Welltower Inc. (WELL) FY2025 10-K and Q2 FY2026 10-Q Summary

Business

From the FY2025 Annual Report on Form 10-K, accession 0000766704-26-000010, with portfolio-mix and ownership figures updated from the Form 10-Q for the quarter ended June 30, 2026, accession 0000766704-26-000030.

Welltower is a real estate investment trust that owns rental housing for aging seniors in the United States, the United Kingdom and Canada. Its portfolio of more than 2,500 seniors and wellness housing communities sits, in the company's own framing, "at the intersection of housing and hospitality," and the overwhelming majority of its revenue is resident fees rather than rent: for the year ended December 31, 2025, resident fees and services were 78% of total revenues and rental income 18%. For the six months ended June 30, 2026 that mix had shifted further, to 84% resident fees and 13% rent. Welltower is a member of the S&P 500 and is structured as an umbrella partnership REIT ("UPREIT"): substantially all of the business is conducted through Welltower OP LLC, which Welltower Inc. controlled with an approximate 98.378% ownership interest at December 31, 2025 (98.135% at June 30, 2026). All debt, credit facilities, senior notes and secured debt, is incurred by Welltower OP or its subsidiaries, and Welltower Inc. guarantees all existing and future senior unsecured notes. The company had 712 employees at December 31, 2025 (642 in the U.S., 49 in the U.K., 21 in Canada); the tens of thousands of people who staff the communities work for operating partners, not Welltower.

Three reportable segments.

• Seniors Housing Operating (SHO), wellness housing, independent living and independent supportive living, continuing care retirement communities, assisted living, Alzheimer's/dementia care and U.K. care homes with or without nursing. These are RIDEA-structure properties where Welltower takes the operating economics and a partner manages the community under an incentive-based management contract. This is the engine of the company: 78% of total revenues in 2025 (76% in 2024, 72% in 2023), and 66.1% of consolidated NOI in the second quarter of 2026. Welltower had relationships with 62 SHO managers at December 31, 2025; Care UK, Cogir Management Company and Sunrise Senior Living were 14%, 12% and 10% of segment revenues for 2025.
• Triple-net, seniors housing and long-term/post-acute care properties leased to operators under long-term triple-net master leases that push operating costs, utilities, taxes, insurance and maintenance to the tenant. Leases generally run 10 to 20 years with five- to 15-year renewal options and escalating rent structures; approximately 96.9% of triple-net properties were under master leases at December 31, 2025, a bundling feature that prevents a tenant from cherry-picking good properties on renewal or in bankruptcy. The segment was 11% of total revenues in 2025 and 31.0% of consolidated NOI in the second quarter of 2026. Integra Healthcare Properties accounted for roughly 16% of Triple-net segment revenues and 2% of total revenues in 2025.
• Outpatient Medical, mostly triple-net leased buildings let to investment-grade health systems; approximately 91% of the portfolio was health-system affiliated at December 31, 2025, with a weighted average remaining lease term of eight years. This segment is being wound down: it fell from 14% of 2025 NOI to 2.9% of consolidated NOI in the second quarter of 2026 following a $7.2 billion portfolio sale.

How capital is deployed. Welltower grows through acquisitions, development and joint ventures, and states its objective as long-term compounding of per-share earnings growth rather than absolute scale. It targets affluent micro-markets, partners with operators it judges able to perform across cycles, and seeks a basis that provides a margin of safety. Beyond owned real estate it holds construction investments ($738,859,000 outstanding at December 31, 2025, with a further ~$493,027,000 committed to complete consolidated projects), loans (net $2,082,265,000 at an interest yield of roughly 8.9% per annum), investments in unconsolidated entities ($1,809,590,000, with interests generally ranging from 8% to 95%, including a private funds management business), and in-substance real estate loans on 22 properties carried at $897,724,000.

Data Science and the Welltower Business System. Welltower describes itself as running two proprietary platforms: a data science platform used for supply/demand analysis, location analytics, predictive modeling and underwriting, into which it is integrating AI (including internal generative-AI chatbots built on proprietary information); and the Welltower Business System, an end-to-end operating platform that standardizes processes, shares services and centralizes repeatable activities across its seniors housing partner network, with adoption tracked through standardized KPIs.

