Financial Analysis

Commitments and Contingencies At December 31, 2025, we had 23 outstanding letter of credit obligations totaling $47,729,000 and expiring in 2026. At December 31, 2025, we had outstanding construction in progress of $738,859,000 and were committed to providing additional funds of approximately $493,027,000 to complete construction. Additionally, at December 31, 2025 we had outstanding investments classified as in substance real estate of $897,724,000 and were committed to provide additional funds of $56,940,000 (see Note 8 for additional information). We have entered into put-call agreements with third parties in conjunction with certain development projects. Under these agreements, we can initiate a call right or the third party can initiate a put right upon certain conditions being met, which would result in the acquisition of the related property by us, for which we currently have no ownership interest. If all conditions had been met under these agreements as of December 31, 2025, and the put or call rights for each investment had been triggered, the amount payable by us to acquire these properties would have been $375,660,000.

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Borrowings Under Credit Facilities and Commercial Paper Program At December 31, 2025, we had a primary unsecured credit facility with a consortium of 29 banks that included a $5,000,000,000 unsecured revolving credit facility, a $1,000,000,000 unsecured term credit facility and a $250,000,000 Canadian-denominated unsecured term credit facility. The unsecured revolving credit facility is comprised of a $2,000,000,000 tranche that matures on July 24, 2029 (none outstanding at December 31, 2025) and a $3,000,000,000 tranche that matures on July 24, 2028 (none outstanding at December 31, 2025). The term credit facilities mature on July 19, 2026. The $3,000,000,000 tranche of the revolving facility and term loans may be extended for two successive terms of six months at our option. We have an option, through an accordion feature, to upsize the $5,000,000,000 unsecured revolving credit facility and the $1,000,000,000 unsecured term credit facility by up to an additional $1,250,000,000, in the aggregate, and the $250,000,000 Canadian-denominated unsecured term credit facility by up to an additional $250,000,000. The primary unsecured credit facility also allows us to borrow up to $1,000,000,000 in alternate currencies (none outstanding at December 31, 2025). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over the secured overnight financing rate (SOFR) interest rate. Based on our current credit ratings and annual sus …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Stock Incentive Plans In March 2022, our Board of Directors approved the 2022 Long-Term Incentive Plan (2022 Plan), which initially authorized up to 10,000,000 shares of common stock to be issued at the discretion of the Compensation Committee of the Board. Awards granted after March 28, 2022 are issued out of the 2022 Plan. The awards granted under the 2016 Long-Term Incentive Plan continue to vest and options expire ten years from the date of grant. Our non-employee directors, officers and key employees are eligible to participate in the 2022 Plan. The 2022 Plan allows for the issuance of, among other things, stock options, stock appreciation rights, restricted stock units, deferred stock units, performance units and dividend equivalent rights. Vesting periods for options, deferred stock units and restricted stock units generally range from three to five years. Options expire ten years from the date of grant. In April 2025, our Board of Directors adopted, subject to shareholder approval obtained in May 2025, an amendment to the 2022 Plan (the Amended and Restated Plan), primarily to increase the aggregate number of shares of common stock authorized for issuance by 10,000,000 shares, bringing the total of shares authorized under the plan to 20,000,000 shares. Under our long-term incentive plan, restricted stock unit awards are market, performance or time-based. For market and performance-based awards, we will grant a target number of restricted stock units, with the ultimate …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Disclosure about Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three level valuation hierarchy exists for disclosures of fair value measurements based on the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instruments categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three levels are defined below: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Investments in Sales-Type Leases The fair value of sales-type leases is generall …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes and Distributions We elected to be taxed as a REIT commencing with our first taxable year. To qualify as a REIT for federal income tax purposes, at least 90% of taxable income (excluding 100% of net capital gains) must be distributed to stockholders. REITs that do not distribute a certain amount of taxable income in the current year are also subject to a 4% federal excise tax. The main differences between undistributed net income for federal income tax purposes and financial statement purposes are the recognition of straight-line rent for reporting purposes, basis differences in acquisitions, recording of impairments, differing useful lives and depreciation and amortization methods for real property and the provision for loan losses for reporting purposes versus bad debt expense for tax purposes. The Organization for Economic Co-operation and Development has proposed a global minimum tax of 15% of reported profits (Pillar 2) that has been agreed upon in principle by over 140 countries. The model rules provide a framework for applying