'

FOR IMMEDIATE RELEASE

February 13, 2024

For more information contact:

Tim McHugh (419) 247-2800

Welltower Reports Fourth Quarter 2023 Results

Toledo, Ohio, February 13, 2024…..Welltower Inc. (NYSE:WELL) today announced results for the quarter ended December 31, 2023.

Recent Highlights

•Reported net income attributable to common stockholders of $0.15 per diluted share

•Reported quarterly normalized funds from operations ("FFO") attributable to common stockholders of $0.96 per diluted share, an increase of 15.7% over the prior year

•Reported total portfolio year-over-year same store NOI ("SSNOI") growth of 12.5%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 23.7%

•SHO portfolio year-over-year same store ("SS") revenue increased 9.7% in the fourth quarter, with 330 basis points ("bps") of year-over-year average occupancy growth

•SHO portfolio year-over-year SSNOI margin expanded by 290 bps driven primarily by strong Revenue per Occupied Room ("RevPOR" or "Unit Revenue") growth which continued to meaningfully outpace Expense per Occupied Room ("ExpPOR" or "Unit Expense") growth

•During the fourth quarter, we completed $3.0 billion of pro rata gross investments, including $2.8 billion in acquisitions and loan funding and $277 million in development funding

•As of December 31, 2023, we had approximately $6.1 billion of available liquidity inclusive of $2.1 billion of available cash and restricted cash and full capacity under our $4.0 billion line of credit

Annual Highlights

•Reported net income attributable to common stockholders of $0.66 per diluted share

•Reported annual normalized FFO attributable to common stockholders of $3.64 per diluted share

•Reported total portfolio year-over-year average SSNOI growth of 12.6%, driven by SSNOI growth in our SHO portfolio of 24.4%

•Completed $5.9 billion of pro rata gross investments during 2023, including property acquisitions at substantial discounts to replacement cost and highly-structured debt and equity investments with significant downside protection

•Improved net debt to Adjusted EBITDA to 5.03x at December 31, 2023 from 6.31x at December 31, 2022

•Announced dissolution of joint ventures with Revera and Chartwell, representing key milestones in our seven-year contract modernization initiative and driving regional density and improved operator alignment across our Canadian portfolio. Additionally, unwound our Outpatient Medical joint venture with Canadian Pension Plan Investment Board ("CPPIB") through the acquisition of CPPIB's 45% interest in the 10-property portfolio, principally located in Beverly Hills, CA for a pro rata investment of $161 million

•Continued to deepen relationships with best-in-class operators including Avery Healthcare, Cogir Management Corporation ("Cogir"), Kisco Senior Living, Legend Senior Living ("Legend"), Oakmont Management Group, StoryPoint Senior Living ("StoryPoint") and Retirement Unlimited, Inc. ("RUI"), in a further expansion of our regional densification strategy

Capital Activity and Liquidity During the fourth quarter, net debt to consolidated enterprise value improved to 20.9% at December 31, 2023 from 29.5% at December 31, 2022. During the fourth quarter and subsequent to quarter end, we sourced over $3 billion of attractively priced capital, including debt, equity and proceeds from dispositions and loan payoffs to fund accretive capital deployment opportunities and to further strengthen our already robust liquidity profile. We reduced our share of variable rate debt to 8.7% as of December 31, 2023 from 16.0% as of December 31, 2022.

Page 1 of 11

4Q23 Earnings Release February 13, 2024

Notable Investment Activity Completed During the QuarterIn the fourth quarter, we completed $3.0 billion of pro rata gross investments, including $2.8 billion in acquisitions and loan funding and $277 million in development funding. We opened 11 development projects, including partial conversions and expansions, for an aggregate pro rata investment amount of $335 million. Additionally, during the fourth quarter we completed pro rata property dispositions and loan payoffs of $43 million.

Cogir As previously disclosed, we     continued to grow our relationship with Cogir, closing on a portfolio of 12 best-in-class senior living communities in Quebec for a pro rata purchase price of $885 million CAD. Cogir will continue to manage the properties in a 95/5 joint venture.

Kayne Anderson Real Estate ("Kayne") Acquisition During the fourth quarter, we acquired a portfolio of ten seniors housing communities for a total purchase price of $469 million from Kayne. The portfolio, with an average age of 11 years, was acquired at a material discount to replacement cost.

