total occupancy
83.8
%
84.8
%
85.1
%
85.6
%
86.9
%
Total revenues
$
1,556,957
$
1,808,025
$
1,901,227
$
2,007,567
$
2,109,690
Operating expenses
1,167,375
1,366,423
1,410,579
1,464,457
1,530,131
NOI
$
389,582
$
441,602
$
490,648
$
543,110
$
579,559
NOI margin
25.0
%
24.4
%
25.8
%
27.1
%
27.5
%
Recurring cap-ex
$
66,515
$
75,822
$
68,359
$
63,937
$
78,803
Other cap-ex
$
129,242
$
188,301
$
135,045
$
118,646
$
131,668
Same Store Performance(2)
3Q24
4Q24
1Q25
2Q25
3Q25
Properties
763
763
763
763
763
Units
87,555
87,569
87,556
87,550
87,549
Occupancy
84.9
%
86.3
%
86.9
%
87.8
%
88.9
%
Same store revenues
$
1,284,544
$
1,310,200
$
1,350,245
$
1,376,291
$
1,409,613
Compensation
548,874
559,278
562,456
567,858
579,116
Utilities
59,393
56,312
63,972
53,981
62,437
Food
52,522
55,619
52,978
54,755
55,795
Repairs and maintenance
34,366
34,823
34,775
35,579
37,930
Property taxes
43,877
41,446
45,440
45,769
46,143
All other
195,312
204,169
200,829
206,228
206,950
Same store operating expenses
934,344
951,647
960,450
964,170
988,371
Same store NOI
$
350,200
$
358,553
$
389,795
$
412,121
$
421,242
Same store NOI margin %
27.3
%
27.4
%
28.9
%
29.9
%
29.9
%
Year over year NOI growth rate
20.3
%
Year over year revenue growth rate
9.7
%
Partners(3)
Properties
Pro Rata Units
Welltower Ownership %(4)
Top Markets
3Q25 NOI
% of Total
Cogir Management Corporation
181
27,255
95.3
%
Southern California
$
41,371
7.1
%
Sunrise Senior Living
85
7,751
91.6
%
Northern California
37,263
6.4
%
Oakmont Management Group
69
6,911
100.0
%
Greater London
36,950
6.4
%
StoryPoint Senior Living
101
10,635
97.2
%
New York / New Jersey
24,187
4.2
%
Care UK
75
5,214
100.0
%
Dallas
21,223
3.7
%
Avery Healthcare
44
3,351
95.0
%
Montreal
21,224
3.7
%
Legend Senior Living
57
4,914
90.6
%
Washington D.C.
16,497
2.8
%
Sagora Senior Living
73
8,431
100.0
%
Chicago
13,784
2.4
%
Belmont Village
21
2,803
95.0
%
Boston
11,427
2.0
%
Discovery Senior Living
75
6,268
60.6
%
Seattle
10,406
1.8
%
Axis Residential
29
4,639
100.0
%
Top markets
35,617
6.2
%
Quality Senior Living
35
4,066
91.2
%
All other
543,942
93.8
%
Monarch
33
3,258
99.9
%
Total
$
579,559
100.0
%
New Perspective Senior Living
25
2,652
95.1
%
Remaining
291
33,404
Total
1,194
131,552
Notes:
(1) Properties, units, occupancy and cap-ex exclude land parcels, properties under development/redevelopment, leased properties and nonoperational properties.
(2) See pages 18 and 19 for reconciliation.
(3) Represents partner concentration based on annualized In-Place NOI for the quarter ended September 30, 2025. Property count and pro rata units represent the In-Place portfolio.
(4) Welltower ownership percentage weighted based on In-Place NOI. See page 18 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
0.3
%
0.1
%
0.4
%
9
3
0.3
%
0.1
%
0.4
%
9
3
.85x-.95x
—
%
—
%
—
%
—
—
—
%
2.6
%
2.6
%
16
1
.95x-1.05x
—
%
—
%
—
%
—
—
0.4
%
—
%
0.4
%
5
1
1.05x-1.15x
—
%
—
%
—
%
—
—
1.2
%
0.4
%
1.6
%
10
5
1.15x-1.25x
0.4
%
—
%
0.4
%
5
1
5.0
%
—
%
5.0
%
8
3
1.25x-1.35x
0.8
%
2.6
%
3.4
%
15
2
0.2
%
0.7
%
0.9
%
2
2
>1.35
7.4
%
5.8
%
13.2
%
10
22
1.8
%
4.7
%
6.5
%
13
13
Total
8.9
%
8.5
%
17.4
%
11
28
8.9
%
8.5
%
17.4
%
11
28
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
2025
$
6,012
$
1,045
$
—
$
6,806
$
13,863
1.0
%
2026
3,233
3,693
9,258
97,451
113,635
8.4
%
2027
—
3,108
1,287
51,236
55,631
4.1
%
2028
—
6,143
6,669
114,897
127,709
9.5
%
2029
1,115
7,231
—
4,285
12,631
0.9
%
2030
12,463
7,387
30,060
184
50,094
3.7
%
2031
6,752
5,870
4,630
216
17,468
1.3
%
2032
96,993
5,461
54,172
351
156,977
11.6
%
2033
63,514
1,791
1,070
—
66,375
4.9
%
2034
420
5,636
—
328
6,384
0.5
%
Thereafter
142,023
87,907
496,047
1,132
727,109
54.1
%
$
332,525
$
135,272
$
603,193
$
276,886
$
1,347,876
100.0
%
Weighted Avg Maturity Years
10
11
15
2
11
Notes:
(1) Represents trailing twelve month coverage metrics as of June 30, 2025 for stable portfolio only. Agreements included represent 61% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 18 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)