the minimum tax and some countries have adopted Pillar 2 effective January 1, 2024; however, countries must individually enact Pillar 2, which may result in variation in the application of the model rules and timelines. These changes did not have a material impact on our consolidated financial statements for 2025. We will continue to evaluate the potential consequences of Pillar 2 on our longer-term financial position. Cash distribut …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases Lessee We lease land, buildings, office space and certain equipment. Many of our leases include a renewal option to extend the term from one to 25 years or more. Renewal options that we are reasonably certain to exercise are recognized in our right-of-use assets and lease liabilities. As most of our leases do not provide a rate implicit in the lease agreement, we generally use our incremental borrowing rate available at lease commencement, underlying collateral for the lease and the ability to borrow against that collateral on a secured basis to determine the present value of lease payments. The incremental borrowing rates were determined using our longer term borrowing rates (actual pricing through 30 years, as well as other longer term market rates). The components of lease expense were as follows for the periods presented (in thousands): Year Ended December 31, Classification 2025 2024 2023 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 104,006 $ 42,110 $ 21,970 Non-real estate investment lease expense General and administrative expenses 6,255 5,190 7,243 Financing lease cost: Amortization of leased assets Property operating expenses 8,596 5,852 5,854 Interest on lease liabilities Interest expense 10,583 4,332 4,050 Sublease income Rental income (3,933) Total $ 129,440 $ 57,484 $ 35,184 (1) Includes short-term leases, which are immaterial. Maturities of lease liabilities as of December 31, 2025 are as follows (in thousands): Operat …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Senior Unsecured Notes and Secured Debt At December 31, 2025, the annual principal payments due on our debt obligations were as follows (in thousands): Senior Unsecured Notes (1,2) Secured Debt (3) Other Financial Obligations (4) Totals 2026 (5) $ 2,703,561 $ 246,296 $ 1,626 $ 2,951,483 2027 (6,7) 1,901,060 355,635 1,660 2,258,355 2028 (8) 2,539,475 191,638 1,754 2,732,867 2029 2,159,899 420,896 1,853 2,582,648 2030 1,750,000 158,629 1,958 1,910,587 Thereafter (9) 5,472,250 1,199,986 251,176 6,923,412 Total principal balance 16,526,245 2,573,080 260,027 19,359,352 Unamortized discounts and premiums, net (23,376) (23,376) Unamortized debt issuance costs, net (74,807) (13,671) (88,478) Fair value adjustments and other, net (44,540) (124,339) 118,683 (50,196) Total carrying value of debt $ 16,383,522 $ 2,435,070 $ 378,710 $ 19,197,302 (1) Annual interest rates range from 2.05% to 6.50% The ending weighted average interest rate, after considering the effects of interest rate swaps, was 3.95%, 3.81% and 4.05%. as of December 31, 2025, December 31, 2024 and December 31, 2023, respectively. (2) All senior unsecured notes, with the exception of the $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027, have been issued by Welltower OP and are fully and unconditionally guaranteed by Welltower. The $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 have been issued through private placement by a wholly-owned subsidiary of Welltower OP and are full …

LongTermDebtTextBlock · excerpt; the full note is in the filing

New Accounting Standards In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which modifies the rules on income tax disclosures to require entities to disclose (i) specific categories in the rate reconciliation, (ii) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (iii) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024 and should be applied on a prospective basis, but retrospective application is permitted. The adoption of this standard is reflected in Note 19. In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU is intended to enhance transparency of income statement disclosures primarily through additional disaggregation of relevant expense captions. The standard is effective for annual reporting periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with prospective or retrospective application permitted. We are currently evaluating …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Segment Reporting We invest in seniors housing and healthcare real estate. We evaluate our business and make resource allocations for our three operating segments: Seniors Housing Operating, Triple-net and Outpatient Medical. Our Seniors Housing Operating properties include wellness housing, assisted living communities, independent living/continuing care retirement communities, independent supportive living communities (Canada), care homes with and without nursing (U.K.) and combinations thereof. Seniors Housing Operating properties that are deemed qualified healthcare properties are owned and operated through RIDEA structures (see Note 2). Our Triple-net properties include the property types described above, as well as long-term/post-acute care facilities. Under the Triple-net segment, we invest in seniors housing and healthcare real estate through acquisition of single tenant properties. Properties acquired are generally leased under triple-net leases and we are not involved in the management of the property. Prior to the Outpatient Medical Portfolio Disposition discussed in Note 5, our Outpatient Medical properties were typically leased to multiple tenants and generally required a certain level of property management. Our remaining Outpatient Medical portfolio, exclusive of held for sale properties, primarily consists of properties