Financing policy. Short-term needs are met on the unsecured revolving credit facility or the commercial paper program, then termed out with senior unsecured notes or common stock. Welltower also assumes existing mortgage debt where favorable and may secure financing on unleveraged properties.

Regulation. Seniors housing in the U.S. is largely private-pay and state-regulated (licensure and, in some states, certificate-of-need); long-term/post-acute care depends heavily on Medicare and Medicaid and is subject to prospective payment systems, the SNF Value-Based Purchasing Program, fraud-and-abuse statutes (Anti-Kickback, Stark, False Claims Act) and HIPAA. The One Big Beautiful Bill Act (Public Law No. 119-21, 2025) is expected to shrink the Medicaid-eligible population and reduce Medicaid spending. In December 2025, HHS and CMS announced repeal of the 2024 minimum nurse staffing Final Rule for long-term care facilities. U.K. care homes are regulated by the Care Quality Commission and equivalent bodies, with many residents placed and funded by Local Authorities; Canadian senior living is regulated province by province. Because certain arrangements are RIDEA-structured, healthcare fraud, abuse and data privacy laws can apply to Welltower directly rather than only to its operators.

Risk factors

From the FY2025 Form 10-K, accession 0000766704-26-000010.

Operating risk sits with third parties. Welltower's operators, managers and tenants control day-to-day operations, including clinical decision-making. Welltower is exposed to occupancy swings, reimbursement and private-pay rates, labor cost and availability, liability insurance cost, property taxes and resident litigation without the ability to run the business. Under RIDEA structures Welltower is the owner and TRS tenant and therefore bears the property's operational and legal liabilities, including, where a taxable REIT subsidiary holds a healthcare license, exposure to license suspension, exclusion from government programs and civil monetary penalties.

Operator and tenant credit. Operator revenues turn on occupancy, private-pay rates and government reimbursement; expenses on labor, supplies, food, utilities, taxes, insurance and rent. The OBBBA contains a provision that, beginning in 2028, requires state Medicaid programs to cut reimbursement rates by 10 percentage points each year until they reach 100% or 110% of Medicare rates. Labor shortages and wage mandates (the company cites California SB-525, effective June 2024) have raised operator costs. If a tenant cannot pay, Welltower falls back on collateral and may have to impair the asset or sell at a loss, magnified where many properties sit under one master lease. Operator, tenant, borrower or manager bankruptcy can limit or delay collection, and a rejected lease caps Welltower's claim.

Acquisition and integration risk at scale. Welltower flags that the largest component of the transactions it announced in 2025 was a U.K. seniors housing real estate portfolio acquired for £5.2 billion, and that new markets bring unfamiliar economies, regulation and permitting regimes, risks exacerbated by the volume and complexity of its transaction activity. Acquired properties may carry unknown liabilities (environmental clean-up, tenant claims, indemnification obligations) with limited recourse to sellers. Competition from other well-capitalized buyers can bid prices up.

Divestiture risk. The company notes that during 2025 it entered a definitive agreement to sell an outpatient medical portfolio for approximately $7.2 billion, and that divestitures can stall on consents, separation of operations and management distraction, or may not complete on anticipated terms or timing at all.

Joint ventures and management agreements. Partner insolvency, refusal to fund, divergent goals, buy-sell and forced-sale triggers, and shared decision-making all constrain control, and even where Welltower holds a controlling interest, major decisions can require partner approval. Terminating a management agreement does not guarantee a capable replacement manager, and transitions typically require regulatory and lienholder approval.

Public health, weather and climate. A severe cold and flu season, epidemic or other public health crisis can cut occupancy and raise operator costs. A significant number of properties sit in regions exposed to hurricanes, wildfires, earthquakes, tornadoes, floods and freeze events; intensifying disasters have reduced insurer capacity, raising premiums and deductibles or removing coverage, and responding may require capital spending with no matching revenue.

