AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 2/6 · 19/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · 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.
durability · — · Long lease terms evidence contractual duration, while data accumulation could reinforce capabilities. The passages do not establish sustained competitive superiority or durable excess returns.
customer dependency · — · Bundled lease rights and outpatient retention demonstrate some commitment, but dependency and differentiated switching friction in the dominant resident-services business remain unestablished.
erosion resilience · — · 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.
Pricing power63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · 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.
retention · 3/4 · 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.
margin resilience · 3/4 · 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.
contractual freedom · 2/4 · 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.
Predictability—
Missing exact annual revenue, free cash flow or FCF margin; operating cash flow and capex must both be reported for all five years.
Financial strength—
Missing required inputs: debtFcfGrade, netDebtEbitGrade, currentRatioGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- interestCoverageGrade
- 36.11
- cashInterestPaid
- 579.59
- cashInterestCoverage
- 4.97
Capital allocation—
Missing required inputs: operatingReturn, cashConversionGrade. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year average dilution (%)
- 12.97
- 3-year average SBC / revenue (%)
- 6.82
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · 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.
incentive alignment · 2/4 · 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.
execution · 3/4 · 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.
governance · 2/4 · 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 outcome.
Evidence
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.
Business / Triple-net operating-cost obligations · Filed 12/02/2026
The leases generally have a fixed contractual term of 10 to 20 years and contain one or more five to 15-year renewal options.
Business / Triple-net lease terms and renewal options · Filed 12/02/2026
At December 31, 2025, approximately 96.9% of our triple-net properties were subject to master leases.
Business / Master-lease portfolio coverage · Filed 12/02/2026
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.
Business / Bundled purchase and renewal rights · Filed 12/02/2026
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.
Risk Factors / Bankruptcy limits on collections and remedies · Filed 12/02/2026
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.
Business / Purchase options below full market value · Filed 12/02/2026
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.
Risk Factors / Renewal concessions and less favorable terms · Filed 12/02/2026
For the six months ended June 30, 2026, resident fees and services and rental income represented 84% and 13% of total revenues, respectively.
MD&A / First-half 2026 revenue composition · Filed 28/07/2026
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.
Business / Portfolio data and claimed analytical advantages · Filed 12/02/2026
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.
Business / Proprietary statistical models and algorithms · Filed 12/02/2026
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.
Business / Claimed improvement in predictive analytics · Filed 12/02/2026
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.
Business / Intended WBS scale efficiencies · Filed 12/02/2026
Implementation is phased and conducted in collaboration with our operating partners, and we monitor adoption and effectiveness through standardized KPIs and reporting routines.
Business / Phased WBS implementation · Filed 12/02/2026
•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
Capital Activity and Liquidity
Liquidity Update Net debt to consolidated enterprise value decreased to 8.8% as of March 31, 2026 from 10.8% as of December 31, 2025.
Capital Activity and Liquidity / External data-platform licensing · Filed 28/04/2026
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.
Competition / Local resident choice and competitive factors · Filed 12/02/2026
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.
Risk Factors / Acquisition competition and competing capital resources · Filed 12/02/2026
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%.
MD&A / Realized first-half 2026 triple-net rental increases · Filed 28/07/2026
Same Store Performance(2)
2Q25
3Q25
4Q25
1Q26
2Q26
Properties
980
980
980
980
980
Units
112,409
112,411
112,415
112,365
112,241
Occupancy
86.1
%
87.6
%
88.6
%
88.8
%
89.4
%
Same store revenues
$
1,668,269
$
1,711,179
$
1,741,974
$
1,786,385
$
1,820,945
Compensation
699,255
711,505
723,987
721,267
730,982
Utilities
68,322
78,157
75,106
83,159
71,897
Food
66,778
68,536
70,975
66,948
68,931
Repairs and maintenance
44,975
48,104
47,376
47,479
47,578
Property taxes
56,277
56,158
52,557
57,615
56,968
All other
247,359
248,281
256,089
255,620
259,819
Same store operating expenses
1,182,966
1,210,741
1,226,090
1,232,088
1,236,175
Same store NOI
$
485,303
$
500,438
$
515,884
$
554,297
$
584,770
Same store NOI margin %
29.1
%
29.2
%
29.6
%
31.0
%
32.1
%
Year over year NOI growth rate
20.5
%
Year over year revenue growth rate
9.2
%
Partners(3)
Properties
Pro Rata Units
Welltower Ownership %(4)
Top Markets
2Q26 NOI
% of Total
Cogir Senior Living
181
27,389
94.7
%
Greater London
$
52,431
6.0
%
Care UK
168
10,780
100.0
%
Southern California
52,127
6.0
%
Oakmont Management Group
77
7,789
100.0
%
Northern California
47,800
5.5
%
Barchester
114
7,006
100.0
%
New York / New Jersey
29,925
3.4
%
Sunrise Senior Living
71
6,460
90.8
%
Dallas
27,978
3.2
%
StoryPoint Senior Living
136
13,343
91.4
%
Montréal
24,812
2.8
%
Amica Senior Lifestyles
33
4,914
100.0
%
Toronto
24,190
2.8
%
HC-One
611,282
98,632
1,256,089
70.5
%
$
609,584
$
122,752
$
727,061
$
320,716
$
1,780,113
100.0
%
Weighted Avg Maturity Years
17
12
17
8
15
Notes:
(1) Represents trailing twelve month coverage metrics as of March 31, 2026 for stable portfolio only.
