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October 26, 2026
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Forward Looking Statements and Risk Factors 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, the strategic data science partnership and their anticipated benefits, 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 data science licensing might not be expanded to additional partners and any current or future partnership might not achieve its anticipated benefits; 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, 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; geopolitical tensions or conflicts, such as the ongoing conflict between Russia and Ukraine and in the Middle East; 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. 2 Los Angeles
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WELL-Acquired Properties (3Q26) Naples Atlanta Denver San Jose 3 Los Angeles
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Organic Revenue Growth YoY Occupancy Growth NOI Growth Third Quarter Investment Activity $3.9B 25% Maintaining exceptionally low leverage while investing in talent and systems: Third Quarter 2026 Key Highlights Seniors Housing Operating Portfolio Organic Growth 1 Driven by organic growth and portfolio expansion, we have achieved: Pro Rata Investment Activity FFO Per Share Growth 9.1% 320 bps 21.0% 38% 35% Revenue Growth Adjusted EBITDA Growth 3.02x Net Debt to Adjusted EBITDA 4 1. Growth metrics reflect same store performance as compared to 3Q25 Note: See “Supplemental Financial Measures” at the end of this presentation for definitions and reconciliations of non-GAAP financial measures. Pro rata investment activity includes property acquisitions and loan funding; exclusive of development funding completed in the third quarter of 2026. “FFO” represents normalized funds from operations per diluted share Margin Expansion 310 bps 30+ Individual Transactions $38M Median Transaction Size
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3Q26 Key Highlights Net operating income growth • SHO portfolio same store net operating income (SSNOI) increased 21%, driven by organic revenue growth and substantial operating margin expansion • Dual drivers of revenue growth remain firmly intact as the methodical handover from occupancy growth to greater pricing power is occurring as planned • End-market demand for luxury senior living remained resilient against a backdrop of rising macro uncertainty with sequential ave rage occupancy growth of 120 basis points (“bps”) exceeding the 110 bps sequential gain in 3Q25; year-over-year average occupancy increased 320 bps • RevPOR (unit revenue) growth improved to 5.3%, reflecting shrinking capacity within the system coupled with robust pricing power for luxury senior living communities with strong product market fit FFO per diluted share growth • Reported normalized FFO per diluted share of $1.67, an increase of 25% year-over-year, driven by strong seniors housing operating (SHO) portfolio growth, capital allocation activity, and contributions from Welltower Business System (WBS) initiatives • Midpoint of full-year FFO per share guidance raised by 10¢ to $6.50 Note: All metrics reflect year-over-year same store results for the third quarter 2026 unless otherwise noted. See “Supplemental Financial Measures” or the Supplemental Information Report for definitions and reconciliations of non-GAAP financial measures `1. As of October 26, 2026; pro rata investment activity exclusive of development funding and subject to customary closing conditions 2. Inclusive of $1.9 billion of expected pro rata disposition proceeds 5 $21 billion Pro rata investment activity • Announced $21.0 billion of pro rata investment activity 1 , inclusive of $13.3 billion closed through 3Q26 and $7.7 billion of additional investment activity closed or under contract to close as of October 26, 2026 • Full-year investment activity remains highly granular across 196 different transactions with a median size of $35.5 million • SHO communities acquired during 3Q26 carry an average age of approximately 4 years and in-place occupancy of ~66%. Our ability to drive cash flow growth post-acquisition has meaningfully improved by leveraging WBS and the joint efforts of our world-class technology talent and core operating partners • Closed or announced $6.0 billion of dispositions and loan repayments 2 year-to-date with capital primarily recycled into SHO assets • Unit economics remained compelling as the sustained spread between RevPOR and ExpPOR (unit expense) growth drove 310 bps of margin expansion • Expense growth remained muted despite rising inflationary pressure across the economy with ExpPOR growth of 0.8% • Flow-through margin reached a near-record high, driven primarily by stronger rate growth, resulting in a greater share of each incremental revenue dollar converting to cash flow 25% 21% 310 bps NOI margin expansion
