4Q16 Corporate Presentation

The Aging Population:Driving Health Care Real Estate Investments

Corporate Presentation February 2017

Forward Looking Statements

This document contains “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. When the

company 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, it is making forward-looking statements. In particular, these forward-looking

statements include, but are not limited to, those relating to the company’s opportunities to acquire, develop or sell properties; the company’s

ability to close its anticipated acquisitions, investments or dispositions on currently anticipated terms, or within currently anticipated

timeframes; the expected performance of the company’s operators/tenants and properties; the company’s expected occupancy rates; the

company’s ability to declare and to make distributions to stockholders; the company’s investment and financing opportunities and plans; the

company’s continued qualification as a real estate investment trust (“REIT”); the company’s ability to meet its earning guidance; and the

company’s ability to access capital markets or other sources of funds.

Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the company’s

actual results to differ materially from the company’s expectations discussed in the forward-looking statements. This may be a result of

various factors, including, but not limited to: the status of the economy; the status of capital markets, including availability and cost of capital;

issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to

government investigations and punitive settlements and operators’/tenants’ difficulty in cost-effectively obtaining and maintaining adequate

liability and other insurance; changes in financing terms; competition within the health care and seniors housing industries; negative

developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay

loans; the company’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 the company’s properties; the company’s ability to re-lease space at

similar rates as vacancies occur; the company’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 the company’s properties; changes

in rules or practices governing the company’s financial reporting; the movement of U.S. and foreign currency exchange rates; the company’s

ability to maintain its qualification as a REIT; key management personnel recruitment and retention; and other risks described in the

company’s reports filed from time to time with the Securities and Exchange Commission. Finally, the company assumes no obligation to

update or revise any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons

why actual results could differ from those projected in any forward-looking statements.

2

Welltower At A Glance

31) Source: Bloomberg as of 12/31/2016.2) Based on internal estimates derived from trailing twelve-month facility level data.

OUR VISION

Driving The Evolution of Healthcare Infrastructure So An Aging Population Can Live Well

Moody’s

Baa1Stable

Fitch

BBB+Stable

$39.4BEnterprise Value(1)

S&P 500 NYSE

Symbol:

HCN

S&P

BBB+Stable

1,414TOTAL HEALTH

CARE PROPERTIES

~210,000RESIDENTS(2)

16,000,000OUTPATIENT

MEDICAL VISITS(2)

Dow Jones

Sustainability Index

Real Estate Investment Trust (REIT) Overview

41) Includes RMZ real estate companies. Source: Bloomberg as of 12/31/2016.

LARGEST U.S. PUBLIC REAL ESTATE COMPANIES by Enterprise Value (1)

RANK COMPANY

COMPANY

Rank Company Sector $ (mm’s)

1 Simon Property Group Regional Malls $78,991

2 Public Storage Self-Storage $43,184

3 Prologis Inc. Industrial $42,349

4 Health Care $39,428

5 General Growth Properties Regional Malls $34,634

6 Ventas, Inc. Health Care $33,593

7 Vornado Realty Trust Office/Retail $32,612

Performance Driven Strategy

5

Investment in the

“Silver Economy” &

Aging

Best-in-Class

Real Estate &

Operating

Partners

Superior Internal

& External Growth

Investment Grade

Balance Sheet &

Outstanding Access to

CapitalSignificant and

Stable Dividend

Income

Powerful Growth Trends for Health Care Real Estate

Health Care is Moving To Lower Cost Settings

7

HIGHER AVERAGE COSTLOWER AVERAGE COST

Hospital Memory

Care

Assisted

Living

Independent

Living

SENIOR HOUSINGACUTE CARE POST-ACUTE CARE CONTINUUM

Skilled Nursing

(LTC)Inpatient

Rehab Facility

Long-Term

Care Hospital

OUTPATIENT / M E D I C A L OFFICE BUILDINGHOME

Powerful Demographic Tailwinds

8US Census Bureau www.census.gov

0%

20%

40%

60%

80%

100%

2016 2020 2024 2028 2032 2036

85+ Age Group % Growth 25-34 Age Group

85+ Population to Double in 20 Years

http://www.census.gov/

Aging Population Drives Health Care Spending

9Source: National Health Expenditure, CMS. Data as of 9/30/2015.

Dementia / Alzheimer’s: Residential Memory Care is the Answer

10Source: Alzheimer’s Disease International The World Alzheimer Report 2015, The Global Impact of Dementia: An analysis of prevalence, incidence, cost and trends updates.

Alzheimer’s Disease is the only

“Top 10 Cause of Death” in the

U.S. that cannot be prevented,

slowed or cured

Number of people with dementia

globally will almost double every

20 years

Total estimated worldwide cost

of dementia care will be $1 trillion

by 2018

2015 2030 2050

46.8

million

74.7

million

131.5

million

Welltower’s Unique Growth Platform

1. Based on NOI for 1Q10 and In-Place NOI for 4Q16. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

2. Comprises Seniors Housing Triple-Net and Seniors Housing Operating properties.

3. Based on Facility Revenue Mix.

4. Numbers do not add up to 100% due to rounding.

1Q10

Private Pay: 69%(3)

4Q16(4)

Private Pay: 93%(3)

Portfolio Transformation(1)

SENIORS

HOUSING(2)

69%

OUTPATIENT

MEDICAL

17%

LONG-TERM/

POST-ACUTE CARE

13%

LONG-TERM/

POST-ACUTE CARE

31%

OUTPATIENT

MEDICAL

19%

SENIORS

HOUSING(2)

40%

LIFE SCIENCE

2%

HOSPITALS

8%

12

NOIIn-Place

NOI

15.4%

7.7%

7.0%

5.8%

4.5%

TOP 5

PARTNERS

40%

TOP 6-10

PARTNERS

15%

1. Based on 4Q16 In-Place NOI. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

4Q16

• Positive Portfolio Transformation

Partner Diversification(1)

OTHER

44%

13

In-Place

NOI

The Definition of a “Class A” Health Care Portfolio

14

Active Portfolio

Management

Best-In-Class

Operating

Partners

High Barrier to Entry Premier

Markets

Midtown Manhattan Development

Sunrise Connecticut Avenue,

Washington, D.C.

Welltower Outpatient Center,

Beverly Hills, CA

Merrill Gardens at the University, Seattle, WA

Chartwell Toronto Development

Welltower Family of Brands

151. Quarterly average of gross investments with existing partners from 1/1/2012 - 12/31/2016.

$810mm(1)

PER QUARTER OF REPEAT

BUSINESS WITH EXISTING

PARTNERS

U.S. Seniors Housing Portfolio: Major Urban Market Focus

16Data as of 12/31/2016. NOI data based on In-Place US SH Operating NOI. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

1) Comprises Seniors Housing Triple-Net and Seniors Housing Operating properties.

TOP US MARKETS(% OF SH OPERATING NOI)

Los Angeles 14.7%

Boston 9.9%

New York 8.7%

San Francisco 5.3%

San Diego 4.6%

Chicago 4.5%

Washington DC 3.5%

Seattle 2.8%

Dallas 2.5%

San Jose 2.4%

631(1)

Seniors Housing

Facilities

62,504 units

$16.2B(1)

Gross Real Estate

Investments

94%

SH Operating NOI

in Top 31 MSAs +

Coastal States

Strategic Focus: Urban, High Barrier to Entry Markets

17Source: NIC MAP® Data Service data as of 12/31/2016

1. Data as of 12/31/2016. NOI data based on In-Place US SH Operating NOI. Please see non-GAAP financial measures and reconciliations at the end of this presentation

Los Angeles 14.7%

Boston 9.9%

New York 8.7%

San Francisco 5.3%

San Diego 4.6%

Chicago 4.5%

Washington DC 3.5%

Seattle 2.8%

Dallas 2.5%

San Jose 2.4%

TOP US MARKETS(1)

(% OF SH OPERATING NOI)

Seniors Housing Construction: All Markets

UK Portfolio | Urban, High Barrier to Entry Markets

18

Data as of 12/31/2016. NOI data based on In-Place UK SH Operating NOI. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

1. UK data, source: Office for National Statistics.


PO

PU

LA

TIO

N

(in m

illio

ns)

5.3

7.3

9.1

0

5

10

2016 2026 2036

75+ POPULATION (1)

96(2)

Facilities

$2.4B(2)

Gross Real Estate

Investments

92%

SH Operating NOI in

Greater London &

Southern England

UK

Canadian Portfolio | Urban, High Barrier to Entry Markets

19

Data as of 12/31/2016. NOI data based on In-Place Canadian SH Operating NOI. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

1. Canadian data, source: Statistics Canada.


Popula

tion

(in m

illio

ns)

2.6

3.7

5.3

0

1

2

3

4

5

6

2016 2026 2036

75+ POPULATION (1)

145(2)

Facilities

$2.7B(2)

Gross Real Estate

Investments

CN

77%

SH Operating NOI in

Top 10 Canadian

MSAs

Superior Seniors Housing Operating Growth: Welltower vs. Peers

20

(1) Simple average of quarterly growth for comparability.

(2) HCN based on full-year 2016 average. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

(3) VTR and BKD based on full-year 2016 average. ESC, CSU and FVE based on 3Q16 YTD average. Information from most recent public filings.

