EX-99.23a2q26supplement992.htmEX-99.2 Document
Table of Contents
Overview
1
Portfolio
2
Investment
6
Financial
10
Glossary
15
Supplemental Reporting Measures
16
Forward Looking Statements and Risk Factors
20
Overview
(dollars and occupancy at Welltower pro rata ownership; dollars in thousands)
Portfolio Composition(1)
Beds/Unit Mix
Average Age
Properties
Total
Wellness Housing
Independent Living
Assisted Living
Memory Care
Long-Term/ Post-Acute Care
Seniors Housing Operating
17
1,994
202,480
33,106
56,242
83,841
28,509
782
Seniors Housing Triple-net
24
427
28,732
—
1,937
19,115
7,488
192
Outpatient Medical
11
127
8,666,907
(2)
n/a
n/a
n/a
n/a
n/a
Long-Term/Post-Acute Care
35
402
47,684
—
45
947
—
46,692
Total
20
2,950
NOI Performance
Same Store(3)
In-Place Portfolio(4)
Properties
2Q25 NOI
2Q26 NOI
% Change
Properties
Annualized
In-Place NOI
% of Total
Seniors Housing Operating
980
$
485,303
$
584,770
20.5
%
1,751
$
3,402,972
69.9
%
Seniors Housing Triple-net
258
78,281
82,349
5.2
%
424
623,896
12.8
%
Outpatient Medical
89
26,305
26,945
2.4
%
93
116,848
2.4
%
Long-Term/Post-Acute Care
241
103,395
106,431
2.9
%
399
721,952
14.9
%
Total
1,568
$
693,284
$
800,495
15.5
%
2,667
$
4,865,668
100.0
%
Portfolio Performance
Facility Revenue Mix
Stable Portfolio(5)
Occupancy
EBITDAR Coverage(6)
EBITDARM Coverage(6)
Private Pay
Medicaid
Medicare
Other Government(7)
Seniors Housing Operating
88.8
%
n/a
n/a
93.0
%
0.7
%
0.2
%
6.2
%
Seniors Housing Triple-net
84.7
%
1.23
1.46
85.2
%
2.1
%
0.1
%
12.5
%
Outpatient Medical
97.0
%
n/a
n/a
100.0
%
—
—
—
Long-Term/Post-Acute Care
81.5
%
1.30
1.65
24.8
%
48.7
%
26.7
%
—
%
Total
1.27
1.56
89.0
%
3.3
%
1.6
%
6.1
%
Notes:
(1) Includes land parcels and properties under development.
(2) Indicates the total square footage of Outpatient Medical properties.
(3) See pages 17 and 18 for reconciliation.
(4) Excludes land parcels, loans, developments and investments held for sale. See page 17 for reconciliation.
(5) Data as of June 30, 2026 for Seniors Housing Operating and Outpatient Medical and March 31, 2026 for the remaining asset types.
(6) Represents trailing twelve month coverage metrics.
(7) Represents various federal and local reimbursement programs in the United Kingdom and Canada.
1
Portfolio
(dollars in thousands at Welltower pro rata ownership)
In-Place NOI Diversification(1)
By Partner:
Total Properties
Seniors Housing Operating
Seniors Housing
Triple-net
Outpatient
Medical
Long-Term/ Post-Acute Care
Total
% of Total
Barchester
264
$
237,988
$
263,480
$
—
$
—
$
501,468
10.3
%
Cogir Senior Living
181
416,724
—
—
—
416,724
8.6
%
Avir Health Group
173
—
—
—
297,176
297,176
6.1
%
Care UK
168
248,860
—
—
—
248,860
5.1
%
Oakmont Management Group
77
244,068
—
—
—
244,068
5.0
%
Sunrise Senior Living
71
237,068
—
—
—
237,068
4.9
%
StoryPoint Senior Living
136
208,696
—
—
—
208,696
4.3
%
Avery Healthcare
95
108,584
79,092
—
—
187,676
3.9
%
Amica Senior Lifestyles
33
148,176
—
—
—
148,176
3.0
%
HC-One
214
140,744
—
—
—
140,744
2.9
%
Remaining
1,255
1,412,064
281,324
116,848
424,776
2,235,012
45.9
%
Total
2,667
$
3,402,972
$
623,896
$
116,848
$
721,952
$
4,865,668
100.0
%
By Country:
United States
1,708
$
2,190,560
$
238,860
$
116,848
$
721,952
$
3,268,220
67.2
%
United Kingdom
795
768,172
385,036
—
—
1,153,208
23.7
%
Canada
164
444,240
—
—
—
444,240
9.1
%
Total
2,667
$
3,402,972
$
623,896
$
116,848
$
721,952
$
4,865,668
100.0
%
By MSA:
Greater London
140
$
184,336
$
77,860
$
—
$
—
$
262,196
5.4
%
New York / New Jersey
74
120,052
24,508
12,132
27,036
183,728
3.8
%
Dallas
91
110,328
968
1,168
57,244
169,708
3.5
%
Los Angeles
50
138,540
19,576
380
3,420
161,916
3.3
%
Houston
58
27,888
—
74,092
27,708
129,688
2.7
%
Washington D.C.
33
80,812
6,628
—
16,932
104,372
2.1
%
Montréal
26
98,644
—
—
—
98,644
2.0
%
San Francisco
23
85,228
6,644
—
3,912
95,784
2.0
%
Toronto
28
91,352
—
—
—
91,352
1.9
%
Boston
27
75,728
14,460
212
—
90,400
1.9
%
Philadelphia
45
44,892
5,476
456
25,800
76,624
1.6
%
Chicago
36
68,408
7,156
—
—
75,564
1.6
%
Vancouver
11
52,596
—
—
—
52,596
1.1
%
Seattle
25
49,408
1,268
384
—
51,060
1.0
%
Denver
14
44,928
—
—
2,656
47,584
1.0
%
San Antonio
18
23,992
952
260
19,484
44,688
0.9
%
Charlotte
25
20,448
10,572
10,688
—
41,708
0.9
%
Minneapolis
23
41,120
—
560
—
41,680
0.9
%
San Diego
14
29,884
7,528
—
3,160
40,572
0.8
%
Raleigh
10
10,480
29,880
—
—
40,360
0.8
%
Remaining
1,896
2,003,908
410,420
16,516
534,600
2,965,444
60.8
%
Total
2,667
$
3,402,972
$
623,896
$
116,848
$
721,952
$
4,865,668
100.0
%
Notes:
(1) Represents current quarter annualized In-Place NOI. See page 17 for reconciliation.