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Guidance Bridge Commentary • Investments: Guidance includes $21.0 billion of pro rata investments closed or under contract to close Note: See “Supplemental Financial Measures” at the end of this presentation for definitions and reconciliations of non-GAAP financial measures Increased 2026 Guidance Outlook Assumptions • Total portfolio NOI: Increased SHO NOI growth expectations are driving a 70 bps increase at the midpoint of the range • SHO NOI: Positive revenue and expense trends are expected to drive SS SHO Portfolio NOI growth of 21.0% at the midpoint of the range, which represents a 100 bps increase vs. the prior midpoint Increased FY2026 Same Store NOI Guidance Midpoints Segment Initial Guidance 1Q26 Update 2Q26 Update 3Q26 Update SHO 18.0% 19.0% 20.0% 21.0% SH NNN 3.5% 3.5% 4.0% 4.0% OM 2.5% 2.5% 2.5% 2.5% Skilled Nursing 2.5% 2.5% 2.5% 2.5% Total Portfolio 13.5% 14.1% 14.9% 15.6% 2025 to 2026 Normalized FFO Per Diluted Share Guidance Bridge Initial Guidance 1Q26 Update 2Q26 Update 3Q26 Update 3Q26 Update vs 2Q26 Guidance FY2025 Normalized FFO Per Diluted Share $5.29 $5.29 $5.29 $5.29 - (+) Seniors Housing Operating NOI 0.58 0.61 0.64 0.67 0.03 (+) Outpatient Medical and Triple-Net 0.02 0.02 0.02 0.02 - (+) Investment & Financing Activity 0.30 0.37 0.45 0.505 0.055 (+) G&A (0.02) (0.02) (0.02) (0.02) - (+) Income Taxes & Other - 0.01 0.02 0.035 0.015 FY2026 Normalized FFO Per Diluted Share at Midpoint $6.17 $6.28 $6.40 $6.50 0.10 6 SHO portfolio outperformance and investment activity driving 10¢ increase to Normalized FFO per diluted share guidance midpoint • SHO revenue: SS revenue growth guidance of 9.3% driven by: • Year-over-year occupancy growth of ~350 bps • Full-year RevPOR growth of 5.1%, reflecting healthy levels of pricing power across all regions • SHO expenses: SS expense growth of 4.6% in 2026 as compared to previous guidance of 5.0%. Guidance now implies ExpPOR growth of 0.6%, reflective of further operational scaling at higher occupancy levels • Dispositions: Guidance contemplates $6.0 billion of dispositions and loan repayments closed or under contract to close, including $1.9 billion of announced dispositions • 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
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Portfolio mix shift drives higher per share earnings growth while holding leverage constant: See ‘Supplemental Financial Measures’ at the end of this presentation for definitions and reconciliations of non-GAAP financial measures Total portfolio same store NOI growth 2Q25 +15.8% 3Q26 Normalized FFO per share growth +24.6% 3Q26 ($7B+) Outpatient Medical Dispositions Investment Activity Since Announcement of OM Portfolio Disposition Enhanced Long-Term Growth Profile $17B+ Seniors Housing Operating Acquisitions 7 2Q25 Cash flow growth trajectory meaningfully amplified by both the transformation into a pure-play rental housing platform for an aging population and Welltower Business System initiatives
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Welltower’s Data Science Advantage Welltower's special sauce to winning off-market and on-market deals Welltower typically completes transactions in 45 – 60 days as compared to a traditional marketed sales process which may take 5 – 10 months. Welltower closes transactions before first round bids are received in a traditional process Welltower’s Transaction Timeline Marketed Transaction Timeline 45 – 60 days 5 – 10 months 1 Screen community via Data Science Platform A few minutes 2 Provide pricing feedback to seller 2 days 3 Coordinated tours by WELL teams, including Investments, Asset Management, Capital and Structural Engineering teams. Finalize financial underwriting. Agree on pricing 1 week 4 Execute Purchase & Sale Agreement and complete diligence 30 days 5 Closing 15 days 1 Broker opinion, interviews & contract 30 – 60 days 2 Refine data, draft offering memorandum 60 days 3 Negotiate NDA 2 weeks 4 First round data room review 30 days 5 Second round best & final + investor tours 2 weeks 6 Negotiate Purchase & Sale Agreement 30 – 45 days 7 Complete due diligence 30 – 60 days 8 Closing 30 – 45 days 11 Data Science Platform compresses transaction execution from months down to weeks, providing sellers with significantly greater certainty of close $110B High-quality, granular capital allocation activity 1 Since 2016 1. Includes closed or announced pro rata gross investments, dispositions, and loan repayments 8
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Data Science Platform Advantage | Remaining Disciplined with Shareholder Capital Platform enables selectively at scale; optimizing for price, location, product market fit, and operator Note: Data consists of US SHO communities screened between 1Q22-3Q26 ~11,500 US communities screened by Welltower’s data science platform from 1Q22 – 3Q26 2.8% of screened properties acquired 2,141 1,890 1,860 2,886 2,734 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2022 2023 2024 2025 YTD Through 3Q26 Total US SHO Properties Screened vs. Acquired Acquired Not Acquired 9
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5.0% 1.9% -0.1% 0.8% 0.3% 80+ 65 - 79 45 - 64 35 - 44 25 - 34 Growth of 80+ population projected to significantly outpace all other age cohorts Accelerating Secular Growth Drivers & Digital Transformation 10 Aging of the Population Senior Housing & Care Total Consumer Wealth ($190T) Digital Transformation Age of AI Data Science / Machine Learning Wealthy Seniors Welltower Business System ~$100 Trillion 2 Wealth accumulated by Baby Boomers Digital Transformation Leveraging data and technology to improve the end- to-end customer journey & employee experience Portfolio strategically positioned at the intersection of powerful long-term secular tailwinds Five-Year Population CAGR (2026-2030) 1 1. Organization for Economic Co-operation and Development and US Census Bureau 2. Federal Reserve Distribution of Household Wealth in the U.S.