8.5%

7.3% 7.3%

3.1%3.4%

2.7%

5.8%

4.5%

2.3%

1.6%1.8%

2.8%

-0.8%

2.0%

1.1%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2012 2013 2014 2015 2016

Same Store NOI Growth(1)

HCN VTR Provider-Only (BKD, ESC, CSU, FVE)(3)(2) (3)

Urban Market Focus: Midtown Manhattan Development

21

D E M A N D FACTORS

• Manhattan has a vast, highly under-served population of aging New Yorkers

• Current availability of assisted living is 5x less than national average

• Currently, only 70 fully licensed memory care beds in Manhattan

• >30,000 geriatric patients discharged annually to health care facilities

• Demographic trends point to significant elderly population growth

• Anticipated delivery: 2019; Anticipated opening: 2020

Outpatient Will Continue to Dominate Care Delivery

22Source: American Hospital Association, Medicare Payment Advisory Commission

0%

5%

10%

15%

20%

25%

30%

35%

40%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Outpatient visits Inpatient visits

36% Increase in total outpatient visits since 1999,

Compared with 6% rise in inpatient visits

Full Service Outpatient Medical Group

23

16,000,000OUTPATIENT

MEDICAL VISITS(3)

$5.5BINVESTED IN 251

PROPERTIES

99%IN-HOUSE

MANAGED

PROPERTIES AS

% OF SF(2)

95%HEALTH SYSTEM

AFFILIATED AS %

OF NOI(1)

Welltower proudly serves

many of the nation’s top

health systems

Data as of 12/31/2016 and relates to Core portfolio which excludes held for sale, and includes Aspen UK properties.

1. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

2. Includes only multi-tenant properties.

3. Based on internal estimates derived from trailing twelve-month facility level data.

Connecting Outpatient Medical, Post Acute Care and Seniors Housing

24

In Voorhees, New Jersey, a suburb of Philadelphia,

Welltower has connected three of its partners to create

a collaborative care model known in the local

community as the “Medical Mile.”

Three innovative health facilities are located within one

mile of each other along the Route 73 corridor:

o A new outpatient facility for Virtua Voorhees

Hospital

o A post acute care Genesis PowerBack

Rehabilitation Facility

o Brandywine Living Community

Brandywine

Living

Virtua Health

System

Genesis

HealthCare

Financial Summary

Significant Balance Sheet Strength

261. Net debt represents total debt minus cash.2. Represents three months ended 4Q13 and 4Q16. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

Moody’s

Baa1Stable

S&P

BBB+Stable

Fitch

BBB+Stable

RATIO 4Q13(2) 4Q16(2) Improvement

NET DEBT /

UNDEPRECIATED BOOK CAP (1) 42.6% 37.4% 520 bps

NET DEBT /

ENTERPRISE VALUE (1) 38.3% 31.1% 720 bps

NET DEBT /

ADJUSTED EBITDA (1) 6.1x 5.4x 0.7x

ADJUSTED INTEREST

COVERAGE3.4x 4.2x 0.8x

ADJUSTED FIXED CHARGE

COVERAGE2.7x 3.3x 0.6x

Balanced and Manageable Debt Maturity Profile

27Data as of 12/31/2016 in USD. Represents pro rata principal amounts due excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.

4.0%

8.5%

10.2%

6.7%

17.0%

6.5%

5.6% 5.1%

13.7%

5.9%

16.8%

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Thereafter

Pro Rata Secured Debt Senior Notes Lines of Credit

Year 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Thereafter

Unsecured

Debt - $450 $605 $673 $1,781 $600 $500 $400 $1,250 $700 $1,945

Secured Debt $501 $610 $664 $161 $332 $206 $194 $232 $457 $36 $140

Total ($mm) $501 $1,060 $1,269 $834 $2,113 $806 $694 $632 $1,707 $736 $2,086

Weighted average maturity of 7.3 years

Focus On Delivering Outstanding Returns

28

1. Data as of 12/31/2016, adjusted for stock splits. The 2017 dividend represents the approved dividend rate for 2017, subject to quarterly review by the Board of Directors.

2. Data for three months ended 12/31/2016. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

Dividend Growth

Dividend Yield (1)

5.1%

FFO Payout Ratio (2)78%

FAD Payout Ratio (2)

87%

20171971

$3.48

Consistently Outperforming S&P 500

291. Data as of 12/31/2016, adjusted for stock splits. Total return assumes reinvestment of dividends.

-5.00%

5.00%

15.00%

25.00%

35.00%

45.00%

55.00%

65.00%

Welltower

S&P 500

+45%

+30%

15.5% Average Annual Return

Since Inception (1)

Total Returns(1)

Appendix

31

Recognized For Sustainable Business Practices

One of eight real estate companies named to

Dow Jones Sustainability North

America Index (DSJI)

NAREIT Leader in Light Award

-Health Sector 2016

CDP Climate Change Score of A- (Leadership

Band), S&P edition, 2016 Global Climate

Change Report

57 Energy Star Certified

9 LEED Certified

Strong Growth in Projected Demand for Seniors Housing

32

PROJECTED ANNUAL DEMAND GROWTH FOR SENIORS HOUSING UNITS

Source: Seniors Housing Analytics, PGIM-A silver lining: Investment Implications of an Aging World.

Growth Platform at the Intersection of Aging and Health Care

331. Based on In-Place NOI for 4Q16. Numbers do not add up to 100% due to rounding. Please see non-GAAP financial measures and reconciliations at the end of this presentation 2. Comprises Seniors Housing Triple-Net and Seniors Housing Operating properties. 3. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

Portfolio Mix(1)

69% Seniors Housing(2)

(Independent Living, Assisted Living & Memory Care)

• Invest in top metro markets with high barriers to entry, concentrated along U.S.

coastlines

• Strategic partnerships with best-in-class, privately held operators

• Scale that drives efficiencies across assisted living and memory care platforms

• Increased NOI and operational upside from partnership management philosophy

13% Long Term, Post-Acute Care

17% Outpatient Medical

• Selective investments in higher acuity/higher impact skilled nursing facilities

(e.g., Powerback model)

• Right size exposure to NOI and balance sheet

• Full service outpatient medical group overseeing 17.0M square feet of space

• 95% affiliated with health systems as a percentage of NOI(3)

• Growing MOB portfolio at the forefront of evolving care delivery

Capital-efficient,

sustainable

growth supporting

long term stable

income.

Procedures Driving Outpatient Medical Growth

34(1) Source: Sg2 Analytics

Orthopedic & Spine

Neurosciences

Cancer

Obstetrics

Pediatrics

General Medicine/General Surgery

Cardiovascular

Inpatient - U.S. Market

2013 – 23

Outpatient - U.S. Market

2013 – 23G R O W T H O F

OUTPATIENT

P R O C E D U R E SService line g rowth rates (1)

Superior Assets Lead to Superior Operating Results

35

Welltower (1) Outpatient

Medical Peers (2)

Occupancy 95% 92%

Property SizeSquare Feet

67,083 63,501

Health System Affiliation(3) 95% 95%

NOI Margin 69% 66%

NOI per Square FootAnnualized

$22.31 $18.23

Lease Expirations(4)

Through 202029% 49%

In-house Managed(5) 99% Data Not Available

Outpatient Medical

1. Data as of 12/31/2016. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

2. Peers include HCP, HR, HTA, VTR. Peer data is as of 9/30/16.

3. Welltower percentage based on NOI. Peers based on square feet.

4. Based on occupied square feet.

5. As a percentage of square feet. Includes only multi-tenant properties.


36

WELLTOWER

PAC/LTC (1)

HC REIT

Peers (2)

Public

Operators (3)

Industry

Benchmarks (4)

Property AgeYears

20 36 32 38

Occupancy 82% 82% 81% 83%

Quality MixPrivate & Medicare Revenue %

63%(5) 52% 52% 46%

EBITDARM Coverage 1.72x 1.68xData

Not Available

Data

Not Available

EBITDARM per BedAnnual

$21,408 $16,724 $14,076Data

Not Available

Post-Acute and Long-Term Care

1. Welltower data as of 9/30/2016 for stable portfolio. EBITDARM Coverage and EBITDARM per bed figures represent trailing twelve months results. EBITDARM represents earnings before interest, taxes, depreciation, amortization, rent and

management fees. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDARM and has not independently verified the information.

2. Average T4Q 3Q16 results obtained from publicly available documents for the following peers: OHI/AVIV, VTR (SNF only), HCP, CCP, LTC and SBRA.

3. Average T4Q 3Q16 results obtained from publicly available documents for the following publicly traded skilled nursing operators: GEN, DVCR, ENSG, NHC and KND (SNF only).

4. Property age per 4Q16 NIC MAP for Majority NC Properties in the primary and secondary markets; occupancy and quality mix per NIC Skilled Nursing Data Report, September 30, 2016 and reported in days. Quality Mix derived by Weight of

Revenue per Patient Day [1-(Medicaid PPD Mix * Revenue PPD)] per NIC Skilled Nursing Data report as of September 30, 2016.

