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February 10, 2026
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Forward Looking Statements and Risk Factors 2 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. These statements include, among others, management's expectations regarding the Company's future financial performance and condition, including the favorable impact of acquisitions, the Company's business and investment strategy, and the Company's expectations regarding future market trends. 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.
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4Q2025 Seniors Housing Operating Portfolio & Capital Allocation Highlights 270 bps NOI Margin expansion 20.4% Net Operating Income growth Note: All metrics reflect year-over-year same store results for the fourth quarter 2025 unless otherwise noted. “Normalized FFO” represents normalized funds from operations. See “Supplemental Financial Measures” at the end of this presentation or the Supplemental Information Report for definitions and reconciliations of non-GAAP financial measures 1. Exclusive of development funding 3 Delta between RevPOR growth and ExpPOR growth remains at historically wide levels, resulting in a further recovery in operating margins, including 270 bps of year-over-year margin increase to 30.0% • Growing momentum from Welltower Business System (WBS), our end-to-end operating platform, and inherent operating leverage of the business expected to drive multiple years of continued margin expansion and double-digit NOI growth in the SHO portfolio SHO portfolio same store NOI increased 20.4%, representing the 13th consecutive quarter of 20%+ NOI growth • Robust end market demand across the portfolio drove occupancy growth of 400 bps, which coupled with healthy pricing power, resulted in 9.6% organic revenue growth • Top- and bottom-line growth remained strong across acuity types and all three geographies Net Investment Activity 1 Faster-than-anticipated sale of outpatient medical portfolio and $6.4 billion of net investment activity accelerates transformation into a pure-play rental housing platform • Completed the sale of $5.2 billion of outpatient medical assets in 4Q2025, surpassing our initial expectations for the quarter • Closed on all previously announced UK transactions, including the acquisition of a Barchester operated real estate portfolio for £5.2 billion and an HC-One operated real estate portfolio for £1.2 billion
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Note: See “Supplemental Financial Measures” at the end of this presentation for definitions and reconciliations of non-GAAP financial measures. Weighted average full-year metrics for 2025 for SS SHO NOI Growth, SS SHO Operating Margin Expansion, SS Revenue and SS SHO Occupancy. Total acquisitions include property acquisitions and loan funding; excludes $0.5B of development funding completed in 2025. “FFO” represents normalized funds from operations per diluted share. Full Year 2025 Key Highlights 4 9.7% Organic Revenue Growth $11 Billion Net Investment Activity Margin Expansion 290 bps 400 bps Occupancy Growth Same Store NOI Growth 21.5% Pro Rata Net Investment Activity Revenue Growth 36% Adj. EBITDA Growth 32% FFO Per Share Growth 22% Seniors Housing Operating Portfolio Organic Growth Driven by organic growth and robust external growth, we have achieved… …while further reducing leverage and investing in talent and systems 0.5x Reduction in Net Debt to Adj. EBITDA 3.0x Year-End Net Debt to Adj. EBITDA
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5 2025 Net Investment Activity Intensifies Singular Focus on Seniors Housing $11 Billion Pro Rata Net Investment Activity1 900+ Seniors Housing Communities Acquired2 300+ Outpatient Medical Properties Disposed2 Portfolio transformation to meaningfully bolster future growth without incurring near-term earnings dilution 1. Includes 2025 completed acquisition and disposition activity and excludes development funding 2. Includes 2025 completed acquisition and disposition activity, including the acquisition of development projects, adjusted for the Amica Senior Lifestyles acquisition and the entirety of announced OM portfolio sale 2026 budgeted growth of acquired seniors housing communities is ~10x the growth of assets which were sold
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Net Investment Activity 1 2025 Capital Allocation and Balance Sheet Highlights 1. Exclusive of development funding 2.Please see “Supplemental Financial Measures” at the end of this presentation for definitions and reconciliations of non-GAAP financial measures 6 FY2025 Net Investment Activity of $11 billion Expected to Enhance the Company’s Long-Term Growth Rate • Transformation of Welltower into a pure-play rental housing platform for the silver economy as capital is recycled from lower growth OM assets into seniors housing Robust Deal Flow Has Continued Unabated into 2026 • Through the first six weeks of the year, closed or under contract to close on $5.7 billion of investment activity in 2026, including $2.5 billion of new investments Capital-Light Activity Ended 2025 with Net Debt to Adj. EBITDA of 3.0x and over $10 billion of total near-term liquidity • Significant EBITDA growth, prudent capitalization of investment activity, and asset recycling into investments with higher long- term growth profiles has driven leverage to one of the lowest levels in the Company’s recorded history • Balance sheet positioned to maximize optionality and drive future growth, especially as free cash flow growth continues to meaningfully accelerate 3.0x Net Debt /Adjusted EBITDA2 Private Funds Management Business • Expected to result in significant recurring earnings and provide a secure source of capital irrespective of underlying macro conditions • WBS and proprietary data science capabilities serve as competitive advantages for the private funds management business Seniors Housing Fund I • In 4Q2025, closed the Fund with $2.5 billion of total equity, including commitments from eight global, third-party institutional LPs with ADIA as the anchor investor. Approximately 50% of committed equity capital has been deployed • While we increased the Fund size over our initial target, it was still significantly oversubscribed given deep LP interest Seniors Housing Debt Fund I • In 4Q2025, launched the Seniors Housing Debt Fund I
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72% 13% 2% 12% Outpatient Medical SHO SH NNN Long-Term/Post-Acute Care Total Seniors Housing Exposure 1. Expected concentration incorporates 4Q25 Seniors Housing IPNOI in addition to implied 2026 total portfolio NOI guidance and incremental NOI based on the Company’s guided investment pipeline as if the acquired properties had closed as of October 1, 2025. Refer to “Supplemental Financial Measures” for additional information 2. See “Supplemental Financial Measures” at the end of this presentation for definitions and reconciliations of non-GAAP financial measures 59% 10% 16% 15% 2Q25 Concentration 2 Expected Concentration 1,2 Cash flow growth profile meaningfully amplified by transformation into pure-play rental housing platform Long-Term Growth Potential Enhanced Through Portfolio Evolution 7 85%
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Guidance Bridge Commentary • Investments: Guidance includes $5.7 billion of pro rata gross investments closed or under contract to close, including $2.5 billion of new investments • Dispositions: Guidance contemplates $3.5 billion of dispositions in 2026, including $1.3 billion of Integra portfolio sales and $260 million of additional outpatient medical dispositions. Dispositions are expected to be weighted towards the first quarter of the year • Guidance: Earnings guidance includes only those acquisitions closed, or under contract to close. No transitions, restructures, capital activity, or speculative investment activity beyond those announced to date are included Note: See “Supplemental Financial Measures” at the end of this presentation for definitions and reconciliations of non-GAAP financial measures 2026 Guidance Outlook Seniors Housing Operating Portfolio - Outlook Assumptions • NOI: Positive revenue trends are expected to drive SS SHO Portfolio NOI growth of 18.0% at the midpoint of the range • Revenue: SS revenue growth of 9.0% driven by: • Year-over-year occupancy growth of ~350 bps • Full-year RevPOR growth of 4.8%, which is in line with last year (Leap Year adjusted), reflecting healthy levels of pricing power across all regions • Expense: SS expense growth of 5.5% in 2026 vs. full-year 2025, which implies ExpPOR growth below 1.5%, reflective of continued operational scaling at higher occupancy levels FY2026 Same Store NOI Guidance Segment Low High SHO 15.0% 21.0% SH NNN 3.0% 4.0% OM 2.0% 3.0% LT/PAC 2.0% 3.0% Total Portfolio 11.25% 15.75% 2025 to 2026 Normalized FFO Per Diluted Share Guidance Bridge Initial Guidance FY2025 Normalized FFO Per Diluted Share $5.29 (+) Seniors Housing Operating NOI 0.58 (+) Outpatient Medical and Triple-Net 0.02 (+) Investment & Financing Activity 0.30 (+) G&A (0.02) FY2026 Normalized FFO Per Diluted Share at Midpoint $6.17 8 Mix shift toward SHO portfolio is expected to enhance total portfolio SSNOI growth & FFO per share growth despite opportunistic dispositions to realize significant value