Seniors Housing Operating Portfolio Acquisition During the quarter, we expanded our relationship with StoryPoint, Legend and RUI, through the acquisition of eight class-A seniors housing communities from a joint venture between a global real estate investment manager and global financial institution. The portfolio carries an average age of less than four years and was acquired for a total purchase price of $260 million, representing a substantial discount to estimated replacement cost. The seniors housing communities will operate under a RIDEA 4.0 contract and are expected to generate an unlevered IRR in the low double digits.

Quality Senior Living ("QSL") In the fourth quarter, we expanded our relationship with QSL through the acquisition of seven properties in the Mid-Atlantic and Southeastern U.S. regions for a total purchase price of $195 million.

Other Transactions Additionally during the fourth quarter, we acquired properties totaling $968 million at our share across seniors housing, wellness housing, outpatient medical and long-term/post-acute sectors largely across granular, privately-negotiated, off-market transactions.

Notable Investment Activity Completed During 2023

During 2023, we completed $5.9 billion of pro rata gross investments including $4.8 billion in acquisitions and loan funding and $1.1 billion in development funding. We converted development projects for an aggregate pro rata amount of $908 million. Additionally, during the year we completed pro rata dispositions and loan payoffs of $893 million.

Revera Joint Venture As previously disclosed, during the second quarter we entered into definitive agreements to dissolve our existing Revera joint venture relationship across the U.S., United Kingdom and Canada. The transactions include acquiring the remaining interests in 110 properties from Revera while simultaneously selling interests in 31 properties to Revera. During the second quarter, we closed the U.K. portfolio portion of the transaction and during the third quarter we closed the U.S. portfolio portion. We anticipate closing the remainder of the real estate transaction and operator transitions related to our Canadian portfolio during the first half of 2024 subject to customary closing conditions. The Canadian portfolio consists of 85 properties in a joint venture owned 75% by us and 25% by Revera. As a part of the transaction, we intend to acquire Revera's interest in 71 properties and sell our interests in the remaining 14 properties. Operations for the 71 retained properties have transitioned to new operators. The acquisition and simultaneous dispositions are expected to be largely cash neutral.

Announced Future Investment Activity

Chartwell As previously disclosed, we entered into a mutually beneficial, definitive agreement to dissolve the existing Chartwell joint venture relationship across 39 properties in Canada. In conjunction with the transaction, which is subject to customary closing conditions, we will acquire the remaining interest in 23 high-quality seniors housing properties from Chartwell and other joint venture partners while simultaneously selling our interest in 16 properties to Chartwell. Following the joint venture dissolution, certain properties will be transitioned to Cogir with the remaining properties transitioned to the Welltower/Cogir PLR platform.

Affinity Living Communities ("Affinity") Subsequent to quarter end, we entered into a definitive agreement, which is subject to customary closing conditions, to acquire a portfolio of 25 age-restricted active adult communities for $969 million through a privately negotiated, off-market transaction. The highly-amenitized Affinity branded portfolio encompasses nearly 3,900 units and is largely concentrated in the Pacific Northwest, enabling us to strategically scale the geographic reach of our Wellness Housing portfolio into markets with a projected 5-year 55+ population growth more than 2.5 times higher than the U.S. average. The transaction is expected to be funded through cash and the assumption of $523 million of below market rate debt with an average interest rate of 3.8% and a nine-year weighted average maturity. With the closing of this transaction, Welltower, as the largest owner of moderately priced age-restricted and age-targeted rental housing in the U.S., will significantly expand its market leadership with a total of nearly 25,000 units.

Environmental, Social and Governance (“ESG”) We released our 2023 Green Bond Allocation report, highlighting the full allocation of $1.04 billion of net proceeds from the December 2019 and March 2022 green bond issuances to eligible green building projects, including LEED, BREEAM and ENERGY STAR certified properties.

Page 2 of 11

4Q23 Earnings Release February 13, 2024

Dividend On February 13, 2024, the Board of Directors declared a cash dividend for the quarter ended December 31, 2023 of $0.61 per share. This dividend, which will be paid on March 7, 2024 to stockholders of record as of February 23, 2024, will be our 211th consecutive quarterly cash dividend. The declaration and payment of future quarterly dividends remains subject to review and approval by the Board of Directors.

