Page 1

FOR IMMEDIATE RELEASE November 4 , 2021 For more information contact : Tim McHugh ( 419 ) 247-2800 Welltower Reports Third Quarter 2021 Results Toledo , Ohio , November 4 , 2021 ..... Welltower Inc. ( NYSE : WELL ) today announced results for the quarter ended September 30 , 2021 . Recent Highlights ● Reported net income attributable to common stockholders of $ 0.42 per diluted share Reported normalized FFO attributable to common stockholders of $ 0.80 per diluted share Seniors Housing Operating ( " SHO " ) portfolio occupancy increased approximately 210 basis points ( " bps " ) during the third quarter , exceeding our July guidance of an approximate gain of 190 bps Achieved same store REVPOR growth of 2.2 % within the SHO portfolio during the third quarter , resulting in strong sequential same store revenue growth of 3.5 % During the third quarter , year - over - year same store revenue growth for the SHO portfolio turned positive in the United States and United Kingdom for the first time since the beginning of the pandemic , a trend that accelerated into quarter end ( 2 ) Completed $ 2.2 billion of pro rata gross investments during the third quarter and $ 4.1 billion year - to - date , including the previously announced acquisition of a portfolio of 85 seniors housing properties previously owned by Holiday Retirement for $ 1.58 billion Subsequent to quarter end , we entered into definitive agreements to acquire four distinct seniors housing portfolios for a pro rata gross investment amount of $ 1.3 billion Year - to - date , sold 29.5 million shares of common stock under our ATM program via forward sale agreements for total gross proceeds of approximately $ 2.4 billion , of which approximately 11.8 million shares remain unsettled which are expected to generate future gross proceeds of $ 1.0 billion Moody's Investors Services and S & P Global Ratings revised their ratings outlook for Welltower to Stable from Negative and affirmed Welltower's issuer credit ratings as ' Baal ' and ' BBB + ' , respectively Initiated a program with a national payor to deliver wellness coordination services through the presence of onsite Wellness Advisors to senior residents in the New York market . This partnership , the third such program across our seniors housing portfolio , will strengthen residents ' connection to health care and wellness resources , enabling aging in place and improved quality of life MSCI ESG rating upgraded to ' AA ' from ' A ' , driven by our continued commitment to strong governance practices COVID - 19 Update SHO Portfolio Virtually all of our communities are currently accepting new residents , resulting in an increase in move - in activity and occupancy rates . Month end occupancy rates are as follows : ( 1 ) Spot occupancy Sequential occupancy change ( 2 ) March 2021 72.7 % April 2021 73.2 % 0.5 % May 2021 73.7 % 0.5 % June 2021 74.6 % 0.9 % July 2021 75.2 % 0.6 % August 2021 75.9 % 0.8 % September 2021 76.7 % 0.8 % ( 1 ) Spot occupancy represents approximate month end occupancy at our share for 591 properties in operation as of December 31 , 2020 , including unconsolidated properties but excluding acquisitions , executed dispositions , development conversions since this date as well as one property closed for redevelopment . Sequential occupancy changes are based on actual spot occupancy and may not recalculate due to rounding . In the current quarter , SHO portfolio expenses were significantly higher than expectations , driven by higher seasonal utility costs and elevated labor expenses mainly resulting from an increased utilization of contract labor due to a rise in occupancy and a challenging labor market . Our share of contract labor totaled $ 19 million , which resulted in an unfavorable sequential impact of $ 9 million or $ 0.02 per diluted share on net income attributable to common stockholders and normalized FFO for the three months ended September 30 , 2021 . Page 1 of 10