Welltower 1Q21 Fixed Income Presentation

1. Driving the Future of
Health Care Real Estate
May 2021
Fixed Income Update

2. Forward Looking Statements
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:
the duration and scope of the COVID-19 pandemic; the impact of the COVID-19 pandemic on occupancy rates and on the operations of Welltower and its
operators/tenants; actions governments take in response to the COVID-19 pandemic, including the introduction of public health measures and other regulations affecting
Welltower’s properties and the operations of Welltower and its operators/tenants; the receipt of relief funds under the CARES Act and other future stimulus legislation, the
effects of health and safety measures adopted by Welltower and its operators/tenants related to the COVID-19 pandemic; increased operational costs as a result of health
and safety measures related to COVID-19; the impact of the COVID-19 pandemic on the business and financial condition of operators/tenants and their ability to make
payments to Welltower; disruptions to Welltower's property acquisition and disposition activity due to economic uncertainty caused by COVID-19; general economic
uncertainty in key markets as a result of the COVID-19 pandemic and a worsening of global economic conditions or low levels of economic growth; the status of capital
markets, including availability and cost of capital; issues facing the health care 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 health care 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 and other acts of God 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; Welltower’s ability to maintain Welltower’s qualification as a REIT; key management personnel recruitment and retention; and other risks
described in Welltower’s reports filed from time to time with the SEC. Finally, 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

3. Recent Developments
3
• SHO portfolio spot occupancy has increased in recent weeks, with an approximate gain of 60 basis points (“bps”) since a pandemic-low on March 12th
• US and UK SHO portfolios reported occupancy gains of approximately 90bps and 120bps, respectively, since March 12th. Following a nationwide rise in COVID-19 cases, occupancy in Canada has declined by
approximately 50bps over the same period
• Month-to-date through April 23rd, occupancy continued to strengthen in the US and UK, with gains of approximately 40bps and 90bps, respectively. Total SHO portfolio occupancy has increased
approximately 20bps as COVID-driven weakness in Canada resulted in an occupancy decline in the country of approximately 20bps over the same time period
• Many communities have returned to pre-COVID conditions in terms of lead generation and resumption of in-person tours, indoor visitation, communal dining, and social activities
• Trailing two week resident cases have declined by 98% from mid-January through April 23, 2021; 99% of communities are currently accepting new residents
Seniors Housing Operating (SHO) Portfolio Update(1)
1. Occupancy metrics have been revised for all periods presented to be reported at Welltower pro rata share as opposed to 100% ownership.
2. As of April 23, 2021, most recent update from operators
3. See Supplemental Financial Measures at the end of this presentation for reconciliations and earnings release dated April 28, 2021 for additional information
• Year-to-date, completed $1.3B of pro rata gross investments, exclusive of development funding, through April 27, 2021
• During 1Q21, WELL completed $247M of pro rata gross investments excluding development at an initial yield of 6.4%; pro rata dispositions totaled $216M at a yield of 5.5%
• Subsequent to quarter-end, WELL completed approximately $1.1B of pro rata gross investments at an initial yield of 8.4%
• Senior loan advancement of £540M ($750M) to HC-One Group completed in April 2021 as part of its recapitalization with additional £30M delayed facility available to fund capital expenditures and working capital
• Welltower’s last pound basis is approximately £40,000 per unit, representing a substantial discount to replacement cost
• WELL’s near-term capital deployment pipeline remains robust across a wide range of opportunities; through the first and second quarter, we sold 3.7 million shares of common stock under our ATM program via
forward sale agreements at an initial weighted average price of $73.43 per share, generating future expected gross proceeds of approximately $272 million
Investment Update
• Second quarter 2021 net income attributable to common stockholders: $0.31 to $0.36 per diluted share
• Second quarter 2021 normalized FFO: $0.72 - $0.77 per diluted share(3). Key assumptions include:
• Provider Relief Funds: Our second quarter guidance does not include the recognition of any Provider Relief Funds which may be received during the quarter
• SHO Portfolio Occupancy: Midpoint of FFO guidance assumes a continuation of recent trends, resulting in an approximate increase of 130bps through the second quarter
• Development: We expect funding approximately $320M of development in 2021 relating to projects underway on March 31, 2021
• Investments: Guidance includes only acquisitions closed or announced year-to-date
• Dispositions: We expect $681M in incremental proceeds in 2021 related to properties classified as held-for-sale as of March 31, 2021
• General and Administrative Expense: We expect G&A expense of approximately $135M to $140M for full year 2021
2Q21 Guidance

4. Welltower at a Glance
4
BBB+
Baa1
500
S&P
~22M sq. ft.
of Outpatient
Facilities(1)
~1,300
Senior Living
Communities(1)
1. As of 3/31/2021
World’s Largest Health and Wellness Real Estate Platform

5. Welltower Purpose
Addressing societal challenges through
reimagining and reinventing the built environment
for effective health and wellness care delivery
5

6. Secular Theme | An Aging Population
6
1. United States Census Bureau: Projected Population by Single Year of Age, Sex, Race, Hispanic Origin and Nativity for the United States: 2018 to 2060
13.2M
15.6M
19.7M
0%
1%
2%
3%
4%
5%
6%
7%
9
11
13
15
17
19
21
23
25
Population 80+ (M)
YoY Growth (%)
80+ U.S. Population Growth(1)
The Aging Population is
growing exponentially,
and outspends every other
age cohort combined on
health care

