Welltower Annual Report 2022

Plain-text annual report

ANNUAL REPORT 2022 LETTER FROM FROM THE CEO EO Dear Fellow Shareholders, While current macroeconomic conditions remain highly uncertain with heightened concerns surrounding economic growth, inﬂation, and the health of the banking system, I am pleased to report that Welltower’s prospects have only improved as we’ve entered 2023. The recession-resilient nature of our business model has been on full display in recent quarters, with stellar top-line growth being reported from our seniors housing business just as the economy has shown signs of cooling. To be clear, we may not be completely immune from exogenous shocks which may surface and we will not take anything for granted in the current environment. However, we believe that the drivers of our business are only getting better, setting the stage for an extended period of outsized growth. I can conﬁdently say that the future for Welltower has never appeared brighter than it does today. UNPRECEDENTED INTERNAL & EXTERNAL GROWTH DRIVERS Within the real estate space, rarely do companies have the simultaneous opportunity to drive growth through both operations (internal growth) and capital deployment (external growth). This is because, usually, when fundamentals are robust, capital quickly ﬂows to the sector, driving asset prices higher. However, we currently ﬁnd ourselves in a period in which organic growth is clearly accelerating and acquisition opportunities and pricing are growing more attractive for us. I’ve previously spoken about the rare and powerful combination we are currently witnessing with a cyclical recovery in seniors housing fundamentals superimposed on demographic-driven secular tailwinds. I’ll now add another dimension to this equation: our efforts to optimize the seniors housing business through an operating platform unlike anything seen in the industry (i.e. structural change or disruption). I’ll touch upon each of these important drivers below but, suffice it to say, we believe that the result of this “trifecta” will be what every company should strive for: long-term compounding of per share growth. Additionally, while these drivers alone should support sustained growth, we remain well- positioned to create meaningful value through capital deployment. While the events of the past year have left many participants paralyzed, we remain active, yet disciplined allocators of the capital entrusted to us by our shareholders. INTERNAL GROWTH 2 0 2 1 Green Shoots 2 0 2 2 Flower Buds 2 0 2 3 & Beyond Full Bloom As most of you are aware, we are at the precipice of a dramatic shift in the demographic proﬁle of our country, marked by a sharp acceleration of the 80+ population, a trend that will persist well into the next decade. Not only has demand within our seniors housing operating portfolio strengthened on the back of this trend, but the growth of this age cohort has also coincided with a 10-year low in new construction. As a result, in 2022, we reported another year of both healthy occupancy gains and pricing power aided by the largely inelastic nature of our product type. And while we’re undoubtedly encouraged by the prospects of another year of near double-digit revenue growth in 2023, we’re perhaps even more excited about recent expense trends, with our operators reporting a meaningful improvement across key line items. And if the Fed is successful in reining in inﬂation and John Burkart’s team continues to rack up wins with respect to its asset management efforts, the pace of improvement will only intensify. Simply put, the building blocks for a period of strong and sustained net operating income growth are solidly in place. RELENTLESS PURSUIT OF HIGHER STANDARDS EXTERNAL GROWTH 2022 was another extraordinary year for As I described in last year’s letter, we Welltower, as we completed over $4.0 are in the midst of a critical initiative billion of pro rata gross investments across to professionalize the seniors housing a wide range of opportunities. As you have business through the creation of an come to expect from us, these deals were industry-leading operating platform. The executed in a granular and off-market process of building out a platform which manner and completed at a signiﬁcant encompasses over one thousand seniors discount to replacement cost. housing properties across three countries has been exhausting, expensive, and, at times, downright frustrating. Nevertheless, it is absolutely necessary. Under the leadership of our COO, John Burkart, we continue to attract incredible talent from outside of the healthcare real estate sector to drive this imperative. Just a few months ago, John convinced Jerry Davis, another proliﬁc operator in the multifamily space, to join Welltower as a strategic advisor. Jerry previously spent 30 years at UDR, an S&P 500 multifamily REIT, most recently serving as President and COO of the company. John and Jerry (known as J2), amongst others, upended the multifamily sector through the use of technology and data, resulting in extraordinary growth for their respective companies (and tremendous value creation for their investors). The path we are currently pursuing is a similar one. And, as our investors have very well come to know, While we are pleased with our teams’ success in sourcing and executing on these deals, our opportunity set has expanded dramatically in recent months – across property sectors, regions, and up and down the capital stack. Following the Fed’s unprecedented monetary tightening over the past year, distress has emerged across the commercial real estate space. Yet, few large participants are able to capitalize on the opportunity due to signiﬁcant equity outﬂows from core and other real estate investment vehicles and a signiﬁcant tightening in lending standards by most ﬁnancial institutions. This conﬂuence of events has created an exceedingly rare moment in which seniors housing sector fundamentals are rapidly improving while, simultaneously, we are one of very few companies positioned to deploy capital in size, at an attractive basis, and with in- place cash ﬂow. we will never hesitate to take the tough Ultimately, our capital deployment road as long as it’s in the interest of strategy, which focuses on buying assets long-term value creation. At Welltower, when they’re out of favor (or with little to we are relentless in our pursuit of no competition), at the right price, and higher standards. in the right structure, allows for outsized returns with a large margin of safety. as our investor partners? Because, in his We believe that basis (i.e. price) – not words, “you deserve the shareholder exposure – is the ultimate mitigant of risk. you get.” Our management team has And, as always, we will remain disciplined spent signiﬁcant time considering this and patient, but not fearful of taking question and has created a set of ground bold and decisive action when the right rules or common principles which form opportunities manifest themselves. the philosophical foundation for how APPRECIATION we run the Company – with our ultimate goal of generating superior returns for Before discussing the principles which our continuing shareholders on both embody who we are at Welltower, I would an absolute and relative basis. We have be remiss not to express my gratitude to included these principles below. Ken Bacon, our Independent Director and Board Chairman, and to our committed, experienced and passionate directors who have served alongside our team. I am also deeply grateful to the Welltower team, which I am convinced is the deepest in the real estate space (and beyond) with the longest runway ahead. And to you, our fellow shareholders, I remain humbled by the trust you have placed in our team and for your continued support during both the highs and lows of the past few years. We have never been as excited about our future as we are today and look At Welltower, we believe that stock is the fractional ownership of a business, not a ticker symbol. Hence, as an investor, you are a partner in this business. This is no different from owning a lemonade stand or a farm together. We take the responsibility of managing the business with utmost pride and promise to always act in the best interests of the long-term continuing owners of the Company. And, because of that, we think you should know what we represent and, as importantly, what we do not. forward to the journey ahead with you. We believe that a great investment has GROUND RULES three characteristics: 1) superior returns After a whirlwind period for our Company 2) lower risk and industry, I thought it would be 3) long duration or longevity instructive to take a step back and reﬂect upon a simple, yet thought-provoking question posed to me by a legendary investor whom I am also privileged to call a mentor and a father ﬁgure: as we embark on this journey to drive long- term per share growth, who do we seek While much of the investment world is focused on #1, we are equally focused on #2 and #3. We recommend that you do not invest in our Company unless the following principles resonate with you. IT IS ALL ABOUT: 11 LONG-TERM CAPITAL ALLOCATION We, as capital allocators, strive every day to create per share value by compounding over a LONG PERIOD OF TIME. While we hope near-term priorities do not conﬂict with those of the long term, practically speaking, we often encounter situations where these time horizons diverge. It is critical that our investors understand that, at these crossroads, we will always follow the path to long-term value creation at the expense of short-term gains. These ideas include: • An adherence to a capital allocation framework ﬁxated on risk-adjusted total cash returns (IRRs) through the lens of opportunity cost rather than GAAP earnings accretion. We will not hesitate to make capital allocation decisions, which are a drag today but have the potential to create signiﬁcant value tomorrow • Making bold, long-term investment decisions that may not be initially popular on Wall Street. In fact, you can count on us to do so • A willingness to sacriﬁce near-term ﬁnancial returns for opportunities to build long-term win/win partnerships which will add signiﬁcant longevity to our superior returns. That is, we are focused on sowing seeds for the best long-term interests of our partnership; not harvesting short-term gains to please Wall Street • Real estate is a long-term business. It takes at least three years for an acquisition to play out and perhaps ﬁve years for a development to do so. Hence, we prefer a ﬁve-year relative performance measurement period but insist on a window of at least three years to gauge performance of the partnership • Our capital allocation decisions today, the power of our platform, and the long- term value creation we hope to achieve, may not be captured in point-in-time earnings multiples or NAV but, instead, will be reﬂected through a long-term cash ﬂow growth analysis • Remaining within our circle of competence, which we deﬁne as the area where we can assess and allocate capital with house odds rather than gamblers’ odds. We invest within the boundaries of probabilities while acknowledging that the boundaries of possibilities are much wider. We remain humble and remind ourselves each day that we could be wrong; yet, we are unafraid to look foolish. This is a game of batting average 22 MARKET LEADERSHIP AND MOAT While capital intensive infrastructure businesses rarely possess a competitive advantage, we ﬁrmly believe we have established a deep and wide moat through our data analytics and operating platform, and uniquely entrepreneurial culture. We focus on fairness and creating win/win solutions which result in an additive-sum mentality as opposed to the zero-sum mentality which is prevalent in our industry. • Over the course of many years, we have built an industry-leading predictive analytics platform which requires exceptional people, a perpetual supply of myriad and expensive data sources, and constant evolution. We do not sacriﬁce the quality and the depth of the platform because the cost drag may hurt quarterly earnings. While value remains part of our ethos, we will not hesitate to invest money in people and ideas which will help expand our moat • Our proprietary predictive analytics platform allows us to make capital allocation decisions through a probabilistic framework that is focused on biasing outcomes in our favor rather than chasing the illusion of certainties • We are the clean shirt in an industry where re-trading counterparties is the norm. We believe our handshake is worth more than a contract. This means we will leave pennies on the table today to earn dollars tomorrow. Our reputation is one of doing ﬁrst-class business in a ﬁrst-class way • We only engage in businesses with clear market leadership and a differentiated view of how to create shareholder value. Following the herd only results in mediocre returns. We seek advantageous divergences in our speciﬁc niches 33 THE PEOPLE We take great pride in the culture of our organization, with a foundation built on mutually beneﬁcial solutions where all parties are motivated and incentivized by the same goals. Everyone is all in. We do not take advantage of our counterparties because we are a large company with access to an army of lawyers. We believe that just because you can do something doesn’t mean you should. We treat people the way we want to be treated - in an old fashioned, Ben Franklin way. • We aim to attract the best and brightest to our team and we retain them long- term by providing a meritocracy-based environment that is entrepreneurial, collaborative, and transparent. We are focused on value – NOT cost – while rewarding our people. But, in all cases, our compensation structure is very simple – we eat our own cooking and we get paid a fraction of the proﬁts generated for our investors • We believe in bringing in people from industries with higher standards. In other words, we value a desire for constant improvement and emphasize kinetic energy over experience and potential energy • We are all students, continuously learning and applying lessons from great businesses and capital allocators in all industries. We do not conﬁne ourselves to Wall Street’s version of real estate or its perception of how a real estate company should operate its business. There is no complacency at Welltower; instead we operate with “healthy paranoia” looking to always push forward and up. Like the Navy Seals, we believe “the only easy day is yesterday.” Hence if your goal is to solve for a stable and passive exposure, we recommend you look elsewhere • Being an extreme ﬁduciary is our pride; not just our responsibility. Decades from now, we want to be known as one of the best capital allocators of any industry. Long-term compounding is what we are truly after 44 BASIS AND STAYING POWER We believe the accepted model of investing in real estate – one which is focused on cap rates – is a faulty and dangerous one (if you don’t know what a cap rate is, consider yourself lucky). We think there are two metrics which cannot be faked while investing in real estate: 1) basis (price per unit or price per foot) when buying 2) realized unlevered total returns when selling Hence, our strong belief that capital allocation priorities should be judged by these two metrics. And, because we are focused on the long-term and believe in a handshake business, it is of paramount importance that we have staying power to see the thesis play out and a balance sheet that no counterparty ever questions. We absolutely believe that real estate is a leverageable asset class where our point-in-time leverage may appear suboptimal depending on where we are in the cycle. However, we want you to understand that in the context of how we operate our business (i.e. contrarian investment philosophy in a handshake format) we are required to think about our balance sheet through an entire cycle and not at a point-in-time. 55 RISK AS DEFINED BY PERMANENT CAPITAL LOSS; NOT VOLATILITY As mentioned above, one of the hallmarks of a great investment is lower risk. While many efficient market theory proponents believe that an asset’s risk is deﬁned by its level of volatility, we strongly disagree. At Welltower, we believe that risk should be assessed through the lens of permanent capital loss; not volatility. In order to reduce risk, we seek a large margin of safety in all of our capital allocation decisions – that is, acquiring assets for less than what it costs to build. We believe it is important to understand this key point of differentiation between ourselves and others as it relates to risk. We would also note that a vast majority of our management’s personal wealth is invested with the partnership as compared to many shareholders who beneﬁt from a diversiﬁed portfolio. In addition to the tomatoes you will deservedly throw at us, please remember that a permanent loss of capital will likely impact our life’s work and wealth disproportionately. We are all in with you and highly focused on permanent capital loss; not winning a popularity contest. We hope these principles provide you with perspective on who we are and how we think about creating per share value for our long-term continuing owners. Each day, we strive to not only be the employer of choice and the partner of choice but also the investment of choice. We therefore believe it is as important for us to ﬁnd the right capital allocation opportunities as it is the right long-term investors. We look forward to learning more about you and we hope you will about us. Best regards, Shankh Mitra CEO, Welltower Inc. FORM 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8923 WELLTOWER INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 4500 Dorr Street, Toledo, Ohio (Address of principal executive offices) 34-1096634 (I.R.S. Employer Identification No.) 43615 (Zip Code) (419) 247-2800 (Registrant’s telephone number, including area code) Title of Each Class Securities registered pursuant to Section 12(b) of the Act: Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, $1.00 par value Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLC Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLC WELL WELL/28 WELL/34 New York Stock Exchange New York Stock Exchange New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes Í Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ‘ No Í No ‘ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes Í No ‘ Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes Í No ‘ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer Í Accelerated filer ‘ Non-accelerated filer ‘ Smaller reporting company ‘ Emerging growth company ‘ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ‘ No Í Indicate by check mark whether the registrant has filed a report on and attestation of the effectiveness of its internal control over financial reporting under Section 404(b) of Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by registered public accounting firm that prepared or issued its audit report Í The aggregate market value of the shares of voting common stock held by non-affiliates of the registrant, computed by reference to the closing sales price of such shares on the New York Stock Exchange as of the last business day of the registrant’s most recently completed second fiscal quarter was $38,131,759,000. As of February 16, 2023, the registrant had 490,643,990 shares of common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for the annual stockholders’ meeting to be held May 24, 2023, are incorporated by reference into Part III. WELLTOWER INC. AND SUBSIDIARIES 2022 FORM 10-K ANNUAL REPORT TABLE OF CONTENTS PART I Item 1. Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 1A. Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 1B. Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 2. Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 3. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 4. Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 6. [Reserved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . . Item 7A. Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 8. Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . . . . Item 9A. Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 9B. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . . . . . . . . . . . . . . . . . . . . . . . PART III Item 10. Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 11. Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 13. Certain Relationships and Related Transactions and Director Independence . . . . . . . . . . . . . . . . . Item 14. Principal Accounting Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 15. Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Item 16. Form 10-K Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signature . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PART IV Page 2 37 56 57 58 59 60 61 62 94 96 147 147 149 149 149 149 149 149 149 150 157 158 Item 1. Business General PART I Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The company invests with leading seniors housing operators, post- acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower™, a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), consisting of seniors housing, post-acute communities and outpatient medical properties. More information is available on the Internet at www.welltower.com. The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only. Our primary objectives are to protect stockholder capital and enhance stockholder value. We seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders as a result of annual increases in net operating income and portfolio growth. To meet these objectives, we invest across the full spectrum of seniors housing and health care real estate and diversify our investment portfolio by property type, relationship and geographic location. On March 7, 2022, we announced our intent to complete an UPREIT reorganization. In February 2022, the company formerly known as Welltower Inc. (“Old Welltower”) formed WELL Merger Holdco Inc. (“New Welltower”) as a wholly owned subsidiary, and New Welltower formed WELL Merger Holdco Sub Inc. (“Merger Sub”) as a wholly owned subsidiary. On April 1, 2022, Merger Sub merged with and into Old Welltower, with Old Welltower continuing as the surviving corporation and a wholly owned subsidiary of New Welltower (the “Merger”). In connection with the Merger, Old Welltower’s name was changed to “Welltower OP Inc.”, and New Welltower inherited the name “Welltower Inc.” Effective May 24, 2022, Welltower OP Inc. (“Welltower OP”) converted from a Delaware corporation into a Delaware limited liability company named Welltower OP LLC (the “LLC Conversion”). Following the LLC Conversion, New Welltower’s business continues to be conducted through Welltower OP and New Welltower does not have substantial assets or liabilities, other than through its investment in Welltower OP. Welltower Inc. is the initial member and majority owner of Welltower OP, with an approximate ownership interest of 99.751% as of December 31, 2022. Welltower Inc. issues equity from time to time, the net proceeds of which it is obligated to contribute as additional capital to Welltower OP. All debt including credit facilities, senior notes and secured debt is incurred by Welltower OP, and Welltower Inc. has fully and unconditionally guaranteed all existing and future senior unsecured notes. Unless stated otherwise or the context otherwise requires, references to “Welltower” mean Welltower Inc. and references to “Welltower OP” mean Welltower OP LLC. References to “we,” “us,” “our” or the “company” mean collectively Welltower, Welltower OP and those entities/subsidiaries owned or controlled by Welltower and/or Welltower OP. Portfolio of Properties Please see “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operation – Executive Summary – Company Overview” for a table that summarizes our portfolio as of December 31, 2022. Property Types We invest in seniors housing and health care real estate and evaluate our business through three reportable segments: Seniors Housing Operating, Triple-net and Outpatient Medical. For additional information regarding our segments, please see Note 18 to our consolidated financial statements. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2 to our consolidated financial statements. The following is a summary of our various property types. 2 Seniors Housing Operating Our Seniors Housing Operating properties include seniors apartments, independent living and independent supportive living, continuing care retirement communities, assisted living, Alzheimer’s/dementia care and include care homes with or without nursing (U.K.), which assist with activities of daily living that preserve a person’s mobility and social systems to promote cognitive engagement. Our properties include stand-alone properties that provide one level of service, combination properties that provide multiple levels of service and communities or campuses that provide a wide range of services. Properties are primarily held in joint venture entities with operating partners. We utilize the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007, which is commonly referred to as a “RIDEA” structure (the provisions of the Internal Revenue Code authorizing the RIDEA structure were enacted as part of the Housing and Economic Recovery Act of 2008). Seniors Apartments Seniors apartments generally refer to age-restricted multi-unit housing with self- contained living units for older adults, usually aged 55+ who are able to care for themselves. Seniors apartments generally do not offer other additional services such as meals. Independent Living and Independent Supportive Living (Canada) Independent living and independent supportive living generally refers to age-restricted, multifamily properties with central dining that provide residents access to meals and other services such as housekeeping, linen service, transportation and social and recreational activities. Continuing Care Retirement Communities Continuing care retirement communities typically include a combination of detached homes and properties offering independent living, assisted living and/or long-term/post- acute care services on one campus. These communities appeal to residents because there is no need to relocate when health and medical needs change. Resident payment plans vary, but can include entrance fees, condominium fees and rental fees. Many of these communities also charge monthly maintenance fees in exchange for a living unit, meals and some health services. Assisted Living Assisted living refers to state-regulated rental properties that provide independent living services, but also provide supportive care from trained employees to residents who require assistance with activities of daily living, including, but not limited to, management of medications, bathing, dressing, toileting, ambulating and eating. Alzheimer’s/Dementia Care Alzheimer’s/Dementia Care refers to state-regulated rental properties that generally provide assisted living and independent living services, but also provide supportive care to residents with memory loss, Alzheimer’s disease and/or other types of dementia. Amenities vary, but may include enhanced security, specialized design features and memory-enhancing therapies that promote relaxation and help slow cognitive decline. Care Homes with or without Nursing (U.K.) Care homes without nursing, regulated by the Care Quality Commission (“CQC”), are rental properties that provide essentially the same services as U.S. assisted living. Care homes with nursing, also regulated by the CQC, are licensed daily rate or rental properties where most individuals require 24-hour nursing and/or medical care. Generally, these properties are licensed for various national and local reimbursement programs. Unlike the U.S., care homes with nursing in the U.K. generally do not provide post-acute care. Our Seniors Housing Operating segment accounted for 72%, 68% and 67% of total revenues for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, we had relationships with 43 operators to manage our Seniors Housing Operating properties. In each instance, our partner provides management services to the properties pursuant to an incentive-based management contract. We rely on our partners to effectively and efficiently manage these properties. For the year ended December 31, 2022, our relationship with Sunrise Senior Living accounted for approximately 20% of our Seniors Housing Operating segment revenues and 14% of our total revenues. Additionally Revera accounted for approximately 8% of our Seniors Housing Operating segment revenues and 6% our total revenues. Revera owns a controlling interest in Sunrise Senior Living. 3 Triple-net Our Triple-net properties offer services including independent living and independent supportive living (Canada), assisted living, continuing care retirement communities, Alzheimer’s/dementia care and care homes with or without nursing (U.K.) described above, as well as long-term/post-acute care. Our properties include stand-alone properties that provide one level of service, combination facilities that provide multiple levels of service, and communities or campuses that provide a wide range of services. We invest primarily through acquisitions, development and joint venture partnerships. Our properties are primarily leased to operators under long-term, triple-net master leases that obligate the tenant to pay all operating costs, utilities, real estate taxes, insurance, building repairs, maintenance costs and all obligations under certain ground leases. We are not involved in property management. Long-Term/Post-Acute Care Facilities Post-acute care is at the leading edge of reducing health care costs while improving quality. These high-impact centers help patients recover from illness or surgery with the goals of getting the patient home and healed faster and reducing hospital readmission rates. Our long-term/post-acute care properties generally offer skilled nursing/ post-acute care, inpatient rehabilitation and long-term acute care services. Skilled nursing/post-acute care refers to licensed daily rate or rental properties where most individuals require 24-hour nursing and/or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement in the U.S. or provincial reimbursement in Canada. All properties offer some level of rehabilitation services. Some properties focus on higher acuity patients and offer rehabilitation units specializing in cardiac, orthopedic, dialysis, neurological or pulmonary rehabilitation. Inpatient rehabilitation properties provide intensive inpatient services after illness, injury or surgery to patients able to tolerate and benefit from three hours of rehabilitation per day. Long-term acute care properties provide inpatient services for patients with complex medical conditions that require more intensive care, monitoring or emergency support than is available in most skilled nursing/post-acute care properties. Our Triple-net segment accounted for 16%, 19% and 17% of total revenues for the years ended December 31, 2022, 2021 and 2020, respectively. For the year ended December 31, 2022, our revenues related to our relationship with ProMedica Health System (“ProMedica”) accounted for approximately 26% of our Triple-net segment revenues and 4% of total revenues. In December 2022, ProMedica relinquished to Welltower its 15% interest in 147 skilled nursing facilities previously owned by the Welltower/ProMedica joint venture in exchange for a lease modification, which relieved ProMedica from its lease obligation on the 147 skilled nursing properties and amended the lease on the remaining 58 assisted living and memory care properties that continue to be held by the Welltower/ProMedica joint venture. The 58 assisted living and memory care assets continue to be operated by ProMedica and backed by the existing guaranty. Concurrently, Welltower and Integra Healthcare Properties (“Integra”) entered into master leases for the skilled nursing portfolio. Approximately 15 regional operators will enter into subleases with Integra to operate the properties. Also in December 2022 and January 2023, we sold to Integra a 15% ownership interest in 85 of those skilled nursing facilities and Integra is expected to buy into the remaining 62 assets throughout 2023. For the year ended December 31, 2022, our revenues related to our relationship with Genesis Healthcare (“Genesis”) accounted for approximately 2% of our Triple-net segment revenues and less than 1% of our total revenues. During 2020, Genesis indicated substantial doubt as to their ability to continue as a going concern. As a result, effective July 1, 2020, we recognized reserves for all existing straight-line rent receivable balances of $91,025,000 as a reduction to rental income and now recognize rental income from Genesis on a cash basis. Additionally, in March 2021, we entered into definitive agreements to substantially exit our operating relationship with Genesis. As of December 31, 2022, our relationship with Genesis was comprised of one property owned 100% by us and leased to Genesis, a loan balance net of allowance for credit losses of $168,949,000, approximately 9.5 million shares of GEN Series A common stock and a 25% ownership stake in an unconsolidated joint venture that includes two master leases for 28 properties operated by Genesis. Outpatient Medical Outpatient Medical Buildings Demand for outpatient medical services is growing as more procedures are performed safely and efficiently outside the hospital setting. State-of-the-art outpatient centers are needed in 4 accessible, consumer-friendly locations. Our portfolio of outpatient medical buildings is an integral part of creating health care provider connectivity in local markets and generally include physician offices, ambulatory surgery centers, diagnostic facilities, outpatient services and/or labs. Approximately 87% of our outpatient medical building portfolio is affiliated with health systems (buildings directly on or adjacent to hospital campuses or with tenants that are satellite locations for the health system and its physicians). We typically lease our outpatient medical buildings to multiple tenants and provide varying levels of property management. Our Outpatient Medical segment accounted for 12%, 13% and 16% of total revenues for each of the years ended December 31, 2022, 2021 and 2020, respectively. No single tenant exceeds 20% of segment revenues. Investments Providing high-quality and affordable health care to an aging global population requires vast investments and infrastructure development. We invest in seniors housing and health care real estate primarily through acquisitions, developments and joint venture partnerships. For additional information regarding acquisition and development activity, please see Note 3 to our consolidated financial statements. Our portfolio creates opportunities to connect partners across the continuum of care and drive efficiency. We seek to diversify our investment portfolio by property type, relationship and geographic location. In determining whether to invest in a property, we focus on the following: (1) the experience of the obligor’s/partner’s management team; (2) the historical and projected financial and operational performance of the property; (3) the credit of the obligor/ partner; (4) the security for any lease or loan; (5) the real estate attributes of the building and its location; (6) the capital committed to the property by the obligor/partner; and (7) the operating fundamentals of the applicable industry. We monitor our investments through a variety of methods determined by the type of property. Our asset management process for seniors housing properties generally includes review of monthly financial statements and other operating data for each property, review of obligor/partner creditworthiness, property inspections, and review of covenant compliance relating to licensure, real estate taxes, letters of credit and other collateral. Our internal property management division manages and monitors the outpatient medical portfolio with a comprehensive process including review of, among other things, tenant relations, lease expirations, the mix of health service providers, hospital/health system relationships, property performance, capital improvement needs, and market conditions. Investment Types Real Property Our properties are primarily comprised of land, buildings, improvements and related rights. Our triple-net properties are generally leased to operators under long-term operating leases. The leases generally have a fixed contractual term of 12 to 15 years and contain one or more five to 15-year renewal options. Certain of our leases also contain purchase options, a portion of which could result in the disposition of properties for less than full market value if the options were to be exercised. Most of our rents are received under triple-net leases requiring the operator to pay rent and all additional charges incurred in the operation of the leased property. The tenants are required to repair, rebuild and maintain the leased properties. Substantially all these operating leases are designed with escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. At December 31, 2022, approximately 96% of our triple-net properties were subject to master leases. A master lease is a lease of multiple properties to one tenant entity under a single lease agreement. From time to time, we may acquire additional properties that are then leased to the tenant under the master lease. The tenant is required to make one monthly payment that represents rent on all the properties that are subject to the master lease. Typically, the master lease tenant can exercise its right to purchase the properties or to renew the master lease only with respect to all leased properties at the same time. We believe this bundling feature benefits us because the tenant cannot limit the purchase or renewal to better performing properties and terminate the leasing arrangement with respect to poorer performing properties. This spreads our risk among the entire group of properties within the master lease. The bundling feature should provide a similar advantage to us if the master 5 lease tenant is in bankruptcy. Subject to certain restrictions, a debtor in bankruptcy has the right to assume or reject its unexpired leases and executory contracts. In the context of integrated master leases such as ours, our tenants in bankruptcy would be required to assume or reject the master lease as a whole, rather than deciding on a property by property basis. Our Outpatient Medical portfolio is primarily self-managed and consists mainly of multi-tenant properties leased to health care providers. Our leases typically include increasers and some form of operating expense reimbursement by the tenant. As of December 31, 2022, 62% of our portfolio included leases with full pass through, 31% with a partial expense reimbursement (modified gross) and 7% with no expense reimbursement leases are non-cancellable operating leases that have a weighted-average (gross). Our outpatient medical remaining term of seven years at December 31, 2022 and are often credit enhanced by security deposits, guarantees and/or letters of credit. Construction We provide funds for the construction of properties for tenants primarily as part of long-term operating leases. We capitalize certain interest costs associated with funds used for the construction of properties owned by us. The amount capitalized is based upon the amount advanced during the construction period using the rate of interest that approximates our company-wide cost of financing. Our interest expense is reduced by the amount capitalized. The construction period commences upon initial funding and terminates upon the earlier of the completion of the applicable property or the end of a specified period. During the construction period, we advance funds to the tenants in accordance with agreed upon terms and conditions which require, among other things, periodic site visits by a company representative. During the construction period, we generally require an additional credit enhancement in the form of payment and performance bonds and/or completion guarantees. At December 31, 2022, we had outstanding construction investments of $1,021,080,000 and were committed to provide additional funds of approximately $1,883,449,000 to complete construction for consolidated investment properties. We also provide for construction loans which, depending on the terms and conditions, could be treated as loans or investments in unconsolidated entities. Loans Our real estate loans are typically structured to provide us with interest income, principal amortization and transaction fees. Real estate loans consist of mortgage loans and other real estate loans which are primarily collateralized by a first, second or third mortgage lien, a leasehold mortgage on, or an assignment of the partnership interest in the related properties, corporate guarantees and/or personal guarantees. Non-real estate loans are generally corporate loans with no real estate backing. At December 31, 2022, we had outstanding loans, net of allowances, of $1,180,012,000 with an interest yield of approximately 9.9% per annum. Our yield on loans depends upon a number of factors, including the stated interest rate, average principal amount outstanding during the term of the loan and any interest rate adjustments. The loans outstanding at December 31, 2022 are generally subject to one to 15-year terms with principal amortization schedules and/or balloon payments of the outstanding principal balances at the end of the term. Investments in Unconsolidated Entities Investments in entities that we do not consolidate but for which we can exercise significant influence over operating and financial policies are reported under the equity method of accounting. At December 31, 2022, we had investments in unconsolidated entities of $1,499,790,000. Our investments in unconsolidated entities generally represent interests ranging from 10% to 88% in real estate assets. Under the equity method of accounting, our share of the investee’s earnings or losses is included in our consolidated results of operations. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the entity interest inclusive of transaction costs. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded. In Substance Real Estate Additionally, we provide loans to third parties for the acquisition, development and construction of real estate. Under these arrangements, it is possible that we will participate in the expected residual profits of the project through the sale, refinancing or acquisition of the property. We evaluate the characteristics of each arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. Arrangements with characteristics implying real estate joint ventures are treated as in substance real estate investments, accounted for using the equity method, 6 and are presented as investments in unconsolidated entities. We have made loans related to 21 properties with a carrying value of $649,267,000 as of December 31, 2022, which are classified as in substance real estate investments. Principles of Consolidation The consolidated financial statements are in conformity with U.S general accepted accounting principles (“U.S. GAAP”) and 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 joint venture 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) the equity investors as a group, if any, do not have a controlling financial interest, or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We consolidate investments in VIEs when we are determined to be the primary beneficiary. Accounting Standards Codification Topic 810, “Consolidations”, requires enterprises to perform a qualitative approach to determining whether or not a VIE will need to be consolidated. This evaluation is based on an enterprise’s ability to direct and influence the activities of a VIE that most significantly impact that entity’s economic performance. For investments in joint ventures, U.S. GAAP may preclude consolidation by the sole general partner in certain circumstances based on the type of rights held by the limited partner(s). We assess the limited partners’ rights and their impact on our consolidation conclusions, and we reassess if there is a change to the terms or in the exercisability of the rights of the limited partners, the sole general partner increases or decreases its ownership of limited partnership interests, or there is an increase or decrease in the number of outstanding limited partnership interests. We similarly evaluate the rights of managing members of limited liability companies. Borrowing Policies We utilize a combination of debt and equity to fund investments. Generally, we intend to issue unsecured, fixed-rate public debt with long-term maturities to approximate the maturities on our triple-net leases and investment strategy. For short-term purposes, we may borrow on our primary unsecured credit facility or issue commercial paper. We typically replace these borrowings with long-term capital such as senior unsecured notes or common stock. When terms are deemed favorable, we may invest in properties subject to existing mortgage indebtedness. In addition, we may obtain secured financing for unleveraged properties in which we have invested or may refinance properties acquired on a leveraged basis. In certain agreements with our lenders, we are subject to restrictions with respect to secured and unsecured indebtedness. Competition We compete with other real estate investment trusts, real estate partnerships, private equity and hedge fund investors, banks, insurance companies, finance/investment companies, government-sponsored agencies, taxable and tax-exempt bond funds, health care operators, developers and other investors in the acquisition, development, leasing and financing of health care and seniors housing properties. We compete for investments based on a number of factors including relationships, certainty of execution, investment structures and underwriting criteria. Our ability to successfully compete is impacted by economic and demographic trends, availability of acceptable investment opportunities, our ability to negotiate beneficial investment terms, availability and cost of capital, construction and renovation costs and applicable laws and regulations. The operators/tenants of our properties compete with properties that provide comparable services in the local markets. Operators/tenants compete for patients and residents based on a number of factors including quality of care, reputation, physical appearance of properties, location, services offered, family preferences (including a preference for home health services instead of residing in one of our communities), physicians, staff and price. We also face competition from other health care facilities for tenants, such as physicians and other health care providers that provide comparable facilities and services. 7 For additional information on the risks associated with our business, please see “Item 1A — Risk Factors” of this Annual Report on Form 10-K. Environmental, Social and Governance Environmental, Social and Governance (“ESG”) Approach We are committed to operating in a responsible, transparent and sustainable manner. Our leadership (through the ESG Steering Committee launched in 2022) and Board of Directors (through the Nominating Corporate/Governance Committee), oversee and advance our ESG initiatives. We recognize that focusing on ESG engagement, integration and impact benefit our stakeholders and are fundamental to our business. Our corporate responsibility and sustainability strategy is focused on adopting leading ESG practices across our business and we were recognized for our leadership in this space over the past year in the following ways: • Recognized at the Management band level with a CDP score of “B” for taking coordinated action on climate issues; • Raised MSCI ESG rating from AA to AAA; • Listed in the FTSE4Good Index since 2012; • Recognized by the U.S. Environmental Protection Agency (EPA) and U.S. Department of Energy as an ENERGY STAR Partner of the Year for the fourth consecutive year and maintained the level of Sustained Excellence, the EPA’s highest recognition within the ENERGY STAR program; • Maintained top 30% (3rd decile) ISS Quality Score ranking for each Governance, Environment and Social; • Named to the Bloomberg Gender-Equality Index for the fourth consecutive year; • Maintained Prime status under the ISS-ESG Corporate rating for the fourth consecutive year; • Improved GRESB score and maintained GRESB Green Star status; • Named by S&P Global in the 2022 edition of The Sustainability Yearbook; • Recognized by Labrador as a 2022 Transparency Award winner in the real estate industry for our clear and concise disclosure of relevant information to stakeholders in our annual proxy statement, Form 10-K, and investor relations website • Named to the top 30 percent of Newsweek’s America’s Most Responsible Companies list for the fourth consecutive year; and • Named to Sustainalytics 2022 Top-Rated ESG Companies list. Environmental We strive to reduce our environmental impact by increasing energy and water efficiency, reducing greenhouse gas emissions, and by investing in projects that reduce energy and water consumption that meet our rate of return threshold. After several years of portfolio and program evolution, along with our increased ability to collect data in partnership with our operators and tenants, our property-level sustainability dataset (energy, greenhouse gas (“GHG”), water, and waste) is evolving to become a set of tools for benchmarking. A portion of our self-managed Outpatient Medical portfolio is benchmarked in EPA ENERGY STAR Portfolio Manager (“ESPM”) and we regularly engage with our operators and tenants on ENERGY STAR, utility bill aggregators, utility companies, and others to add to our number of ESPM benchmarked properties throughout our portfolio. We have employee, tenant, operator/manager and vendor engagement programs in place, focused on operational strategies to drive energy and water efficiency. We have issued guidance with accompanying training to assist them to successfully benchmark our buildings and to engage them to improve energy and water efficiency, as well as increase their recycling diversion rates. In December 2019, we issued our inaugural green bond of $500,000,000 of 2.700% senior unsecured notes due 2027 and in March 2022 we issued an additional green bond of $550,000,000 of 3.85% senior unsecured 8 notes due 2032. The net proceeds from the offerings have been, and continue to be, used to fund energy efficiency, water conservation and green building projects. As of September 30, 2022, we have utilized $572,090,000 of proceeds from these issuances on such projects. We understand that as we continue to make our operations and buildings more sustainable, we also have a responsibility to effectuate the same in our supply chain and our purchasing decisions. As such, we partner with suppliers that offer take back programs for their products, look for the ENERGY STAR label when purchasing eligible items, seek to purchase office supply products that contain recycled content and purchase paper products that are either Forest Stewardship Council or Sustainable Forestry Initiative certified. Social We value and are committed to our employees. We believe that a diverse workplace produces a variety of perspectives, motivates employees and helps us understand and better serve our stakeholders, and the communities in which we do business. As of December 31, 2022, our U.S. employees self-identified as follows: Ethnicity Asian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Black or African American . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hispanic or Latino . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Native Hawaiian or Other Pacific Islander . . . . . . . . . . . . . . . . . . . Two or More Races . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . White . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Male Female 9% 7% 8% 4% 7% 8% 1% —% 1% 2% 80% 73% 100% 100% Gender . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51% 49% We have reinforced our already strong commitment to diversity and inclusion through our Diversity Council and support of our eight employee network groups (“ENGs”). Our ENGs include women, families, racial and ethnic minorities, military, young professionals, and those who identify as LGBTQI+ and their allies. Our ENGs provide support, education, networking opportunities and community belonging for our employees. Our support of diversity and inclusion through our Diversity Council and ENGs, taken together with other employee initiatives, such as tailored messaging, training and discussions on equality and belonging, support our efforts to compete for and foster talent and inclusiveness in an ever-changing workforce. In addition, we have several social initiatives in place that are focused on fostering a more diverse workforce, engaging with our communities and promoting the health and well-being of our employees, tenants and residents. The Welltower Charitable Foundation (the “Foundation”) financially supports charitable initiatives related to aging, health care, the environment, education and the arts. Since its inception, the Foundation has provided more than $42 million in cash and in-kind support. We encourage our employees to give back to the community by matching their contributions and donating their time to eligible charitable organizations. Funds are also allocated to each of our ENGs to make charitable contributions in support of their programming efforts. Additionally, the Foundation facilitates presentations for charities to compete in the Give-WELL campaign. This campaign enables our employees to present and vote for charities that will receive donations from the Foundation. During 2022, we sponsored our third annual Day of Giving so our employees could collaborate to make an impact with local charitable organizations through volunteer opportunities. See Human Capital section below for additional information regarding employee initiatives and programs. 9 Governance Our commitment to diversity starts at the top with a highly knowledgeable, skilled and diverse Board of Directors. As of December 31, 2022, our ten Directors self-identified as follows: Ethnicity Gender Board Composition Asian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Black or African American . . . . . . . . . . . . . 10% Male . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20% Female . . . . . . . . . . . . . . . . . . . . . . . . . . Hispanic or Latino . . . . . . . . . . . . . . . . . . . . White . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20% 50% 100% 60% 40% 100% Nine of our ten Directors are independent and the independent Chair of our Board is held by a Black/ African American male. Four of five, or 80%, of our Board committees are chaired by either a Female (2), Hispanic/Latino (1) or Black/African American (1) Director. Additional information regarding our ESG programs and initiatives is available in our 2021 Environmental, Social and Governance Report (located on our website at www.welltower.com). Information on our website, including our Environmental, Social and Governance Report or sections thereof, is not incorporated by reference into this Annual Report. Human Capital Our employees are our greatest asset. As of December 31, 2022, we had 514 employees (491 located in United States, 14 in the United Kingdom, eight in Canada and one in Luxembourg). We are committed to the success of our people and the unique combination of skills and experiences they bring to achieving our mission. Employee Engagement High employee engagement and satisfaction are critical to attracting and retaining top talent. During 2022, we conducted an employee engagement survey through an independent third party, measuring our progress on important employee issues such as manager relationships, employee empowerment, performance management and resources and support, and identifying opportunities for growth and improvement. The 2022 overall engagement score improved over the 2021 engagement score as a result of managers taking action on the 2021 results. Employee Development Programs and Performance Management Development through the talent pipeline, recognizing and rewarding performance and providing opportunities for continued growth are the cornerstones of our Human Capital strategy. We offer employees resources, trainings and tools designed to develop future leaders, advance careers and attract and retain talent including but not limited to our robust early career programs, formal mentorship and coaching programs, manager development training, skill development courses and education assistance. During 2022, we continued executive management coaching programs to equip leaders with structured 360 feedback, customized development plans and guidance on company-wide succession planning. For some leaders, we partnered with a virtual coaching platform that scales individual access to expert coaches, training opportunities and enables behavioral change through award-winning artificial intelligence. For our senior vice presidents, we partnered with an independent advisory firm to provide one-on-one coaching, including an extensive 360 feedback process to focus on maximizing their executive leadership potential. Compensation and Benefits In addition to salary, our compensation and benefits programs include annual short term incentive bonuses, long-term incentive stock awards, retirement plans, an employee stock purchase plan, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, parental and caregiver leave, senior wellness leave, employee assistance programs, tuition assistance and health and wellness reimbursement programs, among many others. With the assistance of independent third parties, we annually evaluate and benchmark the competitiveness of our compensation and benefits programs focusing on fair pay practices that reward performance and support the needs of our employees. 10 Health, Safety and Wellness The success of our business is fundamentally connected to the safety and well-being of our employees, tenants, operators and managers, and their residents and visitors, as the case may be. We provide our employees and their families with access to numerous innovative, flexible and convenient health and wellness programs that support physical, mental and financial well-being. While COVID-19 continued in 2022, our focus remained on providing a safe office environment for our employees while continuing to allow for remote work, hybrid work and flexible work schedules where feasible. With the support of the varying work arrangements and a geographically dispersed workforce, we continued to develop ways to best support our people. We improved our employee experience by growing our internal communication platform (intranet), enhancing connectivity and collaboration. The mobile application created an easily accessible digital home-base where all company communications, including important office announcements, must-read company articles and external media engagements are located. Additional communication tools, town hall meetings, team events (virtually and in person) and dedicated communication channels for ENGs, demonstrate our commitment to ensuring employee alignment and engagement. Although workplace injuries are minimal, our safety committee implemented a workforce injury root cause analysis program to ensure we focus on future incident prevention and improvement. including podcasts, Credit Concentrations Please see Note 9 to our consolidated financial statements. Geographic Concentrations Please see “Item 2 – Properties” below and Note 18 to our consolidated financial statements. Certain Government Regulations United States Health Law Matters — Generally Typically, operators of seniors housing facilities do not receive significant funding from government programs and are largely subject to state laws, as opposed to federal laws. Operators of long-term/post-acute care facilities and hospitals do receive significant funding from government programs, and these facilities are subject to extensive regulation, including federal and state laws covering the type and quality of medical and/or nursing care provided, ancillary services (e.g., respiratory, occupational, physical and infusion therapies), qualifications of the administrative personnel and nursing staff, the adequacy of the physical plant and equipment, reimbursement and rate setting and operating policies. In addition, as described below, operators of these facilities are subject to extensive laws and regulations pertaining to health care fraud and abuse, including, but not limited to, the federal Anti-Kickback Statute (“AKS”), the federal Stark Law (“Stark Law”), and the federal False Claims Act (“FCA”), as well as comparable state laws. Hospitals, physician group practice clinics, and other health care providers that operate in our portfolio are subject to extensive federal, state, and local licensure, registration, certification, and inspection laws, regulations, and industry standards, as well as other conditions of participation in federal and state government programs such as Medicare and Medicaid. Further, operators of long-term care facilities are required to have in place compliance and ethics programs that meet the requirements of federal laws and regulations. Our tenants’ failure to comply with applicable laws and regulations could result in, among other things: imposition of fines; suspension, decertification, or exclusion from federal and state health care programs; loss of license; or closure of the facility. See risk factors “The requirements of, or changes to, governmental reimbursement programs, such as Medicare or Medicaid, could have a material adverse effect on our obligors’ liquidity, financial condition and results of operations, which could adversely affect our obligors’ ability to meet their obligations to us” and “Our operators’ or tenants’ failure to comply with federal, state, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards could adversely affect such operators’ or tenants’ operations, which could adversely affect our operators’ and tenants’ ability to meet their obligations to us” in “Item 1A – Risk Factors” below. Moreover, in light of certain arrangements that Welltower may pursue with healthcare entities who are directly subject to laws and regulations pertaining to health care fraud and abuse, and, given that certain the REIT Investment Diversification and the provisions of of our arrangements are structured under Empowerment Act of 2007 (“RIDEA”), certain health care fraud and abuse laws and data privacy laws could apply directly to Welltower. See risk factor “We assume operational and legal risks with respect to our properties loss of accreditation; denial of reimbursement; 11 managed in RIDEA structures that could have a material adverse effect on our business results of operations, and financial condition” in “Item 1A - Risk Factors” below. Licensing and Certification The primary regulations that affect seniors housing facilities are state licensing and certification laws. For example, certain health care facilities are subject to a variety of licensure and certificate of need (“CON”) laws and regulations. Where applicable, CON laws generally require, among other requirements, that a facility demonstrate the need for (1) constructing a new facility, (2) adding beds or expanding an existing facility, (3) investing in major capital equipment or adding new services, (4) changing the ownership or control of an existing licensed facility or (5) terminating services that have been previously approved through the CON process. Certain state CON laws and regulations may restrict the ability of operators to add new properties or expand an existing facility’s size or services. In addition, CON laws may constrain the ability of an operator to transfer responsibility for operating a particular facility to a new operator. With respect to licensure, generally our long-term/post-acute care facilities are required to be licensed by the applicable state regulatory authority and certified for participation in Medicare, Medicaid and other federal and state health care programs. The failure of our operators to maintain or renew any required license or regulatory approval as well as the failure of our operators to correct serious deficiencies identified in a compliance survey could require those operators to discontinue operations at a property. In addition, if a property is found to be out of compliance with Medicare, Medicaid or other federal or state health care program conditions of participation, the property operator may be excluded from participating in those government health care programs. Reimbursement The reimbursement methodologies applied to health care facilities continue to evolve. Federal and state authorities have considered and implemented and may continue seeking to implement new or modified reimbursement methodologies, including value-based reimbursement methodologies that may negatively impact health care property operations. Likewise, third-party payors may continue imposing greater controls on operators, including through changes in reimbursement rates and fee structures. The impact of any such changes, if implemented, may result in a material adverse effect on our portfolio. No assurance can be given that current revenue sources or levels will be maintained. Accordingly, there can be no assurance that payments under a government health care program are currently, or will be in the future, sufficient to fully reimburse the property operators for their operating and capital expenses. • • Seniors Housing Facilities The majority of the revenues received by the operators of U.S. seniors housing facilities are from private pay sources. The remaining revenue source is primarily Medicaid provided under state waiver programs for home and community-based care. There can be no guarantee that a state Medicaid program operating pursuant to a waiver will be able to maintain its waiver status. Rates paid by self-pay residents are set by the facilities and are determined by local market conditions and operating costs. Generally, facilities receive a higher payment per day for a private pay resident than for a Medicaid beneficiary who requires a comparable level of care. The level of Medicaid reimbursement varies from state to state. Thus, the revenues generated by operators of our assisted living facilities may be adversely affected by payor mix, acuity level, or changes in Medicaid eligibility and reimbursement levels. Long-Term/Post-Acute Care Facilities The majority of the revenues received by the operators of these facilities are from the Medicare and Medicaid programs, with the balance representing reimbursement payments from private payors and patients. Consequently, changes in federal or state reimbursement policies may adversely affect an operator’s ability to cover its expenses, including our rent or debt service. Long-term/post-acute care facilities are subject to periodic pre- and post-payment reviews and other audits by federal and state authorities. A review or audit of a property operator’s claims could result in recoupments, denials or delay of payments in the future. Due to the significant judgments and estimates inherent in payor settlement accounting, no assurance can be given as to the adequacy of any reserves maintained by our property operators to cover potential adjustments to reimbursements or to cover settlements made to payors. 12 • Medicare Reimbursement Generally, long-term/post-acute care facilities are reimbursed by Medicare under prospective payment systems, which generally provide reimbursement based upon a predetermined fixed amount per episode of care and are updated by CMS, an agency of the Department of Health and Human Services (“HHS”) annually. There is a risk under these payment systems that costs will exceed the fixed payments, or that payments may be set below the costs to provide certain items and services. Further, there is risk that Medicare Skilled Nursing Facility (“SNF”) payment reforms may impact our tenants and operators. In addition, the HHS Office of Inspector General has released recommendations to address SNF billing practices and Medicare payment rates, which may impact our tenants and operators. In September 2022, HHS announced that additional data about the ownership of all Medicare-certified nursing homes will be released to the public. This information will make it easier for stakeholders (such as state licensing officials, state and federal law enforcement and researchers) and the public to identify common owners of nursing homes across different nursing home locations. The information will also allow for greater accessibility to information regarding facilities’ performance and any common ownership links among facilities with poor performance. CMS announced it is increasing scrutiny and oversight over the country’s poorest performing nursing facilities by strengthening requirements for completion of the Special Focus Facility Program and increasing enforcement actions against facilities that fail to demonstrate improvement, including denial of payment and potential loss of Medicare certification. • Medicaid Reimbursement Many states reimburse SNFs using fixed daily rates, which are applied prospectively based on patient acuity and the historical costs incurred in providing patient care. In most states, Medicaid does not fully reimburse the cost of providing services. Certain states are attempting to slow the rate of Medicaid growth by freezing rates or restricting eligibility and benefits. In addition, Medicaid reimbursement rates may decline if state revenues in a particular state are not sufficient to fund budgeted expenditures. • Medicare Reimbursement for Physicians, Hospital Outpatient Departments (“HOPDs”), and Ambulatory Surgical Centers (“ASCs”) Changes in reimbursement to physicians, HOPDs and ASCs may further affect our tenants and operators. Generally, Medicare reimburses physicians under the Physician Fee Schedule, while HOPDs and ASCs are reimbursed under prospective payment systems. The Physician Fee Schedule and the HOPD and ASC prospective payment systems are updated annually by CMS. These annual Medicare payment regulations have resulted in lower net pay increases than providers of those services have often expected. In addition, the Medicare and Children’s Health Insurance Program Reauthorization Act of 2015 (“MACRA”) includes payment reductions for providers who do not meet government quality standards. The implementation of pay-for-quality models like those required under MACRA has the potential to produce funding disparities that could adversely impact some provider tenants in outpatient medical buildings and other health care properties. Changes in Medicare Advantage plan payments may also indirectly affect our operators and tenants that contract with Medicare Advantage plans. • Health Reform Laws The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively, the “Health Reform Laws”) dramatically altered how health care is delivered and reimbursed in the U.S. and any substantial changes may directly impact us or the operators and tenants of our properties. Other health reform measures could be implemented as a result of political, legislative, regulatory and administrative developments and judicial proceedings. On February 28, 2022, President Biden announced reforms to be implemented by CMS to ensure that: (a) every nursing home provides a sufficient number of staff who are adequately trained to provide high-quality care; (b) poorly performing nursing homes are held accountable for improper and unsafe care and immediately improve their services or are cut off from taxpayer dollars; and (c) the public has better information about nursing home conditions so that they can find the best available options. These reforms include minimum staffing requirements, reinforced safeguards against unnecessary medications, more funding for inspection activities, increased scrutiny on poor performers and expanded financial penalties and other sanctions. We cannot predict whether the existing Health Reform Laws, or future health care reform legislation, executive order, or regulatory changes, will have a material impact on our operators’ or tenants’ property or business. 