3Q24
4Q24
1Q25
2Q25
3Q25
Properties
426
429
433
434
437
Square feet
21,320,290
21,430,682
21,775,061
21,914,499
22,073,485
Occupancy
94.4
%
94.3
%
94.5
%
94.4
%
94.2
%
Total revenues
$
208,750
$
205,361
$
214,693
$
215,718
$
219,238
Operating expenses
64,795
61,392
66,804
65,197
65,851
NOI
$
143,955
$
143,969
$
147,889
$
150,521
$
153,387
NOI margin
69.0
%
70.1
%
68.9
%
69.8
%
70.0
%
Revenues per square foot
$
39.16
$
38.33
$
39.44
$
39.37
$
39.73
NOI per square foot
$
27.01
$
26.87
$
27.17
$
27.47
$
27.80
Recurring cap-ex
$
14,382
$
11,029
$
6,191
$
13,221
$
19,324
Other cap-ex
$
10,649
$
16,756
$
9,742
$
9,297
$
14,051
Same Store Performance(2)
3Q24
4Q24
1Q25
2Q25
3Q25
Properties
108
108
108
108
108
Occupancy
97.0
%
97.1
%
97.1
%
97.3
%
97.5
%
Same store revenues
$
32,748
$
33,157
$
33,144
$
33,477
$
32,358
Same store operating expenses
6,729
7,254
6,503
6,815
5,286
Same store NOI
$
26,019
$
25,903
$
26,641
$
26,662
$
27,072
NOI margin
79.5
%
78.1
%
80.4
%
79.6
%
83.7
%
Year over year NOI growth rate
4.0
%
Portfolio Diversification
by Tenant(3)
Rental Income
% of Total
Quality Indicators
Kelsey-Seybold
$
73,011
54.0
%
Health system affiliated properties as % of NOI(3)
89.6
%
UnitedHealth
15,356
11.4
%
Health system affiliated tenants as % of rental income(3)
80.4
%
Atrium Health
10,456
7.7
%
Investment grade tenants as % of rental income(3)
80.1
%
Norman Regional Health
1,304
1.0
%
Retention (trailing twelve months)(3)
86.2
%
Community Health Systems
1,170
0.9
%
Average remaining lease term (years)(3)
11.2
Remaining portfolio
33,975
25.0
%
Average building size (square feet)(3)
70,506
Total
$
135,272
100.0
%
Average age (years)
20
Expirations(3)
2025
2026
2027
2028
2029
Thereafter
Occupied square feet
37,134
106,497
89,606
170,320
220,428
3,613,217
% of occupied square feet
0.9
%
2.5
%
2.1
%
4.0
%
5.2
%
85.3
%
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 108 same store properties representing 3,661,140 square feet. See pages 18 and 19 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)
2021
2022
2023
2024
1Q25
2Q25
3Q25
21-25 Total
Count
35
27
52
54
26
16
18
228
Total
$
4,101,534
$
2,785,739
$
4,222,706
$
5,287,140
$
2,612,747
$
978,896
$
1,351,102
$
21,339,864
Low
5,000
6,485
2,950
970
13,358
4,825
13,200
970
Median
45,157
66,074
65,134
39,863
54,794
50,994
38,440
47,479
High
1,576,642
389,149
644,443
936,814
990,908
296,300
397,335
1,576,642
Investment Timing
Acquisitions and Loan Funding(2)
Yield
Construction Conversions(3)
Year 1 Yield
Dispositions and Loan Repayments
Yield
July
$
973,930
8.1
%
$
14,599
1.2
%
$
46,996
11.7
%
August
233,976
6.5
%
161,959
0.5
%
64,075
9.4
%
September
554,205
7.8
%
84,000
(1.9)
%
32,797
12.6
%
Total
$
1,762,111
7.8
%
$
260,558
(0.2)
%
$
143,868
10.9
%
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
Third Quarter 2025
Properties
Beds / Units / Square Feet
Investment Per
Bed / Unit /
SqFt
Pro Rata
Amount
Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating
17
1,973
units
$
260,699
$
443,495
Seniors Housing Triple-net
—
—
units
—
25,000
Long-Term/Post-Acute Care
45
5,039
beds
175,155
882,607
Loan funding
411,009
Total acquisitions and loan funding(2)
62
1,762,111
7.8
%
Development Funding(3)
Development projects:
Seniors Housing Operating
24
3,774
units
74,801
Outpatient Medical
2
155,370
sf
19,476
Total development projects
26
94,277
Redevelopment and expansion projects:
Seniors Housing Operating
1
28
units
1,884
Total development funding
27
96,161
7.5
%
Total gross investments
1,858,272
7.8
%
Dispositions and Loan Repayments(4)
Seniors Housing Operating
2
96
units
117,064
11,238
Seniors Housing Triple-net
1
115
units
39,130
4,500
Long-Term/Post-Acute Care
2
168
beds
70,000
11,760
Other property dispositions
2,450
Loan repayments
113,920
Total dispositions and loan repayments(5)
5
143,868
10.9
%
Net investments (dispositions)
$
1,714,404
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. Other property dispositions include the sale of land parcels and nonoperational properties.