5. Per page 1 of 4Q16 Supplement.


37

Welltower US

RIDEA(1)

HC REIT

Peers(2)

Public

Operators(3)

Industry

Benchmarks

Welltower UK

RIDEA(9)

Industry

Benchmarks

Property AgeYears

15 18(4) 17(4) 20(5) 9 20(10)

Housing ValueMedian

$482,461 $221,390(4) $190,797(4) $192,432(6) £417,267 £265,083(11)

Household IncomeMedian

$81,062 $53,996(4) $52,694(4) $55,551(6) Data Not

Available

Data Not

Available

REVPORMonthly

$6,755 $4,438(7) $4,159(7) $4,464(5) £6,312 £3,015(12)

SSREVPOR GrowthYear-over-year

4.5% 2.8%(7) 2.2%(7) 3.0%(5) 3.6% 2.8%(12)

SSNOI per Unit Annual

$23,447 $15,090(7) $12,764(7) $16,271(8) £21,639 £8,339(12)

SSNOI GrowthYear-over-year

2.8% 2.6%(7) 2.0%(7) Data Not

Available3.6%

Data Not

Available

US Seniors Housing UK Seniors Housing

See following page for all footnotes.

Detailed Footnotes

38

1. Data as of 12/31/2016 for properties included in the seniors housing segment. Property age, housing value and household income are NOI-weighted as of December 31, 2016. 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 average performance of Welltower's same store portfolio over the past four quarters. REVPOR is based on total 4Q16 results. Represents the annual NOI per unit available based on trailing twelve months for those properties in the portfolio for 15 months preceding the end of the portfolio performance period. NOI per unit for UK portfolio in GBP calculated by taking NOI per unit in USD divided by a standardized GBP/USD rate of 1.4950. NOI per unit for Canadian portfolio in CAD calculated by taking NOI per unit in USD divided by a standardized USD/CAD rate of 1.3495. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

2. Average Trailing 4 quarters as of 9/30/2016 results for the following peers: HCP, NHI, SNH, and VTR. Housing value and household income are based on 5-mile radius median data.

3. Average Trailing 4 quarters as of 6/30/2016 results for the following publicly traded seniors housing operators: BKD, CSU and FVE. Housing value and household income are based on 5-mile radius median data.

4. Derived or obtained from BofAML research reports, NIC, Nielsen, and/or publicly available documents.

5. Per NIC 4Q16 Majority AL properties in primary and secondary markets.

6. US Median per Nielsen 2016.

7. Derived or obtained from publicly available documents.

8. The State of Seniors Housing 2016. Represents 2015 results.

9. Data as of 12/31/2016 for properties included in the seniors housing operating segment. Property age, housing value and household income are NOI-weighted as of December 31, 2016. 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 average performance of Welltower's same store portfolio over the past four quarters. REVPOR is based on total 4Q16 results. Represents the annual NOI per unit available based on trailing twelve months for those properties in the portfolio for 15 months preceding the end of the portfolio performance period. NOI per unit for UK portfolio in GBP calculated by taking NOI per unit in USD divided by a standardized GBP/USD rate of 1.4950. NOI per unit for Canadian portfolio in CAD calculated by taking NOI per unit in USD divided by a standardized USD/CAD rate of 1.3495. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

10.Property age per LaingBuisson, Care of Older People 27th Edition.

11.UK Average, CACI 2016 CI.

12.Knight Frank 2016 Care Homes Trading Performance Review and assumes a 5% management fee.

Financial Disclosures

Non-GAAP Financial Measures

40

Welltower Inc. believes that net income attributable to common stockholders (NICS), as defined by U.S. generally acceptedaccounting principles (U.S. GAAP), is the most appropriate earnings measurement. However, the company considers NetOperating Income (NOI), In-Place NOI (IPNOI), Same Store NOI (SSNOI), Revenues per Occupied Room (REVPOR),Same Store REVPOR (SS REVPOR), Normalized Funds From Operations (FFO), Normalized Funds Available forDistribution (FAD), Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) and Adjusted EBITDA (A-EBITDA) to be useful supplemental measures of its operating performance. Excluding EBITDA and A-EBITDA, thesesupplemental measures are disclosed on a Welltower pro rata ownership basis.

Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interestsand adding Welltower’s minority ownership share of unconsolidated amounts. Welltower does not control unconsolidatedinvestments. While the company considers pro rata disclosures useful, they may not accurately depict the legal andeconomic implications of Welltower’s joint venture arrangements and should be used with caution.

Welltower’s supplemental reporting measures and similarly entitled financial measures are widely used by investors, equityand debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies.Welltower’s management uses these financial measures to facilitate internal and external comparisons to historicaloperating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors toevaluate management.

None of the supplemental reporting measures represent net income or cash flow provided from operating activities asdetermined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity.Finally, the supplemental reporting measures, as defined by Welltower, may not be comparable to similarly entitled itemsreported by other real estate investment trusts or other companies. Multi-period amounts may not equal the sum of theindividual quarterly amounts due to rounding.

NOI, IPNOI, SSNOI, REVPOR and SS REVPOR

41

Net operating income (NOI) is used to evaluate the operating performance of our properties. We define NOI as totalrevenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costsassociated with managing, maintaining and servicing tenants for our seniors housing operating and outpatient medicalproperties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees,marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrativeexpenses represent costs unrelated to property operations or transaction costs. These expenses include, but are not limitedto, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets.

In-Place NOI (IPNOI) represents NOI excluding interest income, other income and non-cash NOI and adjusted for timing ofcurrent quarter portfolio changes such as acquisitions, development conversions, segment transitions, dispositions andinvestments held for sale.

Revenues per occupied room (REVPOR) is used to evaluate the revenue-generating capacity and profit potential of ourseniors housing operating portfolio independent of fluctuating occupancy rates. It is calculated as total resident fees andservices revenues divided by average monthly occupied room days. REVPOR is also used in comparison against industryand competitor statistics, if known, to evaluate the quality of our seniors housing operating portfolio.

Same store NOI (SSNOI) and same store REVPOR (SS REVPOR) are used to evaluate the performance of our propertiesunder a consistent population which eliminates changes in the composition of our portfolio. For purposes of SSNOI and SSREVPOR, same store is generally defined as those revenue-generating properties in the portfolio for the relevant reportingperiods. Land parcels, loans, sub-leases, and entrance fee communities for periods prior to 1Q15 as well as any propertiesacquired, developed/re-developed, transitioned, sold or classified as held for sale during those periods are generallyexcluded from the same store amounts. Normalizers include adjustments and reclassifications that in management’s opinionare appropriate in considering SSNOI or SS REVPOR, which are supplemental, non-GAAP performance measures. Noneof these adjustments or reclassifications, which may increase or decrease SSNOI, are reflected in our financial statementsprepared in accordance with U.S. GAAP.

We believe NOI, IPNOI, SSNOI, REVPOR and SS REVPOR provide investors relevant and useful information because theymeasure the operating performance of our properties at the property level on an unleveraged basis. We use these metrics tomake decisions about resource allocations and to assess the property level performance of our properties.

In-Place NOI Reconciliations

42

$ s in tho us ands a t Wellto wer pro ra ta

o wners hip

% o f

SHO by

Co untry

% o f

SHO

Senio rs

ho us ing

o pera ting

Senio rs

ho us ing

triple -ne t

Lo ng-term/

po s t-acute

Outpa tient

medica l To ta l

% o f

To ta l

% o f

Co untry

Annualized three mo nths ended December 31, 2016

New Yo rk 8.7% 6.4% 52,491$ 63,492$ 14,589$ 4,713$ 135,285$ 6.9% 8.2%

Lo s Angeles 14.7% 10.8% 88,954 2,584 - 23,319 114,857 5.9% 7.0%

P hilade lphia 1.5% 1.1% 8,780 25,127 34,772 21,702 90,381 4.6% 5.5%

Dallas 2.5% 1.8% 14,893 27,942 5,148 28,444 76,427 3.9% 4.6%

Bo s to n 9.9% 7.2% 59,626 1,723 11,497 1,068 73,914 3.8% 4.5%

Seattle 2.8% 2.1% 17,152 19,118 - 12,807 49,077 2.5% 3.0%

Chicago 4.5% 3.3% 27,169 11,295 5,038 3,395 46,897 2.4% 2.9%

San Francis co 5.3% 3.9% 31,972 11,629 - - 43,601 2.2% 2.7%

Ho us to n 1.6% 1.1% 9,463 2,531 - 24,456 36,450 1.9% 2.2%

Was hingto n DC 3.5% 2.6% 21,107 3,731 8,118 - 32,956 1.7% 2.0%

San Diego 4.6% 3.4% 27,717 - 2,676 1,753 32,146 1.6% 2.0%

San J o s e 2.4% 1.8% 14,761 - - 1,460 16,221 0.8% 1.0%

Other To p 31 US MSAs and Co as ta l S ta tes 31.7% 23.3% 191,616 175,573 98,906 112,113 578,208 29.6% 35.1%

Other United Sta tes 6.3% 4.6% 38,124 122,588 72,516 85,524 318,752 16.3% 19.3%

To ta l United Sta tes 100.0% 73.4% 603,825 467,333 253,260 320,754 1,645,172 84.1% 100.0%

