{"schemaVersion":1,"research":true,"symbol":"well","name":"Welltower","topic":"moat","path":"/stock/well/moat","status":"published","version":7,"updatedAt":"2026-10-19T15:45:38.732Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Welltower demonstrates improving operating performance, favorable pricing realization and contractual protection in its leased portfolio. Its proprietary data platform has external licensees, but the supplied passages do not establish sustained competitive superiority or difficult-to-replicate economics across its dominant seniors housing business. The uncertainty reflects insufficient evidence of a durable moat, rather than demonstrated competitive weakness.","advantages":[{"mechanism":"switching_costs","claim":"Long-term master leases create current contractual commitment and limit tenants' ability to renew only their better-performing properties. This is an evidenced protection within the leased portfolio, but its distinctiveness versus competitors and applicability to the dominant resident-services business are unestablished.","durability":"Triple-net leases generally have initial terms of 10–20 years, and 96.9% of triple-net properties were under master leases at December 31, 2025. Protection lasts subject to enforceability and tenant solvency; it does not establish a company-wide moat.","risks":"Bankruptcy can delay collections or limit claims. Purchase options can surrender property upside, while replacement tenants may require concessions. Resident fees and services represented 84% of first-half 2026 revenue, limiting the reach of landlord lease protections.","invalidation":"Material rent concessions, rejected master leases, declining collections or renewals on materially weaker terms would undermine the contractual protection. Evidence that comparable competitors routinely offer identical protections would invalidate its interpretation as a differentiated advantage.","competitors":[],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6","e7","e8"]},{"mechanism":"intangible_assets","claim":"Welltower operates proprietary underwriting models informed by its large property portfolio and has licensed its data platform externally. These establish an existing capability and external adoption; superior predictive accuracy, exclusive data access and durable economic differentiation remain unproven.","durability":"Continuing data collection could improve underwriting and operations, but management's claims of increasing predictive precision are not accompanied by comparative accuracy or acquisition-return evidence. WBS implementation remains phased.","risks":"Competitors may develop comparable analytics. Licensing may reduce exclusivity, and occupancy recovery can explain part of the operating improvement without proving platform superiority. Shared-service efficiencies are described as intended benefits rather than measured relative cost advantages.","invalidation":"Repeated underwriting misses, acquisition impairments, loss of external licensees or evidence that comparable portfolios achieve equivalent outcomes without the platform would weaken the advantage hypothesis. A persistent inability to demonstrate benefits beyond occupancy recovery would leave the moat unestablished.","competitors":[],"evidenceIds":["e9","e10","e11","e12","e13","e14"],"counterEvidenceIds":["e15","e16"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / Triple-net operating-cost obligations","excerpt":"Our Triple-net properties are primarily leased to operators under long-term, triple-net master leases that obligate the tenant to pay all operating costs, utilities, real estate taxes, insurance, maintenance costs and all obligations under certain ground leases."},{"id":"e2","sourceId":"filing-1","location":"Business / Triple-net lease terms and renewal options","excerpt":"The leases generally have a fixed contractual term of 10 to 20 years and contain one or more five to 15-year renewal options."},{"id":"e3","sourceId":"filing-1","location":"Business / Master-lease portfolio coverage","excerpt":"At December 31, 2025, approximately 96.9% of our triple-net properties were subject to master leases."},{"id":"e4","sourceId":"filing-1","location":"Business / Bundled purchase and renewal rights","excerpt":"Typically, the master lease tenant can exercise its right to purchase the properties or to renew the master lease only with respect to all leased properties at the same time."