WELLTOWER INC.

WHO WE ARE

Welltower Inc. (NYSE: WELL), a real estate investment trust (“REIT”) and S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom, and Canada. Our portfolio predominantly consists of 2,500+ seniors and wellness housing communities that are positioned at the intersection of housing and hospitality, creating vibrant communities for older adults.

Through our disciplined approach to capital allocation powered by our Data Science platform and superior results driven by the Welltower Business System—our end-to-end operating platform—we aspire to deliver long-term compounding of per share growth for our existing investors. To meet these objectives, we predominantly invest across seniors housing, wellness housing, and post-acute care communities and diversify our investment portfolio by property type, relationship, and geographic location.

2025 BUSINESS HIGHLIGHTS

Welltower 2025 Financial Highlights

(1) Represents a non-GAAP financial measure. See Appendix A for definitions and reconciliations of non-GAAP financial measures.

Total Shareholder Return vs. Industry Indices

2021-2025 Share Price Performance

228.2%Total Shareholder Return (“TSR”) Since 2021

Portfolio

•Reported net income attributable to common stockholders of $937 million for the year ended December 31, 2025

•Reported total portfolio year-over-year average same store net operating income (“SSNOI”) growth of 14.1%(1), driven by SSNOI growth in our seniors housing operating (“SHO”) portfolio of 21.5%(1)

•Meaningfully amplified our long-term growth trajectory through the completion of $11 billion of pro rata net investments, excluding development funding, anchored by acquisitions of seniors housing communities in the U.S. and U.K. and disposition of lower growth outpatient medical properties

•Announced the next era of our journey, “Welltower 3.0,” underscoring our goal to modernize the seniors housing sector through our end-to-end operating platform with a reimagined customer journey and technology ecosystem, which includes the hiring of Jeff Stott, formerly with Extra Space Storage, as our Chief Technology Officer

•Deepened economic alignment between our shareholders and key operating partners via the introduction of RIDEA 6.0 contracts and creation of the Welltower Charles T. Munger Grant Program ($10 million annually) to honor the memory of Charles T. Munger and provide direct financial recognition to front-line staff at our best performing seniors housing communities

•Announced our foray into the capital light, private funds management business with the launch of our first seniors housing investment fund, Seniors Housing Fund I LP (the “Fund”). In the fourth quarter of 2025, we closed the Fund with approximately $2.5 billion of total equity commitments, which includes commitments from eight global, third-party institutional LPs. Additionally, in the fourth quarter of 2025, we launched our second fund, Seniors Housing Debt Fund I LP

Balance Sheet

•Reported Net Debt to Adjusted EBITDA of 3.03x(1) and approximately $10.2 billion of available liquidity inclusive of $5.2 billion of available cash and restricted cash and full capacity under our $5.0 billion line of credit

•Continued to utilize a broad array of financing sources through our issuances in June and August 2025 of $1.0 billion of 4.5% senior unsecured notes maturing in 2030 and $1.25 billion of 5.125% senior unsecured notes maturing in 2035

•Extinguished approximately $347 million of secured debt at a blended average interest rate of 5.16%

•Issued approximately $5 million of secured debt at a blended average interest rate of 3.89% and assumed $469 million of secured debt at a blended average interest rate of 4.45%

•Efficiently issued approximately 56.1 million shares of our common stock under our ATM programs, generating gross proceeds of approximately $8.9 billion

•S&P Global Ratings and Moody’s Investors Service, Inc. raised their credit ratings related to Welltower to “A-” with a stable outlook and to “A3” with a stable outlook, respectively

(1) Represents a non-GAAP financial measure. See Appendix A for definitions and reconciliations of non-GAAP financial measures.

Corporate

•Welltower has outperformed all major indices over the past five years by substantial margins. Welltower is now the largest global REIT as defined by market capitalization, comprising approximately 9.7% of the MSCI US REIT Index (which consisted of 117 public REITs) as of October 5, 2025 and approximately 10.8% of the MSCI US REIT Index (which consisted of 110 public REITs) as of December 31, 2025

•The Board of Directors approved a 10.4% increase in the quarterly dividend per share, reflecting solid financial performance and the Board’s confidence in the durability of outsized levels of cash flow growth. The dividend is further supported by a low payout ratio and low-levered balance sheet

Sustainability

•Achieved GRESB Green Star status for the fifth consecutive year, earning 29 out of 30 possible points in the Management component

•Recognized for industry-leading governance practices, including #1 ranking from Green Street Advisors for Corporate Governance amongst all US REITs

•Maintained top 30% (3rd decile) ISS Quality Score ranking for each Environment and Social indicator

•Preserved Prime status under the ISS-ESG Corporate Rating for the seventh consecutive year

•Awarded Sustainalytics “Low Risk” rating of 11.5 (Low Risk = between 10 and 20)

Welltower 3.0 and our 10-Year Executive Continuity and Alignment Program (the “10-Year ECAP”)

On October 27, 2025, our Board announced the launch of Welltower 3.0, a new era focused on accelerating Welltower Business System-driven operational and technology transformation. This phase involves an “all-in” commitment by Welltower to drive operational and technological transformation across its seniors housing portfolio in coordination with its deeply aligned operating partners to meaningfully improve the experience of residents and their families, as well as that of site-level employees.

In connection with the launch of Welltower 3.0, on October 27, 2025, our Board announced the 10-Year ECAP, a comprehensive long-term incentive vehicle for our named executive officers (“NEOs”) that replaces virtually all other forms of NEO compensation from 2026 through 2035, thereby focusing compensation for our NEOs almost entirely on multi-year outcomes, and tying compensation to the creation of shareholder value. Our Compensation Committee and the independent members of the Board undertook a months-long intensive process, informed by insights from their independent compensation consultants and legal advisors, to develop and implement this first-in-class executive compensation program to secure Welltower’s key human capital resources for the next decade. The 10-Year ECAP is discussed in detail in the “Compensation Discussion and Analysis” section of this Proxy Statement.

Key Features of the 10-Year ECAP

The 10-Year ECAP is designed to align realized executive pay with sustained, multi-year value creation for shareholders and secure the services of the Company’s NEOs for the next decade.