well-20210428

0000766704-21-000029.txt : 20210428 0000766704-21-000029.hdr.sgml : 20210428 20210428162436 ACCESSION NUMBER: 0000766704-21-000029 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 20 CONFORMED PERIOD OF REPORT: 20210428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210428 DATE AS OF CHANGE: 20210428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WELLTOWER INC. CENTRAL INDEX KEY: 0000766704 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 341096634 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08923 FILM NUMBER: 21864555 BUSINESS ADDRESS: STREET 1: 4500 DORR STREET CITY: TOLEDO STATE: OH ZIP: 43615 BUSINESS PHONE: 419-247-2800 MAIL ADDRESS: STREET 1: 4500 DORR STREET CITY: TOLEDO STATE: OH ZIP: 43615 FORMER COMPANY: FORMER CONFORMED NAME: HEALTH CARE REIT INC /DE/ DATE OF NAME CHANGE: 19920703 8-K 1 well-20210428.htm 8-K well-20210428

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2021

Welltower Inc.

(Exact name of registrant as specified in its charter)

Delaware

1-8923

34-1096634

(State or other jurisdiction
of Incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

4500 Dorr Street,

Toledo,

Ohio

43615

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (419) 247-2800

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $1.00 par value per share

WELL

New York Stock Exchange

4.800% Notes due 2028

WELL28

New York Stock Exchange

4.500% Notes due 2034

WELL34

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Page 1 of 2

Item 2.02 Results of Operations and Financial Condition.

On April 28, 2021, Welltower Inc. (the “Company”) issued a press release that announced operating results for its first quarter ended March 31, 2021. The press release refers to a supplemental information package that is available on the Company's website (www.welltower.com), free of charge. Copies of the press release and supplemental information package have been furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report, and are incorporated herein by reference.

The information included in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release of Welltower Inc. dated April 28, 2021

99.2 Welltower Inc. Supplemental Information Package for the quarter ended March 31, 2021.

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


WELLTOWER INC.

By:			/s/ Matthew McQueen
Name:			Matthew McQueen
Title:			Executive Vice President – General Counsel & Corporate Secretary

Dated: April 28, 2021

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EX-99.1 2 a1q21earningsrelease991.htm EX-99.1 Document

FOR IMMEDIATE RELEASE

April 28, 2021

For more information contact:

Tim McHugh (419) 247-2800

Welltower Reports First Quarter 2021 Results

Toledo, Ohio, April 28, 2021…..Welltower Inc. (NYSE:WELL) today announced results for the quarter ended March 31, 2021.

Recent Highlights

•Reported net income attributable to common stockholders of $0.17 per diluted share

•Reported normalized FFO attributable to common stockholders of $0.80 per diluted share

•As of April 23, 2021, occupancy for our Seniors Housing Operating ("SHO") portfolio increased approximately 60 basis points ("bps") from the pandemic-low on March 12, 2021, led by our U.K. and U.S. portfolios with occupancy gains of 120 bps and 90 bps, respectively

•Year-to-date, completed $1.3 billion of pro rata gross investments exclusive of development funding through April 27, 2021

•On April 27, 2021, we completed a £540 million ($750 million) participating senior loan advancement to affiliates of Safanad Inc. as part of its recapitalization of HC-One Group. The loan, which may be expanded by an additional £30 million, matures in 2026, and is secured by a first mortgage interest in the HC-One portfolio

•Reported near-term liquidity of $4.0 billion as of April 27, 2020

•Announced substantial exit of operating relationship with Genesis Healthcare through real estate transactions totaling $880 million in value, or $144,000 per bed, generating an 8.5% unlevered IRR over full term of Genesis relationship

•Named to the Bloomberg Gender-Equality Index for the third consecutive year

•On April 28, 2021, the Board of Directors declared a cash dividend for the quarter ended March 31, 2021 of $0.61 per share, marking Welltower’s 200th consecutive quarterly cash dividend to shareholders

COVID-19 Update

SHO Portfolio Following the rapid distribution and high acceptance rate of COVID-19 vaccinations by residents within assisted living and memory care facilities in the U.S. and U.K., total resident case counts on a trailing two week basis have declined by 98% since mid-January 2021 across the SHO portfolio. Approximately 99% of our communities are currently accepting new residents, resulting in an acceleration in move-in activity and occupancy rates in recent weeks. Through April 23, 2021, total SHO portfolio occupancy increased by approximately 60 bps to 73.8% from the pandemic-low on March 12, 2021. Occupancy rates are as follows:


	February 2020		December 2020		January 2021		February 2021		March 2021
Spot occupancy (1)	85.4	%	75.9	%	74.4	%	73.6	%	73.6	%
Sequential occupancy change					(1.5)	%	(0.8)	%	—	%

(1) Spot occupancy represents approximate month end occupancy at our share for properties in operation as of February 29, 2020, including unconsolidated properties but excluding acquisitions, executed dispositions and development conversions since this date.

On a month-to-date basis, as of April 23, 2021, SHO portfolio occupancy has increased approximately 20 bps. Occupancy continued to strengthen in the U.S. and U.K. with gains of approximately 40 bps and 90 bps, respectively. However, occupancy declined approximately 20 bps in Canada over the same period following a sharp rise in COVID-19 cases and implementation of shelter in place orders across parts of the country.

As of April 23, 2021, approximately 97% of our SHO communities reported no confirmed cases of COVID-19 during the trailing two weeks, 3% have reported 1-2 cases and 0% have reported 3+ cases. Virtually all assisted living and memory care communities have completed their final scheduled vaccination clinics.

In 2020, applications were made for amounts under Phase 2 and Phase 3 of the Provider Relief Fund related to our SHO portfolio. During the first quarter, we received net pro rata Provider Relief Funds of approximately $35 million, which was recognized as a reduction to COVID-19 costs within property operating expenses.

Our share of property-level expenses associated with the COVID-19 pandemic relating to our total SHO portfolio, net of reimbursements including Provider Relief Funds and similar programs in the U.K. and Canada, totaled a benefit of approximately $23 million for the three months ended March 31, 2021 as compared to an expense of approximately $7 million for the three months ended

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1Q21 Earnings Release						April 28, 2021

March 31, 2020. These costs included higher labor expenses coupled with expenditures related to procurement of personal protective equipment and other supplies, net of any reimbursements. Such amounts had a favorable impact on net income attributable to common stockholders and normalized FFO per diluted share of $0.05 for the three months ended March 31, 2021 and an unfavorable impact of $0.02 per diluted share for the three months ended March 31, 2020.

Rent Collections During the first quarter, we collected approximately 96% of rent due from operators under Triple-net lease agreements (primarily seniors housing and post-acute care facilities). Of the uncollected amounts of Triple-net rent, the majority relates to leases on a cash basis of revenue recognition. In the Outpatient Medical segment, we collected 99% of rent due in the first quarter, with uncollected amounts primarily attributable to local jurisdictions with COVID-19 related ordinances providing temporary rent relief to tenants. Virtually all rent subject to approved deferral agreements has been repaid in full.

Capital Activity and Liquidity Inclusive of available borrowings under our line of credit, cash and cash equivalents, and IRC Section 1031 deposits, at April 27, 2021, we have $4.0 billion of near-term available liquidity and no material senior unsecured note maturities until 2024. 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.

On March 25, 2021 we completed the issuance of $750 million senior unsecured notes bearing interest at 2.80% with a maturity date of June 2031. Net proceeds were used to fund the April 15, 2021 redemption of all $339 million aggregate amount outstanding of the 3.75% senior notes due March 2023 and all $335 million aggregate amount outstanding of the 3.95% senior notes due September 2023. The remaining proceeds were used to reduce borrowings under our term loan due April 2022. During the quarter we extinguished $42 million of secured debt at a blended average interest rate of 7.60%.

Dividend On April 28, 2021, the Board of Directors declared a cash dividend for the quarter ended March 31, 2021 of $0.61 per share. This dividend, which will be paid on May 20, 2021 to stockholders of record on May 11, 2021, will be our 200th consecutive quarterly cash dividend. The declaration and payment of future quarterly dividends remains subject to review and approval by the Board of Directors.