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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 11
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12 Seniors Housing Supply Constraints
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Current Macroeconomic Conditions Exacerbating Construction and Financing Challenges Considerations Impacting Development Economics Seniors housing supply likely constrained through 2030+ The factors constraining new supply first highlighted in 2024 remain relevant today 13 Inflation: De-Globalization, Tariffs, and Labor • Deglobalization may result in significantly higher long-run cost of production and sourcing of goods, raw materials, and labor • Many commodities used in construction are sourced from countries targeted for new or increased tariffs • Policy changes regarding undocumented workers have impacted the availability of construction laborers, disproportionately impacting the industry and increasing construction costs Interest Rates: Short-End and Long-End • The Federal Reserve, ECB, and Bank of Japan have recently raised short-term policy interest rates and signaled the potential for a more restrictive policy stance • Countries which have historically maintained a large trade surplus and high savings (i.e., Germany, Japan, and China) are also amongst the largest purchasers of US Treasuries • Growing US budget deficit may increase the supply of Treasuries; higher nominal growth may also alter the Fed’s rate path Construction and Replacement Costs Higher costs… • Are likely to be passed through to end users, including seniors housing developers • Drive replacement costs higher across the seniors housing industry, benefiting owners of existing assets Higher long-term rates… • Will negatively impact developers’ and lenders’ exit underwriting through an increase in exit cap rates and permanent financing costs • Pressure existing developers and owners who need to refinance maturing debt and/or address expiring floating rate caps
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• Development capital is increasingly shifting toward higher- yielding sectors, particularly data centers and infrastructure • Data center projects underwrite to double-digit development yields, well above what seniors housing rents can support • Data center construction spending has increased 8x since 2019, vs 1.4x for all other private non-residential construction1 Why Luxury Seniors Housing Development Has Not Returned Seniors housing-specific economics, rather than macro factors alone, keep construction starts near record lows 1. Census Bureau for US Private Construction Spending (SAAR). Private non-residential construction excludes educational, religious, amusement and recreation, and transportation construction 2. NIC MAP Vision Debt and Equity Costs • Benchmark rates continue to pressure project economics • Meaningful interest-rate relief and higher development yields are needed for speculative development to resume at scale Competition for Capital and Resources Structural Complexity • Multi-year entitlement and construction timelines delay supply response even after market conditions improve • Post-COVID industry attrition has disbanded experienced development teams, resulting in the loss of institutional knowledge • Purpose-built senior housing is inherently less efficient to develop and therefore meaningfully more expensive to build vs. other property types – a structural barrier independent of interest rates 14 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Quarterly Seniors Housing Construction Starts Seniors housing construction starts have fallen to 15+ year lows
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Cost per unit bridge by category 1x +0.7x 2.1x Multifamily Per Unit Cost Hard costs Soft costs Seniors Housing Hard Costs Specialized construction includes enhanced ADA accessibility and slower-burn materials due to stringent evacuation protocols; loss factor difference: high-end amenities (dining rooms, lounges, and activity spaces), commercial kitchens, employee breakrooms Soft Costs Higher contingency and development fee; specialized FF&E; lease-up operating deficits; licensing, cost of capital, and regulatory compliance 1. Associated Builders and Contractors, 2026 workforce forecast 2. Cost basis bridge based on internal Welltower estimates for a luxury senior living community; illustrative and subject to change Luxury Seniors Housing Is Structurally Complex and ~2x Costlier to Build Than Multifamily Lower building efficiency drives materially higher per unit development costs compared to multifamily Multifamily vs. Seniors Housing Development 1, 2 Illustrative Cost Per Unit by Category – Indexed to Multifamily Why the Gap Exists Less efficient build: a greater proportion of a seniors housing community’s footprint is consumed by amenity and care space; seniors housing delivers ~50% net rentable square footage vs ~80% for multifamily A seniors housing community is costlier per foot to build given specialized construction and care requirements • • +0.4x At today’s cost basis, new seniors development requires rents meaningfully above prevailing market levels, a structural barrier independent of interest rates • 15