triple-net leased to healthcare providers. We evaluate performance based on consolidated NOI of each segment. We define NOI as total revenues, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Accounting Policies and Related Matters Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of our wholly-owned subsidiaries and joint venture entities that we control, through voting rights or other means. All material intercompany transactions and balances have been eliminated in consolidation. At inception of transactions, we identify entities for which control is achieved through means other than voting rights (variable interest entities or VIEs) and determine which business enterprise is the primary beneficiary of its operations. A VIE is broadly defined as an entity where either (i) substantially all of an entitys activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, (ii) the equity investment at risk is insufficient to finance that entitys activities without additional subordinated financial support or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entitys economic performance, (b) the obligation to a …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Stockholders Equity The following is a summary of our stockholders equity capital accounts as of the dates indicated: December 31, 2025 December 31, 2024 Preferred Stock, $1.00 par value: Authorized shares 50,000,000 50,000,000 Issued shares Outstanding shares Common Stock, $1.00 par value: Authorized shares 1,400,000,000 1,400,000,000 Issued shares 696,631,868 637,056,054 Outstanding shares 696,507,255 635,289,329 Common Stock In October 2025, we entered into an equity distribution agreement whereby we can offer and sell up to $7,500,000,000 aggregate amount of our common stock, which replaced our prior equity distribution agreement dated March 28, 2025 allowing us to sell up to $7,500,000,000 aggregate amount of our common stock (collectively, along with other previous agreements, referred to as the ATM Program). The ATM Program allows us to enter into forward sale agreements (none outstanding at December 31, 2025). As of December 31, 2025, we had $5,782,842,000 of remaining capacity under the ATM Program. Subsequent to December 31, 2025, we sold 887,205 shares of common stock under the ATM Program. The following is a summary of our common stock issuances during the periods indicated (dollars in thousands, except average price): Shares Issued Average Price Gross Proceeds Net Proceeds 2023 Option exercises 3,541 $ 78.23 $ 277 $ 277 2023 ATM Program issuances 53,300,874 80.92 4,313,007 4,290,766 2023 Equity issuance 20,125,000 88.06 1,772,216 1,719,086 2023 Redemption of OP U …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies At June 30, 2026, we had 33 outstanding letter of credit obligations totaling $65,022,000 and expiring between 2026 and 2027. At June 30, 2026, we had outstanding construction in progress of $848,347,000 and were committed to providing additional funds of approximately $545,063,000 to complete construction. Additionally, at June 30, 2026, we had outstanding investments classified as in substance real estate of $797,385,000 and were committed to provide additional funds of $37,883,000 (see Note 8 for additional information). We have entered into put-call agreements with third parties in conjunction with certain development projects. Under these agreements, we can initiate a call right or the third party can initiate a put right upon certain conditions being met, which would result in the acquisition of the related property by us, for which we currently have no ownership interest. If all conditions had been met under these agreements as of June 30, 2026, and the put or call rights for each investment had been triggered, the amount payable by us to acquire these properties would have been $475,862,000.

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Borrowings Under Credit Facilities and Commercial Paper Program At June 30, 2026, we had a primary unsecured credit facility with a consortium of 32 banks that included a $6,250,000,000 unsecured revolving credit facility. The unsecured revolving credit facility is comprised of a $2,000,000,000 tranche that matures on July 24, 2029 (none outstanding at June 30, 2026) and a $4,250,000,000 tranche that matures on March 6, 2030 (none outstanding at June 30, 2026). The unsecured revolving credit facility may be increased, subject to certain conditions and lender commitments, by up to an additional $1,250,000,000. The $4,250,000,000 tranche may be extended, at our option, for two successive six month periods. The primary unsecured credit facility also allows us to borrow up to $1,750,000,000 in alternative currencies (none outstanding at June 30, 2026). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over the secured overnight financing rate (SOFR) interest rate. Based on our current credit ratings and annual sustainability results, the loans under the unsecured revolving credit facility currently bear interest at 0.655% over the SOFR rate at June 30, 2026. In addition, we pay a facility fee quarterly to each bank based on the banks commitment amount. This fee depends on our debt ratings and annual sustainability results and was 0.120% at June 30, 2026. Under the terms of our commercial paper program, we may issue u …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Stock Incentive Plans In March 2022, our Board of Directors approved the 2022 Long-Term Incentive Plan (2022 Plan), which initially authorized up to 10,000,000 shares of common stock to be issued at the discretion of the Compensation Committee of the Board. No further awards were granted under the 2016 Long-Term Incentive Plan after March 28, 2022; however, awards granted under the 2016 Long-Term Incentive Plan prior