Quarterly Investment and Disposition Activity In the first quarter, we completed $368 million of pro rata gross investments including $209 million in acquisitions at a blended initial yield of 6.2%. Additionally, $121 million in development funding with an expected stable yield of 7.1% and $38 million of loan funding at a yield of 7.3% were completed. We converted four development projects for an aggregate pro rata amount of $174 million and an expected stable yield of 6.2%. Additionally, during the quarter we completed pro rata property dispositions of $216 million at a 5.5% yield.

Notable Investments and Dispositions

Harbor Retirement Associates During the first quarter, we acquired a portfolio of eight seniors housing properties located throughout the southeast for a pro rata investment of $132 million. The communities will be operated by Harbor Retirement Associates under a new triple-net master lease.

Pappas Properties and Atrium Health During the first quarter, we delivered two state-of-the-art "Class A+" medical office buildings previously under development in Charlotte, North Carolina as part of the joint venture between Pappas Properties and Welltower. Both buildings are 100% master leased to Atrium Health (Moody's: Aa3) for 15 years. The project is part of a multi-phase, health care anchored, mixed-use development located next to Atrium Health's flagship Carolinas Medical Center campus. The properties will house integrated specialty clinical practices for Atrium Health including the Sanger Heart and Vascular Institute.

Wafra Joint Venture During the first quarter, we completed the previously announced joint venture partnership with certain investment vehicles managed by Wafra by contributing five properties, to the joint venture for a pro rata sales price of $110 million. In total, the joint venture comprises a portfolio of 23 outpatient medical properties previously majority-owned by Welltower located in Texas, Florida, Minnesota, the Carolinas, Tennessee, California, Pennsylvania and Washington, among other states. Through the partnership, we retained a 20% economic interest in the portfolio, along with leasing and property management responsibilities.

Invesco Real Estate Outpatient Medical Joint Ventures We announced our initial joint venture agreement with Invesco Real Estate ("IRE"), a global real estate investment manager, in November 2019 in conjunction with the plan to sell an 85% interest in 31 properties, representing approximately 2.2 million square feet, for a total pro rata sales price of $612 million at a yield of 5.6%. We retained leasing, property management and asset management responsibilities for the joint venture.

During the third quarter of 2020, we expanded our partnership with IRE through a new joint venture which comprises a portfolio of 20 outpatient medical properties previously majority owned by Welltower, spanning 1.0 million square feet across five states for a total transaction price of $402 million. The average age of the properties is 16 years, with roughly half of the portfolio affiliated with health systems. Through the partnership, we retained a 15% economic interest in the portfolio, along with leasing, property management and asset management responsibilities. During 2020, we sold 18 of the 20 IRE properties for a total pro rata sales price of $302 million at a 5.4% yield. In the first quarter of 2021, we closed the remaining two properties for $37 million. In addition, during the quarter a right of first refusal was exercised for one property at a sales price of $12 million.

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1Q21 Earnings Release						April 28, 2021

Other Notable Transactions During the first quarter, we acquired two seniors housing properties for $50 million. StoryPoint Senior Living and Chelsea Senior Living will each operate a property under a triple-net lease. Also during the first quarter, we closed on the acquisition of a $5 million seniors housing property operated by Frontier Management as part of the existing joint-venture agreement. Additionally, we completed the acquisition of a $14 million medical office building and the purchase of an assisted living community for $8 million that are owned in the existing joint venture with ProMedica and included in the existing triple-net master lease. Lastly, during the first quarter, we made two loan advances secured by senior mortgages on two seniors housing properties for a total of $38 million.

Notable Post Quarter Transactions

Genesis Healthcare As previously announced, we entered into definitive agreements to execute a series of mutually beneficial transactions intended to substantially exit Welltower's operating relationship with Genesis Healthcare. In April, we contributed nine mostly purpose built PowerBack facilities, which provide higher acuity, short-stay rehabilitation and care, into an 80/20 joint venture with ProMedica at a total value of $292 million. The nine properties were added to the existing master lease with ProMedica. Additionally, we have entered into definitive agreements to sell 35 properties which are primarily traditional skilled nursing facilities for $496 million to a joint venture with Aurora Health Network and Peace Capital, in which Welltower will retain a noncontrolling interest with a right to preferential distributions. These property dispositions, along with the transfer of operations of the facilities to leading regional operators, is expected to occur primarily in the second and third quarters. Additionally, we currently lease seven skilled nursing facilities, which we sublease to Genesis. We have entered into an agreement to transition the operations of these properties into a new lease agreement with a regional operator. We have a bargain purchase option on these properties, which we expect to execute in April 2023. We have entered into a forward sales agreement for the seven properties valued at $182 million with the Aurora Health Network joint venture that is intended to close simultaneously with the purchase option exercise.

To effectuate the transition of all 51 assets, we agreed to provide Genesis a lease termination fee of $86 million upon the successful transition of all properties, which will be used to immediately repay indebtedness to Welltower. Additionally, upon achievement of certain restructuring milestones, we will reduce Genesis' indebtedness by an additional $170 million in exchange for an equity interest in Genesis, allowing for participation in the expected post-COVID recovery in fundamentals. Upon conclusion of the aforementioned loan transactions, Genesis will have $167 million of indebtedness to Welltower, exclusive of additional PIK interest, which will carry a maturity date of January 1, 2024. As of March 31, 2021, our total carrying value of Genesis loans receivable was $139 million.

ProMedica Joint Venture Disposition As previously announced, the Welltower and ProMedica joint venture intends to divest a 25 property portfolio of non-strategic skilled nursing facilities for $265 million. The properties, which were acquired through the formation of the Welltower/ProMedica joint venture in 2018, are in eight states and have an average age of 41 years. The disposition is expected to be completed in tranches during the second and third quarters and is expected to generate an unlevered IRR of 22% over the 2.5 year ownership period of the assets.

Safanad/HC-One Loan Funding and Equity Investment On April 28, 2021, we announced that we provided £540 million ($750 million) of senior loan financing and a £30 million ($42 million) delayed facility to affiliates of Safanad, a global real estate and private equity firm, as part of the successful recapitalization of its investment in HC-One Group. The recapitalization will enhance HC-One’s ability to meet the complex care needs of the communities it serves and reinforces its commitment to its team members at all levels of the organization, while enabling HC-One to continue to modernize and enhance its portfolio of care homes. The loan has a 5-year term and is fully collateralized by the shares and assets of the HC-One Group, including its underlying property portfolio of owned assets across the United Kingdom. Welltower’s last pound basis on the initial £540 million tranche is approximately £40,000 per unit.

Additionally, we will have the ability to participate in the anticipated recovery in the U.K. seniors housing sector through both warrants and a £55 million equity investment. The investments, inclusive of the loan, are expected to be accretive to our earnings.

Other Notable Transactions Subsequent to quarter-end, we acquired two seniors housing properties located in Philadelphia and Quebec for a pro rata investment of $68 million. The properties are operated by Sunrise Senior Living and Chartwell Retirement Residences. In addition, we made a loan advancement for $18 million that is secured by a senior mortgage on a seniors housing property operated by Frontier Management.

Outlook for Second Quarter 2021 The extent to which the COVID-19 pandemic impacts our operations and those of our operators and tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact and the direct and indirect economic effects of the pandemic and related containment and vaccination measures, among others. Accordingly, we are only introducing earnings guidance for the quarter ended June 30, 2021 and expect to report net income attributable to common stockholders in a range of $0.31 to $0.36 per diluted share and normalized FFO attributable to common stockholders in a range of $0.72 to $0.77 per diluted share. In preparing our guidance, we have made the following assumptions:

•Provider Relief Funds: Our second quarter guidance does not include the recognition of any Provider Relief Funds which may be received during the quarter.

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1Q21 Earnings Release						April 28, 2021

•SHO Portfolio Occupancy: Midpoint of FFO guidance assumes a continuation of recent trends resulting in an approximate increase of 130 bps through the second quarter.