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2025 and 2026 Disposition Summary 9 Volume and speed of disposition activity have meaningfully exceeded prior expectations $2.0 billion Newly Announced Activity $9.0 billion Previously announced as of 3Q2025 Earnings Release $11.8 billion 2025 and 2026 Activity Dispositions & Loan Payoffs $8.2 billion of dispositions closed in 2025 surpassed prior expectations; $3.5 billion of expected disposition activity is front-end loaded Newly announced deals include $1.3 billion of Integra portfolio sales and $260 million of incremental outpatient medical sales $0.8 billion Closed dispositions through 3Q25 $9.0 billion Previously announced as of 3Q2025 Earnings Release Note: numbers may not foot due to rounding
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10 Case Study: Integra Value Realization
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Case Study | Initial Acquisition and Portfolio Transition to Integra • Original transaction: Purchased a portfolio of skilled nursing communities from QCP at an exceptionally low basis ($57k/unit) • Portfolio was transitioned to ProMedica under a full corporate guaranty. ProMedica’s 20% real estate interest was also subordinated • 2018-2022 Fundamental Performance: Operating performance lagged expectations amid the pandemic & operational inefficiencies stemming from ProMedica’s centralized management of the national portfolio • Transition to Integra: In December 2022, Welltower transitioned the portfolio to Integra ($139) $212 $405 $442 ($155M) ($55M) $45M $145M $245M $345M $445M Pre Transition YE2023 YE2024 2Q2025 Integra Portfolio EBITDAR Improvement 1 Transaction History • Integra engaged 20+ local and regional operators with strong performance track records in their respective markets to manage the portfolio • Operational improvement driven by the replacement of expensive contract labor with full-time staff, re-negotiation of vendor contracts, improved relationships with local hospital systems and reduced lead response time Post-Transition Initiatives and Fundamental Results 1. Based on T3 annualized figures for each period related to 136 Integra communities. 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. 2.5 years post-transition, portfolio EBITDAR approached stabilized levels, improving by more than $500 million Long-Term Success in Real Estate Attained Through the Right Basis, Staying Power, and Granular Execution – NOT Exposure 11
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Case Study | Integra Value Realization • Consistent with Welltower’s overall strategy as a structured credit investor within skilled nursing, the post-Integra investment thesis contemplated the sale of the portfolio 3-5 years post-stabilization • Value Realization: Given the rapid improvement in underlying EBITDAR, Welltower has sold or is under contract to sell $1.3 billion of Integra communities in 4Q2025 and 1Q2026. Combined with nearly $100 million of prior sales, this represents the sale of approximately 50% of the overall Integra portfolio Post-Transition Performance Validates Original Investment Thesis and Allows for Significant Value Realization Dublin Post Acute | Dublin, OH Coal Creek Post Acute and Assisted Living | Lafayette, CO Integra Investment Return Metrics1 Unlevered IRR Unlevered Multiple on Invested Capital (MOIC) 25% 3.1x 1. Return metrics are projections based on Welltower’s sold and to-be-sold properties The attractive basis and structure of the original transaction ultimately drove significant upside for shareholders Long-Term Success in Real Estate Attained Through the Right Basis, Staying Power, and Granular Execution – NOT Exposure 12
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13 The Next Era of Our Journey: Welltower 3.0
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14 Extending the Revenue Growth Curve via Welltower Business System Newly formed “Tech Quad” to bring technology and enterprise-wide innovation to tech poor seniors housing industry • Named Jeff Stott, former SVP of Technology at Extra Space Storage, as Welltower’s Chief Technology Officer, to oversee digital transformation of the seniors housing business, including deployment of WBS across its nearly 2,000-property portfolio • Mr. Stott’s first prominent hire was Bron McCall, a prior colleague and EXR CTO, who will oversee Enterprise Systems integration • Chief Data Officer, Swagat Banerjee, will continue to lead the Company’s industry-leading data science platform • Logan Grizzel appointed Chief Innovation Officer to drive strategic technology and innovation initiatives across the enterprise • Tucker Joseph appointed Chief Information Officer to oversee shaping of Welltower’s enterprise & data architecture, designing & scaling high performance compute platforms Reinvention & rejuvenation of seniors housing through technology to deliver a killer value proposition for residents & site level employees WELL Tech Quad INNOVATION LOGAN DATA SCIENCE SWAGAT ENTERPRISE ARCHITECTURE TUCKER JEFF TECHNOLOGY The Second Law of Thermodynamics: Efficiency is always greatest when contrast is the greatest: The hottest possible source, together with the coldest possible sink “Tech Quad” comprised of leaders from industries with higher standards to reimagine Welltower’s technology ecosystem Mr. Stott’s first prominent hire was Bron McCall, a prior colleague and EXR CTO
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Welltower 1.0 4Q15 – 4Q19 Welltower 2.0 1Q20 - 2Q25 Welltower 3.0 3Q25 and beyond Operating Partners Technology Establish greater alignment with operating partners via RIDEA 3.0/4.0 contracts Transition of hundreds of properties to best-in-class regional operating partners Focus on creating win-win partnerships, with all parties sharing in upside Completion of economic alignment structure with operating partners Front-line staff integrated in “ownership works” mentality Inception of data science platform to transform real estate investing through scaling of an unscalable business Operating company in a real estate wrapper: operations and technology first Significant ramp in technology investment Formation of Welltower “Tech Quad” Launch of Welltower Business System and other high-ROI operational investments to expand the duration & resilience of our moat Maturation of data science platform from machine learning to deep learning to AI Capital Allocation Centralized capital allocation, de- centralized execution Transformative disposition program resulting in higher quality asset base and stronger operator partnerships Significant shift in capital allocation towards acquisitions and growth Advanced regional densification strategy with intent of going deep in markets Centralized capital allocation, de-centralized execution on WBS Prioritizing customer and site level employee satisfaction as primary KPI External investments to go deeper in a market Optionality to lean into low-leveraged balance sheet to drive growth Welltower Transformation | Establishing Foundation for Long -Term Compounding of Per Share Growth Key Theme: Painful but necessary restructuring to reset identity, governance, and shareholder alignment Key Theme: Leveraging crisis to cement industry leadership, build resilience, and extend long-term competitive advantages Key Theme: Blending real estate (hardware) with operational and technological (software) capabilities 15
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Hardware (Real Estate) Digital Transformation Welltower 3.0 | Vertically Integrated Hardware + Software Model Software (Operational Platform) Strategic Focus Areas Capital Light Opportunities Capital Advantage Laser focus on operational opportunity Leveraging technology to improve the customer journey & significantly enhance employee satisfaction, thereby expanding share of top talent Operational strength reinforces Welltower’s position as the best owner and buyer of assets Significant free cash flow and low-leveraged balance sheet to play key role Two-Part Business Model: Hardware & Software North Star: Deliver long-term compounding of per share growth for existing investors Incremental capital allocation opportunity in a highly fragmented industry While some capital formation will occur over time, the lack of Distributions Paid-In (DPI) in the LP ecosystem will continue to keep capital availability subdued Infinite-duration opportunity due to perpetual ownership otherwise unavailable in GP/LP structure Requires a unique mix of skills: technology expertise, operational excellence, and disciplined capital allocation Key Theme: Welltower 3.0 marks the convergence of real estate (hardware) and operational & technological (software) capabilities to strengthen long-term positioning. By obsessively focusing on operations, technology and capital allocation, Welltower has secured its place as the best owner of assets by being the employer, partner, and investor of choice TAM Rich Tech Rich+ Transforming a tech poor industry (seniors housing) into a TAM rich/tech rich opportunity 16 Data Science opportunities to scale an unscalable business, real estate, the world’s largest asset class Fund business driving earnings growth while also keeping G&A in checkBest-in-class operator network in highly aligned structure