7. Secular Theme | The Need for Value-Based Care
1. OECD (2020), Health spending (indicator). doi: 10.1787/8643de7e-en (Accessed February 2, 2020)
2. Organization for Economic Cooperation and Development. Data as of 2017
Health Care Spend (% GDP)
74
76
78
80
82
84
4% 6% 8% 10% 12% 14% 16% 18%
FRA
SWE
GER
NLD
NOR
UK
NZL
CAN
AUS
OECD Avg
USA
Life
Expectancy
at
Birth
(years)
Health Care vs Social Care Spend(1) Health Care Spend vs. Life Expectancy(2)
The US spends the most per capita on health care, yet achieves significantly lower health outcomes
0%
20%
40%
60%
80%
100%
UK SWIZ NOR SWE FRA GER NETH AUS NZ CAN US
Social Care Spend Health Care Spend
7

8. Health Care
Secular Theme | Social Determinants of Health
1. Source: Artiga, S., & Hinton, E. (2019, May 29). Beyond Health Care: The Role of Social Determinants in Promoting Health and Health Equity
Safety
& Accessibility
Transportation
Housing
Exercise & Activity Hygiene Medical Compliance
Physical Environment
Socioeconomic factors
Health Behaviors
40%
30%
20%
10%
Drivers of
Health
Food Security
& Nutrition
Community
& Socialization
Financial
Stability
8
80% of an individual’s health and wellness is influenced by social determinants(1)

9. Portfolio Composition(1)
9
1. Based on In-Place NOI. See Supplemental Financial Measures at the end of this presentation for reconciliations
2. 1Q2021 IPNOI is adjusted to reflect the 9 PowerBacks contributed to the ProMedica joint venture on 4/1/2021 from LT/PAC to Health System
48%
18%
10%
17%
7%
1Q 2019
IPNOI
39%
22%
6%
24%
9%
1Q 2021
IPNOI(2)
Seniors Housing Operating Seniors Housing Triple-Net Long-Term / Post-Acute Care Health System
Outpatient Medical

10. Seniors Housing Operating & Triple-Net Portfolio Update
10

11. Spectrum of Seniors Housing
11
Home
Senior
Apartments
Independent
Living
Assisted
Living
Memory
Care
Post-Acute
Care
Activities /
Programming ✓ ✓ ✓ ✓ ✓
Transport / Laundry ✓ ✓ ✓ ✓
Meals ✓ ✓ ✓ ✓
Care Services
(Activities of daily living) ✓ ✓ ✓
Post-Acute and
Chronic Care ✓
Select Welltower
Operators
On-demand
services via
strategic
partnerships
$$$
$ Relative Cost of
Care
Seniors housing has many forms across acuity and cost spectrums from addressing the needs of the active senior who is looking for a
home that is purpose-built and affordable to higher acuity in high barrier to entry markets

12. Seniors Housing Operator Platform | Power of Diversification
12
Diversity Across Acuity, Geography and Operating Model
Low High
Average Portfolio Acuity
$
$$$
Monthly
Rent
Operator Diversification | Average Monthly Rent vs Average Portfolio Acuity

13. 0
300
600
900
1200
1500
Lumber Prices(2)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
0K
2K
4K
6K
8K
10K
12K
14K
Seniors Housing Historical Supply(1)
NIC Primary and Secondary Markets
Construction Starts Rolling 4-Quarter Starts vs. Inventory
Seniors Housing Supply Backdrop
13
1. Source: NIC MAP
2. Bloomberg. Lumber: Random Length Lumber Futures; Steel: U.S. Midwest Domestic Hot-Rolled Coil Steel Index Futures; Copper: Copper Futures. 2019 – 2020 Price Change: 12/312019 – 12/31/2020; YTD 2021 Price Change:
12/31/20 – 4/23/2021
Rapid Increase in Cost of Key Materials May Curtail Near-Term Starts(2)
2019 – 2020 Price Change YTD 2021 Price Change
Lumber +115.4% +238.6%
Steel +70.9% +131.8%
Copper +25.8% +55.4%
71% decline in
starts from peak
Lumber prices have increased
approximately 5x in last
five years and risen 322% since April 2020

14. COVID Recovery | Growth Opportunity
14
Demographic-driven
Occupancy Recovery
Supply Deceleration
Unique Opportunity for
Significant NOI Growth
1. Source: The Organisation for Economic Cooperation and Development (OECD)
2. Source: NIC MAP, Primary and Secondary Markets
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
5M
10M
15M
20M US 80+ Population Growth(1)
80+ Population
80+ Population Growth (%YoY)
1.3% CAGR
3.6% CAGR
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Seniors Housing Construction vs. Inventory – Rolling Four Quarters(2)
Starts as percentage of inventory
at lowest level since 2Q11