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Even if developers can overcome stubbornly high construction costs and rates, a significant timeline to stabilization exists Stabilization 1 year Extended Timeline From Project Formation to Stabilization 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 16
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17 Welltower 3.0: Widening Our Moat
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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 Significant ramp in technology investment Formation of Welltower “Tech Quad” and subsequent expansion to “Tech Squad” Prioritizing customer and site-level employee satisfaction as primary KPI 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 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 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 Operating company in a real estate wrapper: operations & technology first with complementary capital allocation Centralized capital allocation, de-centralized execution with strong asset management Centralized capital allocation, de-centralized execution 18
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“A’s” Hire “A’s” INNOVATION DATA SCIENCE WELL Tech Quad ENTERPRISE ARCHITECTURE TECHNOLOGY Tech Quad leaders have rapidly recruited talent from industries with higher standards INNOVATION DATA SCIENCE WELL Tech Squad ENTERPRISE ARCHITECTURE TECHNOLOGY Google Amazon Two Sigma Bridgewater SAS Institute LinkedIn Datadog J.P. Morgan Prior Experience Computer Science Applied Mathematics Statistics Data Science Fields of Study Background of Recent Tech Squad Hires U.S. Intelligence Agencies Capital One Clear Street Bloomberg Salesforce Activision Blizzard U.S. Census Bureau Neuroscience Economics Computer Engineering Demography 1 Growing concerns regarding “SaaSpocalypse” 2 Opportunity to transform a critically important industry while creating substantial value for existing investors 3“Heavy Asset, Low Obsolescence” sector that cannot be replaced by AI Attraction of the Welltower platform for tech talent: From Tech Quad to Tech SQUAD: Meaningfully Increasing Talent Density 19
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Hardware (Real Estate Portfolio) Digital Transformation Welltower 3.0 | Vertically Integrated Hardware + Software Model Software (Uniquely Structured Operating Contracts + WBS) Strategic Focus Areas Capital Light Opportunities Capital Advantage Technology & AI support a superior customer journey to better serve an affluent, needs-based resident Technology-enabled efficiencies enable higher frontline employee pay, lower turnover, and 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 Vertical integration of our model creates a powerful, compounding network effect that is only beginning to unfold Ownership of the highest-end physical assets in a regionally dense footprint across markets 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+ Welltower owns the entire value chain – hardware, software, and data – and its duration We provide a unified environment, creating seamless integration of proprietary hardware and software resulting in an unassailable moat 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 20
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Welltower 3.0: Cascading Our “All-In” Culture to Operating Partners Deepening economic alignment between shareholders, Welltower management, key operating partners, and frontline staff Three Layers of Economic Alignment: 01 Welltower executive leadership Duration-matched with long-term shareholders 02 Welltower’s key operating partners “All-in” via RIDEA 6.0 03 Frontline staff $10M annual Welltower Fellowship Grant . StoryPoint’s 1440 mantra is focused on creating the absolute best experience for every person every minute of every day 21
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Welltower competes on Data Science, Welltower Business System, capital allocation capabilities, and unique culture - 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 Squad: 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 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 $52 billion of investments since 4Q20 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 Established competitive advantages driving long-term 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 Squad 22
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23 Seniors Housing Trends
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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 Wealthiest Demographic Real Estate Sector ImpactTheme E-commerce Life Sciences Senior Living Themes of the last 10 years Theme of the next 10+ years 24