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17 Seniors Housing Trends
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Global Financial Crisis Case Study Resilient demand during GFC driven by needs-based nature of seniors housing 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 Existing Home Sales (Millions) Sources: NIC MAP Vision, CoStar and Bloomberg -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% TTM Market Rent Growth Office Retail Multi-Family Industrial Seniors Housing 75% 80% 85% 90% 95% 2008 2009 2010 2011 2012 Seniors Housing Average Occupancy Seniors housing occupancy remained stable through the GFC despite a significant deterioration in home sales and values Nearly 50% decline in home sales from peak to trough 18
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Precedent for extended period of compounding cash flow growth driven by shifting secular tailwinds Societal & Technological Trends | Impact on Real Estate Sectors Industrial/Logistics Lab Space Self-Storage/ Single-Family Rentals Operationalization of Real Estate Aging of the Population Real Estate Sector ImpactTheme E-commerce Life Sciences Healthcare Themes of the last 10 years Theme of the next 10+ years 19
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Sequential occupancy gains remain elevated through 4Q2025 Occupancy Outpacing Historical Trends 1. Represents SHO same store portfolio each quarter at pro rata ownership; see each quarter’s respective Supplemental Information Report -150 bps 150 bps 100 bps 50 bps 0 bps -50 bps -100 bps 1Q 2Q 3Q 4Q Min ChangeMax Change 2025 Sequential occupancy growth elevated through 4Q2025, continuing to outperform historical trends SHO Portfolio Same Store Sequential Occupancy Change1 2014 - 2019 20 Year-over-Year Occupancy 4Q25: +400 bps
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-20% -15% -10% -5% 0% 5% 10% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% Unit Revenue and Expense Trends 1 Same Store RevPOR (left axis) Same Store ExpPOR (left axis) Delta Between RevPOR and ExpPOR (right axis) 1. See “Supplemental Financial Measures” at the end of this presentation for definitions and reconciliations of non-GAAP financial measures, including Same Store ExpPOR. See each quarter’s respective Supplemental Information Report included in each quarterly earnings release Form 8-K for reconciliations of Same Store RevPOR Favorable Unit Economics Driving Substantial Margin Expansion 21 RevPOR growth continues to outpace ExpPOR growth, driving +270 bps of SS NOI margin expansion in 4Q2025 vs. 4Q2024
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10M 11M 12M 13M 14M 15M 16M 17M 18M 19M 20M US 80+ Population Growth Accelerating 80+ population growth coinciding with diminishing new supply & improved affordability 5k 10k 15k 20k 25k 30k 35k 40k Seniors Housing TTM Construction Starts 0% 50% 100% 150% 200% 250% 300% 350% Seniors Housing Affordability Indexed Growth Since 2008 Affordability +4.3x since 2008 Rent Growth +1.7x since 2008 Sources: Organization for Economic Co-operation and Development, NIC MAP Vision, Federal Reserve Survey of Consumer Finances Note: Data from Organization for Economic Co-operation and Development as of July 9, 2025 Seniors Housing | Compelling Backdrop for Multi-Year Revenue Growth 1.8% CAGR 5.4% CAGR Significant Pricing Power Supported by Wealth Creation for Older Age Cohort 22
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-80K -60K -40K -20K 0K 20K 40K 60K TTM Absorption1,2 NIC MAP Primary and Secondary Markets 0K 2K 4K 6K 8K 10K 12K 14K Construction Pipeline1 NIC Primary and Secondary Markets Starts Pre-Covid Average 1. Source: National Investment Center for Seniors Housing & Care 2.Pre-pandemic average from 1Q09-1Q20 Supply-Demand Imbalance Expected to Support Sustained Occupancy Growth in 2026+ +400 bps 4Q2025 Year-over-Year Occupancy 4Q25 construction starts down to GFC levels and represent ~80% decline from peak 23 TTM Absorption since 1Q22 +102% vs. Pre-Pandemic average2 Seniors housing demand remains robust while supply continues to rapidly decline
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Even if developers can overcome stubbornly high construction costs and rates, they face an extended timeline to stabilization Stabilization 1 year Significant Timeline From Project Formation to Stabilization Contributing to Lack of Supply Breakeven 2 years Construction 2 years Human Capital Formation ~1 year Entitlements 1-5+ years Average time to stabilization totals approximately 7 years with many projects in high-barrier- to-entry markets taking significantly longer 24
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25 US Demographic Trends End-Market Demand Drivers
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1.8% 5.4% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 2010-2025 2026-2030 80+ Population CAGR in the US1 4,513 8,044 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 8,500 9,000 2010 - 2019 2022 - 2025 Average Quarterly Total Absorption2 NIC MAP Primary and Secondary Markets Seniors Housing Demand Expected to Increase Further as 80+ Population Expands 1. Source: Organization for Economic Co-operation and Development 2. Source: National Investment Center for Seniors Housing & Care Note: Data from Organization for Economic Co-operation and Development as of July 9, 2025 Average quarterly absorption has nearly doubled post-COVID 26
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Growth of 80+ age cohort rapidly exceeding available FAMILIAL CAREGIVERS, leading to higher demand for seniors housing 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 Familial Caregiver Ratio1,2 (Number of Individuals Aged 45 – 64 Divided by Number of Individuals Aged 80+) 0.0% 40.0% 80.0% 120.0% 160.0% U.S. Population Growth Change1 45 – 64 vs. 80+ Population Age Cohorts 45 - 64 Age Segment 80+ Age Segment 60.0 65.0 70.0 75.0 80.0 85.0 90.0 95.0 100.0 105.0 110.0 115.0 120.0 Birth Rates in the U.S.1 Per 1,000 Women Aged 15 – 44 in each Year Seniors Housing Utilization Rate Expected to Increase Given Demographic & Societal Trends 1. Source: Organisation for Economic Co-operation and Development and US Census Bureau 2. Current caregiver population calculated as those born between 1959 and 1979 from a base year of 2024. Caregiver population over the next 25 years represents individuals born in 1975 through 1995 that will be 45 – 65 years old in 2040 3. Source: Pew Research Center Current population (Ages 45 – 65) Population over next 25 years Decline in birth rates expected to have a significant impact on supply of familial caregivers Caregivers considered to be individuals between 45 – 65 years old 27 Decline in familial caregivers creating “Sandwich Generation” with nearly a quarter also having children under the age of 18 (3)
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28 Capital Allocation & Balance Sheet
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Welltower competes on Data Science, the Welltower Business System, and capital allocation capabilities - NOT cost of capital Welltower’s Unique Value Creation Flywheel Welltower Value-Add and Moat through Best-in-Class: • Local & regional operators: Superior managers with significant regional density operating under highly aligned RIDEA contracts • Tech Quad: Bringing technology, enterprise-wide innovation, and unparalleled data science platform to tech poor seniors housing industry • Welltower Business System: Institutionalization of portfolio expected to drive further efficiencies while improving both the resident and employee experience Internal Growth • Long-term demographic tailwinds and significant decline in new supply expected to drive continued outsized growth for extended period • RevPOR growth (unit revenue) expected to continue to outpace ExpPOR growth (unit expense), resulting in further operating margin expansion • Industry-leading results being driven by Welltower’s superior micro-market locations, disciplined capital allocation strategy, and highly aligned partners with significant regional density Capital Allocation • Macroeconomic uncertainty and capital markets dislocation creating opportunities to acquire assets at increasingly attractive basis, going-in yields, and unlevered IRRs • Granular approach to capital allocation provides opportunity to acquire assets at deep discounts to replacement cost while complementing Welltower’s regional density strategy • Completed $39 billion of investments since 4Q2020 at attractive high-single-digit to low-double-digit unlevered IRRs with potential for further upside from Welltower platform enhancements Superior Ability to Capitalize the Opportunity • Access to a plurality of capital sources including common equity, private equity, unsecured and secured debt, and exchangeable notes • Ability to opportunistically pivot between each capital source based upon cost and availability • Robust near-term available liquidity (including cash on hand, line of credit capacity, expected loan payoffs and disposition proceeds) can fully fund announced acquisitions 29 Established competitive advantages driving sustainable shareholder value creation Properties are worth substantially more on Welltower’s platform Industry-Leading Operational Results Unprecedented External Growth Opportunity Access to Capital Welltower’s Competitive Advantages ✓Best-in-Class Operators ✓Data Science – ML/AI ✓Operating Platform Welltower Competitive Advantages Welltower Business System Best In Class Operators Tech Quad