15. COVID-19 | Case Count & Vaccination Update
15
1. Centers for Disease Control and Prevention as of April 24, 2021
2. https://coronavirus.data.gov.uk/
3. https://health-infobase.canada.ca/covid-19/covidtrends/
362K
1,040K
1,467K
Not Reported
Staff
Residents
Fully Vaccinated Individuals in US Assisted
Living and Skilled Nursing Facilities(1)
M
50M
100M
150M
200M
250M
Dec-14 Jan-14 Feb-14 Mar-14 Apr-14
Cumulative US COVID Vaccinations
Total US Population
M
1M
2M
3M
4M
5M
6M
7M
8M
9M
Dec-14 Jan-14 Feb-14 Mar-14 Apr-14
Cumulative US COVID Vaccinations
US Assisted Living and Skilled Nursing Facilities
0K
50K
100K
150K
200K
250K
300K
US COVID New Daily Cases(1)
7-Day Moving Average
K
10K
20K
30K
40K
50K
60K
70K
UK COVID New Daily Cases(2)
7-Day Moving Average
K
2K
4K
6K
8K
10K
Canada COVID New Daily Cases(3)
7-Day Moving Average

16. 0M
50M
100M
150M
200M
250M
0K
50K
100K
150K
200K
250K
New Daily Cases 7-Day Moving Avg Cumulative Vaccinations
EUA granted for Pfizer and Moderna vaccine and
distribution begins in the UK, US, and Canada;
AstraZeneca granted EUA in the UK in late December (2)
US daily COVID deaths
peak at 4,396(3)
US Federal Retail Pharmacy Program
for COVID-19 vaccination begins with
21 retail pharmacy partners(4)
EUA granted for J&J
single dose vaccine
for US distribution(5)
US Daily New Cases down 80% since January ’21 peak
~68% of U.S. population
65+ fully vaccinated(3)
Vaccine and Therapeutics Timeline
16
Vaccine availability for all adult Americans anticipated by May 1 2021(1)
1. https://www.whitehouse.gov/briefing-room/speeches-remarks/2021/03/02/remarks-by-president-biden-on-the-administrations-covid-19-vaccination-efforts/
2. https://www.astrazeneca.com/media-centre/press-releases/2020/astrazenecas-covid-19-vaccine-authorised-in-uk.html
3. https://covid.cdc.gov/covid-data-tracker/#vaccinations
4. https://www.cdc.gov/vaccines/covid-19/retail-pharmacy-program/index.html
5. https://www.jnj.com/johnson-johnson-covid-19-vaccine-authorized-by-u-s-fda-for-emergency-usefirst-single-shot-vaccine-in-fight-against-global-pandemic/
6. https://www.reuters.com/article/health-coronavirus-pfizer/pfizer-biontech-covid-19-shot-91-effective-in-updated-data-protective-against-south-african-variant-idUKKBN2BO68Fhttps://www.cdc.gov/vaccines/covid-19/retail-pharmacy-program/index.html
7. https://www.fda.gov/news-events/press-announcements/fda-and-cdc-lift-recommended-pause-johnson-johnson-janssen-covid-19-vaccine-use-following-thorough
Pfizer/BioNTech COVID-
19 shot 91% effective in
updated data(6)
FDA and CDC lift 10-day pause on
J&J vaccine use following an
extensive safety review(7)

17. SHO Portfolio | 1Q2021 Observations
17
1. Represents SHO same store portfolio. See Supplemental Financial Measures at the end of this presentation for reconciliations
2. Refer to 1Q21 Supplemental Information published on April 28th, 2021
3. Reimbursements received during the first quarter of $33.7 million related to the HHS Provider Relief Fund and similar reimbursements in the UK and Canada related to out of period expenses and have been excluded from same store NOI
• SHO portfolio average occupancy declined approximately 310bps vs. 4Q2020 relative to initial guidance of down 275bps to 375bps
• Average sequential occupancy decline impacted by significant occupancy losses experienced in late 4Q2020
• 1Q2021 Same store REVPOR(1) (1Q2021 vs. 1Q2020):
• Assisted Living properties increased 1.6%
• Independent Living properties increased 0.7%
• Senior Apartment properties increased 6.3%
• Move in activity increased 8% sequentially in 1Q2021 as compared to 4Q2020; declined 16% on a year-over-year basis
• Move out activity increased 6% sequentially in 1Q2021 as compared to 4Q2020; declined 8% on a year-over-year basis
Revenues
• Total same store pro rata expenses decreased slightly in 1Q2021 from 4Q2020 following a diminution in COVID related expenses in late-
February and March. The sequential quarter occupancy decline experienced in 1Q2021 also resulted in a decline in certain controllable
expenses(2)
• Same store SHO portfolio incurred approximately $15 million in pro rata COVID-related property level expenses, net of reimbursements in
1Q2021(3)
• COVID-related expenses are expected to moderate in 2Q2021 as compared to 1Q2021 as COVID cases continue to decline
Expenses