},{"id":"e5","sourceId":"filing-1","location":"Risk Factors / Bankruptcy limits on collections and remedies","excerpt":"A tenant, operator, borrower, manager or other obligor in bankruptcy or subject to insolvency proceedings may be able to limit or delay our ability to collect unpaid rent in the case of a lease or to receive unpaid principal and interest in the case of a loan, and to exercise other rights and remedies."},{"id":"e6","sourceId":"filing-1","location":"Business / Purchase options below full market value","excerpt":"Certain of our leases also contain purchase options, a portion of which could result in the disposition of properties for less than full market value if the options were to be exercised."},{"id":"e7","sourceId":"filing-1","location":"Risk Factors / Renewal concessions and less favorable terms","excerpt":"Even if tenants decide to renew or lease new space, the terms of renewals or new leases, including the cost of required renovations or concessions to tenants, may be less favorable to us than current lease terms."},{"id":"e8","sourceId":"filing-2","location":"MD&A / First-half 2026 revenue composition","excerpt":"For the six months ended June 30, 2026, resident fees and services and rental income represented 84% and 13% of total revenues, respectively."},{"id":"e9","sourceId":"filing-1","location":"Business / Portfolio data and claimed analytical advantages","excerpt":"We collect data related to our portfolio of over 2,500 properties, which allows us key advantages in selecting investment locations, products, price points and partners for our properties, as well as insights into our potential competition, anticipated costs and other metrics."},{"id":"e10","sourceId":"filing-1","location":"Business / Proprietary statistical models and algorithms","excerpt":"Our data science team, led by doctorate-level statisticians and mathematicians is focused on building and refining proprietary statistical models and algorithms to project financial performance, predict lease-up and occupancy trends, identify specific locations by product type and assess targeted supply-demand dynamics."},{"id":"e11","sourceId":"filing-1","location":"Business / Claimed improvement in predictive analytics","excerpt":"As our properties continuously produce new data and we acquire more properties, the data science platform scales and becomes more precise in its predictive analytics and has enabled us to conduct broad and deep analysis across our focus markets."},{"id":"e12","sourceId":"filing-1","location":"Business / Intended WBS scale efficiencies","excerpt":"WBS is intended to support our operating partners through process standardization, shared services and data and technology enablement, centralizing certain repeatable activities that can be performed more efficiently at scale."},{"id":"e13","sourceId":"filing-1","location":"Business / Phased WBS implementation","excerpt":"Implementation is phased and conducted in collaboration with our operating partners, and we monitor adoption and effectiveness through standardized KPIs and reporting routines."},{"id":"e14","sourceId":"filing-10","location":"Capital Activity and Liquidity / External data-platform licensing","excerpt":"•Expanded our capital light revenue opportunities through the licensing of our data science platform to Public Storage and a preeminent global private equity real estate firm\nCapital Activity and Liquidity\nLiquidity Update Net debt to consolidated enterprise value decreased to 8.8% as of March 31, 2026 from 10.8% as of December 31, 2025."},{"id":"e15","sourceId":"filing-1","location":"Competition / Local resident choice and competitive factors","excerpt":"Operators/tenants compete for patients and residents based on a number of factors including quality of care, reputation, physical appearance of properties, location, services offered, family preferences (including a preference for home health services instead of residing in one of our communities), physicians, staff and price."},{"id":"e16","sourceId":"filing-1","location":"Risk Factors / Acquisition competition and competing capital resources","excerpt":"This competition may adversely affect us, including by subjecting us to the risk that the purchase price is significantly increased or that we are unable to acquire a desired property because of competition from other well-capitalized real estate investors, some of whom may have greater financial resources and lower costs of capital."