International exposure. U.K. and Canadian operations represent approximately 20.0% and 6.8% of total Welltower revenues respectively. That brings currency translation risk (and REIT gross-income-test complications from currency gains), repatriation friction, divergent legal and data-privacy regimes, and U.K.-specific macroeconomic uncertainty.

Reimbursement, licensure and litigation. Changes to Medicare, Medicaid or government funding, including any prolonged federal or state shutdown delaying payments, flow through to obligors' ability to pay. The OBBBA is projected to cut federal healthcare spending by approximately $1 trillion. Utilization review by payors continues to pressure inpatient volumes and lengths of stay at hospitals and post-acute facilities. Licensure, certification and CON failures can shut a facility. Class-action litigation over wage-and-hour claims, fair housing, staffing and care has increased in recent years.

Development and construction. Material shortages, labor availability, price volatility, tariffs on imported construction materials, permitting delays, cost overruns, contractor failure and delayed Medicare/Medicaid certification of new facilities can all impair returns; projects may be abandoned outright.

Technology, data and AI. Welltower identifies cybersecurity incidents (including AI-assisted attacks and third-party compromise) as a material risk to its business, reputation and legal exposure, notes that its cybersecurity insurance may not cover all losses, and states it was not aware of any cybersecurity incident that materially affected it in the prior fiscal year. Evolving privacy regimes (California CCPA, HIPAA, U.K. and E.U. GDPR, state consumer-health-data laws) raise compliance cost and cross-border data-transfer friction. Its own adoption of AI carries the risk that tools produce inaccurate results, that vendors fall short of evolving standards, or that new regulation restricts use.

Other business risks. Ground leases can be lost on breach or termination and restrict use, sale and leasing. Bank failures could cut off deposits, borrowing capacity or tenant letters of credit. Sustainability ratings, targets and divergent (including "anti-ESG") legislation create reputational and compliance exposure. Negative publicity about the healthcare industry can spill onto Welltower. Loss of key personnel would hurt both Welltower and its operators. Welltower Inc. itself is a holding company with no direct operations, dependent on distributions from Welltower OP, and stockholder claims are structurally subordinated to the liabilities of Welltower OP and its subsidiaries.

Capital structure. Incurring or assuming more debt could force more cash to debt service, increase vulnerability to downturns, limit additional financing and pressure credit ratings. Distributions are discretionary and could fall if cash available for distribution declines. Debt covenants require financial ratios and minimum net worth and limit indebtedness, liens, investments and acquisitions; breach can cross-default other instruments. Access to capital depends on rates, market perception, the share price and the willingness of revolver banks to fund. Ratings downgrades would raise the cost and reduce the availability of capital. Elevated or rising interest rates raise borrowing costs, can make property markets less liquid, and may push investors to demand a higher dividend yield; hedging may fail, and hedging income is itself limited by REIT tax rules.

REIT status. Failure to qualify as a REIT would cost the distribution deduction, trigger corporate rates and increased state and local tax, and bar re-election for four taxable years. Welltower OP must remain a partnership for tax purposes; subsidiary REITs must each independently satisfy every REIT test. Net income from "prohibited transactions" is taxed at 100%. The 90% distribution requirement can force borrowing or equity issuance at unfavorable moments. No more than 25% of gross asset value (20% for taxable years beginning before January 1, 2026) may sit in taxable REIT subsidiaries, and TRS leases of qualified healthcare properties require an eligible independent contractor manager. IRS re-characterization of a sale-leaseback as other than a "true lease" would cost depreciation deductions and could jeopardize REIT status. Tax law changes in the U.S. or abroad could alter the treatment of REITs; and under proposed IRS regulations the 15% Corporate Alternative Minimum Tax created by the Inflation Reduction Act of 2022 may apply to Welltower's TRSs, with the TRSs generally including all of Welltower's adjusted financial statement income when testing the $1 billion threshold.

Management's discussion, fiscal year 2025

From the FY2025 Form 10-K, accession 0000766704-26-000010.