13 Fraud & Abuse Enforcement Long-term/post-acute care facilities (and seniors housing facilities that receive Medicaid payments) are subject to federal, state, and local laws, regulations, and applicable guidance that govern the operations and financial and other arrangements that may be entered into by health care providers. Certain of these laws, such as the AKS and Stark Law, prohibit direct or indirect payments of any kind for the purpose of inducing or encouraging the referral of patients for medical products or services reimbursable by government health care programs. Other government health program laws require providers to furnish only medically necessary services and submit to the government valid and accurate statements for each service. Our operators and tenants that receive payments from federal health care programs, such as Medicare and Medicaid, are subject to substantial financial penalties under the Civil Monetary Penalties Act and the FCA upon a finding of noncompliance with such laws. In addition, states may also have separate false claims acts, which, among other things, generally prohibit health care providers from filing false claims or making false statements to receive payments. Federal and state FCAs contain “whistleblower” provisions that permit private individuals to bring health care fraud enforcement claims on behalf of the government. Still other laws require providers to comply with a variety of safety, health and other requirements relating to the condition of the licensed property and the quality of care provided. Sanctions for violations of these laws, regulations and other applicable guidance may include, but are not limited to, criminal and/or civil penalties and fines, loss of licensure, immediate termination of government payments, exclusion from any government health care program, damage assessments and imprisonment. In certain circumstances, violation of these rules (such as those prohibiting abusive and fraudulent behavior) with respect to one property may subject other facilities under common control or ownership to sanctions, including exclusion from participation in the Medicare and Medicaid programs, as well as other government health care programs, and revocation of healthcare licenses. In the ordinary course of its business, a property operator is regularly subjected to inquiries, investigations and audits by the federal and state agencies that oversee these laws and regulations. Prosecutions, investigations or whistleblower actions could have a material adverse effect on a property operator’s liquidity, financial condition, and operations, which could adversely affect the ability of the operator to meet its financial obligations to us. In addition, government investigations and enforcement actions brought against the health care industry have increased dramatically over the past several years and are expected to continue. The costs for an operator of a health care property associated with both defending such enforcement actions and the undertakings in settling these actions can be substantial and could have a material adverse effect on the ability of an operator to meet its obligations to us. In addition, Welltower could potentially be directly subject to these health care fraud and abuse laws, as well as potential investigation or enforcement, as a result of our RIDEA-structured arrangements, and certain collaboration or other arrangements we may pursue with stakeholders who are directly subject to these laws. Federal and State Data Privacy and Security Laws The Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), as amended by the Health Information Technology for Economic and Clinical Health Act, and numerous other state and federal laws govern the collection, security, dissemination, use, access to and confidentiality of personal information, including individually identifiable health information. Violations of these laws may result in substantial civil and/ or criminal fines and penalties. The costs to a business such as ours or to an operator of a health care property associated with developing and maintaining programs and systems to comply with data privacy and security laws, defending against privacy and security related claims or enforcement actions and paying any assessed fines, can be substantial. Moreover, such costs could have a material adverse effect on the ability of an operator to meet its obligations to us. Finally, data privacy and security laws and regulations continue to develop, including with regard to HIPAA and U.S. state privacy laws. The California Consumer Privacy Act has been amended by the California Privacy Rights Act. These updates and the Virginia Consumer Data Protection Act went into effect January 1, 2023. Similar comprehensive privacy laws from Colorado, Connecticut and Utah will go into effect in 2023. As we use data to better inform our investments and the efficacy of care in our communities, these developments may add potential uncertainty and costs towards compliance obligations, business operations or transactions that depend on data. These new privacy laws may create restrictions or requirements in our, our 14 operators’ and other business partners’ use, sharing and securing of data. New privacy and security laws could require substantial investment in resources to comply with regulatory changes as privacy and security laws proliferate in divergent ways or impose additional obligations, and potentially create new privacy related legal risks. United Kingdom In the U.K., care home services are principally regulated by the Health and Social Care Act 2008 (as amended) and other regulations. This legislation subjects service providers to a number of legally binding “Fundamental Standards” and requires, amongst other things, that all persons carrying out “Regulated Activities” in the U.K., and the managers of such persons, be registered. Providers of care home services are also subject (as data controllers) to laws governing their use of personal data (including in relation to their employees, clients and recipients of their services). These laws currently take the form of the U.K.’s Data Protection Act 2018 and the U.K. General Data Protection Regulation (collectively “U.K. DP Laws”). U.K. DP Laws impose a significant number of obligations on controllers with the potential for fines of up to 4% of annual worldwide turnover or £17.5 million, whichever is greater. Further, to the extent that an entity established in the U.K. or any other jurisdiction offers goods or services to individuals in the European Economic Area, that entity may also be subject to the E.U. General Data Protection Regulation (“E.U. GDPR”). Similarly, the E.U. GDPR imposes obligations on controllers with the potential for fines of up to 4% of annual worldwide turnover or €20 million, whichever is greater. Entities incorporated in or carrying on a business in the U.K., as well as individuals residing in the U.K., are also subject to the U.K. Bribery Act 2010. The U.K. has national minimum wage legislation with a maximum fine for non-payment of £20,000 per worker and employers who fail to pay will be banned from being a company director for up to 15 years. In addition, the Working Time and Holiday Pay Bill 2019-2021 is currently going through the U.K. Parliament, which makes provision for the expiration of the Working Time Regulations 1998, provides for additional regulations governing working time and makes provisions for holiday pay for employees. Canada Senior living residences in Canada are provincially regulated. Within each province, there are different categories for senior living residences that are generally based on the level of care sought and/or required by a resident (e.g. assisted or retirement living, senior living residences, residential care, long-term care). In some of these categories and depending on the province, residences may be government funded, or the individual residents may be eligible for a government subsidy, while other residences are exclusively private-pay. The governing legislation and regulations vary by province, but generally the object of the laws is to set licensing requirements and minimum standards for senior living residences, and regulate operations. These laws empower regulators in each province to take a variety of steps to ensure compliance, conduct inspections, issue reports and generally regulate the industry. Our operations in Canada are subject to privacy legislation, including, in certain provinces, privacy laws specifically related to personal health information. Although the obligations of senior living residences in the various provinces differ, they all include the obligation to protect personal information. Under some of these laws, notification to the regulator in the event of an actual or suspected privacy breach is mandatory. The powers of privacy regulators and penalties for violations of privacy law vary according to the applicable law or are left to the courts. In September 2021, the province of Quebec adopted significant amendments to its privacy legislation, including a new enforcement scheme with significant penalties and fines: up to CAD $10 million or 2% of global turnover (whichever is greater) for administrative monetary penalties and up to CAD $25 million or 4% of global in three stages: (i) a few provisions on turnover for penal fines. The amendments will go into effect September 22, 2022, (ii) most provisions on September 22, 2023 (including the new enforcement scheme), and (iii) one provision on September 23, 2024. Senior living residences may also be subject to laws pertaining to residential food services, zoning, occupational health and safety, public health and the provision of community health care and funded long-term/ post-acute care. tenancy, provincial and/or municipal laws applicable to fire safety, 15 Taxation The following summary of the taxation of the Company and the material U.S. federal income tax consequences to the holders of the equity of the Company and the debt securities of the Company and Welltower OP (defined below) is for general information only and is not tax advice. This summary does not address all aspects of taxation that may be relevant to certain types of holders of stock or securities (including, but not limited to, insurance companies, tax-exempt entities, financial institutions or broker-dealers, persons holding shares of common stock as part of a hedging, integrated conversion, or constructive sale transaction or a straddle, traders in securities that use a mark-to-market method of accounting for their securities, investors in pass-through entities and non-U.S. corporations and persons who are not citizens or residents of the United States). This summary does not discuss all of the aspects of U.S. federal income taxation that may be relevant to you in light of your particular investment or other circumstances. In addition, this summary does not discuss any state or local income taxation or non-U.S. income taxation or other non-U.S. tax consequences. This summary is based on current U.S. federal income tax laws. Subsequent developments in U.S. federal income tax law, including changes in law or differing interpretations, which may be applied retroactively, could have a material effect on the U.S. federal income tax consequences of purchasing, owning and disposing of our securities as set forth in this summary. Before you purchase our securities, you should consult your own tax advisor regarding the particular U.S. federal, state, local, non-U.S. and other tax consequences of acquiring, owning and selling our securities. General Prior to the Reorganization on April 1, 2022, whereby the Company’s predecessor, which had been known as Welltower Inc. until that date (“Old Welltower”), became a wholly owned subsidiary of WELL Merger Holdco Sub Inc. in a transaction intending to qualify as a reorganization under section 368(a)(1)(F) of the Internal Revenue Code of 1986, as amended (the “Code”). In connection with the Reorganization, Old Welltower changed its name to Welltower OP Inc., WELL Merger Holdco Sub Inc. changed its name to Welltower Inc. and Old Welltower became a “qualified REIT subsidiary” of the Company. Effective on May 24, 2022, Welltower OP Inc. converted from a Delaware corporation into a Delaware limited liability company named Welltower OP LLC (under both names, “Welltower OP”). Prior to the Reorganization, Old Welltower elected to be taxed as a REIT and was organized and operated in a manner intended to qualify as a REIT. As a result of the Reorganization, the Company is treated as a continuation of Old Welltower for U.S. federal income tax purposes and references in this summary to “the Company,” “us,” or “we” include references to Old Welltower unless otherwise specified or clearly required by the context. We have been organized and operated in a manner intended to qualify as a REIT and we intend to continue to operate in such a manner as to qualify as a REIT, but there can be no assurance that we will qualify or remain qualified as a REIT. Qualification and taxation as a REIT depend upon our ability to meet a variety of qualification tests imposed under U.S. federal income tax law with respect to our income, assets, distributions and share ownership, as discussed below under “Qualification as a REIT.” In any year in which we qualify as a REIT, in general, we will not be subject to U.S. federal income tax on that portion of our REIT taxable income or capital gain that is distributed to stockholders. We may, however, be subject to tax at normal corporate rates on any taxable income or capital gain not distributed. If we elect to retain and pay income tax on our net capital gain, stockholders would be taxed on their proportionate shares of our undistributed net capital gain and would receive a refundable credit for their shares of any taxes paid by us on such gain. Despite qualifying as a REIT, we may be subject to U.S. federal income and excise tax as follows: • To the extent that we do not distribute all of our net capital gain or distribute at least 90%, but less than 100%, of our “REIT taxable income,” as adjusted, we will be subject to tax on the undistributed amount at regular corporate tax rates; • If we have net income from the sale or other disposition of “foreclosure property” that is held primarily for sale to customers in the ordinary course of business or other non-qualifying income from foreclosure property, such income will be taxed at the highest corporate rate; 16 • Any net income from prohibited transactions (which are, in general, sales or other dispositions of property held primarily for sale to customers in the ordinary course of business, other than dispositions of foreclosure property) will be subject to a 100% tax; • • If we fail to satisfy either the 75% or 95% gross income tests (as discussed below), but nonetheless maintain our qualification as a REIT because certain other requirements are met, we will be subject to a 100% tax on an amount equal to (1) the gross income attributable to the greater of (i) 75% of our gross income over the amount of qualifying gross income for purposes of the 75% gross income test (discussed below) or (ii) 95% of our gross income over the amount of qualifying gross income for purposes of the 95% gross income test (discussed below) multiplied by (2) a fraction intended to reflect our profitability; If we fail to distribute during each year at least the sum of (1) 85% of our REIT ordinary income for the year, (2) 95% of our REIT capital gain net income for such year (other than capital gain that we elect to retain and pay tax on) and (3) any undistributed taxable income from preceding periods, we will be subject to a 4% excise tax on the excess of such required distribution over amounts actually distributed; and • We will be subject to a 100% tax on certain amounts from certain transactions involving our “taxable REIT subsidiaries” that are not conducted on an arm’s length basis. See “Investments in Taxable REIT Subsidiaries.” We have acquired assets from “C” corporations in carryover basis transactions and may do so again in the future. A “C” corporation is generally defined as a corporation that is required to pay full corporate level U.S. federal income tax. If we recognize gain on the disposition of such assets during the five-year period beginning on the date on which the assets were acquired by us, then, to the extent of the assets’ “built-in gain” (e.g., the excess of the fair market value of the asset over the adjusted tax basis of the asset, in each case determined as of the beginning of the five-year period), we will be subject to tax on the gain at the highest regular corporate rate applicable. The results described in this paragraph with respect to the recognition of built-in gain assume that the “C” corporation did not make and was not treated as making an election to treat the built-in gain assets as sold to an unrelated party. For our assets that are subject to the built-in gains tax, the potential amount of built-in gains tax will be an additional factor when considering a possible sale of such assets within the five-year period beginning on the date on which the assets were acquired by us. See Note 19 to our consolidated financial statements for additional information regarding the built-in gains tax. Qualification as a REIT A REIT is defined as a corporation, trust or association: (1) which is managed by one or more trustees or directors; (2) the beneficial ownership of which is evidenced by transferable shares or by transferable certificates of beneficial interest; (3) which would be taxable as a domestic corporation but for the U.S. federal income tax law relating to REITs; (4) which is neither a financial institution nor an insurance company; (5) the beneficial ownership of which is held by 100 or more persons in each taxable year of the REIT except for its first taxable year; (6) not more than 50% in value of the outstanding stock of which is owned during the last half of each taxable year, excluding its first taxable year, directly, indirectly or constructively, by or for five or fewer individuals (which includes certain entities) (the “Five or Fewer Requirement”); and (7) which meets certain income and asset tests described below. Conditions (1) to (4), inclusive, must be met during the entire taxable year and condition (5) must be met during at least 335 days of a taxable year of 12 months or during a proportionate part of a taxable year of less 17 than 12 months. For purposes of condition (6), pension funds and certain other tax-exempt entities are treated as individuals, subject to a “look-through” exception in the case of certain pension funds. Based on publicly available information, we believe we have satisfied the share ownership requirements set forth in (5) and (6) above. In addition, Article VI of our by-laws provides for restrictions regarding ownership and transfer of shares. These restrictions are intended to assist us in continuing to satisfy the share ownership requirements described in (5) and (6) above but may not ensure that we will, in all cases, be able to satisfy such requirements. We have complied with, and will continue to comply with, tax regulatory rules to send annual letters to certain of our stockholders requesting information regarding the actual ownership of our stock. If, despite sending the annual letters, we do not know, or after exercising reasonable diligence would not have known, whether we failed to meet the Five or Fewer Requirement, we will be treated as having met the Five or Fewer Requirement. If we fail to comply with these tax regulatory rules, we will be subject to a monetary penalty. If our failure to comply were due to intentional disregard of the requirement, the penalty would be increased. However, if our failure to comply were due to reasonable cause and not willful neglect, no penalty would be imposed. For purposes of the REIT income and asset tests our assets and income will include any asset owned and any income earned directly or indirectly through a disregarded entity, including a “qualified REIT subsidiary,” and a proportionate share of the assets of, and any income earned through, any entity we own that is treated as a partnership for U.S. federal income tax purposes, including Welltower OP. A corporation will qualify as a “qualified REIT subsidiary” if 100% of its stock is owned by a REIT, and the REIT does not elect to treat the subsidiary as a taxable REIT subsidiary. We will own substantially all of our assets and earn substantially all of our income through Welltower OP and its direct or indirect subsidiaries. Prior to the LLC Conversion, Welltower OP was treated as a “qualified REIT subsidiary,” provided that we continue to qualify as a REIT. After the LLC Conversion, Welltower OP became a disregarded entity for U.S. federal income tax purposes until the admission of additional regarded members, at which time Welltower OP became a regarded entity treated as a partnership for U.S. federal income tax purposes. Although we intend for any partnership in which we have acquired or will acquire an interest, directly or indirectly (a “Subsidiary Partnership”), to operate in a manner consistent with the requirements for our qualification as a REIT, we will be an indirect limited partner or non-managing member in some of the Subsidiary Partnerships. Though we nonetheless expect that all such Subsidiary Partnerships will be required to operate in a manner consistent with the requirements for our qualification as a REIT, if a Subsidiary Partnership in which we own an interest but do not have control takes or expects to take actions that could jeopardize our status as a REIT or require us to pay tax, we may be forced to dispose of our interest in such entity. In addition, it is possible that a Subsidiary Partnership could take an action which could cause us to fail a gross income or asset test and that we would not become aware of such action in time for us to dispose of our interest in the Subsidiary Partnership or take other corrective action on a timely basis. In that case, we could fail to qualify as a REIT unless we were able to qualify for a statutory REIT “savings” provision, which could require us to pay a significant penalty tax to maintain our REIT qualification. Income Tests There are two separate percentage tests relating to our sources of gross income that we must satisfy each taxable year: • At least 75% of our gross income (excluding gross income from certain sales of property held primarily for sale) generally must be directly or indirectly derived each taxable year from “rents from real property,” dividends or other distributions on, and gain (other than gain from prohibited transactions) from the sale or other disposition of, REIT shares, mortgages on real property, other income from investments relating to real property or certain income from qualified temporary investments (the “75% gross income test”). • At least 95% of our gross income (excluding gross income from certain sales of property held primarily for sale) generally must be directly or indirectly derived each taxable year from any of the sources qualifying for the 75% gross income test and from dividends (including dividends from taxable REIT subsidiaries) and interest (the “95% gross income test”). 18 Income from hedging and non-U.S. currency transactions is excluded from the 95% and 75% gross income tests if certain requirements are met but otherwise will constitute gross income which does not qualify under the 95% or 75% gross income tests. Rents received by us will qualify as “rents from real property” for purposes of satisfying the gross income tests for a REIT only if several conditions are met: • The amount of rent must not be based in whole or in part on the income or profits of any person, although rents generally will not be excluded merely because they are based on a fixed percentage or percentages of receipts or sales. • Rents received from a tenant will not qualify as rents from real property if the REIT, or an owner of 10% or more of the REIT, directly or constructively owns 10% or more of the tenant, unless the tenant is our taxable REIT subsidiary and certain other requirements are met with respect to the real property being rented. • • If rent attributable to personal property leased in connection with a lease of real property is greater than 15% of the total rent received under the lease, then the portion of rent attributable to such personal property will not qualify as “rents from real property.” For rents to qualify as rents from real property, we generally must not furnish or render services to tenants, other than through a taxable REIT subsidiary or an “independent contractor” from whom we derive no income, except that we may directly provide services that are usually or customarily rendered in the geographic area in which the property is located in connection with the rental of real property for occupancy only or are not otherwise considered rendered to the occupant for the occupant’s convenience. • We may lease “qualified health care properties” on an arm’s-length basis to a taxable REIT subsidiary if the property is operated on behalf of such subsidiary by a person that qualifies as an “independent contractor” and that is, or is related to a person that is, actively engaged in the trade or business of operating health care facilities for any person unrelated to us or our taxable REIT subsidiary (such person, an “eligible independent contractor”). If this is the case, the rent that the REIT receives from the taxable REIT subsidiary generally will be treated as “rents from real property.” A “qualified health care property” includes any real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility that extends medical or nursing or ancillary services to patients and is operated by a provider of such services that is eligible for participation in the Medicare program with respect to such facility. A REIT is permitted to render a de minimis amount of impermissible services to tenants of a property and still treat amounts received with respect to that property as rent from real property. The amount received or accrued by the REIT during the taxable year for the impermissible services with respect to a property may not exceed 1% of all amounts received or accrued by the REIT directly or indirectly from the property. The amount received for any service or management operation for this purpose shall be deemed to be not less than 150% of the direct cost of the REIT in furnishing or rendering the service or providing the management or operation. Furthermore, impermissible services may be furnished to tenants by a taxable REIT subsidiary subject to certain conditions, which would permit us to still treat rents received with respect to the property as rent from real property. The term “interest” generally does not include any amount if the determination of the amount depends in whole or in part on the income or profits of any person, although an amount generally will not be excluded from the term “interest” solely by reason of being based on a fixed percentage of receipts or sales or by reason of being based on the income or profits of a debtor which derives substantially all of its income with respect to the property securing such debt from the leasing of substantially all of such property to tenants, to the extent that the rents paid by the tenants would qualify as rents from real property if the Company earned such amounts directly. If we fail to satisfy one or both of the 75% or 95% gross income tests for any taxable year, we may nevertheless qualify as a REIT for such year if we are eligible for certain relief provisions provided by the 19 Internal Revenue Code. These relief provisions generally will be available if (1) following our identification of the failure, we file a schedule for such taxable year describing each item of our gross income, and (2) the failure to meet such tests was due to reasonable cause and not due to willful neglect. It is not now possible to determine the circumstances under which we may be entitled to the benefit of these relief provisions. If these relief provisions apply, a 100% tax is imposed on an amount equal to (1) the gross income attributable to (i) 75% of our gross income over the amount of qualifying gross income for purposes of the 75% gross income test and (ii) 95% of our gross income over the amount of qualifying gross income for purposes of the 95% gross income test, multiplied by (2) a fraction intended to reflect our profitability. The Secretary of the Treasury is given broad authority to determine whether particular items of income or gain qualify under the 75% and 95% gross income tests and to exclude items from the measure of gross income for such purposes. Asset Tests Within 30 days after the close of each quarter of our taxable year, we must also satisfy several tests relating to the nature and diversification of our assets determined in accordance with generally accepted accounting principles. At least 75% of the value of our total assets must be represented by real estate assets (including interests in real property, interests in mortgages on real property or on interests in real property, shares in other REITs and debt instruments issued by publicly offered REITs), cash, cash items (including receivables arising in the ordinary course of our operation), government securities and qualified temporary investments (the “75% asset test”). Although the remaining 25% of our assets generally may be invested without restriction, we are prohibited from owning securities representing more than 10% of either the vote (the “10% vote test”) or value (the “10% value test”) of the outstanding securities of any issuer other than another REIT or a taxable REIT subsidiary. Further, no more than 20% of our total assets may be represented by securities of one or more taxable REIT subsidiaries (the “20% asset test”) and no more than 5% of the value of our total assets may be represented by securities of any nongovernmental issuer other than a qualified REIT subsidiary (the “5% asset test”), another REIT or a taxable REIT subsidiary. Each of the 10% vote test, the 10% value test and the 20% and 5% asset tests must be satisfied at the end of each quarter. There are special rules which provide relief if the value-related tests are not satisfied due to changes in the value of the assets of a REIT. Certain items are excluded from the 10% value test, including: (1) straight debt securities meeting certain requirements; (2) any loan to an individual or an estate; (3) any rental agreement described in Section 467 of the Internal Revenue Code, other than with a “related person”; (4) any obligation to pay rents from real property; the District of Columbia, a non-U.S. (5) certain securities issued by a state or any subdivision thereof, government, or any political subdivision thereof, or the Commonwealth of Puerto Rico; (6) any security issued by a REIT; and (7) any other arrangement that, as determined by the Secretary of the Treasury, is excepted from the definition of security (“10% Value Excluded Securities”). If a REIT, or its taxable REIT subsidiary, holds (1) straight debt securities of a corporate or partnership issuer and (2) securities of such issuer that are not 10% Value Excluded Securities and have an aggregate value greater than 1% of such issuer’s outstanding securities, the straight debt securities will be included in the 10% value test. A REIT’s interest as a partner in a partnership is not treated as a security for purposes of applying the 10% value test to securities issued by the partnership. Further, any debt instrument issued by a partnership that is not a 10% Value Excluded Security will not be a security for purposes of applying the 10% value test (1) to the extent of the REIT’s interest as a partner in the partnership or (2) if at least 75% of the partnership’s gross income (excluding gross income from prohibited transactions) would qualify for the 75% gross income test. For purposes of the 10% value test, a REIT’s interest in a partnership’s assets is determined by the REIT’s proportionate interest in any securities issued by the partnership (other than the excluded securities described in the preceding paragraph). If a REIT or its “qualified business unit” uses a non-U.S. currency as its functional currency, the term “cash” includes such non-U.S. currency, but only to the extent such non-U.S. currency is (i) held for use in the normal course of the activities of the REIT or “qualified business unit” which give rise to items of income or gain that are included in the 95% and 75% gross income tests or are directly related to acquiring or holding assets qualifying under the 75% asset test, and (ii) not held in connection with dealing or engaging in substantial and regular trading in securities. With respect to corrections of failures as to violations of the 10% vote test, the 10% value test or the 5% asset test, a REIT may avoid disqualification as a REIT by disposing of sufficient assets to cure a violation due to 20 the ownership of assets that do not exceed the lesser of 1% of the REIT’s assets at the end of the relevant quarter or $10,000,000, provided that the disposition occurs within six months following the last day of the quarter in which the REIT first identified the violation. For violations of any of the REIT asset tests due to reasonable cause and not willful neglect that exceed the thresholds described in the preceding sentence, a REIT can avoid disqualification as a REIT after the close of a taxable quarter by taking certain steps, including disposition of sufficient assets within the six month period described above to meet the applicable asset test, paying a tax equal to the greater of $50,000 or the highest corporate tax rate multiplied by the net income generated by the non-qualifying assets during the period of time that the assets were held as non-qualifying assets and filing a schedule with the Internal Revenue Service that describes the non-qualifying assets. Investments in Taxable REIT Subsidiaries REITs may own more than 10% of the voting power and value of securities in taxable REIT subsidiaries. Unlike a qualified REIT subsidiary, other disregarded entity or partnership, the income and assets of a taxable REIT subsidiary are not attributable to the REIT for purposes of satisfying the income and asset ownership requirements applicable to REIT qualification. We and any taxable corporate entity in which we own an interest, directly or indirectly, are allowed to jointly elect to treat such entity as a “taxable REIT subsidiary.” Certain of our subsidiaries have elected or will elect taxable REIT subsidiary status. Taxable REIT subsidiaries are subject to full corporate level U.S. federal taxation on their earnings but are permitted to engage in certain types of activities that cannot be performed directly by REITs without jeopardizing the REIT status of their parent REIT. The taxes to which our taxable REIT subsidiaries are subject will reduce the cash available for such taxable REIT subsidiaries to distribute as dividends to us. The Internal Revenue Service may redetermine amounts from transactions between a REIT and its taxable REIT subsidiary where there is a lack of arm’s-length dealing between the parties. Any taxable income allocated to, or deductible expenses allocated away, from a taxable REIT subsidiary would increase its tax liability. Further, certain amounts from certain transactions involving a REIT and its taxable REIT subsidiaries could be subject to a 100% tax if not conducted on an arm’s length basis. A taxable REIT subsidiary does not include any corporation that directly or indirectly operates or manages a lodging facility or a health care facility unless such facility is operated on behalf of such subsidiary by a person that is an independent contractor and certain other requirements are met. The failure of a subsidiary of ours to qualify as a taxable REIT subsidiary as a result of operating a lodging facility or a health care facility could have an adverse effect on the Company’s ability to comply with the REIT income and asset tests, and thus could impair the Company’s ability to qualify as a REIT unless the Company could avail itself of certain relief provisions under the Code. For tax years beginning after December 31, 2022, the Inflation Reduction Act of 2022 (“IRA”) imposes among other things, a 15% Corporate Alternative Minimum Tax (“Corporate AMT”) on certain U.S. corporations with average adjusted financial statement income in excess of $1 billion. Although, by its terms, the Corporate AMT is not applicable to REITs, it is not certain whether or how the Corporate AMT would apply to our TRSs. In December 2022, Treasury issued Notice 2023-7, indicating its intention to propose regulations and provide other guidance regarding the Corporate AMT and issuing certain interim rules on which taxpayers may rely. Until further regulations and guidance from the IRS and Treasury are released, the impact of the Corporate AMT on our TRSs is uncertain and it is possible that our taxable REIT subsidiaries will be subject to material U.S. federal income taxes under the Corporate AMT. Investments in REIT Subsidiaries The Company, through Welltower OP, owns and may acquire direct or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code (each, a “Subsidiary REIT”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to the Company. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to U.S. federal income tax and (ii) the Subsidiary REIT’s failure to qualify could have an adverse effect on the Company’s ability to comply with the REIT income and asset tests, and thus could impair the Company’s ability to qualify as a REIT unless the Company could avail itself of certain relief provisions under the Code. 21 Annual Distribution Requirements In order to avoid being taxed as a regular corporation, we are required to make distributions (other than capital gain distributions) to our stockholders which qualify for the dividends paid deduction in an amount at least equal to (1) the sum of (i) 90% of our “REIT taxable income” (computed without regard to the dividends paid deduction and our net capital gain) and (ii) 90% of the after-tax net income, if any, from foreclosure property, minus (2) a portion of certain items of non-cash income. These distributions must be paid in the taxable year to which they relate, or in the following taxable year if declared before we timely file our tax return for that year and if paid on or before the first regular distribution payment after such declaration. Prior to 2014, with respect to all REITs the amount distributed could not be preferential. This means that every stockholder of the class of stock to which a distribution is made must be treated the same as every other stockholder of that class, and no class of stock may be treated otherwise than in accordance with its dividend rights as a class (the “preferential dividend rule”). The preferential dividend rule no longer applies to publicly offered REITs, however, the rule is still applicable to REITs which are not publicly offered, which would include several of our Subsidiary REITs. To the extent that we do not distribute all of our net capital gain or distribute at least 90%, but less than 100%, of our “REIT taxable income,” as adjusted, we will be subject to tax on the undistributed amount at regular corporate tax rates. As discussed above, we may be subject to an excise tax if we fail to meet certain other distribution requirements. Although we intend to make timely distributions sufficient to satisfy these annual distribution requirements for subsequent years, economic, market, legal, tax or other factors could limit our ability to meet those requirements. It is also possible that, from time to time, we may not have sufficient cash or other liquid assets to meet the 90% distribution requirement, or to distribute such greater amount as may be necessary to avoid income and excise taxation, due to, among other things, (1) timing differences between (i) cash receipts and cash expenditures and (ii) the inclusion of income and deduction of expenses in arriving at our taxable income, or (2) the payment of expenditures that may not be deductible to us. In the event that timing differences occur, we may find it necessary to arrange for borrowings or, if possible, pay dividends in the form of taxable stock dividends in order to meet the distribution requirement. Under certain circumstances, including in the event of a deficiency determined by the Internal Revenue Service, we may be able to rectify a resulting failure to meet the distribution requirement for a year by paying “deficiency dividends” to stockholders in a later year, which may be included in our deduction for distributions paid for the earlier year. Thus, we may be able to avoid being disqualified as a REIT and/or taxed on amounts distributed as deficiency dividends; however, we will be required to pay applicable penalties and interest based upon the amount of any deduction taken for deficiency dividend distributions. Failure to Qualify as a REIT If we fail to qualify for taxation as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate rates. Distributions to stockholders in any year in which we fail to qualify as a REIT will not be deductible by us. As a result, we anticipate that our failure to qualify as a REIT would reduce the cash available for distribution by us to our stockholders. In addition, if we fail to qualify as a REIT, we will not be required to distribute any amounts to our stockholders, and all distributions to stockholders will be taxable as regular corporate dividends to the extent of our current and accumulated earnings and profits. In such event, corporate stockholders may be eligible for the dividends- received deduction. In addition, non-corporate stockholders, including individuals, may be eligible for the preferential tax rates on qualified dividend income. Non-corporate stockholders, including individuals, generally may deduct up to 20% of dividends from a REIT, other than capital gain dividends and dividends treated as qualified dividend income, for taxable years beginning before January 1, 2026 for purposes of determining their U.S. federal income tax, subject to certain holding period requirements and other limitations. If we fail to qualify as a REIT, such stockholders may not claim this deduction with respect to dividends paid by us. Unless entitled to relief under specific statutory provisions, we also will be disqualified from taxation as a REIT for the four taxable years following the year during which qualification was lost. It is not possible to state whether in all circumstances we would be entitled to statutory relief. Failure to qualify for even one year could result in our need to incur indebtedness or liquidate investments in order to pay potentially significant resulting tax liabilities. In addition to the relief described above under “Income Tests” and “Asset Tests,” statutory relief is available in the event that we violate a provision of the Internal Revenue Code that would result in our failure to qualify as a REIT if: (1) the violation is due to reasonable cause and not due to willful neglect; (2) we pay a 22 penalty of $50,000 for each failure to satisfy the provision; and (3) the violation does not include a violation described under “Income Tests” or “Asset Tests” above. It is not now possible to determine the circumstances under which we may be entitled to the benefit of these relief provisions. Material U.S. Federal Income Tax Consequences to Holders of Our Stock and the Debt Securities of the Company and Welltower OP The following discussion is a summary of the material U.S. federal income tax consequences to you of acquiring, owning and disposing of stock of the Company or debt securities of the Company or Welltower OP. This discussion is limited to holders who hold stock of the Company or debt securities of the Company or Welltower OP as “capital assets” within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a holder’s particular circumstances, including the alternative minimum tax. In addition, except where specifically noted, it does not address consequences relevant to holders subject to special rules, including, without limitation: • U.S. expatriates and former citizens or long-term residents of the United States; • U.S. holders (as defined below) whose functional currency is not the U.S. dollar; • • persons holding stock or debt securities as part of a hedge, straddle or other risk reduction strategy or as part of a conversion transaction or other integrated investment; banks, insurance companies, and other financial institutions; • REITs or regulated investment companies; • • • • • • • brokers, dealers or traders in securities; “controlled foreign corporations,” “passive foreign investment companies,” and corporations that accumulate earnings to avoid U.S. federal income tax; S corporations, partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein); tax-exempt organizations or governmental organizations; persons subject to special tax accounting rules as a result of any item of gross income with respect to stock or debt securities being taken into account in an applicable financial statement; persons deemed to sell stock or debt securities under the constructive sale provisions of the Code; and persons who hold or receive our stock pursuant to the exercise of any employee stock option or otherwise as compensation. THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED AS TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR STOCK OR DEBT SECURITIES ARISING UNDER OTHER U.S. FEDERAL TAX LAWS (INCLUDING ESTATE AND GIFT TAX LAWS), UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE TAX TREATY. For purposes of this discussion, a “U.S. holder” is a beneficial owner of stock of the Company or debt securities of the Company or Welltower OP that, for U.S. federal income tax purposes, is or is treated as: • • • an individual who is a citizen or resident of the United States; an entity classified as a corporation created or organized under the laws of the United States, any state thereof or the District of Columbia; an estate the income of which is subject to U.S. federal income tax regardless of its source; or 23 • a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more “United States persons” (within the meaning of Section 7701(a)(30) of the Code) or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes. For purposes of this discussion, a “non-U.S. holder” is any beneficial owner of our stock or debt securities that is neither a U.S. holder nor an entity treated as a partnership for U.S. federal income tax purposes. If an entity treated as a partnership for U.S. federal income tax purposes holds our stock or debt securities, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships holding stock of the Company or debt securities of the Company or Welltower OP and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them. Taxation of Taxable U.S. Holders of Our Stock Distributions Generally Distributions out of our current or accumulated earnings and profits will be treated as dividends and, other than with respect to capital gain dividends and certain amounts which have previously been subject to corporate level tax, as discussed below, will be taxable to our taxable U.S. holders as ordinary income when actually or constructively received. See “Tax Rates” below. As long as we qualify as a REIT, these distributions will not be eligible for the dividends-received deduction in the case of U.S. holders that are corporations or, except to the extent described in “Tax Rates” below, the preferential rates on qualified dividend income applicable to non-corporate U.S. holders, including individuals. For purposes of determining whether distributions to holders of our stock are out of our current or accumulated earnings and profits, our earnings and profits will be allocated first to our outstanding preferred stock, if any, and then to our outstanding common stock. To the extent that we make distributions on our stock in excess of our current and accumulated earnings and profits allocable to such stock, these distributions will be treated first as a tax-free return of capital to a U.S. holder to the extent of the U.S. holder’s adjusted tax basis in such shares of stock. This treatment will reduce the U.S. holder’s adjusted tax basis in such shares of stock by such amount, but not below zero. Distributions in excess of our current and accumulated earnings and profits and in excess of a U.S. holder’s adjusted tax basis in its shares will be taxable as capital gain. Such gain will be taxable as long-term capital gain if the shares have been held for more than one year. Dividends we declare in October, November, or December of any year and which are payable to a holder of record on a specified date in any of these months will be treated as both paid by us and received by the holder on December 31 of that year, provided we actually pay the dividend on or before January 31 of the following year. U.S. holders may not include in their own income tax returns any of our net operating losses or capital losses. U.S. holders that receive taxable stock distributions, including distributions partially payable in our common stock and partially payable in cash, would be required to include the full amount of the distribution (i.e., the cash and the stock portion) as a dividend (subject to limited exceptions) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes, as described above. The amount of any distribution payable in our common stock generally is equal to the amount of cash that could have been received instead of the common stock. Depending on the circumstances of a U.S. holder, the tax on the distribution may exceed the amount of the distribution received in cash, in which case such U.S. holder would have to pay the tax using cash from other sources. If a U.S. holder sells the common stock it received in connection with a taxable stock distribution in order to pay this tax and the proceeds of such sale are less than the amount required to be included in income with respect to the stock portion of the distribution, such U.S. holder could have a capital loss with respect to the stock sale that could not be used to offset such income. A U.S. holder that receives common stock pursuant to such distribution generally has a tax basis in such common stock equal to the amount of cash that could have been received instead of such common stock as described above, and has a holding period in such common stock that begins on the day immediately following the payment date for the distribution. Capital Gain Dividends Dividends that we properly designate as capital gain dividends will be taxable to our taxable U.S. holders as a gain from the sale or disposition of a capital asset held for more than one year, to the extent that such gain does not exceed our actual net capital gain for the taxable year. U.S. holders that are corporations may, however, be required to treat up to 20% of certain capital gain dividends as ordinary income. 24 Retention of Net Capital Gains We may elect to retain, rather than distribute as a capital gain dividend, all or a portion of our net capital gains. If we make this election, we would pay tax on our retained net capital gains. In addition, to the extent we so elect, our earnings and profits (determined for U.S. federal income tax purposes) would be adjusted accordingly, and a U.S. holder generally would: • • • • include its pro rata share of our undistributed capital gain in computing its long-term capital gains in its U.S. federal income tax return for its taxable year in which the last day of our taxable year falls, subject to certain limitations as to the amount that is includable; be deemed to have paid its share of the capital gains tax imposed on us on the designated amounts included in the U.S. holder’s income as long-term capital gain; receive a credit or refund for the amount of tax deemed paid by it; and increase the adjusted tax basis of its stock by the difference between the amount of includable gains and the tax deemed to have been paid by it. In addition, a U.S. holder that is a corporation is required to appropriately adjust its earnings and profits for the retained capital gains in accordance with Treasury Regulations. These Treasury Regulations have not yet been promulgated so the appropriate method for making such adjustment is unclear. Passive Activity Losses and Investment Interest Limitations Distributions we make and gain arising from the sale or exchange of our stock by a U.S. holder will not be treated as passive activity income. As a result, U.S. holders generally will not be able to apply any “passive losses” against this income or gain. A U.S. holder generally may elect to treat capital gain dividends, capital gains from the disposition of our stock and income designated as qualified dividend income, as described in “Tax Rates” below, as investment income for purposes of computing the investment interest limitation, but in such case, the holder will be taxed at ordinary income rates on such amount. Other distributions made by us, to the extent they do not constitute a return of capital, generally will be treated as investment income for purposes of computing the investment interest limitation. Dispositions of Our Stock Except as described below under “Redemption or Repurchase by Us,” if a U.S. holder sells or disposes of shares of our stock, it will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the amount of cash and the fair market value of any property received on the sale or other disposition of the shares and the holder’s adjusted tax basis in the shares. This gain or loss, except as provided below, will be long-term capital gain or loss if the holder has held such stock for more than one year. However, if a U.S. holder recognizes a loss upon the sale or other disposition of stock that it has held for six months or less, after applying certain holding period rules, the loss recognized will be treated as a long-term capital loss to the extent the U.S. holder received distributions from us which were required to be treated as long-term capital gains. The deductibility of capital losses is subject to limitations. Redemption or Repurchase by Us A redemption or repurchase of shares of our stock will be treated under Section 302 of the Code as a distribution (and taxable as a dividend to the extent of our current and accumulated earnings and profits as described above under “Distributions Generally”) unless the redemption or repurchase satisfies one of the tests set forth in Section 302(b) of the Code and is therefore treated as a sale or exchange of the redeemed or repurchased shares. The redemption or repurchase generally will be treated as a sale or exchange if it: • • • is “substantially disproportionate” with respect to the U.S. holder, results in a “complete redemption” of the U.S. holder’s stock interest in us, or is “not essentially equivalent to a dividend” with respect to the U.S. holder, all within the meaning of Section 302(b) of the Code. In determining whether any of these tests has been met, shares of our stock, including common stock and other equity interests in us, considered to be owned by the U.S. holder by reason of certain constructive ownership rules set forth in the Code, as well as shares of our stock actually owned by the U.S. holder, generally must be taken into account. Because the determination as to whether any of the alternative tests of Section 302(b) 25 of the Code will be satisfied with respect to the U.S. holder depends upon the facts and circumstances at the time that the determination must be made, U.S. holders are advised to consult their tax advisors to determine such tax treatment. If a redemption or repurchase of shares of our stock is treated as a distribution, the amount of the distribution will be measured by the amount of cash and the fair market value of any property received. See “Distributions Generally.” A U.S. holder’s adjusted tax basis in the redeemed or repurchased shares generally will be transferred to the holder’s remaining shares of our stock, if any. If a U.S. holder owns no other shares of our stock, under certain circumstances, such basis may be transferred to a related person or it may be lost income tax entirely. Prospective investors should consult consequences of a redemption or repurchase of our stock. their tax advisors regarding the U.S. federal If a redemption or repurchase of shares of our stock is not treated as a distribution, it will be treated as a taxable sale or exchange in the manner described under “Dispositions of Our Stock.” Tax Rates Currently, the maximum tax rate for non-corporate taxpayers for (1) long-term capital gains, including certain “capital gain dividends,” generally is 20% (although depending on the characteristics of the assets which produced these gains and on designations which we may make, certain capital gain dividends may be taxed at a 25% rate) and (2) “qualified dividend income” generally is 20%. In general, dividends payable by REITs are not eligible for the reduced tax rate applicable to qualified dividend income, except to the extent that certain holding period requirements have been met and the REIT’s dividends are attributable to dividends received from taxable corporations (such as its taxable REIT subsidiaries) or to income that was subject to tax at the corporate/REIT level (for example, if the REIT distributed taxable income that it retained and paid tax on in the prior taxable year). Capital gain dividends will only be eligible for the rates described above to the extent that they are properly designated by us as “capital gain dividends.” As mentioned above, U.S. holders that are corporations may be required to treat up to 20% of some capital gain dividends as ordinary income. In addition, non-corporate U.S. holders, including individuals, generally may deduct up to 20% of dividends from a REIT, other than capital gain dividends and dividends treated as qualified dividend income, for taxable years beginning before January 1, 2026 for purposes of determining their U.S. federal income tax (but not for purposes of the 3.8% Medicare tax), subject to certain holding period requirements and other limitations. Taxation of Tax-Exempt U.S. Holders of Our Stock Dividend income from us and gain arising upon a sale of shares of our stock generally should not be unrelated business taxable income (“UBTI”) to a tax-exempt U.S. holder, except as described below. This income or gain will be UBTI, however, to the extent a tax-exempt U.S. holder holds its shares as “debt-financed property” within the meaning of the Code. Generally, “debt-financed property” is property the acquisition or holding of which was financed through a borrowing by the tax-exempt holder. For tax-exempt U.S. holders that are social clubs, voluntary employee benefit associations or supplemental unemployment benefit trusts exempt from U.S. federal income taxation under Sections 501(c)(7), (c)(9) or (c)(17) of the Code, respectively, income from an investment in our shares will constitute UBTI unless the organization is able to properly claim a deduction for amounts set aside or placed in reserve for specific purposes so as to offset the income generated by its investment in our shares. These prospective investors should consult their tax advisors concerning these “set aside” and reserve requirements. Notwithstanding the above, however, a portion of the dividends paid by a “pension-held REIT” may be treated as UBTI as to certain trusts that hold more than 10%, by value, of the interests in the REIT. A REIT will not be a “pension-held REIT” if it is able to satisfy the “not closely held” requirement without relying on the “look-through” exception with respect to certain trusts or if such REIT is not “predominantly held” by “qualified trusts.” As a result of restrictions on ownership and transfer of our stock contained in our charter, we do not expect to be classified as a “pension-held REIT,” and as a result, the tax treatment described above should be inapplicable to our holders. However, because our common stock is (and, we anticipate, will continue to be) publicly traded, we cannot guarantee that this will always be the case. 26 Taxation of Non-U.S. Holders of Our Stock The following discussion addresses the rules governing U.S. federal income taxation of the acquisition, ownership and disposition of our stock by non-U.S. holders. These rules are complex, and no attempt is made herein to provide more than a brief summary of such rules. Accordingly, the discussion does not address all income taxation and does not address other federal, state, local or non-U.S. tax aspects of U.S. federal consequences that may be relevant to a non-U.S. holder in light of its particular circumstances. We urge non-U.S. holders to consult their tax advisors to determine the impact of U.S. federal, state, local and non-U.S. income and other tax laws and any applicable tax treaty on the acquisition, ownership and disposition of shares of our stock, including any reporting requirements. Distributions Generally Distributions (including any taxable stock distributions) that are neither attributable to gains from sales or exchanges by us of United States real property interests (“USRPIs”) nor designated by us as capital gain dividends (except as described below) will be treated as dividends of ordinary income to the extent that they are made out of our current or accumulated earnings and profits. Such distributions ordinarily will be subject to withholding of U.S. federal income tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty, unless the distributions are treated as effectively connected with the conduct by the non-U.S. holder of a trade or business within the United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such dividends are attributable). Under certain treaties, however, lower withholding rates generally applicable to dividends do not apply to dividends from a REIT. Certain certification and disclosure requirements must be satisfied for a non-U.S. holder to be exempt from withholding under the effectively connected income exemption. Dividends that are treated as effectively connected with a U.S. trade or business generally will not be subject to withholding but will be subject to U.S. federal income tax on a net basis in the same manner as dividends paid to U.S. holders are subject to U.S. federal income tax. Any such dividends received by a non-U.S. holder that is a corporation may also be subject to an additional branch profits tax at a 30% rate (applicable after deducting U.S. federal income taxes paid on such effectively connected income) or such lower rate as may be specified by an applicable income tax treaty. Except as otherwise provided below, we expect to withhold U.S. federal income tax at the rate of 30% on any distributions made to a non-U.S. holder unless: (1) a lower treaty rate applies and the non-U.S. holder furnishes an Internal Revenue Service Form W-8BEN or W-8BEN-E (or other applicable documentation) evidencing eligibility for that reduced treaty rate; or (2) the non-U.S. holder furnishes an Internal Revenue Service Form W-8ECI (or other applicable documentation) claiming that the distribution is income effectively connected with the non-U.S. holder’s trade or business. Distributions in excess of our current and accumulated earnings and profits will not be taxable to a non-U.S. holder to the extent that such distributions do not exceed the adjusted tax basis of the holder’s stock, but rather will reduce the adjusted tax basis of such stock. To the extent that such distributions exceed the non-U.S. holder’s adjusted tax basis in such stock, they generally will give rise to gain from the sale or exchange of such stock, the tax treatment of which is described below. However, such excess distributions may be treated as dividend income for certain non-U.S. holders. For withholding purposes, we expect to treat all distributions as made out of our current or accumulated earnings and profits. However, amounts withheld may be refundable if it is subsequently determined that the distribution was, in fact, in excess of our current and accumulated earnings and profits, provided that certain conditions are met. Capital Gain Dividends and Distributions Attributable to a Sale or Exchange of United States Real Property Interests Distributions to a non-U.S. holder that we properly designate as capital gain dividends, other than those arising from the disposition of a USRPI, generally should not be subject to U.S. federal income taxation, unless: (1) the investment in our stock is treated as effectively connected with the conduct by the non-U.S. holder of a trade or business within the United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such dividends are attributable), in which case the non-U.S. holder will be subject to the same treatment as U.S. holders with respect to such gain, 27 except that a non-U.S. holder that is a corporation may also be subject to a branch profits tax of up to 30%, as discussed above; or (2) the non-U.S. holder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and certain other conditions are met, in which case the non-U.S. holder will be subject to U.S. federal income tax at a rate of 30% on the non-U.S. holder’s capital gains (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of such non-U.S. holder (even though the individual is not considered a resident of the United States), provided the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses. Pursuant to the Foreign Investment in Real Property Tax Act, which is referred to as “FIRPTA,” distributions to a non-U.S. holder that are attributable to gain from sales or exchanges by us of USRPIs, whether or not designated as capital gain dividends, will cause the non-U.S. holder to be treated as recognizing such gain as income effectively connected with a U.S. trade or business. Non-U.S. holders generally would be taxed at the regular rates applicable to U.S. holders, subject to any applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals. We also will be required to withhold and to remit to the Internal Revenue Service 21% of any distribution to non-U.S. holders attributable to gain from sales or exchanges by us of USRPIs. Distributions subject to FIRPTA may also be subject to a 30% branch profits tax in the hands of a non-U.S. holder that is a corporation. The amount withheld is creditable against the non-U.S. holder’s U.S. federal income tax liability. However, any distribution with respect to any class of stock that is “regularly traded,” as defined by applicable Treasury Regulations, on an established securities market located in the United States is not subject to FIRPTA, and therefore, not subject to the 21% U.S. withholding tax described above, if the non-U.S. holder did not own more than 10% of such class of stock at any time during the one-year period ending on the date of the distribution. Instead, such distributions generally will be treated as ordinary dividend distributions and subject to withholding in the manner described above with respect to ordinary dividends. Furthermore, distributions to “qualified foreign pension funds” or entities all of the interests of which are held by “qualified pension funds” are exempt from FIRPTA. Non-U.S. holders should consult their tax advisors regarding the application of these rules. Retention of Net Capital Gains Although the law is not clear on the matter, it appears that amounts we designate as retained net capital gains in respect of our stock should be treated with respect to non-U.S. holders as actual distributions of capital gain dividends. Under this approach, the non-U.S. holders may be able to offset as a credit against their U.S. federal income tax liability their proportionate share of the tax paid by us on such retained net capital gains and to receive from the Internal Revenue Service a refund to the extent their proportionate share of such tax paid by us exceeds their actual U.S. federal income tax liability. If we were to designate any portion of our net capital gain as retained net capital gain, non-U.S. holders should consult their tax advisors regarding the taxation of such retained net capital gain. Sale of Our Stock Except as described below under “Redemption or Repurchase by Us,” gain realized by a non-U.S. holder upon the sale, exchange or other taxable disposition of our stock generally will not be subject to U.S. federal income tax unless such stock constitutes a USRPI. In general, stock of a domestic corporation that is a “United States real property holding corporation,” or USRPHC, will constitute a USRPI. We believe that we are a USRPHC. Our stock will not, however, constitute a USRPI so long as we are a “domestically controlled qualified investment entity.” A “domestically controlled qualified investment entity” includes a REIT in which at all times during a five-year testing period less than 50% in value of its stock is held directly or indirectly by non-United States persons, subject to certain rules. For purposes of determining whether a REIT is a “domestically controlled qualified investment entity,” a person who at all applicable times holds less than 5% of a class of stock that is “regularly traded” is treated as a United States person unless the REIT has actual knowledge that such person is not a United States person. Because our common stock is (and, we anticipate, will continue to be) publicly traded, no assurance can be given that we are or will continue to be a “domestically controlled qualified investment entity.” Even if we do not qualify as a “domestically controlled qualified investment entity” at the time a non-U.S. holder sells our stock, gain realized from the sale or other taxable disposition by a non-U.S. holder of such stock would not be subject to U.S. federal income tax under FIRPTA as a sale of a USRPI if: (1) such class of stock is “regularly traded,” as defined by applicable Treasury Regulations, on an established securities market such as the New York Stock Exchange; and 28 (2) such non-U.S. holder owned, actually and constructively, 10% or less of such class of stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the non-U.S. holder’s holding period. In addition, dispositions of our stock by “qualified foreign pension funds” or entities all of the interests of which are held by “qualified foreign pension funds” are exempt from FIRPTA. Non-U.S. holders should consult their tax advisors regarding the application of these rules. Notwithstanding the foregoing, gain from the sale, exchange or other taxable disposition of our stock not otherwise subject to FIRPTA will be taxable to a non-U.S. holder if either (a) the investment in our stock is treated as effectively connected with the conduct by the non-U.S. holder of a trade or business within the United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such gain is attributable), in which case the non-U.S. holder will be subject to the same treatment as U.S. holders with respect to such gain, except that a non-U.S. holder that is a corporation may also be subject to the 30% branch profits tax (or such lower rate as may be specified by an applicable income tax treaty) on such gain, as adjusted for certain items, or (b) the non-U.S. holder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and certain other conditions are met, in which case the non-U.S. holder will be subject to a 30% tax on the non-U.S. holder’s capital gains (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of the non-U.S. holder (even though the individual is not considered a resident of the United States), provided the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses. In addition, even if we are a domestically controlled qualified investment entity, upon disposition of our stock, a non-U.S. holder may be treated as having gain from the sale or other taxable disposition of a USRPI if the non-U.S. holder (1) disposes of such stock within a 30-day period preceding the ex-dividend date of a distribution, any portion of which, but for the disposition, would have been treated as gain from the sale or exchange of a USRPI and (2) acquires, or enters into a contract or option to acquire, or is deemed to acquire, other shares of that stock during the 61-day period beginning with the first day of the 30-day period described in clause (1), unless such class of stock is “regularly traded” and the non-U.S. holder did not own more than 10% of such class of stock at any time during the one-year period ending on the date of the distribution described in clause (1). If gain on the sale, exchange or other taxable disposition of our stock were subject to taxation under FIRPTA or otherwise as a result of being effectively connected with the conduct by the non-U.S. holder of a trade or business within the United States, the non-U.S. holder would be required to file a U.S. federal income tax return and would be subject to regular U.S. federal income tax with respect to such gain in the same manner as a taxable U.S. holder (subject to any applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals). In addition, if the sale, exchange or other taxable disposition of our stock were subject to taxation under FIRPTA, and if shares of the applicable class of our stock were not “regularly traded” on an established securities market, the purchaser of such stock generally would be required to withhold and remit to the Internal Revenue Service 15% of the purchase price. Redemption or Repurchase by Us A redemption or repurchase of shares of our stock will be treated under Section 302 of the Code as a distribution (and taxable as a dividend to the extent of our current and accumulated earnings and profits) unless the redemption or repurchase satisfies one of the tests set forth in Section 302(b) of the Code and is therefore treated as a sale or exchange of the redeemed or repurchased shares. See “Redemption or Repurchase by Us” under “Taxation of Taxable U.S. Holders of Our Stock” above. Qualified shareholders and their owners may be subject to different rules, and should consult their tax advisors regarding the application of such rules. If the redemption or repurchase of shares is treated as a distribution, the amount of the distribution will be measured by the amount of cash and the fair market value of any property received. See “Distributions Generally” above. If the redemption or repurchase of shares is not treated as a distribution, it will be treated as a taxable sale or exchange in the manner described above under “- Sale of Our Stock.” Taxation of Holders of Debt Securities of the Company or Welltower OP The following summary describes the material U.S. federal income tax consequences of acquiring, owning and disposing of debt securities of the Company or Welltower OP. This discussion assumes the debt securities 29 will be issued with less than a statutory de minimis amount of original issue discount for U.S. federal income tax purposes. In addition, this discussion is limited to persons purchasing the debt securities for cash at original issue and at their original “issue price” within the meaning of Section 1273 of the Code (i.e., the first price at which a substantial amount of the debt securities is sold to the public for cash). U.S. Holders Payments of Interest. Interest on a debt security generally will be taxable to a U.S. holder as ordinary income at the time such interest is received or accrued, in accordance with such U.S. holder’s method of accounting for U.S. federal income tax purposes. Sale or Other Taxable Disposition A U.S. holder will recognize gain or loss on the sale, exchange, redemption, retirement or other taxable disposition of a debt security. The amount of such gain or loss generally will be equal to the difference between the amount received for the debt security in cash or other property valued at fair market value (less amounts attributable to any accrued but unpaid interest, which will be taxable as interest to the extent not previously included in income) and the U.S. holder’s adjusted tax basis in the debt security. A U.S. holder’s adjusted tax basis in a debt security generally will be equal to the amount the U.S. holder paid for the debt security. Any gain or loss generally will be capital gain or loss, and will be long-term capital gain or loss if the U.S. holder has held the debt security for more than one year at the time of such sale or other taxable disposition. Otherwise, such gain or loss will be short-term capital gain or loss. Long-term capital gains recognized by certain non-corporate U.S. holders, including individuals, generally will be taxable at reduced rates. The deductibility of capital losses is subject to limitations. Non-U.S. Holders Payments of Interest. Interest paid on a debt security to a non-U.S. holder that is not effectively connected with the non-U.S. holder’s conduct of a trade or business within the United States generally will not be subject to U.S. federal income tax or withholding, provided that: • • • the non-U.S. holder does not, actually or constructively, own 10% or more of the total combined voting power of all classes of our voting stock; the non-U.S. holder is not a controlled foreign corporation related to us through actual or constructive stock ownership; and either (1) the non-U.S. holder certifies in a statement provided to the applicable withholding agent under penalties of perjury that it is not a United States person and provides its name and address; (2) a securities clearing organization, bank or other financial institution that holds customers’ securities in the ordinary course of its trade or business and holds the debt security on behalf of the non-U.S. holder certifies to the applicable withholding agent under penalties of perjury that it, or the financial institution between it and the non-U.S. holder, has received from the non-U.S. holder a statement under penalties of perjury that such holder is not a United States person and provides the applicable withholding agent with a copy of such statement; or (3) the non-U.S. holder holds its debt security directly through a “qualified intermediary” (within the meaning of the applicable Treasury Regulations) and certain conditions are satisfied. If a non-U.S. holder does not satisfy the requirements above, such non-U.S. holder will be subject to withholding tax of 30%, subject to a reduction in or an exemption from withholding on such interest as a result of an applicable tax treaty. To claim such entitlement, the non-U.S. holder must provide the applicable withholding agent with a properly executed Internal Revenue Service Form W-8BEN or W-8BEN-E (or other applicable documentation) claiming a reduction in or exemption from withholding tax under the benefit of an income tax treaty between the United States and the country in which the non-U.S. holder resides or is established. If interest paid to a non-U.S. holder is effectively connected with the non-U.S. holder’s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such interest is attributable), the non-U.S. holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the 30 non-U.S. holder must furnish to the applicable withholding agent a valid Internal Revenue Service Form W-8ECI, certifying that interest paid on a debt security is not subject to withholding tax because it is effectively connected with the conduct by the non-U.S. holder of a trade or business within the United States. Any such effectively connected interest generally will be subject to U.S. federal income tax at the regular rates. A non-U.S. holder that is a corporation may also be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected interest, as adjusted for certain items. The certifications described above must be provided to the applicable withholding agent prior to the payment of interest and must be updated periodically. Non-U.S. holders that do not timely provide the applicable withholding agent with the required certification, but that qualify for a reduced rate under an applicable income tax treaty, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the Internal Revenue Service. Non-U.S. holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty. Sale or Other Taxable Disposition A non-U.S. holder will not be subject to U.S. federal income tax on any gain realized upon the sale, exchange, redemption, retirement or other taxable disposition of a debt security (such amount excludes any amount allocable to accrued and unpaid interest, which generally will be treated as interest and may be subject to the rules discussed above in “Payments of Interest”) unless: • • the gain is effectively connected with the non-U.S. holder’s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such gain is attributable); or the non-U.S. holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met. Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular rates. A non-U.S. holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items. A non-U.S. holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on gain realized upon the sale or other taxable disposition of a debt security, which may be offset by U.S. source capital losses of the non-U.S. holder (even though the individual is not considered a resident of the United States), provided the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses. Non-U.S. holders should consult their tax advisors regarding any applicable income tax treaties that may provide for different rules. Information Reporting and Backup Withholding U.S. Holders A U.S. holder may be subject to information reporting and backup withholding when such holder receives payments on stock of the Company or debt securities of the Company or Welltower OP or proceeds from the sale or other taxable disposition of such stock or debt securities (including a redemption or retirement of a debt security). Certain U.S. holders are exempt from backup withholding, including corporations and certain tax-exempt organizations. A U.S. holder will be subject to backup withholding if such holder is not otherwise exempt and: • • • the holder fails to furnish the holder’s taxpayer identification number, which for an individual is ordinarily his or her social security number; the holder furnishes an incorrect taxpayer identification number; the applicable withholding agent is notified by the Internal Revenue Service that the holder previously failed to properly report payments of interest or dividends; or 31 • the holder fails to certify under penalties of perjury that the holder has furnished a correct taxpayer identification number and that the Internal Revenue Service has not notified the holder that the holder is subject to backup withholding. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a U.S. holder’s U.S. federal income tax liability, provided the required information is timely furnished to the Internal Revenue Service. U.S. holders should consult their tax advisors regarding their qualification for an exemption from backup withholding and the procedures for obtaining such an exemption. Non-U.S. Holders Payments of dividends on stock of the Company or interest on debt securities of the Company or Welltower OP generally will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the holder is a United States person and the holder either certifies its non-U.S. status, such as by furnishing a valid Internal Revenue Service Form W-8BEN, W-8BEN-E or W-8ECI, or otherwise establishes an exemption. However, information returns are required to be filed with the Internal Revenue Service in connection with any distributions on stock of the Company or interest on debt securities of the Company or Welltower OP paid to the non-U.S. holder, regardless of whether such distributions constitute a dividend or whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of such stock or debt securities (including a retirement or redemption of a debt security) within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that such holder is a United States person, or the holder otherwise establishes an exemption. Proceeds of a disposition of such stock or debt securities conducted through a non-U.S. office of a non-U.S. broker generally will not be subject to backup withholding or information reporting. Copies of information returns that are filed with the Internal Revenue Service may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the non-U.S. holder resides or is established. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a non-U.S. holder’s U.S. federal income tax liability, provided the required information is timely furnished to the Internal Revenue Service. Medicare Contribution Tax on Unearned Income Certain U.S. holders that are individuals, estates or trusts are required to pay an additional 3.8% tax on, among other things, dividends on stock, interest on debt obligations, and capital gains from the sale or other disposition of stock or debt obligations, subject to certain limitations. U.S. holders should consult their tax advisors regarding the effect, if any, of these rules on their ownership and disposition of our stock or debt securities. Additional Withholding Tax on Payments Made to Non-U.S. Accounts Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such sections commonly referred to as the Foreign Account Tax Compliance Act (“FATCA”)) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on stock of the Company, interest on debt securities of the Company or Welltower OP, in each case paid to a “foreign financial institution” or a “non-financial foreign entity” (each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) the non-financial foreign entity either certifies it does not have any “substantial United States owners” (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in clause (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain “specified United States persons” or “United States 32 owned foreign entities” (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on stock of the Company or interest on debt securities of the Company or Welltower OP. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of stock or debt securities on or after January 1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. Because we may not know the extent to which a distribution is a dividend for U.S. federal income tax purposes at the time it is made, for purposes of these withholding rules we may treat the entire distribution as a dividend. Non-U.S. holders should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in stock of the Company or debt securities of the Company or Welltower OP. Other Tax Consequences State, local and non-U.S. income tax laws may differ substantially from the corresponding U.S. federal income tax laws, and this discussion does not purport to describe any aspect of the tax laws of any state, local or non-U.S. jurisdiction, or any U.S. federal tax other than income tax. You should consult your tax advisor regarding the effect of state, local and non-U.S. tax laws with respect to our tax treatment as a REIT and on an investment in our stock or debt securities. In addition, the tax laws and regulations in non-U.S. jurisdictions may impose costs and expenses on the Company, its subsidiaries, and assets and investments of the Company held in non-U.S. jurisdictions (including the costs of compliance with and filings under applicable laws, rules and regulations). The Company has substantial assets, and will likely be subject to tax, reporting, legal, regulatory, and other obligations, in the U.K. and Canada. The treatment of an entity for U.S. federal income tax purposes may not be determinative of its treatment for certain state, local, or non-U.S. tax purposes. Tax Aspects of Our Investments in Welltower OP and Subsidiary Partnerships The following discussion summarizes certain U.S. federal income tax considerations applicable to our direct or indirect investments in subsidiary partnerships (including Welltower OP). Classification as Partnerships We are required to include in our income our distributive share of Welltower OP’s and Subsidiary Partnerships’ income and are entitled to deduct our distributive share of Welltower OP’s and Subsidiary Partnerships’ losses only if the applicable partnership is classified for U.S. federal income tax purposes as a partnership rather than as a corporation or association taxable as a corporation. An organization will be classified as a partnership, rather than as a corporation, for U.S. federal income tax purposes if it (1) is treated as a partnership under Treasury regulations relating to entity classification (the “check-the-box regulations”) and (2) is not a “publicly traded partnership” taxable as a corporation. Under the check-the-box regulations, an unincorporated entity with at least two members may elect to be classified either as an association taxable as a corporation or as a partnership. Generally, if such an entity fails to make an election, it generally will be treated as a partnership for U.S. federal income tax purposes. We believe that Welltower OP is classified as a partnership for U.S. federal income tax purposes. A publicly traded partnership is a partnership whose interests are traded on an established securities market or are readily tradable on a secondary market (or the substantial equivalent thereof). While interests in Welltower OP and Subsidiary Partnership will not be traded on an established securities market, they could possibly be deemed to be traded on a secondary market or its equivalent due to the redemption rights enabling the limited members to dispose of their interests. A publicly traded partnership will not, however, be treated as a corporation for any taxable year if 90% or more of the partnership’s gross income for such year consists of certain passive- type income, including (as may be relevant here) real property rents, gains from the sale or other disposition of 33 interest, and dividends (the “90% Passive Income Exception”). The income requirements real property, applicable to us in order for us to qualify as a REIT under the Code and the definition of qualifying income under the Passive Income Exception are very similar. Although differences exist between these two income tests, we do not believe that these differences would cause Welltower OP or Subsidiary Partnerships not to satisfy the 90% Passive Income Exception applicable to publicly traded partnerships. If for any reason Welltower OP or a Subsidiary Partnership were taxable as a corporation, rather than as a partnership, for U.S. federal income tax purposes, our ability to qualify as a REIT could be jeopardized. See “Income Tests” and “Asset Tests.” In addition, any change in Welltower OP’s or a Subsidiary Partnership’s status for tax purposes might be treated as a taxable event, in which case we might incur tax liability without any related cash distribution. See “Annual Distribution Requirements.” Further, items of income and deduction of Welltower OP or a Subsidiary Partnership would not pass through to its members, and its members would be treated as shareholders for tax purposes. Consequently, Welltower OP or a Subsidiary Partnership would be required to pay income tax at corporate tax rates on its net income, and distributions to its members would constitute dividends that would not be deductible in computing such Welltower OP’s or Subsidiary Partnership’s taxable income. Members, Not Partnership, Subject to Tax Except as discussed below in “Revised Partnership Audit Rules,” a partnership itself is not a taxable entity for U.S. federal income tax purposes. Rather, we are required to take into account our allocable share of each partnership’s income, gains, losses, deductions and credits for any taxable year of the partnership ending during our taxable year, without regard to whether we have received or will receive any distribution from such partnership. Partnership Allocations Although a partnership agreement generally will determine the allocation of income and losses among partners, such allocations will be disregarded for tax purposes if they do not comply with the provisions of Section 704(b) of the Code and the Treasury regulations promulgated thereunder. If an allocation is not recognized for U.S. federal income tax purposes, the item subject to the allocation will be reallocated in accordance with the partners’ interests in the partnership, which will be determined by considering all of the facts and circumstances relating to the economic arrangement of the partners with respect to such item. Welltower OP’s and each Subsidiary Partnerships’ allocations of taxable income, gain and loss are intended to comply with the requirements of Section 704(b) of the Code and the Treasury regulations promulgated thereunder. Tax Allocations with Respect to Certain Properties Pursuant to Section 704(c) of the Code, income, gain, loss and deduction attributable to appreciated or depreciated property that is contributed to a partnership in exchange for an interest in the partnership must be allocated in a manner such that the contributing partner is charged with, or benefits from, respectively, the unrealized gain or unrealized loss associated with the property at the time of the contribution. The amount of such unrealized gain or unrealized loss is generally equal to the difference between the fair market value of contributed property at the time of contribution and the adjusted tax basis of such property at the time of contribution (a “Book-Tax Difference”). Such allocations are solely for U.S. federal income tax purposes and do not affect the book capital accounts or other economic or legal arrangements among the partners. Welltower OP’s partnership agreement requires such allocations to be made in a manner permitted under Section 704(c) of the Code. In general, the members who contribute property to Welltower OP will be allocated depreciation deductions for tax purposes which are lower than such deductions would be if determined on a pro rata basis. In addition, in the event of the disposition of any of the contributed assets (including our properties) which have a Book-Tax Difference, all gain or loss attributable to such Book-Tax Difference (to the extent not previously taken into account) will generally be allocated to the contributing members, including us, and other members will generally be allocated only their share of income attributable to gain or loss, if any, occurring after such contribution. This will tend to eliminate the Book-Tax Difference over the life of Welltower OP. However, the special allocation rules of Section 704(c) do not always entirely eliminate the Book-Tax Difference on an annual basis or with respect to a specific taxable transaction such as a sale. Thus, the carryover basis of the contributed assets in the hands of Welltower OP may cause us to be allocated lower depreciation and other deductions, and possibly an amount of taxable gain in the event of a sale of such contributed assets in excess of the economic or book income allocated to us as a result of such sale. 34 A Book-Tax Difference may also arise as a result of the revaluation of property owned by a partnership in connection with certain types of transactions, including in connection with certain non-prorata contributions of assets to, or distributions of assets by, Welltower OP in exchange for, or in redemption of, interests in Welltower OP. In the event of such a revaluation, the members (including us) who were members in the partnership immediately prior to the revaluation will be required to take any Book-Tax Difference created as a result of such revaluation into account in substantially the same manner as under the Section 704(c) rules discussed above. This would result in us being allocated income, gain, loss and deduction for tax purposes in amounts different than the economic or book income allocated to us by the partnership. The application of Section 704(c) to Welltower OP may cause us to recognize taxable income in excess of cash proceeds, which might adversely affect our ability to comply with the REIT distribution requirements. See “Annual Distribution Requirements.” The foregoing principles also apply in determining our earnings and profits for purposes of determining the portion of distributions taxable as dividend income. The application of these rules over time may result in a higher portion of distributions being taxed as dividends than would have occurred had we purchased the contributed or revalued assets at their agreed values. Treasury has issued regulations requiring partnerships to use a “reasonable method” for allocating items affected by Section 704(c) of the Code and outlining several reasonable allocation methods. We have the discretion to determine which of the methods of accounting for Book-Tax Differences (specifically approved in the Treasury regulations) will be elected with respect to any properties contributed to or revalued by Welltower OP. We have not determined which method of accounting for Book-Tax Differences will be elected for properties contributed to or revalued by Welltower OP in the future. Basis in Partnership Interest Our adjusted tax basis in a partnership interest generally is equal to: • • • the amount of cash and the adjusted tax basis of any other property contributed (or deemed contributed) by us to the partnership; increased by our allocable share of the partnership’s income, and reduced, but not below zero, by • • our allocable share of the partnership’s loss, and the amount of cash and the basis of any property distributed (or deemed distributed) to us. If the allocation of our distributive share of the partnership’s loss would reduce the adjusted tax basis of our partnership interest in the partnership below zero, the recognition of such loss will be deferred until such time as the recognition of such loss would not reduce our adjusted tax basis below zero. To the extent that the partnership’s distributions (including deemed distributions) would reduce our adjusted tax basis below zero, such distributions would constitute taxable gain to us, which could be treated as ordinary income or long-term or short-term capital gain. Partnership Audit Rules A partnership (and not its partners) must pay any “imputed underpayments,” consisting of delinquent taxes, interest, and penalties deemed to arise out of an audit of the partnership, unless certain alternative methods are available and the partnership elects to utilize them. The Internal Revenue Service has issued regulations providing details on many of these provisions, but it is still not entirely clear how all of these rules will be implemented. Accordingly, it is possible that in the future, we and/or any partnership in which we are a partner could be subject to, or otherwise bear the economic burden of, U.S. federal income tax, interest, and penalties resulting from a U.S. federal income tax audit. Internet Access to Our SEC Filings Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, as well as our proxy statements and other materials that are filed with, or furnished to, the Securities and Exchange Commission (“SEC”) are made available, free of charge, on the Internet at www.welltower.com/investors, as soon as reasonably practicable after they are filed with, or furnished to, the SEC. We routinely post important information on our website at www.welltower.com in the “Investors” section, 35 including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading “Investors.” Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls, and filings with the SEC. The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only. Cautionary Statement Regarding Forward-Looking Statements This Annual Report on Form 10-K and the documents incorporated by reference contain statements that constitute “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995. When we use words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, we are making forward-looking statements. In particular, these forward-looking statements include, but are not limited to, those relating to our opportunities to acquire, develop or sell properties; our ability to close our anticipated acquisitions, investments or dispositions on currently anticipated terms, or within currently anticipated timeframes; the expected performance of our operators/tenants and properties; our expected occupancy rates; our ability to declare and to make distributions to stockholders; our investment and financing opportunities and plans; our continued qualification as a REIT; and our 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 our actual results to differ materially from our expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: • • • • • • • • • • • • • • • • • the impact of the COVID-19 pandemic; uncertainty regarding the implementation and impact of the CARES Act and future stimulus or other COVID-19 relief legislation; 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; our 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 our properties; our ability to re-lease space at similar rates as vacancies occur; our 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 requirements; regulations affecting Medicare and Medicaid reimbursement rates and operational liability or contract claims by or against operators/tenants; 36 • • • • • • • unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting our properties; changes in rules or practices governing our financial reporting; the movement of U.S. and foreign currency exchange rates; our ability to maintain our qualification as a REIT; key management personnel recruitment and retention; and the risks described under “Item 1A — Risk Factors.” We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise. Item 1A. Risk Factors Risk Factor Summary The following summarizes the principal factors that make an investment in our company speculative or risky, all of which are more fully described in the Risk Factors section below. This summary should be read in conjunction with the Risk Factors section and should not be relied upon as an exhaustive summary of the material risks facing our business. The order of presentation is not necessarily indicative of the level of risk that each factor poses to us. Risks Arising from Our Business: Our business model and the operations of our business involve risks, including those related to: • • • • • • • • • • • • • • • • • • investments in and acquisitions of health care and seniors housing properties; unknown liability exposure related to acquired properties; competition for acquisitions may result in increased prices; our joint venture partners; Seniors Housing Operating properties operational risks; our ability to terminate our management agreements with Seniors Housing Operating managers; operational and legal risks with respect to our properties managed in RIDEA structures; the ability of operators and tenants to make payments to us; the impacts of severe cold and flu seasons or other widespread illnesses on occupancy; the insolvency or bankruptcy of our tenants, operators, borrowers, managers and other obligors; our ability to timely reinvest our sale proceeds on terms acceptable to us; any adverse developments in the business or financial condition of Sunrise Senior Living, LLC; ownership of property outside the U.S.; our ability to lease or sell properties on favorable terms; tenant, operator and manager insurance coverage; loss of properties owned through ground leases upon breach or termination of the ground leases; requirements of, or changes to governmental reimbursement programs, such as Medicare, Medicaid or government funding; controls imposed on certain of our tenants who provide health care services that are reimbursed by Medicare, Medicaid and other third-party payors to reduce admissions and length of stay; 37 • • • • • • our operators’ or tenants’ failure to comply with federal, state, province, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards; development, redevelopment and construction; losses caused by severe weather conditions, natural disasters or the physical effects of climate change; costs incurred to remediate environmental contamination at our properties; our reliance on data and technology systems and the increasing risks of cybersecurity incidents; our dependence on key personnel; and • Welltower’s holding company status. Risks Arising from Our Capital Structure Our capital structure involves exposure to risks, including those related to: • • • • • • our future leverage; the availability of cash for distributions to stockholders; covenants in our debt agreements; limitations on our ability to access capital; any downgrades in our credit ratings; and increases in interest rates. Risks Arising from Our Status as a REIT As a result of our status as a REIT, we are exposed to risks, including those related to: • our ability to remain qualified as a REIT; • Welltower OP’s ability to maintain status of a partnership; • • • • • • • • • the ability of our subsidiaries to qualify as a REIT; the impact of tax imposed on any net income from “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for federal income tax purposes; the impact of the 90% annual distribution requirement on our liquidity and ability to engage in otherwise beneficial transactions; our limited ability to use taxable REIT subsidiaries under the Code; special requirements applicable to the lease of qualified health care properties to a taxable REIT subsidiary; the tax imposed on any net income from “prohibited transactions”; tax consequences if certain sale-leaseback transactions are not characterized by the IRS as “true leases”; changes in our tax rate or exposure to additional tax liabilities; and the impact to our TRSs of the Corporate Alternative Minimum Tax imposed by the Inflation Reduction Act of 2022. Risks Factors This section highlights significant factors, events and uncertainties that could create risk with an investment in our securities. The events and consequences discussed in these risk factors could, in circumstances we may not 38 be able to accurately predict, recognize or control, have a material adverse effect on our business, growth, reputation, prospects, financial condition, operating results, cash flows, liquidity, ability to pay dividends and stock price. These risk factors do not identify all risks that we face: our operations could also be affected by factors, events or uncertainties that are not presently known to us or that we currently do not consider to present significant risks to our operations. We group these risk factors into three categories: • Risks arising from our business; • Risks arising from our capital structure; and • Risks arising from our status as a REIT. Risks Arising from Our Business Our investments in and acquisitions of health care and seniors housing properties may be unsuccessful or fail to meet our expectations Some of our acquisitions may not prove to be successful. We could encounter unanticipated difficulties and expenditures relating to any acquired properties, including contingent liabilities, and acquired properties might require significant management attention that would otherwise be devoted to our ongoing business. If we agree to provide construction funding to an operator/tenant and the project is not completed, we may need to take steps to ensure completion of the project. Such expenditures may negatively affect our results of operations. Investments in and acquisitions of seniors housing and health care properties entail risks associated with real estate investments generally, including risks that the investment will not achieve expected returns, that the cost estimates for necessary property improvements will prove inaccurate or that the tenant, operator or manager will fail to meet performance expectations. Furthermore, there can be no assurance that our anticipated acquisitions and investments, the completion of which is subject to various conditions, will be consummated in accordance with anticipated timing, on anticipated terms, or at all. We may be unable to obtain or assume financing for acquisitions on favorable terms or at all. Health care properties are often highly customizable and the development or redevelopment of such properties may require costly tenant-specific improvements. We have experienced delays and disruptions to property redevelopment as a result of supply chain issues and construction material and labor shortages and may experience additional or more significant such delays in the future. We also may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations, and this could have an adverse effect on our results of operations and financial condition. Acquired properties may be located in new markets, either within or outside the United States, where we may face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area, costs associated with opening a new regional office and unfamiliarity with local governmental and permitting procedures. As a result, we cannot assure you that we will achieve the economic benefit we expect from acquisitions, investment, development and redevelopment opportunities and may lead to impairment of such assets. Acquired properties may expose us to unknown liability We may acquire properties or invest in joint ventures that own properties subject to liabilities and without any recourse, or with only limited recourse, against the prior owners or other third parties with respect to unknown liabilities. As a result, if a liability were asserted against us based upon ownership of those properties, we might have to pay substantial sums to settle or contest it, which could adversely affect our results of operations and cash flow. Unknown liabilities with respect to acquired properties might include: liabilities for clean-up of undisclosed environmental contamination, claims by tenants, vendors or other persons against the liabilities incurred in the ordinary course of business and claims for former owners of the properties, indemnification by general partners, directors and others indemnified by the former owners of the properties. Competition for acquisitions may result in increased prices for properties In order to maintain current revenues and continue generating attractive returns, we seek to reinvest cash available from the proceeds of sales of our securities, principal payments on our loans receivable or the sale of 39 including non-elective dispositions in a timely manner. We face competition for acquisition properties, opportunities from other well-capitalized investors, including publicly traded and privately held REITs, private real estate funds, domestic and foreign financial institutions, life insurance companies, sovereign wealth funds, pension trusts, partnerships and individual investors. In addition, limited development during the COVID-19 pandemic has reduced the number of new properties becoming available. This competition may adversely affect us by subjecting us to the following risks: we may be unable to acquire a desired property because of competition from other well-capitalized real estate investors and, even if we are able to acquire a desired property, competition from other real estate investors may significantly increase the purchase price. Our investments in joint ventures could be adversely affected by our lack of exclusive control over these investments, our partners’ insolvency or failure to meet their obligations, and disputes between us and our partners We have entered into, and may continue in the future to enter into, partnerships or joint ventures with other persons or entities, including our 85/15 joint venture with Integra Healthcare Properties. Joint venture investments involve risks that may not be present with other methods of ownership, including the possibility that our partner might become insolvent, refuse to make capital contributions when due or otherwise fail to meet its obligations, which may result in certain liabilities to us for guarantees and other commitments; that our partner might at any time have economic or other business interests or goals that are or become inconsistent with our interests or goals; that we could become engaged in a dispute with our partner, which could require us to expend additional resources to resolve such dispute and could have an adverse impact on the operations and profitability of the joint venture; that our partner may be in a position to take action or withhold consent contrary to our instructions or requests; and that our joint venture partners may be structured differently than us for tax purposes, which could create conflicts of interest and risks to our REIT status. In some instances, we and/or our partner may have the right to trigger a buy-sell, put right or forced sale arrangement, which could cause us to sell our interest, acquire our partner’s interest or sell the underlying asset at a time when we otherwise would not have initiated such a transaction. Our ability to acquire our partner’s interest may be limited if we do not have sufficient cash, available borrowing capacity or other capital resources. In such event, we may be forced to sell our interest in the joint venture when we would otherwise prefer to retain it. On the other hand, our ability to transfer our interest in a joint venture to a third party may be restricted and the market for our interest may be limited and/or valued lower than fair market value. Joint ventures may require us to share decision-making authority with our partners, which could limit our ability to control the properties in the joint ventures. Even when we have a controlling interest, certain major decisions may require partner approval, such as the sale, acquisition or financing of a property. We assume operational and legal risks with respect to our properties managed in RIDEA structures that could have a material adverse effect on our business, results of operations and financial condition We have entered into various joint ventures that were structured under the provisions of the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”), which permits REITs to own or partially own “qualified health care properties” in a structure through which we can participate directly in the cash flow of the properties’ operations (as compared to receiving only contractual rent payments) in compliance with REIT requirements. A “qualified health care property” includes real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility which extends medical or nursing or ancillary services to patients. Under a RIDEA structure, we are required to rely on our operator to manage and operate the property, including complying with laws and providing resident care. However, as the owner of the property under a RIDEA structure, we are responsible for operational and legal risks and liabilities of the property, including, those relating to employment matters of our operators, compliance with health care fraud and abuse and other laws, governmental reimbursement matters, compliance with federal, state, local and industry-related licensure, certification and inspection laws, regulations, and standards, and litigation involving our properties or residents/ patients, even though we have limited ability to control or influence our operators’ management of these risks. 40 Further, our taxable REIT subsidiary (“TRS”) is generally required to hold the applicable health care license and enroll in the applicable government health care programs (e.g., Medicare- and Medicaid), which subjects us to potential liability under various health care laws. Penalties for failure to comply with applicable laws may include loss or suspension of licenses and certificates of need, certification or accreditation, exclusion from government health care programs (e.g., Medicare and Medicaid), administrative sanctions and civil monetary penalties. Although we have some general oversight approval rights and the right to review operational and financial reporting information, our operators are ultimately in control of the day-to-day business of the property, including clinical decision-making, and we rely on them to operate the properties in a manner that complies with applicable law. We are exposed to operational risks with respect to our Seniors Housing Operating properties that could adversely affect our revenue and operations We are exposed to various operational risks with respect to our Seniors Housing Operating properties that may increase our costs or adversely affect our ability to generate revenues. In addition to operational challenges that continue to impact us as a result of the COVID-19 pandemic, these risks include fluctuations in occupancy experienced during the normal course of business, Medicare and Medicaid reimbursement, if applicable, and private pay rates; economic conditions; the availability and increases in the cost of labor (as a result of unionization or otherwise); competition; federal, state, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards; the availability and increases in cost of general and professional liability insurance coverage; increases in property taxes; state regulation and rights of residents related to entrance fees; and federal and state housing laws and regulations, including rent and eviction restrictions imposed during the COVID-19 pandemic. Any one or a combination of these factors may adversely affect our revenue and operations and could eventually lead to impairment of our properties. We have rights to terminate our management agreements with operators, in whole or with respect to specific properties under certain circumstances, and we may be unable to replace operators if our management agreements are terminated or not renewed We are party to long-term management agreements with our Seniors Housing Operating managers pursuant to which they provide comprehensive property management, accounting and other services with respect to our Seniors Housing Operating properties. We have the ability to terminate any of our management agreements upon the occurrence of certain events such as insolvency relating to such manager, and in some cases, the failure to meet specific NOI targets without curing, as well as the occurrence of other events or certain conditions. We regularly monitor and review our rights and remedies under our management agreements. When determining if we will take significant action under those agreements, including terminating a manager, we consider numerous legal, contractual, regulatory, business and other relevant factors. In exercising our rights to terminate or not renew a management agreement, we would work with our existing seniors housing operators or potentially new operators to manage the properties; however, there is no assurance that we would be able to timely source a replacement or that any replacement manager would be effective. Any transition to a new manager would most likely require regulatory approval and potentially the approval of the holders of any liens on the property. The failure to replace on a timely basis, as well as the failure to receive these approvals, either at all or in a timely manner, could have an adverse effect on the properties and our revenue. Decreases in our operators’ or tenants’ revenues or increases in our operators’ or tenants’ expenses, including as a result of increased labor costs, could affect their ability to make payments to us We have very limited control over the success or failure of our operators’ or tenants’ businesses and, at any time, an operator or tenant may experience a downturn in their business that weakens their financial condition. Our operators’ and tenants’ revenues are primarily driven by occupancy, private pay rates, and Medicare and Medicaid reimbursement, if applicable. Expenses are primarily driven by the costs of labor, supplies, food, utilities, taxes, insurance and rent or debt service. Revenues from government reimbursement have, and may continue to, come under pressure due to reimbursement cuts and state budget shortfalls. Operating and borrowing costs have increased, and are expected to continue to increase, for our operators and tenants. In particular, our 41 operators’ and tenants’ businesses have experienced increases in labor costs resulting from shortages of medical and non-medical staff. A number of factors have adversely affected the labor force available to our operators and tenants or labor costs, including increased industry competition, high employment levels, increased wages offered by other employers, and government regulations. In many geographic areas the scarcity of specialized medical personnel, experienced senior care professionals and other workers has been a significant operating issue affecting a wide range of healthcare providers and senior care and housing facilities. Such shortages have and may continue to impact the operations of our operators and tenants, resulting in increased labor and operating costs. Continued labor shortages or cost inflation may impact our operators’ and tenants’ abilities to comply with minimum staffing requirements under applicable federal and state regulations. Failure to comply with these requirements can, among other things, jeopardize a facility’s compliance with the conditions of participation under relevant state and federal healthcare programs. In addition, if a facility is determined to be out of compliance with these requirements, it may be subject to fines and other regulatory penalties, including the suspension of patient admissions, the termination of Medicaid participation or the suspension or revocation of licenses. To the extent that any decrease in revenues and/or any increase in operating expenses result in an operator or tenant not generating enough cash to make payments to us, the credit of our operator or tenant and the value of other collateral would have to be relied upon. To the extent the value of such property is reduced, we may need to record an impairment for such asset. Furthermore, if we determine to dispose of an underperforming property, such sale may result in a loss. Any such impairment or loss on sale would negatively affect our financial results. These risks are magnified where we lease multiple properties to a single operator or tenant under a master lease, as a failure or default under a master lease would expose us to these risks across multiple properties. Although our lease agreements give us the right to exercise certain remedies in the event of default on the obligations owing to us, we may determine not to do so if we believe that enforcement of our rights would be more detrimental to our business than seeking alternative approaches. Increased competition and oversupply may affect our operators’ and managers’ ability to meet their obligations to us The operators and managers of our properties compete on a local and regional basis with operators and managers of properties and other health care providers that provide comparable services for residents and patients, including on the basis of the scope and quality of care and services provided, reputation and financial condition, physical appearance of the properties, price, and location. In addition, in light of labor shortages for medical and non-medical workers in many geographic areas, our operators and tenants increasingly compete to attract qualified and experienced employees. Our operators and managers are expected to encounter increased competition in the future that could limit their ability to attract residents and employees or expand their businesses. In addition, we expect that there will continue to be a more than adequate inventory of seniors housing facilities. We cannot be certain that the operators of all of our facilities will be able to achieve and maintain occupancy and rate levels that meet our expected yields and fulfill their obligations to us. If our operators and managers cannot compete effectively or if there is an oversupply of facilities, their financial performance could have a material adverse effect on our financial results. A severe cold and flu season, epidemics or any other widespread illnesses could adversely affect the occupancy of our Seniors Housing Operating and Triple-net properties Our business and operations were significantly impacted by the COVID-19 pandemic and are exposed to risks from COVID-19, severe cold and flu seasons or the occurrence of other epidemics or other widespread illnesses. Our revenues and our operators’ revenues are dependent on occupancy and the occupancy of our Seniors Housing Operating and Triple-net properties could significantly decrease in the event of a severe cold and flu season, a resurgence of COVID-19 or other widespread illness. Such a decrease would affect the operating income of our Seniors Housing Operating properties and the ability of our Triple-net operators to make payments to us. As we experienced during the COVID-19 pandemic, a future flu or other pandemic could significantly increase the cost burdens faced by our operators, including if they are required to implement quarantines for residents or see a reduction in occupancy, and adversely affect their ability to meet their obligations to us, which would have a material adverse effect on our financial results. 42 In particular, the ongoing COVID-19 pandemic may continue to adversely affect our business, results of operations, growth, reputation, prospects, financial condition, operating results, cash flows, liquidity, ability to pay dividends and stock price. The COVID-19 pandemic has had adverse effects on our business, operations and financial condition, including: • • • a decline in spot occupancy in our Seniors Housing Operating portfolio from 85.8% at February 29, 2020 to the pandemic-low of 72.6% on March 12, 2021 and a possibility of continued decline, which could affect the net operating income of our Seniors Housing Operating properties and the ability of our Triple-net operators to make contractual payments to us; increased operational costs incurred by us and our operators across all of our properties as a result of public health measures and other regulations affecting our properties and operations, as well as additional health and safety measures adopted by us and our operators and tenants, unique pressures on seniors housing and medical practice employees during the COVID-19 pandemic including labor shortages resulting from macroeconomic trends, decreased employee morale and productivity as a result of difficult conditions and stress related to the COVID-19 pandemic, and higher operator and tenant cost of insurance and such insurance may not cover certain claims related to COVID-19; and increased operational challenges and costs resulting from logistical challenges such as supply chain interruptions, business closures, restrictions on the movement of people and remote or hybrid work schedules, which adversely impact employee productivity and morale and introduce additional operations risk, including cybersecurity risks. We remain subject to a number of other risks relating to COVID-19, including a decline in the rental income in our Outpatient Medical segment if our tenants do not renew leases or do not make timely or full lease payments as a result of medical practice closures or decreases in revenue due to government imposed restrictions on elective medical procedures or decisions by patients to delay treatments; concessions such as rent deferrals or rent abatements that we may offer certain tenants across our Triple-net and Outpatient Medical segments; and our increased exposure to COVID-19 related litigation and publicity risks if the operators or tenants of the relevant facilities are subject to bankruptcy or insolvency. Although the COVID-19 pandemic has subsided from its peaks, any resurgence of the pandemic, outbreaks of new variants, changes in the effectiveness of vaccines, boosters and treatments, and adoptions of new public health measures may reintroduce the risks relating to the potential impact of the COVID-19 pandemic on us. Additionally, there remains uncertainty regarding the implementation and impact of COVID-19 relief legislation, such as the Coronavirus Aid Relief, and Economic Security Act and the Paycheck Protection Program and Health Care Enhancement Act, and possible government audits and investigations related to our receipt and use of such relief funds. The insolvency or bankruptcy of our tenants, operators, borrowers, managers and other obligors may adversely affect our business, results of operations and financial condition We are exposed to the risk that our tenants, operators, borrowers, managers or other obligors may not be able to meet the rent, principal and interest or other payments due us, which may result in a tenant, operator, borrower, manager or other obligor bankruptcy or insolvency, or that a tenant, operator, borrower, manager or other obligor might become subject to bankruptcy or insolvency proceedings for other reasons. Although our operating lease agreements provide us with the right to evict a tenant, demand immediate payment of rent and exercise other remedies, and our loans provide us with the right to terminate any funding obligation, demand immediate repayment of principal and unpaid interest, foreclose on the collateral and exercise other remedies, the bankruptcy and insolvency laws afford certain rights to a party that has filed for bankruptcy or reorganization. A tenant, operator, borrower, manager or other obligor in bankruptcy or subject to insolvency proceedings may be able to limit or delay our ability to collect unpaid rent in the case of a lease or to receive unpaid principal and interest in the case of a loan, and to exercise other rights and remedies. In addition, if a lease is rejected in a tenant bankruptcy, our claim against the tenant may be limited by applicable provisions of the bankruptcy law. We may be required to fund certain expenses (e.g., real estate taxes and maintenance) to preserve the value of an investment property, avoid the imposition of liens on a property and/or transition a property to a new tenant. In 43 some instances, we have terminated our lease with a tenant and relet the property to another tenant. In some of those situations, we have provided working capital loans to and limited indemnification of the new obligor. If we cannot transition a leased property to a new tenant, we may take possession of that property, which may expose us to certain successor liabilities. Publicity about the operator’s financial condition and insolvency proceedings may also negatively impact their and our reputations, decreasing customer demand and revenues. Should such events occur, our revenue and operating cash flow may be adversely affected. The properties managed by Sunrise Senior Living, LLC (“Sunrise”) account for a significant portion of our revenues and net operating income and any adverse developments in its business or financial condition could adversely affect us As of December 31, 2022, Sunrise managed 109 of our Seniors Housing Operating properties. These properties account for a significant portion of our revenues and net operating income. Under our management agreements, we rely on Sunrise’s personnel, expertise, technical resources and information systems, proprietary information, good faith and judgment to manage our Seniors Housing Operating properties efficiently and effectively. We also rely on Sunrise to set appropriate resident fees, to provide accurate property-level financial results for our properties in a timely manner and to otherwise operate them in compliance with the terms of our management agreements and all applicable laws and regulations. Any adverse developments in Sunrise’s business or financial condition could impair its ability to manage our properties efficiently and effectively, which could adversely affect our business, results of operations, and financial condition. For example, we depend on Sunrise’s ability to attract and retain skilled management personnel who are responsible for the day-to-day operations of our Seniors Housing Operating properties. A shortage of nurses or other trained personnel or general inflationary pressures may force Sunrise to enhance its pay and benefits packages to compete effectively for such personnel, but it may not be able to offset these added costs by increasing the rates charged to residents. Any increase in labor costs and other property operating expenses, any failure by Sunrise to attract and retain qualified personnel, or significant changes in Sunrise’s senior management or equity ownership could adversely affect the income we receive from our Seniors Housing Operating properties and have a material adverse effect on us. Also, if Sunrise experiences any significant financial, legal, accounting or regulatory difficulties, such difficulties could result in, among other things, acceleration of its indebtedness, impairment of its continued access to capital or the commencement of insolvency proceedings by or against it under the U.S. Bankruptcy Code, which, in turn, could adversely affect our business, results of operations and financial condition. If we determine to sell or transition properties currently managed by Sunrise, we may experience operational challenges and/or significantly declining financial performance for those properties. Ownership of property outside the U.S. may subject us to different or greater risks than those associated with our domestic operations We have operations in the U.K. and Canada which represent 9.5% and 7.9% of total Welltower revenues, respectively. As of December 31, 2022, Revera managed 78 of our Seniors Housing Operating properties in Canada, representing a significant portion of our revenues in Canada, and also owned a controlling interest in Sunrise. International development, ownership, and operating activities involve risks that are different from those we face with respect to our domestic properties and operations. These risks include, but are not limited to, any international currency gain or loss recognized with respect to changes in exchange rates, which may not qualify under the 75% gross income test or the 95% gross income test required for us to satisfy annually in order to qualify and maintain our status as a REIT; challenges with respect to the repatriation of foreign earnings and cash; impact from international trade disputes and the associated impact on our tenants’ supply chain and consumer spending levels; changes in foreign political, regulatory, and economic conditions (regionally, nationally and locally) including, challenges in managing international operations; challenges of complying with a wide variety of foreign laws and regulations, including those relating to real estate, corporate governance, operations, taxes, employment and other civil and criminal legal proceedings; foreign ownership restrictions with respect to operations in foreign countries; local businesses and cultural factors that differ from our usual standards and practices; differences in lending practices and the willingness of domestic or foreign lenders to provide financing; regional or country-specific business cycles and political and economic instability; and failure to comply with applicable laws and regulations in the U.S. that affect foreign operations, including, but not limited to, the U.S. Foreign Corrupt Practices Act. 44 Further, our operations in the U.K. may be adversely impacted by global and local economic volatility experienced as a result of geopolitical tensions or conflicts, such as the ongoing conflict between Russia and Ukraine, rising inflation and interest rates, the energy crisis that has seen supply shortages and higher oil, gas and electricity prices, labor market challenges affecting the recruitment and retention of employees. If our tenants do not renew their existing leases, or if we are required to sell properties for liquidity reasons, we may be unable to lease or sell the properties on favorable terms, or at all We cannot predict whether our tenants will renew existing leases at the end of their lease terms, which expire at various times. If these leases are not renewed, we would be required to find other tenants to occupy those properties, or sell them. There can be no assurance that we would be able to identify suitable replacement tenants or enter into leases with new tenants on terms as favorable to us as the current leases or that we would be able to lease those properties at all. Our competitors may offer space at rental rates below current market rates or below the rental rates we currently charge our customers, we may lose potential customers, and we may be pressured to reduce our rental rates below those we currently charge to retain customers when leases expire. In addition, our ability to reposition our properties with a suitable replacement tenant or operator could be significantly delayed or limited by state licensing, receivership, CON or other laws, as well as by the Medicare and Medicaid change-of-ownership rules, and we could incur substantial additional expenses in connection with any licensing, receivership or change-of-ownership proceedings. Even if tenants decide to renew or lease new space, the terms of renewals or new leases, including the cost of required renovations or concessions to tenants, may be less favorable to us than current lease terms. Real estate investments are relatively illiquid and most of the property we own is highly customized for specific uses. Our ability to quickly sell or exchange any of our properties in response to changes in operator, economic and other conditions will be limited. Although our properties are less affected by the commercial real estate market trends, this limitation could be exacerbated by the current decline of commercial real estate as a result of high interest rates, inflation and declining property values across sectors. No assurances can be given that we will recognize full value for any property that we are required to sell. Our inability to respond rapidly to changes in the performance of our investments could adversely affect our financial condition and results of operations. In addition, we are exposed to the risks inherent in concentrating investments in real estate, and in particular, the seniors housing and health care industries. A downturn in the real estate industry could adversely affect the value of our properties and our ability to sell properties for a price or on terms acceptable to us. Our tenants, operators and managers may not have the necessary insurance coverage to insure adequately against losses We maintain or require our tenants, operators and managers to maintain comprehensive insurance coverage on our properties and their operations with terms, conditions, limits and deductibles that we believe are customary for similarly situated companies in our industry and we frequently review our insurance programs and requirements. Our tenants, operators and managers may not be able to maintain adequate levels of insurance and required coverages. Also, we may not be able to require the same levels of insurance coverage under our lease, management and other agreements, which could adversely affect us in the event of a significant uninsured loss. We cannot make any guarantee as to the future financial viability of the insurers that underwrite our policies and the policies maintained by our tenants, operators and managers. Insurance may not be available at a reasonable cost in the future or policies may not be maintained at a level that will fully cover all losses on our properties upon the occurrence of a catastrophic event. This may be especially the case due to increases in property insurance costs. In addition, in recent years, long-term/post-acute care and seniors housing operators and managers have experienced substantial increases in both the number and size of patient care liability claims. As a result, general and professional liability costs have increased in some markets. Due to the uncertainty of the long term effects of the COVID-19 pandemic, general and professional liability insurance coverage may be restricted or very costly, which may adversely affect the tenants’, operators’ and managers’ future operations, cash flows and financial conditions, and may have a material adverse effect on the tenants’, operators’ and managers’ ability to meet their obligations to us. Finally, our use, and the usage by some of our tenants, operators and managers of self-insurance and/or use of a wholly owned captive insurance company, if not adequately funded, could have a material adverse effect on our liquidity and that of our tenants, operators and managers. 45 Our ownership of properties through ground leases exposes us to the loss of such properties upon breach or termination of the ground leases We have acquired an interest in certain of our properties by acquiring a leasehold interest in the property on which the building is located, and we may acquire additional properties in the future through the purchase of interests in ground leases. Many of these ground leases impose significant limitations on our uses of the subject properties, restrict our ability to sell or otherwise transfer our interests in the properties or restrict the leasing of the properties. These restrictions may limit our ability to timely sell or exchange the properties, impair the properties’ value or negatively impact our ability to find suitable tenants for the properties. As the lessee under a ground lease, we are exposed to the possibility of losing the property upon termination of the ground lease or an earlier breach of the ground lease by us. The requirements of, or changes to, governmental reimbursement programs, such as Medicare, Medicaid or government funding, could have a material adverse effect on our obligors’ liquidity, financial condition and results of operations, which could adversely affect our obligors’ ability to meet their obligations to us Some of our obligors’ businesses are affected by government reimbursement. To the extent that an operator/ tenant receives a significant portion of its revenues from government payors, primarily Medicare and Medicaid, such revenues may be subject to statutory and regulatory changes, retroactive rate adjustments, recovery of program overpayments or set-offs, court decisions, administrative rulings, policy interpretations, payment or other delays by fiscal intermediaries or carriers, change-of-ownership rules, government funding restrictions (at a program level or with respect to specific facilities), any lapse in Congressional funding of the Centers for Medicare and Medicaid Services and interruption or delays in payments due to any ongoing government investigations and audits at such property. Federal and state authorities may continue seeking to implement new or modified reimbursement methodologies that may negatively impact health care property operations. See “Item 1 — Business — Certain Government Regulations — United States — Reimbursement” above for additional information. Health care reimbursement will likely continue to be of paramount importance to federal and state authorities. We cannot make any assessment as to the ultimate timing or effect any future legislative reforms may have on the financial condition of our obligors and properties. There can be no assurance that adequate reimbursement levels will be available for services provided by any property operator, whether the property receives reimbursement from Medicare, Medicaid or private payors. Significant limits on the scope of services reimbursed and on reimbursement rates and fees could have a material adverse effect on an obligor’s liquidity, financial condition and results of operations, which could adversely affect the ability of an obligor to meet its obligations to us. In addition, if a partial or total federal government shutdown were to occur for a prolonged period of time, federal government payment obligations, including its obligations under Medicaid and Medicare, may be delayed. Similarly, if state government shutdowns were to occur, state payment obligations may be delayed. If the federal or state governments fail to make payments under these programs on a timely basis, our business could suffer, and our financial position, results of operations or cash flows may be materially affected. Since January 1, 2014, the Health Reform Laws have provided those states that expand their Medicaid coverage to otherwise ineligible state residents with incomes at or below 138% of the federal poverty level with an increased federal medical assistance percentage, effective January 1, 2014, when certain conditions are met. The federal government substantially funds the Medicaid expansion and as of December 2022, the number of states implementing expansion has grown to more than 75% of all states. The participation by states in the Medicaid expansion could have the dual effect of increasing our tenants’ revenues, through new patients, but further straining state budgets and their ability to pay our tenants. The status of the Health Reform Laws may be subject to change and other health reform measures could be legislative, regulatory, and administrative developments and judicial implemented as a result of political, proceedings. Further the impact that the recent change of control of the House and future changes in the federal government may have on health reform (including through new legislative, executive or regulatory efforts) remains uncertain, and any changes will likely take time to unfold and could have an impact on coverage and reimbursement for health care items and services covered by plans that were authorized by the Health Reform Laws. If the operations, cash flows or financial condition of our operators and tenants are materially adversely impacted by the Health Reform Laws or future legislation, our revenue and operations may be adversely affected 46 as well. More generally, and because of the dynamic nature of the legislative and regulatory environment for health care products and services, and in light of existing federal deficit and budgetary concerns, we cannot predict the impact that broad-based, far-reaching legislative or regulatory changes could have on the U.S. economy, our business, or that of our operators and tenants. If controls imposed on certain of our tenants who provide health care services that are reimbursed by Medicare, Medicaid and other third-party payors to reduce admissions and length of stay affect inpatient volumes at our health care facilities, the financial condition or results of operations of those tenants could be adversely affected Controls imposed by Medicare, Medicaid and commercial third-party payors designed to reduce admissions and lengths of stay, commonly referred to as “utilization reviews,” have affected and are expected to continue to affect certain of our health care facilities, specifically our acute care hospitals and post-acute facilities. Utilization review entails the review of the admission and course of treatment of a patient by managed care plans. Inpatient utilization, average lengths of stay and occupancy rates continue to be negatively affected by payor- required pre-admission authorization and utilization review and by payor pressures to maximize outpatient and alternative health care delivery services for less acutely ill patients. Efforts to impose more stringent cost controls and reductions are expected to continue, which could negatively impact the financial condition of our tenants who provide health care services in our hospitals and post-acute facilities. If so, this could adversely affect these tenants’ ability and willingness to comply with the terms of their leases with us and/or renew those leases upon expiration, which could have a material adverse effect on us. Our operators’ or tenants’ failure to comply with federal, state, province, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards could adversely affect such operators’ or tenants’ operations, which could adversely affect our operators’ and tenants’ ability to meet their obligations to us Our operators and tenants generally are subject to or impacted by varying levels of federal, state, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards. These laws and regulations include, among others: laws protecting consumers against deceptive practices; laws relating to the operation of our properties and how our tenants and operators conduct their business, such as fire, health and safety, data security and privacy laws; federal and state laws affecting hospitals, clinics and other health care communities that participate in both Medicare and Medicaid that specify reimbursement rates, pricing, reimbursement procedures and limitations, quality of services and care, background checks, food service and physical plants, and similar foreign laws regulating the health care industry; resident rights laws (including abuse and neglect laws) and fraud laws; anti-kickback and physician referral laws; the Americans with Disabilities Act of 1990 and similar state and local laws; and safety and health standards set by the Occupational Safety and Health Administration or similar foreign agencies. Our operators’ or tenants’ failure to comply with any of these laws, regulations, or standards could result in loss of accreditation, denial of reimbursement, imposition of fines, suspension, decertification or exclusion from federal and state health care programs, civil liability, and in certain limited instances, criminal penalties, material restrictions on or loss of license, closure of the facility and/or the incurrence of considerable costs arising from an investigation or regulatory action. The likelihood of these actions may increase due to the uncertainty of the long term effects of the COVID-19 pandemic. Such actions may have an effect on our operators’ or tenants’ ability to make lease payments to us and, therefore, adversely impact us. In addition, we may be directly subject to these laws, regulations and standards, as well as potential investigation or enforcement, as a result of our RIDEA-structured arrangements, and certain other arrangements we may pursue with healthcare entities who are directly subject to these laws. See “Item 1 — Business — Certain Government Regulations — United States — Fraud & Abuse Enforcement” and “Item 1 — Business — Certain Government Regulations — United States—Health Care Matters -Generally” above. Many of our properties may require a license, registration, and/or CON to operate. Failure to obtain a license, registration, or CON, or loss of a required license, registration, or CON would prevent a facility from operating in the manner intended by the operators or tenants. These events could materially adversely affect our operators’ or tenants’ ability to make rent or other obligatory payments to us. State and local laws also may regulate the 47 expansion, including the addition of new beds or services or acquisition of medical equipment, and the construction or renovation of health care facilities, by requiring a CON or other similar approval from a state agency. See “Item 1 — Business — Certain Government Regulations — United States — Licensing and Certification” above. In addition, we cannot assure you that future changes in government regulation will not adversely affect the health care industry, including our tenants and operators, nor can we be certain that our tenants and operators will achieve and maintain occupancy and rate levels or labor cost levels that will enable them to satisfy their obligations to us. Unfavorable resolution of pending and future litigation matters and disputes could have a material adverse effect on our financial condition From time to time, we are directly involved or named as a party in in legal proceedings, lawsuits and other claims that involve class actions, disputes regarding property damage, care matters and other issues. We also are named as defendants in lawsuits allegedly arising out of our actions or the actions of our operators/tenants or managers in which such operators/tenants or managers have agreed to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities arising in connection with their respective businesses. Employment related class action lawsuits have increased in recent years, including class action lawsuits brought against our operators in certain states regarding employee and government requirements regarding wage and hour claims and fair housing complaints, as well as class action lawsuits related to COVID-19. There can be no assurance that we will be able to prevail in, or achieve a favorable settlement of, pending or future litigation. In addition, pending litigation or future litigation, government proceedings or environmental matters could lead to increased costs or interruption of our normal business operations. An unfavorable resolution of pending or future litigation or legal proceedings may have a material adverse effect on our business, results of operations and financial condition. Regardless of its outcome, in substantial costs and expenses, significantly divert the attention of management, and could damage our reputation and our brand. In addition, any such resolution could involve our agreement to terms that restrict the operation of our business. We cannot guarantee losses incurred in connection with any current or future legal or regulatory proceedings or actions will not exceed any provisions we may have set aside in respect of such proceedings or actions or will not exceed any available insurance coverage. litigation may result Development, redevelopment and construction risks could affect our profitability We invest in various development and redevelopment projects. In deciding whether to acquire or develop a particular property, we make assumptions regarding the expected future performance of that property. In particular, we estimate the return on our investment based on expected construction costs, lease up velocity, occupancy, rental rates, operating expenses, capital costs and future competition. If our financial projections with respect to a new property are inaccurate, the property may fail to perform as we expected in analyzing our investment. Our estimate of the costs of repositioning or redeveloping an acquired property may prove to be inaccurate, which may result in our failure to meet our profitability goals. Our development/redevelopment and construction projects are vulnerable to the impact of material shortages and inflation. For example, shortages and fluctuations in the price of lumber or in other important raw materials have resulted in and could continue to result in delays in the start or completion of, or increase the cost of, developing one or more of our projects. Pricing for labor and raw materials can be affected by various national, regional, local, economic and political factors, including changes to immigration laws that impact the availability of labor or tariffs on imported construction materials. In connection with our renovation, redevelopment, development and related construction activities, we may be unable to obtain, or suffer delays in obtaining, necessary zoning, land-use, building, occupancy and other required governmental permits and authorizations, or satisfactory tax rates, incentives or abatements. Operators of new facilities we construct may need to obtain Medicare and Medicaid certification and enter into Medicare and Medicaid provider agreements and/or third-party payor contracts. In the event that the operator is unable to obtain the necessary licensure, certification, provider agreements or contracts after the completion of construction, there is a risk that we will not be able to earn any revenues on the facility until either the initial operator obtains a license or 48 certification to operate the new facility and the necessary provider agreements or contracts or we find and contract with a new operator that is able to obtain a license to operate the facility for its intended use and the necessary provider agreements or contracts. We have experienced such delays in obtaining necessary licensing for constructed properties and may experience additional or more significant delays in the future. We rely on our development managers, general contractors and subcontractors to oversee and manage day-to-day construction activities. If any such party underperforms or experiences financial or other problems during the construction process, we could experience significant delays, increased costs to complete the project and/or other negative impacts to our expected returns and may need to exercise contractual remedies against such party, which may include termination of the applicable underlying service contract. In the event such termination occurs mid-construction, we would likely need to engage a new service provider, which would likely result in additional costs and delays as the transition between providers occurs. The above-described factors could result in increased costs or our abandonment of these projects. In addition, we may abandon opportunities we have begun to investigate, for a range of reasons, including changes in expected financing or construction costs, adverse changes in expected rents or expenses, adverse environmental and/or geotechnical findings, conditions to zoning approval, legal and regulatory hurdles, including moratoriums on development and redevelopment activities, changes in market and economic conditions, natural disasters and other catastrophic events; damage, vandalism or accidents, higher requirements for capital improvements; decreased demand due to competition or other market and economic conditions, or defects that we do not discover through the inspection processes, which would result in additional expenses beyond those originally expected. In addition, we may not be able to obtain financing on favorable terms, or at all, which may render us unable to proceed with our development activities. We may not be able to complete construction and lease-up of a property on budget and on schedule, which could result in increased debt service expense or construction costs. Additionally, the time frame required for development, construction and lease-up of these properties means that we may have to wait years for significant cash returns. Because we are required to make cash distributions to our stockholders, if the cash flow from operations or refinancing is not sufficient, we may be forced to borrow additional money to fund such distributions. Newly developed and acquired properties may not produce the cash flow that we expect, which could adversely affect our overall financial performance. We may experience losses caused by severe weather conditions, natural disasters or the physical effects of climate change, which could result in an increase of our or our tenants’ cost of insurance, unanticipated costs associated with evacuation, a decrease in our anticipated revenues or a significant loss of the capital we have invested in a property We maintain or require our tenants to maintain comprehensive insurance coverage on our properties with terms, conditions, limits and deductibles that we believe are appropriate given the relative risk and costs of such coverage. However, a large number of our properties are located in areas particularly susceptible to revenue loss, cost increase or damage caused by severe weather conditions or natural disasters such as hurricanes, earthquakes, tornadoes and floods, as well as the effects of climate change. We believe, given current industry practice and analysis prepared by outside consultants, that our and our tenants’ insurance coverage is appropriate to cover reasonably anticipated losses that may be caused by hurricanes, earthquakes, tornadoes, floods, wildfires and other severe weather conditions and natural disasters, including the effects of climate change. Nevertheless, we are always subject to the risk that such insurance will not fully cover all losses and, depending on the severity of the event and the impact on our properties, such insurance may not cover a significant portion of the losses including the costs associated with evacuation. Moreover, an increase in volatility and difficulty predicting adverse weather events, such as the changes in tornado patterns in recent years, may result in additional losses. These losses may lead to an increase of our and our tenants’ cost of insurance, a decrease in our anticipated revenues from an affected property and a loss of all or a portion of the capital we have invested in an affected property. In addition, we or our tenants may not purchase insurance under certain circumstances if the cost of insurance exceeds, in our or our tenants’ judgment, the value of the coverage relative to the risk of loss. Also, changes in federal and state legislation and regulation relating to climate change could result in increased capital expenditures to improve the energy efficiency and resiliency of our existing properties and could also necessitate us to spend more on our new development properties without a corresponding increase in revenue. 49 To the extent that significant changes in the climate occur in areas where our communities are located, we may experience extreme weather and changes in precipitation and temperature, all of which may result in physical damage to or a decrease in demand for properties located in these areas or affected by these conditions. Should the impact of climate change be material, including significant property damage to or destruction of our communities, or occur for lengthy periods of time, our financial condition or results of operations may be adversely affected. In addition, changes in federal, state and local legislation and regulation based on concerns about climate change could result in increased capital expenditures on our existing properties and our new development properties without a corresponding increase in revenue, resulting in adverse impacts to our net income. We may incur costs to remediate environmental contamination at our properties, which could have an adverse effect on our or our obligors’ business or financial condition Under various laws, owners or operators of real estate may be required to respond to the presence or release of hazardous substances on the property and may be held liable for property damage, personal injuries or penalties that result from environmental contamination or exposure to hazardous substances. These laws often impose liability without regard to whether the owner or operator knew of the release of the substances or caused the release. We incurs in connection with the may become liable to reimburse the government for damages and costs it contamination. Generally, such liability attaches to a person based on the person’s relationship to the property. Our tenants or borrowers are primarily responsible for the condition of the property. Moreover, we review environmental site assessments of the properties that we own or encumber prior to taking an interest in them. Those assessments are designed to meet the “all appropriate inquiry” standard, which we believe qualifies us for the innocent purchaser defense if environmental liabilities arise. Based upon such assessments, we do not believe that any of our properties are subject to material environmental contamination. However, environmental liabilities may be present in our properties and we may incur costs to remediate contamination, which could have a material adverse effect on our business or financial condition or the business or financial condition of our obligors. Cybersecurity incidents could disrupt our business and result in the loss of confidential information and legal liability Our business is at risk from and may be impacted by cybersecurity attacks, including attempts to gain unauthorized access to our confidential data through phishing or other malicious activity, attempts to interrupt our access to, or use of information technology systems through distributed denial-of-service or ransomware attacks, breaches related to our increased receipt and use of data from multiple sources, and other electronic security breaches or other cybersecurity incidents within our environment or our business partners’ environments, including those resulting from human error, product defects and technology failures. Such cyber-attacks can range from individual attempts to gain unauthorized access to our or our business partners’ information technology systems to more sophisticated security threats and may be specifically targeted to our business or more general industry wide risks. Our information technology networks, and those of our business partners are essential to our ability to perform day-to-day operations of our business. While we employ a number of measures to prevent, detect and mitigate these threats, there is no guarantee such efforts will be successful in preventing or detecting a cyber-attack. Even the most well-protected information, networks, systems and facilities remain vulnerable because the techniques used in such attempted cybersecurity breaches evolve and generally are not recognized until launched against a target, and in some cases are designed not to be detected and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques, implement adequate cybersecurity barriers or other preventative measures, or respond, mitigate the risks from and recover from an attack without operational impact, and thus it is impossible for us to entirely mitigate this risk. We regularly defend against, respond to and mitigate risks from cybersecurity breaches, which to date have not had a material impact on our operations; however, there is no assurance that such impacts will not be material in the future. Cybersecurity incidents could disrupt our or our critical business partners’ business, damage our reputation, cause us to incur significant remediation expense and have a materially adverse effect on our business, financial condition and results of operations. Cybersecurity breaches that compromise proprietary, personal identifying or confidential information of our employees, operators, tenants and partners, or result in operational disruptions, could result in legal claims or proceedings, including enforcement actions by regulators under data privacy regulations. 