},{"id":"e17","sourceId":"filing-2","location":"MD&A / Realized first-half 2026 triple-net rental increases","excerpt":"During the six months ended June 30, 2026, our Triple-net portfolio had 26 leases with rental rate increases and a weighted average increase of 4.4%."},{"id":"e18","sourceId":"filing-8","location":"Seniors Housing Operating / Same-store quarterly performance","excerpt":"Same Store Performance(2)\n2Q25\n3Q25\n4Q25\n1Q26\n2Q26\nProperties\n980 \n980 \n980 \n980 \n980 \nUnits\n112,409 \n112,411 \n112,415 \n112,365 \n112,241 \nOccupancy\n86.1 \n%\n87.6 \n%\n88.6 \n%\n88.8 \n%\n89.4 \n%\nSame store revenues\n$\n1,668,269 \n$\n1,711,179 \n$\n1,741,974 \n$\n1,786,385 \n$\n1,820,945 \nCompensation\n699,255 \n711,505 \n723,987 \n721,267 \n730,982 \nUtilities\n68,322 \n78,157 \n75,106 \n83,159 \n71,897 \nFood\n66,778 \n68,536 \n70,975 \n66,948 \n68,931 \nRepairs and maintenance\n44,975 \n48,104 \n47,376 \n47,479 \n47,578 \nProperty taxes\n56,277 \n56,158 \n52,557 \n57,615 \n56,968 \nAll other\n247,359 \n248,281 \n256,089 \n255,620 \n259,819 \nSame store operating expenses\n1,182,966 \n1,210,741 \n1,226,090 \n1,232,088 \n1,236,175 \nSame store NOI\n$\n485,303 \n$\n500,438 \n$\n515,884 \n$\n554,297 \n$\n584,770 \nSame store NOI margin %\n29.1 \n%\n29.2 \n%\n29.6 \n%\n31.0 \n%\n32.1 \n%\nYear over year NOI growth rate\n20.5 \n%\nYear over year revenue growth rate\n9.2 \n%\nPartners(3)\nProperties\nPro Rata Units\nWelltower Ownership %(4)\nTop Markets\n2Q26 NOI\n% of Total\nCogir Senior Living\n181 \n27,389 \n94.7 \n%\nGreater London\n$\n52,431 \n6.0 \n%\nCare UK\n168 \n10,780 \n100.0 \n%\nSouthern California\n52,127 \n6.0 \n%\nOakmont Management Group\n77 \n7,789 \n100.0 \n%\nNorthern California\n47,800 \n5.5 \n%\nBarchester\n114 \n7,006 \n100.0 \n%\nNew York / New Jersey\n29,925 \n3.4 \n%\nSunrise Senior Living\n71 \n6,460 \n90.8 \n%\nDallas\n27,978 \n3.2 \n%\nStoryPoint Senior Living\n136 \n13,343 \n91.4 \n%\nMontréal\n24,812 \n2.8 \n%\nAmica Senior Lifestyles\n33 \n4,914 \n100.0 \n%\nToronto\n24,190 \n2.8 \n%\nHC-One\n611,282 \n98,632 \n1,256,089 \n70.5 \n%\n$\n609,584 \n$\n122,752 \n$\n727,061 \n$\n320,716 \n$\n1,780,113 \n100.0 \n%\nWeighted Avg Maturity Years\n17 \n12 \n17 \n8 \n15 \nNotes:\n(1) Represents trailing twelve month coverage metrics as of March 31, 2026 for stable portfolio only."},{"id":"e19","sourceId":"filing-11","location":"Seniors Housing Operating / First-quarter same-store performance","excerpt":"Same Store Performance(2)\n1Q25\n2Q25\n3Q25\n4Q25\n1Q26\nProperties\n921 \n921 \n921 \n921 \n921 \nUnits\n104,508 \n104,523 \n104,522 \n104,525 \n104,484 \nOccupancy\n85.3 \n%\n86.4 \n%\n87.9 \n%\n88.9 \n%\n89.0 \n%\nSame store revenues\n$\n1,572,867 \n$\n1,611,726 \n$\n1,652,555 \n$\n1,680,617 \n$\n1,722,576 \nCompensation\n668,246 \n677,882 \n689,648 \n701,603 \n698,682 \nUtilities\n77,066 \n64,899 \n74,637 \n71,067 \n78,661 \nFood\n61,729 \n64,375 \n66,019 \n68,450 \n64,596 \nRepairs and maintenance\n42,473 \n42,841 \n45,786 \n45,310 \n45,498 \nProperty taxes\n52,905 \n53,030 \n53,250 \n49,234 \n54,611 \nAll other\n234,789 \n240,323 \n240,550 \n248,522 \n248,711 \nSame store operating expenses\n1,137,208 \n1,143,350 \n1,169,890 \n1,184,186 \n1,190,759 \nSame store NOI\n$\n435,659 \n$\n468,376 \n$\n482,665 \n$\n496,431 \n$\n531,817 \nSame store NOI margin %\n27.7 \n%\n29.1 \n%\n29.2 \n%\n29.5 \n%\n30.9 \n%\nYear over year NOI growth rate\n22.1 \n%\nYear over year revenue growth rate\n9.5 \n%\nPartners(3)\nProperties\nPro Rata Units\nWelltower Ownership %(4)\nTop Markets\n1Q26 NOI\n% of Total\nCogir Senior Living\n180 \n27,246 \n94.3 \n%\nGreater London\n$\n53,982 \n6.9 \n%\nCare UK\n170 \n10,938 \n100.0 \n%\nSouthern California\n49,692 \n6.4 \n%\nSunrise Senior Living\n85 \n7,767 \n90.7 \n%\nNorthern California\n39,704 \n5.1 \n%\nBarchester\n111 \n6,814 \n100.0 \n%\nNew York / New Jersey\n27,667 \n3.5 \n%\nOakmont Management Group\n72 \n7,099 \n100.0 \n%\nDallas\n26,701 \n3.4 \n%\nStoryPoint Senior Living\n117 \n11,927 \n94.2 \n%\nMontreal\n23,568 \n3.0 \n%\nHC-One\n215 \n12,348 \n100.0 \n%\nWashington D.C."