to March 28, 2022 continue to vest and options expire ten years from the date of grant. Our non-employee directors, officers and key employees are eligible to participate in the 2022 Plan. The 2022 Plan allows for the issuance of, among other things, stock options, stock appreciation rights, restricted stock units, deferred stock units, performance units and dividend equivalent rights. Vesting periods for options, deferred stock units and restricted stock units generally range from three to five years with the options expiring ten years from the date of grant. In April 2025, our Board of Directors adopted, subject to shareholder approval obtained in May 2025, an amendment to the 2022 Plan (the Amended and Restated Plan), primarily to increase the aggregate number of shares of common stock authorized for issuance by 10,000,000 shares, bringing the total of shares authorized under the plan to 20,000,000 shares. 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 U …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Disclosure about Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level valuation hierarchy exists for disclosures of fair value measurements based on the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instruments categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. Please see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information. The three levels are defined below: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following methods and assumptions were used to estimate the fair value of each class of f …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Intangible Assets and Goodwill The following is a summary of our real estate intangibles, excluding those related to ground leases or classified as held for sale, as of the dates indicated (in thousands): June 30, 2026 December 31, 2025 Assets: Gross acquired lease intangibles $ 3,167,918 $ 2,845,686 Accumulated amortization (2,290,397) (1,936,939) Net book value $ 877,521 $ 908,747 Liabilities: Below market tenant leases $ 11,488 $ 25,546 Accumulated amortization (6,109) (18,825) Net book value $ 5,379 $ 6,721 The following is a summary of real estate intangible amortization income (expense) for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Rental income related to (above)/below market tenant leases, net $ 71 $ (148) $ 196 $ (310) Amortization related to in-place lease intangibles and lease commissions (229,775) (101,546) (391,314) (210,529) Goodwill The change in the carrying amount of goodwill by reportable segment is as follows (in thousands): Seniors Housing Operating Outpatient Medical Total Balance at December 31, 2025 $ 277,995 $ 68,321 $ 346,316 Acquisition measurement period adjustments $ 6,897 $ $ 6,897 Effect of foreign currency translation (3,984) (3,984) Balance at June 30, 2026 $ 280,908 $ 68,321 $ 349,229 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes and Distributions We elected to be taxed as a REIT commencing with our first taxable year. To qualify as a REIT for federal income tax purposes, at least 90% of taxable income (excluding 100% of net capital gains) must be distributed to stockholders. REITs that do not distribute a certain amount of taxable income in the current year are also subject to a 4% federal excise tax. The main differences between undistributed net income for federal income tax purposes and financial statement purposes are the recognition of straight-line rent for reporting purposes, basis differences in acquisitions, recording of impairments, differing useful lives and depreciation and amortization methods for real property and the provision for loan losses for reporting purposes versus bad debt expense for tax purposes. Under the provisions of the REIT Investment Diversification and Empowerment Act of 2007 (RIDEA), for taxable years beginning after July 30, 2008, a REIT may lease qualified healthcare properties on an arms-length basis to a taxable REIT subsidiary (TRS) if the property is operated on behalf of such TRS by a person who qualifies as an eligible independent contractor. Generally, the rent received from the TRS will meet the related party rent exception and will be treated as rents from real property. A qualified healthcare property includes real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted li …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases Lessee We lease land, buildings, office space and certain equipment. Many of our leases include a renewal option to extend the term from one to 25 years or more. Renewal options that we are reasonably certain to exercise are recognized in our right-of-use assets and lease liabilities. The components of lease expense were as follows for the periods presented (in thousands): Six Months Ended Classification June 30, 2026 June 30, 2025 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 66,005 $ 48,093 Non-real estate investment lease expense General and administrative expenses 3,056 3,081 Financing lease cost: Amortization of leased assets Property operating expenses 9,774 2,428 Interest on lease liabilities Interest expense 13,400 2,649 Total $ 92,235 $ 56,251 (1) Includes short-term leases which are immaterial. Supplemental balance sheet information related to leases in which we are the lessee is as follows (in thousands): Classification June 30, 2026 December 31, 2025 Right of use assets: Operating leases - real estate Right of use assets, net $ 1,391,934 $ 1,537,490 Financing leases - real estate Right of use assets, net 567,480 620,555 Real estate right of use assets, net 1,959,414 2,158,045 Operating leases - non-real estate investments Receivables and other assets 23,431 25,073 Total right of use assets, net $ 1,982,845 $ 2,183,118 Lease liabilities: Operating leases $ 1,502,260 $ 1,642,849 Financing