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-150 bps 150 bps 100 bps 50 bps 0 bps -50 bps -100 bps 1Q 2Q 3Q 4Q Min ChangeMax Change 2026 Sequential Average Occupancy Growth Sequential occupancy gains remain elevated through 3Q26 Occupancy Growth Outpacing Historical Trends 1. Represents SHO same store portfolio each quarter at pro rata ownership; see each quarter’s respective Supplemental Information Report SHO Portfolio Same Store Sequential Occupancy Change1 2014 - 2019 Year-over-Year Occupancy 3Q26: +320 bps 25
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0.0% 40.0% 80.0% 120.0% 160.0% U.S. Population Growth Change1 45 – 64 vs. 80+ Population Age Cohorts 80+ Age Segment 45 - 64 Age Segment Growth of 80+ age cohort rapidly exceeding available FAMILIAL CAREGIVERS, leading to increased demand for seniors housing 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. 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 2025. Caregiver population over the next 25 years represents individuals born in 1975 through 1995 that will be 45 – 65 years old in 2040 3. 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 26 Decline in familial caregivers creating “Sandwich Generation” with nearly a quarter also having children under the age of 18 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 Familial Caregiver Ratio1 (Number of Individuals Aged 45 – 64 Divided by Number of Individuals Aged 80+) Caregivers considered to be individuals between 45 – 65 years old
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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 Same Store RevPOR (left axis) Same Store ExpPOR (left axis) Delta Between RevPOR and ExpPOR (right axis) Note: See “Supplemental Financial Measures" at the end of this presentation for definitions and current quarter reconciliations of non-GAAP financial measures, including Same Store RevPOR and Same Store ExpPOR. See each quarter's respective Supplemental Information Report and previous quarters Business Updates for reconciliations of prior quarter metrics. Favorable Unit Economics Driving Substantial Margin Expansion 27 RevPOR growth continues to outpace ExpPOR growth, driving +310 bps of SS NOI margin expansion in 3Q26 vs. 3Q25
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0% 50% 100% 150% 200% 250% 300% 350% 400% Strengthening Affordability as Consumer Affluence Rises Net Worth Annual Rent 0k 5k 10k 15k 20k 25k 30k 35k 40k Seniors Housing TTM Construction Starts 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 Sources: Organization for Economic Co-operation and Development, NIC MAP Vision, Federal Reserve Survey of Consumer Finances 1. Chart depicts delta between growth rates for annual seniors housing rent and average 70+ net worth indexed to 2010 based on data from the Federal Reserve. Net worth includes real estate, consumer durable goods, corporate equities and mutual funds, pension entitlements, private businesses, and other liquid assets Seniors Housing | Compelling Backdrop for Multi-Year Revenue Growth 1.8% CAGR 28 Average seniors’ net worth covers ~19 years of seniors housing rent ~75% decline in starts, representing lowest level since 2010 35,773 units 9,455 units 5.4% CAGR
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29 Capital Allocation & Balance Sheet
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Off-market and relationship-driven investments completed at significant discounts to replacement cost driven by our conviction to lean into cash flow distress (early), balance sheet distress (later), and long- tenured owners seeking liquidity or portfolio exits (now) • 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 4Q20 1. Includes pro rata investments across acquisitions and loans since October 1, 2020 through September 30, 2026 and excludes development funding Pro Rata Investments $51.7B Pro Rata Investment Activity 1 • Initial yield of 6.8% • Stable yield of approximately 8.5% • Low last-dollar exposure and innovative structure offer downside protection • Expected to generate high-single-digit to mid-teens unlevered IRRs to Welltower • Predictive analytics and proprietary operator relationships used to execute off-market investments • Maximizing risk-adjusted return to Welltower 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 $26 million per property Properties Acquired 1,932 Total Transactions 381 Seniors housing units acquired 141k 30
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4.0% Secured Debt to Gross Asset Value A- POSITIVE / A3 POSITIVE 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 1. Inclusive of $1.9 billion of expected pro rata disposition proceeds 3.0x Net Debt to Adjusted EBITDA 9.2% Net Debt to Enterprise Value 6.9x Adjusted Fixed Charge Coverage Ratio $9.5B Near-Term Available Liquidity 1 S&P and Moody’s Upgrade Credit Outlook to Positive 31 Welltower’s A- / A3 credit ratings and positive outlooks reflect the strength and durability of our all-weather balance sheet