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Off-market and relationship-driven investments made at significant discounts to replacement cost driven by conviction to lean into cash flow distress (early) and balance sheet distress • Investments made at significant discount to replacement cost offer enhanced downside protection • Limited recent market transactions priced above replacement cost serves to further curtail new supply Acquisitions Since 4Q2020 1. Includes pro rata gross investments across acquisitions and loans since October 1, 2020 through December 31, 2025 and excludes development funding Gross Investments $38.8B Capital deployment volume 1 • Initial yield of 7.0% • Stable yield of approximately 8.8% • Low last-dollar exposure and innovative structure offer downside protection • Expected to generate high-single-digit to mid-teens unlevered IRRs to WELL • Predictive analytics and proprietary operator relationships used to execute off-market investments • Maximizing risk-adjusted return to WELL through creative investments across the capital stack • Debt investments offer equity upside in form of warrants and/or bargain purchase options • Acquisitions executed at an average investment of $22 million per property Properties Acquired 1,665 Total Transactions 296 Seniors housing units acquired 125k 30
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3.6% Secured Debt to Total Assets A- Stable / A3 Stable S&P / Moody’s Credit Ratings Note: See “Supplemental Financial Measures” at the end of this presentation for definitions and reconciliations of non-GAAP financial measures. See also the respective Supplemental Information Report for reconciliation of prior periods 3.0x Net Debt to Adjusted EBITDA 10.0% Net Debt to Enterprise Value 5.6x Adjusted Fixed Charge Coverage Ratio $10.2B Near-Term Available Liquidity Balance Sheet & Liquidity Update For 4Q2025 31 All-weather balance sheet positioned to withstand macroeconomic volatility; liquidity profile enabling opportunistic capital deployment
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Expanding Capital Horizons Since Leadership Transition in 2015 Leveraging efficient and low-cost capital to execute capital allocation strategy Note: Data as of January 1, 2016 through December 31, 2025 CAD Denominated Secured Debt $6B | Private Capital • Capital raised via joint venture partnerships with institutional capital partners $22B | Dispositions • Asset sales completed since 2015 • Investments across multiple property types allow for opportunistic harvesting of assets, taking advantage of relative value USD Denominated Secured Debt GBP Denominated Secured Debt CAD Term Loan Senior Unsecured Debt $21B | Debt • Investment grade balance sheet (A-/A3) with access to a plurality of debt capital $83B 32 $31B | Public Equity • Efficiently raised primarily via ATM & DRIP programs since 2015 $21B | Debt $2B | Exchangeable Debt • Further diversified sources of efficiently priced capital through hybrid debt and equity financing ✓ Access to secured and unsecured debt financing ✓ Pivot between multiple sources of capital based upon cost and availability ✓ Recycle capital to improve portfolio quality and capitalize on market inefficiencies USD Term Loan
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4.01% 3.87% 3.84% 3.43% 3.86% 3.48% 3.49% 4.82% 4.41% 5.02% 0% 1% 2% 3% 4% 5% 6% $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Weighted Average Maturity of 5.5 Years USD Unsecured USD Secured USD Convertible Debt GBP Unsecured CAD Unsecured CAD Secured Weighted Average Interest 1. As of December 31, 2025; 2026 maturities adjusted for the CAD $2.7 billion term loan (approximately $2.0 billion USD) that is fully collateralized by cash 2. Represents principal amounts due excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet 3. 2027 includes a $1,000,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $182,300,000 USD at December 31, 2025). The loans mature on July 19, 2026. The interest rates on the loans are adjusted SOFR + 0.78% for USD and adjusted CORRA + 0.78% for CAD. Both term loans may be extended for two successive terms of six months at our option Well-Laddered Debt Maturity Schedule 1 ($mm) 2026 2027 2028 2029 2030 2031 2032 2033 2034 After Unsecured Debt2,3 $700 $1,901 $2,539 $2,085 $1,750 $1,350 $1,050 $0 $672 $2,400 Secured Debt2 $274 $487 $223 $443 $160 $431 $121 $383 $200 $464 Total2 $974 $2,388 $2,762 $2,528 $1,910 $1,781 $1,171 $383 $872 $2,864 33
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34 Appendix & Supplemental Financial Measures
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Non-GAAP Financial Measures We believe that revenues, 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"), In- Place NOI ("IPNOI"), Same Store NOI ("SSNOI"), RevPOR, ExpPOR, Same Store RevPOR ("SS RevPOR"), 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. 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. 35
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FFO and Normalized FFO 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 acquisitions of controlling interests and impairments of depreciable assets, plus real estate depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests. Normalized FFO attributable to common stockholders represents FFO adjusted for certain items detailed in the reconciliations and described in our earnings press releases for the relevant periods. 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 our operating performance between periods or to other REITs or other companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items. 36
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FFO Reconciliation (in thousands, except per share information) Twelve Months Ended December 31, 2025 December 31, 2024 % Growth Net income (loss) attributable to common stockholders $ 936,845 $ 951,680 Depreciation and amortization 2,084,868 1,632,093 Impairments and losses (gains) on real estate dispositions and acquisitions of controlling interests, net (1,327,760) (358,818) Noncontrolling interests(1) (13,144) (30,812) Unconsolidated entities(2) 137,143 129,290 NAREIT FFO attributable to common stockholders 1,817,952 2,323,433 Normalizing items: Loss (gain) on derivatives and financial instruments, net 22,407 (27,887) Loss (gain) on extinguishment of debt, net 9,245 2,130 Provision for loan losses, net (9,416) 10,125 Income tax benefits (8,369) (5,140) Other impairment 604 139,652 Other expenses 201,201 117,459 Special incentive plan compensation 1,497,396 33,414 Casualty losses, net of recoveries 11,367 12,261 Foreign currency loss (gain) 2,088 556 Normalizing items attributable to noncontrolling interests and unconsolidated entities, net 47,191 20,754 Normalized FFO attributable to common stockholders $ 3,591,666 $ 2,626,757 Net income (loss)(3) $ 1.39 $ 1.57 NAREIT FFO $ 2.68 $ 3.82 Normalized FFO $ 5.29 $ 4.32 22 % (1) Represents noncontrolling interests' share of net FFO adjustments (2) Represents Welltower's share of net FFO adjustments from unconsolidated entities. (3) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units. 37
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Outlook Reconciliation: Year Ending December 31, 2026 (in millions, except per share data) Current Outlook Low High FFO Reconciliation: Net income attributable to common stockholders $ 2,244 $ 2,359 Impairments and losses (gains) on real estate dispositions and acquisitions of controlling interests, net(1) (564) (564) Depreciation and amortization(1) 2,712 2,712 NAREIT and Normalized FFO attributable to common stockholders $ 4,392 $ 4,507 Diluted per share data attributable to common stockholders: Net income $ 3.11 $ 3.27 NAREIT and Normalized FFO $ 6.09 $ 6.25 Normalized FFO per diluted share at midpoint $ 6.17 (1) Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities. Earnings Outlook Reconciliation 38
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NOI, IPNOI, SSNOI, RevPOR, ExpPOR, SS RevPOR & SS ExpPOR 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 operators, 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. IPNOI represents 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. No reconciliation of expected IPNOI on a combined basis or by property type is included in this deck 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. 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 in the relevant supplemental reporting package. 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 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 reconciliations 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 the pro rata share of total resident fees and services revenues or property operating expenses per 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 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.