Outlook for 2024 We are introducing our 2024 earnings guidance and expect to report net income attributable to common stockholders in a range of $1.21 to $1.37 per diluted share and normalized FFO attributable to common stockholders in a range of $3.94 to $4.10 per diluted share. In preparing our guidance, we have made the following assumptions:

•Same Store NOI: We expect average blended SSNOI growth of 8.25% to 11.50%, which is comprised of the following components:

◦Seniors Housing Operating approximately 15% to 21%

◦Seniors Housing Triple-net approximately 2.5% to 4.0%

◦Outpatient Medical approximately 2% to 3%

◦Long-Term/Post-Acute Care approximately 2% to 3%

•Investments: Our earnings guidance includes only those acquisitions announced or closed to date. Furthermore, no transitions or restructures beyond those announced to date are included.

•General and Administrative Expenses: We anticipate general and administrative expenses to be approximately $195 million to $205 million and stock-based compensation expense to be approximately $37 million.

•Development: We anticipate funding an additional $819 million of development in 2024 relating to projects underway on December 31, 2023.

•Dispositions: We expect pro rata disposition proceeds of $1.0 billion at a blended yield of 5.8% in the next twelve months. This includes approximately $950 million of consideration from expected property sales and $78 million of expected proceeds from loan repayments.

•Pandemic Relief Funds: Our 2024 earnings guidance does not include the recognition of any pandemic relief funds which may be received during the year. In 2023, we recognized approximately $13 million at our share relating to Provider Relief Funds and similar programs in the United Kingdom and Canada.

Our guidance does not include any additional investments, dispositions or capital transactions beyond those we have announced, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items. Please see the Supplemental Reporting Measures section for further discussion and our definition of normalized FFO and SSNOI and Exhibit 3 for a reconciliation of the outlook for net income available to common stockholders to normalized FFO attributable to common stockholders. We will provide additional detail regarding our 2024 outlook and assumptions on the fourth quarter 2023 conference call.

Conference Call Information We have scheduled a conference call on Wednesday, February 14, 2024 at 9:00 a.m. Eastern Time to discuss our fourth quarter 2023 results, industry trends and portfolio performance. Telephone access will be available by dialing (888) 340-5024 or (646) 960-0135 (international). For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the call through February 21, 2024. To access the rebroadcast, dial (800) 770-2030 or (647) 362-9199 (international). The conference ID number is 8230248. To participate in the webcast, log on to www.welltower.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days.

Supplemental Reporting Measures We believe that net income and net income attributable to common stockholders ("NICS"), as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider funds from operations ("FFO"), normalized FFO, net operating income ("NOI"), same store NOI ("SSNOI"), revenue per occupied room ("RevPOR"), same store RevPOR ("SS RevPOR"), expense per occupied room ("ExpPOR"), same store ExpPOR ("SS ExpPOR"), EBITDA and Adjusted EBITDA 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.

Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts ("NAREIT") created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO attributable to common stockholders, as defined by NAREIT, means net income attributable to common stockholders, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate and impairments of depreciable assets, plus real estate depreciation and amortization, and after adjustments for unconsolidated entities and

Page 3 of 11

4Q23 Earnings Release February 13, 2024

noncontrolling interests. Normalized FFO attributable to common stockholders represents FFO attributable to common stockholders adjusted for certain items detailed in Exhibit 2. We believe that normalized FFO attributable to common stockholders is a useful supplemental measure of operating performance because investors and equity analysts may use this measure to compare the operating performance of Welltower between periods or as compared to other REITs or other companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items.

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 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. 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 sub-leases, 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 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 and SSNOI to make decisions about resource allocations and to assess the property level performance of our properties. No reconciliation of the forecasted range for SSNOI on a combined basis or by property type is included in this release because we are unable to quantify certain amounts that would be required to be included in the comparable GAAP financial measure without unreasonable efforts, and we believe such reconciliation would imply a degree of precision that could be confusing or misleading to investors.

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 version 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 includes any revenue or 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/impairments on properties, 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. Our leverage ratios include net debt to Adjusted EBITDA. Net debt is defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash. Consolidated enterprise value represents the sum of net debt, the fair market value of our common stock and noncontrolling interests.

Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and ratings 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, they are utilized by the Board of Directors to evaluate management. The supplemental reporting measures do

Page 4 of 11

4Q23 Earnings Release February 13, 2024

not 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. Please see the exhibits for reconciliations of supplemental reporting measures and the supplemental information package for the quarter ended December 31, 2023, which is available on Welltower's website (www.welltower.com), for information and reconciliations of additional supplemental reporting measures.