2
Portfolio
(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating
Total Portfolio Performance(1)
2Q25
3Q25
4Q25
1Q26
2Q26
Properties
1,171
1,199
1,659
1,689
1,770
Units
129,758
131,792
160,218
163,618
172,155
Total occupancy
85.6
%
86.9
%
87.4
%
87.3
%
87.6
%
Total revenues
$
2,007,567
$
2,109,690
$
2,607,559
$
2,823,788
$
3,031,636
Operating expenses
1,464,457
1,530,131
1,902,889
2,042,868
2,158,746
NOI
$
543,110
$
579,559
$
704,670
$
780,920
$
872,890
NOI margin
27.1
%
27.5
%
27.0
%
27.7
%
28.8
%
Recurring cap-ex
$
63,937
$
78,803
$
116,560
$
67,924
$
98,871
Other cap-ex
$
118,646
$
131,668
$
166,439
$
165,031
$
186,866
Same Store Performance(2)
2Q25
3Q25
4Q25
1Q26
2Q26
Properties
980
980
980
980
980
Units
112,409
112,411
112,415
112,365
112,241
Occupancy
86.1
%
87.6
%
88.6
%
88.8
%
89.4
%
Same store revenues
$
1,668,269
$
1,711,179
$
1,741,974
$
1,786,385
$
1,820,945
Compensation
699,255
711,505
723,987
721,267
730,982
Utilities
68,322
78,157
75,106
83,159
71,897
Food
66,778
68,536
70,975
66,948
68,931
Repairs and maintenance
44,975
48,104
47,376
47,479
47,578
Property taxes
56,277
56,158
52,557
57,615
56,968
All other
247,359
248,281
256,089
255,620
259,819
Same store operating expenses
1,182,966
1,210,741
1,226,090
1,232,088
1,236,175
Same store NOI
$
485,303
$
500,438
$
515,884
$
554,297
$
584,770
Same store NOI margin %
29.1
%
29.2
%
29.6
%
31.0
%
32.1
%
Year over year NOI growth rate
20.5
%
Year over year revenue growth rate
9.2
%
Partners(3)
Properties
Pro Rata Units
Welltower Ownership %(4)
Top Markets
2Q26 NOI
% of Total
Cogir Senior Living
181
27,389
94.7
%
Greater London
$
52,431
6.0
%
Care UK
168
10,780
100.0
%
Southern California
52,127
6.0
%
Oakmont Management Group
77
7,789
100.0
%
Northern California
47,800
5.5
%
Barchester
114
7,006
100.0
%
New York / New Jersey
29,925
3.4
%
Sunrise Senior Living
71
6,460
90.8
%
Dallas
27,978
3.2
%
StoryPoint Senior Living
136
13,343
91.4
%
Montréal
24,812
2.8
%
Amica Senior Lifestyles
33
4,914
100.0
%
Toronto
24,190
2.8
%
HC-One
214
12,296
100.0
%
Washington D.C.
23,073
2.6
%
Legend Senior Living
64
5,416
83.5
%
Boston
18,808
2.2
%
Sagora Senior Living
71
8,172
100.0
%
Chicago
17,051
2.0
%
Avery Healthcare
45
3,377
93.8
%
Top markets
318,195
36.5
%
Belmont Village
21
2,803
95.0
%
All other
554,695
63.5
%
Clover Management
69
7,811
94.4
%
Total
$
872,890
100.0
%
Discovery Senior Living
72
5,755
58.1
%
Remaining
415
47,517
Total
1,751
170,828
Notes:
(1) Properties, units, occupancy and cap-ex exclude land parcels, properties under development/redevelopment, leased properties and nonoperational properties.
(2) See pages 17 and 18 for reconciliation.
(3) Represents partner concentration based on annualized In-Place NOI for the quarter ended June 30, 2026. Property count and pro rata units represent the In-Place portfolio.
(4) Welltower ownership percentage weighted based on In-Place NOI. See page 17 for reconciliation.
3
Portfolio
(dollars in thousands at Welltower pro rata ownership)
Payment Coverage Stratification
EBITDARM Coverage(1)
EBITDAR Coverage(1)
% of In-Place NOI
Seniors Housing Triple-net
Long-Term/ Post- Acute Care
Total
Weighted Average Maturity
Number of Leases
Seniors Housing Triple-net
Long-Term/ Post- Acute Care
Total
Weighted Average Maturity
Number of Leases
<.85x
0.1
%
—
%
0.1
%
10
2
0.1
%
0.1
%
0.2
%
11
3
.85x-.95x
—
%
0.1
%
0.1
%
13
1
—
%
—
%
—
%
—
—
.95x-1.05x
—
%
—
%
—
%
—
—
0.4
%
3.1
%
3.5
%
14
4
1.05x-1.15x
—
%
—
%
—
%
—
—
0.8
%
—
%
0.8
%
12
4
1.15x-1.25x
0.3
%
1.8
%
2.1
%
17
2
3.9
%
1.7
%
5.6
%
9
5
1.25x-1.35x
1.1
%
0.2
%
1.3
%
14
4
—
%
1.1
%
1.1
%
15
2
>1.35
5.1
%
6.7
%
11.8
%
10
24
1.4
%
2.8
%
4.2
%
12
15
Total
6.6
%
8.8
%
15.4
%
12
33
6.6
%
8.8
%
15.4
%
12
33
Revenue and Lease Maturity(2)
Rental Income
Year
Seniors Housing
Triple-net
Outpatient Medical
Long-Term / Post-Acute Care
Interest
Income
Total
Revenues
% of Total
2026
$
—
$
1,409
$
—
$
29,212
$
30,621
1.7
%
2027
—
1,522
1,311
65,663
68,496
3.8
%
2028
—
3,200
6,669
2,464
12,333
0.7
%
2029
1,115
5,053
—
105,689
111,857
6.3
%
2030
12,525
5,957
30,640
4,007
53,129
3.0
%
2031
—
4,974
4,686
13,350
23,010
1.3
%
2032
99,706
3,104
55,255
359
158,424
8.9
%
2033
—
849
1,911
—
2,760
0.2
%
2034
433
4,059
—
274
4,766
0.3
%
2035
36,924
5,331
15,307
1,066
58,628
3.3
%
Thereafter
458,881
87,294
611,282
98,632
1,256,089
70.5
%
$
609,584
$
122,752
$
727,061
$
320,716
$
1,780,113
100.0
%
Weighted Avg Maturity Years
17
12
17
8
15
Notes:
(1) Represents trailing twelve month coverage metrics as of March 31, 2026 for stable portfolio only. Agreements included represent 54% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 17 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.
(2) Excludes all land parcels, developments and investments classified as held for sale, as well as Seniors Housing Triple-net and Long-Term / Post-Acute Care leases accounted for on a cash basis where substantially all contractual rental income during the most recent period was not collected. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non-cash income. Interest income represents the annualized contractual rate of interest for loans, net of collectability reserves, if applicable.
4
Portfolio
(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)
2Q25
3Q25
4Q25
1Q26
2Q26
Properties
434
437
194
135
121
Square feet
21,914,499
22,073,485
8,801,545
5,576,683
4,754,231
Occupancy
94.4
%
94.2
%
95.5
%
96.9
%
97.0
%
Total revenues
$
215,718
$
219,238
$
148,862
$
76,524
$
51,449
Operating expenses
65,197
65,851
45,000
20,184
9,934
NOI
$
150,521
$
153,387
$
103,862
$
56,340
$
41,515
NOI margin
69.8
%
70.0
%
69.8
%
73.6
%
80.7
%
Revenues per square foot
$
39.37
$
39.73
$
67.65
$
54.89
$
43.29
NOI per square foot
$
27.47
$
27.80
$
47.20
$
40.41
$
34.93
Recurring cap-ex
$
13,221
$
19,324
$
4,298
$
1,550
$
620
Other cap-ex
$
9,297
$
14,051
$
1,963
$
920
$
317
Same Store Performance(2)
2Q25
3Q25
4Q25
1Q26
2Q26
Properties
89
89
89
89
89
Occupancy
97.9
%
98.0
%
97.9
%
97.9
%
98.0
%
Same store revenues
$
29,952
$
28,299
$
29,727
$
30,246
$
30,600
Same store operating expenses
3,647
1,977
3,237
3,655
3,655
Same store NOI
$
26,305
$
26,322
$
26,490
$
26,591
$
26,945
NOI margin
87.8
%
93.0
%
89.1
%
87.9
%
88.1
%
Year over year NOI growth rate
2.4
%
Portfolio Diversification
by Tenant(3)
Rental Income
% of Total
Quality Indicators
Kelsey-Seybold
$
74,431
60.6
%
Health system affiliated properties as % of NOI(3)
99.7
%
UnitedHealth
15,494
12.6
%
Health system affiliated tenants as % of rental income(3)
93.5
%
Atrium Health
10,662
8.7
%
Investment grade tenants as % of rental income(3)
94.7
%
Norman Regional Health
6,879
5.6
%
Retention (trailing twelve months)(3)
92.8
%
Baylor Scott & White Health
2,260
1.8
%
Average remaining lease term (years)(3)
11.8
Remaining portfolio
13,026
10.7
%
Average building size (square feet)(3)
75,866
Total
$
122,752
100.0
%
Average age (years)
11
Expirations(3)
2026
2027
2028
2029
2030
Thereafter
Occupied square feet
62,482
60,858
127,940
187,499
258,280
3,321,663
% of occupied square feet
1.6
%
1.5
%
3.2
%
4.7
%
6.4
%
82.6
%
Notes:
(1) Properties, square feet, occupancy and cap-ex exclude land parcels, properties under development/redevelopment and nonoperational properties. Per square foot amounts are annualized.