(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, except per bed / unit / square foot, at Welltower pro rata ownership)
Gross Investment Activity
Year-To-Date 2025
Properties
Beds / Units / Square Feet
Investment Per
Bed / Unit /
SqFt
Pro Rata
Amount
Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating
95
13,077
units
$
300,242
$
2,518,989
Seniors Housing Triple-net
17
1,141
units
265,078
327,454
Outpatient Medical
1
46,835
sf
484
22,691
Long-Term/Post-Acute Care
94
10,552
beds
180,451
2,073,611
Loan funding
524,031
Total acquisitions and loan funding(2)
207
5,466,776
7.3
%
Development Funding(3)
Development projects:
Seniors Housing Operating
31
5,600
units
258,356
Outpatient Medical
7
439,205
sf
85,278
Total development projects
38
343,634
Redevelopment and expansion projects:
Seniors Housing Operating
2
427
units
6,164
Outpatient Medical
—
—
sf
1,305
Total redevelopment and expansion projects
2
7,469
Total development funding
40
351,103
7.4
%
Total gross investments
5,817,879
7.3
%
Dispositions and Loan Repayments(4)
Seniors Housing Operating
18
3,576
units
102,104
203,900
Seniors Housing Triple-net
5
807
units
222,429
179,500
Outpatient Medical
1
55,586
sf
397
22,063
Long-Term/Post-Acute Care
4
561
beds
31,979
17,940
Other property dispositions
15,400
Loan repayments
329,465
Total dispositions and loan repayments(5)
28
768,268
8.8
%
Net investments (dispositions)
$
5,049,611
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. Other property dispositions include the sale of land parcels and nonoperational properties.
(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.
8
Investment
(dollars in thousands at Welltower pro rata ownership)
Development Summary(1)
Unit Mix
Facility MSA
Total
Wellness Housing
Independent Living
Assisted Living
Memory Care
Commitment Amount
Future Funding
Estimated Conversion(2)
Seniors Housing Operating
Columbus, OH
409
409
—
—
—
$
89,957
$
—
4Q25
Chattanooga, TN
243
243
—
—
—
60,861
5,609
1Q25 - 4Q25
Kansas City, MO
134
134
—
—
—
24,214
—
4Q25
Southampton, UK
80
—
—
80
—
22,722
4,123
4Q25
Houston, TX
80
80
—
—
—
22,358
681
2Q25 - 4Q25
Brighton and Hove, UK
70
—
—
45
25
11,023
1,857
4Q25
Killeen, TX
256
256
—
—
—
68,243
3,507
4Q23 - 1Q26
Naples, FL
188
188
—
—
—
53,612
—
4Q25 - 1Q26
Dallas, TX
142
142
—
—
—
45,480
7,687
4Q24 - 1Q26
Saffron Walden, UK
70
—
—
70
—
23,914
6,489
1Q26
Tring, UK
72
—
—
72
—
23,610
9,451
2Q26
Birmingham, UK
77
—
—
18
59
18,375
3,247
2Q26
Dallas, TX
230
230
—
—
—
84,674
57,902
3Q25 - 3Q26
Dallas, TX
201
201
—
—
—
59,944
25,644
2Q25 - 3Q26
Stafford, UK
76
—
—
76
—
24,700
14,377
3Q26
San Jose, CA
158
—
—
158
—
61,929
27,931
Post 2026
Auburn Opelika, AL
225
225
—
—
—
59,303
43,750
Post 2026
Tallahassee, FL
206
206
—
—
—
48,064
33,822
Post 2026
Atlanta, GA
192
192
—
—
—
47,069
34,271
Post 2026
Copthorne, UK
78
—
—
78
—
25,753
17,474
Post 2026
Total
3,187
2,506
—
597
84
$
875,805
$
297,822
(1) Includes development projects (construction in progress, development loans and in substance real estate) but excludes expansion projects. Commitment amount represents current cash amount funded plus unfunded commitments to complete development, but excludes capitalized interest.
(2) Estimated conversion ranges relate to projects to be delivered in phases.
9
Investment
(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
Projected Future Funding
Projects
Beds / Units / Square Feet
Stable Yields(3)
2025 Funding
Funding Thereafter
Total Unfunded Commitments
Committed Balances
Seniors Housing Operating
20
3,187
7.7
%
$
79,871
$
217,951
$
297,822
$
875,805
Development Project Conversion Estimates(1)
Quarterly Conversions
Annual Conversions
Amount
Year 1 Yields(3)
Stable Yields(3)
Amount
Year 1 Yields(3)
Stable Yields(3)
1Q25 actual
$
302,507
3.5
%
6.6
%
2025 actual
$
1,022,982
1.5
%
7.0
%
2Q25 actual
459,917
1.2
%
6.9
%
2025 estimate
231,135
(0.4)
%
7.7
%
3Q25 actual
260,558
(0.2)
%
7.6
%
2026 estimate
402,552
0.0
%
7.9
%
4Q25 estimate
231,135
(0.4)
%
7.7
%
Thereafter estimate
242,118
1.0
%
7.4
%
Total
$
1,254,117
1.2
%
7.1
%
Total
$
1,898,787
0.9
%
7.3
%
Unstabilized Properties
6/30/2025 Properties
Stabilizations
Construction Conversions(1)
Acquisitions/ Dispositions
9/30/2025 Properties
Beds / Units
Seniors Housing Operating
61
(5)
6
2
64
9,552
Seniors Housing Triple-net
10
—
—
(2)
8
604
Total
71
(5)
6
—
72
10,156
Occupancy
6/30/2025 Properties
Stabilizations
Construction Conversions(3)
Acquisitions/ Dispositions
Progressions
9/30/2025 Properties
0% - 50%
29
—
5
—
(3)
31
50% - 70%
17
—
1
—
(7)
11
70% +
25
(5)
—
—
10
30
Total
71
(5)
6
—
—
72
Occupancy
9/30/2025 Properties
Months In Operation
Revenues
% of Total Revenues(2)
Gross Investment Balance
% of Total Gross Investment
0% - 50%
31
10
$
151,578
1.4
%
$
1,198,084
2.1
%
50% - 70%
11
27
204,415
1.9
%
686,474
1.2
%
70% +
30
40
421,397
3.9
%
1,581,530
2.8
%
Total
72
25
$
777,390
7.2
%
$
3,466,088
6.1
%
(1) Includes development projects (construction in progress, development loans and in substance real estate) and excludes expansion projects. Actual conversions exclude $206,183,000 of in substance real estate investment projects placed in service. 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 12.