50 Evolving privacy regulations could expose our business to reputational harm and losses Regulatory authorities around the world have implemented or are considering implementing a number of legislative changes or regulations concerning data protection, which have required or may require us to incur additional expenses and may expose us to additional risks. We are subject to numerous laws and regulations governing the protection of personal and confidential information of our clients or employees, including U.S. federal and state laws (including the State of California and HIPAA), and non- U.S. laws, such as the U.K. General Data Protection Regulation and the EU General Data Protection Regulation, which impose a number of obligations on us. These obligations vary from state to state and country to country, but generally have accountability and transparency including consent, detailed information and data removal and security requirements. Some jurisdictions impose the same requirements and restrictions on transfers of data from their jurisdictions to jurisdictions that they do not consider adequate. This may have implications for our cross-border data flows and may result in additional compliance costs. Many jurisdictions assess fines, the magnitude of which may depend on the annual global revenue of the noncompliant company, the nature, gravity and duration of, and the violation. Additionally, in some jurisdictions, data subjects may have a right to compensation for financial or non-financial losses. Complying with these laws may cause us to incur substantial operational and compliance costs or require us to change our business practices. Despite efforts to bring our practices into compliance with these laws, we may not be successful either due to internal or external factors such as resource allocation limitations or a lack of cooperation among our business partners. Non-compliance could result in proceedings against us by governmental entities, regulators, our business partners, residents of our communities, data subjects, suppliers, vendors or other parties. Further, there is a risk that compliance measures we undertake will not be implemented correctly or that individuals within our business or that of our business partners will not be fully compliant with the new procedures. If there are breaches of these measures, we could face significant administrative and monetary sanctions, as well as reputational damage, which may have a material adverse effect on our operations, financial condition and prospects. Our success and the success of our operators and managers depends on key personnel whose continued service is not guaranteed Our success and the success of our operators and managers depends on the continued availability and service of key personnel, including executive officers and other highly qualified employees, and competition for their talents is intense. There is substantial competition for qualified personnel. We cannot assure you that we will retain our key personnel or that we will be able to recruit and retain other highly qualified employees in the future. Losing any key personnel could, at least temporarily, have a material adverse effect on our business and that of our operators and managers’, financial position and results of operations. Welltower is a holding company with no direct operations, and it relies on funds received from Welltower OP to pay its obligations and make distributions to stockholders Welltower is a holding company with no direct operations. All of Welltower’s property ownership, development and related business operations are conducted through Welltower OP and Welltower has no material assets or liabilities other than its investment in Welltower OP. As a result, Welltower relies on distributions from Welltower OP to make dividend payments and meet its obligations, including any tax liability on taxable income allocated to Welltower from Welltower OP. Welltower exercises exclusive control over Welltower OP, including the authority to cause Welltower OP to make distributions, subject to certain limited approval and voting rights of Welltower OP’s other members as described in the Limited Liability Agreement. In addition, because Welltower is a holding company, your claims as stockholders are structurally subordinated to all existing and future liabilities and obligations to preferred equity holders of Welltower OP and its subsidiaries. Therefore, in the event of a bankruptcy, insolvency, liquidation or reorganization of Welltower OP or its subsidiaries, assets of Welltower OP or the applicable subsidiary will be available to satisfy any claims of our stockholders only after such liabilities and obligations have been satisfied in full. Welltower is the initial member and majority owner of Welltower OP, with an approximate ownership interest of 99.751% as of December 31, 2022. In connection with our future acquisition activities or otherwise, 51 Welltower OP may issue additional Class A Common Units (“OP Units”) to third parties and admit additional members. Such issuances would reduce Welltower’s percentage ownership in Welltower OP. Risks Arising from Our Capital Structure We may become more leveraged Permanent financing for our investments is typically provided through a combination of public offerings of debt and equity securities and the incurrence or assumption of secured debt. The incurrence or assumption of indebtedness may cause us to become more leveraged, which could (1) require us to dedicate a greater portion of our cash flow to the payment of debt service, (2) make us more vulnerable to a downturn in the economy, (3) limit our ability to obtain additional financing, (4) negatively affect our credit ratings or outlook by one or more of the rating agencies or (5) make us more vulnerable to increases in interest rates because of the variable interest rates on some of our borrowings to the extent we have not entirely hedged such variable rate debt. In addition, any changes to benchmark rates may have an uncertain impact on our cost of funds and our access to the capital markets, which could impact our results of operations and cash flows. Uncertainty as to the nature of such potential changes may also adversely affect the trading market for our securities. Additional financing, therefore, may be unavailable, more expensive or restricted by the terms of our outstanding indebtedness. Cash available for distributions to stockholders may be insufficient to make dividend contributions at expected levels and are made at the discretion of the Board of Directors If cash available for distribution generated by our assets decreases due to dispositions or otherwise, we may be unable to make dividend distributions at expected levels. Our inability to make expected distributions would likely result in a decrease in the market price of our common stock. All distributions are made at the discretion of our Board of Directors in accordance with Delaware law and depend on our earnings, our financial condition, debt and equity capital available to us, our expectation of our future capital requirements and operating performance, restrictive covenants in our financial and other contractual arrangements, maintenance of our REIT qualification, restrictions under Delaware law and other factors as our Board of Directors may deem relevant from time to time. Additionally, our ability to make distributions will be adversely affected if any of the risks described herein, or other significant adverse events, occur. We are subject to covenants in our debt agreements that could have a material adverse effect on our business, results of operations and financial condition Our debt agreements contain various covenants, restrictions and events of default. Among other things, these provisions require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. Breaches of these covenants could result in defaults under the instruments governing the applicable indebtedness, in addition to any other indebtedness cross-defaulted against such instruments. These defaults could have a material adverse effect on our business, results of operations and financial condition. Limitations on our ability to access capital could have an adverse effect on our ability to make future investments or to meet our obligations and commitments We cannot assure you that we will be able to raise the capital necessary to make future investments or to meet our obligations and commitments as they mature. Our access to capital depends upon a number of factors over which we have little or no control, including rising interest rates, inflation and other general market conditions; the market’s perception of our growth potential and our current and potential future earnings and cash distributions; the market price of the shares of our common stock and the credit ratings of our debt securities; changes in the credit ratings on U.S. government debt securities; uncertainty from the transition to Secured Overnight Financing Rate (“SOFR”) or any other interest rate benchmark; and default or delay in payment by the U.S. of its obligations. We also rely on the financial institutions that are parties to our revolving credit facilities. If these institutions become capital constrained, tighten their lending standards or become insolvent or if they experience excessive volumes of borrowing requests from other borrowers within a short period of time, they may be unable or unwilling to honor 52 their funding commitments to us, which would adversely affect our ability to draw on our revolving credit facilities and, over time, could negatively impact our ability to consummate acquisitions, repay indebtedness as it matures, fund capital expenditures or make distributions to our stockholders. If our access to capital is limited by these factors or other factors, it could negatively impact our ability to acquire properties, repay or refinance our indebtedness, fund operations or make distributions to our stockholders. Downgrades in our credit ratings could have a material adverse effect on our cost and availability of capital We plan to manage the company to maintain a capital structure consistent with our current profile, but there can be no assurance that we will be able to maintain our current credit ratings. Any downgrades in terms of ratings or outlook by any or all of the rating agencies could have a material adverse effect on our cost and availability of capital, which could in turn have a material adverse effect on our results of operations, liquidity, cash flows, the trading/redemption price of our securities and our ability to satisfy our debt service obligations and to pay dividends and distributions to our equity holders. Increases in interest rates could have a material adverse effect on our cost of capital, and our decision to hedge against interest rate risk might not be effective The current high interest rate environment has been increasing interest cost on new and existing variable rate debt. Such increases in the cost of capital, and any further increases resulting from future interest rate hikes, could adversely impact our ability to finance operations, acquire and develop properties, and refinance existing debt. Additionally, increased interest rates may also result in less liquid property markets, limiting our ability to sell existing assets. Higher interest rates may also lead purchasers of our common stock to demand a greater annual dividend yield, which could adversely affect the market price of our common stock and could result in increased capitalization rates, which may lead to reduced valuation of our assets. We may from time to time seek to manage our exposure to interest rate volatility with hedging arrangements, which involve additional risks, including the risks that counterparties may fail to honor their obligations under these arrangements, that these arrangements may not be effective in reducing our exposure to interest rate changes, that the amount of income we earn from hedging transactions may be limited by federal tax provisions governing REITs, and that these arrangements may reduce the benefits to us if interest rates decline. Developing and implementing an interest rate risk strategy is complex and no strategy can completely insulate us from risks associated with interest rate fluctuations and there can be no assurance that our hedging activities will be effective. Failure to hedge effectively against interest rate risk, if we choose to engage in such activities, could adversely affect our business, financial condition and results of operations. Risks Arising from Our Status as a REIT We might fail to qualify or remain qualified as a REIT We intend to operate as a REIT under the Code, and believe we have operated and will continue to operate in such a manner. If we lose our status as a REIT, we will face serious income tax consequences that will substantially reduce the funds available for satisfying our obligations and for distribution to our stockholders because: • Welltower would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to U.S. federal income tax at regular corporate rates; • Welltower would be subject to increased state and local taxes; and • unless Welltower is entitled to relief under statutory provisions, it could not elect to be subject to tax as a REIT for four taxable years following the year during which it was disqualified. Since REIT qualification requires us to meet a number of complex requirements, it is possible that we may fail to fulfill them, and if we do, our earnings will be reduced by the amount of U.S. federal and other income taxes owed. A reduction in our earnings would affect the amount we could distribute to our stockholders. If we do not qualify as a REIT, we will not be required to make distributions to stockholders, since a non-REIT is not 53 required to pay dividends to stockholders in order to maintain REIT status or avoid an excise tax. In addition, if we fail to qualify as a REIT, all distributions to stockholders will continue to be treated as dividends to the extent of our current and accumulated earnings and profits, although corporate stockholders may be eligible for the dividends received deduction, and individual stockholders may be eligible for taxation at the rates generally applicable to long-term capital gains with respect to distributions. As a result of all these factors, our failure to qualify as a REIT also could impair our ability to implement our business strategy and would adversely affect the value of our common stock. Qualification as a REIT involves the application of highly technical and complex Code provisions for which there are only limited judicial and administrative interpretations. The determination of various factual matters and circumstances not entirely within our control may affect our ability to remain qualified as a REIT. Although we believe that we qualify as a REIT, we cannot assure you that we will remain qualified as a REIT for U.S. federal income tax purposes. Failure of Welltower OP to maintain status as a partnership for U.S. federal income tax purposes We believe Welltower OP qualifies as a partnership for U.S. federal income tax purposes. As a partnership, Welltower OP is generally not subject to U.S. federal income tax on its income. Instead, each of the partners is allocated its share of Welltower OP’s income. We cannot assure you, however, that the IRS will not challenge the status of Welltower OP as a partnership for U.S. federal income tax purposes. If the IRS were to successfully challenge the status of Welltower OP as a partnership, it would be taxable as a corporation. In such event, this would reduce the amount of distributions that Welltower OP could make. The treatment of Welltower OP as a corporation would also cause us to fail to qualify as a REIT. This would substantially reduce our cash available to pay distributions and the return on a unitholder and/or shareholder’s investment. Certain subsidiaries might fail to qualify or remain qualified as a REIT We own interests in a number of entities which intend to operate as REITs for U.S. federal income tax purposes, some of which we consolidate for financial reporting purposes but each of which is treated as a separate REIT for federal income tax purposes (each a “Subsidiary REIT”). To qualify as a REIT, each Subsidiary REIT must independently satisfy all of the REIT qualification requirements under the Code, together with all other rules applicable to REITs. Provided that each Subsidiary REIT qualifies as a REIT, our interests in the Subsidiary REITs will be treated as qualifying real estate assets for purposes of the REIT asset tests. If a Subsidiary REIT fails to qualify as a REIT in any taxable year, such Subsidiary REIT would be subject to federal and state income taxes and would not be able to qualify as a REIT for the four subsequent taxable years following the year during which it was disqualified. Any such failure could have an adverse effect on our ability to comply with the REIT income and asset tests, and thus our ability to qualify as a REIT, unless we are able to avail ourselves of certain relief provisions. The tax imposed on any net income from “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for federal income tax purposes Any net income of a REIT from prohibited transactions (which are, in general, sales or other dispositions of property held primarily for sale to customers in the ordinary course of business, other than dispositions of foreclosure property) is subject to a 100% tax, unless certain safe harbor exceptions apply. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business (other than through a TRS), such characterizations is a factual determination and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors. The 90% annual distribution requirement will decrease our liquidity and may limit our ability to engage in otherwise beneficial transactions To comply with the 90% distribution requirement applicable to REITs and to avoid the nondeductible excise tax, we must make distributions to our stockholders. Although we anticipate that we generally will have sufficient cash or liquid assets to enable us to satisfy the REIT distribution requirement, it is possible that, from time to time, we may not have sufficient cash or other liquid assets to meet the 90% distribution requirement. 54 This may be due to timing differences between the actual receipt of income and actual payment of deductible expenses, on the one hand, and the inclusion of that income and deduction of those expenses in arriving at our taxable income, on the other hand. In addition, non-deductible expenses such as principal amortization or repayments or capital expenditures in excess of non-cash deductions may cause us to fail to have sufficient cash or liquid assets to enable us to satisfy the 90% distribution requirement. In the event that timing differences occur, or we deem it appropriate to retain cash, we may borrow funds, even if the then-prevailing market conditions are not favorable for these borrowings, issue additional equity securities (although we cannot assure you that we will be able to do so), pay taxable stock dividends, if possible, distribute other property or securities or engage in other transactions intended to enable us to meet the REIT distribution requirements. This may require us to raise additional capital to meet our obligations. Our use of TRSs is limited under the Code Under the Code, no more than 20% of the value of the gross assets of a REIT may be represented by securities of one or more TRSs. This limitation may affect our ability to increase the size of our TRSs’ operations and assets, and there can be no assurance that we will be able to comply with the applicable limitation, or that such compliance will not adversely affect our business. Also, our TRSs may not, among other things, operate or manage certain health care facilities, which may cause us to forgo investments we might otherwise make. Finally, we may be subject to a 100% excise tax on the income derived from certain transactions with our TRSs that are not on an arm’s-length basis. We believe our arrangements with our TRSs are on arm’s-length terms and intend to continue to operate in a manner that allows us to avoid incurring the 100% excise tax described above, but there can be no assurance that we will be able to avoid application of that tax. The lease of qualified health care properties to a TRS is subject to special requirements We lease certain qualified health care properties to TRSs (or subsidiaries of TRSs), which lessees contract with managers (or related parties) to manage the health care operations at these properties. The rents from this TRS lessee structure are treated as qualifying rents from real property if (1) they are paid pursuant to an arm’s-length lease of a qualified health care property with a TRS and (2) the manager qualifies as an eligible independent contractor (as defined in the Code). If any of these conditions are not satisfied, then the rents will not be qualifying rents. If certain sale-leaseback transactions are not characterized by the Internal Revenue Service (“IRS”) as “true leases,” we may be subject to adverse tax consequences We have purchased certain properties and leased them back to the sellers of such properties, and we may enter into similar transactions in the future. We intend for any such sale-leaseback transaction to be structured in such a manner that the lease will be characterized as a “true lease,” thereby allowing us to be treated as the owner of the property for U.S. federal income tax purposes. However, depending on the terms of any specific transaction, the IRS might take the position that the transaction is not a “true lease” but is more properly treated in some other manner. In the event any sale-leaseback transaction is challenged and successfully re-characterized by the IRS, we would not be entitled to claim the deductions for depreciation and cost recovery generally available to an owner of property. Furthermore, if a sale-leaseback transaction were so re-characterized, we might fail to satisfy the REIT asset tests or income tests and, consequently, could lose our REIT status effective with the year of re-characterization. Alternatively, the amount of our REIT taxable income could be recalculated, which may cause us to fail to meet the REIT annual distribution requirements for a taxable year. We could be subject to changes in our tax rates, the adoption of new U.S. or international tax legislation, or exposure to additional tax liabilities We are subject to taxes in the U.S. and foreign jurisdictions. Because the U.S. maintains a worldwide corporate tax system, the foreign and U.S. tax systems are somewhat interdependent. Longstanding international norms that determine each country’s jurisdiction to tax cross-border international trade are evolving and could reduce the ability of our foreign subsidiaries to deduct for foreign tax purposes the interest they pay on loans from us, thereby increasing the foreign tax liability of the subsidiaries; it is also possible that foreign countries could increase their withholding taxes on dividends and interest. 55 Our effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates or changes in tax laws or their interpretation. We are also subject to the examination of our tax returns and other tax matters by the IRS and other tax authorities and governmental bodies. We regularly assess the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of our provision for taxes. There can be no assurance as to the outcome of these examinations. If we were subject to review or examination by the IRS or applicable foreign jurisdiction as the result of any new tax law changes, the ultimate determination of which may change our taxes owed for an amount in excess of amounts previously accrued or recorded, our financial condition, operating results, and cash flows could be adversely affected. The present federal income tax treatment of REITs may be modified, possibly with retroactive effect, by legislative, judicial or administrative action at any time, which could affect the federal income tax treatment of an investment in us. The federal income tax rules dealing with U.S. federal income taxation and REITs are constantly under review by persons involved in the legislative process, the IRS and the U.S. Treasury Department, which results in statutory changes as well as frequent revisions to regulations and interpretations. We cannot predict how changes in the tax laws in the U.S. or foreign jurisdictions might affect our investors or us. Revisions in tax laws and interpretations thereof could significantly and negatively affect our ability to qualify as a REIT, as well as the tax considerations relevant to an investment in us, could cause us to change our investments and commitments, and adversely affect our earnings and cash flow. The impact to our TRSs of the Corporate Alternative Minimum Tax imposed by the Inflation Reduction Act of 2022 is uncertain and may be adverse For tax years beginning after December 31, 2022, the Inflation Reduction Act of 2022 (“IRA”) imposes among other things, a 15% Corporate Alternative Minimum Tax (“Corporate AMT”) on certain U.S. corporations with average adjusted financial statement income in excess of $1 billion. Although, by its terms, the Corporate AMT is not applicable to REITs, it is not certain whether or how the Corporate AMT would apply to our TRSs. In December 2022, the U.S. Department of the Treasury issued Notice 2023-7, indicating its intention to propose regulations and provide other guidance regarding the Corporate AMT and issuing certain interim rules on which taxpayers may rely. Until further regulations and guidance from the IRS and Treasury are released, the impact of the Corporate AMT on our TRSs is uncertain and it is possible that our TRSs will be subject to material U.S. federal income taxes under the Corporate AMT. Item 1B. Unresolved Staff Comments None. 56 Item 2. Properties We lease our corporate headquarters located at 4500 Dorr Street, Toledo, Ohio 43615. We also lease corporate offices throughout the U.S., Canada and the United Kingdom and have ground leases relating to certain of our properties. The following table sets forth certain information regarding the properties that comprise our consolidated real property and real estate loan investments as of December 31, 2022 (dollars in thousands): Property Location Number of Properties Total Investment Annualized Revenues(1) Number of Properties Total Investment Annualized Revenues(1) Number of Properties Total Investment Annualized Revenues(1) Seniors Housing Operating Triple-net Outpatient Medical 5 Alabama . . . . . . . . . . . . . . 1 Arkansas . . . . . . . . . . . . . . 12 Arizona . . . . . . . . . . . . . . . 103 California . . . . . . . . . . . . . 16 Colorado . . . . . . . . . . . . . . 5 Connecticut . . . . . . . . . . . 2 District Of Columbia . . . . 7 Delaware . . . . . . . . . . . . . 26 Florida . . . . . . . . . . . . . . . 15 Georgia . . . . . . . . . . . . . . . 1 . . . . . . . . . . . . . . . Hawaii 9 Iowa . . . . . . . . . . . . . . . . . 5 Idaho . . . . . . . . . . . . . . . . 36 Illinois . . . . . . . . . . . . . . . 8 Indiana . . . . . . . . . . . . . . . 10 Kansas . . . . . . . . . . . . . . . 4 Kentucky . . . . . . . . . . . . . 6 Louisiana . . . . . . . . . . . . . 16 Massachusetts . . . . . . . . . 10 Maryland . . . . . . . . . . . . . 1 Maine . . . . . . . . . . . . . . . . 26 Michigan . . . . . . . . . . . . . 3 Minnesota . . . . . . . . . . . . . 9 Missouri . . . . . . . . . . . . . . 3 Mississippi . . . . . . . . . . . . 2 Montana . . . . . . . . . . . . . . 10 North Carolina . . . . . . . . . 1 North Dakota . . . . . . . . . . 9 Nebraska . . . . . . . . . . . . . 3 New Hampshire . . . . . . . . 28 New Jersey . . . . . . . . . . . . 7 Nevada . . . . . . . . . . . . . . . 41 New York . . . . . . . . . . . . . 47 Ohio . . . . . . . . . . . . . . . . . 13 Oklahoma . . . . . . . . . . . . . 14 Oregon . . . . . . . . . . . . . . . 24 Pennsylvania . . . . . . . . . . 5 South Carolina . . . . . . . . . 10 Tennessee . . . . . . . . . . . . . 76 Texas . . . . . . . . . . . . . . . . 4 Utah . . . . . . . . . . . . . . . . . 9 Virginia . . . . . . . . . . . . . . 34 Washington . . . . . . . . . . . Wisconsin . . . . . . . . . . . . . 2 West Virginia . . . . . . . . . . — 678 Total domestic . . . . . . . . . 107 Canada . . . . . . . . . . . . . . . 65 United Kingdom . . . . . . . 172 . . . . . . Total international $ 14,082 3 56,098 $ 4,636 — 28,634 49,673 — 257,315 23 825,685 3,622,974 8 113,236 492,334 18,685 4 108,606 13,695 — 98,890 4 28,654 82,287 43 174,325 852,694 55,073 3 242,060 19,207 — 72,197 34,521 7 121,634 6,597 — 85,097 23 156,924 593,381 27 37,627 221,430 20 47,729 150,366 3 15,604 59,775 2 30,427 110,579 9 80,746 479,962 98,579 21 485,082 11,759 — 22,821 25 101,797 429,345 13,070 12 76,447 22,413 — 169,720 12,272 — 28,617 7,874 — 24,572 52,360 51 308,638 1,385 — 13,012 20,149 — 125,203 8,090 — 87,063 216,156 29 703,917 33,248 — 126,258 4 175,092 823,123 41 162,312 892,834 12 40,536 166,691 1 45,605 158,195 56 100,825 386,404 7 19,669 82,791 6 43,621 199,251 23 337,768 1,541,846 1 23,859 72,461 29 102,450 366,086 7 201,840 893,930 5 7,108 18,823 1 — — 510 $15,939,443 $3,586,963 6 455,321 54 430,355 60 $ 4,217,039 $ 885,676 2,372,861 1,844,178 $ 21,101 77,297 26,807 23,456 32,944 $ — — 429,725 223,886 81,982 — 108,537 473,995 37,748 — 54,697 — 329,716 401,856 170,160 50,596 39,387 184,382 258,479 — 240,373 225,611 — — — 479,391 — — — 585,422 — 36,960 402,434 92,244 2,428 574,040 32,595 60,628 338,227 21,749 374,359 86,874 84,390 6,208 6 4,831 1 — 7 — 67,220 42 22,444 — 7 1,761 — — 15,983 — 25 54,592 12 3,726 — — 4,335 — 2 — 28,257 7 48,528 — 21,711 — 5,491 — 3,150 — 7 10,136 12 31,931 — — 13 7 — 12 — 1 — — 25 — — — 1 — — 15 58,196 8 — 15 7,442 7 43,100 2 13,665 1 886 5 94,479 2 5,261 3 7,551 39,233 59 1,887 — 6 55,165 8 7,994 5 10,230 1,050 — 323 10,467 — 1,210,849 150,329 — $1,340,099 $160,796 — $ — 100,439 — — 228,998 206,707 — — 48,932 106,322 — — — — 100,984 245,700 — 183,550 141,675 183,171 33,951 — 622,716 — 10,693 — 333,582 125,313 409,221 97,408 13,244 41,946 84,040 9,556 64,860 $ 180,944 $ 12,759 4,126 9,873 1,009,678 107,924 — 9,060 — — 54,370 33,173 — — 4,989 15,205 — — — — 8,949 24,302 — 24,168 31,718 22,980 2,342 — 52,683 — 2,285 — 45,012 10,184 33,538 2,566 2,882 3,155 6,147 1,940 9,078 1,069,580 107,365 — — 13,916 106,869 27,753 178,104 9,472 84,634 — — $6,121,215 $693,914 — — — — — — $ $6,522,023 $778,959 129,250 58,461 Grand total . . . . . . . . . . . . 850 $20,156,482 $4,472,639 570 $7,862,122 $939,755 323 $6,121,215 $693,914 (1) Represents revenue for the month ended December 31, 2022 annualized. 57 The following table sets forth occupancy and average annualized revenues for certain property types (excluding investments in unconsolidated entities): Occupancy(1) Average Annualized Revenues(2) 2022 2021 2022 2021 Seniors Housing Operating(3) Triple-net(4) Outpatient Medical(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78.1% 76.4% $49,987 76.2% 73.0% 17,330 38 95.2% 95.4% $ 48,300 per unit 19,675 per bed/unit 37 per sq. ft. (1) We use unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy for properties other than Outpatient Medical buildings and have not independently verified the information. (2) Represents December annualized revenues divided by total beds, units or square feet in service, as presented in the tables above. (3) Occupancy represents average occupancy of properties in service for the three months ended December 31. (4) Occupancy represents average quarterly operating occupancy based on the quarters ended September 30 and excludes properties that are unstabilized, closed or for which data is not available or meaningful. (5) Occupancy represents the percentage of total rentable square feet leased and occupied (including month-to-month and holdover leases and excluding terminations) as of December 31. The following table sets forth information regarding lease expirations for certain portions of our portfolio as of December 31, 2022 (dollars in thousands): 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Thereafter Expiration Year(1) 3 5,169 $ 0.8% 388 0.8% 4 13,088 $ 2.1% 692 1.3% 15 6,612 $ 1.1% 451 0.9% 50 43,465 $ 7.0% 3,489 6.7% 2 1,182 $ 0.2% 180 0.3% 4 5,246 4 4,001 $ $ 0.8% 440 0.9% 0.6% 219 0.4% 34 68,919 $ 11.1% 3,669 7.1% 6 12,773 $ 2.1% 542 1.0% 88 337 65,629 $ 393,268 10.6% 4,314 8.3% 63.6% 37,320 72.3% Triple-net: Properties . . . . . . . Base rent(2) . . . . . . $ % of base rent . . . Units . . . . . . . . . . . % of units . . . . . . . Outpatient Medical: Square feet . . . . . . 2,046,278 Base rent(2) . . . . . . $ % of base rent . . . Leases . . . . . . . . . % of leases . . . . . . 58,210 $ 11.9% 436 18.8% 1,844,706 1,210,369 1,266,337 1,397,012 56,157 $ 11.5% 319 13.8% 36,284 $ 7.4% 241 10.4% 36,568 $ 7.5% 209 9.0% 38,694 $ 7.9% 201 8.7% 1,070,909 28,656 997,165 $ 28,013 1,145,303 $ 5.8% 145 6.3% 5.7% 76 3.3% 1,615,952 1,171,514 31,524 $ 6.4% 83 3.6% 44,050 $ 9.0% 63 2.7% 34,704 $ 7.1% 124 5.3% 3,656,379 97,020 19.8% 421 18.1% (1) Excludes investments in unconsolidated entities, developments, land parcels, loans receivable and sub-leases. Investments classified as held for sale are included in 2023. (2) The most recent monthly cash base rent annualized. Base rent does not include tenant recoveries or amortization of above and below market lease intangibles or other non-cash income. Item 3. Legal Proceedings From time to time, there are various legal proceedings pending against us that arise in the ordinary course of our business. Management does not believe that the resolution of any of these legal proceedings either individually or in the aggregate will have a material adverse effect on our business, results of operations or financial condition. Further, from time to time, we are party to certain legal proceedings for which third parties, such as tenants, operators and/or managers are contractually obligated to indemnify, defend and hold us harmless. In some of these matters, the indemnitors have insurance for the potential damages. In other matters, we are being defended by tenants and other obligated third parties and these indemnitors may not have sufficient insurance, assets, income or resources to satisfy their defense and indemnification obligations to us. The unfavorable resolution of such legal proceedings could, individually or in the aggregate, materially adversely affect the indemnitors’ ability to satisfy their respective obligations to us, which, in turn, could have a material adverse effect on our business, results of operations or financial condition. It is management’s opinion that there are currently no such legal proceedings pending that will, individually or in the aggregate, have such a material adverse effect. Despite management’s view of the ultimate resolution of these legal proceedings, we may have significant legal expenses and costs associated with the defense of such matters. Further, management cannot predict the outcome of these legal proceedings and if management’s expectation regarding such matters is not correct, such proceedings could have a material adverse effect on our business, results of operations or financial condition. 58 Item 4. Mine Safety Disclosures None. 59 Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock trades on the New York Stock Exchange (NYSE:WELL). There were 3,002 PART II stockholders of record as of February 16, 2023. Stockholder Return Performance Presentation The graph and table below compares the yearly percentage change and the cumulative total stockholder return on our shares of common stock against the cumulative total return of the S&P Composite-500 Stock Index and the FTSE NAREIT Equity Index. The data are based on the closing prices as of December 31 for each of the five years presented. 2017 equals $100 and dividends are assumed to be reinvested. S&P 500 Welltower Inc. FTSE NAREIT Equity s r a l l o D 200 180 160 140 120 100 80 2017 2018 2019 2020 2021 2022 S & P 500 Welltower Inc. FTSE NAREIT Equity 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 $100.00 $ 95.62 $125.72 $148.85 $191.58 $156.88 100.00 100.00 115.30 95.38 141.86 120.17 117.05 110.56 160.34 158.36 126.40 119.78 Except to the extent that we specifically incorporate this information by reference, the foregoing Stockholder Return Performance Presentation shall not be deemed incorporated by reference by any general statement incorporating by reference this Annual Report on Form 10-K into any filing under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended. This information shall not otherwise be deemed filed under such Acts. 60 During the three months ended December 31, 2022, we acquired shares of our common stock held by employees who tendered shares to satisfy tax withholding obligations upon the vesting of previously issued restricted stock awards. Specifically, the number of shares of common stock acquired from employees and the average prices paid per share for each month in the fourth quarter ended December 31, 2022 are shown in the table below: Issuer Purchases of Equity Securities Period Total Number of Shares Purchased Average Price Paid Per Share October 1, 2022 through October 31, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . November 1, 2022 through November 30, 2022 . . . . . . . . . . . . . . December 1, 2022 through December 31, 2022 . . . . . . . . . . . . . . . Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . 285 — — 285 $64.32 — — $64.32 Total Number of Shares Purchased as Part of Publicly Announced Repurchase Program Maximum Dollar Value of Shares that May Yet Be Purchased Under the Repurchase Program — — — — $ — 3,000,000,000 3,000,000,000 $3,000,000,000 On November 7, 2022, our Board of Directors approved a share repurchase program for up to $3,000,000,000 of common stock (the “Stock Repurchase Program”). Under the Stock Repurchase Program, we are not required to purchase shares but may choose to do so in the open market or through privately-negotiated transactions, through block trades, by effecting a tender offer, by way of an accelerated share repurchase program, through the purchase of call options or the sale of put options, or otherwise, or by any combination of the foregoing. We expect to finance any share repurchases using available cash and may use proceeds from borrowings or debt offerings. The Stock Repurchase Program has no expiration date and does not obligate us to repurchase any specific number of shares. We did not repurchase any shares of our common stock through the Stock Repurchase Program during the three months ended December 31, 2022. Item 6. [Reserved] 61 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations EXECUTIVE SUMMARY Company Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Business Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Key Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Key Performance Indicators, Trends and Uncertainties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIQUIDITY AND CAPITAL RESOURCES Sources and Uses of Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Off-Balance Sheet Arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Contractual Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RESULTS OF OPERATIONS Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Seniors Housing Operating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Triple-net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outpatient Medical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-Segment/Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 64 65 66 69 69 70 71 71 73 75 79 82 84 OTHER Non-GAAP Financial Measures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Critical Accounting Policies and Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 92 62 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is based primarily on the consolidated financial statements of Welltower Inc. presented in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for the periods presented and should be read together with the notes thereto contained in this Annual Report on Form 10-K. Other important factors are identified in “Item 1 — Business” and “Item 1A — Risk Factors” above. On March 7, 2022, we announced our intent to complete an UPREIT reorganization. In February 2022, the company formerly known as Welltower Inc. (“Old Welltower”) formed WELL Merger Holdco Inc. (“New Welltower”) as a wholly owned subsidiary, and New Welltower formed WELL Merger Holdco Sub Inc. (“Merger Sub”) as a wholly owned subsidiary. On April 1, 2022, Merger Sub merged with and into Old Welltower, with Old Welltower continuing as the surviving corporation and a wholly owned subsidiary of New Welltower. In connection with the Merger, Old Welltower’s name was changed to “Welltower OP Inc.”, and New Welltower inherited the name “Welltower Inc.” Effective May 24, 2022, Welltower OP Inc. (“Welltower OP”) converted from a Delaware corporation into a Delaware limited liability company named Welltower OP LLC. Following the LLC Conversion, New Welltower’s business continues to be conducted through Welltower OP and New Welltower does not have substantial assets or liabilities, other than through its investment in Welltower OP. Unless stated otherwise or the context otherwise requires, references to “Welltower” mean Welltower Inc. and references to “Welltower OP” mean Welltower OP LLC. References to “we,” “us” and “our” mean collectively Welltower, Welltower OP and those entities/subsidiaries owned or controlled by Welltower and/or Welltower OP. Executive Summary Company Overview Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post- acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower Inc., a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), consisting of seniors housing and post-acute communities and outpatient medical properties. Welltower Inc. is the initial member and majority owner of Welltower OP, with an approximate ownership interest of 99.751% as of December 31, 2022. All of our property ownership, development and related business operations are conducted through Welltower OP and Welltower Inc. has no material assets or liabilities other than its investment in Welltower OP. Welltower Inc. issues equity from time to time, the net proceeds of which it is obligated to contribute as additional capital to Welltower OP. All debt including credit facilities, senior notes and secured debt is incurred by Welltower OP, and Welltower Inc. has fully and conditionally guaranteed all existing and future senior unsecured notes. The following table summarizes our consolidated portfolio for the year ended December 31, 2022 (dollars in thousands): Type of Property Seniors Housing Operating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Triple-net Outpatient Medical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ NOI(1) 953,372 887,024 472,760 Percentage of NOI Number of Properties 41.2% 38.3% 20.5% 850 570 323 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,313,156 100.0% 1,743 (1) Represents consolidated net operating income (“NOI”) and excludes our share of investments in unconsolidated entities. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. See Non-GAAP Financial Measures for additional information and reconciliation. 63 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The COVID-19 pandemic has had and may continue to have material and adverse effects on our financial condition, results of operations and cash flows in the future. The extent to which the COVID-19 pandemic impacts our operations and those of our operators and tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the effectiveness of vaccines, the actions taken to contain the pandemic or mitigate its impact and the direct and indirect economic effects of the pandemic and containment measures, the overall pace of recovery, among others. Our Seniors Housing Operating revenues are dependent on occupancy which has increased during the year ended December 31, 2022. As of December 31, 2022, nearly all communities are open for new admissions and allowing visitors, in-person tours and communal dining activities. We have incurred increased operational costs as a result of public health measures and other regulations affecting our properties, as well as additional health and safety measures adopted by us and our operators related to the COVID-19 pandemic, including increases in labor, personal protective equipment and sanitation. We expect total Seniors Housing Operating expenses to remain elevated as many of these additional health and safety measures have become standard practice. Our Triple-net operators are experiencing similar trends related to occupancy and operating costs as described above with respect to our Seniors Housing Operating properties. However, long-term/post-acute care facilities are generally experiencing a higher degree of occupancy declines. These factors may continue to impact the ability of our Triple-net operators to make contractual rent payments to us in the future. Many of our Triple-net operators received funds under the Coronavirus Aid Relief, and Economic Security Act (“CARES Act”) Paycheck Protection Program and Provider Relief Fund. Business Strategy Our primary objectives are to protect stockholder capital and enhance stockholder value. We seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders as a result of annual increases in NOI and portfolio growth. To meet these objectives, we invest across the full spectrum of seniors housing and health care real estate and diversify our investment portfolio by property type, relationship and geographic location. Substantially all of our revenues are derived from operating lease rentals, resident fees and services and interest earned on outstanding loans receivable. These items represent our primary sources of liquidity to fund distributions and depend upon the continued ability of our obligors to make contractual rent and interest payments to us and the profitability of our operating properties. To the extent that our obligors/partners experience operating difficulties and become unable to generate sufficient cash to make payments or operating distributions to us, there could be a material adverse impact on our consolidated results of operations, liquidity and/or financial condition. To mitigate this risk, we monitor our investments through a variety of methods determined by the type of property. Our asset management process for seniors housing properties generally includes review of monthly financial statements and other operating data for each property, review of obligor/ partner creditworthiness, property inspections and review of covenant compliance relating to licensure, real estate taxes, letters of credit and other collateral. Our internal property management division manages and monitors the outpatient medical portfolio with a comprehensive process including review of tenant relations, lease expirations, the mix of health service providers, hospital/health system relationships, property performance, capital improvement needs and market conditions among other things. We evaluate the operating environment in each property’s market to determine the likely trend in operating performance of the facility. When we identify unacceptable trends, we seek to mitigate, eliminate or transfer the risk. Through these efforts, we generally aim to intervene at an early stage to address any negative trends, and in so doing, support both the collectability of revenue and the value of our investment. In addition to our asset management and research efforts, we also aim to structure our relevant investments to mitigate payment risk. Operating leases and loans are normally credit enhanced by guarantees and/or letters of 64 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations credit. In addition, operating leases are typically structured as master leases and loans are generally cross- defaulted and cross-collateralized with other real estate loans, operating leases or agreements between us and the obligor and its affiliates. For the year ended December 31, 2022, resident fees and services and rental income represented 71% and 25%, respectively, of total revenues. Substantially all of our operating leases are designed with escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Our yield on loans receivable depends upon a number of factors, including the stated interest rate, the average principal amount outstanding during the term of the loan and any interest rate adjustments. Our primary sources of cash include resident fees and services, rent and interest receipts, borrowings under our unsecured revolving credit facility and commercial paper program, public issuances of debt and equity securities, proceeds from investment dispositions and principal payments on loans receivable. Our primary uses of cash include dividend distributions, debt service payments (including principal and interest), real property investments (including acquisitions, capital expenditures, construction advances and transaction costs), loan advances, property operating expenses, general and administrative expenses and other expenses. Depending upon the availability and cost of external capital, we believe our liquidity is sufficient to fund these uses of cash. We also continuously evaluate opportunities to finance future investments. New investments are generally funded from temporary borrowings under our unsecured revolving credit facility and commercial paper program, internally generated cash and the proceeds from investment dispositions. Our investments generate cash from NOI and principal payments on loans receivable. Permanent financing for future investments, which replaces funds drawn under our unsecured revolving credit facility and commercial paper program, has historically been provided through a combination of the issuance of public debt and equity securities and the incurrence or assumption of secured debt. Depending upon market conditions, we believe that new investments will be available in the future with spreads over our cost of capital that will generate appropriate returns to our stockholders. It is also likely that investment dispositions may occur in the future. To the extent investment dispositions exceed new investments, our revenues and cash flows from operations could be adversely affected. We expect to reinvest the proceeds from any investment dispositions in new investments. To the extent that new investment requirements exceed our available cash on-hand, we expect to borrow under our unsecured revolving credit facility and commercial paper program. At December 31, 2022, we had $631,681,000 of cash and cash equivalents, $90,611,000 of restricted cash and $4,000,000,000 of available borrowing capacity under our unsecured revolving credit facility. that Key Transactions Capital The following summarizes key capital transactions that occurred during the year ended December 31, 2022: • • • In March 2022, we completed the issuance of $550,000,000 senior unsecured notes bearing interest at 3.85% with a maturity date of June 2032. In April 2022, we entered into an amended and restated ATM Program (as defined below) pursuant to which we may offer and sell up to $3,000,000,000 of common stock from time to time. During 2022, we sold 37,905,638 shares of common stock under our current and previous ATM Programs via forward sale agreements, generating gross proceeds of approximately $3,280,798,000. The sale of these shares and the settlement of outstanding forward sales from prior years resulted in gross proceeds of approximately $3,715,971,000. In June 2022, we closed on an amended $5,200,000,000 unsecured credit facility with improved pricing across our term loans. The credit facility includes $4,000,000,000 of revolving credit capacity 65 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations at a borrowing rate of 77.5 basis points over the adjusted SOFR rate, $1,000,000,000 of USD term loan capacity at a borrowing rate of 85.0 basis points over the adjusted SOFR rate and $250,000,000 CAD term loan capacity at 85.0 basis points over CDOR. • We extinguished $399,066,000 of secured debt at a blended average interest rate of 5.54% throughout 2022. Investments The following summarizes property acquisitions and joint venture investments completed during the year ended December 31, 2022 (dollars in thousands): Properties Book Amount(1) Capitalization Rates(2) Seniors Housing Operating . . . . . . . . . . . . . . . . . . . . . . . . . . Triple-net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outpatient Medical Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 5 12 94 $2,511,408 66,784 360,905 $2,939,097 4.7% 0.2% 5.4% 4.6% (1) Represents amounts recorded in net real estate investments including fair value adjustments pursuant to U.S. GAAP. See Note 3 to our consolidated financial statements for additional information. (2) Represents annualized contractual or projected NOI to be received in cash divided by investment amounts. Dispositions The following summarizes property dispositions completed during the year ended December 31, 2022 (dollars in thousands): Properties Proceeds(1) Book Amount(2) Capitalization Rates(3) Seniors Housing Operating . . . . . . . . . . . . . . . . . Triple-net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outpatient Medical Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 11 — 16 $ 88,815 109,917 764 $ 85,413 89,827 393 $199,496 $175,633 —% 3.8% —% 3.8% (1) Represents pro rata proceeds received upon disposition including any seller financing. (2) Represents carrying value of net real estate assets at time of disposition. See Note 5 to our consolidated financial statements for additional information. (3) Represents annualized contractual income that was being received in cash at date of disposition divided by stated purchase price. Excludes properties sold that were recent development conversions. Dividends Our Board of Directors declared a cash dividend for the quarter ended December 31, 2022 of to $0.61 per share. On March 8, 2023, we will pay our 207th consecutive quarterly dividend payment stockholders of record on February 28, 2023. Key Performance Indicators, Trends and Uncertainties We utilize several key performance indicators to evaluate the various aspects of our business. These indicators are discussed below and relate to operating performance, credit strength and concentration risk. Management uses these key performance indicators to facilitate internal and external comparisons to our historical operating results, in making operating decisions, and for budget planning purposes. Operating Performance We believe that net income and net income attributable to common stockholders (“NICS”) per the Consolidated Statements of Comprehensive Income are the most appropriate earnings measures. Other useful supplemental measures of our operating performance include funds from operations attributable to common stockholders (“FFO”) and consolidated net operating income (“NOI”); however, these 66 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations supplemental measures are not defined by U.S. GAAP. Please refer to the section entitled “Non-GAAP Financial Measures” for further discussion and reconciliations. These earnings measures are widely used by investors and analysts in the valuation, comparison and investment recommendations of companies. The following table reflects the recent historical trends of our operating performance measures for the periods presented (in thousands): Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net income attributable to common stockholders . . . . . . . . Funds from operations attributable to common stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Consolidated net operating income . . . . . . . . . . . . . . . . . . . Year Ended December 31, 2022 2021 2020 $ 160,568 141,214 $ 374,479 336,138 $1,038,852 978,844 1,478,072 2,301,845 1,220,722 1,967,553 1,102,562 2,008,144 Credit Strength We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and restricted cash. The coverage ratios indicate our ability to service interest and fixed charges (interest and secured debt principal amortization). We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The coverage ratios are based on earnings before taxes, taxes, depreciation and amortization (“EBITDA”) and adjusted earnings before interest, interest, depreciation and amortization (“Adjusted EBITDA”). Please refer to the section entitled “Non-GAAP Financial Measures” for further discussion and reconciliation of these measures. Leverage ratios and coverage ratios are widely used by investors, analysts and rating agencies in the valuation, comparison, investment recommendations and rating of companies. The following table reflects the recent historical trends for our credit strength measures for the periods presented: Year Ended December 31, 2022 2021 2020 39.5% 42.2% 40.8% 32.1% 34.9% 33.8% 29.5% 25.9% 29.6% 3.73x 3.37x 3.94x 3.56x 5.04x 4.49x 3.97x 3.54x 3.89x 3.43x 3.89x 3.43x Net debt to book capitalization ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net debt to undepreciated book capitalization ratio . . . . . . . . . . . . . . . . . . . . Net debt to market capitalization ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest coverage ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fixed charge coverage ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Adjusted interest coverage ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Adjusted fixed charge coverage ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Concentration Risk We evaluate our concentration risk in terms of NOI by property mix, relationship mix and geographic mix. Concentration risk is a valuable measure in understanding what portion of our NOI could be at risk if certain sectors were to experience downturns. Property mix measures the portion of our NOI that relates to our various property types. Relationship mix measures the portion of our NOI that relates to our current top five relationships. Geographic mix measures the portion of our NOI that relates to our current top five states (or international equivalents). The following table reflects our recent historical trends of concentration risk by NOI for the years indicated below: December 31,(1) 2022 2021 2020 Property mix: Seniors Housing Operating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Triple-net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outpatient Medical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41% 35% 38% 38% 43% 37% 21% 22% 25% Relationship mix: ProMedica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sunrise Senior Living . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Atria Senior Living(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HC-One Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cogir Management Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Remaining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Geographic mix: California . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New Jersey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Remaining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% 12% 11% 7% 10% 13% 2% —% 6% 3% —% 4% 3% 2% 2% 70% 71% 74% 14% 13% 14% 10% 13% 10% 9% 8% 8% 6% 6% 6% 6% 5% 6% 56% 54% 56% (1) Excludes our share of investments in unconsolidated entities and non-segment/corporate NOI. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. (2) Year ended December 31, 2022 includes $58,621,000 of income recognized upon termination of a lease. See Note 3 to our consolidated financial statements for further details. In December 2022, ProMedica relinquished to Welltower its 15% interest in 147 skilled nursing facilities previously owned by the Welltower/ProMedica joint venture in exchange for a lease modification, which relieved ProMedica from its lease obligation on the 147 skilled nursing properties and amended the lease on the remaining 58 assisted living and memory care properties that continue to be held by the Welltower/ProMedica joint venture. The 58 assisted living and memory care assets continue to be operated by ProMedica and backed by the existing guaranty. Concurrently with the above, Welltower and Integra Healthcare Properties (“Integra”) entered into master leases for the skilled nursing portfolio. Approximately 15 regional operators will enter into subleases with Integra to operate the properties. Also in December 2022, we sold to Integra a 15% ownership interest in 54 of those skilled nursing facilities for approximately $73 million. This transaction represents the initial tranche of the newly formed joint venture owned 85% by Welltower and 15% by Integra, which is anticipated to include the 147 skilled nursing facilities. In January 2023, Integra acquired a 15% interest in 31 of the remaining 93 skilled nursing facilities for approximately $74 million, representing the second tranche of the WELL/ Integra joint venture. Integra is expected to buy into the remaining 62 assets throughout 2023. 68 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations ProMedica NOI for the year ended December 31, 2022 was comprised of $59,687,000 relating to the 58 assisted living and memory care properties (3% of total NOI) and $180,441,000 relating to the 147 skilled nursing properties (8% of total NOI). We evaluate our key performance indicators in conjunction with current expectations to determine if historical trends are indicative of future results. Our expected results may not be achieved and actual results may differ materially from our expectations. Factors that may cause actual results to differ from expected results are in “Item 1 — Business — Cautionary Statement Regarding Forward-Looking described in more detail Statements” and “Item 1A — Risk Factors” and other sections of this Annual Report on Form 10-K. Management regularly monitors economic and other factors to develop strategic and tactical plans designed to improve performance and maximize our competitive position. Our ability to achieve our financial objectives is dependent upon our ability to effectively execute these plans and to appropriately respond to emerging economic and company-specific trends. Please refer to “Item 1 — Business,” “Item 1A — Risk Factors” in this Annual Report on Form 10-K for further discussion of these risk factors. Corporate Governance Maintaining investor confidence and trust is important in today’s business environment. Our Board of Directors and management are strongly committed to policies and procedures that reflect the highest level of ethical business practices. Our corporate governance guidelines provide the framework for our business operations and emphasize our commitment to increase stockholder value while meeting all applicable legal requirements. These guidelines meet the listing standards adopted by the New York Stock Exchange and are available on the Internet at www.welltower.com/investors/governance. The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only. Liquidity and Capital Resources Sources and Uses of Cash Our primary sources of cash include resident fees and services, rent and interest receipts, borrowings under our unsecured revolving credit facility and commercial paper program, public issuances of debt and equity securities, proceeds from investment dispositions and principal payments on loans receivable. Our primary uses of cash include dividend distributions, debt service payments (including principal and interest), real property investments (including acquisitions, capital expenditures, construction advances and transaction costs), loan advances, property operating expenses, general and administrative expenses and other expenses. These sources and uses of cash are reflected in our Consolidated Statements of Cash Flows and are discussed in further detail below. The following is a summary of our sources and uses of cash flows for the periods presented (dollars in thousands): Year Ended December 31, 2022 December 31, 2021 One Year Change $ % Year Ended December 31, 2020 One Year Change Two Year Change $ % $ % Cash, cash equivalents and restricted cash at beginning of period . . . $ 346,755 $ 2,021,043 $(1,674,288) -83% $ 385,766 $1,635,277 424% $ (39,011) -10% Net cash provided from (used in): Operating activities . . . . . Investing activities . . . . . Financing activities . . . . . Effect of foreign currency translation . . 1,328,708 (3,703,815) 2,761,277 1,275,325 (4,516,268) 1,567,664 53,383 4% 1,364,756 812,453 -18% 2,347,928 76% (2,080,858) 1,193,613 -7% (89,431) (6,864,196) n/a 3,648,522 n/a -3% (36,048) (6,051,743) n/a 4,842,135 n/a (10,633) (1,009) (9,624) 954% 3,451 (4,460) n/a (14,084) n/a Cash, cash equivalents and restricted cash at end of period . . . . . . . . $ 722,292 $ 346,755 $ 375,537 108% $ 2,021,043 $(1,674,288) -83% $(1,298,751) -64% 69 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Operating Activities The changes in net cash provided from operating activities was immaterial. Please see “Results of Operations” for discussion of net income fluctuations. For the years ended December 31, 2022, 2021 and 2020, cash flows from operations exceeded cash distributions to stockholders. Investing Activities The changes in net cash provided from/used in investing activities are primarily attributable to net changes in real property investments and dispositions, loans receivable and investments in unconsolidated entities, which are summarized above in “Key Transactions.” Please refer to Notes 3 and 5 of our consolidated financial statements for additional information. The following is a summary of cash used in non-acquisition capital improvement activities for the periods presented (dollars in thousands): Year Ended December 31, 2022 December 31, 2021 One Year Change $ % Year Ended December 31, 2020 One Year Change Two Year Change $ % $ % New development . . . . . . . . . $ 631,737 Recurring capital $417,963 $ 213,774 51% $201,336 $ 216,627 108% $ 430,401 214% expenditures, tenant improvements and lease commissions . . . . . . . . . . . Renovations, redevelopments and other capital improvements . . . . . . . . . . 198,576 99,994 98,582 99% 83,146 16,848 20% 115,430 139% 277,440 182,594 94,846 52% 161,843 20,751 13% 115,597 71% Total . . . . . . . . . . . . . . . . . . . $ 1,107,753 $700,551 $ 407,202 58% $446,325 $ 254,226 57% $ 661,428 148% The change in new development is primarily due to the number and size of construction projects on-going during the relevant periods. Renovations, redevelopments and other capital improvements include expenditures to maximize property value, increase net operating income, maintain a market-competitive position and/or achieve property stabilization. The increase in overall development and recurring capital expenditures, tenant improvements and lease commissions is due primarily to portfolio growth and increased spending after a contraction during the pandemic. Financing Activities The changes in net cash provided from/used in financing activities are primarily attributable to changes related to our long-term debt arrangements, the issuances of common stock and dividend payments which are summarized above in “Key Transactions.” Please refer to Notes 10, 11 and 14 of our consolidated financial statements for additional information. In March 2022, we completed the issuance of $550,000,000 senior unsecured notes with a maturity date of June 2032. In April 2022, we closed on an amended $5,200,000,000 unsecured credit facility, increasing our term loan capacity by $500,000,000. As of December 31, 2022, we have total near-term available liquidity of approximately $4.7 billion. Off-Balance Sheet Arrangements At December 31, 2022, we had investments in unconsolidated entities with our ownership generally ranging from 10% to 88%. We use financial derivative instruments to hedge interest rate and foreign currency exchange rate exposure. At December 31, 2022, we had 21 outstanding letter of credit obligations. Please see Notes 8, 12 and 13 to our consolidated financial statements for additional information. 70 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Contractual Obligations The following table summarizes our payment requirements under contractual obligations as of December 31, 2022 (in thousands): Contractual Obligations Total 2023 2024-2025 2026-2027 Thereafter Payments Due by Period Senior unsecured notes and term credit facilities:(1) U.S. Dollar senior unsecured notes . . . . . . . . . . $ 9,900,000 $ . . . . Canadian Dollar senior unsecured notes(2) Pounds Sterling senior unsecured notes(2) . . . . U.S. Dollar term credit facility . . . . . . . . . . . . . . . . . . . . Canadian Dollar term credit facility(2) 221,697 1,268,085 1,010,000 184,747 Secured debt:(1,2) — $2,600,000 $1,200,000 $ 6,100,000 — — 221,697 — — 1,268,085 — — — — — — 10,000 1,000,000 — 184,747 Consolidated . . . . . . . . . . . . . . . . . . . . . . . . . . . Unconsolidated . . . . . . . . . . . . . . . . . . . . . . . . . 2,129,954 1,306,025 627,672 234,613 612,517 696,987 311,945 178,010 577,820 196,415 Contractual interest obligations:(3) Senior unsecured notes and term loans(2) Consolidated secured debt(2) Unconsolidated secured debt(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Finance lease liabilities(4) Operating lease liabilities(4) Purchase obligations(5) 3,980,016 327,455 181,592 206,489 963,239 511,574 80,305 35,550 72,218 20,279 2,096,349 1,230,913 920,126 104,845 67,524 5,591 35,556 799,826 735,555 69,626 29,387 3,538 31,350 65,610 1,812,761 72,679 49,131 125,142 876,054 — Total contractual obligations . . . . . . . . . . . . . . . . . $ 23,775,648 $2,813,124 $5,852,972 $4,031,465 $11,078,087 (1) Amounts represent principal amounts due and do not reflect unamortized premiums/discounts or other fair value adjustments as reflected on the Consolidated Balance Sheets. (2) Based on foreign currency exchange rates in effect as of balance sheet date. (3) Based on variable interest rates in effect as of December 31, 2022. (4) See Note 6 to our consolidated financial statements for additional information. (5) See Note 13 to our consolidated financial statements for additional information. Capital Structure Please refer to “Credit Strength” above for a discussion of our leverage and coverage ratio trends. Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of December 31, 2022, we were in compliance in all material respects with the covenants under our debt agreements. None of our debt agreements contain provisions for acceleration which could be triggered by our debt ratings. However, under our primary unsecured credit facility, the ratings on our senior unsecured notes are used to determine the fees and interest charged. We plan to manage the company to maintain compliance with our debt covenants and with a capital structure consistent with our current profile. Any downgrades in terms of ratings or outlook by any or all of the rating agencies could have a material adverse impact on our cost and availability of capital, which could have a material adverse impact on our consolidated results of operations, liquidity and/or financial condition. On April 1, 2022, Welltower Inc. and Welltower OP LLC jointly filed with the Securities and Exchange Commission (the “SEC”) an open-ended automatic or “universal” shelf registration statement on Form S-3 covering an indeterminate amount of future offerings of Welltower Inc.’s debt securities, common stock, 71 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations preferred stock, depositary shares, guarantees of debt securities issued by Welltower OP LLC, warrants and units and Welltower OP LLC’s debt securities and guarantees of debt securities issued by Welltower Inc. to replace Old Welltower’s existing “universal” shelf registration statement filed with the SEC on May 4, 2021. On April 1, 2022, Welltower Inc. also filed with the SEC a registration statement in connection with its enhanced dividend reinvestment plan (“DRIP”) under which it may issue up to 15,000,000 shares of common stock to replace Old Welltower’s existing DRIP registration statement on Form S-3 filed with the SEC on May 4, 2021. As of February 16, 2023, 15,000,000 shares of common stock remained available for issuance under the DRIP registration statement. On April 4, 2022, Welltower Inc. entered into (i) a second amended and restated equity distribution agreement (the “EDA”) with (i) Robert W. Baird & Co. Incorporated, Barclays Capital Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, BofA Securities, Inc., BOK Financial Securities, Inc., Capital One Securities Inc., Citigroup Global Markets Inc., Comerica Securities, Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., Fifth Third Securities, Inc., Goldman Sachs & Co. LLC, Jefferies LLC, JMP Securities LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Loop Capital Markets LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Regions Securities LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., Synovus Securities, Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC as sales agents and forward sellers and (ii) the forward purchasers named therein relating to issuances, offers and sales from time to time of up to $3,000,000,000 aggregate amount of common stock of Welltower Inc. (together with the existing master forward sale confirmations relating thereto, the “ATM Program”), amending and restating the ATM Program entered into on July 30, 2021 to, among other amendments, increase the total amount of shares of common stock that may be offered and sold under the ATM Program from $2,500,000,000 to $3,000,000,000, which amount excludes shares Old Welltower had previously sold pursuant to the prior program. The ATM Program also allows Welltower Inc. to enter into forward sale agreements. As of February 16, 2023, we had $1,150,202,853 of remaining capacity under the ATM Program and there were no outstanding forward sales agreements. Depending upon market conditions, we anticipate issuing securities under our registration statements to invest in additional properties and to repay borrowings under our unsecured revolving credit facility and commercial paper program. In connection with the filing of the new “universal” shelf registration statement, Welltower Inc. also filed with the SEC two prospectus supplements that will continue offerings that were previously covered by Old Welltower’s prospectus supplements and the accompanying prospectus to the prior registration statement relating to: (i) the registration of up to 620,731 shares of common stock of Welltower Inc. (the “DownREIT Shares”), that may be issued from time to time if, and to the extent that, certain holders of Class A units (the “DownREIT Units”) of HCN G&L DownREIT, LLC, a Delaware limited liability company (the “DownREIT”), tender such DownREIT Units for redemption by the DownREIT, and HCN DownREIT Member, LLC, a majority-owned indirect subsidiary of Welltower Inc. (including its permitted successors and assigns, the “Managing Member”), or a designated affiliate of the Managing Member, elects to assume the redemption obligations of the DownREIT and to satisfy all or a portion of the redemption consideration by issuing DownREIT Shares to the holders instead of or in addition to paying a cash amount; and (ii) the registration of up to 475,327 shares of common stock of Welltower Inc. (the “DownREIT II Shares”), that may be issued from time to time if, and to the extent that, certain holders of Class A units (the “DownREIT II Units,” and collectively with the DownREIT Units, the “Units”) of HCN G&L DownREIT II LLC, a Delaware limited liability company (the “DownREIT II”), tender such DownREIT II Units for redemption by the DownREIT II, and the Managing Member, or a designated affiliate of the Managing Member, elects to assume the redemption obligations of the DownREIT II and to satisfy all or a portion of the redemption consideration by issuing DownREIT II Shares to the holders instead of or in addition to paying a cash amount. On July 22, 2022, Welltower Inc. filed with the SEC a prospectus supplement relating to the registration of up to 300,026 shares of common stock of Welltower Inc. that may be issued from time to time if, and to the extent that, certain holders of Class A Common Units (the “OP Units”) of Welltower OP tender the OP Units for redemption by Welltower OP, and Welltower Inc. elects to assume the redemption obligations of Welltower OP and to satisfy all or a portion of the redemption consideration by issuing shares of its common stock to the holders instead of or in addition to paying a cash amount. 72 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Supplemental Guarantor Information Welltower OP has issued the unsecured notes described in Note 11 to our Consolidated Financial Statements. All unsecured notes are fully and unconditionally guaranteed by Welltower, and Welltower OP is 99.751% owned by Welltower as of December 31, 2022. Effective January 4, 2021, the SEC adopted amendments to the financial disclosure requirements applicable to registered debt offerings that include certain credit enhancements. We have adopted these new rules, which permits subsidiary issuers of obligations guaranteed by the parent to omit separate financial statements if the consolidated financial statements of the parent company have been filed, the subsidiary obligor is a consolidated subsidiary of the parent company, the guaranteed security is debt or debt-like, and the security is guaranteed fully and unconditionally by the parent. Accordingly, separate consolidated financial statements of Welltower OP have not been presented. Furthermore, Welltower and Welltower OP have no material assets, liabilities, or operations other than financing activities and their investments in non-guarantor subsidiaries. Therefore, we meet the criteria in Rule 13-01 of Regulation S-X to omit the summarized financial information from our disclosures. Results of Operations Summary Our primary sources of revenue include resident fees and services, rent and interest income. Our primary expenses include property operating expenses, depreciation and amortization, interest expense, general and administrative expenses, and other expenses. We evaluate our business and make resource allocations on our three business segments: Seniors Housing Operating, Triple-net and Outpatient Medical. The primary performance measures for our properties are NOI and same store NOI (“SSNOI”) and other supplemental measures include FFO and Adjusted EBITDA, which are further discussed below. Please see Non-GAAP Financial Measures for additional information and reconciliations related to these supplemental measures. This section of this Form 10-K generally discusses 2022 and 2021 items and year-to-year comparisons between 2022 and 2021. Discussions of 2020 items and year-to-year comparisons between 2021 and 2020 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. 73 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following is a summary of our results of operations for the periods presented (dollars in thousands, except per share amounts): Year Ended December 31, 2022 December 31, 2021 One Year Change Amount % Year Ended December 31, 2020 One Year Change Two Year Change Amount % Amount % Net income . . . . . . . . . . . . NICS . . . . . . . . . . . . . . . . . FFO . . . . . . . . . . . . . . . . . . EBITDA . . . . . . . . . . . . . . Adjusted EBITDA . . . . . . . NOI . . . . . . . . . . . . . . . . . . Per share data (fully $ 160,568 141,214 1,478,072 2,007,702 2,122,399 2,301,845 $ 374,479 $(213,911) -57% $ 1,038,852 $(664,373) -64%$(878,284) 336,138 1,220,722 1,910,611 1,913,546 1,967,553 978,844 (194,924) -58% 257,350 21% 1,102,562 5% 2,601,645 97,091 208,853 11% 2,048,412 334,292 17% 2,008,144 -85% (642,706) -66% (837,630) -86% 118,160 11% 375,510 34% (691,034) -27% (593,943) -23% 4% (134,866) 15% (40,591) 73,987 -7% -2% 293,701 diluted): Net income attributable to common stockholders (1) Funds from . . . $ 0.30 $ 0.78 $ (0.48)-62% $ 2.33 $ (1.55)-67%$ (2.03) -87% operations attributable to common stockholders . . . . . $ Interest coverage ratio . . . . Fixed charge coverage ratio . . . . . . . . . . . . . . . . Adjusted interest coverage ratio . . . . . . . . . . . . . . . . Adjusted fixed charge 3.18 $ 3.73x 2.86 $ 3.89x 0.32 11% $ -0.16x -4% 2.64 $ 5.04x 0.22 8%$ -1.15x -23% 0.54 20% -1.31x -26% 3.37x 3.43x -0.06x -2% 4.49x -1.06x -24% -1.12x -25% 3.94x 3.89x 0.05x 1% 3.97x -0.08x -2% -0.03x -1% coverage ratio . . . . . . . . 3.56x 3.43x 0.13x 4% 3.54x -0.11x -3% 0.02x 1% (1) Includes adjustment to the numerator for income (loss) attributable to OP unitholders. The following table represents the changes in outstanding common stock for the period from January 1, 2020 to December 31, 2022 (in thousands): December 31, 2022 Year Ended December 31, 2021 December 31, 2020 Beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividend reinvestment plan issuances . . . . . . . . . . . . . Redemption of OP Units and DownREIT Units Option exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ATM Program issuances . . . . . . . . . . . . . . . . . . . . . . . . Repurchase of common stock . . . . . . . . . . . . . . . . . . . . Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 447,239 — 5 2 43,093 — 169 Ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 490,508 417,401 — — — 29,667 — 171 447,239 410,257 264 — — 6,800 (202) 282 Totals 410,257 264 5 2 79,560 (202) 622 417,401 490,508 Weighted average number of shares outstanding: Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 462,185 465,158 424,976 426,841 415,451 417,387 74 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations A portion of our earnings are derived primarily from long-term investments with predictable rates of return. These investments are mainly financed with a combination of equity, senior unsecured notes, secured debt and borrowings under our primary unsecured credit facility. During inflationary periods, which generally are accompanied by rising interest rates, our ability to grow may be adversely affected because the yield on new investments may increase at a slower rate than new borrowing costs. Seniors Housing Operating The following is a summary of our results of operations for the Seniors Housing Operating segment for the years presented (dollars in thousands): Year Ended One Year Change December 31, 2022 December 31, 2021 $ % Year Ended December 31, 2020 One Year Change Two Year Change $ % $ % Revenues: Resident fees and services . . . . . . . . . . . Interest income . . . . . . . Other income . . . . . . . . . $ 4,173,711 7,867 63,839 $3,197,223 4,231 11,796 $ 976,488 3,636 52,043 31% $ 3,074,022 618 86% 7,223 441% $ 123,201 3,613 4,573 4% $ 1,099,689 7,249 56,616 585% 63% 36% n/a 784% Total revenues . . . . . . 4,245,417 3,213,250 1,032,167 32% 3,081,863 131,387 4% 1,163,554 38% Property operating expenses . . . . . . . . . . . . 3,292,045 2,529,344 762,701 30% 2,326,311 203,033 9% 965,734 NOI(1) . . . . . . . . . . . . . . 