(2) Includes 89 same store properties representing 3,672,588 square feet. See pages 17 and 18 for reconciliation.
(3) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non-cash income. Retention includes month-to-month tenants retained.
5
Investment
(dollars in thousands at Welltower pro rata ownership)
Relationship Investment History
Detail of Acquisitions/JVs(1)
2022
2023
2024
2025
1Q26
2Q26
22-26 Total
Count
27
52
54
90
34
29
286
Total
$
2,785,739
$
4,222,706
$
5,287,140
$
17,566,127
$
1,374,866
$
5,857,131
$
37,093,709
Low
6,485
2,950
970
4,825
259
3,198
259
Median
66,074
65,134
39,863
52,894
26,904
46,000
48,000
High
389,149
644,443
936,814
6,644,176
206,230
2,629,178
6,644,176
Investment Timing
Acquisitions and Loan Funding(2)
Yield
Construction Conversions(3)
Year 1 Yield
Dispositions and Loan Repayments
Yield
April
$
4,113,786
5.7
%
$
32,985
(3.1)
%
$
499,076
6.0
%
May
1,209,224
8.0
%
29,195
(2.7)
%
45,555
12.4
%
June
902,672
5.1
%
112,605
(1.5)
%
298,089
5.7
%
Total
$
6,225,682
6.0
%
$
174,785
(2.0)
%
$
842,720
6.2
%
Notes:
(1) Includes non-yielding asset acquisitions.
(2) Includes advances for non-real estate loans. Excludes land acquisitions and advances for development loans.
(3) Includes expansion conversions and excludes in substance real estate investments.
6
Investment
(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity
Second Quarter 2026
Properties
Beds / Units / Square Feet
Investment Per
Bed / Unit /
SqFt
Pro Rata
Amount
Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating
75
9,711
units
$
435,406
$
4,273,956
Seniors Housing Triple-net
1
112
units
338,420
37,903
Long-Term/Post-Acute Care
62
7,763
beds
191,742
1,545,272
Loan funding
368,551
Total acquisitions and loan funding(2)
138
6,225,682
6.0
%
Development Funding(3)
Development projects:
Seniors Housing Operating
44
4,329
units
78,338
Outpatient Medical
—
—
sf
49
Total development projects
44
78,387
Redevelopment and expansion projects:
Seniors Housing Operating
2
90
units
2,687
Total development funding
46
81,074
7.8
%
Total gross investments
6,306,756
6.0
%
Dispositions and Loan Repayments(4)
Seniors Housing Operating
2
52
units
258,974
14,840
Seniors Housing Triple-net
2
194
units
185,825
36,050
Outpatient Medical
14
844,403
sf
665
561,243
Long-Term/Post-Acute Care
2
434
beds
315,832
75,800
Loan repayments
154,787
Total dispositions and loan repayments(5)
20
842,720
6.2
%
Net investments (dispositions)
$
5,464,036
Notes:
(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP, for all consolidated and unconsolidated property acquisitions. Pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans. Includes acquisition of leaseholds and additional ownership interest in properties, which are both excluded from property, unit and per unit metrics.
(2) Acquisition yields represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Loan funding yield represents annualized contractual interest divided by investment amount.
(3) Amounts represent cash funded for all developments/expansions including construction in progress, loans and in substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.
(4) Amounts represent proceeds received for loan repayments and consolidated and unconsolidated property sales. Includes disposition of partial ownership interest in properties which are excluded from property, unit and per unit metrics.
(5) Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds. Pro rata amounts include joint venture real estate loans receivable.
7
Investment
(dollars in thousands, except per bed / unit / square foot, at Welltower pro rata ownership)
Gross Investment Activity
Year-To-Date 2026
Properties
Beds / Units / Square Feet
Investment Per
Bed / Unit /
SqFt
Pro Rata
Amount
Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating
107
13,816
units
$
381,405
$
5,343,558
Seniors Housing Triple-net
7
526
units
329,156
173,136
Outpatient Medical
1
134,307
sf
729
97,919
Long-Term/Post-Acute Care
63
7,879
beds
190,119
1,617,384
Loan funding
2,209,045
Total acquisitions and loan funding(2)
178
9,441,042
6.6
%
Development Funding(3)
Development projects:
Seniors Housing Operating
48
4,874
units
141,404
Outpatient Medical
—
—
sf
8,340
Total development projects
48
149,744
Redevelopment and expansion projects:
Seniors Housing Operating
2
90
units
5,014
Total redevelopment and expansion projects
2
5,014
Total development funding
50
154,758
6.3
%
Total gross investments
9,595,800
6.6
%
Dispositions and Loan Repayments(4)
Seniors Housing Operating
6
269
units
100,659
28,451
Seniors Housing Triple-net
4
301
units
135,714
40,850
Outpatient Medical
74
4,237,583
sf
454
1,925,376
Long-Term/Post-Acute Care
35
4,956
beds
121,105
600,197
Loan repayments
1,027,391
Total dispositions and loan repayments(5)
119
3,622,265
7.3
%
Net investments (dispositions)
$
5,973,535
Notes:
(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP, for all consolidated and unconsolidated property acquisitions. Pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans. Includes acquisition of leaseholds and additional ownership interest in properties, which are both excluded from property, unit and per unit metrics.
(2) Acquisition yields represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Loan funding yield represents annualized contractual interest divided by investment amount.
(3) Amounts represent cash funded for all developments/expansions including construction in progress, loans and in substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.
(4) Amounts represent proceeds received for loan repayments and consolidated and unconsolidated property sales. Includes disposition of partial ownership interest in properties which are excluded from property, unit and per unit metrics.
(5) Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds. Pro rata amounts include joint venture real estate loans receivable.