},{"id":"e20","sourceId":"filing-8","location":"Outpatient Medical / Retention and remaining lease term","excerpt":"(dollars in thousands at Welltower pro rata ownership)\nIn-Place NOI Diversification(1)\nBy Partner:\nTotal Properties\nSeniors Housing Operating\nLong-Term/ Post-Acute Care\n264 \n237,988 \n263,480 \n501,468 \n10.3 \n416,724 \n416,724 \nAvir Health Group\n173 \n297,176 \n297,176 \n248,860 \n248,860 \n5.1 \n244,068 \n244,068 \n5.0 \n237,068 \n237,068 \n4.9 \n208,696 \n208,696 \n4.3 \nAvery Healthcare\n108,584 \n79,092 \n187,676 \n3.9 \n148,176 \n148,176 \n3.0 \n214 \n140,744 \n140,744 \nRemaining\n1,255 \n1,412,064 \n281,324 \n116,848 \n424,776 \n2,235,012 \n45.9 \n2,667 \n3,402,972 \n623,896 \n116,848 \n721,952 \n4,865,668 \nBy Country:\n1,708 \n2,190,560 \n238,860 \n116,848 \n721,952 \n3,268,220 \n67.2 \n795 \n768,172 \n385,036 \n1,153,208 \n23.7\nHealth system affiliated properties as % of NOI(3)\n99.7 \nUnitedHealth\n15,494 \n12.6 \nHealth system affiliated tenants as % of rental income(3)\n93.5 \nAtrium Health\n10,662 \n8.7 \nInvestment grade tenants as % of rental income(3)\nNorman Regional Health\n6,879 \n5.6 \nRetention (trailing twelve months)(3)\n92.8 \nBaylor Scott & White Health \n2,260 \n1.8 \nAverage remaining lease term (years)(3)\n11.8 \nRemaining portfolio\n13,026 \n10.7 \nAverage building size (square feet)(3)\n75,866 \nAverage age (years)\nExpirations(3)\n2027\n2028\n2029\n2030\nThereafter\nOccupied square feet\n62,482 \n60,858 \n127,940 \n187,499 \n258,280 \n3,321,663 \n% of occupied square feet\n1.6 \n1.5 \n6.4 \n82.6 \n(1) Properties, square feet, occupancy and cap-ex exclude land parcels, properties under development/redevelopment and nonoperational properties."},{"id":"e21","sourceId":"filing-8","location":"Outpatient Medical / Retention definition","excerpt":"Retention includes month-to-month tenants retained."},{"id":"e22","sourceId":"filing-2","location":"MD&A / CPI- and tenant-revenue-linked rent escalators","excerpt":"Certain of our leases contain annual rental escalators that are contingent upon changes in the Consumer Price Index and/or changes in the gross operating revenues of the tenant’s properties."},{"id":"e23","sourceId":"filing-2","location":"MD&A / Conditions limiting contingent rent growth","excerpt":"If gross operating revenues at our facilities and/or the Consumer Price Index do not increase, a portion of our revenues may not continue to increase."},{"id":"e24","sourceId":"filing-2","location":"Cash flows / Operating cash generation and acquisition spending","excerpt":"Adjustments to reconcile net income (loss) to net cash provided from (used in) operating activities:\nOther amortization expenses \n20,764 \n27,888 \nStock-based compensation expense \n35,350 \n32,762 \nRental income less than (in excess of) cash received \n(165,387)\n(92,647)\nAmortization related to above (below) market leases, net \n(441)\n(809)\nDistributions by unconsolidated entities\n11,476 \n12,020 \nIncrease (decrease) in accrued expenses and other liabilities \n(191,728)\n(89,081)\nDecrease (increase) in receivables and other assets \n(150,054)\n(75,127)\nNet cash provided from (used in) operating activities \n1,673,639 \n1,368,992 \nInvesting activities: \nCash disbursed for acquisitions, net of cash acquired\n(6,320,151)\n(2,936,818)\nCash disbursed for capital improvements to existing properties\n(589,126)\n(473,229)\nCash disbursed for construction in progress\n(166,916)\n(238,561)\nCapitalized interest \n(17,300)\n(20,173)\nInvestment in loans receivable\n(1,876,185)\n(40,244)\nPrincipal collected on loans receivable \n827,881 \n162,039 \nOther investments, net of payments \n(16,115)\n(65,227)\nContributions to unconsolidated entities"},{"id":"e25","sourceId":"filing-2","location":"Note 14 / Common-stock issuance and ATM financing","excerpt":"The following is a summary of our common stock issuances during the six months ended June 30, 2026 and 2025 (in thousands, except shares and average price amounts): Shares Issued Average Price Gross Proceeds Net Proceeds 2025 Option exercises 22,967 $ 76.98 $ 1,768 $ 1,768 2025 ATM Program issuances 27,593,276 144.52 3,987,776 3,965,653 2025 Equity issuance (1) 1,563,904 — — 2025 Redemption of OP Units and DownREIT Units 556,950 — — 2025 Stock incentive plans, net of forfeitures 93,403 — — 2025 Totals 29,830,500 $ 3,989,544 $ 3,967,421 2026 Option exercises 13,878 $ 80.78 $ 1,121 $ 1,121 2026 ATM Program issuances 21,571,496 207.74 4,481,254 4,451,110 2026 Redemption of OP Units and DownREIT Units 430,576 — — 2026 Stock incentive plans, net of forfeitures 117,083 — — 2026 Other equity issuances (2) 261,753 — — 2026 Totals 22,394,786 $ 4,482,375 $ 4,452,231 (1) Relates to the re-issuance of treasury shares in lieu of cash consideration for the acquisition of real property."