Seniors Housing Operating / Same-store quarterly performance · Filed 27/07/2026
Same Store Performance(2)
1Q25
2Q25
3Q25
4Q25
1Q26
Properties
921
921
921
921
921
Units
104,508
104,523
104,522
104,525
104,484
Occupancy
85.3
%
86.4
%
87.9
%
88.9
%
89.0
%
Same store revenues
$
1,572,867
$
1,611,726
$
1,652,555
$
1,680,617
$
1,722,576
Compensation
668,246
677,882
689,648
701,603
698,682
Utilities
77,066
64,899
74,637
71,067
78,661
Food
61,729
64,375
66,019
68,450
64,596
Repairs and maintenance
42,473
42,841
45,786
45,310
45,498
Property taxes
52,905
53,030
53,250
49,234
54,611
All other
234,789
240,323
240,550
248,522
248,711
Same store operating expenses
1,137,208
1,143,350
1,169,890
1,184,186
1,190,759
Same store NOI
$
435,659
$
468,376
$
482,665
$
496,431
$
531,817
Same store NOI margin %
27.7
%
29.1
%
29.2
%
29.5
%
30.9
%
Year over year NOI growth rate
22.1
%
Year over year revenue growth rate
9.5
%
Partners(3)
Properties
Pro Rata Units
Welltower Ownership %(4)
Top Markets
1Q26 NOI
% of Total
Cogir Senior Living
180
27,246
94.3
%
Greater London
$
53,982
6.9
%
Care UK
170
10,938
100.0
%
Southern California
49,692
6.4
%
Sunrise Senior Living
85
7,767
90.7
%
Northern California
39,704
5.1
%
Barchester
111
6,814
100.0
%
New York / New Jersey
27,667
3.5
%
Oakmont Management Group
72
7,099
100.0
%
Dallas
26,701
3.4
%
StoryPoint Senior Living
117
11,927
94.2
%
Montreal
23,568
3.0
%
HC-One
215
12,348
100.0
%
Washington D.C.
Seniors Housing Operating / First-quarter same-store performance · Filed 28/04/2026
(dollars in thousands at Welltower pro rata ownership)
In-Place NOI Diversification(1)
By Partner:
Total Properties
Seniors Housing Operating
Long-Term/ Post-Acute Care
264
237,988
263,480
501,468
10.3
416,724
416,724
Avir Health Group
173
297,176
297,176
248,860
248,860
5.1
244,068
244,068
5.0
237,068
237,068
4.9
208,696
208,696
4.3
Avery Healthcare
108,584
79,092
187,676
3.9
148,176
148,176
3.0
214
140,744
140,744
Remaining
1,255
1,412,064
281,324
116,848
424,776
2,235,012
45.9
2,667
3,402,972
623,896
116,848
721,952
4,865,668
By Country:
1,708
2,190,560
238,860
116,848
721,952
3,268,220
67.2
795
768,172
385,036
1,153,208
23.7
Health system affiliated properties as % of NOI(3)
99.7
UnitedHealth
15,494
12.6
Health system affiliated tenants as % of rental income(3)
93.5
Atrium Health
10,662
8.7
Investment grade tenants as % of rental income(3)
Norman Regional Health
6,879
5.6
Retention (trailing twelve months)(3)
92.8
Baylor Scott & White Health
2,260
1.8
Average remaining lease term (years)(3)
11.8
Remaining portfolio
13,026
10.7
Average building size (square feet)(3)
75,866
Average age (years)
Expirations(3)
2027
2028
2029
2030
Thereafter
Occupied square feet
62,482
60,858
127,940
187,499
258,280
3,321,663
% of occupied square feet
1.6
1.5
6.4
82.6
(1) Properties, square feet, occupancy and cap-ex exclude land parcels, properties under development/redevelopment and nonoperational properties.