953,372 683,906 269,466 39% 755,552 (71,646) -9% 197,820 42% 26% Other expenses: Depreciation and amortization . . . . . . . . Interest expense . . . . . . . Loss (gain) on extinguishment of debt, net . . . . . . . . . . . Provision for loan losses, net . . . . . . . . . Impairment of assets . . . Other expenses . . . . . . . Income (loss) from continuing operations before income taxes and other items . . . . . . . . . . . Income (loss) from unconsolidated entities . . . . . . . . . . . . . . Gain (loss) on real estate dispositions, net . . . . . . . Income from continuing operations . . . . . . . . . . . Net income (loss) Less: Net income (loss) . . . . . . . attributable to noncontrolling interests . . . . . . . . . . . . . Net income (loss) attributable to common stockholders . . . . . . . . . . 854,800 34,833 593,565 39,327 261,235 (4,494) 44% -11% 544,462 54,901 49,103 (15,574) 9% -28% 310,338 (20,068) 57% -37% 386 (2,628) 3,014 115% 12,659 (15,287) -121% (12,273) -97% 1,039 13,146 66,026 394 22,317 27,132 645 (9,171) 38,894 164% -41% 143% 671 100,741 14,265 (277) (78,424) 12,867 -41% -78% 90% 368 (87,595) 51,761 55% -87% 363% 970,230 680,107 290,123 43% 727,699 (47,592) -7% 242,531 33% (16,858) 3,799 (20,657) -544% 27,853 (24,054) -86% (44,711) -161% (53,318) (39,225) (14,093) -36% (33,857) (5,368) -16% (19,461) -57% 5,794 6,146 (352) -6% 328,249 (322,103) -98% (322,455) -98% (64,382) (29,280) (35,102) -120% 322,245 (351,525) -109% (386,627) -120% (64,382) (29,280) (35,102) -120% 322,245 (351,525) -109% (386,627) -120% (16,258) (2,224) (14,034) -631% 20,301 (22,525) -111% (36,559) -180% $ (48,124) $ (27,056) $ (21,068) -78% $ 301,944 $ (329,000) -109% $ (350,068) -116% (1) See Non-GAAP Financial Measures below. 75 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Resident fees and services and property operating expenses for the year ended December 31, 2022 increased compared to the prior year primarily due to acquisitions and construction conversions, including the acquisition of the Holiday Retirement portfolio on July 30, 2021 for a total purchase price of $1.6 billion. Additionally, our Seniors Housing Operating revenues are dependent on occupancy, which has steadily increased during 2022. As of December 31, 2022, nearly all communities are open for new admissions and allowing visitors, in-person tours and communal dining activities. Average occupancy is as follows: March 31, June 30, September 30, December 31, Three Months Ended(1) 2021 . . . . . . . . . . . . . . . . . . . 2022 . . . . . . . . . . . . . . . . . . . 72.7% 76.3% 73.0% 77.1% 74.9% 78.0% 76.3% 78.3% (1) Average occupancy includes our minority ownership share related to unconsolidated properties and excludes the minority partners’ noncontrolling ownership share related to consolidated properties. Also excludes land parcels and properties under development. Effective on April 1, 2022, our leasehold interest relating to the master lease with National Health Investors, Inc. (“NHI”) for 17 properties assumed in conjunction with the Holiday Retirement acquisition was terminated as a result of the transition or sale of the properties by NHI. The lease termination was part of an agreement to resolve outstanding litigation with NHI. In conjunction with the agreement, a wholly owned subsidiary and the lessee on the master lease agreed to release $6,883,000 of cash to the landlord, which represents the net cash flow generated from the properties since we assumed the leasehold interest. Additionally, in conjunction with the lease termination, during the year ended December 31, 2022 we recognized $58,621,000 in other income on our Consolidated Statements of Comprehensive Income, from the derecognition of the right of use asset and related lease liability. Property-level operating expenses associated with the COVID-19 pandemic relating to our Seniors Housing Operating portfolio totaled $33,099,000, $63,681,000 and $110,719,000 for the years ended December 31, 2022, 2021 and 2020, respectively. These expenses were incurred as a result of public health measures and other regulations affecting our properties, as well as additional health and safety measures adopted by us and our operators related to the COVID-19 pandemic, including increases in labor and property cleaning expenses and expenditures related to our efforts to procure personal protective equipment (“PPE”) and supplies. We expect total Seniors Housing Operating expenses to remain elevated as certain of these additional health and safety measures have become standard practice. We received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the COVID-19 pandemic, as well as under similar programs in the U.K. and Canada. We recognized $38,607,000, $97,933,000 and $31,927,000 during the years ended December 31, 2022, 2021 and 2020, respectively. These grants represent a reduction to property operating expenses in our Consolidated Statements of Comprehensive Income. Additionally, during the years ended December 31, 2021 and 2020, we recognized $4,642,000 and $3,014,000, respectively, of government grant income in other income in our Consolidated Statements of Comprehensive Income. The following is a summary of our SSNOI at Welltower’s Share for the Seniors Housing Operating segment (dollars in thousands): QTD Pool Three Months Ended December 31, 2022 December 31, 2021 YTD Pool Year Ended Change $ % December 31, 2022 December 31, 2021 Change $ % SSNOI(1) . . . . . . . . . $ 184,716 $155,608 $ 29,108 18.7% $610,724 $ 548,872 $ 61,852 11.3% (1) Relates to 654 properties for the QTD Pool and 514 properties for the YTD Pool. Please see Non-GAAP Financial Measures for additional information and reconciliations. 76 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations During the year ended December 31, 2022, we recorded impairment charges of $13,146,000 related to one held for sale property in which the carrying value exceeded the estimated fair value less costs to sell. During the year ended December 31, 2021, we recorded impairment charges of $22,317,000 related to two held for use properties in which the carrying value exceeded the estimated fair value. Transaction costs related to asset acquisitions are capitalized as a component of the purchase price. The fluctuation in other expenses is primarily due to the timing of noncapitalizable transaction costs associated with acquisitions and operator transitions. Changes in the gain on sales of properties are related to the volume and timing of property sales and the sales prices. Depreciation and amortization fluctuates as a result of acquisitions, disposition and transitions. To the extent we acquire or dispose of additional properties in the future, our provision for depreciation and amortization will change accordingly. During the year ended December 31, 2022, we completed six Seniors Housing Operating construction projects representing $227,796,000 or $333,035 per unit. The following is a summary of our consolidated Seniors Housing Operating construction projects, excluding expansions, pending as of December 31, 2022 (dollars in thousands): Location Units/Beds Commitment Balance Est. Completion(2) New York . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Austin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dallas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Coventry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Meadville, PA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dallas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Charlotte . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Austin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Barnstable Town, MA . . . . . . . . . . . . . . . . . . . . . . . . Hartford . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hartford . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Boston . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Phoenix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Phoenix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Naples, FL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tampa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Houston . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas City . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cincinnati . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dallas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Washington D.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Boston . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Washington D.C. Killeen, TX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Austin(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Austin(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Baltimore(1) Boise, ID(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Boise, ID(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Boise, ID(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Boston(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Columbus, OH(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dallas(1) Detroit(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas City(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Raleigh, NC(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sacramento(1) Sherman, TX(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Toronto(1) Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 196 112 76 128 47 328 188 120 128 122 167 199 204 188 206 130 134 122 52 302 160 137 256 $ 42,669 39,500 38,054 18,494 13,996 13,940 91,836 36,215 31,761 22,362 20,949 82,446 54,754 53,400 56,910 52,493 32,075 21,279 18,206 16,531 173,548 148,590 126,200 66265 3,774 $1,272,473 1Q23 1Q23 - 2Q23 1Q23 1Q23 1Q23 1Q23 2Q23 - 3Q23 2Q23 - 3Q23 2Q23 2Q23 2Q23 3Q23 3Q23 - 4Q23 3Q23 - 4Q23 4Q23 - 1Q24 4Q23 - 1Q24 4Q23 - 1Q24 4Q23 1Q24 1Q24 - 2Q24 2Q24 2Q24 2Q24 3Q24 $ 31,742 26,555 18,570 14,191 13,996 7,118 68,821 31,111 31,761 22,362 20,949 36,421 23,282 24,576 9,368 8,376 12,504 21,279 5,808 5,511 82,606 72,106 43,966 9,175 642,154 5,360 4,161 10,741 35,557 13,323 5,889 10,416 15,742 4,642 1,931 15,869 3,733 5,160 5,947 49,702 $ 830,327 (1) Final units/beds, commitment amount and expected conversion date not yet known. (2) Estimated completion ranges relate to projects to be delivered in phases. 77 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Interest expense represents secured debt interest expense, which fluctuates based on the net effect and timing of assumptions, segment transitions, fluctuations in foreign currency rates, extinguishments and principal amortizations. The fluctuations in loss (gain) on extinguishment of debt is primarily attributable to the volume of extinguishments and terms of the related secured debt. The following is a summary of our Seniors Housing Operating segment property secured debt principal activity (dollars in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Amount Weighted Avg. Interest Rate Amount Weighted Avg. Interest Rate Amount Weighted Avg. Interest Rate Beginning balance . . . . . Debt transferred in . . . . . Debt issued . . . . . . . . . . Debt assumed . . . . . . . . . Debt extinguished . . . . . Principal payments . . . . Foreign currency . . . . . . $ 1,599,522 32,478 113,183 288,522 (227,910) (47,399) (56,457) 2.81% 4.79% 4.71% 4.38% 4.34% 3.27% 3.27% $ 1,706,189 — 23,569 — (77,959) (50,603) (1,674) 3.05% —% 2.83% —% 6.14% 3.03% 2.67% $ 2,115,037 — 62,055 — (441,208) (48,498) 18,803 Ending balance . . . . . . . $ 1,701,939 4.32% $ 1,599,522 2.81% $ 1,706,189 Monthly averages . . . . . $ 1,637,810 3.43% $ 1,649,485 2.88% $ 1,875,910 3.54% —% 2.55% —% 2.18% 3.30% 2.93% 3.05% 3.19% The majority of our Seniors Housing Operating properties are formed through partnership interests. Income from unconsolidated entities recognized during the year ended December 31, 2021 includes a gain recognized from the sale of a home health business owned by one of our unconsolidated entities. Net income attributable to noncontrolling interests represents our partners’ share of net income (loss) related to joint ventures. The decrease compared to the year ended December 31, 2021 relates primarily to our partners’ share of reserves for previously recognized straight-line receivables. 78 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Triple-net The following is a summary of our results of operations for the Triple-net segment for the years presented (dollars in thousands): Revenues: Year Ended December 31, 2022 December 31, 2021 One Year Change $ % Year Ended December 31, 2020 One Year Change Two Year Change $ % $ % Rental income . . . . . . . . . . . . . $ 782,329 $761,441 $ 20,888 3% $733,776 $ 27,665 4% $ 48,553 7% Interest income . . . . . . . . . . . . 142,402 Other income . . . . . . . . . . . . . . 6,776 124,540 4,603 17,862 2,173 14% 47% 62,625 4,903 61,915 (300) 99% -6% 79,777 127% 1,873 38% Total revenues . . . . . . . . . . . 931,507 890,584 40,923 5% 801,304 89,280 11% 130,203 16% Property operating expenses . . . . . . . . . . . . . . . 44,483 49,462 (4,979) -10% 53,183 (3,721) -7% (8,700) -16% NOI(1) . . . . . . . . . . . . . . . . . . . 887,024 841,122 45,902 5% 748,121 93,001 12% 138,903 19% Other expenses: Depreciation and amortization . . . . . . . . . . . . 215,887 Interest expense . . . . . . . . . . . . 963 220,699 6,376 (4,812) -2% 232,604 (11,905) -5% (16,717) -7% (5,413) -85% 9,477 (3,101) -33% (8,514) -90% Loss (gain) on derivatives and . . financial instruments, net Loss (gain) on extinguishment . . . . . . . . . . . . . of debt, net Provision for loan losses, net . . . . . . . . . . . . . . . . . . . . Impairment of assets . . . . . . . . Other expenses . . . . . . . . . . . . Income from continuing operations before income taxes and other items . . . . . . . . . . . . Income (loss) from 8,334 (7,333) 15,667 214% 11,049 (18,382) -166% (2,715) -25% 80 — 80 n/a — — n/a 80 n/a 9,289 3,595 13,043 10,339 26,579 4,189 (1,050) -10% (22,984) -86% 8,854 211% 90,563 34,867 22,923 (80,224) -89% (81,274) -90% (8,288) -24% (31,272) -90% (18,734) -82% (9,880) -43% 251,191 260,849 (9,658) -4% 401,483 (140,634) -35% (150,292) -37% 635,833 580,273 55,560 10% 346,638 233,635 67% 289,195 83% unconsolidated entities . . . . . . 34,495 20,687 13,808 67% 18,462 2,225 12% 16,033 87% Gain (loss) on real estate dispositions, net . . . . . . . . . . . . 16,648 135,881 (119,233) -88% 64,288 71,593 111% (47,640) -74% Income from continuing operations . . . . . . . . . . . . . . . . 686,976 736,841 (49,865) -7% 429,388 307,453 72% 257,588 60% Net income . . . . . . . . . . . . . . . . . 686,976 736,841 (49,865) -7% 429,388 307,453 72% 257,588 60% Less: Net income attributable to noncontrolling interests . . . . . . 28,958 35,653 (6,695) -19% 39,985 (4,332) -11% (11,027) -28% Net income attributable to common stockholders . . . . . . . $ 658,018 $701,188 $ (43,170) -6% $389,403 $ 311,785 80% $ 268,615 69% (1) See Non-GAAP Financial Measures below. Rental income has increased primarily due to the timing of the establishment of reserves for straight-line rent receivable balances relating to leases for which collection of substantially all contractual lease payments is no longer deemed probable. During the year ended December 31, 2021, we recorded reserves for previously recognized straight-line rent receivables of $49,241,000 which resulted in reduced rental income for the period. Offsetting the impact of straight-line changes, we have disposed of ten properties with a book value of $89,827,000 during 2022 and 51 properties with a book value of $486,369,000 during 2021. 79 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Certain of our leases contain annual rental escalators that are contingent upon changes in the Consumer Price Index and/or changes in the gross operating revenues of the tenant’s properties. These escalators are not fixed, so no straight-line rent is recorded; however, rental income is recorded based on the contractual cash rental payments due for the period. If gross operating revenues at our facilities and/or the Consumer Price Index do not increase, a portion of our revenues may not continue to increase. For the year ended December 31, 2022, we had 50 leases with rental rate increasers ranging from 0.26% to 57.76% in our Triple-net portfolio. Our Triple-net operators are experiencing similar impacts on occupancy and operating costs due to the COVID-19 pandemic as described above with respect to our Seniors Housing Operating properties. Long-term/post-acute facilities have generally experienced a higher degree of occupancy declines, which in some cases impacted the ability of our Triple-net operators to make contractual rent payments to us. However, many of our Triple-net operators received funds under the CARES Act Paycheck Protection Program and Provider Relief Fund. The increase to interest income during the year ended December 31, 2022 is primarily driven by interest recognized on senior loan financings of £540,000,000 made to affiliates of Safanad as part of the recapitalization of its investment in HC-One Group during the second quarter of 2021. Additionally, during the year ended losses December 31, 2021, we recognized a provision for loan losses under the current expected credit accounting standard, primarily related to the initial recognition of that loan. The provision for loan loss recognized during the year ended December 31, 2022 is primarily related to $11,714,000 of specific reserves recognized on a held to maturity debt security, offset by the release of previously established allowances for credit losses due to loan repayments. The following is a summary of our SSNOI at Welltower’s Share for the Triple-net segment (dollars in thousands): QTD Pool YTD Pool Three Months Ended Change Year Ended Change December 31, 2022 December 31, 2021 $ % December 31, 2022 December 31, 2021 $ % SSNOI(1) . . . . . . . . . . . . . $ 127,296 $122,059 $5,237 4.3% $455,823 $433,826 $21,997 5.1% (1) Relates to 427 properties for the QTD Pool and 398 properties for the YTD Pool. Please see Non-GAAP Financial Measures for additional information and reconciliations. Depreciation and amortization fluctuate as a result of the acquisitions, dispositions and transitions of triple-net properties. To the extent we acquire or dispose of additional properties in the future, our provision for depreciation and amortization will change accordingly. During the year ended December 31, 2022, we recorded impairment charges of $3,595,000 related to two held for use properties. During the year ended December 31, 2021, we recorded impairment charges of $26,579,000 related to four held for sale or sold properties and two held for use properties. Transaction costs related to asset acquisitions are capitalized as a component of purchase price. The fluctuation in other expenses is primarily due to noncapitalizable transaction costs from acquisitions and segment transitions. Changes in the gain on sales of properties are related to the volume and timing of property sales and the sales prices. During the year ended December 31, 2022, there were no Triple-net construction projects completed; however, four projects transitioned out of the Triple-net segment and into the Seniors Housing Operating segment. Additionally, one project transitioned from consolidated to unconsolidated. The following is a summary of our consolidated Triple-net construction projects, excluding expansions, pending as of December 31, 2022 (dollars in thousands): Location Raleigh . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Units/Beds Commitment Balance Est. Completion 191 $154,142 $120,011 2Q23 During the years ended December 31, 2022 and 2021, loss (gain) on derivatives and financial instruments, net is primarily attributable to the mark-to-market of the equity warrants received as part of the Safanad/HC-One transaction that closed in the second quarter of 2021. In addition, the mark-to-market adjustment on our Genesis Healthcare available-for-sale investment is reflected in all periods. 80 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Interest expense represents secured debt interest expense and related fees. The change in secured debt interest expense is due to the net effect and timing of assumptions, segment transitions, fluctuations in foreign currency rates, extinguishments and principal amortizations. The following is a summary of our Triple-net secured debt principal activity for the periods presented (dollars in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Beginning balance . . . . . . . . Debt assumed . . . . . . . . . . . Debt extinguished . . . . . . . . Debt transferred out . . . . . . . Principal payments . . . . . . . Foreign currency . . . . . . . . . Amount $ 72,536 39,574 (39,574) (32,478) (879) — Weighted Avg. Interest Rate 4.57% 16.68% 16.68% 4.79% 4.37% —% Amount $123,652 — (46,402) — (4,679) (35) Weighted Avg. Interest Rate 4.91% —% 5.43% —% 5.14% 5.43% Amount $ 306,038 — (176,875) — (4,376) (1,135) Ending balance . . . . . . . . . . $ 39,179 4.39% $ 72,536 4.57% $ 123,652 Monthly averages . . . . . . . . $ 39,584 4.39% $117,966 4.90% $ 215,796 Weighted Avg. Interest Rate 3.60% —% 2.03% —% 5.16% 2.97% 4.91% 3.85% A portion of our Triple-net properties were formed through partnerships. loss from unconsolidated entities represents our share of net income or losses from partnerships where we are the noncontrolling partner. The increase in income from unconsolidated entities during the year ended December 31, 2022 is primarily related to the write off of a right of use asset and related lease liability on an unconsolidated joint venture that was restructured during the year. Net income attributable to noncontrolling interests represents our partners’ share of net income relating to those partnerships where we are the controlling partner. The decrease in net income attributable to noncontrolling interests for the year ended December 31, 2022 compared to 2021 is related to the increase in ownership in existing Triple-net joint ventures. Income or 81 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Outpatient Medical The following is a summary of our results of operations for the Outpatient Medical segment for the periods presented (dollars in thousands): Year Ended December 31, 2022 December 31, 2021 One Year Change $ % Year Ended December 31, 2020 One Year Change Two Year Change $ % $ % Revenues: Rental income . . . . . . . . . . . . . . . $ 669,457 $613,254 $ 56,203 9% $709,584 $ (96,330) -14% $ (40,127) -6% Interest income . . . . . . . . . . . . . . Other income . . . . . . . . . . . . . . . Total revenues . . . . . . . . . . . . Property operating expenses . . . . . . 302 8,998 678,757 205,997 8,792 13,243 635,289 186,939 (8,490) (4,245) -97% -32% 5,913 4,522 43,468 19,058 7% 720,019 10% 214,948 2,879 8,721 (84,730) (28,009) 49% 193% -12% -13% (5,611) -95% 4,476 99% (41,262) (8,951) -6% -4% NOI(1) . . . . . . . . . . . . . . . . . . . . . 472,760 448,350 24,410 5% 505,071 (56,721) -11% (32,311) -6% Other expenses: Depreciation and amortization . . . . . . . . . . . . . . 239,681 Interest expense . . . . . . . . . . . . . 18,078 223,302 17,506 16,379 7% 261,371 (38,069) -15% (21,690) 572 3% 17,579 (73) —% 499 -8% 3% Loss (gain) on extinguishment of . . . . . . . . . . . . . . . . . debt, net Provision for loan losses, net . . . Impairment of assets . . . . . . . . . . Other expenses . . . . . . . . . . . . . . Income from continuing operations before income taxes and other item . . . . . . . . . . . . . . . . . . . . . . . Income (loss) from unconsolidated entities . . . . . . . . . . . . . . . . . . . . Gain (loss) on real estate 15 (8) 761 2,537 (4) (3,463) 2,211 2,523 19 3,455 475% 100% (1,450) -66% 14 1% 1,046 3,202 — 8,218 (1,050) -100% (1,031) -99% (6,665) -208% (3,210) -100% 2,211 n/a 761 n/a (5,695) -69% (5,681) -69% 261,064 242,075 18,989 8% 291,416 (49,341) -17% (30,352) -10% 211,696 206,275 5,421 3% 213,655 (7,380) -3% (1,959) -1% (2,467) (4,395) 1,928 44% 7,312 (11,707) -160% (9,779) -134% dispositions, net . . . . . . . . . . . . . (6,399) 93,348 (99,747) -107% 695,918 (602,570) -87% (702,317) -101% Income from continuing operations . . . . . . . . . . . . . . . . . . 202,830 295,228 (92,398) -31% 916,885 (621,657) -68% (714,055) -78% Net income (loss) . . . . . . . . . . . . . . 202,830 295,228 (92,398) -31% 916,885 (621,657) -68% (714,055) -78% Less: Net income (loss) attributable to noncontrolling interests . . . . . Net income (loss) attributable to 7,180 4,916 2,264 46% (278) 5,194 n/a 7,458 n/a common stockholders . . . . . . . . . $ 195,650 $290,312 $ (94,662) -33% $917,163 $ (626,851) -68% $ (721,513) -79% (1) See Non-GAAP Financial Measures below. Rental income has increased due primarily to acquisitions and construction conversions that occurred during 2021 and 2022. Certain of our leases contain annual rental escalators that are contingent upon changes in the Consumer Price Index. These escalators are not fixed, so no straight-line rent is recorded; however, rental income is recorded based on the contractual cash rental payments due for the period. If the Consumer Price Index does not increase, a portion of our revenues may not continue to increase. Our leases could renew above or below current rental rates, resulting in an increase or decrease in rental income. For the year ended December 31, 2022, our consolidated Outpatient Medical portfolio signed 435,000 square feet of new leases and 1,826,000 square feet of renewals. The weighted-average term of these leases was seven years, with a rate of $38.19 per square foot and tenant improvement and lease commission costs of $26.77 per square foot. Substantially all of these leases contain an annual fixed or contingent escalation rent structure ranging from 1.0% to 7.0%. 82 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The decrease in interest income for the year ended December 31, 2022 is due primarily to a $178,207,000 first mortgage initiated in August 2020, which was subsequently repaid in full in June of 2021, resulting in the reversal of the previously established allowance for credit losses. The fluctuation in property operating expenses and depreciation and amortization are primarily attributable to acquisitions and construction conversions that occurred during 2021 and 2022. To the extent that we acquire or dispose of additional properties in the future, these amounts will change accordingly. The following is a summary of our SSNOI at Welltower Share for the Outpatient Medical segment (dollars in thousands): QTD Pool Three Months Ended December 31, 2022 December 31, 2021 YTD Pool Year Ended Change $ % December 31, 2022 December 31, 2021 Change $ % SSNOI(1) . . . . . . . . . . . . . . $107,867 $105,260 $2,607 2.5% $403,520 $395,379 $8,141 2.1% (1) Relates to 361 properties for the QTD Pool and 349 properties for the YTD Pool. Please see Non-GAAP Financial Measures for additional information and reconciliations. During the year ended December 31, 2022, we recognized an impairment charge of $761,000 related to one held for use property. During the year ended December 31, 2021, we recognized an impairment charge of $2,211,000 related to one held for sale property. Transaction costs related to asset acquisitions are capitalized as a component of purchase price. The fluctuation in other expenses is primarily due to noncapitalizable transaction costs. Changes in gains/losses on sales of properties are related to volume of property sales and the sales prices. During the year ended December 31, 2022, we completed two Outpatient Medical construction projects representing $44,778,000 or $383 per square foot. The following is a summary of our consolidated Outpatient Medical construction projects, excluding expansions, pending as of December 31, 2022 (dollars in thousands): Location Square Feet Commitment Balance Est. Completion Houston . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Beaumont-Port Arthur, TX . . . . . . . . . . . . . . Houston . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,835 33,000 16,830 66,665 $ 9,935 11,822 9,077 $30,834 Charlotte, NC(1) . . . . . . . . . . . . . . . . . . . . . . . 1Q23 2Q23 2Q23 $ 5,796 5,525 4,328 15,649 33,376 $49,025 (1) Final square feet, commitment amount and expected conversion date not yet known. Total interest expense represents secured debt interest expense. The change in secured debt interest expense is primarily due to the net effect and timing of assumptions, extinguishments and principal amortizations. The following is a summary of our Outpatient Medical secured debt principal activity for the periods presented (dollars in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Amount Weighted Avg. Interest Rate Beginning balance . . . . . . . Debt extinguished . . . . . . . Principal payments . . . . . . . $ 530,254 (131,582) (9,836) Ending balance . . . . . . . . . . $ 388,836 3.49% 4.26% 4.45% 4.38% Amount $ 548,229 (7,670) (10,305) $ 530,254 Weighted Avg. Interest Rate 3.55% 5.64% 4.43% 3.49% Amount $ 572,267 (14,205) (9,833) $ 548,229 Monthly averages . . . . . . . . $ 485,161 3.89% $ 540,947 3.52% $ 562,017 Weighted Avg. Interest Rate 3.97% 5.34% 4.60% 3.55% 3.72% 83 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations A portion of our Outpatient Medical properties were formed through partnerships. Income or loss from unconsolidated entities represents our share of net income or losses from partnerships where we are the noncontrolling partner. Net income attributable to noncontrolling interests represents our partners’ share of net income or loss relating to those partnerships where we are the controlling partner. Non-Segment/Corporate The following is a summary of our results of operations for the Non-Segment/Corporate activities for the periods presented (dollars in thousands): Year Ended December 31, 2022 December 31, 2021 One Year Change $ % Year Ended December 31, 2020 One Year Change Two Year Change $ % $ % Revenues: Other income . . . . . . . . . . . . . . $ 4,934 $ 2,992 $ 1,942 65% $ 2,781 $ Total revenues . . . . . . . . . . . Property operating expenses . . . . 4,934 16,245 2,992 8,817 1,942 7,428 65% 84% 2,781 3,381 211 211 8% $ 2,153 77% 8% 2,153 77% 5,436 161% 12,864 380% NOI(1) . . . . . . . . . . . . . . . . . . . (11,311) (5,825) (5,486) -94% (600) (5,225) -871% (10,711) n/a Other expenses: Interest expense . . . . . . . . . . . . 475,645 426,644 49,001 11% 432,431 (5,787) -1% 43,214 10% General and administrative expenses . . . . . . . . . . . . . . . 150,390 126,727 23,663 19% 128,394 (1,667) -1% 21,996 17% Loss (gain) on extinguishments of debt, net . . . . . . . . . . . . . . . . . . . . Other expenses . . . . . . . . . . . . 199 20,064 52,506 7,895 (52,307) -100% 12,169 154% 33,344 24,929 19,162 57% (33,145) -99% (17,034) -68% (4,865) -20% Total expenses . . . . . . . . . . . . . 646,298 613,772 32,526 5% 619,098 (5,326) -1% 27,200 4% Loss from continuing operations before income taxes and other items . . . . . . . . . . . . . . . . . . . . (657,609) (619,597) (38,012) Income tax (expense) benefit . . . (7,247) (8,713) 1,466 Loss from continuing -6% 17% (619,698) 101 —% (37,911) (9,968) 1,255 13% 2,721 -6% 27% operations . . . . . . . . . . . . . . . . (664,856) (628,310) (36,546) -6% (629,666) 1,356 —% (35,190) -6% Net loss attributable to common stockholders . . . . . . . . . . . . . . $ (664,856) $(628,310) $ (36,546) -6% $ (629,666) $ 1,356 —% $ (35,190) -6% (1) See Non-GAAP Financial Measures below. Property operating expenses represent insurance costs related to our captive insurance company formed as of July 1, 2020, which acts as a direct insurer of property level insurance coverage for our portfolio. The following is a summary of our Non-Segment/Corporate interest expense for the periods presented (dollars in thousands): Year Ended December 31, 2022 December 31, 2021 One Year Change $ % Year Ended December 31, 2020 One Year Change $ % Two Year Change $ % Senior unsecured notes . . $ 436,185 Unsecured credit facility and commercial paper program . . . . . . . . . . . . Loan expense . . . . . . . . . . 19,576 19,884 $401,247 $ 34,938 9% $ 400,014 $ 1,233 —% $36,171 9% 6,759 18,638 12,817 190% 15,313 7% 17,104 1,246 (8,554) -56% 4,263 9% 2,780 1,534 28% 16% Totals . . . . . . . . . . . . . . . . $ 475,645 $426,644 $ 49,001 11% $ 432,431 $ (5,787) -1% $43,214 10% 84 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The change in interest expense on senior unsecured notes is due to the net effect of issuances and extinguishments, as well as the movement in foreign exchange rates and related hedge activity. Please refer to Note 11 to the consolidated financial statements for additional information. The change in interest expense on our unsecured revolving credit facility and commercial paper program is due primarily to the net effect and timing of draws, paydowns and variable interest rate changes. Please refer to Note 10 of our consolidated financial statements for additional information. Loan expenses represent the amortization of costs incurred in connection with senior unsecured notes issuances. The loss on extinguishment recognized during the year ended December 31, 2021 is due primarily to the early extinguishment of $339,128,000 of our 3.75% senior unsecured notes due March 2023 and $334,624,000 of our 3.95% senior unsecured notes due September 2023. General and administrative expenses as a percentage of consolidated revenues for the years ended December 31, 2022, 2021 and 2020 were 2.57%, 2.67% and 2.79%, respectively. Other expenses includes non-capitalizable legal expenses, including related to our umbrella partnership REIT reorganization during 2022. The provision for income taxes primarily relates to state taxes, foreign taxes and taxes based on income generated by entities that are structured as TRSs. Other Non-GAAP Financial Measures We believe that net income and net income attributable to common stockholders, as defined by U.S. GAAP, are the most appropriate earnings measurements. However, we consider FFO, NOI, SSNOI, EBITDA and Adjusted EBITDA to be useful supplemental measures of our operating performance. Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts (“NAREIT”) created funds from operations attributable to common stockholders (“FFO”) as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO, as defined by NAREIT, means NICS, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate and impairment of depreciable assets, plus depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests. NOI is used to evaluate the operating performance of our properties. We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to operators, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent general overhead costs that are unrelated to property operations and unallocable to the properties. These expenses include, but are not limited to, payroll and benefits related to corporate employees, professional services, office expenses and depreciation of corporate fixed assets. Same store NOI (“SSNOI”) is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. We believe the drivers of property level NOI for both consolidated properties and unconsolidated properties are generally the same and therefore, we evaluate SSNOI based on our ownership interest in each property (“Welltower Share”). To arrive at Welltower’s Share, NOI is adjusted by adding our minority ownership share related to unconsolidated properties and by subtracting the minority partners’ noncontrolling ownership interests for consolidated properties. We do not control investments in unconsolidated properties and while we consider disclosures at Welltower Share to be useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in SSNOI five full quarters or eight full quarters after acquisition or being placed into service for the QTD Pool and 85 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations the YTD Pool, respectively. Land parcels, loans and sub-leases, as well as any properties sold or classified as held for sale during the respective periods are excluded from SSNOI. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from SSNOI until five full quarters or eight full quarters post completion of the redevelopment for the QTD Pool and YTD Pool, respectively. Properties undergoing operator transitions and/or segment transitions are also excluded from SSNOI until five full quarters or eight full quarters post completion of the transition for the QTD Pool and YTD Pool, respectively. In addition, properties significantly impacted by force majeure, acts of God, or other extraordinary adverse events are excluded from SSNOI until five full quarters or eight full quarters after the properties are placed back into service for the QTD Pool and YTD Pool, respectively. SSNOI excludes non-cash NOI and includes adjustments to present consistent ownership percentages and to translate Canadian properties and U.K. properties using a consistent exchange rate. We believe NOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our properties. EBITDA is defined as earnings (net income) before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding unconsolidated entities and including adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/loss/impairments on properties, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments as deemed appropriate. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. We primarily use these measures to determine our interest coverage ratio, which represents EBITDA and Adjusted EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDA and Adjusted EBITDA divided by fixed charges. Fixed charges include total interest and secured debt principal amortization. Covenants in our unsecured senior notes and primary credit facility contain financial ratios based on a definition of EBITDA and Adjusted EBITDA that is specific to those agreements. Our leverage ratios are defined as the proportion of net debt to total capitalization and include book capitalization, undepreciated book capitalization and market capitalization. Book capitalization represents the sum of net debt (defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Market capitalization represents book capitalization adjusted for the fair market value of our common stock. Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies rating and investment recommendations of companies. Management uses these financial measures to facilitate internal and external comparisons to our historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management. None of our supplemental measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. in the valuation, comparison, The table below reflects the reconciliation of FFO to NICS, the most directly comparable U.S. GAAP measure, for the periods presented. Noncontrolling interest and unconsolidated entity amounts represent adjustments to reflect our share of depreciation and amortization, gains/loss on real estate dispositions and impairment of assets. Amounts are in thousands except for per share data. 86 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations FFO Reconciliation: Year Ended December 31, 2022 2021 2020 Net income attributable to common stockholders . . . . . . . . . . . . . . . . . . Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Impairment of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loss (gain) on real estate dispositions, net Noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 141,214 1,310,368 17,502 (16,043) (56,529) 81,560 $ 336,138 1,037,566 51,107 (235,375) (54,190) 85,476 $ 978,844 1,038,437 135,608 (1,088,455) (23,968) 62,096 Funds from operations attributable to common stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Average diluted shares outstanding: Per diluted share data: $1,478,072 465,158 $1,220,722 426,841 $ 1,102,562 417,387 Net income attributable to common stockholders(1) . . . . . . . . . . . . . . Funds from operations attributable to common stockholders . . . . . . . $ $ 0.30 3.18 $ $ 0.78 2.86 $ $ 2.33 2.64 (1) Includes adjustment to the numerator for income (loss) attributable to OP unitholders. The following tables reflect the reconciliation of consolidated NOI to net income, the most directly comparable U.S. GAAP measure, for the years presented. Dollar amounts are in thousands. Year Ended December 31, 2022 2021 2020 NOI Reconciliation: Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loss (gain) on real estate dispositions, net . . . . . . . . . . . . . . . . . . . . . . . Loss (income) from unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . Income tax expense (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Impairment of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for loan losses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loss (gain) on extinguishment of debt, net . . . . . . . . . . . . . . . . . . . . . . . Loss (gain) on derivatives and financial instruments, net . . . . . . . . . . . . General and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 160,568 (16,043) 21,290 7,247 101,670 17,502 10,320 680 8,334 150,390 1,310,368 529,519 $ 374,479 (235,375) 22,933 8,713 41,739 51,107 7,270 49,874 (7,333) 126,727 1,037,566 489,853 $ 1,038,852 (1,088,455) 8,083 9,968 70,335 135,608 94,436 47,049 11,049 128,394 1,038,437 514,388 Consolidated net operating income (NOI) . . . . . . . . . . . . . . . . . . . . $2,301,845 $1,967,553 $ 2,008,144 NOI by segment: Seniors Housing Operating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Triple-net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outpatient Medical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-segment/corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 953,372 887,024 472,760 (11,311) $ 683,906 841,122 448,350 (5,825) $ 755,552 748,121 505,071 (600) Total NOI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,301,845 $1,967,553 $ 2,008,144 87 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Quarterly NOI by Segment: (in thousands) March 31, June 30, September 30, December 31, Three Months Ended Year Ended December 31, 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Seniors Housing Operating: Total revenues . . . . . . . $ 996,612 $726,402 $1,071,210 $742,549 $1,072,600 $ 839,519 $1,104,995 $904,780 $4,245,417 $3,213,250 Property operating expenses . . . . . . . . . . 789,928 555,968 789,299 582,361 841,914 666,610 870,904 724,405 3,292,045 2,529,344 Consolidated NOI . . $ 206,684 $170,434 $ 281,911 $160,188 $ 230,686 $ 172,909 $ 234,091 $180,375 $ 953,372 $ 683,906 Triple-net: Total revenues . . . . . . . $ 235,163 $168,482 $ 234,360 $238,941 $ 228,819 $ 239,985 $ 233,165 $243,176 $ 931,507 $ 890,584 Property operating expenses . . . . . . . . . . 11,211 12,841 11,491 12,627 11,495 11,664 10,286 12,330 44,483 49,462 Consolidated NOI . . $ 223,952 $155,641 $ 222,869 $226,314 $ 217,324 $ 228,321 $ 222,879 $230,846 $ 887,024 $ 841,122 Outpatient Medical: Total revenues . . . . . . . $ 163,323 $156,223 $ 166,322 $159,072 $ 172,178 $ 159,503 $ 176,934 $160,491 $ 678,757 $ 635,289 Property operating expenses . . . . . . . . . . 49,915 46,863 50,648 45,495 52,921 48,072 52,513 46,509 205,997 186,939 Consolidated NOI . . $ 113,408 $109,360 $ 115,674 $113,577 $ 119,257 $ 111,431 $ 124,421 $113,982 $ 472,760 $ 448,350 Corporate: Total revenues . . . . . . . $ 606 $ 955 $ 644 $ 430 $ 247 $ 790 $ 3,437 $ 817 $ 4,934 $ 2,992 Property operating expenses . . . . . . . . . . 2,615 1,654 2,645 2,174 5,850 3,054 5,135 1,935 16,245 8,817 Consolidated NOI . . $ (2,009)$ (699) $ (2,001) $ (1,744) $ (5,603) $ (2,264) $ (1,698) $ (1,118) $ (11,311)$ (5,825) The following is a reconciliation of the properties included in our QTD Pool and YTD Pool for SSNOI: QTD Pool YTD Pool Seniors Housing Operating Triple-net Outpatient Medical Total Seniors Housing Operating Triple-net Outpatient Medical Total SSNOI Property Reconciliations: Consolidated properties . . . . . . . . . . . Unconsolidated properties . . . . . . . . . Total properties . . . . . . . . . . . . . . . . . Recent acquisitions/development conversions(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Under development . . . . . . . . . . . Under redevelopment(2) Current held for sale . . . . . . . . . . . . . . Land parcels, loans and subleases . . . Transitions(3) . . . . . . . . . . . . . . . . . . . . Other(4) . . . . . . . . . . . . . . . . . . . . . . . . 850 104 954 (114) (40) (4) (3) (24) (108) (7) Same store properties . . . . . . . . . . . . . . . 654 570 39 609 (11) — (3) (7) (8) (150) (3) 427 323 79 402 (24) (5) (4) (1) (7) — — 1,743 222 1,965 (149) (45) (11) (11) (39) (258) (10) 850 104 954 (254) (40) (4) (3) (24) (108) (3) 361 1,442 514 570 39 609 (40) — (3) (7) (8) (150) (3) 398 323 79 402 (36) (5) (4) (1) (7) — — 1,743 222 1,965 (330) (45) (11) (11) (39) (258) (10) 349 1,261 (1) Acquisitions and development conversions will enter the QTD Pool and YTD Pool five full quarters and eight full quarters after acquisition or certificate of occupancy, respectively. (2) Redevelopment properties will enter the QTD Pool and YTD Pool after five full quarters and eight full quarters of operations post redevelopment completion, respectively. 88 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (3) Transitioned properties will enter the QTD Pool and YTD Pool after five full quarters and eight full quarters of operations with the new operator in place or under the new structure, respectively. (4) Represents properties that are either closed or being closed. The following is a reconciliation of our consolidated NOI to same store NOI for the periods presented for the respective pools. Dollar amounts are in thousands. QTD Pool YTD Pool Three Months Ended Twelve Months Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 SSNOI Reconciliations: Seniors Housing Operating: Consolidated NOI . . . . . . . . . . . . . . . . . . . . . . . . . . . NOI attributable to unconsolidated investments . . . NOI attributable to noncontrolling interests . . . . . . . Non-cash NOI attributable to same store properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOI attributable to non-same store properties . . . . . Currency and ownership adjustments (1) . . . . . . . . . SSNOI at Welltower Share . . . . . . . . . . . . . . . . . . . . . . Triple-net: Consolidated NOI . . . . . . . . . . . . . . . . . . . . . . . . . . . NOI attributable to unconsolidated investments . . . NOI attributable to noncontrolling interests . . . . . . . Non-cash NOI attributable to same store properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOI attributable to non-same store properties . . . . . Currency and ownership adjustments (1) . . . . . . . . . SSNOI at Welltower Share . . . . . . . . . . . . . . . . . . . . . . Outpatient Medical: Consolidated NOI . . . . . . . . . . . . . . . . . . . . . . . . . . . NOI attributable to unconsolidated investments . . . NOI attributable to noncontrolling interests . . . . . . . Non-cash NOI attributable to same store properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOI attributable to non-same store properties . . . . . Currency and ownership adjustments (1) . . . . . . . . . SSNOI at Welltower Share . . . . . . . . . . . . . . . . . . . . . . SSNOI at Welltower Share: Seniors Housing Operating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Triple-net Outpatient Medical . . . . . . . . . . . . . . . . . . . . . . . . . . . . $234,091 11,291 (16,718) $180,375 10,713 (12,125) $ 953,372 47,190 (122,874) $ 683,906 44,470 (65,747) (196) (46,511) 2,759 (662) (22,024) (669) (747) (270,363) 4,146 10,878 (121,779) (2,856) 184,716 155,608 610,724 548,872 222,879 8,947 (9,555) (11,592) (86,076) 2,693 230,846 4,893 (13,600) (8,310) (92,708) 938 887,024 29,516 (41,099) 841,122 19,559 (48,892) (37,190) (389,905) 7,477 (27,000) (352,792) 1,829 127,296 122,059 455,823 433,826 124,421 4,712 (5,576) (4,287) (11,250) (153) 113,982 4,682 (4,896) (3,523) (5,298) 313 472,760 19,233 (22,089) (10,323) (56,001) (60) 448,350 18,998 (18,645) (10,384) (42,089) (851) 107,867 105,260 403,520 395,379 184,716 127,296 107,867 155,608 122,059 105,260 610,724 455,823 403,520 548,872 433,826 395,379 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $419,879 $382,927 $1,470,067 $1,378,077 (1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2738 and to translate U.K. properties at a GBP/USD rate of 1.3501. 89 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The table below reflects the reconciliation of EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure, for the periods presented. Dollars are in thousands. Adjusted EBITDA Reconciliation: Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income tax expense (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loss (income) from unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loss (gain) on extinguishment of debt, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loss (gain) on real estate dispositions, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Impairment of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for loan losses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loss (gain) on derivatives and financial instruments, net . . . . . . . . . . . . . . . . . . . . . . . . Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lease termination and leasehold interest adjustment (1) Casualty losses, net of recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other impairment, net (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Year Ended December 31, 2022 2021 2020 $ 160,568 529,519 7,247 1,310,368 $ 374,479 489,853 8,713 1,037,566 $ 1,038,852 514,388 9,968 1,038,437 2,007,702 21,290 26,027 680 (16,043) 17,502 10,320 8,334 101,670 (64,854) 10,391 (620) 1,910,611 22,933 16,933 49,874 (235,375) 51,107 7,270 (7,333) 41,739 760 5,786 49,241 2,601,645 8,083 22,154 47,049 (1,088,455) 135,608 94,436 11,049 70,335 — — 146,508 Adjusted EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,122,399 $1,913,546 $ 2,048,412 Adjusted Interest Coverage Ratio: Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capitalized interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-cash interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 529,519 30,491 (21,754) $ 489,853 19,352 (17,506) $ 514,388 17,472 (15,751) Total interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 538,256 $2,007,702 491,699 $1,910,611 516,109 $ 2,601,645 Interest coverage ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Adjusted EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.73x $2,122,399 3.89x $1,913,546 5.04x $ 2,048,412 Adjusted interest coverage ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.94x 3.89x 3.97x Adjusted Fixed Charge Coverage Ratio: Total interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Secured debt principal payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 538,256 58,114 $ 491,699 65,587 $ 516,109 62,707 Total fixed charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 596,370 $2,007,702 557,286 $1,910,611 578,816 $ 2,601,645 Fixed charge coverage ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Adjusted EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.37x $2,122,399 3.43x $1,913,546 4.49x $ 2,048,412 Adjusted fixed charge coverage ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.56x 3.43x 3.54x (1) Represents revenues and property operating expenses associated with a leasehold portfolio interest relating to 26 properties assumed by a wholly-owned affiliate in conjunction with the Holiday Retirement transaction. Subsequent to the initial transaction, we purchased eight of the leased properties and one of the properties was sold by the landlord and removed from the lease. No rent was paid in excess of net cash flow relating to the leasehold properties and therefore, the net impact has been excluded from Adjusted EBITDA. Additionally, in conjunction with the lease termination, during the year ended December 31, 2022, we recognized $58,621,000 in other income from the derecognition of the right of use asset and related lease liability which has also been excluded from Adjusted EBITDA. (2) Represents the changes in the reserve for straight-line rent receivables balances relating to leases placed on cash recognition. 90 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Our leverage ratios include book capitalization, undepreciated book capitalization and market capitalization. Book capitalization represents the sum of net debt (defined as total long-term debt less cash and cash equivalents and restricted cash), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Market capitalization represents book capitalization adjusted for the fair market value of our common stock. Our leverage ratios are defined as the proportion of net debt to total capitalization. The table below reflects the reconciliation of our leverage ratios to our balance sheets for the periods presented. Amounts are in thousands, except share price. Year Ended December 31, 2022 2021 2020 Book capitalization: Unsecured credit facility and commercial paper . . . . . . . . . . . . . . . . . Long-term debt obligations(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash and cash equivalents and restricted cash . . . . . . . . . . . . . . . . . . $ — $ 14,661,552 (722,292) 324,935 13,917,702 (346,755) $ — 13,905,822 (2,021,043) Total net debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total equity and noncontrolling interests(2) 13,939,260 21,393,996 13,895,882 18,997,873 11,884,779 17,225,062 Book capitalization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $35,333,256 $32,893,755 $29,109,841 Net debt to book capitalization ratio . . . . . . . . . . . . . . . . . . . . . . . . 39.5% 42.2% 40.8% Undepreciated book capitalization: Total net debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accumulated depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total equity and noncontrolling interests(2) $13,939,260 8,075,733 21,393,996 $13,895,882 6,910,114 18,997,873 $11,884,779 6,104,297 17,225,062 Undepreciated book capitalization . . . . . . . . . . . . . . . . . . . . . . . . . . . $43,408,989 $39,803,869 $35,214,138 Net debt to undepreciated book capitalization ratio . . . . . . . . . . . . 32.1% 34.9% 33.8% Market capitalization: Common shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Period end share price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 490,509 65.55 $ 447,239 85.77 $ 417,401 64.62 $ Common equity market capitalization . . . . . . . . . . . . . . . . . . . . . . . . Total net debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Noncontrolling interests(2) $32,152,865 13,939,260 1,099,182 $38,359,689 13,895,882 1,361,872 $26,972,453 11,884,779 1,252,343 Market capitalization: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $47,191,307 $53,617,443 $40,109,575 Net debt to market capitalization ratio . . . . . . . . . . . . . . . . . . . . . . 29.5% 25.9% 29.6% (1) Amounts include senior unsecured notes, secured debt and lease liabilities related to finance leases, as reflected on our Consolidated Balance Sheets. Operating lease liabilities related to the ASC 842 adoption are excluded. (2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests as reflected on our Consolidated Balance Sheets. 91 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Critical Accounting Policies & Estimates Our consolidated financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions. Management considers an accounting estimate or assumption critical if: • • the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change; and the impact of the estimates and assumptions on financial condition or operating performance is material. Management has discussed the development and selection of its critical accounting policies and estimates with the Audit Committee of the Board of Directors. Management believes the current assumptions and other considerations used to estimate amounts reflected in our consolidated financial statements are appropriate and are not reasonably likely to change in the future. However, since these estimates require assumptions to be made that were uncertain at the time the estimate was made, they bear the risk of change. If actual experience differs from the assumptions and other considerations used in estimating amounts reflected in our consolidated financial statements, the resulting changes could have a material adverse effect on our consolidated results of operations, liquidity and/or financial condition. Please refer to Note 2 to our consolidated financial statements for further information on significant accounting policies that impact us and for the impact of new accounting standards, including accounting pronouncements that were issued but not yet adopted by us. The following table presents information about our critical accounting policies and estimates: Nature of Critical Accounting Estimate Assumptions/ Approach Used Impairment of Real Property Assessing impairment of real property involves subjectivity in determining if indicators of impairment are present and in estimating the future undiscounted cash flows or estimated fair value of an asset. fair value, key In estimating the undiscounted cash flows or assumptions that would be made are the estimation of future rental revenues, operating expenses, capitalization rates and the ability and intent to hold the respective asset, all of which are affected by our expectations of future market or economic conditions. These estimates can have a significant impact on the undiscounted cash flows or estimated fair value of an asset. Quarterly, we evaluate our real estate investments on a property by property basis to determine if there are indicators of impairment. These indicators may include expected operational performance, the tenant’s ability to make rent payments, a decision to dispose of an asset before the end of its estimated useful life and changes in the market that may permanently reduce the value of the property. If indicators of impairment exist, an undiscounted cash flow analysis will be prepared to determine if the value of the real property will be recoverable. If the real property will not be recoverable, the carrying value of the property is reduce to its estimated fair value and an impairment charge is recognized for the difference between the carrying value and the fair value. This analysis requires us to use judgment in determining whether indicators of impairment exist and to estimate the expected future undiscounted cash flows or estimated fair values of the property. Properties that meet the held for sale criteria are recorded at the lesser of the fair value less costs to sell or carrying value. year $32,925,033,000. During real property owned was At December 31, 2022, our net ended the approximately December 31, 2022, we recorded impairment charges of $13,146,000 related to one Seniors Housing Operating property which was classified as held for sale for which the carrying values exceeded the fair values less costs to sell. Additionally, we recorded $4,356,000 of related to two Triple-net properties and one Outpatient Medical property that were held for use in which the carrying values exceeded the estimated fair values. impairment charges 92 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Nature of Critical Accounting Estimate Real Estate Acquisitions Assumptions/ Approach Used We believe that substantially all of our real estate acquisitions are considered asset acquisitions for which we record the related real estate acquired (tangible assets and identifiable intangible assets and liabilities) at cost on a relative fair value basis. Liabilities assumed and any associated noncontrolling interests are reflected at fair value. Tangible assets consist primarily of land, building and improvements. Identifiable intangible assets and liabilities primarily consist of the above or below market component of in-place leases and the value of in-place leases. The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship values specific characteristics of each tenant’s lease and our overall relationship with respect to that tenant. on management’s evaluation based the of Principles of Consolidation the The consolidated financial statements include our accounts, accounts of our wholly-owned subsidiaries, and the accounts of joint venture entities in which we own a majority voting interest with the ability to control operations and where no substantive participating rights or substantive kick out rights have been granted to the noncontrolling interests. In addition, we consolidate those entities deemed to be variable interest entities (“VIEs”) in which we are determined to be the primary beneficiary. All material intercompany transactions and balances have been eliminated in consolidation. Allowance for Credit Losses on Loans Receivable The allowance for credit losses is maintained at a level believed adequate to absorb potential losses in our loans receivable. The the credit allowance is based on a quarterly determination of evaluation of all outstanding loans, including general economic conditions and estimated collectability of loan payments. 93 The allocation of the purchase price to the related real estate acquired (tangible assets and intangible assets and liabilities) involves subjectivity as such allocations are based on a relative fair value analysis. In determining the fair values that drive such analysis, we estimate the fair value of each component of the real estate acquired which generally includes land, buildings and improvements, the above or below market component of in-place leases and the value of in-place leases. Significant assumptions used to determine such fair values include comparable land sales, capitalization rates, discount rates, market rental rates and property operating data, all of which can be impacted by expectations about future market or economic conditions. Our estimates of the values the amount of depreciation and of amortization we record over the estimated useful life of the property or the term of the lease. these components affect During the year ended December 31, 2022, we completed $2,306,020,000 of real estate acquisitions. These transactions were accounted for as asset acquisitions and the purchase price of each was allocated based on the relative fair values of the assets acquired and liabilities assumed. (ii) interest, or We make judgments about which entities are VIEs based on an assessment of whether (i) the equity investors as a group, if any, do not have a controlling financial the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We make judgments with respect to our level of influence or control of an entity and whether we are (or are not) the primary beneficiary of a VIE. Consideration of various factors include, but is not limited to, our ability to direct the activities that most significantly impact the entity’s economic performance, our form of ownership interest, our representation on the entity’s governing body, the size and seniority of our investment, our ability and the rights of other investors to participate in policy making decisions, replace the manager and/or liquidate the entity, if applicable. Our ability to correctly assess our influence or control over an entity at inception of our involvement or on a continuous basis when determining the primary beneficiary of a VIE affects the presentation of these entities in our consolidated financial statements. If we perform a primary beneficiary analysis at a date other than at inception of the VIE, our assumptions may be different and may result in the identification of a different primary beneficiary. loan charge-offs, financial strength of The determination of the allowance for credit losses is based on a quarterly evaluation of all outstanding loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of factors, including, but not limited to, payment the status, historical borrower and guarantors, and nature, extent and value of the underlying collateral. A loan is considered to have deteriorated credit quality when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreement. For those loans we identified as having deteriorated credit quality, we determine the amount of credit loss on an individual basis. Placement on non-accrual status may be required. Consistent with this definition, all loans on nonaccrual are deemed to have deteriorated credit quality. To the extent circumstances improve and the risk of collectability is diminished, we may return these loans to income accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance. For the remaining loans, we assess credit loss on Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Nature of Critical Accounting Estimate Assumptions/ Approach Used a collective pool basis and use our historical loss experience for similar loans to determine the reserve for credit losses. During the year ended December 31, 2022, we recognized provision for loan losses of $10,320,000, which includes a specific reserve for a Triple-net held to maturity debt security, offset by changes in the reserve based on our historical loss experience. Item 7A. Quantitative and Qualitative Disclosures About Market Risk We are exposed to various market risks, including the potential loss arising from adverse changes in interest rates and foreign currency exchange rates. We seek to mitigate the underlying foreign currency exposures with gains and losses on derivative contracts hedging these exposures. We seek to mitigate the effects of fluctuations in interest rates by matching the terms of new investments with new long-term fixed rate borrowings to the extent possible. We may or may not elect to use financial derivative instruments to hedge interest rate exposure. These decisions are principally based on our policy to match our variable rate investments with comparable borrowings, but are also based on the general trend in interest rates at the applicable dates and our perception of the future volatility of interest rates. This section is presented to provide a discussion of the risks associated with potential fluctuations in interest rates and foreign currency exchange rates. For more information, see Notes 12 and 17 to our consolidated financial statements. We historically borrow on our unsecured revolving credit facility and commercial paper program to acquire, construct or make loans relating to health care and seniors housing properties. Then, as market conditions dictate, we will issue equity or long-term fixed rate debt to repay the borrowings under our unsecured revolving credit facility and commercial paper program. We are subject to risks associated with debt financing, including the risk that existing indebtedness may not be refinanced or that the terms of refinancing may not be as favorable as the terms of current indebtedness. The majority of our borrowings were completed under indentures or contractual agreements that limit the amount of indebtedness we may incur. Accordingly, in the event that we are unable to raise additional equity or borrow money because of these limitations, our ability to acquire additional properties may be limited. A change in interest rates will not affect the interest expense associated with our fixed rate debt. Interest rate changes, however, will affect the fair value of our fixed rate debt. Changes in the interest rate environment upon maturity of this fixed rate debt could have an effect on our future cash flows and earnings, depending on whether the debt is replaced with other fixed rate debt, variable rate debt or equity or repaid by the sale of assets. To illustrate the impact of changes in the interest rate markets, we performed a sensitivity analysis on our fixed rate debt instruments after considering the effects of interest rate swaps, whereby we modeled the change in net present values arising from a hypothetical 1% increase in interest rates to determine the instruments’ change in fair value. The following table summarizes the analysis performed as of the dates indicated (in thousands): December 31, 2022 December 31, 2021 Principal balance Change in fair value Principal balance Change in fair value Senior unsecured notes . . . . . . . . . . . . Secured debt . . . . . . . . . . . . . . . . . . . . . $10,839,782 1,448,567 $(488,159) (36,654) $11,002,297 1,490,708 $(1,059,031) (44,222) Totals . . . . . . . . . . . . . . . . . . . . . . . . . . $12,288,349 $(524,813) $12,493,005 $(1,103,253) Our variable rate debt, including our unsecured revolving credit facility and commercial paper program, is reflected at fair value. At December 31, 2022, we had $2,426,134,000 outstanding related to our variable rate debt after considering the effects of interest rate swaps. Assuming no changes in outstanding balances, a 1% increase in interest rates would result in increased annual interest expense of $24,261,000. At December 31, 2021, we had $1,742,268,000 of outstanding variable rate debt. Assuming no changes in outstanding balances, a 1% increase in interest rates would have resulted in increased annual interest expense of $17,423,000. 94 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations We are subject to currency fluctuations that may, from time to time, affect our financial condition and results of operations. Increases or decreases in the value of the Canadian Dollar or British Pounds Sterling relative to the U.S. Dollar impact the amount of net income we earn from our investments in Canada and the United Kingdom. Based solely on our results for the year ended December 31, 2022, including the impact of existing hedging arrangements, if these exchange rates were to increase or decrease by 10%, our net income from these investments would increase or decrease, as applicable, by less than $8,000,000. We will continue to mitigate these underlying foreign currency exposures with non-U.S. denominated borrowings and gains and losses on derivative contracts. If we increase our international presence through investments in, or acquisitions or development of, seniors housing and health care properties outside the U.S., we may also decide to transact additional business or borrow funds in currencies other than U.S. Dollars, Canadian Dollars or British Pounds Sterling. To illustrate the impact of changes in foreign currency markets, we performed a sensitivity analysis on our derivative portfolio whereby we modeled the change in net present values arising from a hypothetical 1% increase in foreign currency exchange rates to determine the instruments’ change in fair value. The following table summarizes the results of the analysis performed (dollars in thousands): December 31, 2022 December 31, 2021 Carrying value Change in fair value Carrying value Change in fair value Foreign currency exchange contracts . . . . . Debt designated as hedges . . . . . . . . . . . . . $ 190,418 1,452,832 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,643,250 $14,238 14,528 $28,766 $ 32,280 1,613,164 $1,645,444 $19,740 16,132 $35,872 95 Item 8. Financial Statements and Supplementary Data Report of Independent Registered Public Accounting Firm To the Stockholders and the Board of Directors of Welltower Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Welltower Inc. and subsidiaries (the Company) as of December 31, 2022 and 2021, the related consolidated statements of comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2022, and the related notes and financial statement schedules listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2022 and 2021 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 21, 2023 expressed an unqualified opinion thereon. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. 96 Description of the Matter How We Addressed the Matter in Our Audit Description of the Matter How We Addressed the Matter in Our Audit Impairment of Real Property At December 31, 2022, real property owned was the Company’s net approximately $32.9 billion. As discussed in Note 2 to the consolidated financial statements, the Company reviews its real property quarterly on a property-by-property basis to determine if facts and circumstances suggest that the real property may be impaired. If the undiscounted cash flows indicate that the real property will not be recoverable, the carrying value of the real property is reduced to its estimated fair value and an impairment charge is recognized for the difference between the carrying value and the fair value. Auditing the Company’s process to evaluate real property owned for impairment was complex due to the high degree of subjectivity in determining whether indicators of impairment were present for certain properties, and in determining the future undiscounted cash flows and estimated fair values, if necessary, of properties where indicators of impairment were determined to be present. In particular, the undiscounted cash flows and fair value estimates were sensitive to significant assumptions, revenues and operating including future rental expenses, capitalization rates, and anticipated hold period, which are affected by expectations about future market or economic conditions. We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s process to evaluate real property owned for impairment. This included testing controls over the Company’s review of impairment indicators by property and management’s review and approval of the significant assumptions described above. To test the Company’s evaluation of real property for impairment, we performed audit procedures that included, among others, assessing the methodologies used by management, evaluating the significant assumptions discussed above and testing the completeness and accuracy of the underlying data used by the Company in its analyses. We compared the significant assumptions used by management to current industry and economic trends and evaluated whether changes to the Company’s business and other relevant factors would affect the significant assumptions. In addition, we assessed the historical accuracy of the Company’s estimates and performed sensitivity analyses of the significant assumptions to evaluate the changes in the undiscounted future cash flows and estimated fair values of the property that would result from changes in the significant assumptions. Real Estate Acquisitions During the year ended December 31, 2022, the Company completed approximately $2.3 billion of real estate acquisitions. As disclosed in Note 3 of the consolidated financial statements, the total purchase price for all properties acquired has been allocated to the related real estate acquired (tangible assets and identifiable intangible assets and liabilities) based upon their relative fair values. Auditing the fair values allocated by management to the real estate acquired was complex because the fair value estimates were sensitive to significant assumptions, including comparable land sales, capitalization rates, discount rates, market rental rates and property operating data, which can be impacted by expectations about future market or economic conditions. We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s process to account for real estate acquisitions, including controls over the Company’s review of the significant assumptions discussed above. 97 To test the fair values allocated to the real estate acquired, we performed audit procedures that included, among others, assessing the methodologies used by management and evaluating the significant assumptions used by the Company discussed above. We compared certain of management’s assumptions to external market data for similar properties and tested the clerical accuracy of the valuation models. We involved our valuation specialist in our evaluation of the significant assumptions used by the Company and the review of the valuation models. We have served as the Company’s auditor since 1970. Toledo, Ohio February 21, 2023 /s/ Ernst & Young LLP 98 CONSOLIDATED BALANCE SHEETS WELLTOWER INC. AND SUBSIDIARIES (in thousands) December 31, 2022 December 31, 2021 Assets Real estate investments: Real property owned: Land and land improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Buildings and improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Acquired lease intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Real property held for sale, net of accumulated depreciation . . . . . . . . . . . . . Construction in progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less accumulated depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . $ 4,249,834 33,651,336 1,945,458 133,058 1,021,080 (8,075,733) $ 3,968,430 31,062,203 1,789,628 134,097 651,389 (6,910,114) Net real property owned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Right of use assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Real estate loans receivable, net of credit allowance . . . . . . . . . . . . . . . . . . . . Net real estate investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,925,033 323,942 890,844 34,139,819 30,695,633 522,796 1,068,681 32,287,110 Other assets: Investments in unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Straight-line rent receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receivables and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,499,790 68,321 631,681 90,611 322,173 1,140,838 3,753,414 1,039,043 68,321 269,265 77,490 365,643 803,453 2,623,215 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37,893,233 $ 34,910,325 Liabilities and equity Liabilities: Unsecured credit facility and commercial paper . . . . . . . . . . . . . . . . . . . . . . . Senior unsecured notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Secured debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Redeemable noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Equity: $ — $ 12,437,273 2,110,815 415,824 1,535,325 16,499,237 384,443 324,935 11,613,758 2,192,261 545,944 1,235,554 15,912,452 401,294 Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capital in excess of par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cumulative net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cumulative dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accumulated other comprehensive income (loss) . . . . . . . . . . . . . . . . . . . . . . 491,919 26,742,750 (111,001) 8,804,950 (15,514,097) (119,707) 448,605 23,133,641 (107,750) 8,663,736 (14,380,915) (121,316) Total Welltower Inc. stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . Noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,294,814 714,739 17,636,001 960,578 Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,009,553 18,596,579 Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37,893,233 $ 34,910,325 See accompanying notes 99 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME WELLTOWER INC. AND SUBSIDIARIES (In thousands, except per share data) Year Ended December 31, 2022 2021 2020 Revenues: Resident fees and services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rental income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,173,711 1,451,786 150,571 84,547 $3,197,223 1,374,695 137,563 32,634 $3,074,022 1,443,360 69,156 19,429 Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,860,615 4,742,115 4,605,967 Expenses: Property operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loss (gain) on derivatives and financial instruments, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loss (gain) on extinguishment of debt, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for loan losses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Impairment of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,558,770 1,310,368 529,519 150,390 8,334 680 10,320 17,502 101,670 2,774,562 1,037,566 489,853 126,727 (7,333) 49,874 7,270 51,107 41,739 2,597,823 1,038,437 514,388 128,394 11,049 47,049 94,436 135,608 70,335 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,687,553 4,571,365 4,637,519 Income (loss) from continuing operations before income taxes and other items . . . . . . . . . . . . . . . . Income tax (expense) benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income (loss) from unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gain (loss) on real estate dispositions, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,062 (7,247) (21,290) 16,043 170,750 (8,713) (22,933) 235,375 (31,552) (9,968) (8,083) 1,088,455 Income (loss) from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,568 374,479 1,038,852 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Net income (loss) attributable to noncontrolling interests(1) 160,568 19,354 374,479 38,341 1,038,852 60,008 Net income (loss) attributable to common stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 141,214 $ 336,138 $ 978,844 Weighted average number of common shares outstanding: Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 462,185 465,158 424,976 426,841 415,451 417,387 Earnings per share: Basic: Income (loss) from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net income (loss) attributable to common stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diluted: Income (loss) from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net income (loss) attributable to common stockholders(2) $ $ $ $ 0.35 0.31 0.35 0.30 $ $ $ $ 0.88 0.79 0.88 0.78 $ $ $ $ 2.50 2.36 2.49 2.33 (1) (2) Includes amounts attributable to redeemable noncontrolling interests Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units. See accompanying notes 100 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED) WELLTOWER INC. AND SUBSIDIARIES (In thousands) Year Ended December 31, 2021 2020 2022 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other comprehensive income (loss): $ 160,568 $374,479 $1,038,852 Foreign currency translation gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . Derivative and financial instruments designated as hedges gain (loss) . . . (466,910) 442,620 (52,826) 79,702 103,612 (134,369) Total other comprehensive income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . (24,290) 26,876 (30,757) Total comprehensive income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Total comprehensive income (loss) attributable to noncontrolling 136,278 401,355 1,008,095 interests(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,545) 38,029 65,598 Total comprehensive income (loss) attributable to common stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 142,823 $363,326 $ 942,497 (1) Includes amounts attributable to redeemable noncontrolling interests. See accompanying notes 101 CONSOLIDATED STATEMENTS OF EQUITY WELLTOWER INC. AND SUBSIDIARIES (in thousands) Common Stock Capital in Excess of Par Value Treasury Stock Cumulative Net Income Cumulative Dividends Accumulated Other Comprehensive Income (Loss) Noncontrolling Interests Total Balances at December 31, 2019 . . . . . . . . . . . . . . . . . $411,005 $20,190,119 $ (78,955) $7,353,966 $(12,223,534) $(112,157) $ 966,183 $16,506,627 Cumulative change in accounting principle (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balances at January 1, 2020 (as adjusted for change (5,212) (5,212) in accounting principle) . . . . . . . . . . . . . . . . . . . . . 