},{"id":"e26","sourceId":"filing-2","location":"Capital / Executed credit-facility repricing and maturity extension","excerpt":"•In March 2026, we amended our $6,250,000,000 senior unsecured revolving credit facility, extending maturities, improving pricing by 15 basis points and increasing our total available credit facilities to $7,500,000,000."},{"id":"e27","sourceId":"filing-1","location":"Auditor critical audit matter / Recognized stock-compensation expense","excerpt":"The Company recognized $1.6 billion in stock-based compensation expense during the year ended December 31, 2025, of which $1.4 billion was related to the Awards."},{"id":"e28","sourceId":"filing-2","location":"Note 15 / ECAP approval and actual award grants","excerpt":"During the fourth quarter of 2025, the Board approved the 10-Year Executive Continuity and Alignment Program (the “10-Year ECAP”) and granted awards of LTIP Units of Welltower OP (“LTIP Units”) to named executive officers and executive vice presidents."},{"id":"e29","sourceId":"filing-2","location":"Note 15 / Accounting vesting and continuing award restrictions","excerpt":"The LTIP Units were fully vested on the date of grant for accounting purposes, but remain subject to redemption restrictions, restrictions on transferability, repurchase rights and clawback obligations subject to service-based requirements and/or to achievement of predetermined market conditions (with respect to performance-based LTIP Units)."},{"id":"e30","sourceId":"filing-3","location":"Compensation Discussion and Analysis / Adopted ECAP design","excerpt":"As outlined in the table below, several features of the 10-Year ECAP directly align with investor feedback, including the following features: Shareholders expressed strong preference for: 10-Year ECAP Design Features Long-term performance periods •5-year Performance Period: October 6, 2025 to October 5, 2030 Compensation that is earned in line with shareholder value creation •One-half of the target awards are earned subject to achievement of market capitalization and relative TSR performance goals, aligning the awards with creation of shareholder value •Awards subject to market capitalization performance goals are earned only if absolute TSR is positive at the end of the 5-year performance •Potential to earn performance-based awards capped at $350/share Long-term retention requirements •Awards are not fully redeemable for shares of Welltower’s common stock until September 30, 2035 (10 years from program start), reinforcing sustained retention and long-term focus Consistent annual compensation •10-Year ECAP awards replace annual cash and equity compensation (other than annual base salary of $110,000/year) from 2026 until 2035 40 WELLTOWER • 2026 Proxy Statement Compensation Discussion and Analysis Our New Executive Compensation Framework Shareholders expressed strong preference for: 10-Year ECAP Design Features Alignment of executive team’s interests with long-term shareholder interests •Long-term performance period and meaningful retention requirements align interests of executives with those of shareholders •Staggered performance period and retention period minimizes excessive risk taking Alignment of NEOs’ focus •10-Year ECAP covers all NEOs Termination provisions that prevent windfalls •Termination for Cause triggers clawback •Resignation without Good Reason extends retention period to 15 years (CEO) or 20 years (other NEOs), delays future distributions, provides the Company with a repurchase right, and, solely in the case of the CEO, subjects the time-based awards to a forfeiture condition tied to achieving positive TSR over the 5-year performance period The structure of the 10-Year ECAP and key design features, including limited long-term dilutive impact, are highlighted below."},{"id":"e31","sourceId":"filing-3","location":"Compensation Discussion and Analysis / Limits on ATM issuance credit","excerpt":"For purposes of determining the number of outstanding shares of Welltower common stock as of any particular trading day, shares that are attributable to new issuances under Welltower’s at-the-market offering (“ATM”) program will be limited, with the intention that at least 50% of any increase in daily market capitalization that counts toward achievement of the market capitalization milestones be attributable to share price appreciation over the Performance Period."