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In-Place NOI Reconciliations Three Months Ended Annualized (dollars in thousands) December 31, 2025 In-Place NOI by Property Type December 31, 2025 % of Total Net income (loss) $ 117,767 Seniors Housing Operating $ 2,855,092 69 % Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (1,378,391) Seniors Housing Triple-net 612,740 15 % Loss (income) from unconsolidated entities (4,442) Outpatient Medical 116,192 3 % Income tax expense (benefit) (4,985) Long-Term/Post-Acute Care 576,064 13 % Other expenses 125,844 Total In-Place NOI $ 4,160,088 100 % Impairment of assets 45,924 Provision for loan losses, net (7,384) Loss (gain) on extinguishment of debt, net 3,089 Loss (gain) on derivatives and financial instruments, net (5,656) General and administrative expenses 1,557,378 Depreciation and amortization 594,151 Interest expense 203,784 Consolidated net operating income 1,247,079 NOI attributable to unconsolidated investments(1) 26,430 NOI attributable to noncontrolling interests(2) (11,163) Pro rata net operating income (NOI) 1,262,346 Adjust: Interest income (56,158) Other income (28,685) Sold / held for sale (96,667) Nonoperational(3) 1,015 Non In-Place NOI(4) (93,842) Timing adjustments(5) 52,013 In-Place NOI 1,040,022 Annualized In-Place NOI $ 4,160,088 (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) Primarily includes development properties and land parcels. (4) Primarily represents non-cash NOI and NOI associated with leased properties. (5) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions. 40
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In-Place NOI Reconciliations Three Months Ended Annualized (dollars in thousands) June 30, 2025 In-Place NOI by Property Type June 30, 2025 % of Total Net income (loss) $ 304,618 Seniors Housing Operating $ 2,090,216 59 % Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (14,850) Seniors Housing Triple-net 358,060 10 % Loss (income) from unconsolidated entities 7,392 Outpatient Medical 570,060 16 % Income tax expense (benefit) 1,053 Long-Term/Post-Acute Care 528,832 15 % Other expenses 16,598 Total In-Place NOI $ 3,547,168 100 % Impairment of assets 19,876 Provision for loan losses, net (1,113) Loss (gain) on derivatives and financial instruments, net (409) General and administrative expenses 64,175 Depreciation and amortization 495,036 Interest expense 141,157 Consolidated net operating income 1,033,533 NOI attributable to unconsolidated investments(1) 26,069 NOI attributable to noncontrolling interests(2) (13,531) Pro rata net operating income (NOI) 1,046,071 Adjust: Interest income (65,256) Other income (27,304) Sold / held for sale 845 Nonoperational(3) (1,399) Non In-Place NOI(4) (69,787) Timing adjustments(5) 3,622 In-Place NOI 886,792 Annualized In-Place NOI $ 3,547,168 (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) Primarily includes development properties and land parcels. (4) Primarily represents non-cash NOI and NOI associated with leased properties. (5) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions. 41
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SSNOI Reconciliations (in thousands) Three Months Ended March 31, June 30, September 30, December 31, 2025 2024 2025 2024 2025 2024 2025 2024 Net income (loss) $ 257,266 $ 131,634 $ 304,618 $ 260,670 $ 282,186 $ 456,800 $ 117,767 $ 123,753 Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (51,777) (4,707) (14,850) (166,443) (4,025) (272,266) (1,378,391) (8,195) Loss (income) from unconsolidated entities (1,263) 7,783 7,392 (4,896) 12,610 4,038 (4,442) (6,429) Income tax expense (benefit) (5,519) 6,191 1,053 1,101 2,335 (4,706) (4,985) 114 Other expenses 14,060 14,131 16,598 48,684 44,699 20,239 125,844 34,405 Impairment of assets 52,402 43,331 19,876 2,394 3,081 23,421 45,924 23,647 Provision for loan losses, net (2,007) 1,014 (1,113) 5,163 1,088 4,193 (7,384) (245) Loss (gain) on extinguishment of debt, net 6,156 6 — 1,705 — 419 3,089 — Loss (gain) on derivatives and financial instruments, net (3,210) (3,054) (409) (5,825) 31,682 (9,906) (5,656) (9,102) General and administrative expenses 63,758 53,318 64,175 55,565 63,124 77,901 1,557,378 48,707 Depreciation and amortization 485,869 365,863 495,036 382,045 509,812 403,779 594,151 480,406 Interest expense 144,962 147,318 141,157 133,424 162,052 139,050 203,784 154,469 Consolidated NOI 960,697 762,828 1,033,533 713,587 1,108,644 842,962 1,247,079 841,530 NOI attributable to unconsolidated investments(1) 28,316 32,090 26,069 32,720 29,337 32,043 26,430 31,158 NOI attributable to noncontrolling interests(2) (14,284) (22,796) (13,531) (17,296) (12,280) (17,332) (11,163) (15,328) Pro rata NOI 974,729 772,122 1,046,071 729,011 1,125,701 857,673 1,262,346 857,360 Non-cash NOI attributable to same store properties (26,577) (26,591) (25,861) (28,306) (23,970) (27,827) (22,971) (25,462) NOI attributable to non-same store properties (296,247) (173,582) (345,450) (115,200) (493,813) (305,547) (590,634) (275,531) Currency and ownership adjustments(3) (1,073) 4,100 (6,174) 1,497 (6,831) 1,377 (6,519) 1,077 Normalizing adjustments, net(4) (329) 317 2,857 2,799 2,765 1,738 1,119 1,995 Same store NOI (SSNOI) $ 650,503 $ 576,366 $ 671,443 $ 589,801 $ 603,852 $ 527,414 $ 643,341 $ 559,439 (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 as described in the respective Supplements. 42
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SSNOI Reconciliations (in thousands) Three Months Ended March 31, June 30, September 30, December 31, 2024 2025 2024 2025 2024 2025 2024 2025 Seniors Housing Operating $ 364,299 $ 299,268 $ 383,008 $ 310,413 $ 421,242 $ 350,200 $ 469,183 $ 389,654 Seniors Housing Triple-net 71,721 68,243 72,961 69,416 71,925 69,777 75,170 73,252 Outpatient Medical 133,083 129,647 134,161 130,770 27,072 26,019 23,778 23,223 Long-Term/Post-Acute Care 81,400 79,208 81,313 79,202 83,613 81,418 75,210 73,310 Total SSNOI $ 650,503 $ 576,366 $ 671,443 $ 589,801 $ 603,852 $ 527,414 $ 643,341 $ 559,439 Average Seniors Housing Operating 21.7 % 23.4 % 20.3 % 20.4 % 21.5 % Seniors Housing Triple-net 5.1 % 5.1 % 3.1 % 2.6 % 4.0 % Outpatient Medical 2.7 % 2.6 % 4.0 % 2.4 % 2.9 % Long-Term/Post-Acute Care 2.8 % 2.7 % 2.7 % 2.6 % 2.7 % Total SSNOI 12.9 % 13.8 % 14.5 % 15.0 % 14.1 % 43