About Welltower Welltower Inc. (NYSE:WELL), a real estate investment trust ("REIT") and S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. Welltower invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at www.welltower.com. 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 Securities and Exchange Commission. The information on our website is not incorporated by reference in this press release, and our web address is included as an inactive textual reference only.

Forward-Looking Statements and Risk Factors This press release 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 status of the economy; the status of capital markets, including availability and cost of capital; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care 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, health emergencies (such as the COVID-19 pandemic) and other acts of God 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; 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.

Page 5 of 11

4Q23 Earnings Release February 13, 2024

Welltower Inc.

Financial Exhibits

Consolidated Balance Sheets (unaudited)
(in thousands)
	December 31,
	2023		2022
Assets
Real estate investments:
Land and land improvements	$	4,697,824	$	4,249,834
Buildings and improvements	37,796,553		33,651,336
Acquired lease intangibles	2,166,470		1,945,458
Real property held for sale, net of accumulated depreciation	372,883		133,058
Construction in progress	1,304,441		1,021,080
Less accumulated depreciation and intangible amortization	(9,274,814)		(8,075,733)
Net real property owned	37,063,357		32,925,033
Right of use assets, net	350,969		323,942
Real estate loans receivable, net of credit allowance	1,361,587		890,844
Net real estate investments	38,775,913		34,139,819
Other assets:
Investments in unconsolidated entities	1,636,531		1,499,790
Goodwill	68,321		68,321
Cash and cash equivalents	1,993,646		631,681
Restricted cash	82,437		90,611
Straight-line rent receivable	443,800		322,173
Receivables and other assets	1,011,518		1,140,838
Total other assets	5,236,253		3,753,414
Total assets	$	44,012,166	$	37,893,233
Liabilities and equity
Liabilities:
Unsecured credit facility and commercial paper	$	—	$	—
Senior unsecured notes	13,552,222		12,437,273
Secured debt	2,183,327		2,110,815
Lease liabilities	383,230		415,824
Accrued expenses and other liabilities	1,521,660		1,535,325
Total liabilities	17,640,439		16,499,237
Redeemable noncontrolling interests	290,605		384,443
Equity:
Common stock	565,894		491,919
Capital in excess of par value	32,741,949		26,742,750
Treasury stock	(111,578)		(111,001)
Cumulative net income	9,145,044		8,804,950
Cumulative dividends	(16,773,773)		(15,514,097)
Accumulated other comprehensive income	(163,160)		(119,707)
Total Welltower Inc. stockholders’ equity	25,404,376		20,294,814
Noncontrolling interests	676,746		714,739
Total equity	26,081,122		21,009,553
Total liabilities and equity	$	44,012,166	$	37,893,233

Page 6 of 11

4Q23 Earnings Release February 13, 2024

Consolidated Statements of Income (unaudited)
(in thousands, except per share data)
		Three Months Ended				Twelve Months Ended
		December 31,				December 31,
		2023		2022		2023		2022
Revenues:
	Resident fees and services	$	1,262,862	$	1,100,671	$	4,753,804	$	4,173,711
	Rental income	404,068		372,002		1,556,073		1,451,786
	Interest income	51,019		36,646		168,354		150,571
	Other income	31,826		9,212		159,764		84,547
	Total revenues	1,749,775		1,518,531		6,637,995		5,860,615
Expenses:
	Property operating expenses	1,036,078		938,838		3,947,776		3,558,770
	Depreciation and amortization	380,730		342,286		1,401,101		1,310,368
	Interest expense	154,574		140,391		607,846		529,519
	General and administrative expenses	44,327		41,319		179,091		150,390
	Loss (gain) on derivatives and financial instruments, net	(7,215)		258		(2,120)		8,334
	Loss (gain) on extinguishment of debt, net	—		87		7		680
	Provision for loan losses, net	2,517		10,469		9,809		10,320
	Impairment of assets	14,994		13,146		36,097		17,502
	Other expenses	36,307		24,954		108,341		101,670
	Total expenses	1,662,312		1,511,748		6,287,948		5,687,553
Income (loss) from continuing operations before income taxes
	and other items	87,463		6,783		350,047		173,062
Income tax (expense) benefit		4,768		4,088		(6,364)		(7,247)
Income (loss) from unconsolidated entities		(2,008)		(4,650)		(53,442)		(21,290)
Gain (loss) on real estate dispositions, net		(1,783)		(4,423)		67,898		16,043
Income (loss) from continuing operations		88,440		1,798		358,139		160,568
Net income (loss)		88,440		1,798		358,139		160,568
Less:	Net income (loss) attributable to noncontrolling interests (1)	4,529		5,526		18,045		19,354
Net income (loss) attributable to common stockholders		$	83,911	$	(3,728)	$	340,094	$	141,214
Average number of common shares outstanding:
	Basic	548,892		483,305		515,629		462,185
	Diluted	552,380		483,305		518,701		465,158
Net income (loss) attributable to common stockholders per share:
	Basic	$	0.15	$	(0.01)	$	0.66	$	0.31
	Diluted(2)	$	0.15	$	(0.01)	$	0.66	$	0.30
Common dividends per share		$	0.61	$	0.61	$	2.44	$	2.44
(1) Includes amounts attributable to redeemable noncontrolling interests.
(2) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units.