18. SHO Portfolio | COVID-19 Impact(1)
18
1. All data presented as of April 23, 2021 as reported by operators; has not been verified by Welltower
COVID-19 Impact
• Visitation restrictions have been eased at many
communities while maintaining strict adherence to
state, local, and/or operator-imposed guidelines
• Many communities have begun to open dining rooms
with limited capacity and resumed social programming
• In-person tours are being offered on a more consistent
basis; virtual tours remain available
• Previous requirement to self-quarantine post move-in
has been shortened or removed at some properties if
new resident is fully vaccinated and tested negative for
COVID-19
Operations Update
• 99% of communities are accepting new residents,
up from 84% as of mid-January 2021
• 98% decline in trailing two week (TTW) case count
since peak in mid-January 2021
• 97% of communities have zero reported resident
COVID-19 cases on a TTW basis versus 64% in
mid-January 2021
0 9
38
127
237
291
335
454
485
427
348
246
165
78 69 82
63
89
142
147
119
146
164
112
71
46 46
9210191
125
127
100
117
228
268
304
481
521
562
620
780
874
1136
1227
906
819
578
300
197
163
131
81
35
17 12 17
33 25
0
200
400
600
800
1,000
1,200
1,400
Resident COVID-19 Cases – Trailing Two Weeks
• Most AL/MC communities have completed
their final scheduled vaccine clinic
• Lead generation for many communities
has returned to pre-COVID levels
98% decline in TTW cases since peak

19. SHO Portfolio | Additional Community Details(1)
19
1. All data as reported by operators; has not been verified by Welltower
40%
50%
60%
70%
80%
90%
100%
Dec-20 Jan-21 Feb-21 Mar-21 Apr-21
In-Person Tours
40%
60%
80%
100%
Dec-20 Jan-21 Feb-21 Mar-21 Apr-21
Communal Dining
40%
50%
60%
70%
80%
Dec-20 Jan-21 Feb-21 Mar-21 Apr-21
Activities
Normalization in US and UK is offset by enhanced restrictions in Canada due to a nationwide increase in COVID cases
40%
60%
80%
100%
Dec-20 Jan-21 Feb-21 Mar-21 Apr-21
Visitation
Indoor Visitation Outdoor Visitation

20. 100.0
107.1
100.9
89.1
77.3
85.8
83.4
86.8 85.2
89.3
97.7
103.4
92.9 91.1
0
20
40
60
80
100
120
Indexed Move Outs Since February 2020
100.0
76.3
23.1
34.7
58.4
68.1
74.3
84.8 83.3
66.5 67.3
56.8
74.6
103.1
0
20
40
60
80
100
120
Indexed Move Ins Since February 2020
SHO Portfolio | Move Ins & Move Outs(1)
20
1. Move Ins and Move outs have been revised for all periods presented to be reported at Welltower pro rata share as opposed to at 100%
81% Increase
Jan‘21→ Mar‘21 12% decrease
Jan‘21→ Mar‘21

21. SHO Portfolio | Move Ins & Move Outs(1)
21
17%
21%
44%
56%
59%
70%
65%
60%
57%
54%
67%
86%
0%
20%
40%
60%
80%
100%
120%
Move Ins as % 2019 Move Ins
103%
90%
79% 79% 79%
84%
74%
86%
97%
101%
89%
81%
0%
20%
40%
60%
80%
100%
120%
Move Outs as % 2019 Move Outs
1. Move Ins and Move outs have been revised for all periods presented to be reported at Welltower pro rata share as opposed to at 100%

22. SHO Portfolio | Occupancy Trends
22
1. Occupancy represents approximate month end pro rata occupancy for all SHO properties in operation as of February 29, 2020, excluding only acquisitions, executed dispositions and development conversions since this date.
Approximate month end spot occupancy is as follows: 2020: January – 85.7%; February – 85.4%; March – 84.7%; April – 82.2%; May – 80.4%; June – 79.5%; July – 78.9%; August – 78.4%; September – 78.1%; October – 77.7%;
November – 76.9%; December – 75.9%; 2021: January – 74.4%; February – 73.6%; March – 73.6%.
2. Units and occupancy metrics have been revised for all periods presented to be reported at Welltower pro rata share as opposed to at 100%. The change in methodology resulted in minor revisions (typically 0-10bps) to month-over-
month occupancy changes. Under previous methodology, spot occupancy declined -140bps, -90bps, and -10bps in January 2021, February 2021, and March 2021, respectively.
72%
74%
76%
78%
80%
82%
84%
86%
88%
January February March April May June July August September October November December January February March
Total SHO Month-End Pro Rata Occupancy(1,2)
2020 2021
-240 bps
-180 bps
-90 bps
-60 bps
-80 bps
-50 bps
-30 bps -40 bps
-70 bps
-110 bps
-150 bps
-80 bps
0 bps(2)
-30 bps
-10 bps

23. 1Q21 Ann. In-Place
NOI (“IPNOI”)
A B C D E+F 1Q21 Portfolio
Post-COVID
Recovery NOI
$648M $128M
$520M
$362M
$95M $22M
$999M
23
SHO Portfolio | Path to Recovery
Embedded NOI growth of approximately $480 million through potential return to Pre-COVID levels
A) Annualized one-time impact of Provider Relief Funds recognized in 1Q21
B) 1Q21 IPNOI Portfolio excluding Provider Relief Funds
C) 4Q19 Stable Portfolio - Incremental NOI from return to 4Q19 NOI levels
D)
Lease-up portfolio as of 4Q19 , development properties delivered subsequent to 4Q19 and acquired
properties in lease-up. Incremental NOI driven by lease-up to underwritten stabilization
E)
SHNNN to SHO Transitions - Properties transitioned to SHO from SHNNN subsequent to 4Q19.
NOI stabilization assumes return to 4Q19 NOI
F)
SHO Properties Acquired Subsequent to 4Q19 - Incremental NOI from recently acquired properties
returning to pre-COVID NOI
G)
1Q21 Post-COVID Recovery NOI - Represents portfolio occupancy of 87.3% and operating margin of
30.0%
Occupancy
72.8%
Occupancy
87.3%
Category NOI ($m)
1Q21 Annualized In-Place NOI ("IPNOI")
(1)
648
A) 1Q21 Provider Relief Funds ("HHS") (128)
B) 1Q21 Portfolio - Core 1Q21 IPNOI (ex HHS) 520
C) Stable Portfolio Occupancy Recovery 362
D) Development and Fill-Up Stabilization 95
E) Transitions 17
F) Acquisitions 5
G) 1Q21 Portfolio – Post-COVID Recovery NOI 999
1. See Supplemental Financial Measures at the end of this presentation.

24. Liquidity and Balance Sheet Update
24

25. Balance Sheet & Investment Highlights
1. Estimated cash balance of $1.0 billon as of April 27, 2021, including cash and cash equivalents and IRC Section 1031 deposits
2. Includes 1Q2021 assets held for sale of $688 million as of March 31, 2021 less $7 million related to dispositions closed subsequent to quarter end as of April 27, 2021
3. Represents March 31, 2021 data with pro forma adjustments to reflect the April 15, 2021 redemption of $339 million in aggregate amount outstanding of 3.750% senior notes due March 2023 and all $335 million aggregate amount outstanding
of 3.950% senior notes due September 2023 and a portion of the two-year unsecured term loan due 2022 as if all transactions had occurred on March 31, 2021
25
Liquidity ($M) April 27, 2021
Cash and Cash Equivalents(1) $1,000
Undrawn Line of Credit Capacity $3,000
Near-Term Liquidity $4,000
Expected Proceeds from Assets Held For Sale(2) $681
Expected Proceeds from 2021 Loan Payoffs $175
Near-Term Liquidity + Expected Proceeds $4,856
Weighted Average Debt Maturity of 7.3 Years(3)
BBB+
Baa1
• Near-term liquidity of $4.0 billion as of April 27, 2021
• Cash balance totals approximately $1.0 billion
(1)
; revolving credit facility is
undrawn with capacity of $3.0 billion
• Subsequent to quarter end, redeemed $339 million in 3.750% senior notes due March
2023 and $335 million in 3.950% senior notes due September 2023
• As of April 27, 2021, completed approximately $1.3 billion of gross pro rata
investments excluding development funding year-to-date, of which $1.1 billion was
completed subsequent to quarter end, including:
• Senior loan advancement of £540 million ($750 million) in April 2021 to
HC-One Group maturing 2026
• As of April 27, 2021, received approximately $491 million in pro rata disposition
proceeds.
• Including $58 million relating to the contribution of 9 PowerBacks to the
80/20 ProMedica joint venture at a valuation of $292 million
• Near-term capital deployment pipeline remains robust across a wide range of
opportunities
Notable 2021 Year To Date Highlights

26. Diverse and Unparalleled Access to Capital
26
1. Gross proceeds
2. Excludes Term Loans
3. Represents March 31, 2021 data with pro forma adjustments to reflect the April 15, 2021 redemption of $339 million in aggregate amount outstanding of 3.750% senior notes due March 2023 and all $335 million aggregate amount
outstanding of 3.950% senior notes due September 2023 as if all transactions had occurred on March 31, 2021.
STRATEGIC DISPOSITIONS & EQUITY
(COMMON and PREFERRED)
~55%
DEBT
~45%
Capital Raised Since 2018
$20B
RAISED(1)
Public Debt(2)
Total Debt
Weighted Avg.
Interest
Weighted Avg.
Maturity
USD $8.4B(3) 3.89% 8.7 years
GBP £1.05B 4.66% 10.5 years
CAD C$300M 2.95% 5.8 years
Credit Facility
$3.7B
$3.0B revolver + $700M
in term loans

27. Leading Asset Liquidity
27
1. As of 3/31/2021
$70M Pro Rata TTM NOI
(1)
Generated from top 15 unencumbered assets
Sunrise of Connecticut Ave
Belmont Village Ranchos Palos Verdes
Sunrise of Seal Beach
Belmont Village of Cardiff by the Sea $1.4B
Asset value
65% LTV
5.0% cap rate
$914M
Proceeds available

28. 3.1%
2.1%
2.4%
3.8%
3.8%
4.1%
3.0%
4.5%
3.9%
3.1%
2.8%
5.0%
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 After
Weighted Average Maturity of 7.3 Years
USD Unsecured USD Secured CAD Unsecured CAD Secured GBP Unsecured Term Loan Weighted Average Interest
Balanced and Manageable Debt Maturity Profile
(1,2)
28
(3) (4)
1. Represents March 31, 2021 data with pro forma adjustments to reflect the April 15, 2021 redemption of $339 million in aggregate amount outstanding of 3.750% senior notes due March 2023 and all $335 million aggregate amount outstanding of 3.950% senior notes due September 2023 and a
portion of the two-year unsecured term loan due 2022 as if all transactions had occurred on March 31, 2021. Represents pro rata principal amounts due and excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet. Excludes lease liabilities
relating to both finance and operating leases
2. Our unsecured commercial paper program and our unsecured revolving credit facility had a zero balance as of March 31, 2021. The unsecured revolving credit facility matures on July 19, 2022 (with an option to extend for two successive terms of six months each at our discretion).
Available borrowing capacity of our unsecured revolving credit facility was $3,000,000,000 as of March 31, 2021
3. 2022 includes a $845,000,000 unsecured term loan. The loan matures on April 1, 2022 and bears interest at LIBOR plus 1.20%
4. 2023 includes a $500,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $198,850,000 USD at March 31, 2021). The loans mature on July 19, 2023. The interest rates on the loans are
LIBOR + 0.9% for USD and CDOR + 0.9% for CAD
(3) (4)
(in Millions USD) 2021 2022(3)
2023(4)
2024 2025 2026 2027 2028 2029 2030 2031 After
Unsecured Debt $0 $855 $699 $1,350 $1,250 $700 $739 $1,509 $550 $750 $1,350 $1,840
Secured Debt $319 $501 $450 $269 $646 $69 $185 $94 $282 $37 $23 $160
Total $319 $1,356 $1,149 $1,619 $1,896 $769 $924 $1,603 $832 $787 $1,373 $2,000

29. 1Q 2021 Covenant Compliance
(1)
29
1. Covenants calculated based on definitions that are specific to each respective credit agreement, which may differ from similar terms used in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Supplemental
2. Welltower’s unsecured debt covenant definitions were recently updated to reflect recent market precedent for the most recent issuance of $750 million senior unsecured notes bearing interest at 2.80% with a maturity date of June 2031.
Covenant calculations based on updated definitions are as follows: Secured Indebtedness to Total Assets: 5.9%, Total Indebtedness to Total Assets: 38.1%, Unsecured Debt to Unencumbered Assets: 39.9%, Fixed Charge Coverage
Ratio: 4.88x
Unsecured Debt Covenant Compliance
(2)
1Q2021 Covenant Compliance
Secured Indebtedness to
Total Assets
7.1% <40.0% ✓
Total Indebtedness to
Total Assets
45.2% <60.0% ✓
Unsecured Debt to
Unencumbered Assets
39.9% <66.7% ✓
Fixed Charge
Coverage Ratio
4.88x >1.50x ✓
Line of Credit Covenant Compliance
1Q2021 Covenant Compliance
Leverage Ratio 36.2% <60.0% ✓
Fixed Charge
Coverage Ratio
3.3x >1.5x ✓
Unencumbered Assets
to Unsecured Debt
33.6% <60.0% ✓
Secured Debt Ratio 8.8% <30% ✓
Total Equity Investments
to Total Asset Value
2.6% <25% ✓
Total Developments
to Total Asset Value
3.1% <35% ✓

30. Environmental, Social and Governance (ESG)
30

31. 31
GHG Emissions reduction
over baseline
8.5%
Invested in
efficiency projects
$13.7M
Efficiency projects
implemented
239
LED retrofit projects
in 2019
84
Estimated energy savings
from 2019 LED retrofits
$1.8M
LED retrofit projects
completed to date
367
31
Sustainability Goals Publication and Advancement
10% reduction
in energy use
10% reduction
in GHG emissions
10% reduction
in water use
by 2025
1. Reduction Goals Established 2018

32. Inaugural Green Bond | Effective Access to Capital
✓ First U.S. health care REIT to issue Green Bond
✓ WELL’s lowest coupon on 7-year note
✓ Demand 7.0x oversubscribed
✓ Over 100 investors consisting of high-quality
asset managers, insurance funds, hedge funds,
and central banks
Green Buildings Water Efficiency Energy Efficiency
$500M 7-Year note at 2.7%
Use of Proceeds:
32

33. Case Study in Green Buildings | Signature at Wandsworth Common
33
Green Building Spotlight | Signature at Wandsworth Common
Welltower Building Certifications
Signature at Wandsworth Common is
Welltower’s latest development in the United
Kingdom that is helping to meet the need for
2,000 additional assisted living and
dementia care beds in the local area while
adding 120+ jobs to the local economy.
• “Excellent” BREEAM rating
• Combined heat and power units
• Photovoltaic roof panels
• Energy efficient technologies such as
motion-sensor lighting
• Expected savings of 89 tons (35%) of
regulated CO2 annually vs. baseline

34. Social | Solid Diversity and Inclusion Foundation
34
CORE Women’s Network is one of the earliest
and most robust diversity groups amongst our
peers. We have created new ENGs such as:
Af-Am, Hispanic, LGBTQIA+.
Welltower
Diversity Council
E M P L O Y E E
N E T W O R K G R O U P S
Unconscious bias and civil
and respectful treatment
T R A I N I N G
P R O G R A M S
Initial expansion of recruiting to
include historically black
colleges, ensuring interview
slates consist of diverse
candidates, and review of
recruiting material for
unconscious bias
R E C R U I T I N G
e.g., 50% of our leadership
team is made up of women and
minorities, women represent
45% of new hires placed in
revenue generating roles, 75%
female and minority
independent leadership on
Board of Directors
I N T E R N A L
E S P O U S A L O F
D I V E R S I T Y
Working with national organizations
and our partners to discuss issues
and develop solutions related to
workforce development and diversity
P A R T N E R S H I P S
Expanded approach / focus on
diversity
REPEATED EXTERNAL ADVOCATION
AND RECOGNITION FOR DIVERSITY