8
Investment
(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
Projected Future Funding
Projects
Beds / Units / Square Feet
Stable Yields(2)
2026 Funding
Funding Thereafter
Total Unfunded Commitments
Committed Balances
Seniors Housing Operating
40
4,061
10.5
%
$
294,799
$
441,156
$
735,955
$
1,440,775
Development Project Conversion Estimates(1)
Quarterly Conversions
Annual Conversions
Amount
Year 1 Yields(2)
Stable Yields(2)
Amount
Year 1 Yields(2)
Stable Yields(2)
1Q26 actual
$
68,348
(1.2)
%
10.0
%
2026 actual
$
243,133
(1.8)
%
10.1
%
2Q26 actual
174,785
(2.0)
%
10.2
%
2026 estimate
305,045
(1.0)
%
10.8
%
3Q26 estimate
129,315
(1.2)
%
10.3
%
2027 estimate
467,069
(0.9)
%
8.9
%
4Q26 estimate
175,730
(0.8)
%
11.1
%
Thereafter estimate
668,661
0.4
%
11.5
%
Total
$
548,178
(1.3)
%
10.5
%
Total
$
1,683,908
(0.5)
%
10.4
%
Unstabilized Properties
3/31/2026
Stabilizations
Construction Conversions(1)
Acquisitions/ Dispositions
6/30/2026
Beds / Units
Seniors Housing Operating
67
(7)
4
—
64
8,910
Seniors Housing Triple-net
7
—
—
—
7
499
Total
74
(7)
4
—
71
9,409
Occupancy
3/31/2026
Stabilizations
Construction Conversions(3)
Acquisitions/ Dispositions
Progressions
6/30/2026
0% - 50%
28
—
4
—
(5)
27
50% - 70%
24
—
—
—
(3)
21
70% +
22
(7)
—
—
8
23
Total
74
(7)
4
—
—
71
Occupancy
6/30/2026
Months In Operation
Revenues
% of Total Revenues(4)
Gross Investment Balance
% of Total Gross Investment
0% - 50%
27
10
$
108,383
0.8
%
$
1,044,956
1.5
%
50% - 70%
21
24
229,741
1.6
%
1,157,874
1.6
%
70% +
23
33
290,576
2.0
%
1,077,583
1.5
%
Total
71
22
$
628,701
4.4
%
$
3,280,413
4.6
%
(1) Includes development projects (construction in progress, development loans and in substance real estate) and excludes expansion projects. Projects expected to be delivered in phases over multiple quarters are reflected in the last quarter.
(2) Actual yields may vary.
(3) Includes expansion and development loan conversions.
(4) Percent of total revenues based on current quarter annualized pro rata total revenues on page 11.
9
Financial
(dollars in thousands at Welltower pro rata ownership)
Components of NAV
Stabilized NOI
Pro rata beds/units/square feet
Seniors Housing Operating(1)
$
3,402,972
170,828
units
Seniors Housing Triple-net
623,896
28,649
units
Outpatient Medical
116,848
4,130,660
square feet
Long-Term/Post-Acute Care
721,952
47,408
beds
Total In-Place NOI(2)
4,865,668
Incremental stabilized NOI(3)
152,032
Total stabilized NOI
$
5,017,700
Obligations
Lines of credit and commercial paper(4)
$
—
Senior unsecured notes(4)
14,280,506
Secured debt(4)
4,210,090
Financing lease liabilities
497,063
Total debt
18,987,659
Add (Subtract):
Other liabilities (assets), net(5)
379,744
Cash and cash equivalents and restricted cash
(2,134,589)
Net obligations
$
17,232,814
Other Assets
Land parcels(6)
637,295
Effective Interest Rate(9)
Real estate loans receivable(7)
4,341,954
8.5%
Non-real estate loans receivable(8)
230,250
9.9%
Joint venture real estate loans receivables(10)
225,578
5.7%
Property dispositions(11)
798,541
Development properties:(12)
Current balance
713,974
Unfunded commitments
755,599
Committed balances
$
1,469,573
Projected yield
10.5
%
Projected NOI
$
154,305
Common shares outstanding(13)
740,776
Notes:
(1) Includes $17,900,000 attributable to our proportional share of income (loss) from unconsolidated management company investments.
(2) See page 17 for reconciliation.
(3) Represents incremental NOI from Seniors Housing Operating unstabilized properties.
(4) Represents principal amounts due and does not include unamortized premiums/discounts, deferred loan expenses or other fair value adjustments as reflected on the balance sheet. Includes $1,526,713,000 of foreign secured debt and $372,646,000 of financing obligations related to sale-leaseback transactions that did not qualify for sale accounting.
(5) Includes liabilities / (assets) that impact cash or NOI and excludes non-real estate loans and non-cash items such as straight-line rent receivable, unearned revenues, intangible assets and above/below market lease intangibles.
(6) Includes land parcels and predevelopment projects.
(7) Represents $4,363,887,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, net of $21,933,000 of credit allowances.
(8) Represents $236,817,000 of non-real estate loans, net of $6,567,000 of credit allowances.
(9) Average cash-pay interest rates are 7.8%, 2.9% and 5.7% for real estate, non-real estate loans and joint venture real estate loans, respectively. Rates exclude non-accrual/interest-free loans.
(10) Represents our partners' share of Welltower loans made to select joint ventures secured by the joint venture owned properties.
(11) Represents proceeds from expected property dispositions in the next twelve months.
(12) Includes expansion projects. Includes partial conversions to date.
(13) Includes June 30, 2026 common shares, OP Units and Exchangeable Units outstanding and the dilutive impact of exchangeable senior unsecured notes.
10
Financial
(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
2Q25
3Q25
4Q25
1Q26
2Q26
Revenues:
Seniors Housing Operating
Resident fees and services
$
2,003,039
$
2,100,724
$
2,588,078
$
2,814,403
$
3,021,127
Other income
4,528
8,966
19,481
9,385
10,509
Total revenues
2,007,567
2,109,690
2,607,559
2,823,788
3,031,636
Seniors Housing Triple-net
Rental income
104,360
99,423
167,485
191,086
197,010
Other income
346
91
537
40
47
Total revenues
104,706
99,514
168,022
191,126
197,057
Outpatient Medical
Rental income
213,552
217,188
147,701
75,430
50,630
Other income
2,166
2,050
1,161
1,094
819
Total revenues
215,718
219,238
148,862
76,524
51,449
Long-Term/Post-Acute Care
Rental income
165,214
184,261
211,841
191,595
216,665
Interest income
—
—
—
8,077
—
Other income
14
194
5
192
5
Total revenues
165,228
184,455
211,846
199,864
216,670
Corporate
Interest income
65,256
70,477
56,158
85,414
89,139
Other income
30,512
52,439
31,513
41,225
17,804
Total revenues
95,768
122,916
87,671
126,639
106,943
Total
Resident fees and services
2,003,039
2,100,724
2,588,078
2,814,403
3,021,127
Rental income
483,126
500,872
527,027
458,111
464,305
Interest income
65,256
70,477
56,158
93,491
89,139
Other income
37,566
63,740
52,697
51,936
29,184
Total revenues
2,588,987
2,735,813
3,223,960
3,417,941
3,603,755
Property operating expenses:
Seniors Housing Operating
1,464,457
1,530,131
1,902,889
2,042,868
2,158,746
Seniors Housing Triple-net
4,817
4,496
4,490
4,827
4,507
Outpatient Medical
65,197
65,851
45,000
20,184
9,934
Long-Term/Post-Acute Care
3,705
3,609
2,974
2,893
2,753
Corporate
4,740
6,025
6,261
14,208
6,511
Total property operating expenses
1,542,916
1,610,112
1,961,614
2,084,980
2,182,451
Net operating income:
Seniors Housing Operating
543,110
579,559
704,670
780,920
872,890
Seniors Housing Triple-net
99,889
95,018
163,532
186,299
192,550
Outpatient Medical
150,521
153,387
103,862
56,340
41,515
Long-Term/Post-Acute Care
161,523
180,846
208,872
196,971
213,917
Corporate
91,028
116,891
81,410
112,431
100,432
Net operating income
$
1,046,071
$
1,125,701
$
1,262,346
$
1,332,961
$
1,421,304
Note:
(1) Please see discussion of Supplemental Reporting Measures on page 16. Includes amounts from investments sold or held for sale. NOI related to OP Unit and DownREIT ownership included at 100%.