Headline results. Total revenues were $10,838,034 thousand in 2025 against $7,991,118 thousand in 2024. Net income was $961,837 thousand (2024: $972,857 thousand) and net income attributable to common stockholders $936,845 thousand, or $1.39 per diluted share (2024: $951,680 thousand, $1.57). Consolidated NOI rose 38% to $4,349,953 thousand, and Adjusted EBITDA rose 32% to $4,169,347 thousand, but FFO attributable to common stockholders fell 22% to $1,817,952 thousand, or $2.68 per diluted share from $3.82.

Why FFO fell while NOI surged. General and administrative expenses were $1,748,435 thousand in 2025 against $235,491 thousand in 2024, 16.13% of consolidated revenues versus 2.95%. In the three months ended December 31, 2025 Welltower recognized $1,408,672 thousand of stock compensation expense on a new "Ten Year Executive Continuity and Alignment Program" granting awards to named executive officers and other key employees. That single non-cash charge, which does not add back in FFO, accounts for the divergence between a portfolio that grew materially and a per-share FFO number that went backwards, and because Welltower's own normalized FFO measure treats that expense as a normalizing item and excludes it, normalized FFO attributable to common stockholders for 2025 instead rose, to $5.29 per diluted share from $4.32, up 22.5%, as reported in the fourth-quarter 2025 results announcement under Form 8-K, accession 0000766704-26-000005.

Segment drivers. Seniors Housing Operating revenues rose 41% to $8,489,095 thousand and segment NOI 51% to $2,289,475 thousand, driven by the October 2025 Barchester and HC-One acquisitions, the October 2024 Care UK acquisition, construction conversions outpacing dispositions, conversions of Triple-net properties into RIDEA structures during 2024, and steadily rising occupancy and rate. Triple-net revenues rose to $1,197,042 thousand from $788,771 thousand on acquisitions; the prior year had absorbed a $139,652 thousand write-off of straight-line rent receivable and lease incentive balances on leases converting to RIDEA. Fifty-nine Triple-net leases took rent increases in 2025 at a weighted average of 3.58%. Outpatient Medical revenues slipped to $781,932 thousand from $802,113 thousand as the disposition programme began. Impairments were $37,757 thousand (ten properties) in SHO, $38,290 thousand (eight) in Triple-net and $45,236 thousand (four) in Outpatient Medical.

The Outpatient Medical exit. On August 14, 2025 Welltower agreed to sell 319 consolidated and unconsolidated outpatient medical properties for approximately $7.2 billion in tranches. By December 31, 2025 it had disposed of 241 of them for gross proceeds of approximately $5,224,900 thousand and a gain of $881,413 thousand. Gains on real estate dispositions and acquisitions of controlling interests totalled $1,449,043 thousand for the year, versus $451,611 thousand in 2024.

Transaction volume. Welltower acquired 949 properties for $19,164,008 thousand at a blended 8.1% capitalization rate in 2025 (SHO 624 properties, $12,618,092 thousand at 6.8%; Triple-net 324, $6,521,788 thousand at 10.4%). It disposed of 337 properties for $6,640,197 thousand of proceeds against $5,099,563 thousand of book value, at a 6.7% blended yield. Construction conversions totalled $1,274,042 thousand, of which $937,300 thousand in SHO at $343,333 per unit.

Capital. Welltower sold 56,120,996 shares under its ATM programs in 2025 for gross proceeds of approximately $8,949,394 thousand, and entered a renewed $7,500,000,000 ATM Program in October 2025. It repaid $1,250,000,000 of 4.0% senior unsecured notes at June 2025 maturity and issued $600,000,000 of 4.5% notes due 2030 and $650,000,000 of 5.125% notes due 2035 in June, following with a fungible $400,000,000 and $600,000,000 of the same series in August. In October 2025 it issued C$2,747,615,000 of Canadian-denominated unsecured term loans (approximately $1,959,967,000 at funding-date rates) maturing October 9, 2026 at adjusted CORRA plus 0.30%. Operating cash flow was $2,881,677 thousand (2024: $2,256,421 thousand); investing used $10,512,749 thousand; financing provided $8,999,760 thousand. Year-end cash and equivalents were $5,033,678 thousand with $175,861 thousand restricted and $5,000,000,000 of revolver capacity available.