Lo ndo n 68.3% 5.8% 47,645 29,386 - 17,894 94,925 4.9% 62.4%

Other So uthern England 23.8% 2.0% 16,612 25,960 - - 42,572 2.2% 28.0%

Other United Kingdo m 7.9% 0.7% 5,500 9,094 - - 14,594 0.7% 9.6%

To ta l United Kingdo m 100.0% 8.5% 69,757 64,440 - 17,894 152,091 7.8% 100.0%

To ro nto 24.8% 4.5% 37,112 - - - 37,112 1.9% 23.3%

Ottawa 13.4% 2.4% 20,014 - - - 20,014 1.0% 12.6%

Calgary 6.3% 1.1% 9,352 - 6,532 - 15,884 0.8% 10.0%

Mo ntrea l 11.7% 2.1% 17,538 - - - 17,538 0.9% 11.0%

Vanco uver 8.1% 1.5% 12,088 1,392 - - 13,480 0.7% 8.5%

Other To p 10 Canadian MSAs 12.7% 2.3% 18,906 - - - 18,906 1.0% 11.9%

Remaining Canada 23.0% 4.2% 34,340 1,947 - - 36,287 1.8% 22.7%

To ta l Canada 100.0% 18.1% 149,350 3,339 6,532 - 159,221 8.1% 100.0%

To ta l In-P lace NOI (1) 100.0% 822,932$ 535,112$ 259,792$ 338,648$ 1,956,484$ 100.0%

% o f To ta l 42.0% 27.4% 13.3% 17.3% 100.0%

No tes :

(1) P leas e refer to "In-P lace NOI by P artner Reco ncilia tio ns " fo r a reco ncilia tio n o f In-P lace NOI to ne t inco me a ttributable to co mmo n s to ckho lders .

In-Place NOI by Partner Reconciliations

43

Three mo nths

$ s in tho us ands ended 12/31/16

Annualized In-P lace NOI by partner (1)

Sunris e Senio r Living No rth America 232,606$ 11.9%

Sunris e Senio r Living United Kingdo m 69,061 3.5%

Bro o kdale Senio r Living 150,545 7.7%

Genes is Healthcare 137,808 7.0%

Revera 113,353 5.8%

Benchmark Senio r Living 88,241 4.5%

P artners # 6-# 10 297,850 15.2%

Remaining partners 867,020 44.4%

To ta l annualized in-place NOI 1,956,484 100.0%

x 1/4

To ta l current quarte r in-place NOI 489,121

Inte res t inco me 23,689

Other inco me 6,657

Held fo r s a le & dis po s itio ns 48,611

No n In-P lace NOI 13,111

Timing adjus tments (2) (9,387)

To ta l current quarte r NOI(1) 571,802

P ro ra ta adjus tments (3) 11,684

Co ns o lida ted NOI 583,486$

No tes :

(1)

(2)

(3)

Amo unts re flec ted a t Wellto wer pro ra ta o wners hip.

Repres ents NOI amo unts a ttributable to jo int venture partners , bo th majo rity and

mino rity.

Repres ents timing adjus tments fo r current quarte r acquis itio ns , co ns truc tio n

co nvers io ns and s egment trans itio ns .

Historical NOI and In-Place NOI Reconciliations

44

Three mo nths Three mo nths

$ s in tho us ands ended 12/31/16 $ s in tho us ands ended 3/31/10

In-P lace NOI by co untry(1) NOI by co untry(1)

United Sta tes 411,293$ 84.1% United Sta tes 127,480$ 100.0%

United Kingdo m 38,023 7.8% United Kingdo m - 0.0%

Canada 39,805 8.1% Canada - 0.0%

To ta l In-P lace NOI 489,121$ 100.0% To ta l NOI 127,480$ 100.0%

In-P lace NOI by pro perty type (1) NOI by pro perty type (1)

Lo ng-Term/P o s t-Acute 64,948$ 13.3% Lo ng-Term/P o s t-Acute 39,638$ 31.1%

Senio rs Ho us ing Triple-Net 133,778 27.4% Senio rs Ho us ing Triple-Net 50,433 39.6%

Outpatient Medica l 84,662 17.3% Outpatient Medica l 24,660 19.3%

Senio rs Ho us ing Opera ting 205,733 42.0% Senio rs Ho us ing Opera ting - 0.0%

Ho s pita l - 0.0% Ho s pita l 10,456 8.2%

Life Sc ience - 0.0% Life Sc ience (2) 2,293 1.8%

To ta l In-P lace NOI 489,121$ 100.0% To ta l NOI 127,480$ 100.0%

Interes t inco me 23,689 Inte res t inco me 9,048

Other inco me 6,657 Other inco me 996

Held fo r s a le & dis po s itio ns 48,611 Held fo r s a le & dis po s itio ns -

No n IP NOI 13,111 No n IP NOI 5,346

Timing adjus tments (2) (9,387) Timing adjus tments -

To ta l current quarte r NOI(1) 571,802 To ta l current quarte r NOI(1) 142,870

Inte res t expens e (126,360) Inte res t expens e (29,791)

Deprec ia tio n and amo rtiza tio n (227,916) Deprec ia tio n and amo rtiza tio n (43,387)

Genera l & adminis tra tive (32,807) Genera l & adminis tra tive (16,821)

Trans ac tio n co s ts (9,704) Trans ac tio n co s ts (7,714)

Gain (lo s s ) o n deriva tives , ne t (68) Gain (lo s s ) o n deriva tives , ne t -

Gain (lo s s ) o n extinguis hment o f debt, ne t (17,204) Gain (lo s s ) o n extinguis hment o f debt, ne t (18,038)

Other expens es (8,838) Inco me (lo s s ) fro m dis co ntinued o pera tio ns , ne t (203)

Inco me tax benefit (expens e) 16,585 Inco me tax benefit (expens e) (84)

P ro ra ta adjus tments (3) 8,855 P ro ra ta adjus tments (3) (1,856)

Gain (lo s s /impairment) o n s a les o f pro perties , ne t 186,978 Gain (lo s s /impairment) o n s a les o f pro perties , ne t 6,718

P ro vis io n fo r lo an lo s s es (10,215) P ro vis io n fo r lo an lo s s es -

P referred dividends (16,352) P referred dividends (5,509)

Lo s s (inco me) a ttributable to no nco ntro lling inte res ts (1,714) Lo s s (inco me) a ttributable to no nco ntro lling inte res ts (373)

Net inco me a ttributable to co mmo n s to ckho lders 333,042$ Net inco me a ttributable to co mmo n s to ckho lders 25,812$

No tes : No tes :

(1) (1)

(2) (2)

(3) (3)

Amo unts re flec ted a t Wellto wer pro ra ta o wners hip.

Repres ents timing adjus tments fo r current quarte r acquis itio ns , co ns truc tio n

co nvers io ns and s egment trans itio ns .

Repres ents amo unts a ttributable to jo int venture partners , bo th majo rity and mino rity.

Amo unts re flec ted a t 100% o wners hip except as no ted.

Repres ents NOI expens es a ttributable to unco ns o lida ted life s c ience jo int venture .

Repres ents no n-NOI expens es a ttributable to unco ns o lida ted life s c ience jo int

venture .

• SSNOI ReconciliationsSS NOI Reconciliations

Continued on next page.

48

In tho us ands

S S N OI R e c o nc ilia t io ns : 3/31/12 3/31/11 6/30/12 6/30/11 9/30/12 9/30/11 12/31/12 12/31/11 3/31/13 3/31/12 6/30/13 6/30/12 9/30/13 9/30/12 12/31/13 12/31/12 3/31/14 3/31/13 6/30/14 6/30/13

39,307$ 23,372$ 54,735$ 69,847$ 37,269$ 36,607$ 90,576$ 27,282$ 55,058$ 39,307$ (8,508)$ 54,735$ 20,691$ 37,269$ 11,473$ 90,576$ 50,022$ 55,058$ 71,829$ (8,508)$

Inte res t expens e (1) 93,722 59,330 96,762 84,773 96,243 87,811 96,573 90,084 110,734 93,722 110,844 96,762 116,542 96,243 124,485 96,573 120,956 110,734 121,099 110,844

Deprec ia tio n and amo rtiza tio n (1) 127,422 74,768 132,963 111,053 132,858 115,640 140,342 122,144 187,122 127,422 200,477 132,963 242,981 132,858 243,380 140,342 233,318 187,122 214,449 200,477

Genera l & adminis tra tive 27,751 17,714 25,870 19,561 23,679 19,735 20,039 20,190 27,179 27,751 23,902 25,870 28,718 23,679 28,519 20,039 32,865 27,179 51,660 23,902

Trans ac tio n co s ts 5,579 36,065 28,691 13,738 8,264 6,739 19,074 13,682 65,980 5,579 28,136 28,691 23,591 8,264 15,693 19,074 952 65,980 7,040 28,136

Lo s s (ga in) o n deriva tives , ne t 555 - (2,676) - 409 - (113) - 2,309 555 (2,716) (2,676) 4,872 409 6 (113) - 2,309 351 (2,716)

Lo s s (ga in) o n extinguis hment

o f debt, ne t - - 576 - 215 - (1,566) (979) (308) - - 576 (4,068) 215 3,467 (1,566) (148) (308) 531 -