411,005 20,190,119 (78,955) 7,348,754 (12,223,534) (112,157) 966,183 16,501,415 Comprehensive income: Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . Other comprehensive income (loss) . . . . . . . . . . . Total comprehensive income . . . . . . . . . . . . . . . . . . . 978,844 (36,347) 98,910 5,493 1,077,754 (30,854) 1,046,900 Net change in noncontrolling interests . . . . . . . . . . . 18,158 (161,733) (143,575) Amounts related to stock incentive plans, net of forfeitures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net proceeds from issuance of common stock . . . . . Conversion of preferred stock . . . . . . . . . . . . . . . . . . Dividends paid: 622 7,064 27,666 (17,879) 587,202 (7,656) Common stock dividends . . . . . . . . . . . . . . . . . . . (1,120,187) 10,409 594,266 (7,656) (1,120,187) Balances at December 31, 2020 . . . . . . . . . . . . . . . . . 418,691 20,823,145 (104,490) 8,327,598 (13,343,721) (148,504) 908,853 16,881,572 Comprehensive income: Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . Other comprehensive income (loss) . . . . . . . . . . . Total comprehensive income . . . . . . . . . . . . . . . . . . . 336,138 27,188 36,795 (366) 372,933 26,822 399,755 Net change in noncontrolling interests . . . . . . . . . . . (23,743) 15,296 (8,447) Amounts related to stock incentive plans, net of forfeitures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246 18,087 (3,260) Net proceeds from issuance of common stock . . . . . 29,668 2,316,152 Dividends paid: Common stock dividends . . . . . . . . . . . . . . . . . . . (1,037,194) 15,073 2,345,820 (1,037,194) Balances at December 31, 2021 . . . . . . . . . . . . . . . . . 448,605 23,133,641 (107,750) 8,663,736 (14,380,915) (121,316) 960,578 18,596,579 Comprehensive income: Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . Other comprehensive income (loss) . . . . . . . . . . . Total comprehensive income . . . . . . . . . . . . . . . . . . . Net change in noncontrolling interests . . . . . . . . . . . Adjustment to members’ interest from change in ownership in Welltower OP . . . . . . . . . . . . . . . . . . Redemption of OP Units and DownREIT Units . . . . Amounts related to stock incentive plans, net of forfeitures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (88,756) 46,649 1,464 27,018 (3,251) 5 214 141,214 1,609 36,151 (24,161) 177,365 (22,552) 154,813 (210,974) (299,730) (46,649) (206) — 1,263 23,981 3,665,829 (1,133,182) Net proceeds from issuance of common stock . . . . . 43,095 3,622,734 Dividends paid: Common stock dividends . . . . . . . . . . . . . . . . . . . (1,133,182) Balances at December 31, 2022 . . . . . . . . . . . . . . . . . $491,919 $26,742,750 $(111,001) $8,804,950 $(15,514,097) $(119,707) $ 714,739 $21,009,553 See accompanying notes 102 CONSOLIDATED STATEMENTS OF CASH FLOWS WELLTOWER INC. AND SUBSIDIARIES (in thousands) Operating activities: Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Adjustments to reconcile net income to net cash provided from (used in) operating activities: Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other amortization expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for loan losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Impairment of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loss (gain) on derivatives and financial instruments, net . . . . . . . . . . . . . . . . . . . . . . . . Loss (gain) on extinguishment of debt, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loss (income) from unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rental income less than (in excess of) cash received . . . . . . . . . . . . . . . . . . . . . . . . . . . Amortization related to above (below) market leases, net . . . . . . . . . . . . . . . . . . . . . . . Loss (gain) on real estate dispositions, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Distributions by unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Increase (decrease) in accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . Decrease (increase) in receivables and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net cash provided from (used in) operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investing activities: Cash disbursed for acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash disbursed for capital improvements to existing properties . . . . . . . . . . . . . . . . . . . Cash disbursed for construction in progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capitalized interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investment in loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Principal collected on loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other investments, net of payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Contributions to unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Distributions by unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proceeds from (payments on) derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proceeds from sales of real property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net cash provided from (used in) investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Financing activities: Net increase (decrease) under unsecured credit facility and commercial paper . . . . . . . Proceeds from issuance of senior unsecured notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payments to extinguish senior unsecured notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net proceeds from the issuance of secured debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payments on secured debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net proceeds from the issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payments for deferred financing costs and prepayment penalties . . . . . . . . . . . . . . . . . Contributions by noncontrolling interests(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Distributions to noncontrolling interests(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash distributions to stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net cash provided from (used in) financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . Effect of foreign currency translation on cash and cash equivalents and restricted Year Ended December 31, 2022 2021 2020 $ 160,568 $ 374,479 $ 1,038,852 1,310,368 28,234 10,320 17,502 26,149 8,334 680 21,290 (108,883) (1,693) (16,043) 12,462 50,857 (191,437) 1,037,566 19,148 7,270 51,107 17,812 (7,333) 49,874 22,933 (30,820) (3,536) (235,375) 16,763 77,554 (122,117) 1,038,437 13,213 94,436 135,608 28,318 11,049 47,049 8,083 60,254 (1,870) (1,088,455) 11,601 22,764 (54,583) 1,328,708 1,275,325 1,364,756 (2,306,020) (476,016) (631,737) (30,491) (156,045) 196,310 (98,459) (502,171) 37,571 63,747 199,496 (4,084,174) (282,588) (417,963) (19,352) (997,449) 343,260 (26,595) (396,020) 286,772 7,519 1,070,322 (903,756) (244,989) (201,336) (17,472) (247,543) 31,548 7,726 (411,154) 48,195 (13,319) 4,300,028 (3,703,815) (4,516,268) 2,347,928 (324,935) 1,040,232 324,935 1,703,626 — (1,533,752) 23,569 (197,618) 2,348,201 — (73,735) 156,318 (138,756) (1,035,906) (9,218) 113,183 (457,180) 3,667,854 — (5,062) 138,656 (272,414) (1,131,527) (7,530) (1,587,597) 1,588,549 (566,248) 62,055 (694,995) 595,313 (7,656) (39,087) 44,023 (333,489) (1,119,232) (22,494) 2,761,277 1,567,664 (2,080,858) cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,633) (1,009) 3,451 Increase (decrease) in cash, cash equivalents and restricted cash . . . . . . . . . . . . . . . . . . . . Cash, cash equivalents and restricted cash at beginning of period . . . . . . . . . . . . . . . . . . . Cash, cash equivalents and restricted cash at end of period . . . . . . . . . . . . . . . . . . . . . . . . Supplemental cash flow information: Interest paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income taxes paid (received) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375,537 346,755 722,292 531,672 3,435 $ $ $ $ (1,674,288) 2,021,043 1,635,277 385,766 346,755 $ 2,021,043 492,742 (4,812) $ 508,454 13,671 (1) Includes amounts attributable to redeemable noncontrolling interests. See accompanying notes. 103 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Business Welltower Inc., an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. We invest with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower Inc., a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), consisting of seniors housing and post-acute communities and outpatient medical properties. As of May 24, 2022, we are structured as an umbrella partnership REIT under which substantially all of our business is conducted through Welltower OP LLC, the day-to-day management of which is exclusively controlled by Welltower Inc. For additional information on the UPREIT reorganization, please see our Current Reports on Form 8-K filed with the SEC on March 7, 2022, April 1, 2022 and May 25, 2022. Unless stated otherwise or the context otherwise requires, references to “Welltower” mean Welltower Inc. and references to “Welltower OP” mean Welltower OP LLC. References to “we,” “us” and “our” mean collectively Welltower, Welltower OP and those entities/subsidiaries owned or controlled by Welltower and/or Welltower OP. Welltower’s weighted average ownership in Welltower OP was 99.855% during the period ended December 31, 2022. As of December 31, 2022, Welltower owned 99.751% of the issued and outstanding units of Welltower OP, with other investors owning the remaining 0.249% of outstanding units. We adjust the noncontrolling members’ interest at the end of each period to reflect their interest in the net assets of Welltower OP. 2. 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) the equity investors as a group, if any, do not have a controlling financial interest, or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We consolidate investments in VIEs when we are determined to be the primary beneficiary. Accounting Standards Codification Topic 810, Consolidations (“ASC 810”), requires enterprises to perform a qualitative approach to determining whether or not a VIE will need to be consolidated. This evaluation is based on an enterprise’s ability to direct and influence the activities of a VIE that most significantly impact that entity’s economic performance and the rights held by limited partners or non-managing members. Revenue Recognition For our Triple-net and Outpatient Medical segments, a significant source of our revenue is generated through leasing arrangements and accounted for under ASC 842, Leases (“ASC 842”). Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a 104 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Leases in our Outpatient Medical portfolio typically include some form of operating expense reimbursement by the tenant. Certain payments made to operators are treated as lease incentives and amortized as a reduction of revenue over the lease term. For our Seniors Housing Operating segment, revenue from resident fees and services is predominantly service-based, and generally is recognized monthly as services are provided under ASC 606, Revenue from Contracts with Customers. Agreements with residents generally have varying terms and are cancellable by the resident with 30 days’ notice. Within that reportable segment, we also recognize revenue from residential seniors apartment leases in accordance with ASC 842. Management contracts are present in some of our joint venture agreements to provide asset and property management, leasing, marketing and other services and are recognized monthly as services are provided. Our Seniors Housing Operating segment also contains continuing care retirement communities, which operate as entrance fee communities. The entrance fee communities offer different contracts which vary in terms of how much of the entrance fee is considered to be refundable upon move-out, temporarily refundable until a period of time has passed, or nonrefundable. Refundable entrance fees are recorded as a payable within the accrued expenses and other liabilities line item of our Consolidated Balance Sheets. Nonrefundable entrance fees are recorded as deferred revenue within the same line item and are recognized into revenue over the estimated remaining stay of the resident. We use a third party actuarial expert to determine the estimated remaining stay of each resident based on demographic data. Interest income on loans is recognized as earned based upon the principal amount outstanding, subject to an evaluation of collectability risk. We recognize gains on the disposition of real estate when control transfers to the buyer, generally when consideration and title are exchanged and the risks and rewards of ownership transfer. We recognize losses from dispositions of real estate when known. Cash and Cash Equivalents Cash and cash equivalents consist of all highly liquid investments with an original maturity of three months or less. Restricted Cash Restricted cash primarily consists of amounts held by lenders to provide future payments for real estate taxes, insurance, tenant and capital improvements, amounts held in escrow relating to transactions we are entitled to receive over a period of time as outlined in the escrow agreement and net proceeds from property sales that were executed as tax-deferred dispositions under Internal Revenue Code (“IRC”) Section 1031. Deferred Loan Expenses Deferred loan expenses are costs incurred by us in connection with the issuance, assumption and amendments of debt arrangements. Deferred loan expenses related to debt instruments, excluding the primary unsecured credit facility, are recorded as a reduction of the related debt liability. Deferred loan expenses related to the primary unsecured credit facility are included in receivables and other assets. We amortize these costs over the term of the debt using the straight-line method, which approximates the effective interest method. Investments in Unconsolidated Entities Investments in entities that we do not consolidate but have the ability to exercise significant influence over operating and financial policies are reported under the equity method of accounting. Under the equity method, 105 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS our share of the investee’s earnings or losses is included in our consolidated results of operations. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the entity interest inclusive of transaction costs. To the extent that our cost basis is different from the basis reflected at the entity level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in our share of equity in earnings of the entity. For earnings of equity method investments with pro rata distribution allocations, net income or loss is allocated between the partners in the joint venture based upon their respective stated ownership. In other instances, net income or loss may be allocated between the partners in the joint venture based on the hypothetical liquidation at book value method (“HLBV method”). Under the HLBV method, we recognize income and loss in each period based on the change in liquidation proceeds we would receive from a hypothetical liquidation of the underlying investment at book value. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded. Equity Securities Equity securities are measured at fair value with gains and losses recognized in loss (gain) on derivatives and financial instruments, net in the Consolidated Statements of Comprehensive Income. Welltower OP Noncontrolling Interests Members of Welltower OP other than Welltower have the right under the limited liability company agreement to redeem their Class A Common Units (“OP Units”) for shares of Welltower common stock or cash, at Welltower’s sole discretion, as the initial member. Accordingly, we classify the non-Welltower OP Units held by such other members in permanent equity because Welltower may elect to issue shares of Welltower common stock to the non-Welltower members who choose to redeem their OP Units rather than using cash. Redeemable Noncontrolling Interests Certain noncontrolling interests are redeemable at fair value. Accordingly, we record the carrying amount of the noncontrolling interests at the greater of (i) the initial carrying amount, increased or decreased for the noncontrolling interest’s share of net income or loss and its share of other comprehensive income or loss, and dividends or (ii) the redemption value. If the interests are redeemable in the future, we accrete the carrying value to the redemption value over the period until expected redemption, currently a weighted-average period of approximately four years. In accordance with ASC 810, the redeemable noncontrolling interests are classified outside of permanent equity, as a mezzanine item, on the balance sheet. At December 31, 2022, the current redemption value of redeemable noncontrolling interests exceeded the carrying value of $384,443,000 by $65,575,000. We entered into certain DownREIT partnerships which give a real estate seller the ability to exchange its property on a tax deferred basis for equity membership interests (“DownREIT Units”). The DownREIT Units may be redeemed any time following the first anniversary of the date of issuance at the election of the holders for one share of our common stock per unit or, at our option, cash. Real Property Owned Real estate acquisitions are generally classified as asset acquisitions for which we record tangible assets and identifiable intangible assets and liabilities at cost on a relative fair value basis. Liabilities assumed and any associated noncontrolling interests are reflected at fair value. Tangible assets primarily consist of land, buildings and improvements. 106 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Identifiable intangible assets and liabilities consist primarily of the above or below market component of in-place leases and the value associated with the presence of in-place leases. The value allocable to the above or below market component of the acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above market leases are included in acquired lease intangibles and below market leases are included in other liabilities on the balance sheet and are amortized to rental income over the remaining terms of the respective leases or lease-up period. relationship values for in-place tenants based on management’s evaluation of The total amount of other intangible assets acquired is further allocated to in-place lease values and customer the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics considered by management in allocating these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The total amount of other intangible assets acquired is further allocated to in-place lease values for in-place residents with such value representing (i) value associated with lost revenue related to tenant reimbursable operating costs that would be incurred in an assumed re-leasing period, and (ii) value associated with lost rental revenue from existing leases during an assumed re-leasing period. This intangible asset is amortized over the remaining life of the lease or the assumed re-leasing period. Real property developed by us is recorded at cost, including the capitalization of construction period interest. These properties are depreciated on a straight-line basis over their estimated useful lives which range from 15 to 40 years for buildings and 5 to 15 years for improvements. We consider costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and, accordingly, such costs are reflected as investment activities in our Consolidated Statement of Cash Flows. The net book value of long-lived assets is reviewed quarterly on a property by property basis to determine if facts and circumstances suggest that the assets may be impaired or that the depreciable life may need to be changed. We consider external factors relating to each asset and the existence of a master lease which may link the cash flows of an individual asset to a larger portfolio of assets leased to the same tenant. If these factors and the projected undiscounted cash flows of the assets over the remaining depreciation period indicate that the assets will not be recoverable, the carrying value is reduced to the estimated fair market value. In addition, we are exposed to the risks inherent in concentrating investments in real estate, and in particular, the seniors housing and health care industries. A downturn in the real estate industry could adversely affect the value of our properties and our ability to sell properties for a price or on terms acceptable to us. Additionally, properties that meet the held for sale criteria are recorded at the lesser of fair value less costs to sell or the carrying value. Expenditures for repairs and maintenance are expensed as incurred. Capitalization of Construction Period Interest We capitalize interest costs associated with funds used for the construction of properties owned by us. The amount capitalized is based upon the balance outstanding during the construction period using the rate of interest which approximates our company-wide cost of financing. Our interest expense reflected in the Consolidated Statements of Comprehensive Income has been reduced by the amounts capitalized. Loans Receivable Loans receivable are recorded on our Consolidated Balance Sheets in real estate loans receivable, net of credit allowance, or for non-real estate loans receivable, in receivables and other assets. Real estate loans 107 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS receivable consists of mortgage loans and other real estate loans which are primarily collateralized by a first, second or third mortgage lien, a leasehold mortgage on, or an assignment or pledge of the partnership interest in, the related properties, corporate guarantees and/or personal guarantees. Non-real estate loans are generally corporate loans with no real estate backing. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of the risk of credit loss. In Substance Real Estate Investments We provide loans to third parties for the acquisition, development and construction of real estate. Under these arrangements, it is possible that we will participate in the expected residual profits of the project through the sale, refinancing or acquisition of the property. We evaluate the characteristics of each arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. Arrangements with characteristics implying loan classification are presented as real estate loans receivable and result in the recognition of interest income. Arrangements with characteristics implying real estate joint ventures are treated as in substance real estate investments and presented as investments in unconsolidated entities and are accounted for using the equity method. The classification of each arrangement as either a real estate loan receivable or investment in unconsolidated entity involves judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guarantees, estimated fair value of the collateral, and significance of borrower equity in the project, among others. The classification of such arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above. Allowance for Credit Losses on Loans Receivable The allowance for credit losses on loans receivable is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the credit allowance is based on a quarterly evaluation of all outstanding loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of credit quality indicators, including, but not limited to, payment status, historical loan charge-offs, financial strength of the borrower and guarantors, and nature, extent, and value of the underlying collateral. A loan is considered to have deteriorated credit quality when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreement. For those loans we identified as having deteriorated credit quality, we determine the amount of credit loss on an individual basis. Placement on non-accrual status may be required. Consistent with this definition, all loans on non-accrual status are deemed to have deteriorated credit quality. To the extent circumstances improve and the risk of collectability is diminished, we may return these loans to income accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance. For the remaining loans we assess credit loss on a collective pool basis and use our historical loss experience for similar loans to determine the reserve for credit losses. Goodwill Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount, including goodwill, exceeds the reporting unit’s fair value and the implied fair value of goodwill is less than the carrying amount of that goodwill. We have not had any goodwill impairments. Fair Value of Derivative Instruments Derivatives are recorded at fair value on the balance sheet as assets or liabilities. The valuation of derivative instruments requires us to make estimates and judgments that affect the fair value of the instruments. Fair values 108 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS of our derivatives are estimated by pricing models that consider the forward yield curves and discount rates. The fair value of our forward exchange contracts are estimated by pricing models that consider foreign currency spot rates, forward trade rates and discount rates. Such amounts and the recognition of such amounts are subject to estimates that may change in the future. See Note 12 for additional information. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following (in thousands): Year Ended December 31, 2022 2021 Unearned revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Derivative liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 432,941 311,506 216,732 144,021 135,944 120,713 117,741 55,727 $ 335,891 180,663 174,798 117,013 135,042 141,694 111,157 39,296 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,535,325 $1,235,554 Federal Income Tax We have elected to be treated as a REIT under the applicable provisions of the IRC, commencing with our first taxable year, and made no provision for U.S. federal income tax purposes prior to our acquisition of our taxable REIT subsidiaries (“TRSs”). As a result of these, as well as subsequent acquisitions, we now record income tax expense or benefit with respect to certain of our entities that are taxed as TRSs under provisions similar to those applicable to regular corporations and not under the REIT provisions. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our consolidated financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes a change in our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes a change in our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. See Note 19 for additional information. Foreign Currency Certain of our subsidiaries’ functional currencies are the local currencies of their respective countries. We translate the results of operations of our foreign subsidiaries into U.S. Dollars using average rates of exchange in effect during the period, and we translate balance sheet accounts using exchange rates in effect at the end of the period. We record resulting currency translation adjustments in accumulated other comprehensive income, a component of stockholders’ equity, on our Consolidated Balance Sheets. 109 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Earnings Per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding for the period adjusted for non-vested shares of restricted stock. The computation of diluted earnings per share is similar to basic earnings per share, except that the number of shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. Additionally, net income (loss) allocated to OP Units and DownREIT Units (discussed above) has been included in the numerator and redeemable common stock related to the OP Units and DownREIT Units have been included in the denominator for the purpose of computing diluted earnings per share. Reclassifications Certain amounts in prior years have been reclassified to conform to current year presentation. Impact of COVID-19 Pandemic & Government Assistance The extent to which the COVID-19 pandemic impacts our operations and those of our operators and tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, the direct and indirect economic effects of the pandemic and containment measures, the impact of new variants, the effectiveness of vaccines, and the overall pace of recovery, among others. The COVID-19 pandemic could have material and adverse effects on our financial condition, results of operations and cash flows in the future. Our Seniors Housing Operating revenues are dependent on occupancy. As of December 31, 2022, nearly all communities are open for new admissions and allowing visitors, in-person tours and communal dining and activities. Average occupancy is as follows (unaudited): Three Months Ended(1) March 31, June 30, September 30, December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.7% 76.3% 73.0% 77.1% 74.9% 78.0% 76.3% 78.3% (1) Average occupancy includes our minority ownership share related to unconsolidated properties and excludes the minority partners’ noncontrolling ownership share related to consolidated properties. Also excludes land parcels and properties under development. Property-level operating expenses associated with the COVID-19 pandemic related to our Seniors Housing Operating portfolio totaled $33,099,000, $63,681,000 and $110,719,000 for the years ended December 31, 2022, 2021 and 2020, respectively. These expenses were incurred as a result of public health measures and other regulations affecting our properties, as well as additional health and safety measures adopted by us and our operators related to the COVID-19 pandemic, including increases in labor and property cleaning expenses and expenditures related to our efforts to procure personal protective equipment and supplies. We expect total Seniors Housing Operating expenses to remain elevated during the pandemic and potentially beyond as these additional health and safety measures become standard practice. On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the years ended December 31, 2022, 2021 and 2020, we received government grants under the CARES Act 110 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS primarily to cover increased expenses and lost revenue during the COVID-19 pandemic, as well as under similar programs in the U.K. and Canada. Grant income is recognized when there is reasonable assurance that the grant will be received and the Company will comply with all conditions attached to the grant. For the years ended December 31, 2022, 2021 and 2020 we recognized $38,607,000, $97,933,000 and $31,927,000, respectively, of government grant income as a reduction to property operating expenses in our Consolidated Statements of Comprehensive Income. Additionally, for the years ended December 31, 2021 and 2020, we recognized $4,642,000 and $3,014,000, respectively, of government grant income in other income in our Consolidated Statements of Comprehensive Income. The amount of qualifying expenditures and lost revenue exceeded grant income recognized and we believe we have complied and will continue to comply with all grant conditions. In the event of non-compliance, all such amounts received are subject to recapture. Our Triple-net operators have experienced similar occupancy trends as our Seniors Housing Operating properties. Additionally, long-term/post-acute care facilities have generally experienced a higher degree of occupancy declines. These factors may continue to impact the ability of our Triple-net operators to make contractual rent payments to us in the future. Many of our Triple-net operators received funds under the CARES Act Paycheck Protection Program and Provider Relief Fund. New Accounting Standards • • • In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provides updated disclosure requirements. The ASU is effective for public business entities beginning after December 15, 2021, including interim periods within those fiscal years. The adoption of this standard did not have a significant impact on our consolidated financial statements. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which increases the transparency of government assistance including the disclosure of the types of assistance, an entity’s accounting for assistance and the effect of the assistance on an entity’s financial statements. The adoption of this standard did not have a material impact on our consolidated financial statements or disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. An example of such reform is the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. In December 2022, the FASB extended the date for which this guidance can be applied from December 31, 2022 to December 31, 2024. We continue to monitor developments related to the LIBOR transition and identification of an alternative, market-accepted rate. 3. Real Property Acquisitions and Development The total purchase price for all properties acquired has been allocated to the tangible and identifiable intangible assets and liabilities at cost on a relative fair value basis. Liabilities assumed and any associated 111 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS noncontrolling interests are reflected at fair value. The results of operations for these acquisitions have been included in our consolidated results of operations since the date of acquisition and are a component of the appropriate segments. Transaction costs primarily represent costs incurred with acquisitions, including due diligence costs, fees for legal and valuation services, termination of pre-existing relationships computed based on the fair value of the assets acquired, lease termination fees and other acquisition-related costs. Transaction costs related to asset acquisitions are capitalized as a component of purchase price and all other non-capitalizable costs are reflected in other expenses on our Consolidated Statements of Comprehensive Income. The following is a summary of our real property investment activity by segment for the periods presented (in thousands): Year Ended December 31, 2022 Seniors Housing Operating Triple-net Land and land improvements . . . . . . . . . . . . . . . . . . . . . . . . Buildings and improvements . . . . . . . . . . . . . . . . . . . . . . . . Acquired lease intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . Construction in progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Right of use assets, net $ 206,618 2,067,051 129,429 108,141 169 $ Total net real estate assets . . . . . . . . . . . . . . . . . . . . . . . Receivables and other assets . . . . . . . . . . . . . . . . . . . . . . . . . Total assets acquired(1) . . . . . . . . . . . . . . . . . . . . . . . . . Secured debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . Total liabilities acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Noncontrolling interests(2) Non-cash acquisition related activity(3) Cash disbursed for acquisitions . . . . . . . . . . . . . . . . . . Construction in progress additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Capitalized interest Accruals(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash disbursed for construction in progress . . . . . . . . . . . . . Capital improvements to existing properties . . . . . . . . . . . . Total cash invested in real property, net of cash 2,511,408 14,406 2,525,814 (279,788) — (112,962) (392,750) (115,112) (64,975) 1,952,977 489,001 (24,432) (4,621) 459,948 352,099 7,536 59,248 — — — 66,784 — 66,784 (39,574) — (1,428) (41,002) (4) (27,780) (2,002) 83,368 (4,210) — 79,158 48,052 Outpatient Medical $ 68,379 253,358 35,316 — 3,852 Total $ 282,533 2,379,657 164,745 108,141 4,021 360,905 501 2,939,097 14,907 361,406 2,954,004 — (319,362) (3,852) (115,804) (3,852) (1,414) (5,266) (1,095) — 355,045 91,662 (1,849) 2,818 92,631 75,865 (439,018) (116,211) (92,755) 2,306,020 664,031 (30,491) (1,803) 631,737 476,016 acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,765,024 $125,208 $523,541 $3,413,773 (1) Excludes $6,563,000 of unrestricted and restricted cash acquired. (2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. For the year ended December 31, 2022, 1,227,000 OP Units were issued as a component of funding for certain transactions. (3) Relates to the acquisition of assets previously financed as loans receivable and the acquisition of assets previously recognized as investments in unconsolidated entities. (4) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period. 112 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2021 Seniors Housing Operating Land and land improvements . . . . . . . . . . . . . . . . . . . . . . . . Buildings and improvements . . . . . . . . . . . . . . . . . . . . . . . . Acquired lease intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Right of use assets, net $ 449,335 2,347,609 264,589 77,455 Total net real estate assets . . . . . . . . . . . . . . . . . . . . . . . . . Receivables and other assets . . . . . . . . . . . . . . . . . . . . . . . . . Total assets acquired(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . Lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . Total liabilities acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Noncontrolling interests(2) Cash disbursed for acquisitions . . . . . . . . . . . . . . . . . . . . Construction in progress additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Capitalized interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accruals (3) Cash disbursed for construction in progress . . . . . . . . . . . . . Capital improvements to existing properties . . . . . . . . . . . . Total cash invested in real property, net of cash 3,138,988 6,096 3,145,084 (138,126) (191,454) (329,580) (4,942) 2,810,562 322,050 (13,834) 35 308,251 197,829 Triple-net $ 88,839 809,328 — — Outpatient Medical $ 64,843 313,864 24,751 — Total $ 603,017 3,470,801 289,340 77,455 898,167 411 403,458 3,534 4,440,613 10,041 898,578 — (8,703) 406,992 4,450,654 — (138,126) (200,423) (266) (8,703) (6,449) (266) (16,540) (338,549) (27,931) 883,426 77,412 (3,078) — 390,186 42,464 (2,440) (4,646) 4,084,174 441,926 (19,352) (4,611) 74,334 37,345 35,378 47,414 417,963 282,588 acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,316,642 $995,105 $472,978 $4,784,725 (1) Excludes $4,201,000 of unrestricted and restricted cash acquired. (2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. (3) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period. 113 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2020 Seniors Housing Operating Land and land improvements . . . . . . . . . . . . . . . . . . . . . . . . Buildings and improvements . . . . . . . . . . . . . . . . . . . . . . . . Acquired lease intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . $ 55,000 527,189 28,668 Total net real estate assets . . . . . . . . . . . . . . . . . . . . . . . . . Receivables and other assets . . . . . . . . . . . . . . . . . . . . . . . . . Total assets acquired(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . Noncontrolling interests(2) Total liabilities acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash disbursed for acquisitions . . . . . . . . . . . . . . . . . . . . Construction in progress additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Capitalized interest Accruals(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash disbursed for construction in progress . . . . . . . . . . . . . Capital improvements to existing properties . . . . . . . . . . . . Total cash invested in real property, net of cash 610,857 746 611,603 (1,650) (1,650) (45,546) 564,407 134,945 (10,389) (1,226) 123,330 107,379 Triple-net $ 16,876 73,855 — Outpatient Medical $ 45,590 179,004 24,718 Total $ 117,466 780,048 53,386 90,731 — 90,731 — — — 90,731 45,256 (3,209) — 42,047 76,625 249,312 268 249,580 (962) (962) — 248,618 39,833 (3,874) — 35,959 60,985 950,900 1,014 951,914 (2,612) (2,612) (45,546) 903,756 220,034 (17,472) (1,226) 201,336 244,989 acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $795,116 $209,403 $345,562 $1,350,081 (1) Excludes $580,000 of unrestricted and restricted cash acquired. (2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. (3) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period. Holiday Retirement Acquisition On July 30, 2021, we acquired a portfolio of 85 seniors housing properties owned by Holiday Retirement for $1,576,600,000, which are included in our Seniors Housing Operating segment and in the table above for the year ended December 31, 2021. Atria Senior Living assumed operations of the portfolio following its acquisition of the Holiday Retirement management company pursuant to an incentive-based management agreement. As part of this transaction, a wholly owned subsidiary assumed the leasehold interest in a 26 property portfolio and subsequently purchased eight of the leased properties and one of the properties was sold by the landlord, National Health Investors (“NHI”), and removed from the master lease. Effective April 1, 2022, our leasehold interest related to the remaining 17 properties was terminated as a result of the transition or sale of the properties by NHI as part of an agreement to resolve outstanding litigation. In conjunction with the agreement, a wholly owned subsidiary and the lessee on the master lease agreed to release $6,883,000 of cash to the landlord, which represents the net cash flow generated from the properties since we assumed the leasehold interest. Additionally, in conjunction with the lease termination, during the year ended December 31, 2022, we recognized $58,621,000 in other income on our Consolidated Statements of Comprehensive Income from the derecognition of the right of use asset and related liability. 114 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Construction Activity The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented (in thousands): Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Development projects: Seniors Housing Operating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Triple-net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outpatient Medical $227,796 — 44,777 Total development projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Expansion projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272,573 18,280 $117,386 22,990 125,179 265,555 5,292 $ 93,188 75,149 43,493 211,830 48,600 Total construction in progress conversions . . . . . . . . . . . . . . . . . . . . . . . $290,853 $270,847 $260,430 4. Real Estate Intangibles 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 (dollars in thousands): December 31, 2022 December 31, 2021 Assets: In place lease intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Above market tenant leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lease commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,817,580 57,203 70,675 $ 1,681,533 53,964 54,131 Gross historical cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accumulated amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,945,458 (1,484,048) 1,789,628 (1,286,259) Net book value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 461,410 $ 503,369 Weighted-average amortization period in years . . . . . . . . . . . . . . . . . . 7.6 5.5 Liabilities: Below market tenant leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accumulated amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net book value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Weighted-average amortization period in years . . . . . . . . . . . . . . . . . . $ $ $ $ 77,985 (52,701) 25,284 8.4 74,909 (45,291) 29,618 8.2 115 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The following is a summary of real estate intangible amortization income (expense) for the periods presented (in thousands): Rental income related to (above)/below market tenant leases, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amortization related to in place lease intangibles and lease Year Ended December 31, 2022 2021 2020 $ 1,551 $ 1,680 $ 1,710 commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (217,187) (115,579) (121,004) The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands): 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $163,759 94,771 42,068 45,006 37,012 78,794 $ 6,073 3,854 2,908 2,435 1,888 8,126 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $461,410 $25,284 Assets Liabilities 5. Dispositions, Real Property Held for Sale and Impairment We periodically sell properties for various reasons, including favorable market conditions, the exercise of tenant purchase options or reduction of concentrations (e.g. property type, relationship or geography). At December 31, 2022, three Seniors Housing Operating, seven Triple-net and one Outpatient Medical properties, with an aggregate net real estate balance of $133,058,000, were classified as held for sale. In addition to the real property balances, lease liabilities of $66,711,000 and net other assets and (liabilities) of $(4,136,000) were included in the Consolidated Balance Sheets related to the held for sale properties. Expected gross sales proceeds related to the held for sale properties are approximately $198,954,000. During the year ended December 31, 2022, we recorded impairment charges of $13,146,000 related to one Seniors Housing Operating property which was classified as held for sale for which the carrying value exceeded the estimated fair values less costs to sell. Additionally, during 2022 we recorded impairment charges of $4,356,000 related to two Triple-net properties and one Outpatient Medical property, which were held for use for which the carrying value exceeded the fair values. During the year ended December 31, 2021, we recorded impairment charges of $19,567,000 related to four Triple-net properties and one Outpatient Medical property, which were disposed of or classified as held for sale. Additionally, we recorded $31,540,000 of impairment charges related to two Seniors Housing Operating properties and two Triple-net properties that were held for use. During the year ended December 31, 2020, we recorded impairment charges of $87,873,000 related to 15 Seniors Housing Operating and one Triple-net properties, which were disposed of or classified as held for sale. Additionally, during the year ended December 31, 2020, we recorded $47,735,000 of impairment charges related to six Seniors Housing Operating and four Triple-net properties that were held for use. 116 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The following is a summary of our real property disposition activity for the periods presented (in thousands): December 31, 2022 Year Ended December 31, 2021 December 31, 2020 Real estate dispositions: Seniors Housing Operating . . . . . . . . . . . . . . . . . . . . . . Triple-net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outpatient Medical Total net book value of dispositions . . . . . . . . . . . . . . . Gain (loss) on real estate dispositions, net . . . . . . . . . . . . Net other assets (liabilities) disposed . . . . . . . . . . . . . . . . $ 85,413 89,827 393 175,633 16,043 7,820 $ 112,837 486,369 229,660 828,866 235,375 6,081 $1,289,769 51,666 1,755,864 3,097,299 1,088,455 114,274 Proceeds from real estate dispositions . . . . . . . . . . . . . . . $199,496 $1,070,322 $4,300,028 Operating results attributable to properties sold or classified as held for sale which do not meet the definition of discontinued operations, are not reclassified on our Consolidated Statements of Comprehensive Income. The following represents the activity related to these properties for the periods presented (in thousands): Year Ended December 31, 2022 2021 2020 Revenues: Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,892 $78,277 $302,719 Expenses: Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Property operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,409 12,713 1,285 3,595 17,740 25,575 11,061 148,702 104,960 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,407 46,910 264,723 Income (loss) from real estate dispositions, net . . . . . . . . . . . . . . . . $ 2,485 $31,367 $ 37,996 6. Leases 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). We sublease certain real estate to a third party. Our sublease portfolio consists of a finance lease for seven buildings which are subleased to a long-term/ post-acute care operator. 117 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The components of lease expense were as follows for the periods presented (in thousands): Classification 2022 2021 2020 Year Ended December 31, Operating lease cost: (1) Real estate lease expense . . . . . . Non-real estate investment lease expense . . . . . . . . . . . . . . . . . Property operating expenses General and administrative expenses $ 22,150 $22,642 $23,472 5,794 4,596 4,745 Finance lease cost: Amortization of leased assets . . Interest on lease liabilities . . . . . Sublease income . . . . . . . . . . . . . . Property operating expenses Interest expense Rental income 6,837 6,164 (11,487) 8,105 6,574 (8,687) 8,203 6,411 (4,173) Total . . . . . . . . . . . . . . . . . . . . . . . . $ 29,458 $33,230 $38,658 (1) Includes short-term leases which are immaterial. Maturities of lease liabilities as of December 31, 2022 are as follows (in thousands): Operating Leases Financing Leases 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20,279 19,444 16,112 15,516 15,834 876,054 $ 72,218 3,791 1,800 1,790 1,748 125,142 Total lease payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Imputed interest 963,239 (660,879) 206,489 (93,025) Total present value of lease liabilities . . . . . . . . . . . . . . . . . . . . . . . $ 302,360 $113,464 118 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Supplemental balance sheet information related to leases was as follows for the periods presented (in thousands, except lease terms and discount rate): Classification December 31, 2022 December 31, 2021 Right of use assets: Operating leases—real estate . . . . Financing leases—real estate . . . . Right of use assets, net Right of use assets, net $287,984 35,958 $367,068 155,728 Real estate right of use assets, net . . . . . . . . . . . . . . . . . . . . . Operating leases—non-real estate investments . . . . . . . . . . . . . . . . Financing leases—held for sale(1) . . . . . . . . . . . . . . . . . . . . Total right of use assets, net Lease liabilities: Operating leases . . . . . . . . . . . . . . Financing leases . . . . . . . . . . . . . . Total lease liabilities . . . . . . . . . . . . . Weighted average remaining lease term (years): Operating leases . . . . . . . . . . . . . . Financing leases . . . . . . . . . . . . . . Weighted average discount rate: Operating leases . . . . . . . . . . . . . . Financing leases . . . . . . . . . . . . . . Receivables and other assets Real property held for sale, net of accumulated depreciation 323,942 522,796 10,119 9,627 116,453 — $450,514 $532,423 $302,360 113,464 $434,261 111,683 $415,824 $545,944 46.0 19.8 5.56% 5.01% 36.6 19.8 9.72% 5.06% (1) At December 31, 2022, financing leases at seven properties were classified as held for sale. Supplemental cash flow information related to leases was as follows for the periods indicated (in thousands): Year Ended December 31, Cash paid for amounts included in the measurement of lease liabilities: Classification 2022 2021 2020 Operating cash flows from operating leases . . . . . . . Decrease (increase) in receivables and other assets $ 8,805 $9,081 $9,323 Operating cash flows from operating leases . . . . . . . Increase (decrease) in accrued expenses and other liabilities (5,570) (6,008) (3,918) Operating cash flows from financing leases . . . . . . . Decrease (increase) in receivables and other assets Financing cash flows from financing leases . . . . . . . Other financing activities 8,672 8,263 8,336 (2,255) (3,578) (3,568) Substantially all of our operating leases in which we are the lessor contain escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. During the years ended December 31, 2021 and 2020, we reserved for previously recognized straight-line rent receivable balances of 119 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS $49,241,000 and $146,508,000 through rental income, relating to leases for which collection of substantially all contractual lease payments was no longer deemed probable. Included in the 2020 amount was $91,025,000 related to Genesis Healthcare (“Genesis”) whom noted substantial doubt as to their ability to continue as a going concern. Leases in our Triple-net and Outpatient Medical portfolios typically include some form of operating expense reimbursement by the tenant. Rental income related to operating leases and the corresponding variable lease payments, which primarily represents the reimbursement of operating costs such as common area maintenance expenses, utilities, insurance and real estate taxes for the periods indicated were as follows (in thousands): Year Ended December 31, 2022 2021 2020 Fixed income from operating leases . . . . . . . . . . . . . . . . . . Variable lease income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,258,238 193,548 $1,193,837 180,858 $1,240,012 203,348 For the majority of our Seniors Housing Operating segment, revenue from resident fees and services is predominantly service-based, and as such, resident agreements are accounted for under ASC 606. Within that reportable segment, we also recognize revenue from residential seniors apartment leases in accordance with ASC 842. The amount of revenue related to these leases was $410,749,000, $194,078,000 and $58,053,000 for the years ended December 31, 2022, 2021 and 2020, respectively. The following table sets forth the future minimum lease payments receivable for leases in effect at December 31, 2022 (excluding properties in our Seniors Housing Operating portfolio and excluding any operating expense reimbursements) (in thousands): 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thereafter $ 1,176,306 1,150,604 1,118,044 1,074,809 1,018,400 8,802,365 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $14,340,528 120 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 7. Loans Receivable Loans receivable are recorded on our Consolidated Balance Sheets in real estate loans receivable, net of allowance for credit losses, or for non-real estate loans receivable, in receivables and other assets, net of allowance for credit losses. Accrued interest receivable was $22,878,000 and $26,659,000 as of December 31, 2022 and December 31, 2021, respectively, and is included in receivables and other assets on the Consolidated Balance Sheets. The following is a summary of our loans receivable (in thousands): Year Ended December 31, 2022 2021 Mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other real estate loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Allowance for credit losses on real estate loans receivable . . . . . . . . . . . . $ 707,464 195,566 (12,186) $ 889,556 194,477 (15,352) Real estate loans receivable, net of credit allowance . . . . . . . . . . . . . . . . . Non-real estate loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Allowance for credit losses on non-real estate loans receivable . . . . . . . . . 890,844 441,231 (152,063) 1,068,681 375,060 (151,433) Non-real estate loans receivable, net of credit allowance . . . . . . . . . . . . . . 289,168 223,627 Total loans receivable, net of credit allowance . . . . . . . . . . . . . . . . . . . . . . $1,180,012 $1,292,308 The following is a summary of our loan activity for the periods presented (in thousands): December 31, 2022 Year Ended December 31, 2021 December 31, 2020 Advances on loans receivable . . . . . . . . . . . . . . . . . . . . . . Less: Receipts on loans receivable . . . . . . . . . . . . . . . . . . $156,045 196,310 $997,449 343,260 $247,543 31,548 Net cash advances (receipts) on loans receivable . . . . . . . $ (40,265) $654,189 $215,995 During the year ended December 31, 2021, we provided £540 million (approximately $750,330,000 based on the Sterling/ U.S. Dollar exchange rate as of the date of funding) of senior loan financing and a £30 million delayed facility for working capital and capital expenditures to affiliates of Safanad, a global real estate and private equity firm, as part of the recapitalization of its investment in HC-One Group. The loan has a five-year term and is fully collateralized by the shares and assets of the HC-One Group, including its underlying portfolio of owned assets across the U.K. As part of the transaction, we received equity warrants which provide us the right to participate in the capital appreciation of HC-One Group above a designated price upon liquidation. See Note 12 for additional details. 121 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The following is a summary of our loans by credit loss category (in thousands): December 31, 2022 Loan category Deteriorated loans . . . . . . . . . . . . . . . . . . Collective loan pool . . . . . . . . . . . . . . . . . Collective loan pool . . . . . . . . . . . . . . . . . Collective loan pool . . . . . . . . . . . . . . . . . Collective loan pool . . . . . . . . . . . . . . . . . Collective loan pool . . . . . . . . . . . . . . . . . Collective loan pool . . . . . . . . . . . . . . . . . Years of Origination 2007 - 2018 2007 - 2017 2018 2019 2020 2021 2022 Loan Carrying Value $ 174,841 202,762 3,100 23,278 53,014 754,530 132,736 Allowance for Credit Loss Net Loan Balance No. of Loans $ $ (148,438) (2,754) (42) (316) (720) (10,193) (1,786) 26,403 200,008 3,058 22,962 52,294 744,337 130,950 3 12 1 4 6 18 29 73 Total loans . . . . . . . . . . . . . . . . . . . . . . . . $1,344,261 $(164,249) $1,180,012 In 2020, we recognized a provision for loan losses of $88,201,000 as a result of the current collateral estimates for loans with deteriorated credit, primarily relating to our outstanding loans to Genesis Healthcare (“Genesis”). During the year ended December 31, 2021, we entered into definitive agreements to substantially exit our operating relationship with Genesis primarily through the transition of 51 properties to other operators. To effectuate this transition, we agreed to provide Genesis a lease termination fee of $86 million upon successful transition of all properties, which will be used to immediately repay indebtedness to us. Additionally, upon achievement of certain restructuring milestones, we will reduce Genesis’ indebtedness by an additional $170 million in exchange for an equity interest in Genesis. Upon conclusion of the aforementioned loan transactions, Genesis will have $167 million of indebtedness to us, exclusive of additional paid in kind interest, which will carry a maturity date of January 1, 2024. As of December 31, 2022, our total carrying value of Genesis loans receivable, net of allowances for credit losses, was $168,949,000. The total allowance for credit losses is deemed to be sufficient to absorb expected losses relating to our loan portfolio. The following is a summary of the allowance for credit losses on loans receivable for the periods presented (in thousands): Year Ended December 31, 2022 2021 2020 Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Adoption of ASU 2016-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for loan losses, net(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loan write-offs(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reclassification of deferred gain as credit loss(3) $166,785 — (1,394) — (1,142) — $224,036 — 7,270 (64,075) (446) — $ 68,372 5,212 94,436 (7,000) 197 62,819 Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $164,249 $166,785 $224,036 (1) Excludes $11,714,000 related to the provision for loss on held-to-maturity debt securities. (2) Includes $64,075,000 related to the Genesis lease terminations for the twelve months ended December 31, 2021. (3) During the year ended December 31, 2020, two loans originated in 2016 to Genesis with an aggregate carrying value of $62,753,000 were transferred to the deteriorated loan pool. In addition, deferred gains of $62,819,000 previously recorded in accrued expenses and other liabilities were reclassified to the allowance for credit losses. 122 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The following is a summary of our deteriorated loans (in thousands): Year Ended December 31, 2022 2021 2020 Balance of deteriorated loans at end of year . . . . . . . . . . . . . . Allowance for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 174,841 (148,438) $ 178,369 (148,438) $ 242,319 (212,514) Balance of deteriorated loans not reserved . . . . . . . . . . . . . . . $ 26,403 $ 29,931 $ 29,805 Interest recognized on deteriorated loans(1) . . . . . . . . . . . . . . . $ — $ 3,185 $ 18,937 (1) Represents cash interest recognized in the period. 8. Investments in Unconsolidated Entities We participate in a number of joint ventures, which generally invest in seniors housing and health care real estate. Our share of the results of operations for these properties has been included in our consolidated results of operations from the date of acquisition by the joint ventures and are reflected in our Consolidated Statements of Comprehensive Income as income or loss from unconsolidated entities. The following is a summary of our investments in unconsolidated entities (dollars in thousands): Percentage Ownership(1) December 31, 2022 December 31, 2021 Seniors Housing Operating . . . . . . . . . . . . . . . . . . . . . . . Triple-net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outpatient Medical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% to 65% $1,171,307 111,812 10% to 88% 216,671 15% to 50% $ 830,647 44,814 163,582 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,499,790 $1,039,043 (1) As of December 31, 2022 and includes ownership of investments classified as liabilities and excludes ownership of in-substance real estate. We own 34% of Sunrise Senior Living Management, Inc. (“Sunrise”), who provides comprehensive property management and accounting services with respect to certain of our Seniors Housing Operating properties that Sunrise operates. We pay Sunrise annual management fees pursuant to long-term management agreements. The majority of our management agreements have initial terms expiring in 2028, plus, if applicable, optional renewal periods ranging from an additional 3 to 15 years depending on the property. The management fees payable to Sunrise under the management agreements include a fee based on a percentage of revenues generated by the applicable properties plus, if applicable, positive or negative adjustments based on specified performance targets. For the years ended December 31, 2022, 2021 and 2020, we recognized fees to Sunrise of $27,660,000, $37,052,000 and $37,569,000, respectively, which are reflected within property operating expenses in our Consolidated Statements of Comprehensive Income. At December 31, 2022, the aggregate unamortized basis difference of our joint venture investments of $131,746,000 is primarily attributable to the difference between the amount for which we purchased our interest in the entity, including transaction costs, and the historical carrying value of the net assets of the joint venture. This difference is being amortized over the remaining useful life of the related properties and included in the reported amount of income from unconsolidated entities. We have made loans related to 21 properties as of December 31, 2022 for the development and construction of certain properties which are classified as in substance real estate investments and have a carrying value of $649,267,000. We believe that such borrowers typically represent VIEs in accordance with ASC 810. VIEs are 123 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS required to be consolidated by their primary beneficiary, which is the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impacts the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We have concluded that we are not the primary beneficiary of such borrowers, therefore, the loan arrangements were assessed based on among other factors, the amount and timing of expected residual profits, the estimated fair value of the collateral and the significance of the borrower’s equity in the project. Based on these assessments the arrangements have been classified as in substance real estate investments. We expect to fund an additional $171,851,000 related to these investments. 9. Credit Concentration We use consolidated net operating income (“NOI”) as our credit concentration metric. See Note 18 for additional information and reconciliation. The following table summarizes certain information about our credit concentration for the year ended December 31, 2022, excluding our share of NOI in unconsolidated entities (dollars in thousands): Number of Properties Total NOI Percent of NOI(2) Concentration by relationship:(1) ProMedica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sunrise Senior Living(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Atria Senior Living(4) HC-One Group (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cogir Management Corporation . . . . . . . . . . . . . . . . . . . . . . . Remaining portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 109 97 1 48 1,430 1,743 $ 240,128 158,576 145,252 86,667 77,115 1,594,107 10% 7% 6% 4% 3% 70% $2,301,845 100% (1) ProMedica and HC-One Group are in our Triple-net segment. Sunrise Senior Living (“Sunrise”), Atria Senior Living and Cogir Management Corporation are in our Seniors Housing Operating segment. (2) NOI with our top five relationships comprised 34% of total NOI for the year ending December 31, 2021. (3) For the year ended December 31, 2022, we recognized $836,713,000 of revenue from properties managed by Sunrise. (4) (5) Inclusive of $58,621,000 of income recognized upon termination of a lease. See Note 3 for further details. In addition to the one property, HC-One Group is the borrower on a loan with a principal balance of £517,099,000 as of December 31, 2022. See Note 7 for further detail. In December 2022, ProMedica relinquished to Welltower its 15% interest in 147 skilled nursing facilities previously owned by the Welltower/ProMedica joint venture in exchange for a lease modification, which relieved ProMedica from its lease obligation on the properties and amended the lease on the remaining 58 assisted living and memory care properties that continue to be held by the Welltower/ProMedica joint venture. The reduction of ProMedica’s noncontrolling interest of $273,504,000 resulting from its relinquishment of the interest in the joint venture previously holding the 147 skilled nursing facilities is a non-cash financing activity excluded from our Consolidated Statement of Cash Flows. The 58 assisted living and memory care assets continue to be operated by ProMedica and backed by the existing guaranty. Concurrently with the above, Welltower and Integra Healthcare Properties (“Integra”) entered into master leases for the skilled nursing portfolio. Approximately 15 regional operators will enter into subleases with Integra to operate the properties. Also in December 2022, we sold to Integra a 15% ownership interest in 54 of those skilled nursing facilities for approximately $73 million, with no gain recognized as the properties continue to be consolidated following the transaction. This transaction represents the initial tranche of the newly formed joint 124 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS venture owned 85% by Welltower and 15% by Integra, which is anticipated to include the 147 skilled nursing facilities. In January 2023, Integra acquired a 15% interest in 31 of the remaining 93 skilled nursing facilities for approximately $74 million, representing the second tranche of the WELL/Integra joint venture. ProMedica NOI for the year ended December 31, 2022 was comprised of $59,687,000 relating to the 58 assisted living and memory care properties (3% of total NOI) and $180,441,000 relating to the 147 skilled nursing properties (8% of total NOI). 10. Borrowings Under Credit Facilities and Commercial Paper Program At December 31, 2022, we had a primary unsecured credit facility with a consortium of 31 banks that included a $4,000,000,000 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 $1,000,000,000 tranche that matures on June 4, 2026 (none outstanding at December 31, 2022) and a $3,000,000,000 tranche that matures on June 4, 2025 (none outstanding at December 31, 2022). The term credit facilities mature on July 19, 2026. Each 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 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, 2022). 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, the loans under the unsecured revolving credit facility currently bear interest at 0.775% over the adjusted SOFR rate at December 31, 2022. In addition, we pay a facility fee quarterly to each bank based on the bank’s commitment amount. The facility fee depends on our debt ratings and was 0.15% at December 31, 2022. Under the terms of our commercial paper program, we may issue unsecured commercial paper notes with maturities that vary, but do not exceed 397 days from the date of issue, up to a maximum aggregate face or principal amount outstanding at any time of $1,000,000,000 (none outstanding at December 31, 2022). The following information relates to aggregate borrowings under the unsecured revolving credit facility and commercial paper program for the periods presented (dollars in thousands): Balance outstanding at year end . . . . . . . . . . . . . . . . . . . . . . . Maximum amount outstanding at any month end . . . . . . . . . Average amount outstanding (total of daily principal Year Ended December 31, 2022 2021 2020 $ $1,565,000 — $325,000 $994,000 $ — $2,100,000 balances divided by days in period) . . . . . . . . . . . . . . . . . . $ 766,167 $384,418 $ 497,014 Weighted-average interest rate (actual interest expense divided by average borrowings outstanding) . . . . . . . . . . . 1.75% 0.33% 2.09% 11. Senior Unsecured Notes and Secured Debt We may repurchase, redeem or refinance senior unsecured notes from time to time, taking advantage of favorable market conditions when available. We may purchase senior notes for cash through open market purchases, privately negotiated transactions, a tender offer or, in some cases, through the early redemption of such securities pursuant to their terms. The senior unsecured notes are redeemable at our option, at any time in 125 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS whole or from time to time in part, at a redemption price equal to the sum of: (i) the principal amount of the notes (or portion of such notes) being redeemed plus accrued and unpaid interest thereon up to the redemption date and (ii) any “make-whole” amount due under the terms of the notes in connection with early redemptions. Redemptions and repurchases of debt, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. At December 31, 2022, the annual principal payments due on these debt obligations were as follows (in thousands): Senior Unsecured Notes(1,2,3) Secured Debt (1,4) 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2027(5,6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thereafter(7,8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 627,672 345,400 267,117 127,454 184,491 577,820 1,350,000 1,260,000 700,000 1,906,444 7,368,085 $ Totals 627,672 1,695,400 1,527,117 827,454 2,090,935 7,945,905 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,584,529 $2,129,954 $14,714,483 (1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the Consolidated Balance Sheets. (2) Annual interest rates range from 2.05% to 6.50%. (3) 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 fully and unconditionally guaranteed by Welltower OP. (4) Annual interest rates range from 1.25% to 7.00%. Carrying value of the properties securing the debt totaled $4,882,151,000 at December 31, 2022. (5) (6) (7) (8) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $184,747,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2022). Both term loans mature on July 19, 2026 and may be extended for two successive terms of six months at our option. The loans bears interest at adjusted SOFR plus 0.85% 5.29% at December 31, 2022) and Canadian Dealer Offered Rate plus 0.85% (5.56% at December 31, 2022), respectively. Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $221,697,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2022). Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $664,235,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2022). Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $603,850,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2022). Welltower, the parent entity that consolidates Welltower OP and all other subsidiaries, fully and unconditionally guarantees to each holder of all series of senior unsecured notes issued by Welltower OP that the principal of and premium, if any, and interest on the notes will be promptly paid in full when due, whether at the applicable maturity date, by acceleration or redemption or otherwise, and interest on the overdue principal of and interest on the notes, if any, if lawful, and all other obligations of Welltower OP to the holders of the notes will be promptly paid in full or performed. Welltower’s guarantees of such notes are its senior unsecured obligation and rank equally with all of Welltower’s other future unsecured senior indebtedness and guarantees from time to time outstanding. Welltower’s guarantees of such notes are effectively subordinated to all liabilities of its subsidiaries and to its secured indebtedness to the extent of the assets securing such indebtedness. Because Welltower conducts substantially all of its business through its subsidiaries, Welltower’s ability to make required payments with respect to the guarantees depends on the financial results and condition of its subsidiaries and its ability to receive funds from its subsidiaries, whether by dividends, loans, distributions or other payments. 126 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands): December 31, 2022 Year Ended December 31, 2021 December 31, 2020 Amount Weighted Avg. Interest Rate(1) Amount Weighted Avg. Interest Rate Amount Weighted Avg. Interest Rate Beginning balance . . . Debt issued . . . . . . . . . Debt extinguished . . . . Foreign currency . . . . . $11,707,961 1,050,000 — (173,432) 3.67% 3.08% —% 4.43% $11,509,533 1,750,000 (1,533,752) (17,820) 3.67% 2.57% 2.42% 4.55% $10,427,562 1,600,000 (566,248) 48,219 Ending balance . . . . . . $12,584,529 4.06% $11,707,961 3.67% $11,509,533 4.03% 1.89% 3.26% 4.35% 3.67% (1) Includes the impact of interest rate swaps and interest rate caps. The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): December 31, 2022 December 31, 2021 December 31, 2020 Amount Weighted Avg. Interest Rate(1) Amount Weighted Avg. Interest Rate Amount Weighted Avg. Interest Rate Year Ended Beginning balance . . . . . . Debt issued . . . . . . . . . . . . Debt assumed . . . . . . . . . . Debt extinguished . . . . . . . Principal payments . . . . . . Foreign currency . . . . . . . . $2,202,312 113,183 328,096 (399,066) (58,114) (56,457) 3.03% 4.71% 5.86% 5.54% 3.48% 3.27% $2,378,073 23,569 — (132,031) (65,587) (1,712) 3.27% 2.83% —% 5.86% 3.40% 2.72% $2,993,342 62,055 — (632,288) (62,707) 17,671 Ending balance . . . . . . . . . $2,129,954 4.33% $2,202,312 3.03% $2,378,073 3.63% 2.55% —% 2.21% 3.63% 2.93% 3.27% (1) Includes the impact of interest rate swaps and interest rate caps. Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of December 31, 2022, we were in compliance in all material respects with all of the covenants under our debt agreements. 12. Derivative Instruments We are exposed to, among other risks, the impact of changes in foreign currency exchange rates as a result of our non-U.S. investments and interest rate risk related to our capital structure. Our risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes foreign currency forward contracts, cross currency swap contracts, interest rate swaps, interest rate locks and debt issued in foreign currencies to offset a portion of these risks. Foreign Currency Forward Contracts Designated as Cash Flow Hedges For instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is deferred as a component of other comprehensive income (“OCI”) and reclassified into 127 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS earnings in the same period or periods, during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in earnings. Cash Flow Hedges and Fair Value Hedges of Interest Rate Risk We enter into interest rate swaps in order to maintain a capital structure containing targeted amounts of fixed and floating-rate debt and manage interest rate risk. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our fixed-rate payments. These interest rate swap agreements are used to hedge the variable cash flows associated with variable-rate debt. Interest rate swaps designated as fair value hedges involve the receipt of fixed amounts from a counterparty in exchange for our variable-rate payments. These interest rate swap agreements hedge the exposure to changes in the fair value of fixed-rate debt attributable to changes in the designated benchmark interest rate. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in earnings. We record the gain or loss on the hedged items in interest expense, the same line item as the offsetting loss or gain on the related interest rate swaps. In March 2022, we entered into a fixed to floating swap in connection with our March senior note issuance. The carrying amount of the notes, exclusive of the hedge, is $545,381,000. The fair value of the swap as of December 31, 2022 was ($55,727,000) and was recorded as a derivative liability with an offset to senior unsecured notes on our Consolidated Balance Sheets. Periodically, we enter into and designate interest rate locks to partially hedge the risk of changes in interest payments attributable to increases in the benchmark interest rate during the period leading up to the probable issuance of fixed-rate debt. We designate our interest rate locks as cash flow hedges. Gains and losses when we settle our interest rate locks are amortized into earnings over the life of the related debt, except where a material amount is deemed to be ineffective, which would be immediately recognized in the Consolidated Statements of Comprehensive Income. Approximately $2,562,000 of losses, which are included in OCI, are expected to be reclassified into earnings in the next 12 months. Foreign Currency Forward Contracts and Cross Currency Swap Contracts Designated as Net Investment Hedges We use foreign currency forward and cross currency forward swap contracts to hedge a portion of the net investment in foreign subsidiaries against fluctuations in foreign exchange rates. For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to U.S. Dollar of the instrument is recorded as a cumulative translation adjustment component of OCI. During the years ended December 31, 2022, 2021, and 2020 we settled certain net investment hedges generating cash proceeds of $61,853,000, and $14,505,000, and necessitating cash payments of $1,988,000, respectively. The balance of the cumulative translation adjustment will be reclassified to earnings if the hedged investment is sold or substantially liquidated. Derivative Contracts Undesignated We use foreign currency exchange contracts to manage existing exposures to foreign currency exchange risk. Gains and losses resulting from the changes in fair value of these instruments are recorded in interest expense on the Consolidated Statements of Comprehensive Income, and are substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures. In addition, we have several interest rate cap contracts related to variable rate secured debt agreements. Gains and losses resulting from the changes in fair values of these instruments are also recorded in interest expense. 128 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Equity Warrants We received equity warrants through our lending activities further described in Note 7, which were accounted for as loan origination fees. The warrants provide us the right to participate in the capital appreciation of HC-One Group real estate portfolio above a designated price upon liquidation and contain net settlement terms qualifying as derivatives under ASC Topic 815. The warrants are classified within receivables and other assets on our Consolidated Balance Sheets. These warrants are measured at fair value with changes in fair value being recognized within gain (loss) on derivatives and financial instruments in our Consolidated Statements of Comprehensive Income. The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands): December 31, 2022 December 31, 2021 Derivatives designated as net investment hedges: Denominated in Canadian Dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Denominated in Pound Sterling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,075,000 £1,890,708 $ 675,000 £1,904,708 Financial instruments designated as net investment hedges: Denominated in Canadian Dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Denominated in Pound Sterling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 250,000 £1,050,000 $ 250,000 £1,050,000 Interest rate swaps designated as cash flow hedges: Denominated in U.S. Dollars(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,000 Interest rate swaps designated as fair value hedges: Denominated in U.S. Dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Derivative instruments not designated: . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest rate caps denominated in U.S. Dollars . . . . . . . . . . . . . . . . . . . Forward sales contracts denominated in Canadian Dollars . . . . . . . . . . $ 550,000 $ $ 26,137 80,000 $ $ $ $ 25,000 — 26,137 80,000 (1) At December 31, 2022 the maximum maturity date was November 1, 2023. The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands): Description Location December 31, 2022 Year Ended December 31, 2021 December 31, 2020 Gain (loss) on derivative instruments designated as hedges recognized in income . . . . . . . . . . . . . . . . . . . Gain (loss) on derivative instruments not designated as hedges recognized in income . . . . . . . . . . . . . . . . . . . Gain (loss) on equity warrants recognized in income . . . . . . . . Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI . . . . . . . . . . Interest expense $ 28,894 $23,133 $ 22,698 Interest expense Gain (loss) on derivatives and financial instruments, net $ 4,255 $ (433) $ (6,837) $10,361 $ $ (5,982) — OCI $442,620 $79,702 $(134,369) 129 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 13. Commitments and Contingencies At December 31, 2022, we had 21 outstanding letter of credit obligations totaling $68,217,000 and expiring during 2023. At December 31, 2022, we had outstanding construction in progress of $1,021,080,000 and were committed to providing additional funds of approximately $1,883,449,000 to complete construction. Additionally, at December 31, 2022, we had outstanding investments classified as in substance real estate of $649,267,000 and were committed to provide additional funds of $171,851,000 (see Note 8 for additional information). Purchase obligations include $41,049,000 of contingent purchase obligations to fund capital improvements. Rents due from the tenants are increased to reflect the additional investment in the property. 14. Stockholders’ Equity The following is a summary of our stockholders’ equity capital accounts as of the dates indicated: December 31, 2022 December 31, 2021 Preferred Stock, $1.00 par value: Authorized shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Issued shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outstanding shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 — — Common Stock, $1.00 par value: Authorized shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Issued shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outstanding shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700,000,000 492,283,488 490,508,937 50,000,000 — — 700,000,000 448,998,438 447,239,477 Common Stock In April 2022, we entered into an amended and restated equity distribution agreement whereby we can offer and sell up to $3,000,000,000 aggregate amount of our common stock (“ATM Program”). The ATM Program also allows us to enter into forward sale agreements. During the year ended December 31, 2022, we physically settled all of our outstanding forward sale agreements for cash proceeds of $3,667,691,000. As of December 31, 2022, we had $1,150,203,000 of remaining capacity under the ATM Program. On May 1, 2020, our Board of Directors authorized a share repurchase program whereby we may repurchase up to $1 billion of common stock through December 31, 2021. On November 7, 2022, our Board of Directors approved a follow on share repurchase program for up to $3 billion of common stock (the “Stock Repurchase Program”). Under the Stock Repurchase Program, we are not required to purchase shares but may choose to do so in the open market or through privately-negotiated transactions, through block trades, by effecting a tender offer, by way of an accelerated share repurchase program, through the purchase of call options or the sale of put options, or otherwise, or by any combination of the foregoing. We expect to finance any share repurchases using available cash and may use proceeds from borrowings or debt offerings. The Stock Repurchase Program has no expiration date and does not obligate us to repurchase any specific number of shares. During the year ended December 31, 2020, we repurchased 201,947 shares at an average price of $37.89 per share. We did not repurchase any shares of our common stock during the years ended December 31, 2021 or December 31, 2022. 130 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The following is a summary of our common stock issuances during the periods indicated (dollars in thousands, except shares and average price amounts): 2020 Dividend reinvestment plan issuances . . . . . . . . . . . . . . . 2020 Option exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2020 ATM Program issuances . . . . . . . . . . . . . . . . . . . . . . . . . . 2020 Stock incentive plans, net of forfeitures . . . . . . . . . . . . . . 264,153 251 6,799,978 281,552 $ $72.33 47.81 86.48 19,105 12 588,072 — Shares Issued Average Price Gross Proceeds Net Proceeds $ 19,105 12 576,196 — 2020 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,345,934 $ 607,189 $ 595,313 2021 Option exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021 ATM Program issuances . . . . . . . . . . . . . . . . . . . . . . . . . . 2021 Stock incentive plans, net of forfeitures . . . . . . . . . . . . . . 338 29,667,348 171,189 $56.21 80.41 $ 19 2,385,683 — $ 19 2,348,182 — 2021 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,838,875 $2,385,702 $2,348,201 2022 Option exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 ATM Program issuances . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 Redemption of OP Units and DownREIT Units . . . . . . . . 2022 Stock incentive plans, net of forfeitures . . . . . . . . . . . . . . 2,433 43,092,888 5,498 168,641 $67.00 86.23 $ 163 3,715,971 — — $ 163 3,667,691 — — 2022 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,269,460 $3,716,134 $3,667,854 Dividends During the year ended December 31, 2020, we declared a reduced cash dividend beginning with the quarter ended March 31, 2020. Please refer to Note 19 for information related to federal income tax of dividends. The following is a summary of our dividend payments (in thousands, except per share amounts): Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Per Share Amount Per Share Amount Per Share Amount Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . $2.44 $1,133,182 $2.44 $1,037,194 $2.70 $1,120,187 Accumulated Other Comprehensive Income The following is a summary of accumulated other comprehensive income/(loss) for the periods presented (in thousands): Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Derivative and financial instruments designated as hedges . . . . . . . . . . . $(1,115,317) 995,610 $(674,306) 552,990 Total accumulated other comprehensive income (loss) . . . . . . . . . . . . . . $ (119,707) $(121,316) December 31, 2022 December 31, 2021 131 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 15. Stock Incentive Plans In March 2022, our Board of Directors approved the 2022 Long-Term Plan (“2022 Plan”), which authorizes up to 10,000,000 shares of common stock to be issued at the discretion of the Compensation Committee of the Board of Directors. Awards granted after March 28, 2022 will be 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, deferred stock units, performance units, and dividend equivalent rights. Vesting periods for options, deferred stock units and restricted shares generally range from three to five years. Options expire ten years from the date of grant. Under our long-term incentive plan, certain restricted stock awards are market, performance and time-based. For market and performance based awards, we will grant a target number of restricted stock units, with the ultimate award determined by the total shareholder return and operating performance metrics, measured in each case over a measurement period of three to four years. Performance based awards vest after the end of the performance periods. The expected term represents the period from the grant date to the end of the performance period. Compensation expense for performance based awards is measured based on the probability of achievement of certain performance goals and is recognized over the performance period. For the portion of the grant for which the award is determined by the operating performance metrics, the compensation cost is based on the grant date closing price and management’s estimate of corporate achievement of the financial metrics. If the estimated number of performance based restricted stock to be earned changes, an adjustment will be recorded to recognize the accumulated difference between the revised and previous estimates. For the portion of the grant determined by the total shareholder return (“TSR”), management used a Monte Carlo model to assess the fair value and compensation cost. For time based awards, the fair value of the restricted stock is equal to the market price of the Company’s common stock on the date of grant and is amortized over the vesting periods. For purposes of measuring stock-based compensation expense, we consider whether an adjustment to the observable market price is necessary to reflect material nonpublic information that is known to us at the time the award is granted. No adjustments were deemed necessary for the years ended December 31, 2022, 2021, or 2020. Forfeitures are accounted for as they occur. The following table summarizes compensation expense recognized for the periods presented (in thousands): Stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Restricted stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,378 23,771 $ 1,088 16,724 $ — 28,318 Total compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $26,149 $17,812 $28,318 Year Ended December 31, 2022 2021 2020 132 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Stock Options The following is a summary of time-based stock option activity in 2022: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Intrinsic Value ($ 000’s) Outstanding as of December 31, 2021 . . . Options granted . . . . . . . . Options exercised . . . . . . Options forfeited . . . . . . . Options expired . . . . . . . . Outstanding as of 311,306 256,716 (2,433) (14,074) — $67.17 86.23 67.17 76.02 — December 31, 2022 . . . 551,515 $75.82 Exercisable as of December 31, 2022 . . . 75,383 $67.17 8.76 8.50 $— $— The Company used the Black-Scholes Option Pricing model to determine the grant date fair value of time- based options. The weighted-average assumptions used are as follows: Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Estimated volatility(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Risk free rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Expected life of options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Estimated fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 2.83% 32.84% 1.61% 6 years $ 21.15 (1) Estimated volatility is using 50% historical volatility and 50% implied volatility. As of December 31, 2022, there was $6,269,000 of total unrecognized compensation expense related to unvested time-based stock options that is expected to be recognized over a weighted-average period of three years. During December 2021, we granted 832,356 performance-based stock options at a weighted average exercise price of $83.44. During the year ended December 31, 2022, 7,140 options were forfeited resulting in 825,216 outstanding and non-vested options at December 31, 2022. The grant date fair value of $20.31 was estimated on the date of grant using the Black-Scholes option pricing model. These options have a performance condition based on a Funds From Operations goal measured over the performance period of January 1, 2022 to December 31, 2024. These awards vest over two years after the end of the performance period, with a portion vesting immediately at the end of the performance period. Compensation expense is measured based on the probability of achievement of the performance goal and is recognized over both the performance period and vesting period. At December 31, 2022, the performance goal is not probable of being achieved. Restricted Stock During January 2022, we granted 936,915 performance-based restricted stock awards under the terms of an Out Performance Program (“OPP”), all of which were outstanding and non-vested at December 31, 2022. The grant date fair value of $27.60 was estimated on the date of grant using a Monte Carlo model. These awards have performance conditions based on a Funds From Operations goal and absolute and relative TSR goals measured over the performance period of January 1, 2022 to December 31, 2025. These awards vest after the end of the 133 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS performance period. Compensation expense is measured based on the probability of achievement of the performance goals and is recognized over the performance period. At December 31, 2022, the performance goals are not probable of being achieved. The following is a summary of the status of our non-vested restricted stock (including market, performance, and time-based awards, and excluding OPP awards) as of December 31, 2022, and changes during the year ended December 31, 2022: Non-vested at December 31, 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Change in awards based on performance(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Forfeited or expired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Restricted Stock Weighted- Average Grant Date Fair Value $76.28 82.78 98.49 82.42 83.56 Number of Shares 566,227 (168,275) 303,566 120,959 (19,150) Non-vested at December 31, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 803,327 $84.78 (1) Represents the change in number of market and performance based awards earned based on performance achievement. We used a Monte Carlo model to assess the compensation cost associated with the portion of the market awards granted for which achievement will be determined using total shareholder return measures. The model also considers a post-vesting holding period. The weighted-average assumptions used are as follows: Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Estimated volatility over the life of the plan(1) Risk free rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Estimated market based performance award value 2022 2.83% 26.31% - 56.62% 0.08% - 1.20% based on total shareholder return measure . . . . . $ 111.27 (1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility. As of December 31, 2022, there was $27,943,000 of total unrecognized compensation expense related to unvested restricted stock that is expected to be recognized over a weighted-average period of two years. Defined Contribution Plan We sponsor a 401(k) plan which is available to substantially all U.S. employees. We match a percentage of employee contributions up to 5% of an employee’s wages and provide a discretionary profit sharing contribution calculated as a percentage of eligible compensation. We recognized expense of $3,984,000, $3,477,000 and $3,323,000 during the years ended December 31, 2022, 2021 and 2020, respectively, related to this plan. 134 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 16. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Year Ended December 31, 2022 2021 2020 Numerator for basic earnings per share—net income attributable to common stockholders . . . . . . . . . . . . . . . . . . . . $141,214 $336,138 $978,844 Adjustment for net income (loss) attributable to OP Units and DownREIT Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 (3,020) (6,146) Numerator for diluted earnings per share . . . . . . . . . . . . . . . . . . . $141,379 $333,118 $972,698 Denominator for basic earnings per share—weighted average shares Effect of dilutive securities: . . . . . . . . . . . . . . . . . . . . . Employee stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-vested restricted shares . . . . . . . . . . . . . . . . . . . . . . . . . . OP Units and DownREIT Units . . . . . . . . . . . . . . . . . . . . . . . . Employee stock purchase program . . . . . . . . . . . . . . . . . . . . . 462,185 20 1,058 1,865 30 424,976 — 447 1,396 22 415,451 — 519 1,396 21 Dilutive potential common shares . . . . . . . . . . . . . . . . . . . . . . . . 2,973 1,865 1,936 Denominator for diluted earnings per share—adjusted weighted average shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465,158 426,841 417,387 Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $ 0.31 0.30 $ $ 0.79 0.78 $ $ 2.36 2.33 As of December 31, 2021, outstanding forward sales agreements for the sale of 5,187,250 shares were not included in the computation of diluted earnings per share because such forward sales were anti-dilutive for the period. There were no outstanding forward sale agreements as of December 31, 2022 or December 31, 2020. Employee stock options were anti-dilutive for 2021 and 2020. 17. 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 upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon 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. 135 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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: Mortgage Loans, Other Real Estate Loans and Non-real Estate Loans Receivable — The fair value of mortgage loans, other real estate loans and non-real estate loans receivable is generally estimated by using Level 2 and Level 3 inputs such as discounting the estimated future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Cash and Cash Equivalents and Restricted Cash — The carrying amount approximates fair value. Equity Securities — Equity securities are recorded at their fair value based on Level 1 publicly available trading prices. Equity Warrants — The fair value of equity warrants is estimated using Level 3 inputs and includes data points such as enterprise value of the underlying HC-One Group real estate portfolio, marketability discount for private company warrants, dividend yield, volatility and risk-free rate. The enterprise value is driven by projected cash flows, weighted average cost of capital and a terminal capitalization rate. Borrowings Under Primary Unsecured Credit Facility and Commercial Paper Program — The carrying amount of the primary unsecured credit facility and commercial paper program approximates fair value because the borrowings are interest rate adjustable. Senior Unsecured Notes — The fair value of the senior unsecured notes payable was estimated based on Level 1 publicly available trading prices. The carrying amount of the variable rate senior unsecured notes approximates fair value because they are interest rate adjustable. Secured Debt — The fair value of fixed rate secured debt is estimated using Level 2 inputs by discounting the estimated future cash flows using the current rates at which similar loans would be made with similar credit ratings and for the same remaining maturities. The carrying amount of variable rate secured debt approximates fair value because the borrowings are interest rate adjustable. Foreign Currency Forward Contracts, Interest Rate Swaps and Cross Currency Swaps — Foreign currency forward contracts, interest rate swaps and cross currency swaps are recorded in other assets or other liabilities on the balance sheet at fair value that is derived from observable market data, including yield curves and foreign exchange rates. Redeemable DownREIT Unitholder Interests — Our redeemable DownREIT unitholder interests are recorded on the balance sheet at fair value using Level 2 inputs unless the fair value is below the initial amount, in which case the redeemable DownREIT unitholder interests are recorded at the initial amount adjusted for distributions to the unitholders and income or loss attributable to the unitholders. The fair value is measured using the closing price of our common stock, as units may be redeemed at the election of the holder for cash or, at our option, one share of our common stock per unit, subject to adjustment in certain circumstances. 136 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands): Financial assets: Mortgage loans receivable . . . . . . . . . . . . . . . . . Other real estate loans receivable . . . . . . . . . . . . Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . Cash and cash equivalents . . . . . . . . . . . . . . . . . . Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-real estate loans receivable . . . . . . . . . . . . . Foreign currency forward contracts, interest rate swaps and cross currency swaps . . . . . . . . . . . Equity warrants . . . . . . . . . . . . . . . . . . . . . . . . . . Financial liabilities: Borrowings under unsecured credit facility and commercial paper program . . . . . . . . . . . . . . . Senior unsecured notes . . . . . . . . . . . . . . . . . . . . Secured debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign currency forward contracts, interest rate swaps and cross currency swaps . . . . . . . . . . . Redeemable DownREIT unitholder interests . . . . . . . $ $ $ Items Measured at Fair Value on a Recurring Basis December 31, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value $ 697,906 192,938 111 631,681 90,611 289,168 191,357 30,436 $ 739,159 190,977 111 631,681 90,611 277,601 191,357 30,436 $ 877,102 191,579 1,608 269,265 77,490 223,627 7,205 41,909 932,552 193,999 1,608 269,265 77,490 241,544 7,205 41,909 — $ — $ 12,437,273 2,110,815 11,381,873 2,054,889 324,935 11,613,758 2,192,261 $ 324,935 13,139,748 2,252,107 55,727 75,355 $ 55,727 75,355 $ 39,296 153,098 $ 39,296 153,098 The market approach is utilized to measure fair value for our financial assets and liabilities reported at fair value on a recurring basis. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The following summarizes items measured at fair value on a recurring basis (in thousands): Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Equity warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign currency forward contracts, interest rate swaps and cross Fair Value Measurements as of December 31, 2022 Total Level 1 Level 2 Level 3 $ 111 30,436 $111 — $ — $ — — 30,436 currency swaps, net asset (liability) (1) . . . . . . . . . . . . . . . . . . . . . . 135,630 — 135,630 — Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $166,177 $111 $135,630 $30,436 (1) Please see Note 12 for additional information. 137 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The following table summarizes the change in fair value for equity warrants using unobservable Level 3 inputs for the years presented (in thousands): Years Ended December 31, 2022 December 31, 2021 Beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Warrants acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mark-to-market adjustment . . . . . . . . . . . . . . . . . . . . Foreign currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $41,909 — (6,837) (4,636) $ — 32,419 10,361 (871) Ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $30,436 $41,909 The most significant assumptions utilized in the valuation of the equity warrants are the cash flows of the underlying HC-One Group enterprise, as well as the terminal capitalization rate of 10.5%. Items Measured at Fair Value on a Nonrecurring Basis In addition to items that are measured at fair value on a recurring basis, we also have assets and liabilities in our balance sheet that are measured at fair value on a nonrecurring basis that are not included in the tables above. Assets, liabilities and noncontrolling interests that are measured at fair value on a nonrecurring basis include those acquired or assumed. Asset impairments (if applicable, see Note 5 for impairments of real property and Note 7 for impairments of loans receivable) are also measured at fair value on a nonrecurring basis. We have determined that the fair value measurements included in each of these assets and liabilities rely primarily on company-specific inputs and our assumptions about the use of the assets and settlement of liabilities, as observable inputs are not available. As such, we have determined that each of these fair value measurements generally resides within Level 3 of the fair value hierarchy. We estimate the fair value of real estate and related intangibles using the income approach and unobservable data such as net operating income and estimated capitalization and discount rates. We also consider local and national industry market data including comparable sales, and commonly engage an external real estate appraiser to assist us in our estimation of fair value. We estimate the fair value of assets held for sale based on current sales price expectations or, in the absence of such price expectations, Level 3 inputs described above. We estimate the fair value of loans receivable using projected payoff valuations based on the expected future cash flows and/or the estimated fair value of collateral, net of sales costs, if the repayment of the loan is expected to be provided solely by the collateral. We estimate the fair value of secured debt assumed in asset acquisitions using current interest rates at which similar borrowings could be obtained on the transaction date. 18. Segment Reporting We invest in seniors housing and health care real estate. We evaluate our business and make resource allocations on our three operating segments: Seniors Housing Operating, Triple-net and Outpatient Medical. Our Seniors Housing Operating properties include seniors apartments, assisted living, independent living/continuing care retirement communities, independent supportive living communities (Canada), care homes with and without nursing (U.K.) and combinations thereof that are owned and/or 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 health care real estate through acquisition and financing of primarily single tenant properties. Properties acquired are primarily leased under triple-net leases and we are not involved in the management of the property. Our Outpatient Medical properties are typically leased to multiple tenants and generally require a certain level of property management by us. 138 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS We evaluate performance based upon consolidated NOI of each segment. We define NOI as total revenues, including tenant reimbursements, less property operating expenses. We believe NOI provides investors relevant and useful information as it measures the operating performance of our properties at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties. Non-segment revenue consists mainly of interest income on cash investments recorded in other income. Non-segment assets consist of corporate assets including cash, deferred loan expenses and corporate offices and equipment among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The results of operations for all acquisitions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. All inter-segment transactions are eliminated. 139 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Summary information for the reportable segments (which excludes unconsolidated entities) during the years ended December 31, 2022, 2021 and 2020 is as follows (in thousands): Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Year Ended December 31, 2022: Resident fees and services . . . . . . . . . . . . Rental income . . . . . . . . . . . . . . . . . . . . . . Interest income . . . . . . . . . . . . . . . . . . . . . Other income . . . . . . . . . . . . . . . . . . . . . . $ 4,173,711 — 7,867 63,839 Total revenues . . . . . . . . . . . . . . . . . . . Property operating expenses . . . . . . . . . . . 4,245,417 3,292,045 Consolidated net operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation and amortization . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . General and administrative expenses . . . . Loss (gain) on derivatives and financial instruments, net . . . . . . . . . . . . . . . . . . . Loss (gain) on extinguishment of debt, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for loan losses, net . . . . . . . . . . Impairment of assets . . . . . . . . . . . . . . . . . Other expenses . . . . . . . . . . . . . . . . . . . . . Income (loss) from continuing operations before income taxes and other items . . Income tax (expense) benefit . . . . . . . . . . Income (loss) from unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . Gain (loss) on real estate dispositions, $ — $ — $ 782,329 142,402 6,776 931,507 44,483 887,024 215,887 963 — 669,457 302 8,998 678,757 205,997 472,760 239,681 18,078 — — $ 4,173,711 1,451,786 — 150,571 — 84,547 4,934 4,934 16,245 5,860,615 3,558,770 (11,311) — 475,645 150,390 2,301,845 1,310,368 529,519 150,390 953,372 854,800 34,833 — — 8,334 — — 8,334 386 1,039 13,146 66,026 80 9,289 3,595 13,043 15 (8) 761 2,537 199 — — 20,064 (16,858) — 635,833 — 211,696 — (657,609) (7,247) (53,318) 34,495 (2,467) — — 680 10,320 17,502 101,670 173,062 (7,247) (21,290) 16,043 net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,794 16,648 (6,399) Income (loss) from continuing operations . . . . . . . . . . . . . . . . . . . . . . . (64,382) 686,976 202,830 (664,856) 160,568 Net income (loss) . . . . . . . . . . . . . . . . . . . $ (64,382) $ 686,976 $ 202,830 $(664,856) $ 160,568 Total assets . . . . . . . . . . . . . . . . . . . . . . . . $22,000,732 $8,619,314 $6,614,887 $ 658,300 $37,893,233 140 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2021: Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services . . . . . . . . . . . . Rental income . . . . . . . . . . . . . . . . . . . . . . Interest income . . . . . . . . . . . . . . . . . . . . . Other income . . . . . . . . . . . . . . . . . . . . . . $ 3,197,223 — 4,231 11,796 Total revenues . . . . . . . . . . . . . . . . . Property operating expenses . . . . . . . . . . . 3,213,250 2,529,344 Consolidated net operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation and amortization . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . General and administrative expenses . . . . Loss (gain) on derivatives and financial instruments, net . . . . . . . . . . . . . . . . . . . Loss (gain) on extinguishment of debt, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Provision for loan losses, net . . . . . . . . . . Impairment of assets . . . . . . . . . . . . . . . . . Other expenses . . . . . . . . . . . . . . . . . . . . . Income (loss) from continuing operations before income taxes and other items . . Income tax (expense) benefit . . . . . . . . . . Income (loss) from unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . Gain (loss) on real estate dispositions, $ — $ — $ 761,441 124,540 4,603 890,584 49,462 841,122 220,699 6,376 — 613,254 8,792 13,243 635,289 186,939 448,350 223,302 17,506 — — $ 3,197,223 1,374,695 — 137,563 — 32,634 2,992 2,992 8,817 4,742,115 2,774,562 (5,825) — 426,644 126,727 1,967,553 1,037,566 489,853 126,727 683,906 593,565 39,327 — — (7,333) — — (7,333) (2,628) 394 22,317 27,132 — 10,339 26,579 4,189 (4) (3,463) 2,211 2,523 52,506 — — 7,895 3,799 — 580,273 — 206,275 — (619,597) (8,713) (39,225) 20,687 (4,395) — — 49,874 7,270 51,107 41,739 170,750 (8,713) (22,933) 235,375 net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,146 135,881 93,348 Income (loss) from continuing operations . . . . . . . . . . . . . . . . . . . . . . . (29,280) 736,841 295,228 (628,310) 374,479 Net income (loss) . . . . . . . . . . . . . . . . . . . $ (29,280) $ 736,841 $ 295,228 $(628,310) $ 374,479 Total assets . . . . . . . . . . . . . . . . . . . . . . . . $18,851,999 $9,710,194 $6,204,064 $ 144,068 $34,910,325 141 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2020: Resident fees and services . . . . . . . . . . . . . . . . . Rental income . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . Property operating expenses . . . . . . . . . . . . . . . . 3,081,863 2,326,311 Consolidated net operating income (loss) . . . . . Depreciation and amortization . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . General and administrative expenses . . . . . . . . . Loss (gain) on derivatives and financial instruments, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loss (gain) on extinguishment of debt, net Provision for loan losses, net . . . . . . . . . . . . . . . Impairment of assets . . . . . . . . . . . . . . . . . . . . . . Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . Income (loss) from continuing operations before income taxes and other items . . . . . . . Income tax (expense) benefit . . . . . . . . . . . . . . . Income (loss) from unconsolidated entities . . . . Gain (loss) on real estate dispositions, net . . . . . Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total $3,074,022 $ — $ — $ — 733,776 62,625 618 4,903 7,223 801,304 53,183 748,121 232,604 9,477 — 11,049 — 90,563 34,867 22,923 755,552 544,462 54,901 — — 12,659 671 100,741 14,265 709,584 5,913 4,522 720,019 214,948 505,071 261,371 17,579 — — 1,046 3,202 — 8,218 — $3,074,022 — 1,443,360 69,156 — 19,429 2,781 2,781 3,381 4,605,967 2,597,823 (600) 2,008,144 — 1,038,437 514,388 128,394 432,431 128,394 — 33,344 — — 24,929 11,049 47,049 94,436 135,608 70,335 27,853 — (33,857) 328,249 346,638 — 18,462 64,288 213,655 — 7,312 695,918 (31,552) (619,698) (9,968) (9,968) (8,083) — — 1,088,455 Income (loss) from continuing operations . . . . . 322,245 429,388 916,885 (629,666) 1,038,852 Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . $ 322,245 $429,388 $916,885 $(629,666) $1,038,852 Our portfolio of properties and other investments are located in the United States, the United Kingdom and Canada. Revenues and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for the periods presented (dollars in thousands): Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Amount % Amount % Amount % Revenues: United States . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,843,417 558,308 458,890 82.6% $3,766,707 9.5% 552,650 7.9% 422,758 79.4% $3,720,155 11.7% 451,399 8.9% 434,413 80.8% 9.8% 9.4% Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,860,615 100.0% $4,742,115 100.0% $4,605,967 100.0% 142 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Amount % Amount % Amount % Resident fees and services: United States . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,325,466 401,195 447,050 79.7% $2,389,257 9.6% 396,610 10.7% 411,356 74.7% $2,321,956 12.4% 327,687 12.9% 424,379 75.5% 10.7% 13.8% Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,173,711 100.0% $3,197,223 100.0% $3,074,022 100.0% As of December 31, 2022 December 31, 2021 Amount % Amount % Assets: United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $31,740,907 3,476,793 2,675,533 83.8% $28,595,703 9.2% 3,938,258 7.0% 2,376,364 81.9% 11.3% 6.8% Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $37,893,233 100.0% $34,910,325 100.0% 19. 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. Cash distributions paid to common stockholders, for federal income tax purposes, are as follows for the periods presented: Per share: Year Ended December 31, 2022 2021 2020 Ordinary dividend(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term capital gain/(loss)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.4400 — — $1.4828 0.8371 0.1201 $1.6389 1.0611 — Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.4400 $2.4400 $2.7000 (1) For the years ended December 31, 2022, 2021 and 2020, includes Section 199A dividends of $2.4400, $1.4828 and $1.6389 respectively. (2) For the years ended December 31, 2022, 2021 and 2020, includes Unrecaptured Section 1250 Gains of $0.0000, $0.4523 and $0.3458, respectively. 143 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Our consolidated provision for income tax expense (benefit) is as follows for the periods presented (in thousands): Year Ended December 31, 2022 2021 2020 Current tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Deferred tax benefit $ 18,289 (11,042) $10,199 (1,486) $11,358 (1,390) Income tax expense (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,247 $ 8,713 $ 9,968 REITs generally are not subject to U.S. federal income taxes on that portion of REIT taxable income or capital gain that is distributed to stockholders. For the tax year ended December 31, 2022, as a result of ownership of investments in Canada and the U.K., we were subject to foreign income taxes under the respective tax laws of these jurisdictions. The provision for income taxes for the year ended December 31, 2022 primarily relates to state taxes, foreign taxes, and taxes based on income generated by entities that are structured as TRSs. For the tax years ended December 31, 2022, 2021 and 2020, included in the consolidated provision for income taxes was $5,222,000, $6,787,000 and $5,777,000, respectively. the foreign tax provision/(benefit) amount A reconciliation of income taxes, which is computed by applying the federal corporate tax rate for the years ended December 31, 2022, 2021 and 2020, to the income tax expense/(benefit) is as follows for the periods presented (in thousands): Year Ended December 31, 2022 2021 2020 Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interests and income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Increase (decrease) in valuation allowance(1) . . . . . . . . . . . . . . . Tax at statutory rate on earnings not subject to federal income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign permanent depreciation . . . . . . . . . . . . . . . . . . . . . . . . . Other differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35,241 30,237 $ 80,470 19,383 $ 220,252 85,881 (75,729) 2,033 15,465 (117,931) 1,449 25,342 (300,196) 1,504 2,527 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,247 $ 8,713 $ 9,968 (1) Excluding purchase price accounting. 144 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Each TRS and foreign entity subject to income taxes is a tax paying component for purposes of classifying deferred tax assets and liabilities. The tax effects of taxable and deductible temporary differences, as well as tax asset/(liability) attributes, are summarized as follows for the periods presented (in thousands): Year Ended December 31, 2022 2021 2020 Investments and property, primarily differences in investment basis,depreciation and amortization, the basis of land assets and the treatment of interests and certain costs . . . . . Operating loss and interest deduction carryforwards . . . . . . . . Expense accruals and other . . . . . . . . . . . . . . . . . . . . . . . . . . . Valuation allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (39,212) 254,852 94,999 (294,558) $ (32,616) 247,015 53,367 (264,321) $ (24,085) 196,634 72,459 (244,938) Net deferred tax assets (liabilities) . . . . . . . . . . . . . . . . . . . . . . $ 16,081 $ 3,445 $ 70 On the basis of the evaluations performed as required by the codification, valuation allowances totaling $294,558,000 were recorded on U.S. taxable REIT subsidiaries as well as entities in other jurisdictions to limit the deferred tax assets to the amount that we believe is more likely than not realizable. However, the amount of the deferred tax asset considered realizable could be adjusted if (i) estimates of future taxable income during the carryforward period are reduced or increased or (ii) objective negative evidence in the form of cumulative losses is no longer present (and additional weight may be given to subjective evidence such as our projections for growth). The valuation allowance rollforward is summarized as follows for the periods presented (in thousands): Year Ended December 31, 2022 2021 2020 Beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Expense (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $264,321 30,237 $244,938 19,383 $159,057 85,881 Ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $294,558 $264,321 $244,938 As a result of certain acquisitions, we are subject to corporate level taxes for any related asset dispositions that may occur during the five-year period immediately after such assets were owned by a C corporation (“built- in gains tax”). The amount of income potentially subject to this special corporate level tax is generally equal to the lesser of (i) the excess of the fair value of the asset over its adjusted tax basis as of the date it became a REIT asset, or (ii) the actual amount of gain. Some but not all gains recognized during this period of time could be offset by available net operating losses and capital loss carryforwards. During the year ended December 31, 2018, we acquired certain additional assets with built-in gains as of the date of acquisition that could be subject to the built-in gains tax if disposed of prior to the expiration of the applicable five-year period. We have not recorded a deferred tax liability as a result of the potential built-in gains tax based on our intentions with respect to such properties and available tax planning strategies. Given the applicable statute of limitations, we generally are subject to audit by the Internal Revenue Service (“IRS”) for the year ended December 31, 2019 and subsequent years. The statute of limitations may vary in the states in which we own properties or conduct business. We do not expect to be subject to audit by state taxing authorities for any year prior to the year ended December 31, 2018. We are also subject to audit by the Canada Revenue Agency and provincial authorities generally for periods subsequent to May 2018 related to entities acquired or formed in connection with acquisitions, and by the U.K.’s HM Revenue & Customs for periods subsequent to August 2016 related to entities acquired or formed in connection with acquisitions. At December 31, 2022, we had a net operating loss (“NOL”) carryforward related to the REIT of $335,293,000. Due to our uncertainty regarding the realization of certain deferred tax assets, we have not 145 WELLTOWER INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS recorded a deferred tax asset related to NOLs generated by the REIT. These amounts can be used to offset future taxable income (and/or taxable income for prior years if an audit determines that tax is owed), if any. The REIT will be entitled to utilize NOLs and tax credit carryforwards only to the extent that REIT taxable income exceeds our deduction for dividends paid. The NOL carryforwards generated through December 31, 2018 will expire through 2038. Beginning with the tax years after December 31, 2017, the law eliminates the NOL carryback period for REITs, replaces the 20-year NOL carryforward period with an indefinite carryforward period and, with respect to tax years beginning after 2020, limits the use of NOLs to 80% of taxable income. At December 31, 2022 and 2021, we had an NOL carryforward related to Canadian entities of $368,979,000 and $316,821,000 respectively. These Canadian losses have a 20-year carryforward period. At December 31, 2022 and 2021, we had an NOL carryforward related to U.K. entities of $184,779,000 and $193,998,000 respectively. These U.K. losses do not have a finite carryforward period. 20. Variable Interest Entities We have entered into joint ventures and have certain subsidiaries that are wholly owned by consolidated joint ventures which own certain seniors housing and outpatient medical assets which are deemed to be VIEs. We have concluded that we are the primary beneficiary of these VIEs based on a combination of operational control of the entities and the rights to receive residual returns or the obligation to absorb losses arising from the entities. Except for capital contributions associated with the initial entity formations, the entities have been and are expected to be funded from the ongoing operations of the underlying properties. Accordingly, such entities have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs in the aggregate (in thousands): December 31, 2022 December 31, 2021 Assets: Net real estate investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receivables and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,499,078 15,582 9,949 $445,776 9,964 7,617 Total assets(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,524,609 $463,357 Liabilities and equity: Secured debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 155,992 1,329 28,417 1,338,871 $163,519 1,324 12,394 286,120 Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,524,609 $463,357 (1) Note that assets of the consolidated VIEs can only be used to settle obligations relating to such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs. 146 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Not applicable. Item 9A. Controls and Procedures Disclosure Controls and Procedures An evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report. Management’s Report on Internal Control over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934, as amended). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. The Company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Management has assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2022 based on the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) in a report entitled Internal Control — Integrated Framework. Based on this assessment, using the criteria above, management concluded that the Company’s system of internal control over financial reporting was effective as of December 31, 2022. The independent registered public accounting firm of Ernst & Young LLP, as auditors of the Company’s consolidated financial statements, has issued an attestation report on the Company’s internal control over financial reporting. Changes in Internal Control over Financial Reporting During the third quarter of 2022, we implemented new enterprise resource planning and corporate performance management systems. These implementations resulted in considerable changes to our processes and control environment, including modifications to existing applications, interfaces and reports. The new systems were used during the third and fourth quarter of 2022, and the new and modified processes and controls implemented were used to prepare our consolidated financial statements for the year ended December 31, 2022 included in this report. We will continue to monitor our internal control over financial reporting under the new systems, including evaluating the operating effectiveness of related key controls. There were no other changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934, as amended) that occurred during the fourth quarter of the one-year period covered by this report that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. 147 Report of Independent Registered Public Accounting Firm To the Stockholders and the Board of Directors of Welltower Inc. Opinion on Internal Control Over Financial Reporting We have audited Welltower reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Welltower Inc. and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on the COSO criteria. internal control over financial Inc. and subsidiaries’ We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Welltower Inc. and subsidiaries as of December 31, 2022 and 2021, the related consolidated statements of comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2022, and the related notes and financial statement schedules listed in the index at Item 15(a) and our report dated February 21, 2023 expressed an unqualified opinion thereon. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Toledo, Ohio February 21, 2023 /s/ Ernst & Young LLP 148 Item 9B. Other Information None. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. Item 10. Directors, Executive Officers and Corporate Governance PART III The information required by this Item is incorporated herein by reference to the information under the headings “Election of Directors,” “Corporate Governance,” “Executive Officers,” and “Security Ownership of Directors and Management and Certain Beneficial Owners—Section 16(a) Beneficial Ownership Reporting Compliance” in our definitive proxy statement, which will be filed with the Securities and Exchange Commission (the “Commission”) prior to April 30, 2023. We have adopted a Code of Business Conduct and Ethics that applies to our directors, officers and employees. The code is posted on the Internet at www.welltower.com/investors/governance. Any amendment to, or waivers from, the code that relate to any officer or director of the company will be promptly disclosed on the Internet at www.welltower.com. In addition, the Board has adopted charters for the Audit, Compensation and Nominating/Corporate Governance Committees. These charters are posted on the Internet at www.welltower.com/investors/governance. Please refer to “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Summary—Corporate Governance” in the Annual Report on Form 10-K for further discussion of corporate governance. The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only. Item 11. Executive Compensation The information required by this Item is incorporated herein by reference to the information under the headings “Executive Compensation” and “Director Compensation” in our definitive proxy statement, which will be filed with the Commission prior to April 30, 2023. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by this Item is incorporated herein by reference to the information under the headings “Security Ownership of Directors and Management and Certain Beneficial Owners” and “Equity Compensation Plan Information” in our definitive proxy statement, which will be filed with the Commission prior to April 30, 2023. Item 13. Certain Relationships and Related Transactions and Director Independence The information required by this Item is incorporated herein by reference to the information under the headings “Corporate Governance—Independence and Meetings” and “Security Ownership of Directors and Management and Certain Beneficial Owners—Certain Relationships and Related Transactions” in our definitive proxy statement, which will be filed with the Commission prior to April 30, 2023. Item 14. Principal Accounting Fees and Services The information required by this Item is incorporated herein by reference to the information under the heading “Ratification of the Appointment of the Independent Registered Public Accounting Firm” in our definitive proxy statement, which will be filed with the Commission prior to April 30, 2023. 149 Item 15. Exhibits and Financial Statement Schedules (a) 1. Our Consolidated Financial Statements are included in Part II, Item 8: PART IV Report of Independent Registered Public Accounting Firm (PCAOB ID: 42) . . . . . . . . Consolidated Balance Sheets—December 31, 2022 and 2021 . . . . . . . . . . . . . . . . . . . . Consolidated Statements of Comprehensive Income—Years ended December 31, 96 99 2022, 2021 and 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 Consolidated Statements of Equity—Years ended December 31, 2022, 2021 and 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Consolidated Statements of Cash Flows—Years ended December 31, 2022, 2021 and 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 103 104 2. The following Financial Statement Schedules are included beginning on page 159 III—Real Estate and Accumulated Depreciation IV—Mortgage Loans on Real Estate All other schedules have been omitted because they are inapplicable or not required or the information is included elsewhere in the Consolidated Financial Statements or notes thereto. 3. Exhibits: The exhibits listed below are either filed with this Form 10-K or incorporated by reference in accordance with Rule 12b-32 of the Securities Exchange Act of 1934. 2.1 2.2 Agreement and Plan of Merger, dated as of April 25, 2018, by and among the Company, Potomac Acquisition LLC, Quality Care Properties, Inc. and certain subsidiaries of Quality Care Properties, Inc. (filed with the Commission as Exhibit 2.1 to the Company’s Form 8-K filed April 26, 2018 (File No. 001-08923), and incorporated herein by reference thereto). Agreement and Plan of Merger, dated March 7, 2022, by and among Welltower Inc., WELL Merger Holdco Inc. and WELL Merger Holdco Sub Inc. (filed with the Commission as Exhibit 2.1 to the Company’s Form 8-K filed March 7, 2022 (File No. 001-08923) and incorporated herein by reference thereto). 3.1(a) Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 10-K filed March 20, 2000 (File No. 001-08923), and incorporated herein by reference thereto). 3.1(b) Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 10-K filed March 20, 2000 (File No. 001- 08923), and incorporated herein by reference thereto). 3.1(c) Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed June 13, 2003 (File No. 001-08923), and incorporated herein by reference thereto). 3.1(d) Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.9 to the Company’s Form 10-Q filed August 9, 2007 (File No. 001- 08923), and incorporated herein by reference thereto). 3.1(e) Certificate of Change of Location of Registered Office and of Registered Agent of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 10-Q filed August 6, 2010 (File No. 001- 08923), and incorporated herein by reference thereto). 3.1(f) Certificate of Designation of 6.50% Series I Cumulative Convertible Perpetual Preferred Stock of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed March 7, 2011 (File No. 001-08923), and incorporated herein by reference thereto). 150 3.1(g) Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed May 10, 2011 (File No. 001-08923), and incorporated herein by reference thereto). 3.1(h) Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed May 6, 2014 (File No. 001-08923), and incorporated herein by reference thereto). 3.1(i) Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed September 30, 2015 (File No. 001- 08923), and incorporated herein by reference thereto). 3.1(j) Amended and Restated Certificate of Incorporation of Welltower Inc. (filed with the Commission as Exhibit 3.1 to the Form 8-K12B filed April 1, 2022 (File No. 001-08923), and incorporated herein by reference thereto). 3.1(k) Limited Liability Company Agreement of Welltower OP LLC, dated as of May 24, 2022 (filed with the Commission as Exhibit 3.2 to the Company’s Form 8-K filed May 25, 2022 (File No. 001-08923), and incorporated herein by reference thereto). 3.2(a) Seventh Amended and Restated By-laws of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed May 6, 2019 (File No. 001-08923), and incorporated herein by reference thereto). 3.2(b) Amended and Restated Bylaws of Welltower Inc. (filed with the Commission as Exhibit 3.2 to the Form 8-K12B filed on April 1, 2022 (File No. 001-08923) and incorporated herein by reference thereto). 3.3 4.1(a) Certificate of Merger (filed with the Commission as Exhibit 3.3 to the Form 8-K12B filed April 1, 2022 (File No. 001-08923), and incorporated herein by reference thereto). Indenture, dated as of March 15, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.1 to the Company’s Form 8-K filed March 15, 2010 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(b) Supplemental Indenture No. 1, dated as of March 15, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed March 15, 2010 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(c) Amendment No. 1 to Supplemental Indenture No. 1, dated as of June 18, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.3 to the Company’s Form 8-K filed June 18, 2010 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(d) Supplemental Indenture No. 5, dated as of March 14, 2011, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed March 14, 2011 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(e) Supplemental Indenture No. 7, dated as of December 6, 2012, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed December 11, 2012 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(f) Supplemental Indenture No. 8, dated as of October 7, 2013, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed October 9, 2013 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(g) Supplemental Indenture No. 9, dated as of November 20, 2013, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed November 20, 2013 (File No. 001-08923), and incorporated herein by reference thereto). 151 4.1(h) Supplemental Indenture No. 10, dated as of November 25, 2014, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed November 25, 2014 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(i) Supplemental Indenture No. 11, dated as of May 26, 2015, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed May 27, 2015 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(j) Amendment No. 1 to Supplemental Indenture No. 11, dated as of October 19, 2015, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.3 to the Company’s Form 8- K filed October 20, 2015 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(k) Supplemental Indenture No. 12, dated as of March 1, 2016, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed March 3, 2016 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(l) Supplemental Indenture No. 13, dated as of April 10, 2018, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed April 10, 2018 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(m) Supplemental Indenture No. 14, dated as of August 16, 2018, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.3 to the Company’s Form 8-K filed August 16, 2018 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(n) Supplemental Indenture No. 15, dated as of February 15, 2019 between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed February 15, 2019 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(o) Supplemental Indenture No. 16, dated as of August 19, 2019, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.3 to the Company’s Form 8-K filed August 19, 2019 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(p) Supplemental Indenture No. 17, dated as of December 16, 2019, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed December 16, 2019 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(q) Supplemental Indenture No. 18, dated as of June 30, 2020, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed June 30, 2020 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(r) Supplemental Indenture No. 19, dated as of March 25, 2021, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.1 to the Company’s Form 8-K filed on March 25, 2021 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(s) Supplemental Indenture No. 20, dated as of June 28, 2021, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.1 to the Company’s Form 8-K filed on June 28, 2021 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(t) Supplemental Indenture No. 21, dated as of November 19, 2021, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.1 to the Company’s Form 8-K filed on November 19, 2021 (File No. 001-08923), and incorporated herein by reference thereto). 4.1(u) Supplemental Indenture No. 22, dated as of March 31, 2022, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed on March 31, 2022 (File No. 001-08923), and incorporated herein by reference thereto). 152 4.1(v) Supplemental Indenture No. 23, dated as of April 1, 2022, among Welltower OP LLC and The Bank of New York Mellon Trust Company, N.A., as trustee (filed with the SEC as Exhibit 4.1 to Form 8-K12B filed April 1, 2022 (File No. 001-08923), and incorporated by reference thereto). 4.2 4.3 4.4 4.5 4.6 Form of Indenture for Senior Subordinated Debt Securities, among Welltower Inc., as issuer, Welltower OP LLC, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee (filed with the Commission as Exhibit 4.2 to the Company’s Form S-3 filed April 1, 2022 (File No. 333-264093), and incorporated herein by reference thereto). Form of Indenture for Junior Subordinated Debt Securities, among Welltower Inc., as issuer, Welltower OP LLC, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee (filed with the Commission as Exhibit 4.3 to the Company’s Form S-3 filed April 1, 2022 (File No. 333-264093), and incorporated herein by reference thereto). Form of Indenture for Senior Debt Securities, among Welltower OP LLC, as issuer, Welltower Inc., as guarantor and The Bank of New York Mellon Trust Company, N.A., as trustee (filed with the Commission as Exhibit 4.5 to the Company’s Form S-3 filed April 1, 2022 (File No. 333-264093), and incorporated herein by reference thereto). Form of Indenture for Senior Subordinated Debt Securities, among Welltower OP LLC, as issuer, Welltower Inc., as guarantor and The Bank of New York Mellon Trust Company, N.A., as trustee (filed with the Commission as Exhibit 4.6 to the Company’s Form S-3 filed April 1, 2022 (File No. 333-264093), and incorporated herein by reference thereto). Form of Indenture for Junior Subordinated Debt Securities, among Welltower OP LLC, as issuer, Welltower Inc., as guarantor and The Bank of New York Mellon Trust Company, N.A., as trustee (filed with the Commission as Exhibit 4.7 to the Company’s Form S-3 filed April 1, 2022 (File No. 333-264093), and incorporated herein by reference thereto). 4.7(a) Indenture, dated as of November 25, 2015, by and among HCN Canadian Holdings-1 LP, the Company and BNY Trust Company of Canada (filed with the Commission as Exhibit 4.5(a) to the Company’s Form 10-K filed February 18, 2016 (File No. 001-08923), and incorporated herein by reference thereto). 4.7(b) Second Supplemental Indenture, dated as of December 20, 2019, by and among HCN Canadian Holdings-1 LP, the Company and BNY Trust Company of Canada (filed with the Commission as Exhibit 4.4(c) to the Company’s Form 10-K filed February 14, 2020 (File No. 001-08923), and incorporated herein by reference thereto). 4.8 Description of Securities of the Registrant (filed with the Commission as Exhibit 4.5 to the Company’s Form 10-K filed February 14, 2020 (File No. 001-08923), and incorporated herein by reference thereto). 10.1(a) Credit Agreement dated as of July 19, 2018 by and among the Company; the lenders listed therein; KeyBank National Association, as administrative agent, L/C issuer and a swingline lender; Bank of America, N.A. and JPMorgan Chase Bank, N.A., as co-syndication agents; Deutsche Bank Securities Inc., as documentation agent; Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and Deutsche Bank Securities Inc., as U.S. joint lead arrangers; Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and RBC Capital Markets, as Canadian joint lead arrangers; and Merrill Lynch, Pierce, Fenner & Smith Incorporated and JPMorgan Chase Bank, N.A., as joint book runners (filed with the Commission as Exhibit 10.1 to the Company’s Form 8-K filed July 24, 2018 (File No. 001-08923), and incorporated herein by reference thereto). 10.1(b) First Amendment, dated April 26, 2019, to the Credit Agreement, dated as of July 19, 2018, by and among the Company; the lenders listed therein; KeyBank National Association, as administrative agent, L/C issuer and a swingline lender; Bank of America, N.A. and JPMorgan Chase Bank, N.A., as co-syndication agents; Deutsche Bank Securities Inc., as documentation agent; Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and Deutsche Bank Securities Inc., as U.S. joint lead arrangers; Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and RBC Capital Markets, as Canadian joint lead arrangers; and Merrill Lynch, Pierce, Fenner & Smith Incorporated and JPMorgan Chase Bank, N.A., as joint book runners (filed with the Commission as Exhibit 10.1 to the Company’s Form 10-Q filed April 30, 2019 (File No. 001-08923), and incorporated herein by reference thereto). 153 10.1(c) Credit Agreement, dated as of June 4, 2021, by and among the Company; the lenders listed therein; KeyBank National Association, as administrative agent and L/C issuer; BofA Securities, Inc. and JPMorgan Chase Bank, N.A., as joint book runners; BofA Securities, Inc., JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and Wells Fargo Securities LLC, as U.S. joint lead arrangers; BofA Securities, Inc., JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and RBC Capital Markets, as Canadian joint lead arrangers; Bank of America, N.A. and JPMorgan Chase Bank, N.A., as co-syndication agents; Wells Fargo Bank, N.A., MUFG Bank, Ltd., Barclays Bank PLC, Citibank, N.A., Credit Agricole Corporate and Investment Bank, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Mizuho Bank, Ltd., Morgan Stanley Bank, N.A., PNC Bank, National Association and Royal Bank of Canada, as co-documentation agents; BNP Paribas, Capital One, National Association, Citizens Bank, N.A., Fifth Third Bank, National Association, The Huntington National Bank, Regions Bank, The Bank of Nova Scotia, Sumitomo Mitsui Banking Corporation, TD Bank, NA, Truist Bank and Bank of Montreal, as co-senior managing agents and Credit Agricole Corporate and Investment Bank, as sustainability structuring agent. (filed with the Commission as Exhibit 10.1 to the Company’s 8-K filed June 8, 2021 (File No. 001-08923), and incorporated herein by reference thereto). 10.1(d) Consent and Amendment No. 1 to Credit Agreement, dated April 1, 2022, by and among Welltower Inc., Welltower OP Inc., the lenders and other financial institutions listed therein and KeyBank National Association, as administrative agent (filed with the Commission as Exhibit 10.1 to Form 8- K12B filed April 1, 2022 (File No. 001-08923), and incorporated herein by reference thereto). 10.1(e) Amendment No. 2 to Credit Agreement, dated June 15, 2022, by and among Welltower Inc., Welltower OP LLC, the lenders and other financial institutions listed therein and KeyBank National Association, as administrative agent (filed with the Commission as Exhibit 10.1 to the Company’s Form 8-K filed June 16, 2022 (File No. 001-08923) and incorporated by reference herein). 10.2 Form of Indemnification Agreement between the Company and each director, executive officer and officer of the Company (filed with the Commission as Exhibit 10.1 to the Company’s Form 8-K filed February 18, 2005 (File No. 001-08923), and incorporated herein by reference thereto).* 10.3 Summary of Director Compensation.* 10.4(a) Welltower Inc. 2016 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.1 to the Company’s Form 8- K filed May 10, 2016 (File No. 001-08923), and incorporated herein by reference thereto).* 10.4(b) Form of Restricted Stock Grant Notice for Executive Officers under the 2016 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.14(b) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).* 10.4(c) Form of Restricted Stock Grant Notice for Senior Vice Presidents under the 2016 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.14(c) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).* 10.4(d) Form of Deferred Stock Unit Grant Agreement for Non-Employee Directors under the 2016 Long- Term Incentive Plan (filed with the Commission as Exhibit 10.14(d) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).* 10.4(e) Form of 2021 Special Stock Option Award Agreement for Executive Officers under the 2016 Long- Term Incentive Plan.* 10.5(a) Welltower Inc. 2018-2020 Long-Term Incentive Program (filed with the Commission as Exhibit 10.17(a) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).* 10.5(b) Form of Restricted Stock Unit Award Agreement under the 2018-2020 Long-Term Incentive Program (filed with the Commission as Exhibit 10.17(b) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).* 154 10.6(a) Welltower Inc. 2019-2021 Long-Term Incentive Program (filed with the Commission as Exhibit 10.14(a) to the Company’s Form 10-K filed February 25, 2019 (File No. 001-08923), and incorporated herein by reference thereto).* 10.6(b) Form of Restricted Stock Unit Award Agreement under the 2019-2021 Long-Term Incentive Program (filed with the Commission as Exhibit 10.14(b) to the Company’s Form 10-K filed February 25, 2019 (File No. 001-08923), and incorporated herein by reference thereto).* 10.7(a) Welltower Inc. 2020-2022 Long-Term Incentive Program (filed with the Commission as Exhibit 10.14(a) to the Company’s Form 10-K filed February 14, 2020 (File No. 001-08923), and incorporated herein by reference thereto).* 10.7(b) Form of Restricted Stock Unit Award Agreement under the 2020-2022 Long-Term Incentive Program (filed with the Commission as Exhibit 10.14(b) to the Company’s Form 10-K filed February 14, 2020 (File No. 001-08923), and incorporated herein by reference thereto).* 10.8 10.9 10.10 10.11 10.12 Executive Employment Agreement, dated May 19, 2021, between Welltower Inc. and Shankh Mitra (filed with the Commission as Exhibit 99.1 to the Company’s Form 8-K filed May 19, 2021 (File No. 001-08923), and incorporated herein by reference thereto).* Employment Offer Letter, dated May 20, 2021, between Welltower Inc. and John F. Burkart (filed with the Commission as Exhibit 10.3 to the Company’s Form 10-Q filed July 30, 2021 (File No. 001- 08923), and incorporated herein by reference thereto).* Welltower Inc. Nonqualified Deferred Compensation Plan Amended and Restated Effective January 1, 2022 (filed with the Commission as Exhibit 10.1 to the Company’s Form 10-Q filed November 5, 2021 (File No. 001-08923), and incorporated herein by reference thereto).* Second Amended and Restated Equity Distribution Agreement, dated as of April 4, 2022, among Welltower Inc., Welltower OP LLC, the sales agents and the related forward purchasers (filed with the Commission as Exhibit 1.1 to the Company’s Form 8-K filed April 4, 2022 (File No. 001-08923), and incorporated herein by reference thereto). Form of Master Forward Sale Confirmation (filed with the Commission as Exhibit 1.2 to the Company’s Form 8-K filed May 4, 2021 (File No. 001-08923) and incorporated herein by reference thereto). 10.13(a) Welltower Inc. 2021-2023 Long-Term Incentive Program (filed with the Commission as Exhibit 10.17(a) to the Company’s Form 10-K filed February 16, 2022 (File No. 001-08923), and incorporated herein by reference thereto).* 10.13(b) Form of Long-Term Incentive Program Award Agreement under the 2021-2023 Long-Term Incentive Program (filed with the Commission as Exhibit 10.17(b) to the Company’s Form 10-K filed February 16, 2022 (File No. 001-08923), and incorporated herein by reference thereto).* 10.14(a) Welltower Inc. 2022-2024 Long-Term Incentive Program (filed with the Commission as Exhibit 10.18(a) to the Company’s Form 10-K filed February 16, 2022 (File No. 001-08923), and incorporated herein by reference thereto).* 10.14(b) Form of Long-Term Incentive Program Award Agreement under the 2022-2024 Long-Term Incentive Program (filed with the Commission as Exhibit 10.18(b) to the Company’s Form 10-K filed February 16, 2022 (File No. 001-08923), and incorporated herein by reference thereto).* 10.15(a) 2022 Outperformance Program (filed with the Commission as Exhibit 10.19(a) to the Company’s Form 10-K filed February 16, 2022 (File No. 001-08923), and incorporated herein by reference thereto).* 10.15(b) Form of Outperformance Program Award Agreement under the 2022 Outperformance Program (filed with the Commission as Exhibit 10.19(b) to the Company’s Form 10-K filed February 16, 2022 (File No. 001-08923), and incorporated herein by reference thereto).* 155 10.16(a) Welltower Inc. 2022 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.2 to the Form 8-K12B filed April 1, 2022 (File No. 001-08923), and incorporated herein by reference thereto).* 10.16(b) Form of Welltower Inc. 2022 Long-Term Incentive Plan Other Stock Unit Award Agreement.* 10.16(c) Welltower Inc. 2022 Employee Stock Purchase Plan (filed with the Commission as Exhibit 10.3 to the Form 8-K12B filed April 1, 2022 (File No. 001-08923), and incorporated herein by reference thereto).* 10.17(a) Welltower OP LLC Profits Interests Plan.* 10.17(b) 10.17(c) 10.17(d) 10.17(e) 10.17(f) 10.17(g) Form of Welltower OP LLC Profits Interests Plan Time-Based LTIP Unit Agreement (LTIP Exchange Equity Award).* Form of Welltower OP LLC Profits Interests Plan Performance LTIP Unit Agreement (LTIP Exchange Equity Award).* Form of Welltower OP LLC Profits Interests Plan Option Unit Agreement (Option Unit Replacement Equity Award).* Form of Welltower OP LLC Profits Interests Plan Option Unit Agreement (Option Unit Replacement Equity Award for 2021 Special Stock Option Grant).* Form of Welltower OP LLC Profits Interests Plan Outperformance LTIP Unit Agreement (Outperformance Exchange Equity Award).* Form of Welltower OP LLC Profits Interests Plan Time-Based LTIP Unit Agreement (LTIP Exchange Equity Award) (Non-Employee Directors).* 10.17(h) Form of Welltower OP LLC Profits Interests Plan Time-Based LTIP Unit Agreement.* 10.17(i) Form of Welltower OP LLC Profits Interests Plan Time-Based LTIP Unit Agreement (Non- Employee Directors).* 10.17(j) Form of Welltower OP LLC Profits Interests Plan Performance LTIP Unit Agreement.* 10.17(k) Form of Welltower OP LLC Profits Interests Plan Option Unit Agreement.* 10.17(l) Form of Accrued Dividend Cash Award Agreement.* 10.17(m) Form of Welltower Inc. RSU Grant Agreement (Non-Employee Directors).* 10.17(n) Form of Welltower OP LLC Profits Interest Plan Vested Deferred LTIP Unit Agreement (Non- Employee Director).* 21 23 24 31.1 31.2 32.1 32.2 Subsidiaries of the Company. Consent of Ernst & Young LLP, independent registered public accounting firm. Powers of Attorney. Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer. Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer. Certification pursuant to 18 U.S.C. Section 1350 by Chief Executive Officer. Certification pursuant to 18 U.S.C. Section 1350 by Chief Financial Officer. 101.INS Inline XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH Inline XBRL Taxonomy Extension Schema Document 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document 156 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document 104 The cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, formatted in Inline XBRL (included in Exhibit 101) * Management Contract or Compensatory Plan or Arrangement. Item 16. Form 10-K Summary None. 157 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: February 21, 2023 WELLTOWER INC. By: /s/ Shankh Mitra Shankh Mitra, Chief Executive Officer and Director Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February 21, 2023 by the following persons on behalf of the Registrant and in the capacities indicated. /s/ Kenneth J. Bacon ** Kenneth J. Bacon, Chairman and Director /s/ Johnese M. Spisso ** Johnese M. Spisso, Director /s/ Karen B. DeSalvo ** Karen B. DeSalvo, Director /s/ Philip L. Hawkins ** Philip L. Hawkins, Director /s/ Dennis G. Lopez ** Dennis G. Lopez, Director /s/ Ade J. Patton ** Ade J. Patton, Director /s/ Diana W. Reid ** Diana W. Reid, Director /s/ Kathryn M. Sullivan ** Kathryn M. Sullivan, Director /s/ Shankh Mitra ** Shankh Mitra, Chief Executive Officer and Director (Principal Executive Officer) /s/ Timothy G. McHugh ** Timothy G. McHugh, Executive Vice President— Chief Financial Officer (Principal Financial Officer) /s/ Joshua T. Fieweger** Joshua T. Fieweger, Chief Accounting Officer (Principal Accounting Officer) /s/ Sergio D. Rivera ** Sergio D. Rivera, Director **By: /s/ Shankh Mitra Shankh Mitra, Attorney-in-Fact 158 Welltower Inc. Schedule III Real Estate and Accumulated Depreciation December 31, 2022 (Dollars in thousands) Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Seniors Housing Operating: Adderbury, UK . . Adrian, MI . . . . . . Albertville, AL . . Alexandria, $ — — — $ $ 12,084 4,785 6,203 $ — 294 2,609 $ 2,030 1,171 176 $ 12,084 5,079 8,806 $ 1,996 316 2,852 2015 2022 2010 2017 Banbury Road 2015 2625 N Adrian Hwy 1999 151 Woodham Dr. 2,030 1,171 170 8,294 12,168 858 4,244 719 1,218 473 710 14,451 1,129 2,518 480 1,660 894 8,385 — 788 2,058 2,100 1,176 880 1,560 4,200 4,832 4,960 — 1,127 5,540 6,695 2,339 3,420 2,356 4,874 2,549 — — — — — — — — 14,681 — — — — — — — — — — 9,790 — — — — — — — — — — — — — — VA . . . . . . . . . . Alexandria, VA . . . . . . . . . . Allegan, MI . . . . . Altrincham, UK . . . . . . . . . . Amarillo, TX . . . . Amherst, NY . . . . Amherstview, ON . . . . . . . . . . Anderson, SC . . . Anjou, QC . . . . . . Ankeny, IA . . . . . Ankeny, IA . . . . . Apple Valley, CA . . . . . . . . . . Arlington, TX . . . Arlington, TX . . . Arlington, VA . . . Arlington, VA . . . Arnprior, ON . . . . Atlanta, GA . . . . . Atlanta, GA . . . . . Auburn, NY . . . . . Austin, TX . . . . . . Austin, TX . . . . . . Austin, TX . . . . . . Austin, TX . . . . . . Bagshot, UK . . . . Bakersfield, CA . . . . . . . . . . Bakersfield, CA . . . . . . . . . . Ballston Spa, NY . . . . . . . . . . Banstead, UK . . . . Bartlesville, OK . . . . . . . . . . Basingstoke, UK . . . . . . . . . . Basking Ridge, NJ . . . . . . . . . . Bassett, UK . . . . . Bath, UK . . . . . . . Baton Rouge, LA . . . . . . . . . . Baton Rouge, LA . . . . . . . . . . Bay City, MI . . . . 