35. 0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
0.70%
0.80%
0.90%
1.00%
LTC MPW SNH DOC SBRA HR HTA OHI VTR PEAK NHI WELL
Governance | Great Governance is Good Business
35
1. Peer G&A based on company filings for full year 2020. Enterprise Value data as of 3/31/2021
2. Data as of 3/31/2021
3. ISS Governance Score is a weighted average of scores assigned for (a) board structure, (b) compensation, (c) shareholder rights and (d) audit as of 3/31/2021
4. Ventas (VTR), Healthpeak (PEAK), Crown Castle International (CCI), Equinix (EQIX), Iron Mountain (IRM), Weyerhaeuser Company (WY), American Tower Corporation (AMT), Boston Properties (BXP), Equity Residential (EQR), Prologis
(PLD), Public Storage (PSA), Simon Property Group (SPG), Vornado Realty Trust (VNO), AvalonBay Communities (AVB), Alexandria Real Estate Equities (ARE)
G&A as % of Enterprise Value(1)
Female and Minority
Independent Director Leadership
on the Board of Directors(2)
80%
3
6
Welltower
Peers
ISS ESG Governance Score(3,4)
Low Risk High Risk
HC REIT Avg

36. 36
Supplemental Financial
Measures

37. Non-GAAP Financial Measures
We believe that revenues, net income and net income attributable to common stockholders ("NICS"), as defined by U.S. generally accepted accounting
principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider Funds From Operations (FFO), Normalized FFO, Net
Operating Income (NOI), In-Place NOI (IPNOI), REVPOR and Same Store REVPOR ("SS REVPOR") to be useful supplemental measures of our
operating performance. The supplemental measures are disclosed on our pro rata ownership basis.
Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests and adding our minority
ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not
accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.
Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies
in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal
and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of
Directors to evaluate management.
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.
37

38. 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 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.
Normalizing items include adjustments for certain non-recurring or infrequent revenues/expenses that are 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.
38

39. Quarter Ending June 30, 2021
(in millions, except per share data) Current Outlook
Low High
FFO Reconciliation:
Net income attributable to common stockholders $ 128 $ 149
Impairments and losses (gains) on real estate dispositions, net(1,2) (75) (75)
Depreciation and amortization(1) 249 249
NAREIT FFO and Normalized FFO attributable to common stockholders $ 302 $ 323
Diluted per share data attributable to common stockholders:
Net income $ 0.31 $ 0.36
NAREIT FFO and Normalized FFO $ 0.72 $ 0.77
Other items:(1)
Net straight-line rent and above/below market rent amortization $ (20) $ (20)
Non-cash interest expenses 4 4
Recurring cap-ex, tenant improvements, and lease commissions (24) (24)
Stock-based compensation 5 5
(1) Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities.
(2) Includes estimated gains on projected dispositions.
Earnings Outlook Reconciliation
39

40. NOI, IPNOI, REVPOR & SS REVPOR
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 costs unrelated to property operations and transaction costs. These expenses include,
but are not limited to, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets.
IPNOI represents NOI excluding interest income, other income and non-IPNOI and adjusted for timing of current quarter portfolio changes such as
acquisitions, development conversions, segment transitions, dispositions and investments held for sale.
REVPOR represents the average revenues generated per occupied room per month at our seniors housing operating properties. It is calculated as
our pro rata version of total resident fees and services revenues from the income statement divided by average monthly occupied room days. SS
REVPOR is used to evaluate the REVPOR performance of our properties under a consistent population which eliminates changes in the
composition of our portfolio. It is based on the same pool of properties used for SSNOI and includes any revenue normalizations used for SSNOI.
We use REVPOR and SS REVPOR to evaluate the revenue-generating capacity and profit potential of its 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 believe NOI, IPNOI, REVPOR and SS REVPOR 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 these metrics to make decisions about resource allocations
and to assess the property level performance of our properties.
40

