Page 1

welltower FOR IMMEDIATE RELEASE April 28 , 2021 For more information contact : Tim McHugh ( 419 ) 247-2800 Welltower Reports First Quarter 2021 Results Toledo , Ohio , April 28 , 2021 ..... Welltower Inc. ( NYSE : WELL ) today announced results for the quarter ended March 31 , 2021 . Recent Highlights • • • • • • Reported net income attributable to common stockholders of $ 0.17 per diluted share Reported normalized FFO attributable to common stockholders of $ 0.80 per diluted share As of April 23 , 2021 , occupancy for our Seniors Housing Operating ( " SHO " ) portfolio increased approximately 60 basis points ( " bps " ) from the pandemic - low on March 12 , 2021 , led by our U.K. and U.S. portfolios with occupancy gains of 120 bps and 90 bps , respectively Year - to - date , completed $ 1.3 billion of pro rata gross investments exclusive of development funding through April 27 , 2021 On April 27 , 2021 , we completed a £ 540 million ( $ 750 million ) participating senior loan advancement to affiliates of Safanad Inc. as part of its recapitalization of HC - One Group . The loan , which may be expanded by an additional £ 30 million , matures in 2026 , and is secured by a first mortgage interest in the HC - One portfolio Reported near - term liquidity of $ 4.0 billion as of April 27 , 2021 Announced substantial exit of operating relationship with Genesis Healthcare through real estate transactions totaling $ 880 million in value , or $ 144,000 per bed , generating an 8.5 % unlevered IRR over full term of Genesis relationship Named to the Bloomberg Gender - Equality Index for the third consecutive year On April 28 , 2021 , the Board of Directors declared a cash dividend for the quarter ended March 31 , 2021 of $ 0.61 per share , marking Welltower's 200th consecutive quarterly cash dividend to shareholders COVID - 19 Update SHO Portfolio Following the rapid distribution and high acceptance rate of COVID - 19 vaccinations by residents within assisted living and memory care facilities in the U.S. and U.K. , total resident case counts on a trailing two week basis have declined by 98 % since mid - January 2021 across the SHO portfolio . Approximately 99 % of our communities are currently accepting new residents , resulting in an acceleration in move - in activity and occupancy rates in recent weeks . Through April 23 , 2021 , total SHO portfolio occupancy increased by approximately 60 bps to 73.8 % from the pandemic - low on March 12 , 2021. Occupancy rates are as follows : February 2020 December 2020 January 2021 February 2021 March 2021 Spot occupancy ( 1 ) 85.4 % 75.9 % Sequential occupancy change 74.4 % ( 1.5 ) % 73.6 % ( 0.8 ) % 73.6 % ― % ( 1 ) Spot occupancy represents approximate month end occupancy at our share for properties in operation as of February 29 , 2020 , including unconsolidated properties but excluding acquisitions , executed dispositions and development conversions since this date . On a month - to - date basis , as of April 23 , 2021 , SHO portfolio occupancy has increased approximately 20 bps . Occupancy continued to strengthen in the U.S. and U.K. with gains of approximately 40 bps and 90 bps , respectively . However , occupancy declined approximately 20 bps in Canada over the same period following a sharp rise in COVID - 19 cases and implementation of shelter in place orders across parts of the country . As of April 23 , 2021 , approximately 97 % of our SHO communities reported no confirmed cases of COVID - 19 during the trailing two weeks , 3 % have reported 1-2 cases and 0 % have reported 3+ cases . Virtually all assisted living and memory care communities have completed their final scheduled vaccination clinics . In 2020 , applications were made for amounts under Phase 2 and Phase 3 of the Provider Relief Fund related to our SHO portfolio . During the first quarter , we received net pro rata Provider Relief Funds of approximately $ 35 million , which was recognized as a reduction to COVID - 19 costs within property operating expenses . Our share of property - level expenses associated with the COVID - 19 pandemic relating to our total SHO portfolio , net of reimbursements including Provider Relief Funds and similar programs in the U.K. and Canada , totaled a benefit of approximately $ 23 million for the three months ended March 31 , 2021 as compared to an expense of approximately $ 7 million for the three months ended Page 1 of 9