Here are 1-3 brief analogies to describe Welltower:

• Analogy 1: Think of Welltower as a landlord similar to Simon Property Group, but instead of malls, they own and lease out senior living communities and medical office buildings.
• Analogy 2: It's like American Tower, but for healthcare infrastructure – they own and lease the buildings where people receive senior care and medical services.
• Analogy 3: McDonald's, but for healthcare facilities instead of burger restaurants – Welltower owns the prime real estate that healthcare operators lease to provide services.

• Senior Living Communities: Provides real estate for independent living, assisted living, and memory care facilities for seniors.
• Outpatient Medical Buildings: Offers real estate for medical office buildings, urgent care centers, and ambulatory surgery centers.
• Post-Acute Care Facilities: Supplies properties for skilled nursing facilities and other post-acute care services.
• Health System Properties: Leases various medical facilities to large healthcare systems.

Welltower (symbol: WELL) is a real estate investment trust (REIT) focused on healthcare properties. As such, it primarily sells to other companies, specifically healthcare operators and providers who lease or manage properties owned by Welltower.

Welltower maintains a highly diversified portfolio, and according to its financial disclosures, no single tenant or operating partner accounts for more than 5% of its total revenues. While there are thousands of tenants across its various property types (e.g., medical office buildings, hospitals), the company frequently highlights its partnerships with key operators in its Senior Housing Operating (SHO) portfolio, which is its largest segment. These operators are considered major customers due to the strategic nature and scale of their partnerships.

Major customer companies (operating partners) include, but are not limited to, the following:

• Sunrise Senior Living (Private Company)
• Discovery Senior Living (Private Company)
• Oakmont Senior Living (Private Company)
• Kisco Senior Living (Private Company)
• StoryPoint Senior Living (Private Company)

These companies are primarily private entities that operate senior living communities under management or lease agreements with Welltower.

Shankh Mitra Chief Executive Officer (CEO)

Shankh Mitra has served as Welltower's Chief Executive Officer and a member of the Board of Directors since October 2020. He was also Chief Investment Officer from August 2018 to January 2023. Prior to his CEO appointment, he held roles including Vice Chair – Chief Operating Officer and Chief Investment Officer, Chief Investment Officer, Senior Vice President – Head of Investments, and Senior Vice President – Finance & Investments at Welltower. Before joining Welltower in 2016, Mr. Mitra was a Portfolio Manager, Real Estate Securities at Millennium Management LLC. He also served as a Senior Analyst at Citadel Investment Group and Fidelity Investments, beginning his career at PricewaterhouseCoopers. Mr. Mitra serves on the Board of Trustees of Public Storage (NYSE: PSA).

Tim McHugh Co-President and Chief Financial Officer

Tim McHugh is Co-President and Chief Financial Officer at Welltower, overseeing the Company's Corporate Finance function and actively involved in innovation and technology transformation. He joined Welltower in 2016 as Vice President, Finance and Investments, and has since held positions including Treasurer, Senior Vice President, Chief Financial Officer, and Executive Vice President, Chief Financial Officer before assuming his current role. Prior to Welltower, Mr. McHugh worked at RREEF Management, L.L.C., the global alternative investment management business of Deutsche Bank's Asset Management division, and was an equity research analyst at Northern Trust.

John Burkart Vice Chairman and Chief Operating Officer

John Burkart is Vice Chairman and Chief Operating Officer of Welltower Inc. In this role, he has leadership responsibilities across platform-wide operations, asset and portfolio management, data analytics, research, and joint venture partnerships. Before joining Welltower in 2021, Mr. Burkart spent 25 years at Essex Property Trust (NYSE: ESS), where he most recently served as Senior Executive Vice President and Chief Operating Officer.

Matthew McQueen Chief Legal Officer and General Counsel

Matthew McQueen is Chief Legal Officer and General Counsel of Welltower Inc. He serves as the chief legal adviser for the company and oversees Enterprise Risk Management, Human Capital, Compliance, and Internal Audit. He also plays an instrumental role in supporting Welltower's transactions, debt and equity offerings, Board of Directors, and governance matters. Mr. McQueen joined Welltower in April 2015 from Sidley Austin LLP in Chicago, where he was a partner in their Corporate & Securities group for 11 years. At Sidley, he led a substantial practice focusing on mergers and acquisitions, domestic and global transactions for public and private companies, public and private securities offerings, joint ventures, and corporate governance matters. While at Sidley, Mr. McQueen represented Welltower in several transactions, including acquisitions and joint ventures.

Nikhil Chaudhri Co-President & Chief Investment Officer

Nikhil Chaudhri was appointed Co-President & Chief Investment Officer after previously serving as Executive Vice President – Chief Investment Officer. He joined Welltower as an associate nearly 10 years ago and was named Co-Head of US Investments in 2020 and CIO in 2023. Following his appointment as CIO, Mr. Chaudhri has overseen approximately $11 billion of global capital deployment. Prior to joining Welltower in 2019, Mr. Chaudhri was a Managing Partner at BFIN, a Brookfield Company (NYSE: BAM), where he focused on structured finance and M&A advisory. He led various capital market initiatives including the privatization of public and private real estate asset and resources companies, the formation of a global real estate platform, and the strategic recapitalization of several billion-dollar portfolios of real estate properties to long-term strategic capital partners.