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SHO SS RevPOR Growth Reconciliation (dollars in thousands, except SS RevPOR and units) Three Months Ended SHO SS RevPOR Growth December 31, 2025 December 31, 2024 Consolidated SHO revenues $ 2,575,377 $ 1,764,329 Unconsolidated SHO revenues attributable to WELL(1) 53,225 66,122 SHO revenues attributable to noncontrolling interests(2) (21,043) (22,426) SHO pro rata revenues(3) 2,607,559 1,808,025 Non-cash and non-RevPOR revenues on same store properties (2,997) (2,514) Revenues attributable to non-same store properties (1,020,203) (372,498) Currency and ownership adjustments(4) (18,358) (3,953) SHO SS RevPOR revenues(5) $ 1,566,001 $ 1,429,060 SHO SS RevPOR YOY growth 9.6 % Average occupied units/month(6) 88,533 84,620 SHO SS RevPOR(7) $ 5,848 $ 5,583 SS RevPOR YOY growth 4.7 % (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 at Welltower pro rata ownership. (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 at Welltower pro rata ownership. (6) Represents average occupied units for SS properties on a pro rata basis. (7) Represents pro rata SS average revenues generated per occupied room per month. 44
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SHO SS ExpPOR Growth Reconciliation (dollars in thousands, except SS ExpPOR and units) Three Months Ended December 31, 2025 December 31, 2024 SHO SS ExpPOR Growth Consolidated SHO property operating expenses $ 1,877,444 $ 1,333,640 Unconsolidated SHO expenses attributable to WELL(1) 33,133 42,840 SHO expenses attributable to noncontrolling interests(2) (7,688) (10,057) SHO pro rata expenses(3) 1,902,889 1,366,423 Non-cash expenses on same store properties (414) 118 Expenses attributable to non-same store properties (790,324) (320,732) Currency and ownership adjustments(4) (13,424) (3,361) Other normalizing adjustments(5) (1,341) (2,374) SHO SS expenses(6) $ 1,097,386 $ 1,040,074 SHO SS expense YOY growth 5.5 % Average occupied units/month(7) 88,533 84,620 SHO SS ExpPOR(8) $ 4,098 $ 4,064 SS ExpPOR YOY growth 0.8 % (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 property operating expenses at Welltower pro rata ownership. (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 aggregate normalizing adjustments which are individually less than .50% of SSNOI growth. (6) Represents SS SHO property operating expenses at Welltower pro rata ownership. (7) Represents average occupied units for SS properties on a pro rata basis. (8) Represents pro rata SS average revenues generated per occupied room per month, and adjusted where applicable, for consistent number of days per quarter. 45
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SHO SS ExpPOR Growth Reconciliations (dollars in thousands, except SS ExpPOR and units) 1Q23 1Q24 2Q23 2Q24 3Q23 3Q24 4Q23 4Q24 SHO SS ExpPOR Growth Consolidated SHO property operating expenses $ 883,784 $ 1,019,347 $ 885,187 $ 1,034,906 $ 918,990 $ 1,135,887 $ 967,547 $ 1,333,640 Unconsolidated SHO expenses attributable to WELL(1) 47,455 41,799 49,411 40,123 40,513 41,785 41,768 42,840 SHO expenses attributable to noncontrolling interests(2) (36,258) (26,164) (32,530) (8,638) (26,040) (10,297) (27,238) (10,057) SHO pro rata expenses(3) 894,981 1,034,982 902,068 1,066,391 933,463 1,167,375 982,077 1,366,423 Non-cash expenses on same store properties (257) (212) (231) (807) (145) (197) (73) (9) Expenses attributable to non-same store properties (204,263) (295,851) (246,697) (363,603) (196,174) (388,227) (210,049) (555,079) Currency and ownership adjustments(4) 5,692 (943) 3,977 (547) (103) (3,992) 4,847 (1,522) Normalizing adjustment for management fees(5) 4,298 — 4,732 (4,076) — — — — Normalizing adjustment for casualty related expenses(6) (3,931) (1,945) (2,714) (771) — — — — Normalizing adjustment for government grants(7) — 198 5,347 72 3,053 186 — — Other normalizing adjustments(8) — — 800 — (170) (1,123) (1,039) (1,912) SHO SS expenses(9) $ 696,520 $ 736,441 $ 667,282 $ 696,659 $ 739,924 $ 774,022 $ 775,763 $ 807,901 Average occupied units/month (10) 57,143 59,502 50,982 52,686 53,598 55,662 57,110 59,213 SHO SS ExpPOR(11) $ 4,119 $ 4,137 $ 4,375 $ 4,420 $ 4,564 $ 4,597 $ 4,491 $ 4,511 SS ExpPOR YOY growth 0.4 % 1.0 % 0.7 % 0.4 % 1Q22 1Q23 2Q22 2Q23 3Q22 3Q23 4Q22 4Q23 Consolidated SHO property operating expenses $ 791,975 $ 883,784 $ 789,299 $ 885,187 $ 841,914 $ 918,990 $ 870,904 $ 967,547 Unconsolidated SHO expenses attributable to WELL(1) 39,545 47,455 39,657 49,411 39,416 40,512 45,228 41,767 SHO expenses attributable to noncontrolling interests(2) (56,177) (36,258) (51,778) (32,530) (49,774) (26,039) (49,650) (27,237) SHO pro rata expenses(3) 775,343 894,981 777,178 902,068 831,556 933,463 866,482 982,077 Non-cash expenses on same store properties (416) (389) (181) (219) (207) (233) (219) (160) Expenses attributable to non-same store properties (75,614) (138,124) (176,092) (244,557) (189,658) (237,189) (209,503) (266,152) Currency and ownership adjustments(4) 1,689 (1,892) 9,320 (2,997) 14,864 (3,405) 18,580 (1,105) Normalizing adjustment for government grants(7) 1,993 51 13,061 5,352 — — 1,178 26 Normalizing adjustment for management fees(12) — — — — 3,216 — 4,317 702 Normalizing adjustment for casualty related expenses(6) 156 (5,050) — — (1,160) (27) (4,626) (825) Other normalizing adjustments(8) (385) — (1,546) (1,610) 2,188 2,113 (44) — SHO SS expenses(9) $ 702,766 $ 749,577 $ 621,740 $ 658,037 $ 660,799 $ 694,722 $ 676,165 $ 714,563 Average occupied units/month (10) 57,508 59,221 54,537 55,788 57,914 59,445 55,773 57,976 SHO SS ExpPOR(11) $ 4,130 $ 4,166 $ 3,811 $ 3,943 $ 3,772 $ 3,864 $ 4,008 $ 4,075 SS ExpPOR YOY growth 0.9% 3.5% 2.4% 1.7% (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 property operating expenses at Welltower pro rata ownership. (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 normalizing adjustments related to the accrual for an incentive management fee for one Seniors Housing Operating partner and the disposition of our ownership interest in three Seniors Housing Operating management company investments. (6) Represents normalizing adjustment related to casualty related expenses net of any insurance reimbursements. (7) Represents normalizing adjustment for amounts recognized related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada. (8) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth. (9) Represents SS SHO property operating expenses at Welltower pro rata ownership. (10) Represents average occupied units for SS properties on a pro rata basis. (11) Represents pro rata SS average expenses generated per occupied room per month. (12) Represents normalizing adjustment related to the disposition of our ownership interest in Seniors Housing Operating management company investments. 46