10
Financial
(dollars in thousands at Welltower pro rata ownership)
Components of NAV
Stabilized NOI
Pro rata beds/units/square feet
Seniors Housing Operating(1)
$
2,226,036
131,552
units
Seniors Housing Triple-net
339,992
19,483
units
Outpatient Medical
128,660
4,377,989
square feet
Long-Term/Post-Acute Care
600,144
45,632
beds
Total In-Place NOI(2)
3,294,832
Incremental stabilized NOI(3)
150,673
Total stabilized NOI
$
3,445,505
Obligations
Lines of credit and commercial paper(4)
$
—
Senior unsecured notes(4)
14,436,465
Secured debt(4)
3,321,341
Financing lease liabilities
112,091
Total debt
17,869,897
Add (Subtract):
Other liabilities (assets), net(5)
497,854
Cash and cash equivalents and restricted cash
(6,976,593)
Net obligations
$
11,391,158
Other Assets
Land parcels(6)
$
303,983
Effective Interest Rate(9)
Real estate loans receivable(7)
2,929,551
10.6%
Non-real estate loans receivable(8)
560,474
9.3%
Joint venture real estate loans receivables(10)
258,468
5.5%
Property dispositions(11)
7,211,771
Development properties:(12)
Current balance
580,250
Unfunded commitments
304,679
Committed balances
$
884,929
Projected yield
7.7
%
Projected NOI
$
68,140
Common shares outstanding(13)
686,356
Notes:
(1) Includes $12,574,000 attributable to our proportional share of income (loss) from unconsolidated management company investments.
(2) See page 18 for reconciliation.
(3) Represents incremental NOI from Seniors Housing Operating unstabilized properties.
(4) Represents principal amounts due and do not include unamortized premiums/discounts, deferred loan expenses or other fair value adjustments as reflected on the balance sheet. Includes $871,392,000 of foreign secured debt.
(5) Includes liabilities / (assets) that impact cash or NOI and excludes non-real estate loans and non-cash items such straight-line rent receivable, unearned revenues, intangible assets and above/below market lease intangibles.
(6) Includes land parcels and predevelopment projects.
(7) Represents $2,952,905,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, net of $23,354,000 of credit allowances.
(8) Represents $569,102,000 of non-real estate loans, net of $8,628,000 of credit allowances.
(9) Average cash-pay interest rates are 7.5%, 0.8% and 5.5% 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) See pages 9-10. Includes expansion projects. Includes partial conversions to date.
(13) Includes OP Units and DownREIT Units.
11
Financial
(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
3Q24
4Q24
1Q25
2Q25
3Q25
Revenues:
Seniors Housing Operating
Resident fees and services
$
1,554,263
$
1,805,306
$
1,897,810
$
2,003,039
$
2,100,724
Other income
2,694
2,719
3,417
4,528
8,966
Total revenues
1,556,957
1,808,025
1,901,227
2,007,567
2,109,690
Seniors Housing Triple-net
Rental income
115,763
58,918
103,399
104,360
99,423
Interest income
—
8,167
2,111
—
—
Other income
773
38
32
346
91
Total revenues
116,536
67,123
105,542
104,706
99,514
Outpatient Medical
Rental income
206,709
203,247
212,554
213,552
217,188
Other income
2,041
2,114
2,139
2,166
2,050
Total revenues
208,750
205,361
214,693
215,718
219,238
Long-Term/Post-Acute Care
Rental income
105,234
122,471
145,439
165,214
184,261
Other income
201
21
199
14
194
Total revenues
105,435
122,492
145,638
165,228
184,455
Corporate
Interest income
72,742
66,261
63,572
65,256
70,477
Other income
43,653
32,195
34,179
30,512
52,439
Total revenues
116,395
98,456
97,751
95,768
122,916
Total
Resident fees and services
1,554,263
1,805,306
1,897,810
2,003,039
2,100,724
Rental income
427,706
384,636
461,392
483,126
500,872
Interest income
72,742
74,428
65,683
65,256
70,477
Other income
49,362
37,087
39,966
37,566
63,740
Total revenues
2,104,073
2,301,457
2,464,851
2,588,987
2,735,813
Property operating expenses:
Seniors Housing Operating
1,167,375
1,366,423
1,410,579
1,464,457
1,530,131
Seniors Housing Triple-net
6,103
5,834
5,190
4,817
4,496
Outpatient Medical
64,795
61,392
66,804
65,197
65,851
Long-Term/Post-Acute Care
3,436
4,063
3,495
3,705
3,609
Corporate
4,691
6,385
4,054
4,740
6,025
Total property operating expenses
1,246,400
1,444,097
1,490,122
1,542,916
1,610,112
Net operating income:
Seniors Housing Operating
389,582
441,602
490,648
543,110
579,559
Seniors Housing Triple-net
110,433
61,289
100,352
99,889
95,018
Outpatient Medical
143,955
143,969
147,889
150,521
153,387
Long-Term/Post-Acute Care
101,999
118,429
142,143
161,523
180,846
Corporate
111,704
92,071
93,697
91,028
116,891
Net operating income
$
857,673
$
857,360
$
974,729
$
1,046,071
$
1,125,701
Note:
(1) Please see discussion of Supplemental Reporting Measures on page 17. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%.