Page 7 of 11

4Q23 Earnings Release February 13, 2024

FFO Reconciliations									Exhibit 1
(in thousands, except per share data)			Three Months Ended				Twelve Months Ended
			December 31,				December 31,
			2023		2022		2023		2022
Net income (loss) attributable to common stockholders			$	83,911	$	(3,728)	$	340,094	$	141,214
Depreciation and amortization			380,730		342,286		1,401,101		1,310,368
Impairments and losses (gains) on real estate dispositions, net			16,777		17,569		(31,801)		1,459
Noncontrolling interests(1)			(11,436)		(13,989)		(46,393)		(56,529)
Unconsolidated entities(2)			21,877		15,847		100,226		81,560
NAREIT FFO attributable to common stockholders			491,859		357,985		1,763,227		1,478,072
Normalizing items, net(3)			37,760		46,247		122,317		80,198
Normalized FFO attributable to common stockholders			$	529,619	$	404,232	$	1,885,544	$	1,558,270
Average diluted common shares outstanding
	For net income (loss) purposes		552,380		483,305		518,701		465,158
	For FFO purposes		552,380		486,419		518,701		465,158
Per diluted share data attributable to common stockholders:
	Net income (loss)(4)		$	0.15	$	(0.01)	$	0.66	$	0.30
	NAREIT FFO		$	0.89	$	0.74	$	3.40	$	3.18
	Normalized FFO		$	0.96	$	0.83	$	3.64	$	3.35
Normalized FFO Payout Ratio:
	Dividends per common share		$	0.61	$	0.61	$	2.44	$	2.44
	Normalized FFO attributable to common stockholders per share		$	0.96	$	0.83	$	3.64	$	3.35
		Normalized FFO payout ratio	64%		73%		67%		73%
Other items:(5)
Net straight-line rent and above/below market rent amortization(6)			$	(39,296)	$	(26,539)	$	(135,356)	$	(106,496)
Non-cash interest expenses(7)			7,609		6,167		27,252		21,805
Recurring cap-ex, tenant improvements, and lease commissions			(71,726)		(62,122)		(199,359)		(179,133)
Stock-based compensation			8,418		6,569		36,611		26,027
(1) Represents noncontrolling interests' share of net FFO adjustments.
(2) Represents Welltower's share of net FFO adjustments from unconsolidated entities.
(3) See Exhibit 2.
(4) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units.
(5) Amounts presented net of noncontrolling interests' share and including Welltower's share of unconsolidated entities.
(6) Excludes normalized other impairment (see Exhibit 2).
(7) Excludes normalized foreign currency loss (gain) (see Exhibit 2).