Other expens es - - - - - - - - - - - - - - - - - - - -

P ro vis io n fo r lo an lo s s es - 248 - 168 27,008 132 - 1,463 - - - - - 27,008 2,110 - - - - -

Inco me tax expens e (benefit) 1,470 129 1,447 211 836 223 3,858 825 2,763 1,470 1,215 1,447 3,077 836 435 3,858 2,260 2,763 1,569 1,215

No n-o pera ting expens es fro m

unco ns o lida ted entities &

no nco ntro lling inte res ts (297) 3,547 5,471 2,111 9,251 1,262 8,018 917 12,477 (297) 18,664 5,471 4,419 9,251 9,195 8,018 11,060 12,477 20,354 18,664

Lo s s (ga in) o n s a les o f

pro perties , ne t (769) (26,156) (32,450) (30,224) (12,827) (185) (54,502) (4,594) (82,492) (769) 29,997 (32,450) (4,707) (12,827) 8,064 (54,502) - (82,492) (13,079) 29,997

Impairment o f as s e ts - 202 - - 6,952 - 22,335 11,992 - - - - - 6,952 - 22,335 - - - -

P re fe rred dividends 19,207 8,680 16,719 17,353 16,602 17,234 16,602 17,234 16,602 19,207 16,602 16,719 16,602 16,602 16,531 16,602 16,353 16,602 16,352 16,602

P re fe rred s to ck redemptio n - - 6,242 - - - - - - - - 6,242 - - - - - - - -

Inco me (lo s s ) a ttributable to

no nco ntro lling inte res ts (1,056) (242) (821) (992) (365) (1,488) (174) (2,173) 139 (1,056) (913) (821) (3,688) (365) (2,308) (174) (1,175) 139 (327) (913)

Net o pera ting inco me (NOI) 312,891$ 197,657$ 333,529$ 287,599$ 346,394$ 283,710$ 361,062$ 298,067$ 397,563$ 312,891$ 417,700$ 333,529$ 449,030$ 346,394$ 461,050$ 361,062$ 466,463$ 397,563$ 491,828$ 417,700$

No n-cas h NOI a ttributable to

s ame s to re pro perties (2) (5,910) (5,486) (9,498) (9,457) (9,072) (10,469) (12,227) (10,827) (8,760) (9,139) (8,376) (9,971) (10,239) (11,980) (9,522) (13,999) (10,257) (9,352) (16,137) (8,631)

NOI a ttributable to no n s ame

s to re pro perties (118,277) (31,042) (74,993) (48,736) (80,929) (35,485) (100,214) (54,077) (129,744) (53,952) (138,629) (62,443) (162,736) (68,313) (161,645) (65,912) (78,938) (43,102) (86,635) (50,663)

Same s to re cas h NOI pre-

Wellto wer o wners hip (3) - 19,945 - 9,623 - 10,125 - 6,328 - 1,099 - - - - - - - 16,394 - 14,207

Same s to re cas h NOI (SSNOI) 188,704$ 181,074$ 249,038$ 239,029$ 256,393$ 247,881$ 248,621$ 239,491$ 259,059$ 250,899$ 270,695$ 261,115$ 276,055$ 266,101$ 289,883$ 281,151$ 377,268$ 361,503$ 389,056$ 372,613$

4.2% 4.2% 3.4% 3.8% 3.3% 3.7% 3.7% 3.1% 4.4% 4.4%

SSNOI a ttributable to lo ng-

te rm/po s t-acute and medica l

fac ilities (84,177) (82,808) (137,158) (132,666) (138,491) (134,912) (136,872) (133,176) (140,953) (136,772) (146,808) (142,845) (152,599) (149,087) (152,445) (149,221) (160,551) (157,275) (162,012) (158,074)

104,527$ 98,266$ 111,880$ 106,363$ 117,902$ 112,969$ 111,749$ 106,315$ 118,106$ 114,127$ 123,887$ 118,270$ 123,456$ 117,014$ 137,438$ 131,930$ 216,717$ 204,228$ 227,044$ 214,539$

6.4% 5.2% 4.4% 5.1% 3.5% 4.7% 5.5% 4.2% 6.1% 5.8%

SSNOI a ttributable to s enio rs

ho us ing triple -ne t (61,601) (59,612) (64,263) (62,082) (70,187) (68,389) (63,909) (62,196) (69,263) (67,534) (72,218) (70,463) (73,236) (71,267) (84,387) (82,018) (87,276) (84,511) (88,683) (86,129)

42,926$ 38,654$ 47,617$ 44,281$ 47,715$ 44,580$ 47,840$ 44,119$ 48,843$ 46,593$ 51,669$ 47,807$ 50,220$ 45,747$ 53,051$ 49,912$ 129,441$ 119,717$ 138,361$ 128,410$

11.1% 7.5% 7.0% 8.4% 4.8% 8.1% 9.8% 6.3% 8.1% 7.7%

2012 8.5% 2013 7.3%

No tes :

(1)

(2)

(3)

Y-o -Y S HO S S NOI gro wth

Inc ludes amo unts re la ted to dis co ntinued o pera tio ns .

Inc ludes no rmalizing adjus tments as des cribed in re levant quarte r's Earnings Supplement inc luding, no rmaliza tio n o f fo re ign currency exchange ra tes fo r pro perties in the UK and Canada .

Repres ents the perfo rmance o f certa in s enio rs ho us ing o pera ting pro perties tha t were no t o wned by Wellto wer in the prio r year perio d.

Three mo nths ended

Net inco me (lo s s ) a ttributable to

co mmo n s to ckho lders

Year-o ver-year S S NOI gro wth


ho us ing o pera ting & triple -ne t

Y-o -Y S H S S NOI gro wth


ho us ing o pera ting (SHO)

Full year avg. S HO S S NOI gro wth

• SSNOI Reconciliations (Continued)

Continued from prior page.

SSNOI Reconciliations (Continued)

49

In tho us ands

S S N OI R e c o nc ilia t io ns : 9/30/14 9/30/13 12/31/14 12/31/13 3/31/15 3/31/14 6/30/15 6/30/14 9/30/15 9/30/14 12/31/15 12/31/14 3/31/16 3/31/15 6/30/16 6/30/15 9/30/16 9/30/15 12/31/16 12/31/15

136,255$ 20,691$ 188,636$ 11,473$ 190,799$ 50,022$ 312,573$ 71,829$ 182,043$ 136,255$ 132,931$ 188,636$ 148,969$ 190,799$ 195,474$ 312,573$ 334,910$ 182,043$ 333,042$ 132,931$

Inte res t expens e (1) 118,435 116,542 120,707 124,485 121,080 120,956 118,861 121,099 121,130 118,435 131,097 120,707 132,960 121,080 132,326 118,861 129,699 121,130 126,360 131,097

Deprec ia tio n and amo rtiza tio n (1) 200,970 242,981 195,393 243,380 188,829 233,318 208,802 214,449 205,799 200,970 222,809 195,393 228,696 188,829 226,569 208,802 218,061 205,799 227,916 222,809

Genera l & adminis tra tive 30,803 28,718 27,616 28,519 34,755 32,865 38,474 51,660 36,950 30,803 36,854 27,616 45,691 34,755 39,914 38,474 36,828 36,950 32,807 36,854

Trans ac tio n co s ts 13,554 23,591 47,991 15,693 48,937 952 12,491 7,040 9,333 13,554 40,547 47,991 8,208 48,937 5,157 12,491 19,842 9,333 9,704 40,547

Lo s s (ga in) o n deriva tives , ne t 49 4,872 (1,895) 6 (58,427) - - 351 - 49 - (1,895) - (58,427) - - (2,516) - 68 -

Lo s s (ga in) o n extinguis hment

o f debt, ne t 2,692 (4,068) 6,484 3,467 15,401 (148) 18,887 531 584 2,692 (195) 6,484 (24) 15,401 33 18,887 - 584 17,204 (195)

Other expens es 10,262 - - - - - 10,583 - - 10,262 35,648 - - - 3,161 10,583 - - 8,838 35,648

P ro vis io n fo r lo an lo s s es - - - 2,110 - - - - - - - - - - - - - - 10,215 -

Inco me tax expens e (benefit) (10,198) 3,077 5,101 435 (304) 2,260 7,417 1,569 (3,344) (10,198) 2,682 5,101 (1,725) (304) (513) 7,417 (305) (3,344) (16,585) 2,682

No n-o pera ting expens es fro m

unco ns o lida ted entities &

no nco ntro lling inte res ts 11,073 4,419 16,057 9,195 20,834 11,060 8,212 20,354 (974) 11,073 (2,126) 16,057 (4,978) 20,834 (7,887) 8,212 (8,196) (974) (8,855) (2,126)

Lo s s (ga in) o n s a les o f

pro perties , ne t (29,604) (4,707) (110,839) 8,064 (56,845) - (190,111) (13,079) (2,046) (29,604) (31,385) (110,839) - (56,845) (1,959) (190,111) (162,351) (2,046) (200,165) (31,385)

Impairment o f as s e ts - - - - 2,220 - - - - - - - 14,314 2,220 - - 9,705 - 13,187 -

P re fe rred dividends 16,352 16,602 16,352 16,531 16,352 16,353 16,352 16,352 16,352 16,352 16,352 16,352 16,352 16,352 16,352 16,352 16,352 16,352 16,352 16,352