11
Financial
(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
Twelve Months Ended
Three Months Ended
June 30, 2026
June 30, 2026
Net income (loss)
$
1,615,252
$
462,975
Interest expense
740,465
181,914
Income tax expense (benefit)
(52,996)
(61,979)
Depreciation and amortization
2,464,479
737,764
EBITDA
4,767,200
1,320,674
Loss (income) from unconsolidated entities
27,823
17,969
Stock-based compensation
1,556,076
15,498
Loss (gain) on extinguishment of debt, net
5,800
1,984
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net
(1,901,353)
(98,537)
Impairment of assets
79,605
25,774
Provision for loan losses, net
(2,481)
2,183
Loss (gain) on derivatives and financial instruments, net
26,026
—
Other expenses
288,610
56,930
Casualty losses, net of recoveries
13,107
5,038
Total adjustments
93,213
26,839
Adjusted EBITDA
$
4,860,413
$
1,347,513
Interest Coverage Ratios
Interest expense
$
740,465
$
181,914
Capitalized interest
30,926
8,851
Non-cash interest expense
(54,057)
(15,122)
Total interest
$
717,334
$
175,643
EBITDA
$
4,767,200
$
1,320,674
Interest coverage ratio
6.65
x
7.52
x
Adjusted EBITDA
$
4,860,413
$
1,347,513
Adjusted Interest coverage ratio
6.78
x
7.67
x
Fixed Charge Coverage Ratios
Total interest
$
717,334
$
175,643
Secured debt principal amortization
70,259
19,798
Total fixed charges
$
787,593
$
195,441
EBITDA
$
4,767,200
$
1,320,674
Fixed charge coverage ratio
6.05
x
6.76
x
Adjusted EBITDA
$
4,860,413
$
1,347,513
Adjusted Fixed charge coverage ratio
6.17
x
6.89
x
Net Debt to EBITDA Ratios
Total debt(2)
$
18,218,544
Less: cash and cash equivalents and restricted cash
(2,097,164)
Net debt
$
16,121,380
EBITDA Annualized
$
5,282,696
Net debt to EBITDA ratio
3.05
x
Adjusted EBITDA Annualized
$
5,390,052
Net debt to Adjusted EBITDA ratio
2.99
x
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 16.
(2) Includes unamortized premiums/discounts, other fair value adjustments, financing lease liabilities of $492,291,000 and failed sale-leaseback financing obligations of $372,646,000. Excludes operating lease liabilities of $1,502,260,000 related to ASC 842.
12
Financial
(in thousands except share price)
Leverage and Current Capitalization(1)
% of Total
Book capitalization
Lines of credit and commercial paper(2)
$
—
—
%
Long-term debt obligations(2)(3)
18,218,544
28.56
%
Cash and cash equivalents and restricted cash
(2,097,164)
(3.29)
%
Net debt to consolidated book capitalization
$
16,121,380
25.27
%
Total equity and noncontrolling interests(4)
47,663,572
74.73
%
Consolidated book capitalization
$
63,784,952
100.00
%
Joint venture debt, net(5)
495,303
Total book capitalization
$
64,280,255
Undepreciated book capitalization
Lines of credit and commercial paper(2)
$
—
—
%
Long-term debt obligations(2)(3)
18,218,544
24.18
%
Cash and cash equivalents and restricted cash
(2,097,164)
(2.78)
%
Net debt to consolidated undepreciated book capitalization
$
16,121,380
21.40
%
Accumulated depreciation and amortization
11,533,470
15.31
%
Total equity and noncontrolling interests(4)
47,663,572
63.29
%
Consolidated undepreciated book capitalization
$
75,318,422
100.00
%
Joint venture debt, net(5)
495,303
Total undepreciated book capitalization
$
75,813,725
Enterprise value
Lines of credit and commercial paper(2)
$
—
—
%
Long-term debt obligations(2)(3)
18,218,544
10.09
%
Cash and cash equivalents and restricted cash
(2,097,164)
(1.16)
%
Net debt to consolidated enterprise value
$
16,121,380
8.93
%
Common shares outstanding
718,902
Period end share price
226.97
Common equity market capitalization
$
163,169,187
90.38
%
Noncontrolling interests(4)
1,249,224
0.69
%
Consolidated enterprise value
$
180,539,791
100.00
%
Joint venture debt, net(5)
495,303
Total enterprise value
$
181,035,094
Secured debt as % of total assets
Secured debt(2)
$
3,431,152
4.21
%
Gross asset value(6)
$
81,408,650
Total debt as % of gross asset value
Total debt(2)(3)
$
18,218,544
22.38
%
Gross asset value(6)
$
81,408,650
Unsecured debt as % of unencumbered assets
Unsecured debt(2)
$
14,295,100
19.12
%
Unencumbered gross assets(7)
$
74,783,089
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 16.
(2) Amounts include unamortized premiums/discounts and other fair value adjustments as reflected on the balance sheet.
(3) Includes financing lease liabilities of $492,291,000 and failed sale-leaseback financing obligations of $372,646,000. Excludes operating lease liabilities of $1,502,260,000 related to ASC 842.
(4) Includes all noncontrolling interests (redeemable and permanent) as reflected on our balance sheet.
(5) Net of Welltower's share of unconsolidated debt and minority partners' share of Welltower consolidated debt.
(6) Gross asset value equals total assets plus accumulated depreciation as reflected on the balance sheet.
(7) Unencumbered gross assets equal gross asset value for consolidated properties that are not financed with secured debt.
13
Financial
(dollars in thousands)
Debt Maturities and Scheduled Principal Amortization(1)
Year
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3)
Consolidated Secured Debt
Noncontrolling Interests' Share of Consolidated Debt
Share of Unconsolidated Secured Debt
Combined Debt(4)
% of Total
Wtd. Avg. Interest Rate (5)
2026
$
—
$
—
$
187,833
$
(1,661)
$
71,571
$
257,743
1.42
%
3.75
%
2027
—
2,645,521
364,342
(2,589)
133,927
3,141,201
17.34
%
4.03
%
2028
—
2,337,135
344,287
(614)
32,217
2,713,025
14.97
%
3.88
%
2029
—
2,235,532
556,583
(151,719)
22,751
2,663,147
14.70
%
3.42
%
2030
—
1,750,000
165,305
(637)
3,467
1,918,135
10.59
%
3.87
%
2031
—
1,350,000
81,982
(667)
376,561
1,807,876
9.98
%
3.49
%
2032
—
1,050,000
93,956
(692)
49,719
1,192,983
6.58
%
3.50
%
2033
—
—
486,361
(37,218)
639
449,782
2.48
%
4.71
%
2034
—
662,850
208,662
(8,283)
669
863,898
4.77
%
4.41
%
2035
—
1,250,000
49,535
(931)
21,595
1,320,199
7.29
%
5.06
%
Thereafter
—
1,150,000
652,763
(12,802)
—
1,789,961
9.88
%
4.86
%
Totals
$
—
$
14,431,038
$
3,191,609
$
(217,813)
$
713,116
$
18,117,950
100.00
%
Weighted Avg. Interest Rate(5)
—
%
3.94
%
4.01
%
4.48
%
5.32
%
4.00
%
Weighted Avg. Maturity Years
—
4.9
6.4
4.4
3.8
5.1
% Floating Rate Debt(5)
—
%
18.36
%
7.46
%
69.11
%
5.89
%
15.34
%
Debt by Local Currency(1)
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3)
Consolidated Secured Debt
Noncontrolling Interests' Share of Consolidated Debt
Share of Unconsolidated Secured Debt
Combined Debt(4)
Investment Hedges(6)
United States
$
—
$
10,893,532
$
1,715,724
$
(187,813)
$
632,288
$
13,053,731
$
—
United Kingdom
—
1,391,985
—
—
—
1,391,985
11,733,383
Canada
—
2,145,521
1,475,885
(30,000)
80,828
3,672,234
6,954,551
Totals
$
—
$
14,431,038
$
3,191,609
$
(217,813)
$
713,116
$
18,117,950
$
18,687,934
Notes:
(1) Represents principal amounts due excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.