},{"id":"e32","sourceId":"filing-3","location":"Compensation Discussion and Analysis / Change-of-control redemption acceleration","excerpt":"Finally, upon a change in corporate control (generally, as defined in the 2022 Plan), the NEOs’ 10-Year LTIP Unit Awards will become immediately redeemable for shares of Welltower’s common stock (subject to the requirement that sufficient shares of Welltower common stock be available under the 2022 Plan or successor shareholder-approved equity incentive plan at such time), with the number of Performance-Based LTIP Units that become Vested LTIP Units, if any, based on actual performance through the date of the change in corporate control (with market capitalization milestones proportionately reduced to reflect the period of time through the date of the change in corporate control, and subject to the requirement that the Positive TSR Condition be met at such time)."},{"id":"e33","sourceId":"filing-3","location":"Compensation Discussion and Analysis / Waived legacy service conditions","excerpt":"As disclosed above, in connection with the adoption of the 10-Year ECAP, the service-based vesting conditions applicable to the PSUs were waived."},{"id":"e34","sourceId":"filing-3","location":"Corporate Governance Highlights / Voting rights and independent oversight","excerpt":"Accountability to Shareholders Single class of stock with one vote per share Annual elections for all directors Majority voting standard for uncontested elections of directors Proxy access for shareholders No shareholder rights plan (“poison pill”) Independent Oversight Independent Board Chair All directors except the CEO are independent Executive sessions provided for at all quarterly Board and committee meetings Key standing Board committees comprised solely of independent directors Effective Board Practices & Policies Rigorous annual review of desired skills and attributes of directors and nominees Annual Board and committee evaluations and bi-annual interviews by an independent third party Director orientation and continuing education Limits on board member service on other public company boards Risk Mitigation & Alignment of Interests Robust equity ownership guidelines for directors and executives Clawback policy enables recoupment of performance- and time-based incentives Comprehensive Code of Business Conduct and Corporate Governance Principles Related person and transaction policy and Insider Trading Policy For more detailed information on our corporate governance framework, see “Corporate Governance” beginning on page 11."},{"id":"e35","sourceId":"filing-3","location":"Corporate Governance / Actual 2025 Board meetings","excerpt":"The Board met 15 times during the year ended December 31, 2025."},{"id":"e36","sourceId":"filing-3","location":"Corporate Governance / Actual director meeting attendance","excerpt":"In 2025, no director attended fewer than 75% of the aggregate number of meetings of our Board and the committees on which the director served."},{"id":"e37","sourceId":"filing-7","location":"Financial Exhibits / First-half 2026 per-share FFO results","excerpt":"stockholders' equity\n46,414,348 \n35,900,526 \n1,024,686 \n362,588 \nTotal equity\n47,439,034 \n36,263,114 \nTotal liabilities and equity\n69,875,180 \n55,833,495 \nPage 5 of 11\nConsolidated Statements of Income (unaudited)\nRevenues:\nResident fees and services\n2,984,891 \n1,971,044 \n5,765,822 \n3,835,574 \nRental income\n459,740 \n483,040 \n913,582 \n944,607 \nInterest income\n77,369 \n62,057 \n148,298 \n124,547 \nOther income\n22,586 \n32,103 \n68,810 \n66,603 \nTotal revenues\n3,544,586 \n2,548,244 \n6,896,512 \n4,971,331 \n2,150,123 \n1,514,711 \n4,205,543 \n2,977,101 \n1,360,516 \n980,905 \n374,629 \n286,119 \n134,960 \n127,933 \nPer diluted share data attributable to common stockholders:\nNet income (loss)(4)\n0.61 \n0.45 \n1.63 \nNAREIT FFO\n1.56 \n1.24 \n2.92 \n2.41 \nNormalized FFO\n1.60 \n1.28 \n3.07 \n2.49 \nNormalized FFO Payout Ratio:\nDividends per common share\n0.74 \n0.67 \n1.48 \n1.34 \nNormalized FFO attributable to common stockholders per share\n1.60 \n1.28 \n3.07 \n2.49 \nNormalized FFO payout ratio\nOther items:(5)"},{"id":"e38","sourceId":"filing-8","location":"SSNOI reconciliation notes / Actual lease restructures","excerpt":"(5) Represents normalizing adjustment related to lease restructures with one Seniors Housing Triple-net lease and three Long-Term/Post-Acute Care leases."