P re fe rred s to ck redemptio n - - - - - - - - - - - - - - - - - - - -

Inco me (lo s s ) a ttributable to

no nco ntro lling inte res ts 164 (3,688) 1,486 (2,308) 2,271 (1,175) 1,534 (327) 862 164 133 1,486 153 2,271 (1,077) 1,534 3,479 862 1,714 133

Net o pera ting inco me (NOI) 500,807$ 449,030$ 513,089$ 461,050$ 525,902$ 466,463$ 564,075$ 491,828$ 566,689$ 500,807$ 585,347$ 513,089$ 588,616$ 525,902$ 607,550$ 564,075$ 595,508$ 566,689$ 571,802$ 585,347$

No n-cas h NOI a ttributable to

s ame s to re pro perties (2) (14,991) (8,678) (13,303) (9,735) (18,431) (15,679) (24,127) (27,331) (22,472) (29,426) (21,749) (28,154) (24,133) (27,998) (29,008) (35,921) (16,156) (25,945) (22,432) (33,722)

NOI a ttributable to no n s ame

s to re pro perties (76,372) (48,928) (78,833) (44,840) (93,434) (49,458) (108,805) (46,997) (103,362) (43,904) (122,084) (56,826) (96,944) (47,614) (90,858) (56,094) (96,841) (70,317) (102,706) (114,908)

Same s to re cas h NOI pre-

Wellto wer o wners hip (3) - 986 87 289 - 223 - 321 - 566 531 242 - - - - - - - -

Same s to re cas h NOI (SSNOI) 409,444$ 392,410$ 421,040$ 406,764$ 414,037$ 401,549$ 431,143$ 417,821$ 440,855$ 428,043$ 442,045$ 428,351$ 467,539$ 450,290$ 487,684$ 472,060$ 482,511$ 470,427$ 446,664$ 436,717$

4.3% 3.5% 3.1% 3.2% 3.0% 3.2% 3.8% 3.3% 2.6% 2.3%

SSNOI a ttributable to lo ng-

te rm/po s t-acute and

o utpa tient medica l (154,575) (151,335) (153,773) (150,833) (152,852) (148,437) (154,302) (149,961) (158,462) (153,854) (163,100) (158,232) (177,657) (172,423) (176,804) (171,604) (180,528) (175,283) (144,550) (140,915)

254,869$ 241,075$ 267,267$ 255,931$ 261,185$ 253,112$ 276,841$ 267,860$ 282,393$ 274,189$ 278,945$ 270,119$ 289,882$ 277,867$ 310,880$ 300,456$ 301,983$ 295,144$ 302,114$ 295,802$

5.7% 4.4% 3.2% 3.4% 3.0% 3.3% 4.3% 3.5% 2.3% 2.1%


ho us ing triple -ne t (94,619) (92,126) (110,121) (107,282) (114,983) (111,180) (115,873) (112,031) (119,998) (116,133) (119,406) (115,708) (127,676) (124,171) (130,959) (127,435) (121,811) (118,769) (124,783) (121,442)

160,250$ 148,949$ 157,146$ 148,649$ 146,202$ 141,932$ 160,968$ 155,829$ 162,395$ 158,056$ 159,539$ 154,411$ 162,206$ 153,696$ 179,921$ 173,021$ 180,172$ 176,375$ 177,331$ 174,360$

7.6% 5.7% 3.0% 3.3% 2.7% 3.3% 5.5% 4.0% 2.2% 1.7%

2014 7.3% 2015 3.1% 2016 3.4%

No tes :

(1)

(2)

(3)

Y-o -Y S HO S S NOI gro wth

Inc ludes amo unts re la ted to dis co ntinued o pera tio ns .

Inc ludes no rmalizing adjus tments as des cribed in re levant quarte r's Earnings Supplement inc luding, no rmaliza tio n o f fo re ign currency exchange ra tes fo r pro perties in the UK and Canada .

Repres ents the perfo rmance o f certa in s enio rs ho us ing o pera ting pro perties tha t were no t o wned by Wellto wer in the prio r year perio d.

Three mo nths ended

Net inco me (lo s s ) a ttributable to

co mmo n s to ckho lders

Year-o ver-year S S NOI gro wth


ho us ing o pera ting & triple -ne t

Y-o -Y S H S S NOI gro wth


ho us ing o pera ting (SHO)

Full year avg. S HO S S NOI gro wth

• SSNOI Growth ReconciliationsSSNOI Growth Reconciliations

50

In tho us ands

3/31/15 3/31/16 6/30/15 6/30/16 9/30/15 9/30/16 12/31/15 12/31/16 A v e ra g e s

Co ns o lida ted NOI(1) 517,716$ 597,414$ 558,815$ 617,825$ 570,294$ 605,453$ 590,746$ 583,486$

P ro ra ta adjus tments (2) 8,186 (8,798) 5,260 (10,275) (3,605) (9,945) (5,399) (11,684)

To ta l pro ra ta NOI(3) 525,902 588,616 564,075 607,550 566,689 595,508 585,347 571,802

Les s no n SHO NOI(4) (364,606) (394,204) (382,139) (403,373) (385,383) (398,623) (397,595) (365,275)

SHO pro ra ta NOI(5) 161,296 194,412 181,936 204,177 181,306 196,885 187,752 206,527

Les s no n SSNOI(6) (7,600) (32,206) (8,915) (24,256) (4,931) (16,713) (13,392) (29,196)

SHO SSNOI(7)153,696$ 162,206$ 173,021$ 179,921$ 176,375$ 180,172$ 174,360$ 177,331$

SHO SSNOI gro wth 5.5% 4.0% 2.2% 1.7% 3 .4 %

SHO SSNOI(7) 153,696$ 162,206$ 173,021$ 179,921$ 176,375$ 180,172$ 174,360$ 177,331$

Les s no n-US SSNOI(8) (43,568) (46,458) (49,682) (52,244) (50,418) (51,805) (49,038) (51,111)

US SHO SSNOI(9)110,128$ 115,748$ 123,339$ 127,677$ 125,957$ 128,367$ 125,322$ 126,220$

US SHO SSNOI gro wth 5.1% 3.5% 1.9% 0.7% 2 .8 %

SHO SSNOI(7) 153,696$ 162,206$ 173,021$ 179,921$ 176,375$ 180,172$ 174,360$ 177,331$

Les s no n-UK SSNOI(8) (131,390) (138,548) (150,882) (157,185) (154,923) (158,428) (154,023) (156,164)

UK SHO SSNOI(9)22,306$ 23,658$ 22,139$ 22,736$ 21,452$ 21,744$ 20,337$ 21,167$

UK SHO SSNOI gro wth 6.1% 2.7% 1.4% 4.1% 3 .6 %

SHO SSNOI(7) 153,696$ 162,206$ 173,021$ 179,921$ 176,375$ 180,172$ 174,360$ 177,331$

Les s no n-CA SSNOI(8) (132,434) (139,406) (145,478) (150,413) (147,409) (150,111) (145,659) (147,388)

CA SHO SSNOI(9)21,262$ 22,800$ 27,543$ 29,508$ 28,966$ 30,061$ 28,701$ 29,943$

CA SHO SSNOI gro wth 7.2% 7.1% 3.8% 4.3% 5 .6 %

No tes :

Three mo nths ended

(7) Repres ents SHO SSNOI a t Wellto wer pro ra ta o wners hip.

(8) Repres ents pro ra ta SSNOI derived o uts ide the referenced co untry.

(9) Repres ents pro ra ta SSNOI derived s o le ly fro m referenced co untry.

(1) Repres ents to ta l co ns o lida ted NOI per U.S. GAAP which agree to o r a re derived fro m the re levant 10Q/K.

(2) Repres ents amo unts a ttributable to jo int venture partners , bo th majo rity and mino rity.

(3) Repres ents to ta l NOI a t Wellto wer pro ra ta o wners hip.

(4) Repres ents NOI a ttributable to NNN and OM.

(5) Repres ents SS SHO NOI a t Wellto wer pro ra ta o wners hip.

(6) Repres ents ne t adjus tments fo r no n-cas h NOI o n SS pro perties , NOI a ttributable to no n-SS pro perties , currency and o wners hip adjus tments ,

and no rmalizing adjus tments fo r SS pro perties des cribed in the re levant quarte r's Earnings Supplement.