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Expanding Capital Horizons Since Leadership Transition in 2015 Unparalleled access to plurality of capital sources Note: Data as of January 1, 2016 through September 30, 2026 CAD Denominated Secured Debt $7B | Private Capital • Capital raised via joint venture partnerships and other pooled investment vehicles $26B | 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 $23B | Debt • Investment grade balance sheet (A-/A3) with access to a plurality of debt capital $97B 32 $39B | Public Equity • Efficiently raised primarily via ATM & DRIP programs since 2015 $23B | 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 regions and 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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$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 Weighted Average Maturity of 5.0 Years USD Unsecured USD Secured USD Convertible Debt GBP Unsecured CAD Unsecured CAD Secured Note: As of September 30, 2026. Principal amounts due exclude unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet WELL-Laddered Debt Maturity Schedule 33 ($mm) 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter Unsecured Debt $2,645 $1,915 $2,253 $1,750 $2,919 $1,050 $281 $663 $1,250 $1,150 Secured Debt $590 $383 $403 $169 $473 $145 $451 $299 $71 $640 Total $3,235 $2,298 $2,656 $1,919 $3,392 $1,195 $732 $962 $1,321 $1,790 4.08% 4.08% 3.42% 3.87% 3.55% 3.50% 4.50% 4.57% 5.06% 4.86%
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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"), 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 titled 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 titled 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) Three Months Ended Twelve Months Ended September 30, 2025 September 30, 2026 % Growth December 31, 2025 Net income (loss) attributable to common stockholders $ 280,559 $ 396,587 $ 936,845 Depreciation and amortization 509,812 706,786 2,084,868 Impairments and losses (gains) on real estate dispositions and acquisitions of controlling interests, net (944) (81,226) (1,327,760) Noncontrolling interests(1) (9,360) 9,884 (13,144) Unconsolidated entities(2) 44,308 38,760 137,143 NAREIT FFO attributable to common stockholders 824,375 1,070,791 1,817,952 Normalizing items: Loss (gain) on derivatives and financial instruments, net 31,682 — 22,407 Loss (gain) on extinguishment of debt, net — 6,822 9,245 Provision for loan losses, net 1,088 230 (9,416) Income tax benefits — — (8,369) Other impairment — 2,463 604 Other expenses 44,699 124,687 201,201 Special incentive plan compensation 2,568 267 1,497,396 Casualty losses, net of recoveries 1,914 9,793 11,367 Foreign currency loss (gain) 1,753 6,124 2,088 Normalizing items attributable to noncontrolling interests and unconsolidated entities, net 11,162 37,333 47,191 Normalized FFO attributable to common stockholders $ 919,241 $ 1,258,510 $ 3,591,666 Average diluted common shares outstanding 685,399 754,903 679,521 Per diluted share data attributable to common stockholders: Net income (loss)(3) $ 0.41 $ 0.54 $ 1.39 NAREIT FFO $ 1.20 $ 1.42 $ 2.68 Normalized FFO $ 1.34 $ 1.67 25 % $ 5.29 (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, where applicable. 37
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FFO Reconciliation (continued) (in thousands, except per share information) Three Months Ended June 30, 2024 June 30, 2025 % Growth Net income (loss) attributable to common stockholders $ 254,714 $ 301,888 Depreciation and amortization 382,045 495,036 Impairments and losses (gains) on real estate dispositions and acquisitions of controlling interests, net (164,049) 5,026 Noncontrolling interests(1) (6,348) (6,256) Unconsolidated entities(2) 27,411 30,023 NAREIT FFO attributable to common stockholders 493,773 825,717 Normalizing items: Loss (gain) on derivatives and financial instruments, net (5,825) (409) Loss (gain) on extinguishment of debt, net 1,705 — Provision for loan losses, net 5,163 (1,113) Income tax benefits — (595) Other impairment 88,318 604 Other expenses 48,684 16,598 Special incentive plan compensation — 2,540 Casualty losses, net of recoveries 1,953 2,496 Foreign currency loss (gain) (200) (1,864) Normalizing items attributable to noncontrolling interests and unconsolidated entities, net 3,961 13,215 Normalized FFO attributable to common stockholders $ 637,532 $ 857,189 Average diluted common shares outstanding 604,563 668,140 Per diluted share data attributable to common stockholders: Net income (loss)(3) $ 0.42 $ 0.45 NAREIT FFO $ 0.82 $ 1.24 Normalized FFO $ 1.05 $ 1.28 21.9 % (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, where applicable. 38