•General and Administrative Expenses: We anticipate full year general and administrative expenses to be approximately $135 million to $140 million and stock-based compensation expense to be approximately $21 million.

•Investments: Our second quarter 2021 earnings guidance includes only those acquisitions closed or announced to date. Furthermore, no transitions or restructures beyond those announced to date are included.

•Development: We anticipate funding approximately $320 million of development in 2021 relating to projects underway on March 31, 2021.

•Dispositions: We expect pro rata disposition proceeds of $1.1 billion at a blended yield of 7.9% in 2021. This includes approximately $433 million in proceeds from dispositions and loan payoffs completed to date and $681 million of incremental expected proceeds related to properties classified as held-for-sale as of March 31, 2021.

Our guidance does not include any additional investments, dispositions or capital transactions beyond those we have announced, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items. Please see the Supplemental Reporting Measures section for further discussion and our definition of normalized FFO and Exhibit 3 for a reconciliation of the outlook for net income available to common stockholders to normalized FFO attributable to common stockholders. We will provide additional detail regarding our second quarter outlook and assumptions on the first quarter 2021 conference call.

Conference Call Information We have scheduled a conference call on Thursday, April 29, 2021 at 9:00 a.m. Eastern Time to discuss our first quarter 2021 results, industry trends and portfolio performance. Telephone access will be available by dialing (844) 467-7115 or (409) 983-9837 (international). For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the call through May 13, 2021. To access the rebroadcast, dial (855) 859-2056 or (404) 537-3406 (international). The conference ID number is 4881434. To participate in the webcast, log on to www.welltower.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days.

Supplemental Reporting Measures We believe that 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") and normalized FFO to be useful supplemental measures of our operating performance. 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.

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 attributable to common stockholders adjusted for certain items detailed in Exhibit 2. 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 the operating performance of the Company between periods or as compared to other REITs or other companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items.

Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and ratings 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, they are utilized by the Board of Directors to evaluate management. The supplemental reporting measures do not 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. Please see the exhibits for reconciliations of supplemental reporting measures and the supplemental information package for the quarter ended March 31, 2021, which is available on the Company’s website (www.welltower.com), for information and reconciliations of additional supplemental reporting measures.

About Welltower Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to

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1Q21 Earnings Release						April 28, 2021

fund the real estate infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower™, a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at www.welltower.com. 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 Securities and Exchange Commission. The information on our website is not incorporated by reference in this press release, and our web address is included as an inactive textual reference only.

Forward-Looking Statements and Risk Factors This press release 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; uncertainty regarding the implementation and impact of the CARES Act and future stimulus or other COVID-19 relief 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.

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1Q21 Earnings Release						April 28, 2021

Welltower Inc.

Financial Exhibits


Consolidated Balance Sheets (unaudited)
(in thousands)
	March 31,
	2021		2020
Assets
Real estate investments:
Land and land improvements	$	3,397,055	$	3,514,456
Buildings and improvements	27,667,188		29,236,477
Acquired lease intangibles	1,506,823		1,629,662
Real property held for sale, net of accumulated depreciation	564,062		729,560
Construction in progress	542,302		431,497
Less accumulated depreciation and intangible amortization	(6,212,432)		(5,910,979)
Net real property owned	27,464,998		29,630,673
Right of use assets, net	454,787		523,217
Real estate loans receivable, net of credit allowance	487,674		221,228
Net real estate investments	28,407,459		30,375,118
Other assets:
Investments in unconsolidated entities	1,020,010		702,497
Goodwill	68,321		68,321
Cash and cash equivalents	2,131,846		303,423
Restricted cash	426,976		89,643
Straight-line rent receivable	312,721		449,075
Receivables and other assets	624,918		934,951
Total other assets	4,584,792		2,547,910
Total assets	$	32,992,251	$	32,923,028

Liabilities and equity
Liabilities:
Unsecured credit facility and commercial paper	$	—	$	844,985
Senior unsecured notes	12,183,710		10,218,853
Secured debt	2,329,474		2,901,232
Lease liabilities	408,916		464,659
Accrued expenses and other liabilities	1,023,219		997,603
Total liabilities	15,945,319		15,427,332
Redeemable noncontrolling interests	355,915		429,359
Equity:

Common stock	418,866		418,226
Capital in excess of par value	20,814,196		20,818,242
Treasury stock	(106,519)		(86,975)
Cumulative net income	8,399,144		7,659,038
Cumulative dividends	(13,598,673)		(12,579,535)
Accumulated other comprehensive income	(128,136)		(96,213)

Total Welltower Inc. stockholders’ equity	15,798,878		16,132,783
Noncontrolling interests	892,139		933,554
Total equity	16,691,017		17,066,337
Total liabilities and equity	$	32,992,251	$	32,923,028

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1Q21 Earnings Release						April 28, 2021


Consolidated Statements of Income (unaudited)
(in thousands, except per share data)
		Three Months Ended
		March 31,
		2021		2020
Revenues:
	Resident fees and services	$	723,464	$	849,972
	Rental income	302,843		389,960
	Interest income	19,579		15,241
	Other income	6,176		3,429
	Total revenues	1,052,062		1,258,602
Expenses:
	Property operating expenses	617,326		681,781
	Depreciation and amortization	244,426		274,801
	Interest expense	123,142		142,007
	General and administrative expenses	29,926		35,481
	Loss (gain) on derivatives and financial instruments, net	1,934		7,651
	Loss (gain) on extinguishment of debt, net	(4,643)		—
	Provision for loan losses	1,383		7,072
	Impairment of assets	23,568		27,827
	Other expenses	10,994		6,292
	Total expenses	1,048,056		1,182,912
Income (loss) from continuing operations before income taxes
	and other items	4,006		75,690
Income tax (expense) benefit		(3,943)		(5,442)
Income (loss) from unconsolidated entities		13,049		(3,692)
Gain (loss) on real estate dispositions, net		59,080		262,824
Income (loss) from continuing operations		72,192		329,380

Net income (loss)		72,192		329,380


Less:	Net income (loss) attributable to noncontrolling interests (1)	646		19,096
Net income (loss) attributable to common stockholders		$	71,546	$	310,284
Average number of common shares outstanding:
	Basic	417,241		410,306
	Diluted	419,079		412,420
Net income (loss) attributable to common stockholders per share:
	Basic	$	0.17	$	0.76
	Diluted(2)	$	0.17	$	0.75
Common dividends per share		$	0.61	$	0.87

(1) Includes amounts attributable to redeemable noncontrolling interests.
(2) Includes adjustment to the numerator for income (loss) attributable to OP unitholders.

Page 7 of 9


1Q21 Earnings Release						April 28, 2021


FFO Reconciliations						Exhibit 1
(in thousands, except per share data)			Three Months Ended
			March 31,
			2021			2020
Net income (loss) attributable to common stockholders			$	71,546		$	310,284
Depreciation and amortization			244,426			274,801
Impairments and losses (gains) on real estate dispositions, net			(35,512)			(234,997)
Noncontrolling interests(1)			(12,516)			(9,409)
Unconsolidated entities(2)			19,223			15,445
NAREIT FFO attributable to common stockholders			287,167			356,124
Normalizing items, net(3)			46,745			63,195
Normalized FFO attributable to common stockholders			$	333,912		$	419,319

Average diluted common shares outstanding			419,079			412,420

Per diluted share data attributable to common stockholders:
	Net income (loss)(4)		$	0.17		$	0.75
	NAREIT FFO		$	0.69		$	0.86
	Normalized FFO		$	0.80		$	1.02

Normalized FFO Payout Ratio:
	Dividends per common share		$	0.61		$	0.87
	Normalized FFO attributable to common stockholders per share		$	0.80		$	1.02
		Normalized FFO payout ratio	76		%	85		%

Other items:(5)
Net straight-line rent and above/below market rent amortization(6)			$	(18,134)		$	(24,930)
Non-cash interest expenses(7)			3,635			2,823
Recurring cap-ex, tenant improvements, and lease commissions			(11,433)			(22,616)
Stock-based compensation(8)			5,381			6,822

(1) Represents noncontrolling interests' share of net FFO adjustments.
(2) Represents Welltower's share of net FFO adjustments from unconsolidated entities.
(3) See Exhibit 2.
(4) Includes adjustment to the numerator for income (loss) attributable to OP unitholders.
(5) Amounts presented net of noncontrolling interests' share and including Welltower's share of unconsolidated entities.
(6) Excludes normalized other impairment (see Exhibit 2).
(7) Excludes normalized incremental interest expense (see Exhibit 2).
(8) Excludes certain severance related stock-based compensation recorded in other expense (see Exhibit 2).