• SSNOI / Unit ReconciliationsSSNOI / Unit Reconciliations

51

$ s in tho us ands , except per unit

3/31/16 6/30/16 9/30/16 12/31/16 TTM

Co ns o lida ted NOI(1) 597,414$ 617,825$ 605,453$ 583,486$ 2,404,178$

P ro ra ta adjus tments (2) (8,798) (10,275) (9,945) (11,684) (40,702)

To ta l pro ra ta NOI(3) 588,616 607,550 595,508 571,802 2,363,476

Les s no n-SHO NOI(4) (394,204) (403,373) (398,623) (365,275) (1,561,475)

SHO pro ra ta NOI(5) 194,412 204,177 196,885 206,527 802,001

Les s no n SSNOI(6) (17,392) (22,104) (16,047) (29,196) (84,739)

SHO SSNOI(7) 177,020$ 182,073$ 180,838$ 177,331$ 717,262$

Average units in s e rvice 35,058

SHO SSNOI/unit in USD 20,460$

SHO SSNOI(7) 177,020$ 182,073$ 180,838$ 177,331$ 717,262$

Les s no n-US SSNOI(8) (51,478) (51,699) (52,343) (51,111) (206,631)

US SHO SSNOI(9) 125,542$ 130,374$ 128,495$ 126,220$ 510,631$

US Average units in s e rvice 21,778

US SSNOI/unit 23,447$

SHO SSNOI(7) 177,020$ 182,073$ 180,838$ 177,331$ 717,262$

Les s no n-UK SSNOI(8) (154,900) (160,311) (159,093) (156,164) (630,468)

UK SHO SSNOI(9) 22,120$ 21,762$ 21,745$ 21,167$ 86,794$

UK Average units in s e rvice 2,683

UK SSNOI/unit USD 32,350$

UK SSNOI/unit GBP (10)21,639£

SHO SSNOI(7) 177,020$ 182,073$ 180,838$ 177,331$ 717,262$

Les s no n-CA SSNOI(8) (147,662) (152,136) (150,240) (147,388) (597,426)

CA SHO SSNOI(9) 29,358$ 29,937$ 30,598$ 29,943$ 119,836$

CA Average units in s e rvice 10,597

CA SSNOI/unit USD 11,309$ CA SSNOI/unit CAD (11)

15,261$

No tes :

Three mo nths ended

(7) Repres ents SHO SSNOI a t Wellto wer pro ra ta o wners hip.

(8) Repres ents pro ra ta SSNOI derived o uts ide the re fe renced co untry.

(9) Repres ents pro ra ta SSNOI derived s o le ly fro m referenced co untry.

(11) Trans la ted a t USD/CAD ra te o f 1.3495.

(1) Repres ents to ta l co ns o lida ted NOI per U.S . GAAP which agree to o r a re derived fro m the re levant 10Q/K.


(3) Repres ents to ta l NOI a t Wellto wer pro ra ta o wners hip.

(4) Repres ents pro ra ta NOI a ttributable to NNN and OM.

(5) Repres ents SHO NOI a t Wellto wer pro ra ta o wners hip.

(6) Repres ents ne t adjus tments fo r no n-cas h NOI o n SS pro perties , NOI a ttributable to no n-SS pro perties ,

currency and o wners hip adjus tments , and no rmalizing adjus tments fo r SS pro perties des cribed in the

re levant quarte r's Earnings Supplement.

(10) Trans la ted a t GBP /USD ra te o f 1.4950.

• Seniors Housing Operating REVPOR ReconciliationsSenior Housing Operating REVPOR Reconciliations

52

Do llars in tho us ands , except REVP OR

CA UK US To ta l

Co ns o lida ted s enio rs ho us ing o pera ting revenues 663,594$ 663,594$ 663,594$ 663,594$

Unco ns o lida ted revenues a ttributable to Wellto wer (1) 40,380 40,380 40,380 40,380

Revenues a ttributable to he ld fo r s a le pro perties (2,018) (2,018) (2,018) (2,018)

Revenues a ttributable to no nco ntro lling inte res ts (2) (58,107) (58,107) (58,107) (58,107)

To ta l pro ra ta revenues 643,849 643,849 643,849 643,849

Les s inte res t and o ther inco me (5,204) (5,204) (5,204) (5,204)

Les s revenues no t derived in co untry (538,147) (574,975) (164,168) -

Adjus tment fo r s tandarized FX ra te (3) (1,084) 12,934 - 11,850

To ta l lo ca l revenues 99,414$ 76,604$ 474,477$ 650,495$

Average o ccupied units /mo nth 12,441 2,684 23,223 38,348

REVP OR in USD 2,642$ 9,437$ 6,755$ 5,608$

REVP OR in lo ca l currency(3)3,565C$ 6,312£

No tes :

(1) Repres ents Wellto wer's inte res t in jo int venture pro perties in which Wellto wer is the mino rity partner.

(2) Repres ents mino rity partner's inte res t in jo int venture pro perties in which Wellto wer is the majo rity partner.

(3) Bas ed o n GBP /USD ra te o f 1.4950:1 and USD/CAD ra te o f 1.3495:1.

Three mo nths ended 12/31/16:

• Seniors Housing Operating SS REVPOR Growth ReconciliationsSeniors Housing Operating SS REVPOR Growth Reconciliations

53

$ s in tho us ands , except REVP OR

3/31/15 3/31/16 6/30/15 6/30/16 9/30/15 9/30/16 12/31/15 12/31/16 A v e ra g e s

Co ns o lida ted SHO revenues (1) 494,561$ 605,369$ 539,805$ 625,251$ 547,081$ 631,787$ 586,826$ 663,594$

P ro ra ta adjus tments (2) 10,762 (12,334) 4,137 (16,686) 178 (16,786) (5,204) (17,727)

SHO pro ra ta revenues (3) 505,323 593,035 543,942 608,565 547,259 615,001 581,622 645,867

Les s no n-SS revenues & no rmalizers (4) (23,726) (88,286) (20,996) (60,111) (15,162) (57,459) (40,212) (83,860)

SHO SS revenues (5) 481,597$ 504,749$ 522,946$ 548,454$ 532,097$ 557,542$ 541,410$ 562,007$

Average o ccupied units /mo nth (8) 27,939 28,100 30,871 31,203 31,152 31,381 31,672 31,533

SHO SS REVP OR (9)5,762$ 6,004$ 5,662$ 5,875$ 5,647$ 5,874$ 5,652$ 5,893$

SS REVP OR gro wth 4.2% 3.8% 4.0% 4.3% 4 .1%

SHO SS revenues (5) 481,597$ 504,749$ 522,946$ 548,454$ 532,097$ 557,542$ 541,410$ 562,007$

Les s no n US revenues (6) (122,088) (128,295) (139,144) (147,992) (136,214) (145,231) (140,958) (149,414)

US SHO SS revenues (7) 359,509$ 376,454$ 383,802$ 400,462$ 395,883$ 412,311$ 400,452$ 412,593$


US SHO SS REVP OR (9)6,667$ 6,980$ 6,720$ 7,003$ 6,723$ 7,027$ 6,737$ 7,051$

US SS REVP OR gro wth 4.7% 4.2% 4.5% 4.7% 4 .5 %

SHO SS revenues (5) 481,597$ 504,749$ 522,946$ 548,454$ 532,097$ 557,542$ 541,410$ 562,007$

Les s no n UK revenues (6) (415,574) (435,225) (456,676) (477,986) (470,241) (490,896) (478,343) (493,622)

UK SHO SS revenues (7) 66,023$ 69,524$ 66,270$ 70,468$ 61,856$ 66,646$ 63,067$ 68,385$


UK SHO SS REVP OR (9)9,057$ 9,383$ 9,051$ 9,396$ 9,117$ 9,440$ 9,136$ 9,456$

UK SS REVP OR gro wth 3.6% 3.8% 3.5% 3.5% 3 .6 %

SHO SS revenues (5) 481,597$ 504,749$ 522,946$ 548,454$ 532,097$ 557,542$ 541,410$ 562,007$

Les s no n CA revenues (6) (425,532) (445,978) (450,072) (470,930) (457,739) (478,957) (463,519) (480,978)

CA SHO SS revenues (7) 56,065$ 58,771$ 72,874$ 77,524$ 74,358$ 78,585$ 77,891$ 81,029$


CA SHO SS REVP OR (9)2,506$ 2,586$ 2,609$ 2,704$ 2,604$ 2,693$ 2,644$ 2,735$

CA SS REVP OR gro wth 3.2% 3.6% 3.4% 3.4% 3 .4 %

No tes :

(5) Repres ents SS SHO revenues a t Wellto wer pro ra ta o wners hip.

(6) Repres ents pro ra ta SS revenues derived o uts ide the referenced co untry.

(7) Repres ents pro ra ta SS revenues derived s o le ly fro m referenced co untry.

(8) Repres ents average o ccupied units fo r SS pro perties re la ted s o le ly to re ferenced co untry o n a pro ra ta bas is .

(9) Repres ents pro ra ta SS average revenues genera ted per o ccupied ro o m per mo nth re la ted s o le ly to the referenced co untry.

Three mo nths ended

(4) Repres ents ne t adjus tments fo r no n-cas h NOI o n SS pro perties , NOI a ttributable to no n-SS pro perties , currency and o wners hip adjus tments , and no rmalizing

adjus tments fo r SS pro perties des cribed in the re levant quarte r's Earnings Supplement.

(1) Repres ents to ta l co ns o lida ted revenues per U.S. GAAP which agree to o r a re derived fro m the re levant 10Q/K.


(3) Repres ents to ta l SHO revenues a t Wellto wer pro ra ta o wners hip.