12
Financial
(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
Twelve Months Ended
Three Months Ended
September 30, 2025
September 30, 2025
Net income (loss)
$
967,823
$
282,186
Interest expense
602,640
162,052
Income tax expense (benefit)
(2,017)
2,335
Depreciation and amortization
1,971,123
509,812
EBITDA
3,539,569
956,385
Loss (income) from unconsolidated entities
12,310
12,610
Stock-based compensation
61,467
15,396
Loss (gain) on extinguishment of debt, net
6,156
—
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net
(78,847)
(4,025)
Impairment of assets
99,006
3,081
Provision for loan losses, net
(2,277)
1,088
Loss (gain) on derivatives and financial instruments, net
18,961
31,682
Other expenses
109,762
44,699
Casualty losses, net of recoveries
13,178
1,914
Other impairment(2)
42,582
—
Total adjustments
282,298
106,445
Adjusted EBITDA
$
3,821,867
$
1,062,830
Interest Coverage Ratios
Interest expense
$
602,640
$
162,052
Capitalized interest
40,483
6,150
Non-cash interest expense
(52,226)
(14,227)
Total interest
$
590,897
$
153,975
EBITDA
$
3,539,569
$
956,385
Interest coverage ratio
5.99
x
6.21
x
Adjusted EBITDA
$
3,821,867
$
1,062,830
Adjusted Interest coverage ratio
6.47
x
6.90
x
Fixed Charge Coverage Ratios
Total interest
$
590,897
$
153,975
Secured debt principal amortization
62,627
16,707
Total fixed charges
$
653,524
$
170,682
EBITDA
$
3,539,569
$
956,385
Fixed charge coverage ratio
5.42
x
5.60
x
Adjusted EBITDA
$
3,821,867
$
1,062,830
Adjusted Fixed charge coverage ratio
5.85
x
6.23
x
Net Debt to EBITDA Ratios
Total debt(3)
$
16,960,008
Less: cash and cash equivalents and restricted cash
(6,940,573)
Net debt
$
10,019,435
EBITDA Annualized
$
3,825,540
Net debt to EBITDA ratio
2.62
x
Adjusted EBITDA Annualized
$
4,251,320
Net debt to Adjusted EBITDA ratio
2.36
x
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 17.
(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 and financing lease liabilities of $107,646,000. Excludes operating lease liabilities of $1,203,954,000 related to ASC 842.
13
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)
16,960,008
34.38
%
Cash and cash equivalents and restricted cash
(6,940,573)
(14.07)
%
Net debt to consolidated book capitalization
$
10,019,435
20.31
%
Total equity and noncontrolling interests(4)
39,312,382
79.69
%
Consolidated book capitalization
$
49,331,817
100.00
%
Joint venture debt, net(5)
614,039
Total book capitalization
$
49,945,856
Undepreciated book capitalization
Lines of credit and commercial paper(2)
$
—
—
%
Long-term debt obligations(2)(3)
16,960,008
28.54
%
Cash and cash equivalents and restricted cash
(6,940,573)
(11.68)
%
Net debt to consolidated undepreciated book capitalization
$
10,019,435
16.86
%
Accumulated depreciation and amortization
10,107,309
17.00
%
Total equity and noncontrolling interests(4)
39,312,382
66.14
%
Consolidated undepreciated book capitalization
$
59,439,126
100.00
%
Joint venture debt, net(5)
614,039
Total undepreciated book capitalization
$
60,053,165
Enterprise value
Lines of credit and commercial paper(2)
$
—
—
%
Long-term debt obligations(2)(3)
16,960,008
12.81
%
Cash and cash equivalents and restricted cash
(6,940,573)
(5.24)
%
Net debt to consolidated enterprise value
$
10,019,435
7.57
%
Common shares outstanding
684,108
Period end share price
178.14
Common equity market capitalization
$
121,866,999
92.02
%
Noncontrolling interests(4)
555,564
0.42
%
Consolidated enterprise value
$
132,441,998
100.00
%
Joint venture debt, net(5)
614,039
Total enterprise value
$
133,056,037
Secured debt as % of total assets
Secured debt(2)
$
2,487,354
3.57
%
Gross asset value(6)
$
69,612,111
Total debt as % of gross asset value
Total debt(2)(3)
$
16,960,008
24.36
%
Gross asset value(6)
$
69,612,111
Unsecured debt as % of unencumbered assets
Unsecured debt(2)
$
14,365,008
23.13
%
Unencumbered gross assets(7)
$
62,112,165
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 17.