Page 8 of 9


1Q21 Earnings Release						April 28, 2021


Normalizing Items				Exhibit 2
(in thousands, except per share data)	Three Months Ended
	March 31,
	2021			2020
Loss (gain) on derivatives and financial instruments, net	$	1,934	(1)	$	7,651
Loss (gain) on extinguishment of debt, net	(4,643)		(2)	—
Provision for loan losses	1,383		(3)	7,072


Incremental interest expense	—			5,871
Other impairment	49,241		(4)	32,268
Other expenses	10,994		(5)	6,292

Normalizing items attributable to noncontrolling interests and unconsolidated entities, net	(12,164)		(6)	4,041
Net normalizing items	$	46,745		$	63,195

Average diluted common shares outstanding	419,079			412,420
Net normalizing items per diluted share	$	0.11		$	0.15

(1) Primarily related to mark-to-market of Genesis Healthcare stock holdings.
(2) Primarily related to the extinguishment of secured debt.
(3) Primarily related to reserves for loan losses under the current expected credit losses accounting standard.
(4) Primarily related to reserve for straight-line rent receivable balances related to leases placed on cash recognition.
(5) Primarily related to non-capitalizable transaction costs.
(6) Primarily related to our share of the gain related to the sale of a home health business owned by one of our unconsolidated entities, as well as the noncontrolling interests' share of the reserve for straight-line rent receivable balances related to leases placed on cash recognition.


Outlook Reconciliations: Quarter Ending June 30, 2021		Exhibit 3
(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.

Page 9 of 9

EX-99.2 3 a1q21supplement992.htm EX-99.2 Document


Table of Contents


Overview			1

Portfolio			2

Investment			9

Financial			14

Glossary			19

Supplemental Reporting Measures			20

Forward Looking Statements and Risk Factors			24


Overview


(dollars and occupancy at Welltower pro rata ownership; dollars in thousands)
Portfolio Composition			Beds/Unit Mix
	Average Age	Properties	Total		Independent Living	Assisted Living	Memory Care	Long-Term/ Post-Acute Care
Seniors Housing Operating	17	649	74,848		34,975	27,661	11,686	526
Seniors Housing Triple-net	15	337	27,582		5,093	15,831	6,354	304
Outpatient Medical	15	369	22,025,757	(1)	n/a	n/a	n/a	n/a
Health System	31	216	25,991		201	663	3,137	21,990
Long-Term/Post-Acute Care	19	135	15,893		40	873	—	14,980
Total	18	1,706


NOI Performance	Same Store(2)							In-Place Portfolio(3)
	Properties	1Q20 NOI		1Q21 NOI		% Change		Properties	Annualized In-Place NOI		% of Total
Seniors Housing Operating	526	$	219,867	$	123,021	(44.0)	%	600	$	647,632	38.5	%
Seniors Housing Triple-net(4)	282	85,560		83,817		(2.0)	%	319	362,608		21.6	%
Outpatient Medical	334	94,114		97,040		3.1	%	357	399,868		23.8	%
Health System	190	34,826		35,784		2.8	%	191	143,684		8.5	%
Long-Term/Post-Acute Care(4)	81	24,794		24,842		0.2	%	103	127,216		7.6	%
Total	1,413	$	459,161	$	364,504	(20.6)	%	1,570	$	1,681,008	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	75.0	%	n/a	n/a	96.7	%	1.1	%	0.4	%	1.8	%
Seniors Housing Triple-net	76.5	%	1.00	1.17	90.8	%	3.3	%	0.8	%	5.1	%
Outpatient Medical	94.4	%	n/a	n/a	100.0	%	—		—		—
Health System(8)	68.4	%	1.90	2.56	30.9	%	51.6	%	17.5	%	—
Long-Term/Post-Acute Care	71.4	%	1.37	1.64	30.0	%	31.6	%	38.4	%	—
Total			1.30	1.62	92.7	%	3.7	%	1.9	%	1.7	%

Notes:

(1) Indicates the total square footage of Outpatient Medical.

(2) See pages 21 and 22 for reconciliation.

(3) Excludes land parcels, loans, developments and investments held for sale. See page 21 for reconciliation.

(4) Same store NOI for these property types represents cash rent excluding the impact of expansions.

(5) Data as of March 31, 2021 for Seniors Housing Operating and Outpatient Medical and December 31, 2020 for remaining asset types.

(6) Represents trailing twelve month coverage metrics.

(7) Represents various federal and local reimbursement programs in the United Kingdom and Canada.

(8) EBITDAR and EBITDARM coverage as reported by ProMedica inclusive of the 25 properties classified as held for sale as of March 31, 2021.


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		Health System		Long-Term/ Post-Acute Care		Total		% of Total
Sunrise Senior Living North America	128	$	171,747	$	—	$	—	$	—	$	—	$	171,747	10.2	%
Sunrise Senior Living United Kingdom	45	52,378		—		—		—		—		52,378		3.1	%
ProMedica	191	—		—		—		143,684		—		143,684		8.5	%
Avery Healthcare	55	5,694		69,249		—		—		—		74,943		4.5	%
Revera	92	60,999		—		—		—		—		60,999		3.6	%
Brookdale Senior Living	85	(896)		60,527		—		—		—		59,631		3.5	%
Sagora Senior Living	31	32,060		26,727		—		—		—		58,787		3.5	%
Senior Resource Group	24	47,997		—		—		—		—		47,997		2.9	%
Belmont Village	21	40,823		—		—		—		—		40,823		2.4	%
Genesis Healthcare	44	—		—		—		—		37,888		37,888		2.3	%
Pegasus Senior Living	36	36,166		—		—		—		—		36,166		2.2	%
Remaining	818	200,664		206,105		399,868		—		89,328		895,965		53.3	%
Total	1,570	$	647,632	$	362,608	$	399,868	$	143,684	$	127,216	$	1,681,008	100.0	%

By Country:
United States	1,309	$	466,621	$	285,758	$	399,868	$	143,684	$	120,342	$	1,416,273	84.3	%
United Kingdom	114	71,699		73,336		—		—		—		145,035		8.6	%
Canada	147	109,312		3,514		—		—		6,874		119,700		7.1	%
Total	1,570	$	647,632	$	362,608	$	399,868	$	143,684	$	127,216	$	1,681,008	100.0	%

By MSA:
New York	76	$	50,797	$	20,933	$	29,733	$	3,609	$	6,082	$	111,154	6.6	%
Los Angeles	67	59,165		18,661		32,275		—		—		110,101		6.5	%
Greater London	47	49,646		17,236		—		—		—		66,882		4.0	%
Washington D.C.	38	35,667		1,420		6,748		15,424		2,676		61,935		3.7	%
Dallas	57	18,478		7,764		30,090		760		3,949		61,041		3.6	%
Philadelphia	44	5,336		1,537		22,727		11,364		13,425		54,389		3.2	%
Houston	33	10,866		3,272		32,337		—		—		46,475		2.8	%
San Francisco	20	23,178		10,039		—		4,385		—		37,602		2.2	%
Seattle	27	12,329		3,130		15,409		1,335		—		32,203		1.9	%
San Diego	17	16,335		6,438		6,434		—		2,733		31,940		1.9	%
Montréal	20	30,421		—		—		—		—		30,421		1.8	%
Chicago	41	9,210		5,175		5,072		9,801		—		29,258		1.7	%
Minneapolis	20	(93)		15,232		13,688		—		—		28,827		1.7	%
Miami	36	2,695		—		15,827		5,217		—		23,739		1.4	%
Raleigh	12	5,261		17,355		992		—		—		23,608		1.4	%
Charlotte	23	—		9,685		13,570		—		—		23,255		1.4	%
Baltimore	19	4,519		—		13,349		2,562		1,755		22,185		1.3	%
Atlanta	23	324		—		18,419		1,807		—		20,550		1.2	%
Boston	17	15,780		—		2,459		—		1,228		19,467		1.2	%
Kansas City	20	4,455		8,412		712		—		5,760		19,339		1.2	%
Remaining	913	293,263		216,319		140,027		87,420		89,608		826,637		49.3	%
Total	1,570	$	647,632	$	362,608	$	399,868	$	143,684	$	127,216	$	1,681,008	100.0	%

Notes:

(1) Represents current quarter annualized In-Place NOI. See page 21 for reconciliation.