Balance sheet posture. Net debt to book capitalization was 25.2% (2024: 26.8%; 2023: 34.3%), net debt to enterprise value 10.0%, and the adjusted fixed charge coverage ratio 5.97x. Welltower was in compliance in all material respects with its debt covenants at December 31, 2025. Market-risk disclosure showed $4,064,010,000 of variable-rate debt after swaps (a 1% rate rise would add $40,640,000 of annual interest), $4,661,360,000 of foreign-currency debt obligations ($1,411,725,000 in sterling, $3,249,635,000 in Canadian dollars) and $18,093,155,000 notional of cross-currency interest rate swaps.

Dividend. The Board declared $0.74 per share for the quarter ended December 31, 2025, paid March 10, 2026, the 219th consecutive quarterly cash dividend.

Current quarter, three and six months ended June 30, 2026

From the Form 10-Q for the quarter ended June 30, 2026, accession 0000766704-26-000030, and the second-quarter 2026 results announced under Form 8-K, accession 0000766704-26-000026.

Results. Total revenues were $3,544,586 thousand for the quarter (up from $2,548,244 thousand) and $6,896,512 thousand for the six months (from $4,971,331 thousand). Net income was $462,975 thousand for the quarter and $1,215,299 thousand for the six months; net income attributable to common stockholders was $445,002 thousand, or $0.61 per diluted share, for the quarter (Q2 2025: $301,888 thousand, $0.45) and $1,173,674 thousand, or $1.63 per diluted share, for the half. FFO was $1,153,653 thousand, or $1.56 per diluted share, up 26% per share year over year; NOI was $1,394,463 thousand, up 35%; EBITDA $1,320,674 thousand, up 40%. In its results announcement Welltower reported normalized FFO of $1.60 per diluted share, up 25.0% on the prior year.

Same-store growth is the story. SSNOI at Welltower's share rose 17% to $805,819 thousand for the quarter, from $690,514 thousand. Welltower reported total portfolio year-over-year same-store NOI growth of 15.5%, led by Seniors Housing Operating SSNOI growth of 20.5%, in the accompanying detail, SHO organic same store revenue grew 9.2%, made up of 330 basis points of average occupancy growth and 5.2% growth in revenue per occupied room. Across the whole Seniors Housing Operating segment, average occupancy reached 87.6% in the second quarter of 2026 against 85.6% a year earlier, a segment-wide measure that includes Welltower's minority share of unconsolidated properties and excludes land parcels and properties under development. Segment SSNOI at Welltower's share: SHO $582,615 thousand, up 21.0% on 980 same-store properties; Triple-net $196,309 thousand, up 7.6% on 499 properties; Outpatient Medical $26,895 thousand, up 1.6% on 89 properties.

Segment mechanics. SHO resident fees and services rose 51% to $2,984,891 thousand and segment NOI 61% to $867,227 thousand on the Amica, Barchester and HC-One acquisitions plus occupancy and rate. Depreciation and amortization in the segment rose 76% to $624,624 thousand, short-lived acquired lease intangibles from those deals amortize over roughly two years, which is why SHO segment net income attributable to common stockholders actually fell 22% to $102,758 thousand even as NOI rose 61%. Triple-net rental income rose 52% to $414,789 thousand on trailing-twelve-month acquisitions and annual escalators (26 leases took increases averaging 4.4% in the half). Outpatient Medical revenue fell 78% to $45,768 thousand as the portfolio sale ran; the Outpatient Medical segment's gain (loss) on real estate dispositions and acquisitions of controlling interests, net, was $528,815 thousand for the half, a net figure spanning every disposal the consolidated segment made, gains and losses together, and the segment no longer carries any secured debt. Non-segment/Corporate interest expense rose 21% to $141,879 thousand on senior unsecured notes; G&A was 1.96% of consolidated revenues for the half, down from 2.57%. The quarter included a $71,304 thousand deferred tax benefit at a Canadian subsidiary from a valuation-allowance release supported by deferred tax liabilities acquired in the period.