Outpatient Medical / Retention and remaining lease term · Filed 27/07/2026
Retention includes month-to-month tenants retained.
Outpatient Medical / Retention definition · Filed 27/07/2026
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.
MD&A / CPI- and tenant-revenue-linked rent escalators · Filed 28/07/2026
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.
MD&A / Conditions limiting contingent rent growth · Filed 28/07/2026
Adjustments to reconcile net income (loss) to net cash provided from (used in) operating activities:
Other amortization expenses
20,764
27,888
Stock-based compensation expense
35,350
32,762
Rental income less than (in excess of) cash received
(165,387)
(92,647)
Amortization related to above (below) market leases, net
(441)
(809)
Distributions by unconsolidated entities
11,476
12,020
Increase (decrease) in accrued expenses and other liabilities
(191,728)
(89,081)
Decrease (increase) in receivables and other assets
(150,054)
(75,127)
Net cash provided from (used in) operating activities
1,673,639
1,368,992
Investing activities:
Cash disbursed for acquisitions, net of cash acquired
(6,320,151)
(2,936,818)
Cash disbursed for capital improvements to existing properties
(589,126)
(473,229)
Cash disbursed for construction in progress
(166,916)
(238,561)
Capitalized interest
(17,300)
(20,173)
Investment in loans receivable
(1,876,185)
(40,244)
Principal collected on loans receivable
827,881
162,039
Other investments, net of payments
(16,115)
(65,227)
Contributions to unconsolidated entities
Cash flows / Operating cash generation and acquisition spending · Filed 28/07/2026
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.
Note 14 / Common-stock issuance and ATM financing · Filed 28/07/2026
•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.
Capital / Executed credit-facility repricing and maturity extension · Filed 28/07/2026
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.
Auditor critical audit matter / Recognized stock-compensation expense · Filed 12/02/2026
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.
Note 15 / ECAP approval and actual award grants · Filed 28/07/2026
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).
Note 15 / Accounting vesting and continuing award restrictions · Filed 28/07/2026
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.
Compensation Discussion and Analysis / Adopted ECAP design · Filed 10/04/2026
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.
Compensation Discussion and Analysis / Limits on ATM issuance credit · Filed 10/04/2026
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).
Compensation Discussion and Analysis / Change-of-control redemption acceleration · Filed 10/04/2026
As disclosed above, in connection with the adoption of the 10-Year ECAP, the service-based vesting conditions applicable to the PSUs were waived.
Compensation Discussion and Analysis / Waived legacy service conditions · Filed 10/04/2026
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.
Corporate Governance Highlights / Voting rights and independent oversight · Filed 10/04/2026
The Board met 15 times during the year ended December 31, 2025.
Corporate Governance / Actual 2025 Board meetings · Filed 10/04/2026
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.
Corporate Governance / Actual director meeting attendance · Filed 10/04/2026
stockholders' equity
46,414,348
35,900,526
1,024,686
362,588
Total equity
47,439,034
36,263,114
Total liabilities and equity
69,875,180
55,833,495
Page 5 of 11
Consolidated Statements of Income (unaudited)
Revenues:
Resident fees and services
2,984,891
1,971,044
5,765,822
3,835,574
Rental income
459,740
483,040
913,582
944,607
Interest income
77,369
62,057
148,298
124,547
Other income
22,586
32,103
68,810
66,603
Total revenues
3,544,586
2,548,244
6,896,512
4,971,331
2,150,123
1,514,711
4,205,543
2,977,101
1,360,516
980,905
374,629
286,119
134,960
127,933
Per diluted share data attributable to common stockholders:
Net income (loss)(4)
0.61
0.45
1.63
NAREIT FFO
1.56
1.24
2.92
2.41
Normalized FFO
1.60
1.28
3.07
2.49
Normalized FFO Payout Ratio:
Dividends per common share
0.74
0.67
1.48
1.34
Normalized FFO attributable to common stockholders per share
1.60
1.28
3.07
2.49
Normalized FFO payout ratio
Other items:(5)
Financial Exhibits / First-half 2026 per-share FFO results · Filed 27/07/2026
(5) Represents normalizing adjustment related to lease restructures with one Seniors Housing Triple-net lease and three Long-Term/Post-Acute Care leases.
SSNOI reconciliation notes / Actual lease restructures · Filed 27/07/2026
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.
MD&A / Same-store pool exclusions and reconciliation · Filed 28/07/2026