Portfolio


(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating

Total Portfolio Performance(1)	1Q20			2Q20			3Q20			4Q20			1Q21
Properties	586			578			563			607			608
Units (2)	58,788			56,822			55,498			58,370			58,185
Total occupancy (2)	85.0		%	80.7		%	77.9		%	76.0		%	72.7		%
Total revenues	$	821,990		$	752,586		$	726,133		$	703,039		$	711,118
Operating expenses	582,533			573,042			550,755			539,465			539,058
NOI	$	239,457		$	179,544		$	175,378		$	163,574		$	172,060
NOI margin	29.1		%	23.9		%	24.2		%	23.3		%	24.2		%
Recurring cap-ex	$	15,414		$	11,042		$	11,851		$	14,356		$	7,255
Other cap-ex	$	36,751		$	26,445		$	27,577		$	27,728		$	13,413


Same Store Performance(3)	1Q20			2Q20			3Q20			4Q20			1Q21
Properties	526			526			526			526			526
Occupancy	85.4		%	81.3		%	78.6		%	77.0		%	73.9		%
Same store revenues	$	746,385		$	693,246		$	675,138		$	659,510		$	635,692
Compensation	322,331			315,199			310,384			302,158			304,625
Utilities	29,314			25,304			28,216			28,062			29,982
Food	27,611			25,898			24,924			25,503			23,351
Repairs and maintenance	17,068			13,571			16,677			17,152			17,077
Property taxes	26,096			25,947			26,565			24,968			26,610
All other	104,098			120,249			103,503			115,875			111,026
Same store operating expenses	526,518			526,168			510,269			513,718			512,671
Same store NOI	$	219,867		$	167,078		$	164,869		$	145,792		$	123,021
Year over year growth rate													(44.0)		%


Partners	Properties(4)	Pro Rata Units(4)	Welltower Ownership %(5)		Core Markets	1Q21 NOI		% of Total
Sunrise Senior Living	173	13,904	99.3	%	Southern California	$	20,803	12.1	%
Revera	92	8,723	75.0	%	Northern California	14,465		8.4	%
Senior Resource Group	24	3,268	63.7	%	Greater London	12,392		7.2	%
Belmont Village	21	2,804	95.0	%	New York / New Jersey	11,794		6.9	%
Pegasus Senior Living	36	3,833	98.0	%	Washington D.C.	9,954		5.8	%
Cogir	18	2,924	88.1	%	Montréal	7,606		4.4	%
Chartwell Retirement Residences	40	4,153	51.0	%	Toronto	4,789		2.8	%
Brandywine Living	28	2,662	99.5	%	Boston	4,458		2.6	%
Sagora Senior Living	14	1,483	100.0	%	Seattle	3,087		1.8	%
Frontier Management	53	3,108	97.9	%	Ottawa	2,455		1.4	%
Clover Management	33	3,630	89.9	%	Birmingham, UK	2,142		1.2	%
Oakmont Senior Living	8	623	100.0	%	Vancouver	2,139		1.2	%
Signature Senior Lifestyle	11	758	75.0	%	Manchester, UK	1,450		0.8	%
Balfour Senior Living	7	675	95.0	%	Core Markets	97,534		56.6	%
Remaining	42	5,429			All Other	74,526		43.4	%
Total	600	57,977			Total	$	172,060	100.0	%

Notes:

(1) Properties, units and occupancy exclude land parcels and properties under development.

(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 1Q21 metrics under the previous methodology would have been 70,769 units and 73.0%.

(3) See pages 21 and 22 for reconciliation.

(4) Represents In-Place Portfolio.

(5) Welltower ownership percentage weighted based on In-Place NOI. See page 21 for reconciliation.


Portfolio

(dollars in thousands at Welltower pro rata ownership)

New Supply in Our US Seniors Housing Operating Portfolio

We have strategically acquired and developed properties in major US metro markets that benefit from population growth and density, affluence, job growth, and higher barriers to entry. New supply in a 3-mile ring around our properties potentially impacts just 2.2% of our total annualized In-Place NOI (IPNOI).


3-Mile Ring(1)
	Welltower						Welltower
MSA	Prop. / Units	Annualized IPNOI(2)		% of US SHO Portfolio		Prop. / Units Under Construction(3)	Prop. / Units Potentially Impacted	IPNOI Potentially Impacted(4)			5 Year Total Pop. Growth(5)		5 Year 75+ Pop. Growth(5)		Avg. Pop. Density(6)	Household Income(7)		Housing Value(7)		Est. Net Annual Inventory Growth(8)			Est. Annual Job Growth(9)
Los Angeles	31 / 3,678	$	59,165	12.7	%	5 / 824	5 / 448	$	5,718		1.7	%	10.9	%	6,807	$	99,131	$	1,037,762	1.4	%		(11.7)	%
New York	32 / 2,757	50,797		10.9	%	2 / 519	3 / 263	3,545			-0.1	%	4.8	%	3,990	113,384		537,262		1.7	%		(11.2)	%
Washington D.C.	12 / 1,358	35,667		7.6	%	4 / 468	5 / 682	6,762			3.1	%	11.5	%	5,528	129,072		681,968		4.4	%		(9.0)	%
San Francisco	13 / 1,623	23,178		5.0	%	—	—	—			3.2	%	11.3	%	9,023	128,027		1,141,506		(0.4)	%		(11.3)	%
Dallas	21 / 2,784	18,478		4.0	%	1 / 229	1 / 214	56			7.7	%	27.9	%	3,174	82,771		308,293		2.1	%		(3.7)	%
San Diego	7 / 922	16,335		3.5	%	—	—	—			2.3	%	14.1	%	4,570	107,763		958,785		(1.3)	%		(8.7)	%
Boston	11 / 747	15,780		3.4	%	—	—	—			2.5	%	7.1	%	2,601	138,573		778,935		(0.9)	%		(9.1)	%
Sacramento	7 / 598	13,107		2.8	%	—	—	—			3.5	%	12.5	%	3,715	89,983		513,020		1.1	%		(6.2)	%
Seattle	14 / 1,415	12,329		2.6	%	5 / 451	5 / 505	3,164			6.4	%	19.8	%	5,039	97,656		590,710		0.9	%		(6.6)	%
Denver	5 / 735	11,669		2.5	%	4 / 635	2 / 366	3,747			7.1	%	25.8	%	5,108	77,364		552,865		(0.6)	%		(4.9)	%
Boulder, CO	6 / 518	11,494		2.5	%	—	—	—			6.1	%	29.3	%	2,031	103,523		675,817		N/A			(7.5)	%
Houston	10 / 953	10,866		2.3	%	2 / 230	2 / 241	1,822			7.4	%	25.9	%	3,465	81,638		332,385		5.2	%		(7.3)	%
San Antonio	4 / 1,075	10,403		2.2	%	1 / 112	1 / 162	1,071			8.7	%	29.7	%	2,419	72,423		256,088		(0.3)	%		(3.3)	%
Chicago	17 / 1,886	9,210		2.0	%	1 / 201	1 / 131	240			-0.4	%	8.5	%	3,235	77,310		296,207		1.4			(8.4)	%
Buffalo	10 / 1,254	7,489		1.6	%	—	—	—			0.0	%	3.1	%	2,791	70,675		183,691		(0.6)	%		(8.9)	%
Vallejo, CA	4 / 576	7,133		1.5	%	—	—	—			2.7	%	10.2	%	3,209	79,277		458,109		N/A			(8.4)	%
Santa Rosa, CA	4 / 511	7,115		1.5	%	—	—	—			1.1	%	6.7	%	2,032	88,595		771,240		N/A			(12.9)	%
Charlottesville, VA	1 / 302	6,869		1.5	%	—	—	—			2.9	%	10.2	%	2,100	57,071		350,000		N/A			(8.3)	%
San Jose	4 / 480	6,577		1.4	%	—	—	—			3.0	%	12.0	%	6,782	138,316		1,417,379		(1.7)			(8.8)	%
Portland, OR	6 / 581	5,768		1.2	%	—	—	—			6.5	%	17.8	%	2,385	84,225		425,913		1.2			(8.4)	%
Philadelphia	11 / 885	5,336		1.1	%	2 / 336	2 / 177	754			0.7	%	4.2	%	2,149	109,044		373,223		0.5	%		(7.2)	%
Raleigh	2 / 250	5,261		1.1	%	1 / 138	1 / 176	1,923			6.4	%	25.6	%	3,214	91,403		310,412		2.8	%		(3.2)	%
Las Vegas	4 / 700	5,021		1.1	%	—	—	—			5.5	%	15.2	%	6,231	51,081		247,233		2.8	%		(13.8)	%
Pittsburgh	4 / 434	4,883		1.0	%	—	—	—			0.0	%	6.2	%	1,905	88,677		236,216		(2.4)			(7.5)	%
Tucson	4 / 518	4,800		1.0	%	—	—	—			3.7	%	4.2	%	2,062	51,254		205,265		0.1	%		(5.8)	%
Total - Top 25	244 / 27,540	$	364,730	78.2	%	28 / 4,143	28 / 3,365	$	28,802		3.1	%	13.1	%	4,304	$	104,531	$	683,815	1.1	%		(9.0)	%
All Other US SHO Markets	154 / 16,274	101,891		21.8	%	15 / 1,936	17 / 1,890	8,010			3.3	%	12.0	%	2,288	80,342		357,723
Total US SHO	398 / 43,814	$	466,621	100.0	%	43 / 6,079	45 / 5,255	$	36,812		3.2	%	12.7	%	3,534	$	98,602	$	603,884