(2) Our unsecured commercial paper program and our unsecured revolving credit facility had a zero balance as of June 30, 2026. The unsecured revolving credit facility is comprised of a $2,000,000,000 tranche that matures on July 24, 2029 and a $4,250,000,000 tranche that matures on March 6, 2030. The $4,250,000,000 tranche may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility.
(3) Senior Unsecured Notes include the following:
•2027 includes CAD $2,747,615,000 of unsecured term loans (approximately $1,934,321,000 USD at June 30, 2026) that mature on April 9, 2027, and bear interest at adjusted CORRA + 0.65%.
•2027 includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $211,200,000 USD at June 30, 2026) that mature on January 15, 2027.
•2028 includes $843,000,000 of 2.75% exchangeable senior unsecured notes that mature on May 15, 2028 unless earlier exchanged, purchased or redeemed.
•2028 also includes £550,000,000 of 4.80% senior unsecured notes (approximately $729,135,000 USD at June 30, 2026). The notes mature on November 20, 2028.
•2029 includes $1,035,000,000 of 3.125% exchangeable senior unsecured notes that mature on July 15, 2029 unless earlier exchanged, purchased or redeemed.
•2034 includes £500,000,000 of 4.50% senior unsecured notes (approximately $662,850,000 USD at June 30, 2026). The notes mature on December 1, 2034.
(4) Excludes operating lease liabilities of $1,502,260,000, finance lease liabilities of $492,291,000 and failed sale-leaseback financing obligations of $372,646,000 related to ASC 842.
(5) Based on variable interest rates and foreign currency exchange rates in effect as of June 30, 2026. The interest rate on the unsecured revolving credit facility is SOFR + 0.655%. Commercial paper, senior notes and secured debt average interest rate represents the face value note rate. Includes the impact of notional swaps and caps to convert fixed rate debt to SOFR-based floating rate debt, and SOFR-based floating rate debt and CORRA-based floating rate debt to fixed rate debt.
(6) Represents notional value of foreign currency derivative contracts at end of period spot FX rates. The fair market value of the gains (losses) of these contracts is currently USD $(188,859,000), as represented in other assets (liabilities) on the balance sheet. We supplement our local currency debt with foreign currency derivative contracts to offset the translation and economic exposures related to our international investments. Currently, our foreign currency derivatives are comprised of cross-currency swaps.
14
Glossary
Age: Current year, less the year built, adjusted for major renovations. Average age is weighted by pro rata NOI.
Cap-ex, Tenant Improvements, Leasing Commissions: Represents amounts incurred for: 1) recurring and non-recurring capital expenditures required to maintain and re-tenant our properties; 2) second generation tenant improvements; and 3) leasing commissions paid to third party leasing agents to secure new tenants. Excludes sustainability investments.
Construction Conversion: Represents completed construction projects that were placed into service and began generating NOI.
EBITDAR: 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.
EBITDAR Coverage: Represents the ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.
EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDARM and has not independently verified the information.
EBITDARM Coverage: Represents the ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations, assuming that management fees are not paid. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.
Health System - Affiliated: Outpatient medical properties are considered affiliated with a health system if one or more of the following conditions are met: 1) the land parcel is contained within the physical boundaries of a hospital campus; 2) the land parcel is located adjacent to the campus; 3) the building is physically connected to the hospital regardless of the land ownership structure; 4) a ground lease is maintained with a health system entity; 5) a master lease is maintained with a health system entity; 6) significant square footage is leased to a health system entity; 7) the property includes an ambulatory surgery center with a hospital partnership interest; or 8) a significant square footage is leased to a physician group that is either employed, directly or indirectly by a health system, or has a significant clinical and financial affiliation with the health system.
Long-Term/Post-Acute Care: Includes all skilled nursing, rehabilitation and long-term/post-acute care facilities where the majority of individuals require 24-hour nursing or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement and are subject to triple-net operating leases. Most of these facilities focus on higher acuity patients and offer rehabilitation units specializing in cardiac, orthopedic, dialysis, neurological or pulmonary rehabilitation.
MSA: For the United States and Canada, we use the Metropolitan Statistical Area as defined by the U.S. Census Bureau and the Census Metropolitan Areas as defined by Statistics Canada, respectively. For the United Kingdom, we generally use the Metro Region as defined by EuroStat with Greater London defined as a 55-mile radius around the city’s center.
Occupancy: Outpatient Medical occupancy represents the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. Occupancy for all other property types represents average quarterly operating occupancy based on the most recent quarter of available data and excludes properties that are unstabilized, closed or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy and has not independently verified the information. Occupancy metrics are reflected at our pro rata share.
Outpatient Medical: Outpatient medical buildings include properties offering ambulatory medical services such as primary and secondary care, outpatient surgery, diagnostic procedures and rehabilitation. These properties are typically affiliated with a health system and may be located on a hospital campus. They are specifically designed and constructed for use by healthcare professionals to provide services to patients. They also include medical office buildings that typically contain sole and group physician practices and may provide laboratory and other specialty services.
Seniors Housing Operating (SHO): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in the U.K. generally structured to take advantage of the REIT Investment Diversification and Empowerment Act of 2007, as well as Wellness Housing properties.
Seniors Housing Triple-net (SH-NNN): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in the U.K. subject to triple-net operating leases.
Square Feet: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards.
Stable: Generally, a triple-net rental property is considered stable (versus unstabilized or under development) when it has achieved EBITDAR coverage of 1.00x or greater for three consecutive months or, if targeted performance has not been achieved, 12 months following the budgeted stabilization date. Triple-net properties for which income is recognized on a cash basis and for which substantially all contractual rent during the period has not been collected are excluded from the stable portfolio. A Seniors Housing Operating facility is considered stable upon the earliest of 90% occupancy, NOI at or above the underwritten target or 12 months past the underwritten stabilization date. Excludes assets held for sale and assets disposed of during the current quarter.
Unstabilized: An acquisition that does not meet the stable criteria upon closing or a construction property that has opened but not yet reached stabilization.
15
Supplemental Reporting Measures
We believe that revenues and net income, as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider EBITDA, Adjusted EBITDA, RevPOR, ExpPOR, SS RevPOR, SS ExpPOR, NOI, In-Place NOI ("IPNOI") and Same Store NOI ("SSNOI") 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.
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 managers, 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 are 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 cash 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. 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. 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 portfolio.
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 our pro rata share of total resident fees and services revenues or property operating expenses from 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 and 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.
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 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 interest coverage ratio, which represents EBITDA and Adjusted EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDA and 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, book capitalization, undepreciated book capitalization and consolidated enterprise value. Book capitalization represents the sum of net debt (defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash), total equity and redeemable noncontrolling interests.
Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Consolidated enterprise value represents book capitalization adjusted for the fair market value of our common stock. Our leverage ratios are defined as the proportion of net debt to total capitalization.
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.