Page 8 of 11

4Q23 Earnings Release February 13, 2024

Normalizing Items						Exhibit 2
(in thousands, except per share data)	Three Months Ended					Twelve Months Ended
	December 31,					December 31,
	2023			2022		2023		2022
Loss (gain) on derivatives and financial instruments, net	$	(7,215)	(1)	$	258	$	(2,120)	$	8,334
Loss (gain) on extinguishment of debt, net	—			87		7		680
Provision for loan losses, net	2,517		(2)	10,469		9,809		10,320
Income tax benefits	(6,731)		(3)	(6,784)		(6,977)		(6,784)
Other impairment	4,333		(4)	—		16,642		(620)
Other expenses	36,307		(5)	24,954		108,341		101,670
Leasehold interest termination	—			—		(65,485)		(64,854)
Casualty losses, net of recoveries	1,038		(6)	7,377		10,107		10,391
Foreign currency loss (gain)	(1,139)		(7)	(1,090)		(1,629)		2,787
Normalizing items attributable to noncontrolling interests and unconsolidated entities, net	8,650		(8)	10,976		53,622		18,274
Net normalizing items	$	37,760		$	46,247	$	122,317	$	80,198
Average diluted common shares outstanding	552,380			486,419		518,701		465,158
Net normalizing items per diluted share	$	0.07		$	0.10	$	0.24	$	0.17
(1) Primarily related to mark-to-market of the equity warrants received as part of the Safanad/HC-One transactions.
(2) Primarily related to reserves for loan losses under the current expected credit losses accounting standard.
(3) Primarily related to the release of valuation allowances.
(4) Represents the write off of straight-line rent receivable balances relating to leases placed on cash recognition.
(5) Primarily related to non-capitalizable transaction costs and expenses associated with operator transitions.
(6) Primarily relates to casualty losses net of any insurance recoveries.
(7) Primarily relates to foreign currency gains and losses related to accrued interest on intercompany loans and third party debt denominated in a foreign currency.
(8) Primarily related to hypothetical liquidation at book value adjustments related to in substance real estate investments.

Outlook Reconciliation: Year Ending December 31, 2024			Exhibit 3
(in millions, except per share data)	Current Outlook
	Low		High
FFO Reconciliation:
Net income attributable to common stockholders	$	694	$	785
Impairments and losses (gains) on real estate dispositions, net(1,2)	(78)		(78)
Depreciation and amortization(1)	1,636		1,636
NAREIT FFO and Normalized FFO attributable to common stockholders	2,252		2,343
Diluted per share data attributable to common stockholders:
Net income	$	1.21	$	1.37
NAREIT FFO and Normalized FFO	$	3.94	$	4.10
Other items:(1)
Net straight-line rent and above/below market rent amortization	$	(138)	$	(138)
Non-cash interest expenses	36		36
Recurring cap-ex, tenant improvements, and lease commissions	(226)		(226)
Stock-based compensation	39		39
(1) Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities.
(2) Includes estimated gains on projected dispositions.

Page 9 of 11

4Q23 Earnings Release February 13, 2024

SSNOI Reconciliations																	Exhibit 4
(in thousands)		Three Months Ended
		March 31,					June 30,					September 30,					December 31,
		2023			2022		2023			2022		2023			2022		2023			2022
Net income (loss)		$	28,635		$	65,751	$	106,342		$	95,672	$	134,722		$	(2,653)	$	88,440		$	1,798
Loss (gain) on real estate dispositions, net		(747)			(22,934)		2,168			3,532		(71,102)			(1,064)		1,783			4,423
Loss (income) from unconsolidated entities		7,071			2,884		40,332			7,058		4,031			6,698		2,008			4,650
Income tax expense (benefit)		3,045			5,013		3,503			3,065		4,584			3,257		(4,768)			(4,088)
Other expenses		22,745			26,069		11,069			35,166		38,220			15,481		36,307			24,954
Impairment of assets		12,629			—		1,086			—		7,388			4,356		14,994			13,146
Provision for loan losses, net		777			(804)		2,456			165		4,059			490		2,517			10,469
Loss (gain) on extinguishment of debt, net		5			(12)		1			603		1			2		—			87
Loss (gain) on derivatives and financial instruments, net		930			2,578		1,280			(1,407)		2,885			6,905		(7,215)			258
General and administrative expenses		44,371			37,706		44,287			36,554		46,106			34,811		44,327			41,319
Depreciation and amortization		339,112			304,088		341,945			310,295		339,314			353,699		380,730			342,286
Interest expense		144,403			121,696		152,337			127,750		156,532			139,682		154,574			140,391
Consolidated NOI		602,976			542,035		706,806			618,453		666,740			561,664		713,697			579,693
NOI attributable to unconsolidated investments(1)		26,354			20,142		25,150			23,648		29,488			27,374		30,785			24,950
NOI attributable to noncontrolling interests(2)		(25,057)			(34,999)		(24,262)			(82,804)		(22,838)			(27,236)		(22,402)			(27,523)
Pro rata NOI		604,273			527,178		707,694			559,297		673,390			561,802		722,080			577,120
	Non-cash NOI attributable to same store properties	(19,694)			(13,669)		(15,671)			(18,162)		(14,036)			(16,045)		(10,999)			(17,233)
	NOI attributable to non-same store properties	(144,558)			(106,506)		(242,710)			(133,593)		(190,461)			(134,532)		(243,171)			(148,387)
	Currency and ownership(3)	(576)			(4,787)		(1,738)			(1,713)		(1,513)			2,746		(992)			4,456
	Other adjustments(4)	4,558			(2,123)		(3,378)			(11,603)		(1,489)			(5,758)		458			(362)
Same Store NOI (SSNOI)		$	444,003		$	400,093	$	444,197		$	394,226	$	465,891		$	408,213	$	467,376		$	415,594
Seniors Housing Operating		$	216,304		$	175,325	$	217,863		$	175,416	$	238,882		$	189,440	$	237,948		$	192,324
Seniors Housing Triple-net		94,408			94,203		93,575			90,740		89,929			86,573		90,599			88,689
Outpatient Medical		109,983			108,201		113,097			109,547		117,217			113,344		118,912			115,643
Long-Term/Post-Acute Care		23,308			22,364		19,662			18,523		19,863			18,856		19,917			18,938
	Total SSNOI	$	444,003		$	400,093	$	444,197		$	394,226	$	465,891		$	408,213	$	467,376		$	415,594
																				Average
Seniors Housing Operating		23.4		%			24.2		%			26.1		%			23.7		%	24.4		%
Seniors Housing Triple-net		0.2		%			3.1		%			3.9		%			2.2		%	2.4		%
Outpatient Medical		1.6		%			3.2		%			3.4		%			2.8		%	2.8		%
Long-Term/Post-Acute Care		4.2		%			6.1		%			5.3		%			5.2		%	5.2		%
	Total SSNOI growth	11.0		%			12.7		%			14.1		%			12.5		%	12.6		%
Note: (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) Includes adjustments to reflect consistent property ownership percentages and foreign currency exchange rates for properties in the U.K. and Canada.
	(4) Includes other adjustments described in the accompanying Supplements.