leases 492,291 540,144 Total $ 1,99 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Senior Unsecured Notes and Secured Debt At June 30, 2026, the annual principal payments due on our debt obligations were as follows (in thousands): Senior Unsecured Notes (1,2) Secured Debt (3) Other Financial Obligations (4) Totals 2026 $ $ 187,833 $ 737 $ 188,570 2027 (5,6) 2,645,521 364,342 1,541 3,011,404 2028 (7) 2,337,135 344,287 1,632 2,683,054 2029 2,235,532 556,583 1,730 2,793,845 2030 1,750,000 165,305 1,833 1,917,138 Thereafter (8) 5,462,850 1,573,259 248,266 7,284,375 Total principal balance 14,431,038 3,191,609 255,739 17,878,386 Unamortized discounts and premiums, net (21,234) (21,234) Unamortized debt issuance costs, net (63,242) (12,886) (76,128) Fair value adjustments and other, net (51,461) (120,217) 116,907 (54,771) Total carrying value of debt $ 14,295,101 $ 3,058,506 $ 372,646 $ 17,726,253 (1) Annual interest rates range from 2.05% to 6.50%. The ending weighted average interest rate, after considering the effects of interest rate swaps, was 3.94% and 3.91% as of June 30, 2026 and June 30, 2025, respectively. (2) Senior unsecured notes are generally issued by Welltower OP and are fully and unconditionally guaranteed by Welltower. The C$300,000,000 of 2.95% senior unsecured notes due 2027 have been issued through private placement by a wholly owned subsidiary of Welltower OP and are fully and unconditionally guaranteed by Welltower OP. (3) Annual interest rates range from 1.74% to 5.25%. The ending weighted average interest rate, after considering the effec …

LongTermDebtTextBlock · excerpt; the full note is in the filing

New Accounting Standards In 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU is intended to enhance transparency of income statement disclosures primarily through additional disaggregation of relevant expense captions. The standard is effective for annual reporting periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with prospective or retrospective application permitted. We are currently evaluating the potential impact of adopting this new standard on our consolidated financial statements and disclosures. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Segment Reporting We invest in seniors housing and healthcare real estate. We evaluate our business and make resource allocations for our three operating segments: Seniors Housing Operating, Triple-net and Outpatient Medical. Our Seniors Housing Operating properties include wellness housing, assisted living communities, independent living, continuing care retirement communities, independent supportive living communities (Canada), care homes with and without nursing (U.K.) and combinations thereof. Seniors Housing Operating properties that are deemed qualified healthcare properties are owned and operated through RIDEA structures (see Note 19). Our Triple-net properties include the property types described above as well as long-term/post-acute care facilities. Under the Triple-net segment, we invest in seniors housing and healthcare real estate through acquisition of single tenant properties. Properties acquired are generally leased under triple-net leases and we are not involved in the management of the property. Prior to the Outpatient Medical Portfolio Disposition discussed in Note 5, our Outpatient Medical properties were typically leased to multiple tenants and generally required a certain level of property management. Our remaining Outpatient Medical portfolio, exclusive of held for sale properties, primarily consists of properties triple-net leased to healthcare providers. We evaluate performance based on consolidated NOI of each segment. We define NOI as total revenues, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Accounting Policies and Related Matters Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and with instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (such as normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2026 are not necessarily an indication of the results that may be expected for the year ending December 31, 2026. Unless otherwise indicated, references to $ are to U.S. dollars and references to C$ are to Canadian dollars. For further information, refer to the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025. New Accounting Standards In 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU is intended to enhance transparency of income statement disclosures primarily through additional disaggregation of relevant expense captions. The standard is effective for annual reporting periods beginning after December 15, 2026 and …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Stockholders Equity The following is a summary of our stockholders equity capital accounts as of the dates indicated: June 30, 2026 December 31, 2025 Preferred Stock, $1.00 par value: Authorized shares 50,000,000 50,000,000 Issued shares Outstanding shares Common Stock, $1.00 par value: Authorized shares 1,400,000,000 1,400,000,000 Issued shares 719,074,981 696,631,868 Outstanding shares 718,902,041 696,507,255 Common Stock In October 2025, we entered into an equity distribution agreement whereby we can offer and sell up to $7,500,000,000 aggregate amount of our common stock, which replaced our prior equity distribution agreement dated March 28, 2025 (collectively, along with other previous agreements, referred to as the ATM Program). The ATM Program allows us to enter into forward sale agreements (none outstanding at June 30, 2026). As of June 30, 2026, we had $1,301,588,000 of remaining capacity under the ATM Program. During July 2026, we sold 1,859,636 shares of common stock under the ATM Program. 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 2 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing