Minor update on slide

1. Driving the Future of Health
Care Real Estate
Corporate Presentation │ October 2018

2. Forward Looking Statements
This document contains “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. When we use 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, we are making
forward-looking statements. In particular, these forward-looking statements include, but are not limited to, those relating our company’s opportunities to acquire, develop or
sell properties; our ability to close anticipated acquisitions, investments or dispositions on currently anticipated terms, or within currently anticipated timeframes; the expected
performance of our operators/tenants and properties; our expected occupancy rates; our ability to declare and to make distributions to stockholders; our investment and
financing opportunities and plans; our continued qualification as a real estate investment trust (“REIT”); our ability to access capital markets or other sources of funds; and
our ability to meet our earnings guidance.
Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause our actual results to differ materially from our
expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the status of the economy; 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; our 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 our properties; our ability to re-lease space at similar rates as
vacancies occur; our 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 our properties;
changes in rules or practices governing our financial reporting; the movement of U.S. and foreign currency exchange rates; our ability to maintain its qualification as a REIT;
key management personnel recruitment and retention; and other risks described in our reports filed from time to time with the Securities and Exchange Commission. Finally,
we assume no obligation to update or revise 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. Welltower at a Glance
3
1. Total health care properties excludes land parcels, loans, developments and properties held for sale.
2. Based on internal estimates derived from trailing twelve-month facility level data as of 9/30/2018.
3. Source: Bloomberg as of 9/30/2018.
Moody’s
Baa1
Stable
Fitch
BBB+
Stable
$36.7B
Enterprise Value(3)
S&P
500
NYSE
Symbol:
WELL
S&P
BBB+
Stable
1,517
TOTAL HEALTH CARE
PROPERTIES (1)
~321,000
RESIDENTS(2)
15,350,000
OUTPATIENT
MEDICAL VISITS(2)
Dow Jones
Sustainability
Index

4. Real Estate Investment Trust (REIT) Overview
41. Includes RMZ real estate companies. Source: Bloomberg as of 9/30/2018.
LARGEST U.S. PUBLIC REAL ESTATE COMPANIES BY ENTERPRISE VALUE(1)
RANK COMPANY
COMPANY
Rank Company Sector $ (mm’s)
1 Simon Property Group Regional Malls $78,388
2 Prologis Inc. Industrial $57,107
3 Equinix Data Centers $44,824
4 Public Storage Self-Storage $40,264
5 Health Care $36,724

5. Health Care Real Estate Landscape
5
HIGHER AVERAGE COST
LOWER AVERAGE COST
Hospital Memory
Care
Assisted
Living
Independent
Living
SENIOR HOUSINGACUTE CARE POST-ACUTE CARE CONTINUUM
Skilled Nursing
(LTC)
Inpatient
Rehab Facility
Long-Term
Care Hospital
HOME
OUTPATIENT / MEDICAL OFFICE BUILDING
$$

6. Powerful Demographic Tailwinds
6Source: US Census Bureau National Population Projections, vintage 2017
-10%
10%
30%
50%
70%
90%
110%
2018 2023 2028 2033 2038
85+ Age Group % Growth 25-34 Age Group

7. Aging Population Drives Health Care Spending
7Source: National Health Expenditure, CMS. Data as of 9/30/2015.

8. Dementia / Alzheimer’s: Residential Memory Care is the Answer
8Source: Alzheimer’s Disease International The World Alzheimer Report 2018, The Global Impact of Dementia: An analysis of prevalence, incidence, cost and trends updates.
▪ Alzheimer’s Disease is the only
“Top 10 Cause of Death” in the
U.S. that cannot be prevented,
slowed or cured
▪ Number of people with dementia
globally will almost double every
20 years
▪ Total estimated worldwide cost
of dementia care will be $1 trillion
by 2018, and $2 trillion by 2030
2018 2030 2050
50
Million
82
Million
150
Million

9. INVESTING IN LOWER COST
HEALTH CARE DELIVERY
SETTINGS
9

10. Significant Opportunity to Increase Care Coordination in
Post-Acute Settings
10
Mostly
coordinated
Fully
coordinated
7%
Not coordinatedSomewhat
coordinated
30%
10%
53%
DEGREE OF CARE COORDINATION BETWEEN IP, POST-ACUTE, HOME SETTINGS
% health system survey respondents (N=375)
77%
55%
health system leaders
recognize decreased
readmissions is a benefit of a
preferred post-acute network
health system leaders see poor
integration with acute care
providers as the greatest post-
acute care industry challenge
New England Journal of Medicine Catalyst Survey Findings

11. Shift to Value-Based Care Will Increase the Role of Post-
Acute Solutions
11Source: Premier APM Survey, Centers for Medicare and Medicaid Services.
73
27
14
14
9
Acute
Diagnostic tests
Rx drugs
Procedures
Post-acute
85%
73%
20%
projected annual growth of lives
under fully capitated risk models,
increasing from 9M lives to up to
17M lives from 2017-20
of variation in Medicare FFS
spending is attributed to post-acute
care, while only 27% is attributed
to acute-care
health care leaders plan to expand
post-acute care partnerships in
order to maximize alternative
payment model reimbursement
VARIATION IN MEDICARE FFS SPEND
% attributable by segment per beneficiary

12. Providers are Investing in and Engaging in Post-Acute
Ventures
Direct ownership | Expanding regional / national footprint
▪ Brought together a network of 44 hospitals, 1,400+ physicians and
200+ post-acute facilities into a national network
▪ Invested in a network of 5.5K+ senior care beds, 725K enrollees in
PACE programs, with a joint-venture with Evolution to expand services
SOURCE: Press Releases (Representative, not exhaustive)
▪ Acquired a network of 70 post-acute assets across 9 states to form
CHI Health at Home
▪ Propels ProMedica into the top 15 largest U.S. nonprofit health systems
and scales its presence across full spectrum of care and 30 states
Joint venture | Partnering to create post-acute solutions
▪ Created second largest provider of home care and hospice
services in Western Pennsylvania
▪ Jointly launched Homespire, a private-duty home care model for
Utah’s aging population
▪ Developed a network of 70+ facilities with OP, IP and home health
rehabilitation service, recently expanding into Central TX
▪ Formed new post-acute care operations to serve San Diego and
surrounding communities
12

13. Welltower and ProMedica Health System Joint Venture
13
• Welltower and ProMedica entered into a 15-year triple-net master lease with ProMedica corporate lease guarantee
• First of its kind partnership between a REIT and health system which spans the full spectrum of care, including wellness,
captive insurer, post-acute, assisted living, memory care, hospice and home health
• Propels ProMedica to top 15 U.S. health system with over ~$7B pro forma revenues and health network with 70,000
employees across 700 locations in 30 states
• Links Welltower’s “Class A” health care portfolio to ProMedica’s health care network

14. Welltower and ProMedica Innovative Strategic Partnership
14
Partnership facilitates and redefines the care delivery value paradigm and continuum of care through a nationally
integrated health system
1. Represents information provided by ProMedica.
Real estate partnership benefiting from a well-covered lease backed by a solid investment grade health system
ProMedica investing ~$400 million(1) in capex over the next 5 years in a well-located portfolio with an attractive cost basis
Reinvents and revitalizes post-acute and long-term care delivery as part of an integrated health system
ProMedica’s acquisition of HCR ManorCare will generate meaningful synergies and further enhance a leading operator in
the post-acute, assisted living, memory care, and hospice and home health sectors
Partnership creates new avenues for growth between ProMedica and Welltower across multiple property types and
geographies

15. WELLTOWER’S UNIQUE
GROWTH PLATFORM
15

16. 1Q10
Private Pay: 69%(3)
LONG-TERM/
POST-ACUTE CARE
31%
OUTPATIENT
MEDICAL
19%
SENIORS
HOUSING(2)
40%
LIFE SCIENCE
2%
HOSPITALS
8%
Portfolio Transformation(1)
161. Based on In-Place NOI. See our Non-GAAP Financial Measures for additional information.
2. Comprises Seniors Housing Triple-Net and Seniors Housing Operating properties.
3. Based on Facility Revenue Mix.
In-Place
NOI
3Q18
SENIORS
HOUSING(2)
66%
OUTPATIENT
MEDICAL
16%
LONG-TERM/
POST-ACUTE CARE
11%
Private Pay: 94%(3)
In-Place
NOI
HEALTH SYSTEM
7%

17. TOP 5
PARTNERS
65%
OTHER
35%
33.0%
11.1%
7.6%
6.9%
6.6%
SHO Partner Diversification(1)
171. Based on 3Q18 SHO annualized In-Place NOI. Please see non-GAAP financial measures and reconciliations at the end of this presentation.
In-Place
NOI
In-Place SHO Portfolio

18. The Definition of a “Class A” Health Care Portfolio
18
Active Portfolio
Management
Best-In-Class
Operating
Partners
High Barrier to Entry Premier
Markets
Midtown Manhattan Development
Sunrise Connecticut Avenue,
Washington, D.C.
Welltower Outpatient Center,
Beverly Hills, CA
Merrill Gardens at the University, Seattle, WA
Chartwell Toronto Development

19. Welltower Family of Brands
19

20. U.S. Seniors Housing Portfolio | Major Urban Market Focus
201. Data as of 9/30/2018. Comprises Seniors Housing Triple-Net and Seniors Housing Operating properties.
2. Data as of 9/30/2018. Based on In-Place U.S. SH Operating NOI. Please see non-GAAP financial measures and reconciliations at the end of this presentation.
Los Angeles 12.8%
New York 11.5%
Boston 8.1%
San Francisco 5.0%
Washington, D.C. 4.0%
Seattle 3.7%
San Diego 3.5%
Dallas 3.2%
Chicago 3.0%
Philadelphia 2.9%
621(1)
Seniors Housing
Facilities
63,023 units
$17.0B(1)
Gross Real Estate
Investments
93%(2)
SH Operating NOI
in Top 31 MSAs +
Coastal States
TOP US MARKETS(1)
(% OF SH OPERATING NOI)

21. Strategic Focus: Urban, High Barrier to Entry Markets
21
Source: NIC MAP® Data Service data as of 9/30/2018.
1. Data as of 9/30/2018. Based on In-Place U.S. SH Operating NOI. Please see non-GAAP financial measures and reconciliations at the end of this presentation.
TOP US MARKETS(1)
(% OF SH OPERATING NOI)
Seniors Housing Construction: All Markets
Los Angeles 12.8%
New York 11.5%
Boston 8.1%
San Francisco 5.0%
Washington, D.C. 4.0%
Seattle 3.7%
San Diego 3.5%
Dallas 3.2%
Chicago 3.0%
Philadelphia 2.9%

22. Canadian Portfolio | Urban, High Barrier to Entry Markets
221. Source: Statistics Canada.
2. Data as of 9/30/2018. Comprises Seniors Housing Triple-Net and Seniors Housing Operating properties.
3. Data as of 9/30/2018. Based on In-Place Canadian SH Operating NOI. Please see non-GAAP financial measures and reconciliations at the end of this presentation.
Population
(inmillions)
2.7
4.0
5.5
0
1
2
3
4
5
6
2018 2028 2038
75+ POPULATION (1) 151(2)
Facilities
$3.0B(2)
Gross Real Estate
Investments
CN
78%(3)
SH Operating NOI in
Top 10 Canadian MSAs

23. UK Portfolio | Urban, High Barrier to Entry Markets
231. Source: Office for National Statistics.
2. Data as of 9/30/2018. Comprises Seniors Housing Triple-Net and Seniors Housing Operating properties.
3. Data as of 9/30/2018. Based on In-Place U.K. SH Operating NOI. Please see non-GAAP financial measures and reconciliations at the end of this presentation.
POPULATION
(inmillions)
5.6
7.7
9.6
0
5
10
15
2018 2028 2038
75+ POPULATION
(1)
111
(2)
Facilities
$2.9B
(2)
Gross Real Estate
Investments
88%(3)
SH Operating NOI in
Greater London &
Southern England
UK
Manchester
Birmingham
London

24. Urban Market Focus: Aging in Cities Survey
24
Welltower-commissioned survey reaffirms current city dwellers desire to age in place.
Source: Agingincities.com; Whereyoulivematters.org as of 9/25/2017.
Seniors Wanting to Stay
in Their City
Boston 69%
Chicago 69%
Houston 66%
Los Angeles 67%
Miami 70%
New York City 65%
San Francisco 71%
Seattle 68%
Toronto 73%
Washington, D.C. 68%

25. Urban Market Focus: Midtown Manhattan Development
25
D E M A N D FACTORS
• Manhattan has a vast, highly under-served population of aging New Yorkers
• Current availability of assisted living is 5x less than national average
• Currently, only 70 fully licensed memory care beds in Manhattan
• >30,000 geriatric patients discharged annually to health care facilities
• Demographic trends point to significant elderly population growth
• Anticipated delivery: 2020; Anticipated opening: 2020

26. Urban Market Focus: The Sumach by Chartwell, Toronto
26
D E V E L O P M E N T D E TA I L S
• New independent living community located in Regent
Park neighborhood -- the “gold standard” for urban
revitalization
• 12-story building with 332 units; 5,500 square feet of retail
space
• Bistro-style restaurant for tenants and open to the public
• Services (e.g., medication management and
administration) to be offered on an a la carte basis
• Anticipated delivery: Q2 2019

27. Urban Market Focus: The Wandsworth
27
D E M A N D FACTORS
• Urban development to meet significant and growing demand in London market
• Assisted living & memory care community located in Wandsworth, London, UK
• 6 story building with 98 units; c. 70,000 square feet
• High end facilities offered onsite such as bistro restaurant, activities lounges,
emporium and library
• Fully registered nursing community providing suite of care services
• Anticipated delivery: Q1 2020

28. Outpatient Medical Growth Opportunity
28Source: Revista; Fall 2018 Industry Outlook, data as of 12/31/2017.
51%
Health Systems
19%
Investor/Private
14%
Physician/
Provider
11%
REIT
Health Systems & Physicians Currently Own ~65%
of Outpatient Medical Real Estate
Properties Total
Value
Total
Sq. Feet
Hospital 5,522 $640B 1.6B
Outpatient 32,158 $372B 1.3B
TOTALS 37,680 $1.0T 2.9B
5%
Government/
Other

29. Procedures Driving Outpatient Medical Growth
29Source: Advisory Board Outpatient/Inpatient Volume Report as of 4/23/2018.
28.0%
9.9%
10.4%
5.1%
7.2%
-1.1%
-7.3%
-5.4%
-6.2%
-8.3%
23.2%
41.6%
12.2%
16.8%
3.0%
34.7%
35.1%
21.4%
7.4%
31.8%
-20% -10% 0% 10% 20% 30% 40% 50%
Neurosurgery
Neurology
Oncology
Obstetrics
Orthopedics
ENT
Vascular
Cardiology
Gynecology
Ophthalmology
Segment Demand Growth: 2017 - 2027
Outpatient Inpatient

30. Welltower’s Full Service Outpatient Medical Group
30
Strategic Health Care Alliances & Innovative Care Delivery Models
1. Please see non-GAAP financial measures and reconciliations at the end of this presentation.
2. Includes only multi-tenant properties.
16.6M
OUTPATIENT MEDICAL
SQUARE FEET
$5.7B
INVESTED IN 263
PROPERTIES
97%IN-HOUSE MANAGED
PROPERTIES AS % OF SF(2)
95%
HEALTH SYSTEM
AFFILIATED AS %
OF CORE NOI(1)
Welltower proudly serves
many of the nation’s top
health systems

31. U.S. Outpatient Medical Portfolio
31
1. Welltower 2016 Tenant Survey Results compared to Kinsley Index.
Top 10%
OVERALL TENANT
SATISFACTION(1)
257
MANAGED OUTPATIENT
MEDICAL PROPERTIES
~200
PROPERTY MANAGEMENT
PROFESSIONALS

32. NOTABLE TRANSACTIONS
AND PARTNERSHIPS
32

33. Transformational Joint Venture
33
Advanced Ambulatory Oncology Programs
• The project will be built on a former parking lot at The Shops at Mission
Viejo, a high-end mall owned by Simon Property Group
• Strategic joint venture with Mission Hospital, a 345-bed acute care hospital
• Mission is a member of the Providence St. Joseph Health System, which
includes 111,000 employees, 50 hospitals, and 829 clinics across 7 states
• 104,500 RSF, on-campus medical office building with 611-space
parking structure
• Long term ground lease with Simon Property Group, building will be master
leased by St. Joseph Health Mission Hospital
• Anchor use will be specialized cancer care including an ambulatory surgery
center, radiology, imaging, and 2-3 linear accelerators
• Anticipated delivery: July 2019; HOPD 603 Compliant
Strategic Health Care Alliances Innovative Care Delivery Models

34. Real Estate Solutions Enabling Clinical Transformation
Clinical Network Expansion - Howard County Maryland
34
On Campus
Howard County General
Hospital
• 216,000 RSF in 2 MOBs on 14
acres, housing a variety of private
multi-specialty physician practices,
health system employed and
academic faculty practices
Off Campus
Knoll North, Columbia MD
• 155,000 RSF in 2 MOBs on 30+
acres, housing a variety of private
multi-specialty physician practices,
health system employed and
academic faculty practices
National Capital Region (NCR)
• Clinical integration of JH Community
Physicians and Potomac Home Health
at Sunrise Communities in the NCR
Future Exploration
• Active dialog to develop alternative
sites of care in collaboration with
Howard County General Hospital
Strategic Programs Collaboration
• Establishing a framework for national
quality standards for AL and MC, and
industry leading thought leadership, led
by a steering committee of Hopkins
medical, nursing, public health and
home health experts

35. 35
Optimize Portfolio Cash Flow Through Restructurings
▪ Transitioning 36 Brookdale properties to Pegasus, a newly formed management group led by
industry veterans Steven Vick and Chris Hollister, the senior housing industry’s most well-
respected turnaround specialists.
▪ 12 properties are allocated to 6 other WELL operators based on market, acuity, and operating
model expertise.
▪ Brookdale paid WELL $58M termination fee and will continue to operate properties until fully
transitioned.
▪ Expanding relationship with Cogir, a leading and innovative operator led by Mathieu
Dugauay, to operate 12 Brookdale communities. Cogir has operated communities with a
similar acuity profile at a 96% average occupancy over the past 15 years.
▪ Conversion of 27 Brandywine Living Properties to SHO improving SH NNN Coverage and
driving future SHO growth through development pipeline.
Leveraging Welltower’s deep bench of relationships with innovative operating partnerships to drive value

36. 36
FINANCIAL SUMMARY

37. Balanced and Manageable Debt Maturity Profile
37
in millions 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Thereafter
Unsecured Debt — $600 $690 $450 $600 $1,794 $400 $1,250 $700 — $3,271
Pro Rata Secured Debt $174 $450 $165 $255 $209 $207 $244 $516 $46 $164 $259
Line of Credit — — — — — $1,312 — — — — —
Total ($mm) $174 $1,050 $855 $705 $809 $3,313 $644 $1,766 $746 $164 $3,530
Data as of 9/30/2018 in USD. Represents pro rata principal amounts due and excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.
Weighted Average Maturity of 7.8 years
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Thereafter
Line of Credit
Pro Rata Secured Debt
Unsecured Debt

38. 0%
10%
20%
30%
40%
50%
60%
70%
Consistently Outperforming Peers
381. Data as of 9/30//2018. Adjusted for stock splits. Total return assumes reinvestment of dividends.
2. Data as of 9/30/2018. The 2018 dividend represents the approved dividend rate for 2018, subject to quarterly review by the Board of Directors.
+53%
14.9% Average Annual Return
Since Inception (1)
Total Returns(1)
+39%
5.4% Dividend Yield (2)

39. Performance Driven Strategy
39
Investment in the
“Silver Economy” &
Aging
Best-in-Class
Real Estate &
Operating
Partners
Superior Internal
& External Growth
Investment Grade
Balance Sheet &
Outstanding Access to
Capital
Significant and
Stable Dividend
Income

40. APPENDIX
40

41. Recognized for Sustainable Business Practices
41
Building
Certifications
65M sq ft1.2M sq ft 620k sq ft734k sq ft
1. Year over year, as of August 2018.
2. ISS Governance Score is a weighted average of scores assigned for (a) board structure, (b) compensation, (c) shareholder rights and (d) audit.
3. Ventas (VTR), HCP (HCP), 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).
0
2
4
6
8
Peers Welltower Inc.
ISS Governance Score
3.0
6.1
(3)
11,050,000 kWh
reduction in energy
consumption(1)
Avoided 5,455 metric
tons of greenhouse
gas emissions(1)
Lower Risk Higher Risk

42. Strong Growth in Projected Demand for Seniors Housing
42
Projected Annual Demand Growth For Seniors Housing Units
Source: American Seniors Housing Association: A Projection of U.S. Seniors Housing Demand 2015-2040. Summer 2016 Brief.
8,500 12,000
25,000
43,500 45,500
9,500
13,000
28,000
48,500 50,500
2010-2015 2015 - 2020 2020 - 2025 2025 - 2030 2030 - 2035
Assisted Living and Memory Care Independent Living
53,000
25,000
92,000
96,000
18,000

43. Growth Platform Driving the Future of Health Care Delivery
431. Based on In-Place NOI for 3Q18. Please see non-GAAP financial measures and reconciliations at the end of this presentation.
2. Comprises Seniors Housing Triple-Net and Seniors Housing Operating properties.
Portfolio Mix(1)
66% Seniors Housing(2)
(Independent Living, Assisted Living & Memory Care)
• Invest in top metro markets with high barriers to entry
• Strategic partnerships with best-in-class, privately held operators
• Scale that drives efficiencies across assisted living and memory care platforms
• Increased NOI and operational upside from partnership management philosophy
11% Long-Term, Post-Acute Care
16% Outpatient Medical
• Selective investments in higher acuity/higher impact skilled nursing facilities
(e.g., Powerback model)
• Right size exposure to NOI and balance sheet
• Full service outpatient medical group overseeing 16.3M square feet of space
• 94.8% affiliated with health systems as a percentage of NOI
• Growing MOB portfolio at the forefront of evolving care delivery
Capital-efficient,
sustainable growth
supporting long-term
stable income.
7% Health System
• Strategic joint venture with ProMedica comprised of 218 properties
• Establishes strong credit support for future growth with innovative and
diversified major health system

44. Outpatient Will Continue to Dominate Care Delivery
44Source: American Hospital Association 2018 Hospital Statistics Report; data represents the cumulative change in inpatient admissions and outpatient visits for Community Hospitals.
0%
10%
20%
30%
40%
50%
60%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Outpatient visits Inpatient admissions
51% increase in outpatient visits since 1999,
compared with a 3% increase in inpatient admissions

45. Superior Assets Lead to Superior Operating Results
45
1. Data as of 9/30/2018. Please see non-GAAP financial measures and reconciliations at the end of this presentation.
2. Data obtained from publicly available documents for the following peers: HCP, HR, HTA, VTR. Peer data is as of 6/30/2018.
3. Welltower percentage based on NOI. Peers based on square feet.
4. Based on occupied square feet.
5. As a percentage of square feet. Includes only multi-tenant properties.
Welltower (1)
Outpatient
Medical Peers (2)
Occupancy 93% 91%
Average Property Size
Square Feet
64,716 63,375
Health System Affiliation(3) 95% 95%
NOI Margin 67% 66%
NOI per Square Foot
Annualized
$22.32 $18.14
Lease Expirations(4)
Through 2021
30% 45%
In-house Managed(5) 97% Data Not Available
Outpatient Medical

46. Superior Assets Lead to Superior Operating Results
46
1. Welltower data as of 6/30/2018 for stable portfolio. EBITDARM Coverage and EBITDARM per bed figures represent trailing twelve months results. EBITDARM represents 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.
2. Average TTM 2Q18 results obtained from publicly available documents for the following peers: OHI, VTR (SNF only), LTC and SBRA. Quality mix excludes SBRA.
3. Average TTM 2Q18 results obtained from publicly available documents for the following publicly traded skilled nursing operators: GEN, DVCR, ENSG, and NHC. Quality mix excludes NHC.
4. Property age per 3Q18 NIC MAP for Majority NC Properties in the primary and secondary markets; occupancy and quality mix per NIC Skilled Nursing Data Report, June 2018.
5. Per page 1 of 3Q18 Supplement.
WELLTOWER
PAC/LTC (1)
HC REIT
Peers (2)
Public
Operators (3)
Industry
Benchmarks (4)
Property Age
Years
19 36 32 39
Occupancy 81% 81% 82% 82%
Quality Mix
Private & Medicare Revenue %
66%(5) 45% 50% 51%
EBITDARM Coverage 1.68x(5) 1.65x
Data
Not Available
Data
Not Available
EBITDARM per Bed
Annual
$21,389 $15,625 $14,015
Data
Not Available
Post-Acute and Long-Term Care

47. Superior Assets Lead to Superior Operating Results
47See following page for all footnotes.
Welltower US
RIDEA(1)
HC REIT
Peers(2)
Public
Operators(3)
Industry
Benchmarks
Welltower UK
RIDEA(1)
Industry
Benchmarks
Property Age
Years
16 19(4) 20(4) 21(5) 10 21(9)
Housing Value
Median
$556,343 $244,284(4) $216,911(4) $226,495(6) £480,708 £289,612(10)
Household Income
Median
$95,247 $64,663(4) $61,049(4) $66,174(6) Data Not
Available
Data Not
Available
REVPOR
Monthly
$6,725 $4,160(7) $4,317(7) $4,746(5) £6,377 £3,720 (11)
SSREVPOR Growth
Year-over-year
2.8% 2.0%(7) 1.2%(7) 2.6%(5) 1.3% 3.3%(11)
SSNOI per Unit
Annual
$23,735 $12,388(7) $11,960(7) $17,827(8) £16,942 £9,544 (11)
SSNOI Growth
Year-over-year
(0.1%) (2.8%)(7) (5.6%)(7) Data Not
Available
8.9%
Data Not
Available
US Seniors Housing UK Seniors Housing

48. Detailed Footnotes
1. Data as of 9/30/2018 for properties included in the seniors housing operating segment. Property age, housing value and household income are NOI-weighted as of September 30, 2018.
The median housing value and household income is used for the US, and the average housing value and household income is used for the UK. Housing value, household income and
population growth are based on a 3-mile radius. Growth figures represent average performance of Welltower's same store portfolio. REVPOR is based on total 3Q18 results. Please see
non-GAAP financial measures and reconciliations at the end of this presentation.
2. Average Trailing 4 quarters as of 6/30/2018 results for the following peers: HCP, SNR, SNH, SBRA, and VTR. Housing value and household income are based on 5-mile radius median
data.
3. Average Trailing 4 quarters as of 6/30/2018 results for the following publicly traded seniors housing operators: BKD, CSU and FVE. Housing value and household income are based on 5-
mile radius median data.
4. Derived or obtained from BofAML research reports, NIC, Claritas, and/or publicly available documents.
5. Per NIC 3Q18 Majority AL properties in primary and secondary markets.
6. US Median per Claritas 2019.
7. Derived or obtained from publicly available documents as of 2Q18.
8. The State of Seniors Housing 2017. Represents 2016 results.
9. Property age per LaingBuisson, Care of Older People 29th Edition.
10. UK Average, CACI 2017 CI.
11. REVPOR, SS REVPOR growth and SS NOI per Unit derived from LaingBuisson, Care of Older People UK Market Report 29th Edition.
48

49. FINANCIAL DISCLOSURES
49

50. Non-GAAP Financial Measures
50
Welltower Inc. believes 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, the company
considers Net Operating Income (NOI), In-Place NOI (IPNOI), Same Store NOI (SSNOI), Revenues per Occupied Room (REVPOR),
and Same Store REVPOR (SS REVPOR) to be useful supplemental measures of its operating performance. These supplemental
measures are disclosed on a Welltower pro rata ownership basis.
Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests and adding
Welltower’s minority ownership share of unconsolidated amounts. Welltower does not control unconsolidated investments. While the
company considers pro rata disclosures useful, they may not accurately depict the legal and economic implications of Welltower’s joint
venture arrangements and should be used with caution.
Welltower’s 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. Welltower’s
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 Welltower, 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.

51. NOI, IPNOI, SSNOI, REVPOR and SS REVPOR
51
Net operating income (NOI) is used to evaluate the operating performance of our properties. 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 seniors housing operating and
outpatient medical 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. These
expenses include, but are not limited to, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets.
In-Place NOI (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.
SSNOI is used to evaluate the operating performance of our properties under a consistent population which eliminates 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. Land parcels, loans, and sub-
leases as well as any properties acquired, developed/redeveloped (including major refurbishments where 20% or more of units are simultaneously taken out of commission for
30 days or more), sold or classified as held for sale during that period are excluded from the same store amounts. Properties undergoing operator transitions and/or segment
transitions (except triple-net to seniors housing operating with the same operator) are also excluded from the same store amounts. 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.
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. The company uses 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, SSNOI, 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.

52. Historical In-Place NOI Reconciliations
(dollars in thousands)
3Q18 1Q10 In-Place NOI by country 3Q18 1Q10
Net income (loss) $ 84,226 $ 31,694 United States $ 444,189 83.3 % $ 127,480 100.0 %
Loss (gain) on real estate dispositions, net (24,723) (6,718) United Kingdom 44,604 8.4 % — —%
Loss (income) from unconsolidated entities (344) (768) Canada 44,512 8.3 % — —%
Income tax expense (benefit) 1,741 84 Total In-Place NOI $ 533,305 100.0 % $ 127,480 100.0 %
Other expenses 88,626 —
Impairment of assets 6,740 — In-Place NOI by property type
Loss (income) from discontinued operations, net — 203 Seniors Housing Operating $ 255,255 47.9 % $ — — %
Provision for loan losses — — Seniors Housing Triple-net 98,930 18.6 % 50,433 39.6 %
Loss (gain) on extinguishment of debt, net 4,038 18,038 Outpatient Medical 85,876 16.1 % 24,660 19.3 %
Loss (gain) on derivatives and financial instruments, net 8,991 — Health System 35,801 6.7 % — —%
Transaction costs — 7,714 Long-Term/Post-acute Care 57,443 10.8 % 39,638 31.1 %
General and administrative expenses 28,746 16,821 Hospital — — % 10,456 8.2 %
Depreciation and amortization 243,149 43,387 Life Science — — % 2,293 1.8 %
Interest expense 138,032 29,791 Total In-Place NOI $ 533,305 100.0 % $ 127,480 100.0 %
Consolidated net operating income $ 579,222 $ 140,246
NOI attributable to unconsolidated investments(1) 22,247 2,624
NOI attributable to noncontrolling interests(2) (37,212) —
Pro rata net operating income (NOI) $ 564,257 $ 142,870
Adjust:
Interest income $ (14,622 ) $ (9,048 )
Other income (3,754 ) (996 )
Sold / held for sale (9,401 ) —
Developments / land 641 —
Non In-Place NOI(3) (15,839 ) (5,346 )
Timing adjustments(4) 12,023 —
Total adjustments (30,952 ) (15,390 )
In-Place NOI 533,305 127,480
Annualized In-Place NOI $ 2,133,220 $ 509,920
1. Represents Welltower’s interest in joint ventures where Welltower is the minority partner.
2. Represents minority partners’ 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 transitions.
52

53. In-Place NOI Concentration Reconciliations
53
$s in thousands at Welltower
Prorata ownership
% of SHO
by Country
% of
SHO
Seniors Housing
Operating
Seniors Housing
NNN
Outpatient
Medical
Health
System
Long-Term Post
Acute Care Total
% of
Total
% of
Country
New York 11.5% 8.7% $ 22,232 $ 8,151 $ 2,151 $ 866 $ 3,299 $ 36,699 6.9% 8.3%
Los Angeles 12.8% 9.6% 24,629 424 6,032 104 — 31,189 5.8% 7.0%
Philadelphia 2.9% 2.2% 5,528 117 5,784 2,992 7,832 22,253 4.2% 5.0%
Boston 8.1% 6.1% 15,539 439 297 — 620 16,895 3.2% 3.8%
Dallas 3.2% 2.4% 6,196 4,469 7,434 182 952 19,233 3.6% 4.3%
Seattle 3.7% 2.8% 7,096 945 3,518 391 — 11,950 2.2% 2.7%
Washington, D.C. 4.0% 3.1% 7,815 277 — 2,735 1,462 12,289 2.3% 2.8%
Chicago 3.0% 2.3% 5,773 2,967 532 2,352 374 11,998 2.2% 2.7%
San Francisco 5.0% 3.8% 9,696 2,135 — 1,052 — 12,883 2.4% 2.9%
Houston 1.6% 1.2% 3,127 1,057 6,506 — — 10,690 2.0% 2.4%
San Diego 3.5% 2.7% 6,787 — 362 — 729 7,878 1.5% 1.8%
San Jose 2.0% 1.5% 3,915 — 487 514 — 4,916 0.9% 1.1%
Other Top 31 US MSAs and Coastal States 31.9% 24.1% 61,584 29,972 33,896 16,194 22,218 163,864 30.7% 36.9%
Other United States 6.8% 5.1% 13,113 27,769 13,861 8,419 18,289 81,451 15.4% 18.3%
Total United States 100.0% 75.6% $ 193,030 $ 78,722 $ 80,860 $ 35,801 $ 55,775 $ 444,188 83.3% 100.0%
Greater London 67.4% 5.3% $ 13,642 $ 8,590 $ 5,016 $ — $ — $ 27,248 5.1% 61.1%
Other Southern England 20.9% 1.7% 4,221 7,274 — — — 11,495 2.2% 25.8%
Other United Kingdom 11.7% 0.9% 2,371 3,491 — — — 5,862 1.1% 13.1%
Total United Kingdom 100.0% 7.9% $ 20,234 $ 19,355 $ 5,016 $ — $ — $ 44,605 8.4% 100.0%
Toronto 23.7% 3.9% $ 9,958 $ — $ — $ — $ — $ 9,958 1.9% 22.4%
Calgary 5.2% 0.8% 2,167 — — — 1,668 3,835 0.7% 8.6%
Montréal 17.2% 2.8% 7,211 — — — — 7,211 1.4% 16.2%
Ottawa 10.9% 1.8% 4,559 — — — — 4,559 0.9% 10.2%
Vancouver 7.3% 1.2% 3,065 356 — — — 3,421 0.6% 7.7%
Edmonton 2.6% 0.4% 1,102 — — — — 1,102 0.2% 2.5%
Québec 5.6% 0.9% 2,356 — — — — 2,356 0.4% 5.3%
Winnipeg 3.3% 0.5% 1,377 — — — — 1,377 0.3% 3.1%
Hamilton 1.2% 0.2% 492 — — — — 492 0.1% 1.1%
Kitchener 1.0% 0.2% 440 — — — — 440 0.1% 1.0%
Remaining Canada 22.1% 3.8% 9,264 497 — — — 9,761 1.7% 21.9%
Total Canada 100.0% 16.5% $ 41,991 $ 853 $ — $ — $ 1,668 $ 44,512 8.3% 100.0%
Total In-Place NOI(1) 100.0% $ 255,255 $ 98,930 $ 85,876 $ 35,801 $ 57,443 $ 533,305 100.0%
1. Please refer to "Historical In-Place NOI Reconciliations" for a reconciliation of In-Place NOI to net income.

54. In-Place NOI Concentration Reconciliations (cont.)
54
(dollars in thousands at Welltower pro rata ownership)
In-Place NOI Diversification(1)
By Partner:
% of
SHO
Seniors Housing
Operating
Seniors Housing
NNN
Outpatient
Medical
Health
System
Long-Term Post
Acute Care
Total % of Total
Sunrise Senior Living North America 25.4% $259,585 — — — — $259,585 12.2%
Sunrise Senior Living United Kingdom 7.5% 77,043 — — — — 77,043 3.6%
ProMedica —% — — — 143,204 — 143,204 6.7%
Brookdale Senior Living —% — 56,616 — — — 56,616 2.7%
Brookdale Senior Living - Transitions(2) 6.9% 70,349 14,764 — — — 85,113 4%
Revera 11.1% 113,452 — — — — 113,452 5.3%
Genesis HealthCare —% — 752 — — 109,572 110,324 5.2%
Benchmark Senior Living 7.6% 78,042 — — — — 78,042 3.7%
Belmont Village 6.9% 70,316 — — — — 70,316 3.3%
Senior Resource Group 6.6% 67,392 — — — — 67,392 3.2%
Brandywine Living 6% 60,929 — — — — 60,929 2.9%
Avery 0.3% 3,145 56,854 — — — 59,999 2.8%
Remaining 21.7% 220,767 266,734 343,504 — 120,200 951,205 44.4%
Total In-Place NOI(1)
100% $1,021,020 $395,720 $343,504 $143,204 $229,772 $2,133,220 100%
1. Please refer to “Historical In-Place NOI Reconciliations” for a reconciliation of In-Place NOI to net income.
2. Represents the 63 properties to be transitioned to other operators as announced in our June 27, 2018 press release.

55. SHO REVPOR Reconciliations
55
(dollars in thousands, except REVPOR and SSNOI/unit)
SHO REVPOR Reconciliation United States United Kingdom Canada Total
Consolidated SHO revenues $ 681,387 $ 79,971 $ 115,147 $ 876,505
Unconsolidated SHO revenues attributable to Welltower(1) 23,009 — 20,314 43,323
SHO revenues attributable to noncontrolling interests(2) (38,627) (6,446) (25,701) (70,774)
Pro rata SHO revenues 665,769 73,525 109,760 849,054
SHO interest and other income (1,017) (31) (294) (1,342)
SHO revenues attributable to held for sale properties (24,397) (1,141) — (25,538)
Adjustment for standardized currency rate(3) — 2,620 4,973 7,593
SHO local revenues 640,355 74,973 114,439 829,767
Average occupied units/month 31,482 2,879 13,212 47,573
REVPOR/month in USD $ 6,725 $ 8,609 $ 2,864 $ 5,767
REVPOR/month in local currency £ 6,377 $ 3,580
1. Represents Welltower’s interest in joint venture properties in which Welltower is the minority partner
2. Represents minority partners’ interest in joint venture properties in which Welltower is the majority partner
3. Based on GBP/USD rate of 1:1.35 and USD/CAD rate of 1.25:1