Page 10 of 11

4Q23 Earnings Release February 13, 2024

Net Debt to Adjusted EBITDA Reconciliation				Exhibit 5
(in thousands)	Three Months Ended
	December 31, 2023			December 31, 2022
Net income (loss)	$	88,440		$	1,798
Interest expense	154,574			140,391
Income tax expense (benefit)	(4,768)			(4,088)
Depreciation and amortization	380,730			342,286
EBITDA	618,976			480,387
Loss (income) from unconsolidated entities	2,008			4,650
Stock-based compensation	8,418			6,569
Loss (gain) on extinguishment of debt, net	—			87
Loss (gain) on real estate dispositions, net	1,783			4,423
Impairment of assets	14,994			13,146
Provision for loan losses, net	2,517			10,469
Loss (gain) on derivatives and financial instruments, net	(7,215)			258
Other expenses	36,307			24,954
Casualty losses, net of recoveries	1,038			7,377
Other impairment(1)	4,333			—
Adjusted EBITDA	$	683,159		$	552,320
Total debt(2)	$	15,815,226		$	14,661,552
Cash and cash equivalents and restricted cash	(2,076,083)			(722,292)
Net debt	$	13,739,143		$	13,939,260
Adjusted EBITDA annualized	$	2,732,636		$	2,209,280
Net debt to Adjusted EBITDA ratio	5.03		x	6.31		x
(1) Represents the write off of straight-line rent receivable balances for leases placed on cash recognition.
(2) Amounts include unamortized premiums/discounts, other fair value adjustments and financing lease liabilities. Excludes operating lease liabilities related to ASC 842 of $303,553,000 and $302,360,000 for the three months ended December 31, 2023 and 2022, respectively.

Net Debt to Consolidated Enterprise Value				Exhibit 6
(in thousands, except share price)
	December 31, 2023			December 31, 2022
Common shares outstanding	564,241			490,509
Period end share price	$	90.17		$	65.55
Common equity market capitalization	$	50,877,611		$	32,152,865
Net debt	$	13,739,143		$	13,939,260
Noncontrolling interests(1)	967,351			1,099,182
Consolidated enterprise value	$	65,584,105		$	47,191,307
Net debt to consolidated enterprise value	20.9		%	29.5		%
(1) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests as reflected on our consolidated balance sheets.

Page 11 of 11