• Outpatient Medical NOI ReconciliationsOutpatient Medical NOI Reconciliations

54

$ s in tho us ands , except per s quare fo o t

To ta l No n Co re (3) Co re

OM revenues (1) 126,382$ (1,067)$ 125,315$

OM o pera ting expens es (1) (39,161) 508 (38,653)

OM NOI(1) 87,221$ (559)$ 86,662$

OM NOI margin 69.2%

OM NOI(1) 86,662$

Les s : In-P lace NOI adjus tments (1) (2,000)

OM In-P lace NOI(1) 84,662

OM In-P lace NOI Annualized (1)338,648$

OM pro ra ta NOI(1) 86,662$

Les s : Inte res t Inco me -

OM pro ra ta renta l NOI 86,662$

To ta l s quare fee t 17,025,987

Les s : lo ans , develo pment, he ld fo r s a le (747,794)

P ro ra ta adjus tments (2) (739,563)

Renta l s quare fee t 15,538,630

OM NOI per s quare fo o t annualized 22.31$

OM gro s s renta l NOI 86,662$

No n hea lth s ys tem affilia ted NOI (4,356)

OM health s ys tem affilia ted NOI 82,306$

OM health s ys tem affilia ted NOI % 95.0%

No tes :

(1) Amo unts pres ented o n Wellto wer pro ra ta o wners hip bas is and exc ludes as s e ts s o ld o r he ld

fo r s a le . See "In-P lace NOI Reco ncilia tio ns " and "In-P lace NOI by P artner Reco ncilia tio ns " fo r

reco ncilia tio n o f OM pro ra ta NOI to ne t inco me a ttributable to co mmo n s to ckho lders .


(3) Repres ents NOI fro m as s e ts he ld fo r s a le and no n-co re o ther inco me.

Three mo nths ended

12/31/2016

• Normalized FFO & FAD

Historical cost accounting for real estate assets in accordance with U.S. GAAPimplicitly assumes that the value of real estate assets diminishes predictably overtime as evidenced by the provision for depreciation and amortization. However,since real estate values have historically risen or fallen with market conditions,many industry investors and analysts have considered presentations of operatingresults for real estate companies that use historical cost accounting to beinsufficient. In response, the National Association of Real Estate Investment Trusts(NAREIT) created FFO as a supplemental measure of operating performance forREITs that excludes historical cost depreciation from net income. FFO, as definedby NAREIT, means net income attributable to common stockholders, computed inaccordance with U.S. GAAP, excluding gains (or losses) from sales of real estateand impairments of depreciable assets, plus real estate depreciation andamortization, and after adjustments for unconsolidated entities and noncontrollinginterests. Normalized FFO represents FFO adjusted for certain items as detailedin the reconciliations. FAD represents FFO excluding net straight-line rentaladjustments, amortization related to above/below market leases and amortizationof non-cash interest expenses and less cash used to fund capital expenditures,tenant improvements and lease commissions. Normalized FAD represents FADadjusted for certain items detailed in the reconciliations.

Normalized FFO & FAD

55

• Normalized FFO & FAD Payout ReconciliationsNormalized FFO & FAD Payout Reconciliations

57

In tho us ands , except per s hare Three Mo nths Ended

December 31, 2016

Net inco me (lo s s ) a ttributable to co mmo n s to ckho lders 333,042$

Deprec ia tio n and amo rtiza tio n 227,916

Lo s s es /impairments (ga ins ) o n pro perties , ne t (186,978)

No nco ntro lling inte res ts and unco ns o lida ted entities , ne t (1) 2,063

Trans ac tio n co s ts (2) 9,704

Other expens es (3) 8,838

No nrecurring inco me tax benefits (4) (15,675)

Lo s s (ga in) o n extinguis hments o f debt, ne t (5) 17,204

Lo s s (ga in) o n deriva tives , ne t (6) 68

Additio na l o ther inco me (7) (4,853)

P ro vis io n fo r lo an lo s s es (8) 10,215

No rmalized FFO 401,544$

Average diluted co mmo n s hares o uts tanding 364,369

No rmalized FFO per diluted s hare 1.10$

Dividends per co mmo n s hare 0.86$

No rmalized FFO payo ut ra tio 78.2%

No rmalized FFO 401,544$

Gro s s s tra ight-line renta l inco me (22,949)

Amo rtiza tio n o f abo ve (be lo w) market leas es , ne t (40)

No n-cas h inte res t expens e 216

Cap-ex, tenant impro vements , leas e co mmis s io ns (18,277)

No nco ntro lling inte res ts and unco ns o lida ted entities , ne t (9) 31

No rmalized FAD 360,525$

Average diluted co mmo n s hares o uts tanding 364,369

No rmalized FAD per diluted s hare 0.99$

Dividends per co mmo n s hare 0.86$

No rmalized FAD payo ut ra tio 86.9%

No tes :

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9) Repres ents ne t o f no nco ntro lling inte res ts ' s hare o f no rmalized FAD adjus tments and

Wellto wer's s hare o f ne t FAD adjus tments fro m unco ns o lida ted entities .

Repres ents ne t o f no nco ntro lling inte res ts ' s hare o f no rmalized FFO adjus tments and

Wellto wer's s hare o f ne t FFO adjus tments fro m unco ns o lida ted entities .

P rimarily re la ted to co s ts incurred with s enio rs ho us ing trans ac tio ns .

P rimarily re la ted to mark-to -market o f a co nvertible no te rece ivable .

P rimarily re la ted to early extinguis hment o f Senio r Uns ecured No tes due September 2017.

P rimarily re la ted to a barga in purchas e ga in fo r an acquis itio n and a lo an payo ff premium.

P rimarily re la ted to es timated s everance co s ts re la ted to o rganiza tio nal res truc turing.

P rimarily re la ted to re leas e o f a va lua tio n a llo wance o n a taxable s ubs idiary and

res truc turing o f an equity inves tment.

P rimarily re la ted to Genes is lo an res truc turings .

• EBITDA and Adjusted EBITDA

EBITDA stands for earnings (net income per income statement) before interest expense, incometaxes, depreciation and amortization. Covenants in our primary line of credit arrangement, seniorunsecured notes and Canadian denominated term loan contain financial ratios based on adefinition of EBITDA that is specific to those agreements. Failure to satisfy these covenants couldresult in an event of default that could have a material adverse impact on our cost and availabilityof capital, which could in turn have a material adverse impact on our consolidated results ofoperations, liquidity and/or financial condition. Due to the materiality of these debt agreements andthe financial covenants, we have defined Adjusted EBITDA (A-EBITDA) to include adjustments forstock-based compensation expense, provision for loan losses, gains/losses on extinguishment ofdebt, transactions costs, gains/losses/impairments on properties, gains/losses on derivatives, andother non-recurring and/or non-cash income/charges.

We believe that EBITDA and A-EBITDA, along with net income and cash flow provided fromoperating activities, are important supplemental measures because they provide additionalinformation to assess and evaluate the performance of our operations. We primarily utilize EBITDAand A-EBITDA to measure our interest coverage ratio, which represents EBITDA or A-EBITDAdivided by total interest, and our fixed charge coverage ratio, which represents EBITDA or A-EBITDA divided by fixed charges. Fixed charges include total interest, secured debt principalamortization and preferred dividends.

EBITDA and Adjusted EBITDA

58

• Quarterly EBITDA/A-EBITDA ReconciliationsQuarterly EBITDA/A-EBITDA Reconciliations

60

In tho us ands Three Mo nths Ended Three Mo nths Ended

December 31, 2013 December 31, 2016

Net inco me 25,696$ 351,108$

Inte res t expens e (1) 124,485 126,360

Inco me tax expens e (benefit) 435 (16,585)

Deprec ia tio n and amo rtiza tio n (1) 243,380 227,916

EBITDA 393,996 688,799

Trans ac tio n co s ts 15,693 9,704

S to ck-bas ed co mpens a tio n 3,527 8,251

P ro vis io n fo r lo an lo s s es 2,110 10,215

Lo s s (ga in) o n extinguis hment o f debt, ne t 3,467 17,204

Lo s s /impairment (ga in) o n pro perties , ne t 8,064 (186,978)

Lo s s (ga in) o n deriva tives , ne t 6 68

Other expens es - 5,983

Additio na l o ther inco me - (4,853)

Adjus ted EBITDA 426,863$ 548,393$

Inte res t Co verage Ratio :

Interes t expens e (1) 124,485$ 126,360$

No n-cas h inte res t expens e (264) (216)

Capita lized inte res t 2,003 4,834

To ta l inte res t 126,224 130,978


Inte res t co verage ra tio - adjus ted 3.4x 4.2x

Fixed Charge Co verage Ratio :

To ta l inte res t (1) 126,224$ 130,978$

Secured debt princ ipa l amo rtiza tio n 16,312 18,577

P referred dividends 16,531 16,352

To ta l fixed charges 159,067 165,907


F ixed charge co verage ra tio - adjus ted 2.7x 3.3x

Net Debt to Adjus ted EBITDA Ratio :

To ta l debt 10,652,014$ 12,358,245$

Les s : cas h and cas h equiva lents (2) (158,780) (557,659)

Net debt 10,493,234 11,800,586

Adjus ted EBITDA annualized 1,707,452$ 2,193,572$

Net debt to adjus ted EBITDA ra tio 6.1x 5.4x

No tes :

(1) 2013 inc ludes amo unts re la ted to pro perties s o ld o r c las s ified as he ld fo r s a le .

(2) Inc ludes IRC s ec tio n 1031 depo s its , if any.

Date post:	12-Apr-2017
Category:	Real Estate
Upload:	welltower
View:	11,712 times
Download:	4 times