% of Total IPNOI								2.2		%
US National Average											2.9	%	10.8	%	94	$	67,761	$	254,824	1.4	%	(10)	(6.2)	%

Notes:

(1) Based on historical drawing patterns in our portfolio, a 3-mile ring is appropriate for most urban markets, which accounts for the vast majority of our portfolio. A 5-mile ring is appropriate for most suburban markets. A larger ring is appropriate for rural markets. Each market is unique due to population density, town lines, geographic barriers, and roads/infrastructure. In the interest of simplicity, we have applied a 3-mile competitive ring to all of our properties given the preponderance of urban locations. We have also included a sensitivity with a 5-mile ring.

(2) Represents annualized IPNOI. See pages 2 and 21 for a reconciliation.

(3) Construction data provided by NIC, reflects competitive seniors housing properties within 3 miles of Welltower SHO properties for US markets.

(4) Reflects annualized IPNOI for Welltower SHO properties within 3 miles of new construction for the component of our project that potentially competes with the project under construction.

(5) Total population and 75+ population growth data represents simple averages of Claritas estimates for 2021-2026.

(6) Average population density data represents average population per square mile within a 3-mile ring based on 2021 Claritas estimates.

(7) Household income and household value data are medians weighted by IPNOI.

(8) NIC MAP Data and Analysis Service, 1Q21. Net inventory growth is calculated at the MSA level based on historical deletions from inventory and a 5-6 quarter construction period to reflect our urban locations. Total - Top 25 Net Inventory Growth weighted by IPNOI.

(9) Annual job growth data represents MSA level growth from February 2020 - February 2021 per Bureau of Labor Statistics. Total - Top 25 Estimated Annual Job Growth weighted by IPNOI.

(10) Reflects net inventory growth for NIC Top 99 Markets.


Portfolio

(dollars in thousands at Welltower pro rata ownership)

New Supply in Our US Seniors Housing Operating Portfolio

We have strategically acquired and developed properties in major US metro markets that benefit from population growth and density, affluence, job growth, and higher barriers to entry. New supply in a 5-mile ring around our properties potentially impacts just 4.2% of our total annualized In-Place NOI (IPNOI).


5-Mile Ring(1)
	Welltower						Welltower
MSA	Prop. / Units	Annualized IPNOI(2)		% of US SHO Portfolio		Prop. / Units Under Construction(3)	Prop. / Units Potentially Impacted	IPNOI Potentially Impacted(4)			5 Year Total Pop. Growth(5)		5 Year 75+ Pop. Growth(5)		Avg. Pop. Density(6)	Household Income(7)		Housing Value(7)		Est. Net Annual Inventory Growth(8)			Est. Annual Job Growth(9)
Los Angeles	31 / 3,678	$	59,165	12.7	%	7 / 983	13 / 1,437	$	10,742		1.8	%	11.4	%	6,609	$	92,596	$	953,680	1.4	%		(11.7)	%
New York	32 / 2,757	50,797		10.9	%	4 / 715	5 / 393	6,533			0.1	%	4.8	%	3,937	109,633		510,114		1.7	%		(11.2)	%
Washington D.C.	12 / 1,358	35,667		7.6	%	6 / 946	10 / 1,139	9,722			3.4	%	12.3	%	5,460	125,618		674,913		4.4	%		(9.0)	%
San Francisco	13 / 1,623	23,178		5.0	%	2 / 159	2 / 225	371			3.2	%	11.5	%	7,684	125,659		1,110,571		(0.4)	%		(11.3)	%
Dallas	21 / 2,784	18,478		4.0	%	5 / 776	5 / 628	2,521			7.6	%	28.1	%	2,825	77,588		297,985		2.1	%		(3.7)	%
San Diego	7 / 922	16,335		3.5	%	—	—	—			2.6	%	13.4	%	4,454	106,482		853,762		(1.3)	%		(8.7)	%
Boston	11 / 747	15,780		3.4	%	—	—	—			2.5	%	7.1	%	2,539	123,300		683,023		(0.9)	%		(9.1)	%
Sacramento	7 / 598	13,107		2.8	%	3 / 270	2 / 195	1,212			3.4	%	13.2	%	3,482	87,041		483,504		1.1	%		(6.2)	%
Seattle	14 / 1,415	12,329		2.6	%	6 / 587	5 / 505	3,164			6.5	%	21.7	%	4,543	101,145		608,418		0.9	%		(6.6)	%
Denver	5 / 735	11,669		2.5	%	5 / 716	4 / 529	7,578			6.9	%	24.4	%	4,785	72,964		486,457		(0.6)	%		(4.9)	%
Boulder, CO	6 / 518	11,494		2.5	%	—	—	—			6.5	%	26.5	%	1,411	111,084		664,150		N/A			(7.5)	%
Houston	10 / 953	10,866		2.3	%	5 / 733	4 / 641	4,949			7.6	%	28.9	%	3,458	78,738		274,164		5.2	%		(7.3)	%
San Antonio	4 / 1,075	10,403		2.2	%	2 / 152	1 / 162	1,796			8.5	%	28.8	%	2,283	69,130		240,322		(0.3)	%		(3.3)	%
Chicago	17 / 1,886	9,210		2.0	%	5 / 703	5 / 575	2,639			-0.4	%	9.2	%	3,092	86,301		310,760		1.4			(8.4)	%
Buffalo	10 / 1,254	7,489		1.6	%	—	—	—			-0.2	%	3.2	%	2,516	67,123		174,709		(0.6)	%		(8.9)	%
Vallejo, CA	4 / 576	7,133		1.5	%	—	—	—			2.6	%	10.7	%	1,938	88,468		474,249		N/A			(8.4)	%
Santa Rosa, CA	4 / 511	7,115		1.5	%	—	—	—			1.3	%	7.7	%	1,127	92,803		796,078		N/A			(12.9)	%
Charlottesville, VA	1 / 302	6,869		1.5	%	—	—	—			4.0	%	12.9	%	1,491	73,864		354,630		N/A			(8.3)	%
San Jose	4 / 480	6,577		1.4	%	—	—	—			3.0	%	12.0	%	5,784	136,600		1,406,014		(1.7)			(8.8)	%
Portland, OR	6 / 581	5,768		1.2	%	—	—	—			6.1	%	16.5	%	2,093	82,691		416,519		1.2			(8.4)	%
Philadelphia	11 / 885	5,336		1.1	%	3 / 420	4 / 339	1,266			0.8	%	4.7	%	2,332	99,840		332,585		0.5	%		(7.2)	%
Raleigh	2 / 250	5,261		1.1	%	1 / 138	1 / 176	1,923			7.2	%	31.8	%	2,682	98,673		363,401		2.8	%		(3.2)	%
Las Vegas	4 / 700	5,021		1.1	%	1 / 62	1 / 80	272			5.8	%	17.3	%	5,875	50,770		246,700		2.8	%		(13.8)	%
Pittsburgh	4 / 434	4,883		1.0	%	1 / 127	1 / 73	1,066			0.4	%	5.3	%	1,729	83,643		220,991		(2.4)			(7.5)	%
Tucson	4 / 518	4,800		1.0	%	—	—	—			3.8	%	5.1	%	1,811	53,531		210,726		0.1	%		(5.8)	%
Total - Top 25	244 / 27,540	$	364,730	78.2	%	56 / 7,487	63 / 7,097	$	55,754		3.2	%	13.5	%	4,013	$	101,516	$	646,349	1.1	%		(9.0)	%
All Other US SHO Markets	154 / 16,274	101,891		21.8	%	29 / 3,764	29 / 3,230	14,777			3.2	%	12.4	%	2,009	75,629		344,063
Total US SHO	398 / 43,814	$	466,621	100.0	%	85 / 11,251	92 / 10,327	$	70,531		3.2	%	13.1	%	3,244	$	95,583	$	574,774