(2) Amounts include unamortized premiums/discounts and other fair value adjustments as reflected on the balance sheet.
(3) Includes financing lease liabilities of $107,646,000 and excludes operating lease liabilities of $1,203,954,000 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 equals gross asset value for consolidated properties that are not financed with secured debt.
14
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)
2025
$
—
$
—
$
26,037
$
(307)
$
34,033
$
59,763
0.34
%
5.03
%
2026
—
700,000
256,400
(2,441)
32,121
986,080
5.55
%
4.01
%
2027
—
1,894,845
366,517
(2,340)
141,242
2,400,264
13.52
%
4.07
%
2028
—
2,534,420
190,724
(329)
32,258
2,757,073
15.53
%
3.84
%
2029
—
2,162,321
420,424
(78,216)
23,048
2,527,577
14.23
%
3.46
%
2030
—
1,750,000
178,007
(327)
1,888
1,929,568
10.87
%
3.86
%
2031
—
1,350,000
59,188
(343)
372,036
1,780,881
10.03
%
3.66
%
2032
—
1,050,000
70,849
(355)
84,374
1,204,868
6.79
%
3.56
%
2033
—
—
419,259
(36,866)
650
383,043
2.16
%
4.82
%
2034
—
672,200
204,310
(8,066)
680
869,124
4.89
%
4.41
%
Thereafter
—
2,400,000
438,266
(699)
21,998
2,859,565
16.09
%
5.02
%
Totals
$
—
$
14,513,786
$
2,629,981
$
(130,289)
$
744,328
$
17,757,806
100.00
%
Weighted Avg. Interest Rate(5)
—
%
3.96
%
4.09
%
4.79
%
5.44
%
4.03
%
Weighted Avg. Maturity Years
—
5.6
7.0
5.2
4.6
5.7
% Floating Rate Debt(5)
—
%
12.52
%
9.06
%
59.35
%
4.58
%
11.33
%
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
$
—
$
12,707,321
$
1,783,314
$
(114,615)
$
703,929
$
15,079,949
$
—
United Kingdom
—
1,411,620
—
—
—
1,411,620
2,420,871
Canada
—
394,845
846,667
(15,674)
40,399
1,266,237
4,151,400
Totals
$
—
$
14,513,786
$
2,629,981
$
(130,289)
$
744,328
$
17,757,806
$
6,572,271
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 September 30, 2025. The unsecured revolving credit facility is comprised of a $2,000,000,000 tranche that matures on July 24, 2029 and a $3,000,000,000 tranche that matures on July 24, 2028. The $3,000,000,000 tranche may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility.
(3) Senior Unsecured Notes include the following:
•2027 includes a $1,000,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $179,475,000 USD at September 30, 2025). The loans mature on July 19, 2026. The interest rates on the loans are adjusted SOFR + 0.78% for USD and adjusted CORRA + 0.78% for CAD. Both term loans may be extended for two successive terms of six months at our option.
•2027 also includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $215,370,000 USD at September 30, 2025) that matures 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 $739,420,000 USD at September 30, 2025). 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 $672,200,000 USD at September 30, 2025). The notes mature on December 1, 2034.
(4) Excludes operating lease liabilities of $1,203,954,000 and finance lease liabilities of $107,646,000 related to ASC 842.
(5) Based on variable interest rates and foreign currency exchange rates in effect as of September 30, 2025. The interest rate on the unsecured revolving credit facility is adjusted SOFR + 0.705%. 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 $(174,461,000), 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.
15
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.
16
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.
17
Supplemental Reporting Measures
(dollars in thousands)
Non-GAAP Reconciliations
NOI Reconciliation
3Q24
4Q24
1Q25
2Q25
3Q25
Net income (loss)
$
456,800
$
123,753
$
257,266
$
304,618
$
282,186
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net
(272,266)
(8,195)
(51,777)
(14,850)
(4,025)
Loss (income) from unconsolidated entities
4,038
(6,429)
(1,263)
7,392
12,610
Income tax expense (benefit)
(4,706)
114
(5,519)
1,053
2,335
Other expenses
20,239
34,405
14,060
16,598
44,699
Impairment of assets
23,421
23,647
52,402
19,876
3,081
Provision for loan losses, net
4,193
(245)
(2,007)
(1,113)
1,088
Loss (gain) on extinguishment of debt, net
419
—
6,156
—
—
Loss (gain) on derivatives and financial instruments, net
(9,906)
(9,102)
(3,210)
(409)
31,682
General and administrative expenses
77,901
48,707
63,758
64,175
63,124
Depreciation and amortization
403,779
480,406
485,869
495,036
509,812
Interest expense
139,050
154,469
144,962
141,157
162,052
Consolidated net operating income
842,962
841,530
960,697
1,033,533