The key risks to Welltower's business (WELL) are primarily centered on the competitive nature of its markets, the financial health of its tenants and operators, and its debt obligations.

1. Competitive Landscape and Tenant/Operator Risk: Welltower operates in highly competitive senior housing and healthcare infrastructure markets, which can affect its ability to attract and retain tenants and maintain market share. Furthermore, the company faces risks associated with tenant concentration in its triple-net lease portfolio. Should its tenants or operators experience adverse liquidity or financial performance, their ability to meet contractual obligations to Welltower could be impaired, materially affecting the business. This also includes operational and legal risks inherent in properties managed under RIDEA (REIT Investment Diversification and Empowerment Act) structures.
2. Substantial Debt Burden: Welltower carries a significant debt burden. While the company has reported a healthy balance sheet and ample liquidity, any breaches of its debt covenants could lead to defaults, posing a material adverse effect on its business, results of operations, and financial condition.
3. Economic and Regulatory Risks: The healthcare real estate industry is susceptible to economic fluctuations and changes in healthcare policies and regulations. Economic downturns can impact tenants' ability to pay rent, and shifts in healthcare regulations can affect the profitability of healthcare properties, requiring Welltower to remain vigilant and adaptable.

Welltower (symbol: WELL) operates in the healthcare real estate sector, primarily focusing on seniors housing and, to a lesser extent, outpatient medical properties. The addressable market sizes for these main products or services in the regions where Welltower operates are as follows:

Seniors Housing (Rental Housing for Aging Seniors)

• United States: The U.S. senior living market size is estimated at USD 943.90 billion in 2025.
• United Kingdom: The Retirement Homes industry in the United Kingdom is projected to be £12.0 billion in 2025 (approximately USD 15.0 billion).
• Canada: The Canadian senior living industry has a market size exceeding $15 billion CAD in 2025 (approximately USD 11.0 billion).

Outpatient Medical Properties (Medical Office Buildings - MOBs)

• United States: The U.S. medical office buildings market generated a revenue of USD 14,083.8 million in 2023.
• United Kingdom: The UK medical office buildings market generated a revenue of USD 2,441.1 million in 2023.
• Canada: The Canada medical office buildings market generated a revenue of USD 1,373.4 million in 2023.

Welltower (WELL) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market tailwinds:

1. Sustained Performance of the Senior Housing Operating (SHO) Portfolio: Welltower anticipates continued revenue growth from its Senior Housing Operating portfolio, driven by increasing occupancy rates and strong growth in Revenue Per Occupied Room (RevPOR). The company has consistently reported robust year-over-year same-store Net Operating Income (NOI) growth in this segment.
2. Strategic Acquisitions and Expansion in Senior Housing: Welltower is actively executing a strategic shift to intensify its focus on senior housing. This involves significant capital deployment towards acquisitions of senior living communities and divestitures of other asset classes, such as outpatient medical properties, to enhance its core senior housing portfolio.
3. Favorable Demographic Trends: The increasing population of individuals aged 80 and above is creating a robust and growing demand for senior housing, providing a strong demographic tailwind for Welltower's business. This demographic shift is expected to fuel sustained demand for their properties.
4. Operational Efficiencies and Technology Integration via Welltower Business System (WBS): Welltower is focused on driving operational and technological transformation through its "Welltower 3.0" initiative and the Welltower Business System (WBS). These efforts are aimed at enhancing operational effectiveness, improving the experience for residents and staff, and ultimately expanding margins across its senior housing portfolio.

1. Share Repurchases

• A share repurchase program for up to $3.0 billion of common stock was approved by Welltower's Board of Directors on November 7, 2022.
• Welltower did not repurchase any shares under this program during the years ended December 31, 2024, 2023, and 2022.
• Minor quarterly stock buybacks have been reported, including $1.04 million in June 2025 and $6.12 million in March 2025.

2. Share Issuance

• In October 2024, Welltower entered into an equity distribution agreement (ATM Program) to sell up to $5.0 billion of common stock, replacing a previous $3.5 billion agreement.
• As of December 31, 2024, $3.36 billion of capacity remained under the ATM Program, with 5,408,311 shares sold subsequently.
• Issued shares significantly increased from 566,001,632 at December 31, 2023, to 637,056,054 at December 31, 2024.

4. Outbound Investments

• Welltower completed over $25 billion of investments since Q4 2020 at attractive unlevered internal rates of return (IRRs).
• In 2024, the company recorded $6 billion in acquisitions.
• In 2025, Welltower announced $23 billion in transactions, comprising $14 billion in acquisitions (primarily seniors housing communities in the U.S. and U.K.) and $7.2 billion in outpatient medical dispositions.

5. Capital Expenditures

• Welltower allocated $96 million to development funding in Q3 2025, as part of its $1.9 billion in pro rata gross investments during that period.
• Approximately $0.9 billion was dedicated to development funding in 2024.
• The company anticipates funding an additional $212 million for development projects underway as of June 30, 2025.