Portfolio composition has changed shape fast. Consolidated NOI for the quarter was 66.1% Seniors Housing Operating, 31.0% Triple-net and 2.9% Outpatient Medical across 2,752 properties, against 57%/29%/14% for full-year 2025. By relationship, Barchester is now the largest at 11% of NOI (nil a year earlier), followed by Cogir Senior Living 8%, Care UK 6%, Avir Health Group 6% and Oakmont Management Group 4%. Geographically the United Kingdom is now the single largest exposure at 24% of NOI (13% a year earlier), ahead of Texas 12%, Canada 8%, California 8% and Ohio 7%.

Transactions completed in the half. Welltower acquired 151 properties for $7,150,467 thousand at a 6.0% blended capitalization rate and disposed of 124 properties for $2,353,755 thousand of proceeds against $1,920,483 thousand of book value at a 6.3% blended yield. The Amica Senior Lifestyles transaction closed April 1, 2026: a Canadian portfolio of 34 seniors housing communities plus interests in four unconsolidated properties for a total purchase price of $2,951,181 thousand, funded with cash on hand, the assumption of $408,623 thousand of secured debt and $27,589 thousand of exchangeable partnership units; Welltower described the same transaction on a pro rata basis as 38 communities for C$4.1 billion including C$617 million of assumed secured debt at an average 3.6% rate. In May 2026 it acquired 41 skilled nursing facilities for $935,007 thousand cash, leased to Avir Health Group under long-term triple-net leases. On the $7.2 billion Outpatient Medical agreement specifically, the 70 properties sold under it during the half produced an aggregate gain on real estate dispositions of $534,328 thousand; 311 of the 319 properties had been disposed of through June 30, 2026, with eight remaining expected to close before the end of 2026. Barchester and HC-One, both acquired in the fourth quarter of 2025, contributed $485,894 thousand and $592,371 thousand of revenue respectively in the half; purchase accounting for both remains provisional within the one-year measurement period.

Balance sheet and liquidity. Total assets were $69,875,180 thousand at June 30, 2026 against $55,833,495 thousand a year earlier; total equity $47,439,034 thousand. Senior unsecured notes stood at $14,295,101 thousand and secured debt at $3,431,152 thousand, with nothing drawn on the credit facility or commercial paper. Cash was $1,965,164 thousand plus $132,000 thousand restricted, with $6,250,000,000 available under the revolver; Welltower reported net debt to Adjusted EBITDA of 2.99x, net debt to consolidated enterprise value of 8.9% (from 10.1% a year earlier) and approximately $9.5 billion of available liquidity. Operating cash flow for the half was $1,673,639 thousand, up 22%; investing used $6,073,018 thousand; financing provided $1,334,876 thousand. Welltower sold 21,571,496 shares under the ATM Program in the half for gross proceeds of approximately $4,481,254 thousand, leaving $867,999 thousand of capacity as of July 24, 2026. In March 2026 it amended its $6,250,000,000 senior unsecured revolver, extending maturities, improving pricing by 15 basis points and lifting total available credit facilities to $7,500,000,000, repaid a $1,000,000,000 USD term loan and a C$250,000,000 term loan with cash, and increased the commercial paper program to $3,000,000,000. It repaid $700,000,000 of 4.25% senior unsecured notes at April 2026 maturity, and in June extended the C$2,747,615,000 unsecured term loans to April 9, 2027 at a 5-basis-point lower margin. Holders exchanged $192,000,000 principal of the 2028 exchangeable notes during the half. Welltower was in compliance in all material respects with its debt covenants at June 30, 2026.

Held for sale and development. At June 30, 2026, 22 SHO, two Triple-net and seven Outpatient Medical properties with an aggregate real estate balance of $374,477 thousand were held for sale, with expected gross proceeds of approximately $527,365 thousand. Fifty SHO construction projects were in process with a $798,771 thousand construction-in-progress balance; $257,446 thousand of development was placed into service during the half at $450,080 per unit.