1,108,644
NOI attributable to unconsolidated investments(1)
32,043
31,158
28,316
26,069
29,337
NOI attributable to noncontrolling interests(2)
(17,332)
(15,328)
(14,284)
(13,531)
(12,280)
Pro rata net operating income (NOI)(3)
$
857,673
$
857,360
$
974,729
$
1,046,071
$
1,125,701
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
$
2,109,690
$
99,514
$
219,238
$
184,455
$
122,916
$
2,735,813
Property operating expenses
(1,530,131)
(4,496)
(65,851)
(3,609)
(6,025)
(1,610,112)
NOI(3)
579,559
95,018
153,387
180,846
116,891
1,125,701
Adjust:
Interest income
—
—
—
—
(70,477)
(70,477)
Other income
(2,032)
(91)
(64)
(194)
(46,454)
(48,835)
Sold / held for sale
917
(204)
(112,984)
(86)
—
(112,357)
Nonoperational(4)
604
—
(63)
(335)
—
206
Non In-Place NOI(5)
(27,360)
(9,642)
(8,111)
(35,071)
40
(80,144)
Timing adjustments(6)
4,821
(83)
—
4,876
—
9,614
Total adjustments
(23,050)
(10,020)
(121,222)
(30,810)
(116,891)
(301,993)
In-Place NOI
556,509
84,998
32,165
150,036
—
823,708
Annualized In-Place NOI
$
2,226,036
$
339,992
$
128,660
$
600,144
$
—
$
3,294,832
Same Store Property Reconciliation
Seniors Housing Operating
Seniors Housing
Triple-net
Outpatient Medical
Long-Term
/Post-Acute Care
Total
Total properties
1,334
291
446
376
2,447
Recent acquisitions and development conversions(7)
(208)
(20)
(8)
(123)
(359)
Under development
(20)
—
—
—
(20)
Under redevelopment(8)
(1)
—
—
(1)
(2)
Current held for sale
(8)
(3)
(322)
(4)
(337)
Land parcels, loans and leased properties
(108)
(4)
(8)
—
(120)
Transitions(9)
(221)
(18)
—
(24)
(263)
Other(10)
(5)
—
—
(2)
(7)
Same store properties
763
246
108
222
1,339
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 12 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.
18
Supplemental Reporting Measures
(dollars in thousands at Welltower pro rata ownership)
Same Store NOI Reconciliation
3Q24
4Q24
1Q25
2Q25
3Q25
Y/o/Y
Seniors Housing Operating
NOI
$
389,582
$
441,602
$
490,648
$
543,110
$
579,559
Non-cash NOI on same store properties
(2,281)
(2,008)
(2,573)
(1,411)
(1,994)
NOI attributable to non-same store properties
(36,623)
(81,971)
(98,898)
(128,663)
(153,386)
Currency and ownership adjustments(1)
(2,643)
(1,058)
572
(4,503)
(5,568)
Other normalizing adjustments(2)
2,165
1,988
46
3,588
2,631
SSNOI
350,200
358,553
389,795
412,121
421,242
20.3
%
Seniors Housing Triple-net
NOI
110,433
61,289
100,352
99,889
95,018
Non-cash NOI on same store properties
(5,494)
(5,733)
(5,107)
(4,893)
(3,981)
NOI attributable to non-same store properties
(34,645)
15,627
(23,739)
(22,373)
(17,413)
Currency and ownership adjustments(1)
826
1,131
1,549
273
(1,203)
Normalizing adjustments for joint venture recapitalization(3)
(1,343)
(1,343)
(1,394)
(1,394)
(465)
Other normalizing adjustments(2)
—
—
(31)
(31)
(31)
SSNOI
69,777
70,971
71,630
71,471
71,925
3.1
%
Outpatient Medical
NOI
143,955
143,969
147,889
150,521
153,387
Non-cash NOI on same store properties
(5,347)
(2,871)
(2,790)
(2,661)
(2,490)
NOI attributable to non-same store properties
(112,521)
(115,195)
(118,435)
(121,157)
(123,808)
Currency and ownership adjustments(1)
(89)
—
—
—
—
Other normalizing adjustments(2)
21
—
(23)
(41)
(17)
SSNOI
26,019
25,903
26,641
26,662
27,072
4.0
%
Long-Term/Post-Acute Care
NOI
101,999
118,429
142,143
161,523
180,846
Non-cash NOI on same store properties
(14,705)
(14,650)
(15,338)
(15,782)
(15,505)
NOI attributable to non-same store properties
(10,054)
(23,725)
(44,614)
(63,576)
(82,315)
Currency and ownership adjustments(1)
3,283
748
7
(52)
(60)
Other normalizing adjustments(2)
895
970
970
970
647
SSNOI
81,418
81,772
83,168
83,083
83,613
2.7
%
Corporate
NOI
111,704
92,071
93,697
91,028
116,891
NOI attributable to non-same store properties
(111,704)
(92,071)
(93,697)
(91,028)
(116,891)
SSNOI
—
—
—
—
—
Total
NOI
857,673
857,360
974,729
1,046,071
1,125,701
Non-cash NOI on same store properties
(27,827)
(25,262)
(25,808)
(24,747)
(23,970)
NOI attributable to non-same store properties
(305,547)
(297,335)
(379,383)
(426,797)
(493,813)
Currency and ownership adjustments(1)
1,377
821
2,128
(4,282)
(6,831)
Normalizing adjustments, net
1,738
1,615
(432)
3,092
2,765
SSNOI
$
527,414
$
537,199
$
571,234
$
593,337
$
603,852
14.5
%
Notes:
(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate UK properties at a GBP/USD rate of 1.23.
(2) Represents 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.