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SHO SS ExpPOR Growth Reconciliations (cont.) (dollars in thousands, except SS ExpPOR and units) 1Q21 1Q22 2Q21 2Q22 3Q21 3Q22 4Q21 4Q22 SHO SS ExpPOR Growth Consolidated SHO property operating expenses $ 555,968 $ 789,928 $ 582,361 $ 789,299 $ 666,610 $ 841,914 $ 724,405 $ 870,904 Unconsolidated SHO expenses attributable to WELL (1) 31,311 39,518 33,678 39,509 27,469 34,099 30,546 40,160 SHO expenses attributable to noncontrolling interests (2) (48,221) (54,510) (31,555) (51,630) (49,838) (44,457) (56,350) (44,582) SHO pro rata expenses(3) 539,058 774,936 584,484 777,178 644,241 831,556 698,601 866,482 Non-cash expenses on same store properties 16 (488) (12,839) (409) (421) (385) 106 (360) Expenses attributable to non-same store properties (79,318) (237,454) (87,220) (251,091) (138,088) (281,292) (116,235) (246,391) Currency and ownership adjustments (4) 87 (572) (1,111) 1,653 209 4,272 1,598 7,931 Normalizing adjustment for casualty related expenses (5) — — (1,824) (1,259) (1,130) (945) (4,442) (2,735) Normalizing adjustment for government grants (6) 32,457 1,304 8,130 15,777 4,978 2,435 12,599 2,330 Normalizing adjustment for prior period allowance (7) — — (1,670) — — — — — Normalizing adjustment for management fee reduction (8) — — 2,044 — — — — — Other normalizing adjustments(9) (770) 249 356 — (184) — (312) — SHO SS expenses(10) $ 491,530 $ 537,975 $ 490,350 $ 541,849 $ 509,605 $ 555,641 $ 591,915 $ 627,257 Average occupied units/month (11) 38,479 40,908 38,854 41,469 40,187 42,260 49,987 51,251 SHO SS ExpPOR(12) $ 4,317 $ 4,445 $ 4,218 $ 4,367 $ 4,192 $ 4,347 $ 3,915 $ 4,046 SS ExpPOR YOY growth 3.0 % 3.5 % 3.7 % 3.3 % 1Q20 1Q21 2Q20 2Q21 3Q20 3Q21 4Q20 4Q21 Consolidated SHO property operating expenses $ 607,871 $ 555,968 $ 595,513 $ 582,361 $ 567,704 $ 666,610 $ 555,223 $ 724,405 Unconsolidated SHO expenses attributable to WELL (1) 29,442 31,311 29,139 33,678 30,251 27,469 29,993 30,546 SHO expenses attributable to noncontrolling interests (2) (54,780) (48,221) (51,610) (31,555) (47,199) (49,838) (45,751) (56,350) SHO pro rata expenses(3) 582,533 539,058 573,042 584,484 550,756 644,241 539,465 698,601 Non-cash expenses on same store properties 82 (17) 110 (12,909) 216 (477) (470) (527) Expenses attributable to non-same store properties (61,662) (60,246) (54,837) (63,495) (45,090) (118,711) (81,958) (197,811) Currency and ownership adjustments (4) 7,223 106 11,878 (2,494) 712 (228) 2,740 368 Normalizing adjustment for casualty related expenses (5) — — — (1,192) — (1,387) — (3,942) Normalizing adjustment for government grants (6) — 33,770 — 9,327 — 5,166 9,586 13,680 Normalizing adjustment for prior period allowance (7) — — — (1,527) — — — — Normalizing adjustment for management fee reduction (8) — — — 2,058 — — — — Normalizing adjustment for policy change (13) — — (518) — — — — — Other normalizing adjustments(9) (1,658) — 333 356 (254) (98) (171) 101 SHO SS expenses(10) $ 526,518 $ 512,671 $ 530,008 $ 514,608 $ 506,340 $ 528,506 $ 469,192 $ 510,470 Average occupied units/month (11) 44,023 38,056 42,583 39,074 40,736 39,716 38,190 38,686 SHO SS ExpPOR(12) $ 4,042 $ 4,553 $ 4,160 $ 4,402 $ 4,109 $ 4,400 $ 4,062 $ 4,363 SS ExpPOR YOY growth 12.6 % 5.8 % 7.1 % 7.4 % (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 and includes an adjustment to remove property operating expenses related to certain leasehold properties. (3) Represents SHO property operating expenses at Welltower pro rata ownership. (4) Includes where appropriate adjustments to reflect consistent property ownership percentages and foreign currency rates. (5) Represents normalizing adjustment related to casualty related expenses net of any insurance reimbursements. (6) Represents normalizing adjustment related to amounts recognized related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada. (7) Represents normalizing adjustment related to an allowance of prior period rent related to one Seniors Housing Operating lease. (8) Represents normalizing adjustment related to a management fee reduction for one Seniors Housing Operating partner. (9) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth. (10) Represents SHO same store property operating expenses at Welltower pro rata ownership. (11) Represents average occupied units for SS properties on a pro rata basis. (12) Represents pro rata SS average expenses generated per occupied room per month. (13) Represents normalizing adjustment to reflect the application of consistent policies for all periods presented for one Seniors Housing Operator. 47
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SHO SS ExpPOR Growth Reconciliations (cont.) (dollars in thousands, except SS ExpPOR and units) 1Q19 1Q20 2Q19 2Q20 3Q19 3Q20 4Q19 4Q20 SHO SS ExpPOR Growth Consolidated SHO property operating expenses $ 607,686 $ 607,871 $ 637,317 $ 595,513 $ 581,341 $ 567,704 $ 591,005 $ 555,223 Unconsolidated SHO expenses attributable to WELL(1) 27,308 29,442 26,084 29,139 26,502 30,245 27,627 29,993 SHO expenses attributable to noncontrolling interests(2) (54,077) (54,780) (55,565) (51,610) (53,061) (47,194) (53,737) (45,751) SHO pro rata expenses(3) 580,917 582,533 607,836 573,042 554,782 550,755 564,895 539,465 Non-cash expenses on same store properties (1,203) 39 (779) 118 2,976 159 (148) (503) Expenses attributable to non-same store properties (163,643) (134,942) (138,064) (86,447) (67,115) (63,384) (59,195) (54,240) Currency and ownership adjustments(4) 4,781 1,757 (1,673) 2,668 2,277 1,169 40 (1,642) Normalizing adjustment for government grants(5) — — — — — — — 11,797 Normalizing adjustment for insurance reimbursement(6) 2,174 — — — — — — — Normalizing adjustment for health insurance costs(7) — (1,499) — — — — — — Normalizing adjustment for real estate taxes(8) 2,492 — — — — — — — Other normalizing adjustments(9) 378 (517) 351 (519) 823 (518) (372) (173) SHO SS expenses(10) $ 425,896 $ 447,371 $ 467,671 $ 488,862 $ 493,743 $ 488,181 $ 505,220 $ 494,704 Average occupied units/month (11) 37,092 36,852 42,724 40,839 43,271 39,705 43,541 38,968 SHO SS ExpPOR(12) $ 3,881 $ 4,103 $ 3,659 $ 4,001 $ 3,772 $ 4,065 $ 3,836 $ 4,197 SS ExpPOR YOY growth 5.7 % 9.3 % 7.8 % 9.4 % 1Q18 1Q19 2Q18 2Q19 3Q18 3Q19 4Q18 4Q19 Consolidated SHO property operating expenses $ 511,941 $ 607,686 $ 525,662 $ 637,317 $ 610,659 $ 581,341 $ 607,170 $ 591,005 Unconsolidated SHO expenses attributable to WELL(1) 26,759 27,308 26,469 26,084 26,559 26,502 27,475 27,627 SHO expenses attributable to noncontrolling interests(2) (54,063) (54,077) (53,853) (55,565) (51,693) (53,061) (52,233) (53,737) SHO pro rata expenses(3) 484,637 580,917 498,278 607,836 585,525 554,782 582,412 564,895 