},{"id":"e39","sourceId":"filing-2","location":"MD&A / Same-store pool exclusions and reconciliation","excerpt":"Management’s Discussion and Analysis of Financial Condition and Results of Operations The following is a reconciliation of the properties included in our QTD Pool and YTD Pool for SSNOI: QTD Pool YTD Pool SSNOI Property Reconciliations: Seniors Housing Operating Triple-net Outpatient Medical Total Seniors Housing Operating Triple-net Outpatient Medical Total Consolidated properties 1,869 829 54 2,752 1,869 829 54 2,752 Unconsolidated properties 125 — 73 198 125 — 73 198 Total properties 1,994 829 127 2,950 1,994 829 127 2,950 Recent acquisitions/development conversions(1) (636) (320) (4) (960) (756) (379) (7) (1,142) Under development (41) — — (41) (41) — — (41) Under redevelopment(2) (2) — — (2) (2) — — (2) Current held for sale (22) (2) (29) (53) (22) (2) (29) (53) Land parcels, loans and leased properties (171) (4) (5) (180) (171) (4) (5) (180) Transitions(3) (134) (3) — (137) (87) (3) — (90) Other(4) (8) (1) — (9) (8) (1) — (9) Same store properties 980 499 89 1,568 907 440 86 1,433 (1) Acquisitions and development conversions will enter the QTD Pool after five full quarters and YTD Pool after six full quarters from acquisition or certificate of occupancy."}],"changes":["The uncertain moat verdict is unchanged after re-examining the supplied catalog; all four moat criteria remain null.","Retained pricing grades of 2, 3, 3 and 2 and management grades of 2, 2, 3 and 2 using current catalog evidence rather than earlier assessments.","Added explicit consideration of actual lease restructures and same-store exclusions as limits on extrapolation.","Recognized first-half per-share FFO growth alongside acquisition spending and issuance when assessing capital discipline; recent acquisition returns remain unproven."],"limitations":["All supplied evidence comes from issuer filings and issuer-authored materials. Operating results and contractual terms support numerical assessments, but platform superiority and causal attribution to WBS remain management assertions.","The business competition passages disclose generic competitor categories. Named operators, tenants and licensees are not established as competitors. Compensation-peer disclosures do not establish each named company's direct competitive overlap, so competitor arrays remain empty.","No comparative property-level returns, persistent cost advantage, exclusive local market positions or demonstrated network effects establish a durable company-wide moat.","Outpatient medical retention is direct evidence for a substantially reduced portfolio. Seniors housing retention is assessed indirectly from occupancy and demand, without inferring resident renewal or churn rates.","Same-store results exclude substantial recent acquisitions and other properties; they cannot establish returns on the entire expanding portfolio.","Resident pricing discretion and detailed resident agreement terms are missing. Revenue growth beyond occupancy supports favorable realization but does not isolate rates from service or resident mix.","Actual executive beneficial ownership amounts and the subsequent 2026 advisory compensation vote result are not supplied. ECAP grants were adopted, but accounting vesting does not establish achieved performance conditions or unrestricted redemption.","Source dates are treated as filed dates, retaining dateKind; no retrieval date is treated as a publication date."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Master leases provide contractual protection and the proprietary platform has external adoption, but neither establishes difficult-to-replicate competitive economics across the dominant business. The position remains uncertain.","evidenceIds":["e1","e2","e8","e10","e14"]},{"criterion":"durability","grade":null,"rationale":"Long lease terms evidence contractual duration, while data accumulation could reinforce capabilities. The passages do not establish sustained competitive superiority or durable excess returns.","evidenceIds":["e2","e5","e11","e13"]},{"criterion":"customer_dependency","grade":null,"rationale":"Bundled lease rights