19
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
$
1,507,666
$
388,623
$
173,826
$
2,070,115
Unconsolidated SHO revenues attributable to Welltower(1)
51,976
6,090
2,369
60,435
SHO revenues attributable to noncontrolling interests(2)
(18,389)
—
(2,471)
(20,860)
Pro rata SHO revenues(3)
1,541,253
394,713
173,724
2,109,690
Non-cash and non-RevPOR revenues
(3,397)
(611)
(491)
(4,499)
Revenues attributable to non in-place properties
(6,446)
(147,179)
—
(153,625)
SHO local revenues
1,531,409
246,923
173,233
1,951,565
Average occupied units/month
86,062
7,896
19,494
113,452
RevPOR/month in USD
$
5,883
$
10,339
$
2,938
$
5,687
RevPOR/month in local currency(4)
£
8,406
$
4,197
Reconciliations of SHO SS RevPOR Growth, SSNOI Growth and SSNOI/Unit
United States
United Kingdom
Canada
Total
3Q24
3Q25
3Q24
3Q25
3Q24
3Q25
3Q24
3Q25
SHO SS RevPOR Growth
Consolidated SHO revenues
$
1,256,831
$
1,507,666
$
125,954
$
388,623
$
131,237
$
173,826
$
1,514,022
$
2,070,115
Unconsolidated SHO revenues attributable to WELL(1)
32,653
51,976
3,862
6,090
27,976
2,369
64,491
60,435
SHO revenues attributable to noncontrolling interests(2)
(19,203)
(18,389)
—
—
(2,353)
(2,471)
(21,556)
(20,860)
SHO pro rata revenues(3)
1,270,281
1,541,253
129,816
394,713
156,860
173,724
1,556,957
2,109,690
Non-cash and non-RevPOR revenues on same store properties
(3,197)
(2,623)
(303)
—
(254)
(222)
(3,754)
(2,845)
Revenues attributable to non-same store properties
(230,414)
(396,418)
(73)
(246,142)
(30,177)
(37,282)
(260,664)
(679,842)
Currency and ownership adjustments(4)
3,151
—
(6,999)
(13,070)
(5,569)
(4,925)
(9,417)
(17,995)
SHO SS RevPOR revenues(5)
$
1,039,821
$
1,142,212
$
122,441
$
135,501
$
120,860
$
131,295
$
1,283,122
$
1,409,008
Avg. occupied units/month(6)
55,834
58,445
4,147
4,428
14,332
14,984
74,313
77,857
SHO SS RevPOR(7)
$
6,157
$
6,461
$
9,762
$
10,117
$
2,788
$
2,897
$
5,709
$
5,983
SS RevPOR YOY growth
4.9
%
3.6
%
3.9
%
4.8
%
SHO SSNOI Growth
Consolidated SHO NOI
$
300,729
$
417,973
$
32,878
$
86,736
$
44,528
$
66,191
$
378,135
$
570,900
Unconsolidated SHO NOI attributable to WELL(1)
11,048
18,887
688
1,345
10,970
1,321
22,706
21,553
SHO NOI attributable to noncontrolling interests(2)
(10,120)
(11,661)
—
—
(1,139)
(1,233)
(11,259)
(12,894)
SHO pro rata NOI(3)
301,657
425,199
33,566
88,081
54,359
66,279
389,582
579,559
Non-cash NOI on same store properties
(2,281)
(1,994)
—
—
—
—
(2,281)
(1,994)
NOI attributable to non-same store properties
(27,170)
(93,190)
52
(46,152)
(9,505)
(14,044)
(36,623)
(153,386)
Currency and ownership adjustments(4)
1,135
—
(1,822)
(3,689)
(1,956)
(1,879)
(2,643)
(5,568)
Other normalizing adjustments(8)
2,077
2,590
—
—
88
41
2,165
2,631
SHO pro rata SSNOI(5)
$
275,418
$
332,605
$
31,796
$
38,240
$
42,986
$
50,397
$
350,200
$
421,242
SHO SSNOI growth
20.8
%
20.3
%
17.2
%
20.3
%
SHO SSNOI/Unit
Trailing four quarters' SSNOI(5)
$
1,256,543
$
138,702
$
186,466
$
1,581,711
Average units in service(9)
66,088
5,114
16,347
87,549
SSNOI/unit in USD
$
19,013
$
27,122
$
11,407
$
18,067
SSNOI/unit in local currency(4)
£
22,050
$
16,296
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 12 for more information.
(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate UK properties at a GBP/USD rate of 1.23.
(5) Represents SS SHO RevPOR revenues/SSNOI at Welltower pro rata ownership. See page 19 for more information.
(6) Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.
(7) Represents pro rata SS average revenues generated per occupied room per month.
(8) Represents aggregate normalizing adjustments which are individually less than .50% of SS RevPOR revenues/NOI growth.
(9) Represents average units in service for SS properties related solely to referenced country on a pro rata basis.
20
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; 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 October 27, 2025 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 T1portfolio of 2,000+ seniors and wellness housing communities are 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.
21
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 1 | 1 | 1 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | 0 | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Same store growth
“Same store NOI increased 14.5% year-over-year”
Theme · Investment activity
“Total gross investments $1,858,272 with 7.8% yield”
Theme · Development pipeline
“Development projects with $875,805 committed balances and projected yield of 7.7%”
Theme · Geographic presence
“Operating across United States, United Kingdom and Canada”
Source: SEC EDGAR · public domain · Highlights by Palanor