16
Supplemental Reporting Measures
(dollars in thousands)
Non-GAAP Reconciliations
NOI Reconciliation
2Q25
3Q25
4Q25
1Q26
2Q26
Net income (loss)
$
304,618
$
282,186
$
117,767
$
752,324
$
462,975
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net
(14,850)
(4,025)
(1,378,391)
(420,400)
(98,537)
Loss (income) from unconsolidated entities
7,392
12,610
(4,442)
1,686
17,969
Income tax expense (benefit)
1,053
2,335
(4,985)
11,633
(61,979)
Other expenses
16,598
44,699
125,844
61,137
56,930
Impairment of assets
19,876
3,081
45,924
4,826
25,774
Provision for loan losses, net
(1,113)
1,088
(7,384)
1,632
2,183
Loss (gain) on extinguishment of debt, net
—
—
3,089
727
1,984
Loss (gain) on derivatives and financial instruments, net
(409)
31,682
(5,656)
—
—
General and administrative expenses
64,175
63,124
1,557,378
67,474
67,486
Depreciation and amortization
495,036
509,812
594,151
622,752
737,764
Interest expense
141,157
162,052
203,784
192,715
181,914
Consolidated net operating income
1,033,533
1,108,644
1,247,079
1,296,506
1,394,463
NOI attributable to unconsolidated investments(1)
26,069
29,337
26,430
48,240
37,785
NOI attributable to noncontrolling interests(2)
(13,531)
(12,280)
(11,163)
(11,785)
(10,944)
Pro rata net operating income (NOI)(3)
$
1,046,071
$
1,125,701
$
1,262,346
$
1,332,961
$
1,421,304
In-Place NOI Reconciliation
At Welltower pro rata ownership
Seniors Housing Operating
Seniors Housing Triple-net
Outpatient Medical
Long-Term
/Post-Acute Care
Corporate
Total
Revenues
$
3,031,636
$
197,057
$
51,449
$
216,670
$
106,943
$
3,603,755
Property operating expenses
(2,158,746)
(4,507)
(9,934)
(2,753)
(6,511)
(2,182,451)
NOI(3)
872,890
192,550
41,515
213,917
100,432
1,421,304
Adjust:
Interest income
—
—
—
—
(89,139)
(89,139)
Other income
(3,304)
(47)
(17)
(5)
(8,045)
(11,418)
Sold / held for sale
(3,313)
(313)
(8,562)
(714)
—
(12,902)
Nonoperational(4)
3,214
8
54
(229)
—
3,047
Non In-Place NOI(5)
(25,598)
(36,209)
(3,778)
(45,349)
(3,248)
(114,182)
Timing adjustments(6)
6,854
(15)
—
12,868
—
19,707
Total adjustments
(22,147)
(36,576)
(12,303)
(33,429)
(100,432)
(204,887)
In-Place NOI
850,743
155,974
29,212
180,488
—
1,216,417
Annualized In-Place NOI
$
3,402,972
$
623,896
$
116,848
$
721,952
$
—
$
4,865,668
Same Store Property Reconciliation
Seniors Housing Operating
Seniors Housing
Triple-net
Outpatient Medical
Long-Term
/Post-Acute Care
Total
Total properties
1,994
427
127
402
2,950
Recent acquisitions and development conversions(7)
(636)
(164)
(4)
(156)
(960)
Under development
(41)
—
—
—
(41)
Under redevelopment(8)
(2)
—
—
—
(2)
Current held for sale
(22)
—
(29)
(2)
(53)
Land parcels, loans and leased properties
(171)
(4)
(5)
—
(180)
Transitions(9)
(134)
(1)
—
(2)
(137)
Other(10)
(8)
—
—
(1)
(9)
Same store properties
980
258
89
241
1,568
Notes:
(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 Welltower's pro rata share of NOI. See page 11 for more information.
(4) Primarily includes development properties and land parcels.
(5) Primarily represents non-cash NOI and NOI associated with leased properties.
(6) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions.
(7) Acquisitions and development conversions will enter the same store pool five full quarters after acquisition or certificate of occupancy.
(8) Redevelopment properties will enter the same store pool after five full quarters of operations post redevelopment completion.
(9) Transitioned properties will enter the same store pool after five full quarters of operations with the new operator in place or under the new structure.
(10) Represents properties that are either closed or being closed.
17
Supplemental Reporting Measures
(dollars in thousands at Welltower pro rata ownership)
Same Store NOI Reconciliation
2Q25
3Q25
4Q25
1Q26
2Q26
Y/o/Y
Seniors Housing Operating
NOI
$
543,110
$
579,559
$
704,670
$
780,920
$
872,890
Non-cash NOI on same store properties
(1,614)
(1,938)
(2,148)
(1,475)
(1,294)
NOI attributable to non-same store properties
(58,945)
(79,376)
(188,554)
(226,197)
(288,148)
Currency and ownership adjustments(1)
(939)
(698)
587
(1,706)
(833)
Normalizing adjustment for government grants(2)
—
—
(1,607)
—
(2,439)
Other normalizing adjustments(3)
3,691
2,891
2,936
2,755
4,594
SSNOI
485,303
500,438
515,884
554,297
584,770
20.5
%
Seniors Housing Triple-net
NOI
99,889
95,018
163,532
186,299
192,550
Non-cash NOI on same store properties
(11,059)
(9,899)
(8,867)
(6,856)
(12,511)
NOI attributable to non-same store properties
(11,006)
(6,021)
(74,809)
(97,221)
(96,912)
Currency and ownership adjustments(1)
1,851
291
(2)
(370)
(259)
Normalizing adjustments for joint venture recapitalization(4)
(1,394)
(465)
—
—
—
Normalizing adjustments for lease restructure(5)
—
—
(349)
(512)
(519)
SSNOI
78,281
78,924
79,505
81,340
82,349
5.2
%
Outpatient Medical
NOI
150,521
153,387
103,862
56,340
41,515
Non-cash NOI on same store properties
(3,573)
(3,365)
(3,273)
(3,171)
(3,036)
NOI attributable to non-same store properties
(120,466)
(123,688)
(74,099)
(26,521)
(11,584)
Other normalizing adjustments(3)
(177)
(12)
—
(57)
50
SSNOI
26,305
26,322
26,490
26,591
26,945
2.4
%
Long-Term/Post-Acute Care
NOI
161,523
180,846
208,872
196,971
213,917
Non-cash NOI on same store properties
(24,617)
(24,228)
(23,751)
(23,563)
(24,880)
NOI attributable to non-same store properties
(34,293)
(53,868)
(80,908)
(63,530)
(75,596)
Currency and ownership adjustments(1)
132
132
88
—
—
Normalizing adjustment for lease restructure(5)
—
—
—
(4,031)
(6,998)
Normalizing adjustments for service agreement termination(6)
941
627
—
—
—
Other normalizing adjustments(3)
(291)
393
—
—
(12)
SSNOI
103,395
103,902
104,301
105,847
106,431
2.9
%
Corporate
NOI
91,028
116,891
81,410
112,431
100,432
NOI attributable to non-same store properties
(91,028)
(116,891)
(81,410)
(112,431)
(100,432)
SSNOI
—
—
—
—
—
Total
NOI
1,046,071
1,125,701
1,262,346
1,332,961
1,421,304
Non-cash NOI on same store properties
(40,863)
(39,430)
(38,039)
(35,065)
(41,721)
NOI attributable to non-same store properties
(315,738)
(379,844)
(499,780)
(525,900)
(572,672)
Currency and ownership adjustments(1)
1,044
(275)
673
(2,076)
(1,092)
Normalizing adjustments, net
2,770
3,434
980
(1,845)
(5,324)
SSNOI
$
693,284
$
709,586
$
726,180
$
768,075
$
800,495
15.5
%
Notes:
(1) 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.
(2) Represents normalizing adjustment related to amounts recognized under government subsidy programs.
(3) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.
(4) Represents normalizing adjustment related to a joint venture recapitalization associated with one Seniors Housing Triple-net lease.
(5) Represents normalizing adjustment related to lease restructures with one Seniors Housing Triple-net lease and three Long-Term/Post-Acute Care leases.
(6) Represents normalizing adjustment related to the termination of a service agreement related to one Long-Term/Post-Acute Care lease.
18
Supplemental Reporting Measures
(dollars in thousands, except RevPOR, SS RevPOR and SSNOI/unit)
SHO RevPOR Reconciliation
United States
United Kingdom
Canada
Total
Consolidated SHO revenues
$
1,713,610
$
999,315
$
282,411
$
2,995,336
Unconsolidated SHO revenues attributable to Welltower(1)
48,951
7,565
2,319
58,835
SHO revenues attributable to noncontrolling interests(2)
(19,812)
—
(2,723)
(22,535)
Pro rata SHO revenues(3)
1,742,749
1,006,880
282,007
3,031,636
Non-cash and non-RevPOR revenues
(3,441)
(1,152)
(702)
(5,295)
Revenues attributable to non in-place properties
(3,974)
(227,006)
(7,913)
(238,893)
SHO local revenues
1,735,334
778,722
273,392
2,787,448
Average occupied units/month
94,461
29,528
24,249
148,238
RevPOR/month in USD
$
6,140
$
8,815
$
3,768
$
6,285
RevPOR/month in local currency(4)
£
7,167
$
5,383
Reconciliations of SHO SS RevPOR Growth, SSNOI Growth and SSNOI/Unit
United States
United Kingdom
Canada
Total
2Q25
2Q26
2Q25
2Q26
2Q25
2Q26
2Q25
2Q26
SHO SS RevPOR Growth
Consolidated SHO revenues
$
1,450,344
$
1,713,610
$
357,582
$
999,315
$
167,806
$
282,411
$
1,975,732
$
2,995,336
Unconsolidated SHO revenues attributable to WELL(1)
44,823
48,951
5,283
7,565
1,841
2,319
51,947
58,835
SHO revenues attributable to noncontrolling interests(2)
(17,707)
(19,812)
—
—
(2,405)
(2,723)
(20,112)
(22,535)
SHO pro rata revenues(3)
1,477,460
1,742,749
362,865
1,006,880
167,242
282,007
2,007,567
3,031,636
Non-cash and non-RevPOR revenues on same store properties
(2,238)
(2,233)
—
—
(311)
(310)
(2,549)
(2,543)
Revenues attributable to non-same store properties
(182,061)
(330,121)
(143,868)
(768,988)
(7,775)
(106,949)
(333,704)
(1,206,058)
Currency and ownership adjustments(4)
(2,319)
—
(918)
(2,199)
(555)
(606)
(3,792)
(2,805)
SHO SS RevPOR revenues(5)
$
1,290,842
$
1,410,395
$
218,079
$
235,693
$
158,601
$
174,142
$
1,667,522
$
1,820,230
Avg. occupied units/month(6)
70,946
73,620
7,129
7,415
18,725
19,375
96,800
100,410
SHO SS RevPOR(7)
$
6,082
$
6,403
$
10,225
1
$
10,624
$
2,831
$
3,004
$
5,758
$
6,059
SS RevPOR YOY growth
5.3
%
3.9
%
6.1
%
5.2
%
SHO SSNOI Growth
Consolidated SHO NOI
$
403,960
$
541,574
$
71,103
$
211,595
$
62,392
$
114,058
$
537,455
$
867,227
Unconsolidated SHO NOI attributable to WELL(1)
16,756
18,718
739
1,805
886
606
18,381
21,129
SHO NOI attributable to noncontrolling interests(2)
(11,579)
(14,106)
—
—
(1,147)
(1,360)
(12,726)
(15,466)
SHO pro rata NOI(3)
409,137
546,186
71,842
213,400
62,131
113,304
543,110
872,890
Non-cash NOI on same store properties
(1,609)
(1,337)
(9)
45
4
(2)
(1,614)
(1,294)
NOI attributable to non-same store properties
(38,673)
(98,336)
(18,077)
(148,076)
(2,195)
(41,736)
(58,945)
(288,148)
Currency and ownership adjustments(4)
(476)
—
(264)
(602)
(199)
(231)
(939)
(833)
Normalizing adjustment for government grants(8)
—
(2,439)
—
—
—
—
—
(2,439)
Other normalizing adjustments(9)
3,977
4,545
—
—
(286)
49
3,691
4,594
SHO pro rata SSNOI(5)
$
372,356
$
448,619
$
53,492
$
64,767
$
59,455
$
71,384
$
485,303
$
584,770
SHO SSNOI growth
20.5
%
21.1
%
20.1
%
20.5
%
SHO SSNOI/Unit
Trailing four quarters' SSNOI(5)
$
1,642,695
$
250,367
$
262,327
$
2,155,389
Average units in service(10)
82,451
8,529
21,261
112,241
SSNOI/unit in USD
$
19,923
$
29,355
$
12,338
$
19,203
SSNOI/unit in local currency(4)
£
23,866
$
17,626
Notes:
(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/NOI at Welltower pro rata ownership. See page 11 for more information.
(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/SSNOI at Welltower pro rata ownership. See page 18 for more information.
(6) Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.
(7) Represents pro rata SS average revenues generated per occupied room per month.
(8) Represents normalizing adjustment related to amounts recognized under government subsidy programs.
(9) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth.
(10) Represents average units in service for SS properties related solely to referenced country on a pro rata basis.
19
Forward-Looking Statement and Risk Factors
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. 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: T1the 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; geopolitical tension 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.
Additional Information
The information in this supplemental information package should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings press release dated July 27, 2026 and other information filed with, or furnished to, the SEC. The Supplemental Reporting Measures and reconciliations of Non-GAAP measures are an integral part of the information presented herein.
You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.welltower.com as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC's website at http://www.sec.gov. We routinely post important information on our website at www.welltower.com in the “Investors” section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD.
Such disclosures will be included on our website under the heading "Investors." Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the SEC. The information on or connected to our website is not, and shall not be deemed to be, a part of, or incorporated into this supplemental information package.
About Welltower
Welltower Inc. (NYSE: WELL), an S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio of 2,500+ seniors and wellness housing communities is positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micromarkets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly-aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star. More information is available at www.welltower.com.
20
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 1 | 1 | 1 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 2 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | 0 | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Same store NOI growth
“Same store NOI increased 15.5% year-over-year, driven by a 20.5% increase in Seniors Housing Operating.”
Theme · Seniors Housing Operating performance
“Seniors Housing Operating same store NOI margin increased to 32.1% from 29.1% in the prior year quarter.”
Theme · Portfolio occupancy
“Total occupancy for Seniors Housing Operating increased to 87.6% from 85.6% in the prior year quarter.”
Theme · Investment activity
“Net investments (dispositions) were $5.46 billion for the second quarter 2026.”
Theme · Leverage management
“Net debt to Adjusted EBITDA ratio was 2.99x and the Adjusted Fixed charge coverage ratio was 6.89x.”
Theme · Outpatient Medical stability
“Outpatient Medical same store NOI grew 2.4% year-over-year with occupancy at 98.0%.”
Theme · Development pipeline
“Total development funding was $81.1 million with a projected yield of 7.8%.”
Source: SEC EDGAR · public domain · Highlights by Palanor