56. SHO Same Store Reconciliations
56
United States United Kingdom Canada Total
3Q17 3Q18 3Q17 3Q18 3Q17 3Q18 3Q17 3Q18
SHO SS REVPOR Growth
Consolidated SHO revenues $ 518,883 $ 681,387 $ 73,176 $ 79,971 $ 111,818 $ 115,147 $ 703,877 $ 876,505
Unconsolidated SHO revenues attributable to WELL(1) 22,044 23,009 — — 21,001 20,314 43,045 43,323
SHO revenues attributable to noncontrolling interests(2) (31,815) (38,627) (4,761) (6,446) (26,324) (25,701) (62,900) (70,774)
SHO pro rata revenues(3) 509,112 665,769 68,415 73,525 106,495 109,760 684,022 849,054
Non-cash revenues on same store properties (132) (68) (20) (19) — — (152) (87)
Revenues attributable to non-same store properties (49,413) (132,517) (14,664) (16,388) (2,653) (9,327) (66,730) (158,232)
Currency and ownership adjustments(4) 3,252 (1 ) 1,688 2,068 213 4,563 5,153 6,630
SH-NNN to SHO conversions (5) 57,397 849 — — — — 57,397 849
Other normalizing adjustments(6) 354 848 (1,425) (598) — — (1,071) 250
SHO SS revenues(7) 520,570 534,880 53,994 58,588 104,055 104,996 678,619 698,464
Avg. occupied units/month(8) 24,437 24,411 2,177 2,332 11,845 11,745 38,459 38,488
SHO SS REVPOR(9) $ 7,038 $ 7,233 $ 8,200 $ 8,306 $ 2,904 $ 2,956 $ 5,898 $ 6,066
SS REVPOR YOY growth —% 2.8% —% 1.3% —% 1.8% — 2.8%
SHO SSNOI Growth
Consolidated SHO NOI $ 161,754 $ 201,639 $ 20,083 $ 20,852 $ 43,263 $ 43,355 $ 225,100 $ 265,846
Unconsolidated SHO NOI attributable to WELL(1) 8,374 8,216 — — 8,864 8,547 17,238 16,763
SHO NOI attributable to noncontrolling interests(2) (10,171) (8,346) (346) (1,090) (10,297) (9,644) (20,814) (19,080)
SHO pro rata NOI(3) 159,957 201,509 19,737 19,762 41,830 42,258 221,524 263,529
Non-cash NOI on same store properties 287 (519) (20) (19) — 0 267 (538)
NOI attributable to non-same store properties (13,731) (34,245) (3,590) (3,012) (975) (3,814) (18,296) (41,071)
Currency and ownership adjustments(4) 873 — 503 602 88 1,746 1,464 2,348
SH-NNN to SHO conversions(5) 20,551 — — — — — 20,551 —
Other normalizing adjustments(6) (164) 930 (1,266 ) (598) — 52 19,121 384
SHO pro rata SSNOI(7) $ 167,773 $ 167,675 $ 15,364 $ 16,735 $ 40,943 $ 40,242 $ 244,631 $ 224,652
SHO SSNOI growth (0.1)% 8.9% (1.7)% 0.3%
SHO SSNOI/Unit
Trailing four quarters' SSNOI(7) $ 665,977 $ 63,401 $ 159,812 $ 889,190
Average units in service(10) 28,059 2,772 13,072 43,903
SSNOI/unit in USD $ 23,735 $ 22,872 $ 12,226 $ 20,254
SSNOI/unit in local currency(4) £ 16,942 $ 15,283
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.
4. Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.25 and to translate UK properties at a GBP/USD rate of 1.35.
5. Represents the revenues and NOI of certain properties that were converted from Seniors Housing Triple-net to Seniors Housing Operating with the same operator. Amounts derived from unaudited operating results provided by the operator and were not a component of
WELL earnings.
6. Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.
7. Represents SS SHO revenues/SSNOI at Welltower pro rata ownership.
8. Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.
9. Represents pro rata SS average revenues generated per occupied room per month.
10. Represents average units in service for SS properties related solely to referenced country on a pro rata basis.

57. Outpatient Medical NOI Reconciliations
57
(dollars in thousands, except per square foot) Three Months Ended
September 30, 2018
Total
OM revenues $ 130,344
OM property operating expenses (42,524)
OM NOI $ 87,820
OM NOI margin 67.4%
OM NOI $ 87,820
Less: In-Place NOI adjustments (1,944)
OM In-Place NOI 85,876
OM In-Place NOI Annualized $ 343,504
OM NOI $ 87,820
Total square feet 16,606,129
Pro rata adjustments(1) (870,802)
Pro rata rental square feet 15,735,327
OM NOI per square foot annualized $ 22.32
OM NOI $ 87,820
Non health system affiliated NOI (4,111)
OM health system affiliated NOI $ 83,709
OM health system affiliated NOI % 95.3%
Unless otherwise noted, amounts presented on Welltower pro rata ownership basis. See "In-Place NOI Reconciliations" and
"In-Place NOI by Partner Reconciliations" for reconciliation to net operating income from continuing operations.
1. Represents amounts attributable to joint venture partners, both unconsolidated and noncontrolling.