2026 outlook, as revised on July 27, 2026. Welltower cut its guidance for net income attributable to common stockholders to a range of $3.11 to $3.19 per diluted share from $3.24 to $3.38, while raising full-year normalized FFO guidance to $6.36 to $6.44 per diluted share from $6.21 to $6.35. Assumptions include average blended SSNOI growth of 13.75% to 16.00%, Seniors Housing Operating approximately 18.5% to 21.5%, Seniors Housing Triple-net 3.5% to 4.5%, Outpatient Medical 2.0% to 3.0% and long-term/post-acute care 2.0% to 3.0%, general and administrative expenses of approximately $265 million to $270 million with stock-based compensation of approximately $60 million, and pro rata disposition proceeds of $1.1 billion at a 6.8% blended yield over the next twelve months. The guidance includes only acquisitions announced or closed to date and no unannounced capital activity.

Subsequent events

Events after June 30, 2026, drawn from the Form 10-Q for the quarter ended June 30, 2026 (accession 0000766704-26-000030), the second-quarter 2026 results announcement (Form 8-K, accession 0000766704-26-000026), the Canadian note issuance (Form 8-K, accession 0001193125-26-302020) and the equity distribution agreement (Form 8-K, accession 0001628280-26-050186).

• July 2, 2026, development acquisition closed. Welltower closed on the acquisition of four properties and an interest in one unconsolidated property, all currently under development, for a purchase price of C$614 million. Describing the same transaction on a pro rata basis, the company reported five properties under development for a pro rata purchase price of C$647 million, expected to be completed by the end of 2027. These properties are part of the same Amica Senior Lifestyles transaction as the portfolio that closed on April 1, 2026, and the quarterly report discloses the closing under that acquisition.

• July 2026, more than $5 billion of further seniors housing acquisitions. Welltower announced that it has closed, or expects to close, more than $5 billion of seniors housing acquisitions in the second half of 2026; expected acquisitions not yet closed remain subject to customary closing conditions and regulatory approvals. In its results announcement it framed the same pipeline as $15.5 billion of pro rata gross investments closed or under contract year-to-date, of which $9.4 billion was completed in the six months ended June 30, 2026 and $6.1 billion was closed or under contract to close after quarter end, excluding development funding. Individual targets and prices for the not-yet-closed portion were not disclosed.

• July 13, 2026, C$1.15 billion of senior unsecured notes issued. Welltower OP LLC issued C$750,000,000 of 3.850% notes due August 15, 2031 and C$400,000,000 of 4.150% notes due August 15, 2033, a weighted average coupon of 3.95%, fully and unconditionally guaranteed by Welltower Inc. on a senior unsecured basis. Interest is payable semiannually on February 15 and August 15, commencing February 15, 2027. The notes were sold under an underwriting agreement dated July 6, 2026 with RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc. and BMO Nesbitt Burns Inc. as representatives of the underwriters, and issued under Supplemental Indenture No. 25 to the March 15, 2010 indenture. Welltower intends to use the net proceeds for general corporate purposes, including repayment of debt and funding its pipeline of investment opportunities in healthcare and seniors housing properties. The notes were designated as financial instruments serving as net investment hedges.

• July 27, 2026, dividend raised 15%. The Board declared a cash dividend of $0.85 per share for the quarter ended June 30, 2026, payable August 20, 2026 to stockholders of record on August 12, 2026, the 221st consecutive quarterly cash dividend, and a 15% increase from the $0.74 paid for the prior quarter.

• July 28, 2026, new $7.5 billion at-the-market equity program. Welltower Inc. and Welltower OP LLC entered into a new equity distribution agreement with a syndicate of sales agents, forward sellers and forward purchasers covering the offer and sale of common stock with an aggregate sales price of up to $7,500,000,000, and concurrently terminated the prior equity distribution agreement dated October 28, 2025. The program permits both direct issuance and forward sale agreements under separate master forward sale confirmations; where a forward sale is used, Welltower receives no proceeds from the sale of borrowed shares and expects to receive cash only on physical settlement, with the option to cash settle or net share settle instead. The prior program had $867,999,000 of remaining capacity as of July 24, 2026 and no outstanding forward sale agreements.

• Welltower's revised 2026 outlook, described above, was issued on July 27, 2026 and reflects only acquisitions announced or closed as of that date.