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Outlook Reconciliation: Year Ending December 31, 2026 (in millions, except per share data) Initial Guidance 1Q26 Outlook Update 2Q26 Outlook Update Current Outlook Low High Low High Low High Low High FFO Reconciliation: Net income attributable to common stockholders $ 2,244 $ 2,359 $ 2,370 $ 2,472 $ 2,302 $ 2,362 $ 2,470 $ 2,515 Impairments and losses (gains) on real estate dispositions and acquisitions of controlling interests, net(1) (564) (564) (576) (576) (545) (545) (862) (862) Depreciation and amortization(1) 2,712 2,712 2,669 2,669 2,845 2,845 2,928 2,928 NAREIT FFO attributable to common stockholders 4,392 4,507 4,463 4,565 4,602 4,662 4,536 4,581 Normalizing items, net(1) — — 84 84 111 111 298 298 Normalized FFO attributable to common stockholders $ 4,392 $ 4,507 $ 4,547 $ 4,649 $ 4,713 $ 4,773 $ 4,834 $ 4,879 Diluted per share data attributable to common stockholders: Net income $ 3.11 $ 3.27 $ 3.24 $ 3.38 $ 3.11 $ 3.19 $ 3.31 $ 3.37 NAREIT FFO $ 6.09 $ 6.25 $ 6.10 $ 6.24 $ 6.21 $ 6.29 $ 6.07 $ 6.13 Normalized FFO $ 6.09 $ 6.25 $ 6.21 $ 6.35 $ 6.36 $ 6.44 $ 6.47 $ 6.53 Normalized FFO per diluted share at midpoint $ 6.17 $ 6.28 $ 6.40 $ 6.50 (1) Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities. Earnings Outlook Reconciliation 39
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NOI, 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. 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 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 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. 40
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(dollars in thousands) Three Months Ended September 30, 2025 September 30, 2026 % growth YOY Net income (loss) $ 282,186 $ 414,823 Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (4,025) (114,678) Loss (income) from unconsolidated entities 12,610 30,689 Income tax expense (benefit) 2,335 7,116 Other expenses 44,699 124,687 Impairment of assets 3,081 33,452 Provision for loan losses 1,088 230 Loss (gain) on extinguishment of debt, net — 6,822 Loss (gain) on derivatives and financial instruments, net 31,682 — General and administrative expenses 63,124 67,169 Depreciation and amortization 509,812 706,786 Interest expense 162,052 192,655 Consolidated NOI 1,108,644 1,469,751 NOI attributable to unconsolidated investments(1) 29,337 37,665 NOI attributable to noncontrolling interests(2) (12,280) (10,954) Pro rata NOI 1,125,701 1,496,462 Non-same store properties and non-property NOI (376,118) (625,216) Non-cash NOI attributable to same store properties (41,746) (46,237) Currency and ownership adjustments(3) (2,320) (638) Normalizing adjustments, net(4) 2,828 (4,384) Same Store NOI (SSNOI) $ 708,345 $ 819,987 15.8% Seniors Housing Operating $ 499,497 $ 604,319 21.0% Seniors Housing Triple-net 75,098 78,243 4.2% Outpatient Medical 27,832 28,499 2.4% Skilled Nursing 105,918 108,926 2.8% Total SSNOI $ 708,345 $ 819,987 15.8% (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) Includes 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. (4) Represents normalizing adjustments as described in the Earnings Release & Supplemental Information report for the quarter ending September 30, 2026. SSNOI Reconciliation 41
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(dollars in thousands) Three Months Ended June 30, 2024 June 30, 2025 % growth YOY Net income (loss) $ 260,670 $ 304,618 Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (166,443) (14,850) Loss (income) from unconsolidated entities (4,896) 7,392 Income tax expense (benefit) 1,101 1,053 Other expenses 48,684 16,598 Impairment of assets 2,394 19,876 Provision for loan losses 5,163 (1,113) Loss (gain) on extinguishment of debt, net 1,705 — Loss (gain) on derivatives and financial instruments, net (5,825) (409) General and administrative expenses 55,565 64,175 Depreciation and amortization 382,045 495,036 Interest expense 133,424 141,157 Consolidated NOI 713,587 1,033,533 NOI attributable to unconsolidated investments(1) 32,720 26,069 NOI attributable to noncontrolling interests(2) (17,296) (13,531) Pro rata NOI 729,011 1,046,071 Non-same store properties and non-property NOI (115,200) (345,450) Non-cash NOI attributable to same store properties (28,306) (25,861) Currency and ownership adjustments(3) 1,497 (6,174) Normalizing adjustments, net(4) 2,799 2,857 Same Store NOI (SSNOI) $ 589,801 $ 671,443 13.8% Seniors Housing Operating $ 310,413 $ 383,008 23.4% Seniors Housing Triple-net 69,416 72,961 5.1% Outpatient Medical 130,770 134,161 2.6% Long-Term/Post-Acute Care 79,202 81,313 2.7% Total SSNOI $ 589,801 $ 671,443 13.8% (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) Includes 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. (4) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type. SSNOI Reconciliation (continued) 42