41. In-Place NOI Reconciliations
(dollars in thousands)
1Q21 1Q19 In-Place NOI by property type 1Q21
Genesis
Powerback(5)
Proforma
1Q21(5)
% of
Total
Net income (loss) $ 72,192 $ 292,302 Seniors Housing Operating $ 647,632 $ — $ 647,632 39 %
Loss (gain) on real estate dispositions, net (59,080) (167,409) Seniors Housing Triple-Net 362,608 — 362,608 22 %
Loss (income) from unconsolidated entities (13,049) 9,199 Outpatient Medical 399,868 — 399,868 24 %
Income tax expense (benefit) 3,943 2,222 Health System 143,684 16,549 160,233 9 %
Other expenses 10,994 8,756 Long-Term/Post-Acute Care 127,216 (23,346) 103,870 6 %
Impairment of assets 23,568 — Total In-Place NOI $ 1,681,008 $ (6,797) $ 1,674,211 100 %
Provision for loan losses 1,383 18,690
Loss (gain) on extinguishment of debt, net (4,643) 15,719
Loss (gain) on derivatives and financial instruments, net 1,934 (2,487)
General and administrative expenses 29,926 35,282 In-Place NOI by property type 1Q19 % of Total
Depreciation and amortization 244,426 243,932 Seniors Housing Operating $ 1,016,744 48 %
Interest expense 123,142 145,232 Seniors Housing Triple-Net 381,464 18 %
Consolidated net operating income 434,736 601,438 Outpatient Medical 371,952 17 %
NOI attributable to unconsolidated investments(1) 21,516 21,827 Health System 143,200 7 %
NOI attributable to noncontrolling interests(2) (20,827) (41,574) Long-Term/Post-Acute Care 205,628 10 %
Pro rata net operating income (NOI) 435,425 581,691 Total In-Place NOI $ 2,118,988 100 %
Adjust:
Interest income (19,579) (15,119)
Other income (8,131) (7,690)
Sold / held for sale (19,082) (11,789)
Developments / land 1,436 409
Non In-Place NOI(3) 29,616 (20,971)
Timing adjustments(4) 567 3,216
In-Place NOI 420,252 529,747
Annualized In-Place NOI $ 1,681,008 $ 2,118,988
(1) Represents Welltower's interest in joint ventures where Welltower is the minority partner.
(2) Represents minority partner's interest in joint ventures where Welltower is the majority partner.
(3) Primarily represents non-cash NOI.
(4) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions.
(5) Pro forma adjustments to reflect the transition of 9 Genesis-operated PowerBack properties to an 80/20 joint venture with ProMedica, as if the transaction occurred on January 1, 2021. See
this presentation and our press release dated March 2, 2021 for further information on the transaction. Pro forma adjustments are based on estimates and assumptions and are preliminary in
nature, and should not be assumed to be an indication of the results that would have been achieved had the transaction been completed as of the date indicated. 41

42. • SSNOI Reconciliations
SHO REVPOR Growth Reconciliation
(dollars in thousands, except SS REVPOR )
1Q21
1Q20 As
Reported
Leap Year
Adjustment(10) Adjusted 1Q20
SHO SS REVPOR Growth
Consolidated SHO revenues $ 726,402 $ 851,128
Unconsolidated SHO revenues attributable to WELL(1) 43,245 44,396
SHO revenues attributable to noncontrolling interests(2) (58,529) (73,534)
SHO pro rata revenues(3) 711,118 821,990
Non-cash revenues on same store properties (839) (797)
Revenues attributable to non-same store properties (74,674) (84,177)
Currency and ownership adjustments(4) 87 10,916
Normalizing adjustment for policy change(5) — (1,610)
Other normalizing adjustments(6) — 63
SHO SS revenues(7) $ 635,692 $ 746,385 $ (3,387) $ 742,998
Avg. occupied units/month(8) 38,056 44,023 44,023
SHO SS REVPOR(9) $ 5,645 $ 5,730 $ 5,704
SS REVPOR YOY growth (1.5)% (1.0)%
(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 1.2658 and to translate UK properties at a
GBP/USD rate of 1.38.
(5) Represents normalizing adjustment to reflect the application of consistent policies for all periods presented for one Seniors Housing Operating partner.
(6) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.
(7) Represents SS SHO revenues at Welltower pro rata ownership.
(8) Represents average occupied units for SS properties on a pro rata basis.
(9) Represents pro rata SS average revenues generated per occupied room per month.
(10) Represents 1/29th of February 2020 revenues for properties subject to daily billing. 42

43. • SSNOI Reconciliations
SHO SS REVPOR Growth Reconciliation (cont.)
(dollars in thousands, except SS REVPOR )
As Reported:
Assisted Living/Memory Care (1) Independent Living (1) Senior Apartment Total
1Q21 1Q20 1Q21 1Q20 1Q21 1Q20 1Q21 1Q20
SHO SS revenues(2) $ 431,044 $ 519,867 $ 193,030 $ 215,605 $ 11,618 $ 10,913 $ 635,692 $ 746,385
Avg. occupied units/month(3) 17,489 21,292 20,567 22,731 3,078 3,072 38,056 44,023
SHO SS REVPOR(4) $ 8,330 $ 8,252 $ 3,730 $ 3,707 $ 1,276 $ 1,200 $ 5,645 $ 5,730
SS REVPOR YOY growth 0.9 % 0.6% 6.3% (1.5)%
Leap Year Adjusted:
Assisted Living/Memory Care (1) Independent Living (1) Senior Apartment Total
1Q21 1Q20 1Q21 1Q20 1Q21 1Q20 1Q21 1Q20
SHO SS revenues(2) $ 431,044 $ 516,546 $ 193,030 $ 215,539 $ 11,618 $ 10,913 $ 635,692 $ 742,998
Avg. occupied units/month(3) 17,489 21,292 20,567 22,731 3,078 3,072 38,056 44,023
SHO SS REVPOR(4) $ 8,330 $ 8,199 $ 3,730 $ 3,705 $ 1,276 $ 1,200 $ 5,645 $ 5,704
SS REVPOR YOY growth 1.6 % 0.7% 6.3% (1.0)%
(1) Properties are classified between Assisted Living/Memory Care and Independent Living by predominant unit type.
(2) Represents SS SHO revenues at Welltower pro rata ownership. See previous page for reconciliation.
(3) Represents average occupied units for SS properties related solely to predominant unit type on a pro rata basis.
(4) Represents pro rata SS average revenues generated per occupied room per month.
43

44. 44