Non-cash expenses on same store properties 874 (1,203) 795 (779) 852 2,967 450 (164) Expenses attributable to non-same store properties (55,735) (109,753) (133,752) (191,910) (177,557) (134,811) (179,733) (140,680) Currency and ownership adjustments(4) (4,856) 900 1,505 3,833 3,782 2,889 5,339 984 Normalizing adjustment for SH-NNN to SHO conversions(13) 32,028 — 33,004 — — — — — Normalizing adjustment for insurance reimbursement(6) — 2,174 — — — — — — Normalizing adjustment for real estate taxes(8) — 2,492 — — — — — — Other normalizing adjustments(9) (87) (295) (366) — 245 — 712 (736) SHO SS expenses(10) $ 456,861 $ 475,232 $ 399,464 $ 418,980 $ 412,847 $ 425,827 $ 409,180 $ 424,299 Average occupied units/month (11) 38,296 38,605 35,852 36,069 36,516 36,373 35,599 35,442 SHO SS ExpPOR(12) $ 4,032 $ 4,160 $ 3,724 $ 3,883 $ 3,738 $ 3,871 $ 3,800 $ 3,958 SS ExpPOR YOY growth 3.2 % 4.3 % 3.6 % 4.2 % (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 and includes an adjustment to remove property operating expenses related to certain leasehold properties. (3) Represents SHO property operating expenses at Welltower pro rata ownership. (4) Includes where appropriate adjustments to reflect consistent property ownership percentages and foreign currency rates. (5) Represents normalizing adjustment related to amounts recognized related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada. (6) Represents normalizing adjustment related to insurance reimbursements for one Seniors Housing Operating property. (7) Represents normalizing adjustment related to health insurance costs for prior periods for two Seniors Housing Operating properties. (8) Represents normalizing adjustment related to real estate taxes for one Seniors Housing Operating property. (9) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth. (10) Represents SHO same store property operating expenses at Welltower pro rata ownership. (11) Represents average occupied units for SS properties on a pro rata basis. (12) Represents pro rata SS average expenses generated per occupied room per month. (13) Represents the expenses of certain properties that were converted from Seniors Housing Triple-net to Seniors Housing Operating with the same operator. Amounts derived from unaudited operating results provided by the operator and were not a component of WELL earnings. 48
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EBITDA and Adjusted EBITDA 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 cash equivalents 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, additional other income and other impairment charges. 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 fixed charge coverage ratio, which represents 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 and consolidated enterprise value. 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. We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios which include net debt to consolidated enterprise value, 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. 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. 49
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Net Debt to Adjusted EBITDA (dollars in thousands) Three Months Ended December 31, 2025 December 31, 2024 Net income $ 117,767 $ 123,753 Interest expense 203,784 154,469 Income tax expense (benefit) (4,985) 114 Depreciation and amortization 594,151 480,406 EBITDA 910,717 758,742 Loss (income) from unconsolidated entities (4,442) (6,429) Stock-based compensation expense 1,507,748 13,358 Loss (gain) on extinguishment of debt, net 3,089 — Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (1,378,391) (8,195) Impairment of assets 45,924 23,647 Provision for loan losses, net (7,384) (245) Loss (gain) on derivatives and financial instruments, net (5,656) (9,102) Other expenses 125,844 34,405 Casualty losses, net of recoveries 3,115 4,926 Other impairments(1) — 41,978 Adjusted EBITDA $ 1,200,564 $ 853,085 Total debt(2) $ 19,737,446 $ 15,608,294 Cash and cash equivalents and restricted cash (5,209,539) (3,711,457) Net debt 14,527,907 11,896,837 Adjusted EBITDA 1,200,564 853,085 Adjusted EBITDA annualized $ 4,802,256 $ 3,412,340 3.0 x 3.5 x Interest expense $ 203,784 Capitalized interest 7,476 Non-cash interest expense (14,546) Total interest 196,714 Secured debt principal amortization 16,698 Total fixed charges 213,412 Adjusted EBITDA $ 1,200,564 Adjusted Fixed Charge Coverage Ratio 5.6 x (1) Represents the write-off of straight-line rent receivable and unamortized lease incentive balances related to leases placed on cash recognition (2) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities. Excludes operating lease liabilities related to ASC 842. 50
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Net Debt to Adjusted EBITDA (continued) (dollars in thousands) Twelve Months Ended December 31, 2025 December 31, 2024 % Growth Net income $ 961,837 $ 972,857 Interest expense 651,955 574,261 Income tax expense (benefit) (7,116) 2,700 Depreciation and amortization 2,084,868 1,632,093 EBITDA 3,691,544 3,181,911 Loss (income) from unconsolidated entities 14,297 496 Stock-based compensation expense 1,555,858 74,482 Loss (gain) on extinguishment of debt, net 9,245 2,130 Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (1,449,043) (451,611) Impairment of assets 121,283 92,793 Provision for loan losses, net (9,416) 10,125 Loss (gain) on derivatives and financial instruments, net 22,407 (27,887) Other expenses 201,201 117,459 Casualty losses, net of recoveries 11,367 12,261 Other impairments(1) 604 139,652 Adjusted EBITDA $ 4,169,347 $ 3,151,811 32 % (1) Represents the write-off of straight-line rent receivable and unamortized lease incentive balances related to leases placed on cash recognition 51
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(in thousands, except share price) Three Months Ended December 31, 2025 Common shares outstanding 696,507 Period end share price $ 185.61 Common equity market capitalization $ 129,278,664 Total debt(1) $ 19,737,446 Cash and cash equivalents and restricted cash (5,209,539) Net debt $ 14,527,907 Noncontrolling interests(2) 1,073,441 Consolidated enterprise value $ 144,880,012 Net debt to consolidated enterprise value 10.0 % (1) Amounts include senior unsecured notes, secured debt and lease liabilities related to finance leases, as reflected on ourconsolidated balance sheet. Operating lease liabilities related to ASC 842 are excluded. (2) Includes all noncontrolling interests (redeemable and permanent) as reflected on our balance sheet. Net Debt to Consolidated Enterprise Value 52