% of Total IPNOI								4.2		%
US National Average											2.9	%	10.8	%	94	$	67,761	$	254,824	1.4	%	(10)	(6.2)	%

Notes:

(2) Represents annualized IPNOI. See pages 2 and 21 for a reconciliation.

(3) Construction data provided by NIC, reflects competitive seniors housing properties within 5 miles of Welltower SHO properties for US markets.

(4) Reflects annualized IPNOI for Welltower SHO properties within 5 miles of new construction for the component of our project that potentially competes with the project under construction.

(5) Total population and 75+ population growth data represents simple averages of Claritas estimates for 2021-2026.

(6) Average population density data represents average population per square mile within a 5-mile ring based on 2021 Claritas estimates.

(7) Household income and household value data are medians weighted by IPNOI.

(9) Annual job growth data represents MSA level growth from February 2020 - February 2021 per Bureau of Labor Statistics. Total -Top 25 Estimated Annual Job Growth weighted by IPNOI.

(10) Reflects net inventory growth for NIC Top 99 Markets.


Portfolio

(Currency amounts in thousands, except per unit and REVPOR. Company amounts at Welltower pro rata ownership. DNA = data not available.)


Seniors Housing Operating Quality Indicators

	US Portfolio(1,3,4)			Industry Benchmarks(2)
Property age	17			21
5 year total population growth	3.2		%	2.9		%
5 year 75+ population growth	12.7		%	10.8		%
Housing value	$	603,884		$	254,824
Household income	$	98,602		$	67,761
REVPOR	$	6,338		$	5,164
SS REVPOR growth	(1.7)		%	0.9		%
SSNOI per unit	$	12,564		$	16,505
SSNOI growth	(47.8)		%	DNA

	UK Portfolio(1,3,4)			Industry Benchmarks(5)
Property age	11			25
Units per property	82			41
5 year total population growth	2.7		%	2.4		%
5 year 75+ population growth	16.0		%	17.9		%
Housing value	£	399,632		£	250,341
REVPOR	£	7,106		£	3,783
SS REVPOR growth	2.6		%	4.1		%
SSNOI per unit	£	13,180		£	9,680
SSNOI growth	(27.4)		%	DNA

	Canadian Portfolio(1,3,4)			Industry Benchmarks(6)
5 year total population growth	5.6		%	5.5		%
5 year 75+ population growth	19.1		%	22.2		%
Housing value	$	540,840		$	474,236
Household income	$	110,220		$	104,603
REVPOR	$	3,791		$	2,962
SS REVPOR growth	1.5		%	2.8		%
SSNOI per unit	$	10,248		DNA
SSNOI growth	(36.2)		%	DNA

Notes:

(1) Property age, housing value and household income are NOI weighted as of March 31, 2021. 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 and Canada. Housing value, household income and population growth are based on a 3-mile radius. Growth figures represent performance of Welltower's same store portfolio for current quarter. See page 23 for reconciliations.

(2) Property age, REVPOR and REVPOR growth per 1Q21 NIC MAP for Majority AL Properties in the primary and secondary markets; AMR is used as a proxy for REVPOR; population growth reflects 2021-2026 Claritas projections; housing value and household income are the US median per Claritas 2021; NOI per unit per The State of Seniors Housing 2020 and represents 2019 results.

(3) REVPOR is based on total 1Q21 results. See page 23 for reconciliation.

(4) SSNOI per unit represents the SSNOI per unit available based on trailing four quarters for those properties in the portfolio for 15 months preceding the end of the current portfolio performance period. SSNOI per unit for UK portfolio in GBP calculated by taking SSNOI per unit in USD divided by a standardized GBP/USD rate of 1.38. SSNOI per unit for Canadian portfolio in CAD calculated by taking SSNOI per unit in USD divided by a standardized USD/CAD rate of 1.2658. See page 23 for reconciliation.

(5) Property age, units per property, REVPOR, REVPOR growth and NOI per Unit derived from LaingBuisson, Care of Older People UK Market Report 31st Edition; population growth reflects 2021-2026 Experian projections; housing value represents UK average per Experian 2019.

(6) Population growth reflects 2019-2024 Environics projection; housing value and household income represents Canadian average per Environics WealthScapes 2020; REVPOR and REVPOR growth are calculated weighted averages from 2020 CMHC Seniors Housing reports from each province.


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
<0.85x	0.9	%	—	%	0.9	%	15	4		5.0	%	0.5	%	5.5	%	9	12
0.85x - 0.95x	0.9	%	—	%	0.9	%	10	3		2.0	%	1.3	%	3.3	%	10	3
0.95x - 1.05x	5.2	%	0.5	%	5.7	%	9	6		5.3	%	1.5	%	6.8	%	8	4
1.05x - 1.15x	1.6	%	1.3	%	2.9	%	8	3		0.3	%	—	%	0.3	%	5	1
1.15x - 1.25x	3.6	%	1.5	%	5.1	%	8	3		4.8	%	—	%	4.8	%	11	2
1.25x - 1.35x	1.1	%	—	%	1.1	%	6	2		—	%	—	%	—	%	—	—
>1.35x	4.6	%	2.2	%	6.8	%	12	7		0.5	%	2.2	%	2.7	%	11	6
Total	17.9	%	5.5	%	23.4	%	9	28		17.9	%	5.5	%	23.4	%	9	28