and outpatient retention demonstrate some commitment, but dependency and differentiated switching friction in the dominant resident-services business remain unestablished.","evidenceIds":["e4","e8","e15","e20"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Improving same-store outcomes demonstrate current operating strength. They do not establish that a competitive advantage survives imitation, local competition, capital-market changes or a full operating cycle.","evidenceIds":["e15","e16","e18","e19"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Twenty-six triple-net leases received a weighted-average 4.4% rental increase in first-half 2026. Second-quarter seniors housing same-store revenue increased 9.2% while occupancy rose from 86.1% to 89.4%, supporting favorable realization beyond occupancy alone. Rates, services and resident mix are not separately identified, limiting the company-wide conclusion.","evidenceIds":["e17","e18"]},{"criterion":"retention","grade":3,"rationale":"Outpatient medical trailing-twelve-month retention was 92.8%, including retained month-to-month tenants. Seniors housing occupancy improved across the disclosed quarterly series, providing strong indirect demand evidence, and long master leases add commitment. The direct retention statistic covers a smaller business; no resident retention rate is inferred.","evidenceIds":["e2","e18","e19","e20","e21"]},{"criterion":"margin_resilience","grade":3,"rationale":"Second-quarter same-store revenue grew 9.2%, operating expenses increased more slowly, NOI grew 20.5% and the NOI margin rose from 29.1% to 32.1%. First-quarter results also show revenue outpacing expenses. These demonstrate current property-level resilience, partly from occupancy recovery, without proving full-cycle protection or a moat. Lease restructures temper extrapolation.","evidenceIds":["e18","e19","e38"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Expense pass-throughs and contractual escalators protect lease economics, but long fixed terms constrain repricing and some increases depend on CPI or tenant revenues. Purchase options can limit upside. Resident pricing discretion is undisclosed, so the assessment is mixed and primarily grounded in landlord contracts.","evidenceIds":["e1","e2","e6","e22","e23"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half operating cash flow rose to $1.674 billion from $1.369 billion, normalized FFO per diluted share increased to $3.07 from $2.49, and executed credit repricing improved terms by 15 basis points. Against these outcomes, acquisition cash spending reached $6.320 billion, ATM issuance added 21.6 million shares and 2025 stock compensation expense was $1.6 billion. Funding and per-share progress are demonstrated, but recent acquisition returns after all economic costs remain insufficiently established.","evidenceIds":["e24","e25","e26","e27","e37"]},{"criterion":"incentive_alignment","grade":2,"rationale":"ECAP awards were approved and granted, with long redemption restrictions, performance conditions on half of target executive awards, positive-TSR safeguards and limits on issuance-driven market-capitalization credit. Substantial award expense, waived legacy service conditions and change-of-control acceleration offset these protections. Actual executive ownership is not established, and accounting vesting does not imply achieved performance or unrestricted redemption.","evidenceIds":["e27","e28","e29","e30","e31","e32","e33"]},{"criterion":"execution","grade":3,"rationale":"Two quarterly same-store disclosures demonstrate rising occupancy, revenue and NOI, reinforced by stronger operating cash generation, per-share FFO growth and completed financing improvements. Execution is assessed from operating outcomes; attribution specifically to WBS is indirect, and same-store exclusions limit conclusions about recent acquisitions.","evidenceIds":["e18","e19","e24","e26","e37","e39"]},{"criterion":"governance","grade":2,"rationale":"An independent chair, independent standing committees, annual director elections, one-share-one-vote rights and actual meeting attendance support functioning oversight. Approval of costly awards, legacy service-condition waivers and acceleration provisions makes the overall assessment mixed. The supplied proxy does not establish the subsequent 2026 advisory vote 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