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SHO SS RevPOR Growth Reconciliation (in thousands, except SS RevPOR and units) Three Months Ended SHO SS RevPOR Growth September 30, 2025 September 30, 2026 Consolidated SHO revenues $ 2,063,618 $ 3,125,101 Unconsolidated SHO revenues attributable to WELL(1) 60,435 64,416 SHO revenues attributable to noncontrolling interests(2) (20,860) (23,310) SHO pro rata revenues(3) 2,103,193 3,166,207 Non-property related revenues (1,542) (1,627) Revenues attributable to non-same store properties (340,577) (1,254,008) Non-cash and non-RevPOR revenues on same store properties (3,207) (2,646) Currency and ownership adjustments(4) (9,793) (1,623) SHO SS RevPOR revenues(5) $ 1,748,074 $ 1,906,303 SHO SS RevPOR revenues YOY growth 9.1 % Average occupied units/month(6) 100,357 103,899 SHO SS RevPOR(7) $ 5,759 $ 6,066 SS RevPOR YOY growth 5.3 % (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. 43
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SHO SS ExpPOR Growth Reconciliations (dollars in thousands, except SS ExpPOR and units) Three Months Ended September 30, 2025 September 30, 2026 SHO SS ExpPOR Growth Consolidated SHO property operating expenses $ 1,499,215 $ 2,227,359 Unconsolidated SHO operating expenses attributable to WELL(1) 38,882 41,837 SHO operating expenses attributable to noncontrolling interests(2) (7,966) (7,246) SHO pro rata operating expenses(3) 1,530,131 2,261,950 Non-property related operating expenses (904) (6,177) Operating expenses attributable to non-same store properties (270,234) (945,724) Non-cash and non-ExpPOR expenses on same store properties (334) (617) Currency and ownership adjustments(4) (7,060) (1,298) Other normalizing items(5) (2,285) (4,981) SHO SS ExpPOR expenses(6) $ 1,249,314 $ 1,303,153 Average occupied units/month (7) 100,357 103,899 SHO SS ExpPOR(8) $ 4,116 $ 4,147 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 and foreign currency rates. (5) Represents aggregate normalizing adjustments which are individually less than 0.50% of SS ExpPOR growth. (6) Represents SS SHO ExpPOR 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 operating expenses per occupied room per month. 44
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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, 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. 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, which include net debt to Adjusted EBITDA and consolidated enterprise value, indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and restricted cash. 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 expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. 45
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Net Debt to Adjusted EBITDA (dollars in thousands) Three Months Ended September 30, 2025 September 30, 2026 % Growth Net income $ 282,186 $ 414,823 Interest expense 162,052 192,655 Income tax expense (benefit) 2,335 7,116 Depreciation and amortization 509,812 706,786 EBITDA 956,385 1,321,380 Loss (income) from unconsolidated entities 12,610 30,689 Stock-based compensation expense 15,396 15,889 Loss (gain) on extinguishment of debt, net — 6,822 Loss (gain) on real estate dispositions and acquisitions of controlling interests, net (4,025) (114,678) Impairment of assets 3,081 33,452 Provision for loan losses, net 1,088 230 Loss (gain) on derivatives and financial instruments, net 31,682 — Other expenses 44,699 124,687 Casualty losses, net of recoveries 1,914 9,793 Other impairments(1) — 2,463 Adjusted EBITDA $ 1,062,830 $ 1,430,727 Total debt(2) $ 16,960,008 $ 19,672,086 Cash and cash equivalents and restricted cash $ (6,940,573) (2,416,007) Net debt 10,019,435 17,256,079 Adjusted EBITDA 1,062,830 1,430,727 Adjusted EBITDA annualized $ 4,251,320 $ 5,722,908 35% Net debt to Adjusted EBITDA 2.36 x 3.02 x Interest expense $ 192,655 Capitalized interest 12,706 Non-cash interest expense (18,528) Total interest 186,833 Secured debt principal amortization 19,778 Total fixed charges 206,611 Adjusted EBITDA $ 1,430,727 Adjusted Fixed Charge Coverage Ratio 6.9 x (1) Represents the write-off of straight-line rent receivable balances relating to the conversion of triple-net leased properties to a SHO (RIDEA) structure. (2) Includes unamortized premiums/discounts, other fair value adjustments, financing lease liabilities and failed sale-leaseback financing obligations. Excludes operating lease liabilities related to ASC 842. 46
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(in thousands, except share price) Three Months Ended September 30, 2026 Common shares outstanding 731,995 Period end share price $ 230.24 Common equity market capitalization $ 168,534,529 Total debt(1) $ 19,672,086 Cash and cash equivalents and restricted cash (2,416,007) Net debt $ 17,256,079 Noncontrolling interests(2) 1,282,021 Consolidated enterprise value $ 187,072,629 Net debt to consolidated enterprise value 9.2 % (1) Amounts include senior unsecured notes, secured debt and lease liabilities related to finance leases and failed sale-leaseback financing obligations, as reflected on our consolidated 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 47