Revenue and Lease Maturity(2)
	Rental Income
Year	Seniors Housing Triple-net		Outpatient Medical		Health System		Long-Term / Post-Acute Care		Interest Income		Total Revenues		% of Total
2021	$	—	$	32,815	$	—	$	—	$	19,494	$	52,309	5.0	%
2022	—		46,951		—		2,913		$	5,758	55,622		5.3	%
2023	1,642		49,113		—		840		$	2,695	54,290		5.2	%
2024	11,431		58,975		—		—		$	23,957	94,363		9.1	%
2025	4,917		29,331		—		—		$	326	34,574		3.3	%
2026	58,564		34,501		—		17,308		$	—	110,373		10.6	%
2027	29,266		24,222		—		—		$	203	53,691		5.2	%
2028	4,527		23,326		—		16,797		$	1,717	46,367		4.4	%
2029	31,393		21,271		—		—		$	219	52,883		5.1	%
2030	15,236		34,767		—		26,899		$	462	77,364		7.4	%
Thereafter	146,312		86,958		143,137		31,923		$	2,162	410,492		39.4	%
	$	303,288	$	442,230	$	143,137	$	96,680	$	56,993	$	1,042,328	100.0	%

Weighted Avg Maturity Years	10		6		12		9		2		8

Notes:

(1) Represents trailing twelve month coverage metrics as of December 31, 2020 for stable portfolio only. Agreements included represent 80% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 21 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.

(2) 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. Interest income represents contractual rate of interest for loans, net of collectability reserves if applicable.


Portfolio


(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)	1Q20			2Q20			3Q20			4Q20			1Q21
Properties	388			373			359			357			357
Square feet (2)	20,806,517			19,878,423			19,150,586			17,315,776			16,917,791
Occupancy (2)	94.6		%	94.1		%	94.0		%	94.5		%	94.4		%
Total revenues	$	193,959		$	178,695		$	170,733		$	166,679		$	157,162
Operating expenses	58,533			50,855			52,312			50,231			47,764
NOI	$	135,426		$	127,840		$	118,421		$	116,448		$	109,398
NOI margin	69.8		%	71.5		%	69.4		%	69.9		%	69.6		%
Revenues per square foot	$	36.86		$	35.96		$	35.66		$	38.50		$	37.16
NOI per square foot	$	25.74		$	25.72		$	24.73		$	26.90		$	25.87
Recurring cap-ex	$	7,202		$	6,537		$	7,592		$	7,278		$	4,178
Other cap-ex	$	5,893		$	9,644		$	8,946		$	6,169		$	2,376


Same Store Performance(3)	1Q20			2Q20			3Q20			4Q20			1Q21
Properties	334			334			334			334			334
Occupancy	95.3		%	94.9		%	94.9		%	94.9		%	94.6		%
Same store revenues	$	137,506		$	135,089		$	137,894		$	140,176		$	141,671
Same store operating expenses	43,392			40,612			43,904			42,909			44,631
Same store NOI	$	94,114		$	94,477		$	93,990		$	97,267		$	97,040
Year over year growth rate													3.1		%


Portfolio Diversification by Tenant(4)	Rental Income		% of Total		Quality Indicators
Kelsey-Seybold	$	23,580	5.3	%	Health system affiliated properties as % of NOI(4)	91.9	%
Virtua	15,054		3.4	%	Health system affiliated tenants as % of rental income(4)	65.1	%
Novant Health	14,810		3.3	%	Retention (trailing twelve months)(4)	87.3	%
Baylor Scott & White	13,435		3.0	%	In-house managed properties as % of square feet(4,5)	85.7	%
Providence Health & Services	13,252		3.0	%	Average remaining lease term (years)(4)	6.0
Remaining portfolio	362,099		82.0	%	Average building size (square feet)(4)	60,331
Total	$	442,230	100.0	%	Average age (years)	15


Expirations(4)	2021		2022		2023		2024		2025		Thereafter
Occupied square feet	1,111,953		1,595,389		1,787,183		1,984,184		1,075,132		8,422,233
% of occupied square feet	7.0	%	10.0	%	11.2	%	12.4	%	6.7	%	52.7	%

Notes:

(1) Property count, occupancy, square feet and per square foot metrics exclude properties under development and all land parcels. Per square foot amounts are annualized.

(2) Square feet and occupancy metrics have been revised for all periods presented to be reported at Welltower pro rata share as opposed to at 100%. The 1Q21 metrics under the previous methodology would have been 21,538,223 square feet and 93.4%.

(3) Includes 334 same store properties representing 16,133,410 square feet. See pages 21 and 22 for reconciliation.

(4) 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) Excludes tenant managed properties.


Investment

(dollars in thousands at Welltower pro rata ownership)

Relationship Investment History


Detail of Acquisitions/JVs(1)
	2017			2018		2019		2020		1Q21		17-21 Total
Count		18		15		27		12		6		78
Total		$	742,020	$	3,788,261	$	4,073,554	$	910,217	$	209,413	$	9,723,465
Low		7,310		4,950		7,550		6,201		5,000		4,950
Median		24,025		73,727		38,800		48,490		12,824		37,195
High		149,400		2,481,723		1,250,000		235,387		132,124		2,481,723


Investment Timing
	Acquisitions/Joint Ventures(2)		Yield		Loan Advances(3)		Yield		Construction Conversions(4)		Yield		Dispositions			Yield
January	$	13,997	5.9	%	$	6,349	10.0	%	$	22,990	7.0	%		$	40,616	6.3	%
February	187,016		6.2	%	3,170		10.0	%	20,861		8.0	%		65,763		5.3	%
March	8,400		6.5	%	28,026		6.4	%	129,941		5.7	%		110,000		5.3	%
Total	$	209,413	6.2	%	$	37,545	7.3	%	$	173,792	6.2	%		$	216,379	5.5	%

Notes:

(1) Includes non-yielding asset acquisitions.

(2) Excludes land acquisitions.

(3) Includes advances for non-real estate loans and excludes advances for development loans.

(4) Includes expansion conversions.


Investment


(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity

	First Quarter 2021
	Properties	Beds / Units / Square Feet		Pro Rata Amount		Investment Per Bed / Unit / SqFt	Yield
Acquisitions / Joint Ventures(1)
Seniors Housing Operating	1	53	units	$	5,000	94,340	9.6	%
Seniors Housing Triple-net	10	945	units	182,016		192,610	6.1	%
Outpatient Medical	1	39,142	sf	13,997		358	5.9	%
Health System	1	48	units	8,400		218,750	6.5	%

Total acquisitions	13			209,413			6.2	%

Development(2)
Development projects:
Seniors Housing Operating	28	4,304	units	74,780
Seniors Housing Triple-net	8	718	units	35,853
Outpatient Medical	5	207,043	sf	9,562


Total development projects	41			120,195
Expansion projects:
Seniors Housing Operating	1	86	units	579

Outpatient Medical	1	17,159	sf	683
Total expansion projects	2			1,262

Total development	43			121,457			7.1	%

Loan advances(3)				37,545			7.3	%
Total gross investments				368,415			6.6	%

Dispositions(4)
Seniors Housing Operating	4	528	units	57,501		127,970	6.1	%

Outpatient Medical	8	534,194	sf	158,878		365	5.2	%


Real property dispositions	12			216,379			5.5	%




Net investments (dispositions)				$	152,036

Notes:

(1) Amounts represent purchase price excluding accounting adjustments pursuant to U.S. GAAP for all consolidated and unconsolidated property acquisitions. Yield represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Pro rata amounts include joint venture real estate loans receivable.

(2) Amounts represent cash funded and capitalized interest 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.

(3) Amounts represent cash funded to operators for real estate and non-real estate loans, excluding development loans. Yield represents annualized contractual interest divided

by investment amount.

(4) Amounts represent proceeds received for loan payoffs and consolidated and unconsolidated property sales. 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.


Investment

Property Acquisitions/ Joint Ventures Detail

Operator

Units

Location

MSA

Seniors Housing Operating

Frontier Management

14370 SE Oregon Trail Dr

Clackamas

Portland, OR

Seniors Housing Triple-Net

Chelsea Senior Living

782 Valley Road

Clifton

New York