12,930 790 29,436 — — 1,605 1,225 6,717 6,424 50,537 21,210 6,252 25,187 11,591 11,417 4,446 6,290 60,572 10,270 13,350 16,639 37,395 13,003 31,198 — 6,283 14,914 20,603 14,371 9,520 21,413 74,850 20,631 29,881 — 569 31 252 396 — 542 2,329 11,078 382 1,267 5,877 6,839 177 17,011 6,468 736 6,104 3,055 722 4,875 1,373 2,614 930 4,020 — 21,864 15,126 17,901 55,113 12,001 18,853 37,710 32,304 11,615 389 235 6,471 67 47 2,751 6,135 — 1,890 440 481 8,294 50,537 6,549 2016 2018 5550 Cardinal Place 12,225 858 4,145 756 1,218 497 767 14,451 1,164 2,518 486 1,660 908 8,393 77 813 2,080 2,206 1,176 885 1,574 4,200 4,832 4,855 2,822 1,133 5,540 6,528 2,339 3,348 2,395 4,771 2,549 21,722 6,283 25,538 11,950 11,417 4,964 8,562 71,650 10,617 14,617 22,510 44,234 13,166 48,201 6,391 6,994 20,996 23,552 15,093 14,390 22,772 77,464 21,561 34,006 19,042 4,836 127 8,343 1,416 2,051 1,429 5,010 3,064 2,136 562 7,029 15,158 1,308 20,787 1,475 2,252 13,910 6,927 533 7,583 5,610 16,916 2,626 12,111 2021 2022 2012 2021 2019 2015 2003 2022 2016 2022 2010 2012 2021 2017 2018 2013 1997 2014 2022 1999 2014 2015 2021 2012 1972 5100 Fillmore Avenue 2008 620 Ely St 2009 295 Hale Road 1985 4707 Bell Street 2013 1880 Sweet Home Road 1974 4567 Bath Road 1986 311 Simpson Rd. 2005 6923 Bd des Galeries d’Anjou 2012 1275 SW State Street 2018 1225 SW 28th St 1999 11825 Apple Valley Rd. 2000 1250 West Pioneer Parkway 1996 2315 Little Road 1992 900 N Taylor Street 1992 900 N Taylor Street 1991 15 Arthur Street 1999 1460 S Johnson Ferry Rd. 2000 1000 Lenox Park Blvd NE 2014 138 Standart Ave 1998 12429 Scofield Farms Dr. 2013 11330 Farrah Lane 2014 4310 Bee Caves Road 1989 11279 Taylor Draper Ln 2009 14 - 16 London Road 776 2021 2015 4301 Buena Vista Rd 15,509 1,537 2021 1988 3201 Columbus 18,136 61,751 1,374 21,397 2020 2012 2019 2000 Carlton Hollow Way 2005 Croydon Lane 12,068 1,585 2021 2000 2633 Mission Drive SE 18,972 4,735 2014 2012 Grove Road 40,422 38,542 11,615 12,235 15,185 1,921 2013 2013 2015 2002 404 King George Road 2006 111 Burgess Road 2017 Clarks Way, Rush Hill 939 31,177 9,532 2013 2009 9351 Siegen Lane 1,607 1,225 7,155 6,905 737 369 2021 2022 1989 8680 Jefferson Highway 2013 3932 Monitor Rd 159 Description Encumbrances Beaconsfield, UK . . . . . . . . . . Beaconsfield, QC . . . . . . . . . . — — Beaver, PA . . . . . 8,480 Beavercreek, OH . . . . . . . . . . Beckenham, UK . . . . . . . . . . — — Bedford, NH . . . . 18,678 Bee Cave, TX . . . Bellevue, WA . . . Bellevue, WA . . . Bellevue, WA . . . Bellevue, WA . . . Bellingham, WA . . . . . . . . . Bellingham, WA . . . . . . . . . Belmont, CA . . . . — — — — — — — — Berea, OH . . . . . . 8,797 Bethel Park, PA . . . . . . . . . . Bethel Park, PA . . . . . . . . . . Bethesda, MD . . . Bethesda, MD . . . Bethesda, MD . . . Bethesda, MD . . . Birmingham, UK . . . . . . . . . . Birmingham, UK . . . . . . . . . . Blainville, QC . . . Bloomfield Hills, MI . . . . . . . . . . Boca Raton, — — — — — — — — — — FL . . . . . . . . . . 32,270 Boise, ID . . . . . . . Boise, ID . . . . . . . Borehamwood, UK . . . . . . . . . . Bothell, WA . . . . Boulder, CO . . . . Bournemouth, UK . . . . . . . . . . Bradenton, FL . . . Bradenton, FL . . . Braintree, MA . . . — — — — — — — — — Brampton, ON . . . 41,696 Brandon, MS . . . . Brea, CA . . . . . . . Bremerton, WA . . . . . . . . . Bremerton, WA . . . . . . . . . Brentwood, CA . . Brentwood, UK . . . . . . . . . . Brick, NJ . . . . . . . Brick, NJ . . . . . . . — — — — — — — — Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address 5,448 1,149 1,189 1,007 1,156 3,565 1,820 2,800 6,307 20,170 — 1,500 1,290 — 1,658 1,658 3,476 — — — — — — 2,077 2,000 6,565 1,391 1,625 — 1,350 2,994 — 480 4,664 — 10,196 1,220 6,302 2,417 2,145 4,602 8,537 1,170 690 50,926 17,484 13,240 11,239 27,194 29,929 21,084 19,004 9,632 43,498 — 19,861 16,292 35,300 12,791 12,973 12,787 45,309 — — — — — 8,902 — 330 — — 24,530 1,660 1,004 3,537 199 — 26,161 3,869 1,728 2,691 — — 97 2,280 69,820 1,148 1,507 14,580 17,793 1,086 35,662 1,821 111,247 16,067 10,468 — 13,439 27,458 — 9,953 11,202 41,290 59,989 10,241 80,468 22,627 7,288 32,594 45,869 17,372 17,125 33,797 6,117 104 47,600 7,370 3,205 49,814 286 219 2,108 1,704 3,746 1,871 2,623 997 2,589 100 2,275 6,438 5,448 1,235 1,189 1,007 19,585 3,565 1,838 2,816 6,310 20,170 26,161 1,507 1,290 188 1,658 1,658 3,477 3 3,520 — — 1,449 65 2,205 2,204 6,991 2,224 1,626 5,254 1,350 3,171 5,411 480 4,685 205 10,281 1,220 6,302 2,417 2,145 4,602 8,357 1,308 812 160 50,926 15,296 2013 2009 30-34 Station Road 17,728 13,240 5,948 51 2013 2020 2008 505 Elm Avenue 2022 1195 Western Ave 11,239 1,178 2019 2020 2475 Lillian Lane 33,295 31,589 22,070 22,525 9,828 43,498 — 1,243 947 4,532 8,083 971 5,397 — 2019 2022 2016 2013 2021 2021 2021 2021 2 RomanWay 2017 43 Technology Dr 2014 14058 A Bee Cave Parkway 1998 15928 NE 8th Street 1990 13350 SE 26th Street 1986 919 109th Avenue North East 1900 919 109th Avenue North East 23,723 8,112 2010 1996 4415 Columbine Dr. 18,020 37,803 12,791 2,438 12,206 213 2020 2013 2020 1999 848 W Orchard Dr 2002 1010 Alameda de Las Pulgas 2022 45 Sheldon Road 12,973 1,814 2019 2019 631 McMurray Road 12,883 47,586 66,300 1,148 1,507 1,434 14,386 6,673 900 575 2021 2013 2016 2013 2013 1998 2960 Bethel Church Road 2009 8300 Burdett Road 2018 4925 Battery Lane 2009 8300 Burdett Road 2009 8300 Burdett Road 13,131 2,250 2015 2016 47 Bristol Road South 17,728 9,860 4,491 3,335 2013 2013 2006 5Church Road,Edgbaston 2008 50 des Chateaux Boulevard 37,279 11,325 2013 2009 6790 Telegraph Road 144,618 21,351 10,571 42,346 20,809 30,486 44,403 10,239 11,400 43,193 61,608 13,987 82,339 36,987 4,337 1,108 13,539 6,567 10,897 13,776 2,797 1,425 13,334 16,258 4,034 1,801 2018 2019 2021 2012 2015 2013 2013 2012 2021 2013 2015 2010 2022 1994 6343 Via De Sonrise Del Sur 1999 10250 W Smoke Ranch Drive 1984 7250 Poplar Street 2003 Edgwarebury Lane 1988 10605 NE 185th Street 2003 3955 28th Street 2008 42 Belle Vue Road 2000 2800 60th Avenue West 1987 1055 301 Blvd E 2007 618 Granite Street 2009 100 Ken Whillans Drive 1999 140 Castlewoods Blvd 2013 460 South La Floresta Drive 25,250 3,385 2020 1999 966 Oyster Bay Ct 8,285 35,183 46,149 19,509 23,441 1,587 1,461 7,866 6,628 6,716 2021 2022 2016 2010 2010 1985 2707 Clare Ave 2007 150 Cortona Way 2013 London Road 1998 515 Jack Martin Blvd 1999 1594 Route 88 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address 48,201 20,541 23,496 7,445 12,830 3,827 2,023 3,757 785 926 1,774 1,567 1,642 502 1,300 51,984 16,149 2010 1999 2005 Route 22 West 22,564 27,111 8,212 13,756 428 7,103 2,086 3,318 2022 2015 2015 2012 2016 9500 Broadview Rd 1999 90 West Avenue 1996 1026 Bridlewood Drive 2013 1105 Davidson Road 44,547 15,828 10,140 54,375 25,392 2013 2009 400 Summit Blvd Bridgewater, NJ . . . . . . . . . . Broadview Heights, OH . . . Brockport, NY . . . Brockville, ON . . Brookfield, WI . . Broomfield, CO . . . . . . . . . . Broomfield, CO . . . . . . . . . . Brossard, QC . . . . Brunswick, OH . . Buckingham, UK . . . . . . . . . . Buffalo, NY . . . . . Buffalo Grove, IL . . . . . . . . . . . Burbank, CA . . . . Burbank, CA . . . . Burke, VA . . . . . . Burleson, TX . . . . Burlingame, CA . . . . . . . . . . Burlington, ON . . Burlington, MA . . . . . . . . . Burlington, WA . . . . . . . . . Burlington, WA . . . . . . . . . Bushey, UK . . . . . Calgary, AB . . . . . Calgary, AB . . . . . Calgary, AB . . . . . Calgary, AB . . . . . Calgary, AB . . . . . Camberley, UK . . Camberley, UK . . Camberley, UK . . Camillus, NY . . . . Canton, MI . . . . . Cape Coral, FL . . Cardiff, UK . . . . . Cardiff by the Sea, CA . . . . . . . . . . Carmel, IN . . . . . . Carmichael, CA . . . . . . . . . . . . . . . . . Caro, MI Carol Stream, IL . . . . . . . . . . . Carrollton, TX . . . Carrollton, GA . . . Carson City, NV . . . . . . . . . . Cary, NC . . . . . . . Cary, NC . . . . . . . Cedar Falls, IA . . Cedar Hill, TX . . . — 15,149 — 3,762 — — — 8,564 — — 7,015 — — 17,646 — — — 15,473 — — — — 14,423 10,285 8,244 18,339 21,193 — — — — — — — — — 23,240 — — — — — — — — — 1,730 1,567 1,500 484 1,300 4,140 — 5,499 1,460 — 1,117 2,850 4,940 3,610 — 3,150 — 1,309 2,443 — 31,854 17,974 — 11,022 49,129 43,466 50,817 — 10,437 62,786 19,311 34,354 877 16,014 768 12,017 2,252 2,793 3,122 3,431 2,385 9,444 2,654 — 1,249 968 760 3,191 5,880 2,766 739 614 1,730 4,280 2,537 1,601 740 6,112 1,259 1,971 8,737 34,915 37,415 41,179 38,971 28,983 36,776 37,558 5,736 — 7,360 8,523 18,868 12,566 64,711 53,419 7,698 4,366 55,048 31,444 9,159 23,542 45,240 70,008 9,930 24,590 29,081 1,943 863 17,347 579 4,964 6,244 4,823 52,813 779 246 1,629 1,872 — — — 2,207 2,121 2,529 2,548 3,598 — 13,504 3,284 5,435 336 562 2,225 6,683 580 37,314 271 7,637 1,791 671 411 1,334 11,374 196 40 2,566 5,479 1,460 2,917 1,117 2,850 4,940 3,610 2,616 3,150 — 1,351 2,578 26,515 33,817 18,837 14,430 11,601 54,093 49,710 55,640 50,197 11,216 63,032 20,898 2,103 10,250 562 3,524 429 17,106 16,131 11,465 5,136 2,636 11,976 6,422 2016 2015 2022 2014 2022 2012 2012 2016 2016 2012 2016 2013 2018 12600 Lowell Boulevard 1989 2455 Boulevard Rome 2018 3430 Brunswick Lake Pkwy 1883 Church Street 2011 100 Weiss Ave. 2003 500 McHenry Road 2002 455 E. Angeleno Avenue 1985 2721 Willow Street 2018 9617 Burke Lake Road 2014 621 Old Highway 1187 2015 1818 Trousdale Avenue 1990 500 Appleby Line 36,091 11,615 2013 2005 24 Mall Road 877 16,014 2,892 2019 1999 410 S Norris St 8,737 34,915 39,545 43,215 41,369 31,437 40,312 37,558 17,289 2,632 11,928 8,859 19,430 14,866 71,394 53,978 43,311 4,637 62,685 33,235 9,830 23,952 46,572 81,267 10,100 24,630 1,696 4,699 12,517 13,489 12,750 9,199 8,837 5,768 3,086 436 2,221 352 5,366 5,248 25,006 3,264 5,599 281 19,491 7,975 1,639 1,960 13,174 18,472 1,108 1,589 2019 2015 2013 2013 2013 2013 2015 2016 2014 2014 2019 2022 2012 2013 2011 2021 2019 2022 2012 2013 2021 2021 2013 2018 2021 2020 1996 112 / 210 North Skagit Street 2018 Elton House, Elton Way 2003 20 Promenade Way SE 1998 80 Edenwold Drive NW 1998 150 Scotia Landing NW 1989 9229 16th Street SW 2006 2220-162nd Avenue SW 2017 Pembroke Broadway 2016 Fernhill Road 2017 Fernhill Road 2016 3877 Milton Avenue 2017 445 N Lotz Rd 2009 831 Santa Barbara Boulevard 2007 127 Cyncoed Road 2009 3535 Manchester Avenue 2017 689 Pro-Med Ln 2014 4717 Engle Road 2009 1430 Cleaver Rd 2001 545 Belmont Lane 2010 2105 North Josey Lane 1996 150 Cottage Lane 1986 2120 E Long 2009 1206 West Chatham Street 1999 300 Kildaire Woods Drive 1997 2603 Orchard Drive 2020 1240 East Pleasant Run 768 12,017 2,329 2,878 3,253 3,525 2,447 9,444 4,605 652 2,116 968 760 3,116 5,880 2,787 2,440 614 1,730 4,280 2,537 1,602 742 6,227 1,285 1,971 161 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Cedar Park, TX . . Cerritos, CA . . . . Charleston, IL . . . Charleston, SC . . . Charlotte, NC . . . Charlottesville, VA . . . . . . . . . . Chatham, ON . . . . Chattanooga, TN . . . . . . . . . . Chelmsford, MA . . . . . . . . . Chelmsford, MA . . . . . . . . . Chertsey, UK . . . . Chesapeake, VA . . . . . . . . . . Chesterfield, MO . . . . . . . . . Chesterton, IN . . . Chico, CA . . . . . . Chorleywood, UK . . . . . . . . . . Chula Vista, CA . . . . . . . . . . Chula Vista, CA . . . . . . . . . . Church Crookham, UK . . . . . . . . . . Cincinnati, OH . . Cincinnati, OH . . Cincinnati, OH . . Citrus Heights, CA . . . . . . . . . . Clackamas, OR . . Claremont, CA . . Clay, NY . . . . . . . Clearwater, FL . . . Cleburne, TX . . . . Cohasset, MA . . . Colleyville, TX . . Collierville, TN . . . . . . . . . . Colorado Springs, CO . . . . . . . . . . Colorado Springs, CO . . . . . . . . . . Colts Neck, NJ . . . Columbus, IN . . . Columbus, OH . . . Columbus, OH . . . Columbus, IN . . . Concord, NH . . . . Conroe, TX . . . . . Coos Bay, OR . . . Coos Bay, OR . . . Coppell, TX . . . . . Coquitlam, BC . . . Crystal Lake, IL . . . . . . . . . . . — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 12,636 — 13,829 — — — — 7,184 1,750 — 552 2,912 5,279 4,651 1,098 3,373 1,040 2,364 9,566 2,214 1,857 2,980 1,780 5,636 4,217 — 2,591 1,779 1,606 3,345 2,300 1,240 2,430 1,414 1,727 520 2,485 1,050 — 800 1,142 780 1,593 916 1,547 610 2,825 980 864 1,792 1,550 3,047 15,664 27,494 810 19,817 19,325 91,468 12,462 15,791 10,951 33,143 25,886 22,566 48,366 37,614 14,754 43,191 31,866 1,223 7,682 42 70 115 24,249 3,344 119 6,449 1,779 41 806 2,304 1,337 269 2,056 6 — 25,694 14,215 11,386 3,994 52,867 31,876 3,920 9,928 11,477 4,903 5,369 26,147 17,082 328 — 340 195 3,466 535 2,521 — 122 860 2,460 89 — 42,204 14,756 15,510 14,733 12,186 7,112 17,126 3,190 21,636 7,771 7,971 9,852 8,386 24,567 2,160 267 3,759 246 265 1,180 364 1,326 1,499 969 1,149 721 2,375 2,321 — 875 12,461 1,750 — 552 2,913 5,288 5,022 1,199 3,373 1,131 2,364 9,058 2,237 1,917 2,980 1,942 5,500 4,217 2,186 2,536 1,779 1,606 3,346 2,300 1,240 2,553 1,414 1,730 520 2,566 1,050 2,306 1,034 1,164 1,463 1,594 916 1,547 610 2,825 980 864 1,792 1,550 3,157 16,887 35,176 852 19,886 19,431 115,346 15,705 3,161 10,995 240 1,582 2,199 25,213 4,117 2016 2016 2021 2021 2021 2018 2015 2015 800 C-Bar Ranch Trail 2002 11000 New Falcon Way 2001 300 Lincoln Highway Road 2005 1451 Tobias Gadson Blvd. 1987 5512 Carmel Road 1991 2610 Barracks Road 1965 25 Keil Drive North 15,910 1,958 2021 1998 7511 Shallowford Road 17,309 6,611 2003 1997 4 Technology Dr. 34,922 26,435 2,666 4,128 2021 2015 1995 20 Summer Street 2018 Bittams Lane 23,349 2,461 2021 2004 933 Cedar Road 50,610 38,951 14,861 14,852 3,877 2,242 2013 2020 2021 2001 1880 Clarkson Road 2019 700 Dickinson Rd 1984 2801 Cohasset 45,383 16,117 2013 2007 High View, Rickmansworth Road 31,872 3,860 2021 2018 1290 Santa Rosa Dr 23,508 7,411 2013 2003 3302 Bonita Road 14,598 11,386 4,334 53,061 35,342 4,455 12,326 11,477 5,022 6,229 28,526 17,171 4,175 1,465 1,414 5,282 12,971 714 4,444 2,096 601 2,323 9,424 2,782 2014 2019 2021 2021 2010 2021 2013 2019 2021 2006 2013 2016 2014 2 Bourley Road 2019 732 Clough Pike Road 1998 4650 East Galbraith Road 1986 8135 Beechmont Ave 1997 7418 Stock Ranch Rd. 1999 14370 SE Oregon Trail Dr 2001 2053 North Towne Avenue 2014 8547 Morgan Road 1985 1100 Ponce de Leon Blvd. 2007 402 S Colonial Drive 1998 125 King Street (Rt 3A) 2013 8100 Precinct Line Road 39,898 1,129 2019 2020 691 S. Byhalia Rd. 16,682 5,648 2013 2001 2105 University Park Boulevard 15,755 17,809 12,431 7,377 18,306 3,554 22,962 9,270 8,940 11,001 9,107 26,832 1,678 6,164 1,467 221 341 1,175 767 2,948 1,449 2,025 2,437 9,226 2021 2010 2021 2022 2022 2010 2022 2009 2020 2020 2012 2013 1985 5820 Flintridge Drive 2002 3 Meridian Circle 2000 3660 Central Avenue 2017 2920 Snouffer Rd 2015 2870 Snouffer Road 1998 2564 Foxpointe Dr. 2017 23 Triangle Park Dr 2010 903 Longmire Road 1996 192 Norman Ave. 2006 1855 Ocean Blvd SE 2013 1530 East Sandy Lake Road 1990 1142 Dufferin Street 971 14,686 5,324 2013 2001 751 E Terra Cotta Avenue 162 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Crystal Lake, IL . . . . . . . . . . . Cuyahoga Falls, OH . . . . . . . . . . Dallas, TX . . . . . . Dana Point, CA . . . . . . . . . . Danville, IN . . . . . Dardenne Prairie, MO . . . . . . . . . Decatur, GA . . . . Decatur, GA . . . . Delaware, OH . . . Denton, TX . . . . . Denton, TX . . . . . Denver, CO . . . . . Denver, CO . . . . . Denver, CO . . . . . Denver, CO . . . . . Des Moines, IA . . Dix Hills, NY . . . Dollard-Des- Ormeaux, QC . . . . . . . . . . Dresher, PA . . . . . Dublin, OH . . . . . Dublin, OH . . . . . Durham, NC . . . . East Amherst, NY . . . . . . . . . . East Lansing, MI . . . . . . . . . . East Meadow, NY . . . . . . . . . . East Setauket, NY . . . . . . . . . . Eastbourne, UK . . . . . . . . . . Edgbaston, UK . . Edgewater, NJ . . . Edison, NJ . . . . . . Edmond, OK . . . . Edmonds, WA . . . Edmonds, WA . . . Edmonton, AB . . . Edmonton, AB . . . Effingham, IL . . . Effingham, IL . . . El Dorado Hills, CA . . . . . . . . . . Elkhorn, NE . . . . . Encino, CA . . . . . Englishtown, NJ . . . . . . . . . . Epsom, UK . . . . . Erie, PA . . . . . . . . Esher, UK . . . . . . Evans, GA . . . . . . Evansville, IN . . . Everett, WA . . . . . — — — — — — — — — — — — — — — — — — 8,380 — — — — — — — — — — — — — — 6,506 8,594 — — — 11,872 — — — — — — — — 7,643 592 6,330 5,508 2,236 1,309 1,098 — 1,919 1,760 — 1,450 2,910 1,533 1,989 1,196 3,808 1,957 1,900 1,169 3,688 3,212 1,665 3,919 39,687 2,804 114,794 54,890 28,757 11,507 15,302 — 26,250 8,305 — 19,389 35,838 9,221 21,556 9,629 39,014 14,431 10,664 25,345 23,035 23,350 11,696 19,373 69 45,991 4,920 4,145 2,720 4,561 1,892 410 1,650 2,891 1,589 2,063 606 105 — 1,846 5,040 690 20,159 1,502 5,783 3,211 1,038 638 37,354 33,744 13,969 25,047 32,314 8,388 24,449 26,413 29,819 37,293 3,699 460 — 21,426 46,255 12,520 34,803 9,216 48,361 20,503 11,983 8,708 1,601 523 3,959 — 6,996 328 173 31,425 352 749 6,254 6,471 9,257 109,858 1,245 393 2,942 334 1,307 373 1,093 302 — 173 2,427 2,537 512 204 3,446 4,041 319 10,193 2,428 2,556 3,486 268 — 56,633 1,075 7,397 2,882 123 — 3,329 89 493 1,066 7,679 592 6,330 5,508 2,246 1,309 1,098 1,951 1,919 1,760 2,034 1,450 2,910 5,402 1,989 1,196 4,092 2,059 1,914 1,169 3,688 3,221 1,665 3,919 41,252 4,060 2021 1988 965 N. Brighton Circle W 3,327 118,753 54,890 35,743 11,835 15,475 29,474 26,602 9,054 4,220 25,860 45,095 115,210 22,801 10,022 41,672 14,663 11,957 25,718 24,128 23,643 283 27,021 5,102 1,265 879 1,784 9,780 798 2,888 41 7,502 14,831 18,542 2,491 1,063 13,259 5,545 4,887 5,226 1,225 2,037 2022 2015 2021 2021 2021 2021 2013 2022 2010 2021 2012 2012 2019 2020 2021 2013 2013 2013 2016 2022 2021 2012 1691 Queens Gate Cir 2013 3535 N Hall Street 1994 25411 Sea Bluffs Drive 2021 200 S Arbor Ln 2010 1030 Barathaven Blvd. 1987 341 Winn Way 1998 920 Clairemont Avenue 2020 90 Burr Oak Drive 2011 2125 Brinker Rd 1900 2907 W University Dr 1997 4901 South Monaco Street 2007 8101 E Mississippi Avenue 2014 1500 Little Raven St 2017 2979 Uinta Street 1990 4610 Douglas Avenue 2003 337 Deer Park Road 2008 4377 St. Jean Blvd 2006 1650 Susquehanna Road 2015 4175 Stoneridge Lane 2017 4050 Hawthorne Ln 1998 205 Emerald Pond Lane 11,696 2,254 2019 2015 8040 Roll Road 19,546 2,304 2021 2000 5968 Park Lake Road 127 48,360 15,186 2013 2002 1555 Glen Curtiss Boulevard 39,825 12,561 2013 2002 1Sunrise Drive 34,355 14,230 28,445 36,239 8,707 34,642 28,841 32,283 40,714 3,957 460 51,443 22,501 53,652 15,210 35,351 9,216 51,833 20,585 12,476 9,774 11,008 2,429 8,845 13,296 2,473 8,882 3,466 10,351 14,349 556 166 4,921 696 17,079 5,523 6,169 1,909 16,712 2,519 1,567 1,363 2013 2014 2013 2013 2012 2015 2020 2013 2013 2021 2021 2017 2022 2012 2010 2016 2019 2013 2021 2021 2020 2008 6 Upper Kings Drive 2015 Speedwell Road 2000 351 River Road 1996 1801 Oak Tree Road 15401 North Pennsylvania Avenue 2001 1976 21500 72nd Avenue West 2000 180 2nd Ave S 1999 103 Rabbit Hill Court NW 1968 10015 103rd Avenue NW 1997 1101 North Maple Street 1996 505 West Temple Avenue 2019 2020 Town Center West Way 2014 3535 Piney Creek Dr 2003 15451 Ventura Boulevard 1997 49 Lasatta Ave 2014 450-458 Reigate Road 2013 4400 East Lake Road 2006 42 Copsem Lane 1999 100 Washington Commons Dr 1991 5050 Lincoln Avenue 1998 524 75th St SE 4,986 4,046 2,663 4,609 2,008 410 1,650 2,891 1,681 2,128 616 105 5,190 1,846 5,040 882 19,734 1,502 5,640 3,218 1,038 638 163 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Everett, WA . . . . . Fairfield, NJ . . . . . Fairfield, IL . . . . . Fairfield, CA . . . . Fairfield, OH . . . . Fareham, UK . . . . Florence, AL . . . . Flossmoor, IL . . . Flower Mound, TX . . . . . . . . . . Folsom, CA . . . . . Folsom, CA . . . . . Fort Wayne, IN . . Fort Worth, TX . . Fort Worth, TX . . Fort Worth, TX . . Fort Worth, TX . . Franklin, TN . . . . Fremont, CA . . . . Fresno, CA . . . . . Frome, UK . . . . . . Fullerton, CA . . . . Fullerton, CA . . . . Fullerton, CA . . . . Gahanna, OH . . . . Gainesville, GA . . . . . . . . . . Gainesville, FL . . Garden Grove, CA . . . . . . . . . . Gardnerville, NV . . . . . . . . . . Gig Harbor, WA . . . . . . . . . Gilbert, AZ . . . . . Glen Cove, NY . . Glendale, AZ . . . . Glenview, IL . . . . Golden Valley, MN . . . . . . . . . Granbury, TX . . . Grand Forks, ND . . . . . . . . . . Grand Prairie, TX . . . . . . . . . . Grand Rapids, MI . . . . . . . . . . Grandville, MI . . . Grants Pass, OR . . . . . . . . . . Grapevine, TX . . . Greeley, CO . . . . . Greenville, SC . . . Gresham, OR . . . . Grimsby, ON . . . . Grosse Pointe Woods, MI . . . . Grosse Pointe Woods, MI . . . . — — — — — — — — — — — — — — — — — — 22,570 — — — — — — — — — — 14,200 — — — 3,600 — — — — — — — — — — — — — 1,912 3,120 561 1,460 1,465 3,408 353 1,292 1,800 1,490 2,306 3,637 2,080 4,179 2,538 — 5,733 3,400 896 2,720 1,964 1,801 6,739 772 1,908 — 2,107 1,143 1,560 2,160 4,594 3,114 2,090 1,520 2,040 1,050 1,880 2,179 1,533 561 2,220 1,077 893 1,966 636 16,647 43,868 3,995 14,040 12,957 17,970 13,049 9,496 8,414 32,754 10,948 42,242 27,888 40,328 18,909 — 15,437 25,300 10,591 14,813 19,989 6,195 54,075 11,214 27,036 — 4,549 10,831 15,947 28,246 35,236 24,668 69,288 33,513 30,670 13,147 23,827 15,745 7,219 8,874 17,648 18,051 22,795 6,566 5,617 950 13,662 1,430 31,777 415 3,005 317 10,678 — 36 3,740 2,998 1,047 285 232 769 10,112 18,261 49 25,972 2,351 7,027 25,463 380 2,030 857 2,190 2,282 434 31,636 1,171 4,493 5,100 2,704 2,767 52 6,267 1,703 873 28 45 256 371 177 637 499 702 139 785 1,006 1,355 1,913 3,286 561 1,460 1,465 3,333 385 1,362 1,800 1,490 2,306 3,637 2,080 7,150 2,538 2,781 5,734 3,456 2,459 2,663 1,998 1,801 6,739 847 1,909 2,374 2,107 1,164 1,583 2,208 4,718 3,115 2,090 1,634 2,040 1,050 1,884 2,365 1,533 561 2,220 1,077 894 1,966 661 17,061 46,707 4,312 24,718 12,957 18,081 16,757 12,424 9,461 33,039 11,180 43,011 38,000 55,618 18,958 23,191 17,787 32,271 34,491 15,250 21,985 7,052 56,265 13,421 27,469 29,262 5,720 1,774 14,438 506 9,926 1,801 4,701 5,404 4,780 2,627 7,817 1,391 3,549 12,780 8,766 1,794 1,964 1,789 14,022 4,868 3,794 6,893 722 1,781 4,575 2,570 2,767 2021 2013 2021 2002 2019 2014 2010 2013 2011 2015 2021 2020 2012 2019 2020 2021 2021 2005 2019 2014 2013 2021 2022 2013 2021 2016 1989 3915 Colby Avenue N 1998 47 Greenbrook Road 1997 315 Market Street 1998 3350 Cherry Hills St. 2018 520 Patterson Boulevard 2012 Redlands Lane 1999 3275 County Road 47 2000 19715 Governors Highway 2012 4141 Long Prairie Road 2014 1574 Creekside Drive 2010 1801 E. Natoma St. 2018 3715 Union Chapel Rd 2001 2151 Green Oaks Road 2017 3401 Amador Drive 2020 3401 Amador Drive 2015 8600 N Riverside Dr 1999 314 Cool Springs Blvd. 1987 2860 Country Dr. 2014 5605 North Gates Avenue 2012 Welshmill Lane 2008 2226 North Euclid Street 1510 East Commonwealth Avenue 1987 2021 433 W Bastanchury Rd 1998 775 East Johnstown Road 2000 940 South Enota Drive 2018 3605 NW 83rd Street 879 2021 1999 11848 Valley View Street 15,303 10,096 1998 1999 1565-A Virginia Ranch Rd. 21,024 30,902 37,879 24,719 75,555 35,102 31,543 6,851 11,854 13,612 1,276 24,429 10,803 9,825 2010 2013 2013 2021 2012 2013 2011 1994 3213 45th St. Court NW 2008 580 S. Gilbert Road 1998 39 Forest Avenue 2018 8847 W. Glendale Ave 2001 2200 Golf Road 4950 Olson Memorial Highway 2005 2009 100 Watermark Boulevard 13,175 1,212 2021 2014 3783 S 16th St #112 23,868 1,023 2021 2021 3013 Doryn Drive 15,815 7,590 9,051 18,285 18,550 23,496 6,705 6,377 1,554 362 749 3,396 3,006 2,116 558 1,724 2021 2022 2021 2013 2017 2021 2021 2015 2003 3121 Lake Michigan Dr NW 2018 3939 44th St SW 1985 1001 NE A Street 2014 4545 Merlot Drive 2009 5300 West 29th Street 1989 1180 Haywood Road 1985 2895 SE Powell Valley Rd. 1991 84 Main Street East 950 14,668 4,495 2013 2006 1850 Vernier Road 1,452 33,110 10,020 2013 2005 21260 Mack Avenue 164 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Grove City, OH . . . . . . . . . . Grove City, OH . . . . . . . . . . Guildford, UK . . . Gurnee, IL . . . . . . Haddonfield, NJ . . . . . . . . . . Hamburg, NY . . . Hamilton, OH . . . Hampshire, UK . . Happy Valley, OR . . . . . . . . . . Harahan, LA . . . . Harrisburg, IL . . . Hattiesburg, MS . . . . . . . . . . Haverford, PA . . . Helena, MT . . . . . Hemet, CA . . . . . . Henderson, NV . . Hermitage, PA . . . Hickory, NC . . . . High Point, NC . . High Wycombe, UK . . . . . . . . . . Highland Park, IL . . . . . . . . . . . Highland Park, IL . . . . . . . . . . . Hindhead, UK . . . Hingham, MA . . . Holbrook, NY . . . Honolulu, HI . . . . Hoover, AL . . . . . Horley, UK . . . . . Houston, TX . . . . Houston, TX . . . . Houston, TX . . . . Houston, TX . . . . Howell, NJ . . . . . . Hudson, OH . . . . . Hudson, OH . . . . . Huntington Beach, CA . . . . . . . . . . Hutchinson, KS . . . . . . . . . . Independence, MO . . . . . . . . . Independence, MO . . . . . . . . . Independence, MO . . . . . . . . . Indianola, IA . . . . Iowa City, IA . . . . Jackson, TN . . . . . Jacksonville, FL . . . . . . . . . . Jacksonville, FL . . . . . . . . . . — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 10,558 — — — — — 3,509 1,099 — 890 520 984 1,128 — 721 2,628 858 450 1,880 1,850 1,877 1,190 1,084 1,600 1,355 3,378 2,820 2,250 17,852 1,440 3,957 22,918 2,165 2,332 960 3,830 — — 1,066 1,586 1,754 3,808 82,988 5,246 — 27,931 16,363 10,928 10,940 — 10,410 38,864 4,940 13,469 33,993 19,045 9,488 11,600 15,449 28,419 21,735 13,343 15,832 25,313 48,645 32,292 35,337 56,046 18,043 12,144 16,071 55,674 — — 21,577 11,314 34,395 31,172 600 10,590 1,572 3,215 2,017 2,211 891 1,370 750 — 14,454 24,471 15,796 11,501 6,011 12,490 25,231 26,381 — 495 61,801 2,805 852 — 1,116 30,676 — 78 210 185 3,519 93 320 1,393 50 122 596 — 1,435 1,991 46 615 2,994 802 121 550 — 10,350 41,899 19,671 2,085 167 448 3,163 5,501 — 478 884 533 136 310 268 3,509 1,105 5,243 945 527 984 1,184 4,084 721 2,628 858 450 1,907 1,851 1,878 1,298 1,084 1,600 1,356 3,378 2,820 2,271 17,475 1,444 4,317 22,930 2,166 2,283 960 3,830 1,040 1,750 1,154 1,586 1,754 3,931 82,988 11,470 2018 2017 3717 Orders Road 5,735 56,558 30,681 17,208 10,928 12,000 26,592 10,410 38,942 5,150 13,654 37,485 19,137 9,807 12,885 15,499 28,541 22,330 816 17,015 9,490 3,932 2,013 1,879 8,359 1,746 1,215 735 4,228 11,602 2,692 1,027 5,277 1,600 2,690 2,394 2021 2013 2013 2011 2019 2019 2013 2019 2021 2021 2010 2010 2021 2021 2013 2021 2021 2021 1990 2320 Sonora Drive 2006 Astolat Way, Peasmarsh 2002 500 North Hunt Club Road 2015 132 Warwick Road 2009 4600 Southwestern Blvd 2019 1740 Eden Park Drive 2006 22-26 Church Road 1998 8915 S.E. Monterey 2020 7904 Jefferson Hwy 2005 165 Ron Morse Drive 2009 217 Methodist Hospital Blvd 2000 731 Old Buck Lane 1998 2801 Colonial Drive 1988 800 W Oakland Ave 1555 West Horizon Ridge Parkway 2008 2001 260 S. Buhl Farm Dr. 2002 915 29th Avenue NE 2002 1573 Skeet Club Rd. 13,343 2,156 2015 2017 The Row Lane End 17,267 4,703 2011 2012 1651 Richfield Avenue 27,283 49,068 32,903 37,971 56,836 18,163 12,743 16,071 66,024 40,859 17,921 23,574 11,481 34,843 9,345 8,341 7,922 11,991 7,569 1,957 3,744 10,261 22,748 12,062 3,578 7,614 257 700 2013 2016 2015 2013 2021 2021 2014 2011 2012 2012 2016 2010 2022 2022 2005 1601 Green Bay Road 2012 Portsmouth Road 2012 1Sgt. William B Terry Drive 2001 320 Patchogue Holbrook Road 1998 428 Kawaihae St 2004 3517 Lorna Road 2014 Court Lodge Road 1995 10225 Cypresswood Dr 2929 West Holcombe Boulevard 1998 1999 505 Bering Drive 2014 10120 Louetta Road 2007 100 Meridian Place 2019 125 Omni Lake Pkwy 2019 150 Omni Lake Pkwy 34,212 11,961 2013 2004 7401 Yorktown Avenue 600 16,091 5,555 2004 1997 2416 Brentwood 1,572 3,250 2,017 2,211 891 1,387 14,454 2,032 2019 2019 19301 East Eastland Ctr Ct 24,914 2,373 2021 1990 2100 Swope Drive 16,680 12,034 6,147 12,783 547 387 632 1,291 2022 2022 2021 2021 2014 19301 E 50th Terrace Ct S 2018 610 E Scenic Valley Ave 1991 2423 Walden Road 1996 25 Max Lane Drive 750 25,499 4,303 2013 2014 5939 Roosevelt Boulevard 2,086 1,691 26,776 4,505 2013 2014 4000 San Pablo Parkway 165 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Jacksonville, FL . . . . . . . . . . Jeannette, PA . . . . Johns Creek, GA . . . . . . . . . . Johnson City, NY . . . . . . . . . . Kalamazoo, MI . . Kalamazoo, MI . . Kanata, ON . . . . . Kansas City, MO . . . . . . . . . Kelowna, BC . . . . Kelowna, BC . . . . Kelowna, BC . . . . Kelowna, BC . . . . Kelowna, BC . . . . Kelowna, BC . . . . Kennebunk, ME . . . . . . . . . . Kenner, LA . . . . . Kenner, LA . . . . . Kennett Square, PA . . . . . . . . . . Kingsport, TN . . . Kingston, ON . . . Kingston upon Thames, UK . . Kingwood, TX . . . Kingwood, TX . . . Kirkland, WA . . . Kitchener, ON . . . Klamath Falls, OR . . . . . . . . . . La Palma, CA . . . La Vista, NE . . . . Lackawanna, NY . . . . . . . . . . Lafayette Hill, PA . . . . . . . . . . Laguna Hills, CA . . . . . . . . . . Laguna Woods, CA . . . . . . . . . . Laguna Woods, CA . . . . . . . . . . Lake Havasu City, AZ . . . . . . . . . . Lake Zurich, IL . . . . . . . . . . . Lakeland, FL . . . . Lakeview, MI . . . Lakewood, NY . . Lakewood Ranch, FL . . . . . . . . . . Lakewood Ranch, FL . . . . . . . . . . Lancaster, CA . . . Lancaster, OH . . . Lancaster, OH . . . Lancaster, PA . . . Lancaster, NY . . . — — — — — — — 11,239 4,118 — — — — — — — — — — 10,554 — — — — 8,502 — — 9,220 — — — — — — — — — 10,040 — — — — — — — 1,205 1,642 1,580 1,440 7,511 — 1,689 1,938 2,688 6,302 5,443 6,171 3,718 3,069 2,700 1,100 809 1,050 2,123 1,030 32,366 480 1,683 1,880 1,341 1,335 2,950 1,199 1,029 1,750 11,991 22,377 23,285 11,675 45,942 — 28,670 11,694 13,647 46,346 42,606 51,949 44,690 11,524 30,204 10,036 12,344 22,946 33,130 11,416 46,899 9,777 24,207 4,315 13,939 10,174 16,591 14,840 5,959 11,848 23,039 919 1,651 1,184 48 1,274 816 854 1,753 4,616 3,801 4,494 3,508 622 6,670 5,354 575 1,308 61 1,707 — 1,681 2,513 2,287 4,800 2,102 1,337 830 — 2,566 6,550 1,642 1,588 1,481 6,291 1,274 1,676 1,938 2,786 6,302 5,443 6,171 3,718 3,069 3,525 1,100 810 1,152 2,123 1,368 32,366 480 1,683 1,880 1,411 1,335 2,996 1,199 1,029 1,867 29,685 23,296 4,028 717 2019 2022 2019 10520 Validus Drive 2018 4000 Village Dr 24,928 7,884 2013 2009 11405 Medlock Bridge Road 12,818 47,210 — 29,499 12,548 15,302 50,962 46,407 56,443 48,198 12,146 36,049 15,390 12,918 24,152 33,191 12,785 46,899 11,458 26,720 6,602 18,669 12,276 17,882 15,670 2,379 5,344 — 9,527 456 5,420 2,622 2,803 2,662 2,719 864 16,753 11,447 962 7,496 1,121 3,066 7,935 3,901 5,931 2,562 4,858 2,553 5,866 540 2019 2021 2021 2012 2022 2013 2022 2022 2022 2022 2022 2013 1998 2021 2010 2021 2015 2016 2011 2017 2003 2016 2020 2013 2022 2013 1035 Anna Maria Drive 1989 1700 Bronson Way 1900 1700 Bronson Way 2005 70 Stonehaven Drive 2016 111 NW 94 St 1999 863 Leon Avenue 2021 1360 K.L.O Road 2000 580 Yates Road 2005 1075 Barnes Ave 2012 1277 Gordon Drive 1988 3200 Lakeshore Road One Huntington Common Drive 2006 2000 1600 Joe Yenni Blvd 1988 1101 Sunset Boulevard 2008 301 Victoria Gardens Dr. 2019 915 Holston Hills Dr. 1983 181 Ontario Street 2014 Coombe Lane West 1999 22955 Eastex Freeway 2012 24025 Kingwood Place 1996 6505 Lakeview Dr. 2003 1250 Weber Street E 2000 615 Washburn Way 2003 5321 La Palma Avenue 2012 7544 Gertrude St 5,959 1,250 2019 2002 133 Orchard Place 14,297 5,793 2013 1998 429 Ridge Pike 12,820 75,926 20,937 12,820 96,863 27,962 2016 1988 24903 Moulton Parkway 11,280 76,485 14,186 11,280 90,671 24,362 2016 1987 24441 Calle Sonora 9,150 57,842 13,345 9,150 71,187 19,566 2016 1986 24962 Calle Aragon 364 1,470 2,416 733 1,031 650 1,000 700 289 1,029 1,680 1,283 1,599 9,830 19,791 2,212 17,410 6,714 22,388 15,295 2,077 7,699 14,039 12,202 527 3,857 165 126 776 2,051 493 5,028 620 236 131 — 364 1,470 2,416 733 1,031 650 1,000 712 289 1,029 1,680 1,283 166 2,126 13,687 19,956 2,338 18,186 489 2020 2009 320 Lake Havasu Ave. N, 5,679 2,165 191 565 2011 2021 2022 2022 2007 550 America Court 1999 1325 Grasslands Boulevard 2013 9494 Paden Rd 2016 2123 Southwestern Dr 8,765 2,373 2011 2012 8230 Nature’s Way 22,881 20,311 2,697 7,935 14,170 12,202 6,231 6,995 267 1,101 2,374 2,393 2012 2010 2021 2021 2015 2019 2005 8220 Natures Way 1999 43051 15th St. West 1996 800 Becks Knob Road 1981 2750 West Fair Avenue 2017 31 Millersville Road 2011 18 Pavement Road Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Las Vegas, NV . . Las Vegas, NV . . Las Vegas, NV . . Laval, QC . . . . . . Laval, QC . . . . . . Lawrence, KS . . . Lawrenceville, GA . . . . . . . . . . Lawrenceville, GA . . . . . . . . . . Leatherhead, UK . . . . . . . . . . Leawood, KS . . . . Lenexa, KS . . . . . Lexington, SC . . . Lincoln, NE . . . . . Lincoln, NE . . . . . Lincroft, NJ . . . . . Linwood, NJ . . . . Litchfield, CT . . . Lititz, PA . . . . . . . Little Neck, NY . . . . . . . . . . Livingston, NJ . . . Lombard, IL . . . . London, UK . . . . . London, UK . . . . . London, UK . . . . . London, ON . . . . . London, ON . . . . . London, UK . . . . . London, UK . . . . . Londonderry, NH . . . . . . . . . . Long Grove, IL . . Longmont, CO . . . Longueuil, QC . . . Longview, TX . . . Lorain, OH . . . . . Los Angeles, CA . . . . . . . . . . Los Angeles, CA . . . . . . . . . . Los Angeles, CA . . . . . . . . . . Louisville, KY . . . Louisville, KY . . . Louisville, CO . . . Louisville, CO . . . Louisville, CO . . . Louisville, CO . . . Louisville, CO . . . Louisville, KY . . . Louisville, KY . . . Ludington, MI . . . Lynnfield, MA . . . Macungie, PA . . . Madison, TN . . . . — — — 19,011 3,513 — — — — — 9,700 — — — — — — — — — 17,010 — — — 9,601 — — — 15,304 — — 7,441 — — — — — — 13,650 — — — — — — — — — — — 5,908 1,274 2,412 2,105 2,383 250 1,500 3,513 4,430 2,490 826 1,843 884 390 9 800 1,240 1,200 3,350 8,000 2,130 19,777 — 23,387 1,969 1,445 — — 2,872 — 1,756 3,992 610 1,409 36,955 13,748 22,045 32,161 5,968 8,716 29,003 24,173 17,865 32,493 26,251 15,301 10,637 13,807 19,958 21,984 17,908 13,836 38,461 44,424 59,943 39,598 — 41,794 16,985 13,631 — — 24,521 — 11,825 23,711 5,520 13,052 — 114,438 3,540 — 2,420 1,600 2,266 1,042 1,432 1,323 1,630 1,588 2,274 747 3,165 — 2,093 19,007 28,050 20,816 20,326 13,002 8,396 6,684 7,547 12,001 9,254 10,768 6,406 45,200 — 8,306 4,577 803 2,615 4,586 1,431 195 979 2,504 — 10,824 1,837 300 99 602 2,131 2,521 12,418 116 5,987 2,210 2,205 — 13,885 — 2,243 1,537 24,022 68,565 1,279 25,923 412 3,539 1,233 — 10,062 4,552 6,540 3,810 1,925 21,965 18,982 54,218 11,733 37,342 460 2,440 104 2,936 26,961 208 5,908 1,298 2,412 2,129 2,402 250 1,562 3,514 4,430 5,610 927 1,870 895 390 148 873 1,362 1,200 3,358 8,103 2,218 19,777 3,055 23,387 2,018 1,599 7,282 21,955 2,872 2,729 1,903 4,157 610 1,409 41,532 14,527 24,660 36,723 7,380 8,911 7,940 1,789 3,491 7,379 1,425 2,399 2020 2020 2020 2018 2018 2012 1999 1600 S Valley View Road 2001 3300 Winterhaven Street 1997 3210 S Sandhill Road 2005 269, boulevard Ste. Rose 1989 263, boulevard Ste. Rose 1996 3220 Peterson Road 29,920 9,369 2013 2008 1375 Webb Gin House Road 26,676 1,896 2021 2007 2899 Five Forks Trickum Road 17,865 40,197 27,987 15,574 10,725 14,409 21,950 24,432 30,204 13,952 44,440 46,531 62,060 39,598 10,830 41,794 19,179 15,014 16,740 46,610 25,800 23,194 12,090 27,085 6,753 13,052 2,793 12,945 9,460 1,365 1,088 4,660 7,195 7,921 8,222 2,339 13,338 8,297 19,109 820 2,865 1,178 4,954 3,839 3,186 3,774 834 1,413 1,509 7,607 2,390 1,626 2015 2012 2013 2021 2021 2010 2013 2010 2010 2015 2010 2015 2013 2019 2014 2019 2015 2015 2015 2017 2022 2021 2021 2015 2006 2019 2017 Rectory Lane 1999 4400 West 115th Street 15055 West 87th Street Parkway 2006 2001 203 Old Chapin Rd. 1990 1111 S 70th 2000 7208 Van Dorn St. 2002 734 Newman Springs Road 1997 432 Central Ave 1998 19 Constitution Way 2016 80 West Millport Road 2000 5515 Little Neck Pkwy. 2017 369 E Mt Pleasant Avenue 2009 2210 Fountain Square Dr 2022 Wood Street 2012 71 Hatch Lane 2022 Ashley Ln, London 1953 1486 Richmond Street North 1950 81 Grand Avenue 2016 6 Victoria Drive 2020 39-41 East Hill, Wandsworth 2016 2 Golen Dr 2017 2300 Illinois Route 53 1986 2210 Main Street 1989 70 Rue Levis 2007 311 E Hawkins Pkwy 2018 5401 North Pointe Pkwy — 124,500 42,068 2011 2009 10475 Wilshire Boulevard 23,559 8,603 2012 2001 2051 N. Highland Avenue 34,499 24,626 22,244 35,294 27,264 59,750 19,212 48,641 9,688 13,208 6,510 47,515 24,403 8,514 8,134 8,588 7,375 5,305 2,801 11,898 2,534 7,395 912 1,032 146 15,282 1,886 861 2016 2012 2013 2019 2019 2019 2019 2019 2021 2021 2022 2013 2017 2021 2006 4061 Grand View Boulevard 1999 4600 Bowling Boulevard 2010 6700 Overlook Drive 2008 1336 E Hecla Drive 2019 1800 Plaza Drive 1999 1855 Plaza Drive 1999 282 McCaslin Blvd 2004 1331 E Hecla Drive 2000 620 Valley Coillege Drive 1998 8021 Christian Court 2002 502 N Sherman St 2006 55 Salem Street 2018 6043 Lower Macungie Road 1986 200 East Webster 3,540 91 2,420 1,607 1,939 1,156 2,584 1,391 2,332 1,614 2,274 747 3,786 2,558 2,093 167 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Mahwah, NJ . . . . . Malvern, PA . . . . Manassas, VA . . . Mansfield, TX . . . Mansfield, TX . . . Manteca, CA . . . . Maple Ridge, BC . . . . . . . . . . Marieville, QC . . . Markham, ON . . . Marlboro, NJ . . . . Marlow, UK . . . . Marysville, WA . . . . . . . . . Massillon, OH . . . Mattoon, IL . . . . . Mattoon, IL . . . . . McKinney, TX . . McKinney, TX . . Meadville, PA . . . Medicine Hat, AB . . . . . . . . . . Medina, OH . . . . . Medina, OH . . . . . Melbourne, FL . . . Melville, NY . . . . Memphis, TN . . . Memphis, TN . . . Memphis, TN . . . Menomonee Falls, WI . . . . . . . . . . Mentor, OH . . . . . Merced, CA . . . . . Mesa, AZ . . . . . . . Metairie, LA . . . . Midland, MI . . . . Mill Creek, WA . . . . . . . . . Millbrook, NY . . . Millersburg, OH . . . . . . . . . . Milton, ON . . . . . Milwaukie, OR . . Minnetonka, MN . . . . . . . . . Mission Viejo, — — — — — — 8,632 5,206 45,522 — — — — — — — — — 8,917 — — — — — — — — 11,225 — — 14,200 — — — — 17,326 — 1,605 1,651 2,946 660 — 1,300 2,875 1,278 3,727 2,222 8,587 620 1,117 791 505 1,570 4,314 546 1,432 1,309 — 7,070 4,280 1,800 2,794 1,578 1,020 957 2,806 950 725 1,084 10,150 12,448 1,293 4,542 2,391 27,249 17,194 16,609 5,251 — 12,125 11,922 12,113 48,939 14,888 38,359 4,780 16,687 1,905 2,258 7,389 23,777 4,826 14,141 10,540 — 48,257 73,283 17,744 3,974 9,933 6,984 13,206 13,292 9,087 27,708 5,623 60,274 12,390 17,788 25,321 20,262 — 920 29,344 CA . . . . . . . . . . 12,661 Mississauga, ON . . . . . . . . . . 7,208 Mississauga, ON . . . . . . . . . . 23,386 Mississauga, ON . . . . . . . . . . Missoula, MT . . . Mobberley, UK . . Mobile, AL . . . . . Molalla, OR . . . . . Monterey, CA . . . Montgomery, AL . . . . . . . . . . 5,266 — — — — — — 6,600 1,602 3,649 2,548 550 5,146 737 1,210 6,440 52,118 17,996 35,137 15,158 7,490 26,665 10,205 3,903 29,101 524 10,923 1,428 3,232 168 850 21,353 5,706 2,485 895 2,869 2,532 — 5,069 889 168 275 1,211 118 — 340 2,429 42,524 45,667 9,420 3,809 1,844 233 2,694 936 242 5,940 2,080 332 4,994 788 716 5,995 289 1,594 9,060 1,132 2,773 3,369 2,098 126 77 719 3,717 47 1,632 1,804 2,976 660 2,807 1,312 3,139 1,333 3,780 2,268 8,587 620 1,117 803 505 1,570 4,314 546 1,472 1,735 2,111 7,070 4,332 1,800 2,794 1,578 1,020 957 2,814 950 1,448 1,084 10,179 12,708 1,293 4,680 2,391 28,650 20,273 16,747 6,101 18,546 17,819 14,143 12,953 51,755 17,374 38,359 9,849 17,576 2,061 2,533 8,600 23,895 4,826 14,441 12,543 40,413 93,924 82,651 21,553 5,818 10,166 9,678 14,142 13,526 15,027 29,065 5,955 65,239 12,918 18,504 31,178 20,551 5,639 7,964 1,759 2,283 1,504 7,831 2,686 3,259 19,006 5,694 7,060 3,543 553 409 385 2,785 1,681 113 4,462 2,003 792 33,317 25,492 8,471 1,370 1,211 3,613 340 1,255 7,394 8,708 328 25,494 3,250 590 5,978 2,117 2012 2013 2021 2006 2017 2005 2015 2015 2013 2013 2013 2003 2022 2021 2021 2009 2021 2022 2015 2019 2019 2007 2010 2012 2021 2021 2006 2022 2021 1999 2013 2022 2010 2021 2022 2015 2021 2015 15 Edison Road 1998 324 Lancaster Avenue 1994 9852 Fairmont Avenue 2007 2281 Country Club Dr 2019 2500 N. Walnut Creek 1986 430 N. Union Rd. 2009 12241 224th Street 2002 425 rue Claude de Ramezay 1981 7700 Bayview Avenue 2002 3A South Main Street 2014 210 Little Marlow Road 1998 9802 48th Dr. N.E. 2016 2550 University Dr SE 1999 2008 South 9th Street 2001 1920 Brookstone Lane 2010 2701 Alma Rd. 2018 220 S Crutcher Crossing 1900 637 Pine St 1999 223 Park Meadows Drive SE 2017 699 North Huntington St 2020 122 Medina Rd 2009 7300 Watersong Lane 2001 70 Pinelawn Rd 1999 6605 Quail Hollow Road 1981 1645 Massey Road 2018 8722 Winchester Rd 2007 W128 N6900 Northfield Drive 2019 9150 Lakeshore Blvd 1997 3460 R Street 2000 7231 E. Broadway 2009 3732 West Esplanade Ave. S 2015 4124 Waldo Ave 1998 14905 Bothell-Everett Hwy 1985 79 Flint Road 2021 4245 Glen Dr 2012 611 Farmstead Drive 1996 4017 SE Vineyard Road 964 30,894 9,364 2013 2006 18605 Old Excelsior Blvd. 6,600 1,641 3,818 2,608 553 5,037 737 1,210 6,443 61,178 14,143 2016 1998 27783 Center Drive 19,089 6,066 2013 1984 1130 Bough Beeches Boulevard 37,741 11,877 2015 1988 1490 Rathburn Road East 18,467 9,585 26,900 10,282 4,622 32,815 5,112 3,862 9,760 1,302 928 10,523 2015 2005 2013 2021 2020 2013 1989 85 King Street East 1998 3620 American Way 2007 Barclay Park, Hall Lane 650 University Boulevard South 1995 1998 835 E Main St 2009 1110 Cass St. 524 10,970 1,364 2021 1991 5801 EastdaleDrive 168 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Montgomery, MD . . . . . . . . . Montgomery Village, MD . . . Montreal-Nord, QC . . . . . . . . . . Moorestown, NJ . . . . . . . . . . Moose Jaw, SK . . Morton Grove, IL . . . . . . . . . . . Murphy, TX . . . . . Nacogdoches, TX . . . . . . . . . . Naperville, IL . . . Naperville, IL . . . Nashville, TN . . . New Braunfels, TX . . . . . . . . . . New Palestine, IN . . . . . . . . . . . Newberg, OR . . . . Newbury, UK . . . Newmarket, UK . . . . . . . . . . Newtown Square, PA . . . . . . . . . . Norman, OK . . . . North Canton, OH . . . . . . . . . . North Ridgeville, OH . . . . . . . . . . North Tonawanda, NY . . . . . . . . . . North Tonawanda, NY . . . . . . . . . . North Tustin, CA . . . . . . . . . . North Wales, PA . . . . . . . . . . Oak Harbor, WA . . . . . . . . . Oak Park, IL . . . . Oakdale, PA . . . . Oakland, CA . . . . Oakton, VA . . . . . Oakville, ON . . . . Oakville, ON . . . . Oakville, ON . . . . Ocala, FL . . . . . . . Odessa, TX . . . . . Ogden, UT . . . . . . Oklahoma City, OK . . . . . . . . . . Oklahoma City, OK . . . . . . . . . . Oklahoma City, OK . . . . . . . . . . Oklahoma City, OK . . . . . . . . . . Okotoks, AB . . . . Olney, IL . . . . . . . Olney, IL . . . . . . . — — 9,462 — 1,249 — — — — — — — — — — — — — — — — — — — — — — — — 4,860 7,427 3,901 — — — — — — — 15,670 — — 6,482 3,530 4,407 2,060 582 1,900 1,950 390 1,550 1,540 3,900 1,200 2,259 2,806 2,850 4,071 1,930 1,480 1,726 1,780 1,249 1,426 2,880 1,968 739 1,250 1,917 3,877 2,250 1,252 2,134 1,271 1,340 346 360 590 760 — 5,946 714 897 534 83,642 18,246 23,719 51,628 12,973 15,729 19,182 5,754 12,237 28,204 35,788 19,800 22,010 15,260 12,796 11,902 14,420 33,330 24,588 29,390 7,360 17,572 18,059 18,356 7,698 40,383 11,954 47,508 37,576 7,382 29,963 13,754 10,564 3,506 6,700 7,513 7,017 15,287 7,952 8,325 8,586 1,379 — 831 970 2,722 1,894 5,251 10,568 211 133 161 890 1,961 957 1,926 88 639 653 1,400 767 787 3,944 931 4,284 4,241 769 2,977 1,560 377 249 1,864 195 331 — 18,228 29,540 20,943 4,805 2,234 343 1,428 284 312 6,709 4,291 4,463 2,095 595 1,900 1,950 390 1,550 1,593 3,900 2,729 2,290 2,809 2,790 3,985 1,975 1,480 1,726 1,780 1,263 1,426 3,044 1,971 739 1,250 1,930 4,117 2,393 1,331 2,203 1,311 1,340 384 360 590 760 1,590 5,962 752 897 546 169 98,702 22,714 2018 1992 3701 International Dr 25,437 13,035 2013 1993 19310 Club House Road 31,988 7,068 2018 1988 6700, boulevard Gouin Est 60,179 14,339 15,729 20,013 6,724 14,959 30,045 41,039 17,302 4,346 5,866 4,066 2,499 5,064 9,739 15,368 2010 2013 2010 2015 2006 2012 2013 2012 2000 1205 N. Church St 2001 425 4th Avenue NW 2011 5520 N. Lincoln Ave. 2012 304 West FM 544 2007 5902 North St 2013 1936 Brookdale Road 2002 535 West Ogden Avenue 1999 4206 Stammer Place 28,839 8,054 2011 2009 2294 East Common Street 22,190 15,390 13,017 1,944 1,239 2,257 2021 2021 2015 2017 4400 Terrace Drive 2002 3801 Hayes St. 2016 370 London Road 12,878 3,674 2014 2011 Jeddah Way 16,336 34,287 26,514 29,478 6,289 9,102 829 484 2013 2012 2004 333 S. Newtown Street Rd. 1985 800 Canadian Trails Drive 2022 2017 850 Applegrove St 2022 2020 33770 Bagley Rd 7,985 1,548 2019 2005 705 Sandra Lane 18,225 605 2022 2009 3959 Forest Park Way 19,295 5,693 2013 2000 12291 Newport Avenue 19,120 2,161 2021 2013 1419 Horsham Rd 8,485 44,327 12,872 51,552 41,674 8,072 32,871 15,274 10,941 3,717 8,564 7,708 7,348 1,533 14,849 2,438 16,621 13,186 2,716 10,487 4,460 3,947 326 3,706 2019 2012 2019 2013 2013 2013 2013 2013 2008 2021 2004 1998 171 SW 6th Ave 2004 1035 Madison Street 2017 7420 Steubenville Pike 1999 11889 Skyline Boulevard 1997 2863 Hunter Mill Road 1982 289 and 299 Randall Street 1994 25 Lakeshore Road West 1988 345 Church Street 2009 2650 SE 18TH Avenue 1954 311 W 4th St 1998 1340 N. Washington Blv. 3,026 2007 2008 13200 S. May Ave 2,776 2007 2009 11320 N. Council Road 16,638 1,649 2014 2016 2800 SW 131st Street 29,867 22,333 5,089 2,534 34,358 5,811 661 424 2021 2015 2021 2021 1984 1404 North West 122nd Street 2010 51 Riverside Gate 1999 1110 North East Street 1998 1301 North East Street Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Omaha, NE . . . . . Omaha, NE . . . . . Omaha, NE . . . . . Orange, CA . . . . . Orem, UT . . . . . . Ormond Beach, FL . . . . . . . . . . Ottawa, ON . . . . . Ottawa, ON . . . . . Ottawa, ON . . . . . Ottawa, ON . . . . . Ottawa, ON . . . . . Ottawa, ON . . . . . Ottawa, ON . . . . . Ottawa, ON . . . . . Ottawa, ON . . . . . Ottawa, ON . . . . . Ottawa, ON . . . . . Ottawa, ON . . . . . Outremont, QC . . Overland Park, KS . . . . . . . . . . Oviedo, FL . . . . . Painesville, OH . . Painted Post, NY . . . . . . . . . . Palestine, TX . . . . Palm Coast, FL . . Palm Desert, CA . . . . . . . . . . Palm Desert, CA . . . . . . . . . . Palo Alto, CA . . . Paramus, NJ . . . . . Paris, IL . . . . . . . . Paris, TX . . . . . . . Parma, OH . . . . . . Paso Robles, CA . . . . . . . . . . Peabody, MA . . . . Pella, IA . . . . . . . . Pembroke, ON . . . Pennington, NJ . . Penticton, BC . . . Peoria, AZ . . . . . . Peoria, AZ . . . . . . Pickerington, OH . . . . . . . . . . Pittsburgh, PA . . . Pittston, PA . . . . . Placentia, CA . . . . Plainview, NY . . . Plano, TX . . . . . . Plano, TX . . . . . . Plattsmouth, NE . . . . . . . . . . Playa Vista, CA . . . . . . . . . . Pleasanton, CA . . Port Perry, ON . . . 7,977 — — 34,560 — — 11,998 7,629 3,843 5,015 7,818 17,195 17,733 6,189 11,788 8,893 11,461 14,435 15,294 — — 8,193 8,995 — — — — 25,050 — — — — — — — — — — — — — — — — — 28,960 — — — — 10,118 1,623 370 380 8,021 1,395 3,428 1,341 2,809 1,156 746 1,176 3,454 4,256 2,197 2,963 1,561 3,403 3,411 6,746 1,540 3,350 1,407 1,326 180 870 6,193 13,628 — 2,840 688 490 1,533 1,770 2,250 870 1,931 1,380 3,706 766 2,006 2,815 1,580 1,644 8,480 3,066 3,120 1,750 250 1,580 — 3,685 12,027 10,230 8,769 64,689 8,775 16,941 15,425 27,299 9,758 7,800 12,764 23,309 39,141 7,513 26,424 18,170 31,090 28,335 45,981 16,269 31,147 12,500 13,400 4,320 10,957 83,052 58,446 39,639 35,728 6,203 5,452 9,221 8,630 16,071 6,716 9,427 27,620 46,717 21,796 12,091 26,921 18,017 13,756 17,076 19,901 59,950 15,390 5,650 40,531 — 26,788 649 284 436 2,803 224 326 3,637 3,583 791 1,101 961 3,538 1,225 — 2,773 2,816 3,014 5,298 11,180 4,322 223 — 704 2,951 355 1,855 1,510 3,558 2,061 403 1,160 754 6,298 1,405 496 1,106 3,861 3,508 2,636 920 645 11,434 858 6,657 1,935 6,115 2,126 189 4,053 52,279 2,883 1,623 370 380 8,021 1,395 3,430 1,403 2,855 1,210 799 1,240 3,607 4,299 2,197 3,094 1,707 3,558 3,560 6,848 1,670 3,351 1,407 1,326 180 870 6,193 13,683 43 2,986 719 490 1,536 1,770 2,380 938 1,915 1,527 3,706 766 2,006 2,815 1,615 1,644 8,528 3,182 3,294 1,750 250 1,677 3,676 3,784 170 12,676 10,514 9,205 67,492 8,999 17,265 19,000 30,836 10,495 8,848 13,661 26,694 40,323 7,513 29,066 20,840 33,949 33,484 57,059 20,461 31,369 12,500 14,104 7,271 11,312 416 3,477 3,159 8,850 1,055 1,935 3,822 10,742 3,326 2,733 2,710 10,393 9,757 3,451 6,221 4,534 6,748 8,206 13,161 6,109 3,366 95 498 2,437 3,965 2022 2010 2010 2019 2021 2021 2015 2013 2013 2013 2015 2015 2015 2015 2015 2015 2015 2015 2018 2012 2021 2020 2022 2006 2008 2010 7205 N 73rd Plz Cir 1998 11909 Miracle Hills Dr. 1999 5728 South 108th St. 2018 630 The City Drive South 1987 325 W Center 1984 101 Clyde Morris Blvd 2001 110 Berrigan Drive 1998 43 Aylmer Avenue 1998 1351 Hunt Club Road 1999 140 Darlington Private 1987 10 Vaughan Street 1966 2370 Carling Avenue 2005 751 Peter Morand Crescent 1989 1 Eaton Street 2008 691 Valin Street 2006 22 Barnstone Drive 2009 990 Hunt Club Road 2009 2 Valley Stream Drive 1976 1000, avenue Rockland 1998 9201 Foster 2002 7015 Red Bug Lake Rd. 2022 1386 Elizabeth Blvd 2012 110 Creekside Dr 2005 1625 W. Spring St. 2010 50 Town Ct. 84,907 1,916 2022 2010 39905 Via Scena 59,901 43,154 37,643 6,575 6,612 9,972 14,928 17,346 7,144 10,549 31,334 50,225 24,432 13,011 27,566 29,416 14,614 23,685 21,720 65,891 17,516 6,453 13,765 11,868 639 5,507 1,904 5,940 4,853 1,940 3,434 8,970 2,779 4,725 1,467 964 7,323 529 7,370 6,574 23,616 3,619 2021 2013 2013 2021 2005 2019 2002 2013 2012 2012 2011 2022 2018 2021 2022 2013 2022 2016 2013 2013 2016 1985 41-505 Carlotta Drive 2007 2701 El Camino Real 1998 567 Paramus Road 2001 146 Brookstone Lane 2006 750 N Collegiate Dr 2016 11500 Huffman Road 1998 1919 Creston Rd. 1994 73 Margin Street 2002 2602 Fifield Road 1999 1111 Pembroke Street West 2000 143 West Franklin Avenue 2015 3475 Wilson Street 2014 13391 N 94th Drive 1997 13619 N 94th Drive 2019 602 Redbud Road 2009 900 Lincoln Club Dr. 2019 900 N Twp Blvd 1987 1180 N Bradford Avenue 2001 1231 Old Country Road 2006 4800 West Parker Road 2014 3690 Mapleshade Lane 5,839 2,021 2010 1999 1913 E. Highway 34 44,487 48,603 29,572 13,996 5,362 6,135 2013 2016 2015 2006 5555 Playa Vista Drive 2017 5700 Pleasant Hill Road 2009 15987 Simcoe Street Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Port St. Lucie, FL . . . . . . . . . . Portage, MI . . . . . Porterville, CA . . Potomac, MD . . . Princeton, NJ . . . . Princeton, NJ . . . . Purley, UK . . . . . . Puyallup, WA . . . Quebec City, QC . . . . . . . . . . Quebec City, — 40,751 — — — — — — 5,996 QC . . . . . . . . . . 10,541 Queensbury, NY . . . . . . . . . . Quincy, IL . . . . . . Rancho Cucamonga, CA . . . . . . . . . . Rancho Palos Verdes, CA . . . Randolph, NJ . . . . Rantoul, IL . . . . . Red Deer, AB . . . Red Deer, AB . . . Redding, CA . . . . Redding, CA . . . . Redlands, CA . . . . Regina, SK . . . . . Regina, SK . . . . . Regina, SK . . . . . Rehoboth Beach, DE . . . . . . . . . . Reno, NV . . . . . . . Richmond, VA . . Ridgeland, MS . . . Riviere-du-Loup, QC . . . . . . . . . . Riviere-du-Loup, QC . . . . . . . . . . Robinson, IL . . . . Rockford, IL . . . . Rockwall, TX . . . Rocky Hill, CT . . Rohnert Park, CA . . . . . . . . . . Romeoville, IL . . Roseburg, OR . . . Roseville, MN . . . Roseville, CA . . . Roseville, CA . . . Roswell, GA . . . . Roswell, GA . . . . Round Rock, TX . . . . . . . . . . Rowlett, TX . . . . . Sabre Springs, CA . . . . . . . . . . Sachse, TX . . . . . Sacramento, CA . . . . . . . . . . — — — — 29,300 — 10,685 12,559 25,501 — — 4,957 4,962 13,359 — — — — 2,215 10,606 — — — — — — — — — — — — — — — — — 8,700 2,880 1,739 — 1,730 — 7,365 1,150 2,420 3,300 1,260 2,328 1,480 5,450 1,540 579 1,247 1,199 4,474 2,639 1,966 1,485 1,244 1,539 960 1,060 6,501 520 592 1,454 660 1,006 2,220 1,090 6,500 854 979 1,540 3,300 3,011 1,107 2,080 2,358 1,612 — — 940 47,230 59,764 15,190 — 30,888 — 35,161 20,776 21,977 28,325 21,744 16,254 10,055 60,034 46,934 4,576 19,283 22,339 36,557 10,290 40,425 21,148 21,036 24,053 24,248 11,440 23,697 7,675 7,601 16,848 3,667 5,119 17,650 6,710 18,700 12,646 14,453 35,877 41,652 55,937 9,627 6,486 15,477 21,319 — — 14,781 21,669 2,780 235 58,183 3,008 31,755 1,462 7,066 3,542 4,897 4,174 117 2,477 9,014 2,905 194 2,039 2,602 1,877 127 398 1,583 1,411 3,840 9,567 3,997 131 4,070 1,339 5,327 201 320 592 5,880 5,737 61,368 211 1,723 7,443 526 5,338 4,423 37 280 47,013 13,777 6,266 8,700 2,885 1,742 6,648 1,845 3,703 7,193 1,156 2,572 3,325 1,273 2,332 2,084 5,450 1,760 579 1,290 1,212 4,474 2,675 1,966 1,625 1,310 1,602 993 1,060 6,529 520 654 1,753 660 1,020 2,220 42 6,546 6,129 979 1,648 3,300 3,011 1,114 2,380 2,358 1,629 3,726 55 68,899 62,539 15,422 51,535 33,781 28,052 36,795 27,836 24,522 9,582 1,742 3,793 10,534 255 12,570 8,955 2008 2019 2021 2018 2011 2020 2012 2010 2010 10685 SW Stony Creek Way 2017 3951 W. Milham Ave. 1999 2500 W Henderson Avenue 2021 10800 Potomac Tennis Lane 2001 155 Raymond Road 2001 775 Mt Lucas Road 2005 21 Russell Hill Road 1985 123 Fourth Ave. NW 25,367 4,947 2018 2000 795, rue Alain 33,197 6,482 2018 1987 650 and 700, avenue Murray 25,905 16,367 5,601 1,544 2015 2021 1999 27 Woodvale Road 2005 823 S 36th St. 11,928 4,694 2013 2001 9519 Baseline Road 69,048 49,619 4,770 21,279 24,928 38,434 10,381 40,823 22,591 22,381 27,830 33,782 15,437 23,800 11,745 21,690 15,120 562 5,051 6,195 5,769 1,286 4,170 7,541 6,901 6,147 9,834 6,240 2,569 4,701 2012 2013 2021 2015 2015 2019 2021 2021 2013 2013 2015 2010 2004 2021 2003 2004 5701 Crestridge Road 2006 648 Route 10 West 2002 300 Twin Lakes Drive 2004 3100 - 22 Street 2004 10 Inglewood Drive 2017 2150 Bechelli Lane 1985 451 Hilltop Drive 1988 10 Terracina Blvd 1999 3651 Albert Street 2004 3105 Hillsdale Street 1992 1801 McIntyre Street 1999 36101 Seaside Blvd 1998 5165 Summit Ridge Court 2007 10300 Three Chopt Rd. 1997 410 Orchard Park 8,878 2,339 2015 1956 35 des Cedres 21,876 3,868 5,425 18,242 13,638 24,391 68,739 14,664 37,492 49,095 56,463 14,958 10,609 15,514 21,582 43,287 13,722 6,198 569 739 3,462 4,638 10,676 22,686 1,639 11,120 12,508 1,146 9,685 3,523 1,430 1,561 4,594 — 2015 2021 2021 2012 2003 2005 2006 2021 2013 2016 2022 1997 2012 2021 2020 2016 2021 1993 230-235 rue Des Chenes 1999 1101 North Monroe Street 2003 3495 McFarland Road 2014 720 E Ralph Hall Parkway 1996 60 Cold Spring Rd. 1986 4855 Snyder Lane 2010 605 S Edward Dr. 1984 1800 Hughwood 2002 2555 Snelling Avenue, North 2000 5161 Foothills Boulevard 2400 Pleasant Grove 2021 Boulevard 1999 655 Mansell Rd. 1997 75 Magnolia Street 2007 310 Chisholm Trail 2019 4205-4209 Dalrock Rd 2017 12515 Springhurst Drive 1900 Bunker Hill Rd 952 21,035 6,247 2010 1978 6350 Riverside Blvd 171 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address — — 1,300 1,483 23,394 17,915 29,319 10,259 61,903 Sacramento, CA . . . . . . . . . . . . . . Saginaw, MI Saint-Lambert, QC . . . . . . . . . . Salaberry-de- Valleyfield, QC . . . . . . . . . . Salem, OR . . . . . . Salem, OR . . . . . . Salem, OR . . . . . . Salinas, CA . . . . . Salisbury, UK . . . Salt Lake City, UT . . . . . . . . . . San Antonio, TX . . . . . . . . . . San Antonio, TX . . . . . . . . . . San Antonio, TX . . . . . . . . . . San Diego, CA . . . San Diego, CA . . . San Diego, CA . . . San Francisco, CA . . . . . . . . . . San Francisco, CA . . . . . . . . . . San Gabriel, CA . . . . . . . . . . San Jose, CA . . . . San Jose, CA . . . . San Rafael, CA . . San Ramon, CA . . . . . . . . . . Sand Springs, OK . . . . . . . . . . Sandy Springs, GA . . . . . . . . . . Santa Ana, CA . . . Santa Monica, CA . . . . . . . . . . Santa Rosa, CA . . Santa Rosa, CA . . Sarasota, FL . . . . . Saskatoon, SK . . . Saskatoon, SK . . . Savannah, GA . . . Schaumburg, IL . . . . . . . . . . . Scottsdale, AZ . . . Scranton, PA . . . . Seal Beach, CA . . Seattle, WA . . . . . Seattle, WA . . . . . Seattle, WA . . . . . Selbyville, DE . . . Sevenoaks, UK . . Severna Park, MD . . . . . . . . . 13,811 — — — — — — — — — — — 28,321 — — — — — — — — — — 15,820 — — — 3,058 11,489 — — — — — — 27,180 — — — 1,874 918 1,227 — 5,110 2,720 1,360 — — 11,686 5,810 3,000 4,179 15,120 9,659 8,632 — 41,424 15,269 19,691 — — 69,930 63,078 27,164 40,328 910 19,654 2,214 — 5,250 2,250 6,484 20,105 981 1,382 1,733 2,460 2,500 896 6,204 5,190 10,670 1,150 750 6,181 8,360 1,243 28,340 26,273 52,195 96,495 13,905 17,609 16,218 22,863 3,890 10,591 72,954 9,350 37,291 19,887 25,912 40,240 — — 67,623 2,270 155 8,673 2,046 989 1,149 22,877 11,616 670 1,925 37,079 66,415 5,106 9,109 2,309 1,610 1,369 1,505 25,595 18,048 7,831 2,073 2013 2021 2004 345 Munroe Street 1997 4141 McCarty Road 10,677 70,158 21,753 2015 1989 1705 Avenue Victoria 1,874 918 1,227 2,877 5,155 2,663 1,396 6,120 5,045 11,686 5,810 3,016 4,179 17,166 10,648 9,781 20,000 52,995 15,996 825 1,664 1,608 2,198 14,367 3,709 2022 2020 2020 2021 2016 2014 1970 88 Rue Dufferin 1999 4452 Lancaster Dr NE 1997 4050 12th Street Cutoff SE 1980 707 Madrona Avenue SE 1990 1320 Padre Drive 2013 Shapland Close 21,580 8,551 2011 1986 1430 E. 4500 S. 30,959 9,607 2010 2011 2702 Cembalo Blvd 61,370 11,281 2017 2015 11300 Wild Pine 75,036 72,187 29,457 41,938 12,642 24,868 8,645 5,386 2019 2012 2013 2019 2016 6870 Heuermann Road 2001 13075 Evening Creek Drive S 2003 810 Turquoise Street 2017 955 Grand Ave 5,920 91,639 14,349 5,920 105,988 26,389 2016 1998 1550 Sutter Street 11,800 77,214 11,447 11,800 88,661 21,924 2016 1923 1601 19th Avenue 3,120 3,280 11,900 1,620 15,566 46,823 27,647 27,392 1,871 8,768 5,647 4,578 3,170 3,280 11,966 1,620 17,387 55,591 33,228 31,970 5,529 17,325 8,905 7,484 2013 2012 2016 2016 2005 8332 Huntington Drive 2002 500 S Winchester Boulevard 2002 4855 San Felipe Road 2001 111 Merrydale Road 8,700 72,223 11,245 8,781 83,387 20,399 2016 1992 9199 Fircrest Lane 379 1,670 — 1,716 4,096 1,896 1,774 1,037 1,465 167 1,702 3,287 730 3,511 2,583 2,518 3,002 1,713 1,889 6,554 910 20,033 5,452 2012 2002 4402 South 129th Avenue West 2,220 — 5,266 2,309 6,484 19,705 997 1,511 1,734 2,504 2,500 896 6,271 5,199 10,700 1,150 769 6,050 10,024 1,243 30,040 30,310 54,091 98,669 14,926 18,945 16,384 24,521 7,177 11,321 76,398 11,924 39,779 22,889 27,606 42,260 4,370 — 9,154 7,347 1,601 6,757 3,913 5,585 1,866 8,379 2,247 2,007 26,644 5,118 16,538 5,702 8,587 15,466 2012 2021 2013 2016 2022 2021 2013 2013 2021 2013 2008 2019 2013 2010 2010 2015 2010 2012 1997 5455 Glenridge Drive NE 1992 3730 South Greenville Street 2004 1312 15th Street 2001 4225 Wayvern Drive 4210 Thomas Lake Harris Drive 2013 1985 3260 Lake Pointe Boulevard 1999 220 24th Street East 2004 1622 Acadia Drive 1998 6206 Waters Avenue 2001 790 North Plum Grove Road 1998 9410 East Thunderbird Road 2014 1651 Dickson Avenue 2004 3850 Lampson Avenue 1962 11501 15th Ave NE 2005 805 4th Ave N 1995 11039 17th Avenue 2008 21111 Arrington Dr 2009 64—70 Westerham Road 44 74,133 16,745 2016 1997 43 W McKinsey Road 172 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address 2,109 1,040 700 1,712 2,120 7,446 — 3,200 5,510 3,084 2,695 — 3,571 1,851 5,644 1,100 2,820 1,140 4,646 6,207 3,200 2,580 1,334 2,950 1,166 1,667 794 1,145 706 9,218 1,072 1,175 — 2,280 1128 2,577 5,276 4,006 4,439 Shawnee, KS . . . . Shelby Township, MI . . . . . . . . . . Sherman, TX . . . . Sherman, TX . . . . Shrewsbury, NJ . . . . . . . . . . Sidcup, UK . . . . . Silver Spring, MD . . . . . . . . . Simi Valley, CA . . . . . . . . . . Simi Valley, CA . . . . . . . . . . Simi Valley, CA . . . . . . . . . . Solihull, UK . . . . Solihull, UK . . . . Solihull, UK . . . . Solihull, UK . . . . Sonning, UK . . . . Sonoma, CA . . . . Sonoma, CA . . . . South Haven, MI . . . . . . . . . . South Jordan, UT . . . . . . . . . . Southlake, TX . . . Spokane, WA . . . Spokane, WA . . . Spokane, WA . . . Springdale, AR . . Springfield, IL . . . Springfield, MO . . . . . . . . . St Johns, MI . . . . . St. Albert, AB . . . St. John’s, NL . . . St. Petersburg, FL . . . . . . . . . . Stephenville, TX . . . . . . . . . . Stittsville, ON . . . Stockport, UK . . . Stockton, CA . . . . Strongsville, OH . . . . . . . . . . Strongsville, OH . . . . . . . . . . Stuart, FL . . . . . . . Studio City, CA . . . . . . . . . . Suffield, CT . . . . . Sugar Land, TX . . . . . . . . . . Sugar Land, TX . . . . . . . . . . Summerville, SC . . . . . . . . . . Summit, NJ . . . . . Sun City West, AZ . . . . . . . . . . — 13,180 — — — — — — — — — — — — — — — — — — — — — — — — — 6,894 4,311 — — 3,384 — — — — — — — — — — — — 22,141 26,344 5,221 22,567 38,116 56,570 544 1,464 1,795 387 3,973 3,412 — 64,828 16,664 51,406 41,697 24,907 — 26,053 10,585 42,155 18,400 21,890 7,793 42,705 56,805 25,064 25,342 11,997 28,237 18,767 17,972 5,682 17,863 11,765 39,883 3,464 17,397 — 5,983 10940 13,463 24,182 25,307 31,660 2,824 9,063 506 — 23,724 260 434 623 6,015 4,015 580 4,356 8,976 5,453 4,897 185 307 69 306 269 1,294 243 1,201 1,151 1,254 29,771 4,666 673 49 1,010 2,095 2,851 2,106 6,774 225 12,657 3,747 2,109 1,110 700 1,721 2,160 7,259 3,442 3,340 5,510 3,084 2,695 2,268 3,475 1,812 5,503 1,109 2,819 1,140 4,646 6,207 3,200 2,580 1,334 2,950 1,172 1,667 794 1,203 717 9,522 1,072 1,269 4,276 2,372 1132 2,578 5,276 4,124 4,447 22,685 27,738 7,016 22,945 42,049 60,169 554 2022 2020 7200 Silverheel St 8,758 2,327 2,201 13,060 21,290 2013 2005 2021 2010 2012 2006 46471 Hayes Road 2006 1011 E. Pecan Grove Rd. 1986 3701 N Loy Lake Rd 2000 5 Meridian Way 2000 Frognal Avenue 61,386 6,452 2016 2018 2201 Colston Drive 19,348 7,090 2013 2009 190 Tierra Rejada Road 60,469 16,211 2016 2003 5300 E Los Angeles Avenue 42,203 24,907 21,456 26,409 11,058 42,919 24,406 25,906 8,373 47,061 65,781 30,517 30,239 12,182 28,544 18,830 18,278 5,951 19,099 11,997 1,011 10,262 6,291 8,495 2,039 13,744 10,582 6,453 2022 2012 2018 2013 2015 2013 2005 2016 2021 3110 Royal Avenue 2009 1270 Warwick Road 2009 1270 Warwick Road 2007 1 Worcester Way 2016 Warwick Road 2009 Old Bath Rd. 1988 800 Oregon St. 2005 91 Napa Road 435 2022 2001 706 Kentucky Ave 8,227 14,333 10,263 9,399 1,201 2,860 1,660 1,527 256 6,766 2,587 2020 2019 2013 2013 2021 2021 2021 2021 2022 2014 2015 2015 11289 Oakmond Rd 2008 101 Watermere Drive 2001 3117 E. Chaser Lane 1999 1110 E. Westview Ct. 1985 1616 E 30th Avenue 1996 5000 Arkanshire Circle 1990 2601 Montvale Drive 1987 2900 S Jefferson 2008 1507 Glastonbury Dr 2005 78C McKenney Avenue 2005 64 Portugal Cove Road 40,780 6,905 2021 1973 1255 Pasadena Ave South 4,615 18,557 25,495 10,557 586 5,543 8,668 3,365 2021 2013 2013 2010 1990 2305 Lingleville Highway 1996 1340 - 1354 Main Street 2008 1 Dairyground Road 1988 6725 Inglewood 11609 2386 2019 2017 15100 Howe Road 13,511 25,192 27,284 34,503 1,605 3,767 9,159 6,042 2021 2019 2013 2019 2002 19205 Pearl Rd. 2019 2625 SE Cove Road 4610 Coldwater Canyon Avenue 2004 1998 7 Canal Road 960 33,529 11,661 2011 1996 1221 Seventh St 67,267 14,921 2017 2015 744 Brooks Street 18,242 26,809 1,518 4,658 2021 2011 2017 4015 2nd Ave 2001 41 Springfield Avenue 25,525 7,512 2012 1998 13810 West Sandridge Drive 4,272 2,175 3,080 1,250 173 960 31,423 4,272 2,175 3,080 1,250 60,493 18,017 14,152 21,778 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Sunninghill, UK . . . . . . . . . . Sunnyvale, CA . . Surrey, BC . . . . . . Surrey, BC . . . . . . Sutton, UK . . . . . . Sutton Coldfield, UK . . . . . . . . . . Suwanee, GA . . . . Swartz Creek, MI . . . . . . . . . . Sway, UK . . . . . . Swift Current, SK . . . . . . . . . . Sycamore, IL . . . . Sylvania, OH . . . . Syracuse, NY . . . . Tacoma, WA . . . . Tallmadge, OH . . Tarboro, NC . . . . Taylor, PA . . . . . . Texarkana, TX . . . The Woodlands, TX . . . . . . . . . . Tipp City, OH . . . Toms River, NJ . . . . . . . . . . Tonawanda, NY . . . . . . . . . . Tonawanda, NY . . . . . . . . . . Topeka, KS . . . . . Toronto, ON . . . . Toronto, ON . . . . Toronto, ON . . . . Toronto, ON . . . . Toronto, ON . . . . Toronto, ON . . . . Toronto, ON . . . . Toronto, ON . . . . Toronto, ON . . . . Toronto, ON . . . . Torrance, CA . . . . Traverse City, MI . . . . . . . . . . Troy, NY . . . . . . . Tuckahoe, NY . . . Tucson, AZ . . . . . Tucson, AZ . . . . . Tulsa, OK . . . . . . Tulsa, OK . . . . . . Tulsa, OK . . . . . . Tulsa, OK . . . . . . Tulsa, OK . . . . . . Turlock, CA . . . . . Tuscola, IL . . . . . Twinsburg, OH . . Tyler, TX . . . . . . . Tyler, TX . . . . . . . — — 5,035 13,087 — — — — — — — — — — 14,426 — — — — — — — — — 4,101 6,076 15,195 5,030 26,780 17,218 5,734 11,027 31,760 8,980 — — — — — — — — — 12,522 — — — — — — 11,014 5,420 3,605 4,552 4,096 2,807 1,560 925 4,145 492 1,033 1,205 1,440 4,170 1,096 1,643 1,942 1,403 480 1,223 1,610 1,554 2,460 260 1,079 2,513 3,400 1,447 5,304 2,927 5,082 2,008 5,132 2,480 3,497 1,042 1,787 9,298 830 6978 1,330 1,500 1,320 1,752 3,161 2,266 477 1,042 650 1,306 40,513 41,682 18,818 22,338 14,532 11,313 11,538 7,524 15,508 10,119 11,401 11991 11,675 73,377 19,504 11,124 12,011 7,512 12,379 15,421 34,627 13,332 12,564 12,712 5,364 19,695 32,757 3,918 53,488 20,713 25,493 19,620 41,657 7,571 73,138 26,327 14,123 30,934 6,179 78932 21,285 20,861 10,087 28,421 14,219 13,002 5,582 8,396 5,268 10,515 — 4,056 1,980 2,836 807 450 1,818 378 481 1,141 359 35 966 18,774 1,003 477 32 610 994 1,244 2,242 1,371 1,452 215 633 1,444 2,445 657 3,701 3,579 2,696 5,917 4,657 3,434 405 1,418 189 759 7,817 2,277 2,374 61 160 187 142 1,342 255 583 1,181 422 11,014 5,420 3,705 4,679 4,010 2,748 1,560 925 4,058 509 1,042 1205 1529 4,170 1,096 1,705 1,960 1,403 480 1,223 1,705 1,577 2,463 260 1,070 2,604 3,607 1,506 5,460 3,025 5,252 2,000 5,269 2,561 3,519 1,068 1,774 9,346 830 7021 1,408 1,614 1,320 1,752 3,201 2,266 492 1,064 650 1,306 174 40,513 45,738 20,698 25,047 15,425 11,822 13,356 7,902 16,076 11,243 11,751 12026 12552 92,151 20,507 11,539 12,025 8,122 13,373 16,665 6,162 15,424 7,851 9,834 2,568 1,969 5,181 373 4,584 3,733 1,314 1651 2,364 26,982 339 3,671 1,389 824 4,652 630 2014 2012 2013 2013 2015 2015 2012 2022 2014 2013 2021 2019 2019 2016 2022 2021 2019 2021 2011 2022 2017 Bagshot Road 2002 1039 East El Camino Real 2000 16028 83rd Avenue 1987 15501 16th Avenue 2016 123 Westmead Road 2016 134 Jockey Road 2000 4315 Johns Creek Parkway 2017 4276 Kroger Dr 2008 Sway Place 2001 301 Macoun Drive 2003 1440 Somonauk Street 2019 4120 King Road 2011 6715 Buckley Road 1987 8201 6th Avenue 2016 73 East Ave 1983 200 Trade Street 2020 512 Oak St 1999 5415 Cowhorn Creek Road 1999 7950 Bay Branch Dr 2018 8001 Red Buckeye Dr 36,774 11,643 2010 2005 1587 Old Freehold Rd 14,680 2,866 2019 2011 300 Fries Road 14,013 12,927 6,006 21,048 34,995 4,516 57,033 24,194 28,019 25,545 46,177 10,924 73,521 27,719 14,325 31,645 13,996 81166 23,581 20,808 10,247 28,608 14,321 14,344 5,822 8,957 6,449 10,937 2,933 3,636 1,964 5,954 11,435 1,758 21,093 5,437 8,174 5,205 14,892 2,691 12,037 2,523 1,108 2,611 3,855 8843 10,960 10,445 3,028 4,469 1,639 2,856 624 1,920 2,302 1,188 2019 2012 2013 2013 2013 2013 2013 2015 2015 2015 2015 2015 2016 2021 2021 2021 2012 2021 2010 2010 2011 2017 2021 2019 2021 2019 2006 2021 2009 285 Crestmount Avenue 2011 1931 Southwest Arvonia Place 1982 25 Centennial Park Road 2002 305 Balliol Street 1055 and 1057 Don Mills Road 1973 1987 1340 York Mills Road 1988 8 The Donway East 1900 54 Foxbar Road 1988 645 Castlefield Avenue 1999 4251 Dundas Street West 1964 10 William Morgan Drive 1971 123 Spadina Road 2016 25535 Hawthorne Boulevard 2001 3950 Sumac Dr. 1997 59 Harris Road 1999 1 Rivervue Place 1997 5660 N. Kolb Road 1987 2001 West Rudasill Road 1986 8887 South Lewis Ave 1984 9524 East 71st St 2012 7902 South Mingo Road East 2014 701 W 71st Street South 2005 7401 Riverside Drive 2001 3791 Crowell Road 2004 1106 East Northline Road 2016 3092 Kendal Lane 2007 5550 Old Jacksonville Hwy. 1998 506 Rice Road Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Upland, CA . . . . . . Upper Providence, PA . . . . . . . . . . . Upper St Claire, PA . . . . . . . . . . . Urbandale, IA . . . . Utica, NY . . . . . . . Vacaville, CA . . . . Vallejo, CA . . . . . . Vallejo, CA . . . . . . Vancouver, WA . . Vancouver, WA . . Vancouver, WA . . Vancouver, WA . . Vancouver, WA . . Vancouver, BC . . . Vandalia, IL . . . . . Vankleek Hill, ON . . . . . . . . . . . Vaudreuil, QC . . . . Venice, FL . . . . . . Venice, FL . . . . . . Vernon, BC . . . . . . Vero Beach, FL . . . Victoria, BC . . . . . Victoria, BC . . . . . Victoria, BC . . . . . Virginia Water, UK . . . . . . . . . . . Visalia, CA . . . . . . Voorhees, NJ . . . . . Waco, TX . . . . . . . Wall, NJ . . . . . . . . Walla Walla, WA . . . . . . . . . . Walnut Creek, CA . . . . . . . . . . . Walnut Creek, CA . . . . . . . . . . . Walnut Creek, CA . . . . . . . . . . . Walnut Creek, CA . . . . . . . . . . . Warsaw, NY . . . . . Washington, DC . . Washington Court House, OH . . . . Watchung, NJ . . . . Waterford, MI . . . . Waterville, OH . . . Waukee, IA . . . . . . Waxahachie, TX . . . . . . . . . . . Wayland, MA . . . . Weatherford, TX . . . . . . . . . . . Webster Groves, MO . . . . . . . . . . Wellesley, MA . . . West Babylon, NY . . . . . . . . . . . — — — — — — — — — — — — — — — — 6,930 — — — — 5,492 16,664 15,486 — — — — — — — — — — — — — — — — — — — — — — — 3,160 1,900 1,102 1,758 2,596 900 4,000 2,330 1,820 1,406 4,783 5,188 1,477 7,282 800 389 1,852 13,646 1,150 3,911 2,930 2,856 3,681 2,476 7,106 868 3,700 1,383 1,650 1,414 3,700 42,596 28,195 13,455 5,514 36,067 17,100 18,000 15,407 19042 14,328 97,858 101,400 22,773 6,572 5,334 2,960 14,214 102,226 10,674 43,983 40,070 18,038 15,774 15,379 29,937 16,855 24,312 11,020 25,350 2,399 344 759 1,779 994 2,368 6,019 6,455 2,553 1842 1,157 10,807 10,623 747 1,630 197 490 1,740 204 366 3,215 27,193 1,204 1,174 1,594 4,318 1,204 3,240 168 4,132 58 12,467 3,624 3,160 1,909 1,153 1,758 2,596 900 4,030 2,330 1821 1406 4,783 5,188 1,477 7,338 800 402 1,843 13,649 1,150 3,911 2,930 2,951 3,792 2,562 5,288 868 3,873 1,384 1,731 1,415 3,826 42,940 9,707 2015 2014 2419 North Euclid Avenue 28,945 5,841 2013 2015 1133 Black Rock Road 15,183 6,508 38,435 23,119 24,425 17,960 20883 15485 108,665 112,023 23,520 8,146 5,531 3,437 15,963 102,427 11,040 47,198 67,263 19,147 16,837 16,887 36,073 18,059 27,379 11,187 29,401 2,456 5,463 1,184 2,120 9,819 10,653 6,484 7549 2,113 4,764 4,768 943 5,850 765 1,286 4,253 7,292 3,915 2,607 31,593 6,686 6,089 3,958 15,220 1,693 7,546 1,109 8,771 2013 2021 2022 2005 2005 2010 2010 2020 2022 2022 2022 2015 2021 2013 2015 2021 2008 2022 2007 2013 2013 2015 2012 2021 2012 2021 2011 2005 500 Village Drive 2012 8525 Urbandale Ave 2018 1PatriotCir 1987 799 Yellowstone Dr. 1989 350 Locust Dr. 1990 2261 Tuolumne 2006 10011 NE 118th Ave 2001 201 NW 78th St 2001 5500 NE 82nd Ave 2008 415 SE 177th Ave 2015 5300 NE 82nd Ave 1974 2803 West 41st Avenue 2003 1607 West Fillmore Street 1987 48 Wall Street 1975 333 rue Querbes 2019 19600 Floridian Club Drive 2009 1600 Center Rd. 2018 1800 58th Avenue 2003 7955 16th Manor 1974 3000 Shelbourne Street 1988 3051 Shelbourne Street 1990 3965 Shelbourne Street 2002 Christ Church Road 1987 4119 W Walnut Avenue 2013 311 Route 73 1997 3209 Village Green Driver 2003 2021 Highway 35 348 2021 1987 1400 Dalles Military Road 15,965 6,279 2013 1998 2175 Ygnacio Valley Road 10,320 100,890 20,233 10,332 121,111 32,106 2016 1988 1580 Geary Road 7,167 4,243 2,148 4,000 228 1,920 988 2,574 1,870 650 1,207 660 1,790 4,690 3,960 107,732 11,465 — 8,452 69,154 2408 24,880 13,206 44,647 31,878 5,763 27,462 5,261 15,425 77,462 47,085 — 812 4,119 174 3,293 1,087 1,242 1,648 782 2,509 866 2,921 1,175 2,988 7,167 4,243 2,148 4,021 228 2,128 988 2,609 1,903 650 1,364 660 1,812 4,690 4,062 175 119,197 3,184 2022 1991 1700 Tice Valley Blvd — 9,264 73,252 2582 27,965 14,293 45,854 33,493 6,545 29,814 — 471 22,351 240 8,440 1,235 4,093 8,838 2,385 10,096 2022 2022 2013 2021 2011 2021 2020 2012 2007 2013 1900 1700 Tice Valley Blvd 2019 5378 Conable Way 2004 5111 Connecticut Avenue NW 1995 500 Glenn Avenue 2000 680 Mountain Boulevard 1999 900 N. Cass Lake Road 2018 1470 Pray Blvd 2007 1650 SE Holiday Crest Circle 2008 1329 Brown St. 1997 285 Commonwealth Road 6,127 2,294 2006 2007 1818 Martin Drive 18,324 78,637 6,607 19,593 2011 2015 2012 45 E Lockwood Avenue 2012 23 & 27 Washington Street 49,971 15,329 2013 2003 580 Montauk Highway Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address West Bloomfield, MI . . . . . . . . . . . West Chester Township, OH . . . . . . . . . . . West Hills, CA . . . West Kelowna, BC . . . . . . . . . . . West Seneca, NY . . . . . . . . . . . West Seneca, NY . . . . . . . . . . . West Vancouver, BC . . . . . . . . . . . Westbourne, UK . . . . . . . . . . . Westerville, OH . . Westford, MA . . . . Westworth Village, TX . . . . . . . . . . . Weybridge, UK . . . Weymouth, UK . . . Wheatfield, NY . . . White Oak, MD . . . Whitesboro, NY . . Wichita, KS . . . . . . — — — — — — 15,181 — — — — — — — — — — Wichita, KS . . . . . . 11,762 Wichita, KS . . . . . . Willoughby, OH . . Wilmington, DE . . Wilmington, NC . . Winchester, UK . . Winnipeg, MB . . . Winnipeg, MB . . . Winnipeg, MB . . . Woking, UK . . . . . Wolverhampton, UK . . . . . . . . . . . Woodland Hills, CA . . . . . . . . . . . — — — — — 9,336 22,007 10,516 — — — Wooster, OH . . . . . 13,785 Wyoming, MI . . . . Yakima, WA . . . . . Yonkers, NY . . . . . — — — Yorkton, SK . . . . . 2,484 1,040 12,300 974 1,103 13,211 4,337 2013 2000 7005 Pontiac Trail 2,319 2,600 3,739 1,432 1,323 7,059 5,441 1,257 1,440 2,060 7,717 2,591 1,357 2,304 1,630 1,400 630 900 1,309 1,040 1,538 6,009 1,960 1,276 1,317 — — 3,400 1,560 3,373 1,104 3,962 463 47,857 7,521 32,443 6,684 7,547 28,155 41,420 9,550 32,607 31,296 48,240 16,551 9,601 24,768 12,001 11,000 19,747 10,134 10,540 23,338 28,202 29,405 38,612 21,732 15,609 — — 20,478 22,555 25,319 10,707 50,108 8,760 1,380 1,971 2,201 829 685 6,867 4,956 384 708 142 181 243 867 3,258 987 620 840 347 709 2,774 172 400 4,991 2,113 2,709 15,273 12,000 1,578 1,869 1,520 400 3,520 533 2,319 2,658 3,739 1,437 1,382 7,251 5,317 1,257 1,468 2,060 7,717 2,536 1,357 2,463 1,719 1,400 630 900 1,309 1,270 1,550 5,882 2,117 1,568 1,367 2,832 2,875 3,456 1,560 3,374 1,192 4,077 475 49,237 9,434 4,505 3,947 2020 2013 2019 7129 Gilmore Rd 2002 9012 Topanga Canyon Road 34,644 1,817 2022 2005 2505 Ingram Road 7,508 8,173 1,629 2019 2000 1187 Orchard Park Drive 1,573 2019 2007 2341 Union Road 34,830 10,685 2013 1987 2095 Marine Drive 46,500 9,934 33,287 31,438 48,421 16,849 10,468 27,867 12,899 11,620 20,587 10,481 11,249 25,882 28,362 29,932 43,446 23,553 18,268 12,441 14,864 268 7,736 6,655 16,617 4,019 432 8,812 2,344 6,715 5,468 3,121 2,000 8,338 2,665 9,970 16,292 7,254 4,953 1,841 2013 2022 2015 2014 2013 2014 2022 2013 2019 2006 2012 2011 2019 2013 2021 2012 2013 2013 2015 2016 2006 16-18 Poole Road 2013 865 Maxtown Rd 2013 108 Littleton Road 2014 25 Leonard Trail 2008 Ellesmere Road 2013 Cross Road 2008 3979 Forest Park Way 11621 New Hampshire Avenue 2002 2015 4770 Middle Settlement Rd 1997 505 North Maize Road 2009 2050 North Webb Road 2012 10600 E 13th Street North 2016 35100 Chardon Road 2004 2215 Shipley Street 1991 1402 Hospital Plaza Drive 2010 Stockbridge Road 1999 857 Wilkes Avenue 1988 3161 Grant Avenue 1999 125 Portsmouth Boulevard 2017 12 Streets Heath, West End 9,125 3,849 2013 2008 73 Wergs Road 22,000 24,424 26,838 11,019 53,513 9,281 7,445 523 2,760 1,128 16,239 2,942 2013 2022 2021 2021 2013 2013 2005 20461 Ventura Boulevard 2014 939 Portage Rd 1999 2380 Aurora Pond Dr. SW 1988 620 North 34th Avenue 2005 65 Crisfield Street 2001 94 Russell Drive Seniors Housing Operating Total . . . . . . . . . $1,679,562 $2,110,584 $18,228,152 $3,775,526 $2,365,088 $21,749,174 $4,960,254 176 Welltower Inc. Schedule III Real Estate and Accumulated Depreciation December 31, 2022 (Dollars in thousands) Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Triple-net: Abilene, TX . . . . . . . . Abilene, TX . . . . . . . . Agawam, MA . . . . . . . Akron, OH . . . . . . . . . Alexandria, VA . . . . . Alhambra, CA . . . . . . Allen Park, MI . . . . . . Allentown, PA . . . . . . Allentown, PA . . . . . . Alma, MI . . . . . . . . . . Amarillo, TX . . . . . . . Ames, IA . . . . . . . . . . Ann Arbor, MI . . . . . . Annandale, VA . . . . . . Arlington, VA . . . . . . Asheboro, NC . . . . . . . Asheville, NC . . . . . . . Asheville, NC . . . . . . . Atchison, KS . . . . . . . Austin, TX . . . . . . . . . Avon, IN . . . . . . . . . . Avon, IN . . . . . . . . . . Avon, CT . . . . . . . . . . Azusa, CA . . . . . . . . . Bad Axe, MI . . . . . . . . Baldwin City, KS . . . . Baltimore, MD . . . . . . Baltimore, MD . . . . . . Barberton, OH . . . . . . Bartlesville, OK . . . . . . . . . . . . Bay City, MI Bedford, PA . . . . . . . . Belmont, CA . . . . . . . Belvidere, NJ . . . . . . . Benbrook, TX . . . . . . Berkeley, CA . . . . . . . Bethel Park, PA . . . . . Bethel Park, PA . . . . . Bethesda, MD . . . . . . . Bethlehem, PA . . . . . . Bethlehem, PA . . . . . . Beverly, MA . . . . . . . . Beverly Hills, CA . . . . Bexleyheath, UK . . . . Bingham Farms, MI . . . . . . . . . . . . . . Birmingham, UK . . . . $ — — — $ 950 990 880 $20,987 8,187 13,130 $11,660 1,089 — $ 950 990 880 $32,647 9,276 13,130 $ 6,015 2,046 9,343 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 11,142 — — — — — — — — — — 633 2,452 600 1,767 494 1,491 1,267 1,273 330 2,172 1,687 4,016 290 204 280 140 1,691 1,830 900 2,132 570 1,317 190 4,306 3,069 1,307 100 633 637 3,000 2,001 1,550 3,050 1,700 1,008 2,218 1,191 1,143 5,879 6,000 3,671 781 — 3,002 6,826 6,305 5,025 11,845 4,822 6,543 11,791 8,870 11,123 18,974 8,801 5,032 3,489 1,955 5,610 5,005 14,470 19,444 7,624 3,141 5,972 4,810 4,303 3,148 9,310 1,380 2,619 4,432 23,526 26,191 13,553 32,677 16,007 6,740 6,869 16,887 13,588 10,378 13,385 10,579 15,671 — 3,002 6,826 15,172 5,025 11,845 4,822 6,543 11,791 10,669 11,123 18,974 8,801 5,460 3,489 2,751 5,634 5,005 17,188 19,444 7,624 10,661 5,972 4,868 4,303 3,148 9,310 1,380 2,619 4,432 25,291 26,288 16,300 37,724 16,007 6,740 6,869 16,887 13,588 10,443 13,588 10,579 15,671 18,690 376 825 3,612 614 1,413 604 606 213 3,031 1,432 2,214 1,048 2,634 2,179 1,240 1,111 795 5,181 4,601 1,111 4,478 620 985 561 436 1,102 957 354 621 9,273 3,303 4,519 9,221 5,931 854 802 1,918 1,552 391 2,783 2,269 1,845 3,694 — — 8,867 — — — — — 1,799 — — — 428 — 796 24 — 2,718 — — 7,520 — 58 — — — — — — 1,765 97 2,747 5,047 — — — — — 65 203 — — 20,248 633 2,452 600 1,767 494 1,491 1,267 1,273 330 2,172 1,687 4,016 290 204 280 140 1,691 1,830 900 2,132 570 1,317 190 4,306 3,069 1,307 100 633 637 3,000 2,001 1,550 3,050 1,700 1,008 2,218 1,191 1,143 5,879 6,000 3,671 781 1,558 177 2014 2014 2002 2018 2018 2011 2018 2018 2018 2020 2022 2010 2018 2018 2018 2003 1999 2003 2015 2018 2010 2014 2018 1998 2020 2015 2018 2018 2018 1996 2018 2018 2011 2019 2011 2016 2007 2018 2018 2018 2018 2021 2014 2014 2018 2015 1998 6565 Central Park Boulevard 1985 1250 East N 10th Street 1993 1200 Suffield St. 171 North Cleveland Massillon Road 1999 1964 1510 Collingwood Road 1923 1118 N. Stoneman Ave. 1960 9150 Allen Road 1995 5151 Hamilton Boulevard 1988 1265 Cedar Crest Boulevard 2009 1320 Pine Ave 2015 1610 Research St 1999 1325 Coconino Rd. 1997 4701 East Huron River Drive 2002 7104 Braddock Road 550 South Carlin Springs Road 1976 1998 514 Vision Dr. 1999 4 Walden Ridge Dr. 1992 308 Overlook Rd. 2001 1301 N 4th St. 2000 11630 Four Iron Drive 2004 182 S Country RD. 550E 2013 10307 E. CR 100 N 2000 100 Fisher Drive 1953 125 W. Sierra Madre Ave. 2010 150 Meadow Lane 2000 321 Crimson Ave 1978 6600 Ridge Road 1996 4669 Falls Road 1979 85 Third Street 1995 5420 S.E. Adams Blvd. 1968 800 Mulholland Street 1965 136 Donahoe Manor Road 1971 1301 Ralston Avenue 2009 1 Brookfield Ct 1984 4242 Bryant Irvin Road 1966 2235 Sacramento Street 2009 5785 Baptist Road 1986 60 Highland Road 1974 6530 Democracy Boulevard 1979 2021 Westgate Drive 1982 2029 Westgate Drive 1874 3 Essex Street 2000 220 N Clark Drive 1996 35 West Street 1999 24005 West 13 Mile Road 2010 Braymoor Road, Tile Cross Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Birmingham, UK . . . . Birmingham, UK . . . . Birmingham, UK . . . . Bloomington, IN . . . . Boca Raton, FL . . . . . Boca Raton, FL . . . . . Bossier City, LA . . . . Boulder, CO . . . . . . . . Bournemouth, UK . . . Boynton Beach, FL . . Boynton Beach, FL . . Bracknell, UK . . . . . . Bradenton, FL . . . . . . Braintree, MA . . . . . . Braintree, UK . . . . . . . Brecksville, OH . . . . . Brick, NJ . . . . . . . . . . Bridgewater, NJ . . . . . Bristol, UK . . . . . . . . . Bristol, UK . . . . . . . . . Brooks, AB . . . . . . . . . Bucyrus, OH . . . . . . . . Burleson, TX . . . . . . . Burlington, NC . . . . . . Burlington, NC . . . . . . Burnaby, BC . . . . . . . . Calgary, AB . . . . . . . . Calgary, AB . . . . . . . . Camp Hill, PA . . . . . . Canonsburg, PA . . . . . Canton, OH . . . . . . . . Canton, MI . . . . . . . . . Cape Coral, FL . . . . . . Carlisle, PA . . . . . . . . Carmel, IN . . . . . . . . . Carmel, IN . . . . . . . . . Carrollton, TX . . . . . . Cary, NC . . . . . . . . . . Castleton, IN . . . . . . . Cedar Rapids, IA . . . . Centerville, OH . . . . . Chagrin Falls, OH . . . Chambersburg, PA . . . Chapel Hill, NC . . . . . Charlottesville, VA . . Chatham, VA . . . . . . . Chattanooga, TN . . . . Cherry Hill, NJ . . . . . . Chester, VA . . . . . . . . Chevy Chase, MD . . . Chickasha, OK . . . . . . Chillicothe, OH . . . . . Cincinnati, OH . . . . . . Citrus Heights, CA . . . Claremore, OK . . . . . . — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 670 2,200 2,826 2,009 3,601 2,358 2,138 2,804 3,865 252 170 — 990 1,290 1,800 — — 376 1,119 670 280 460 7,623 2,341 4,569 517 911 300 1,399 530 978 1,700 2,222 2,010 1,500 920 596 920 832 1,373 354 2,542 320 2,085 1,416 1,320 4,515 85 1,145 912 5,207 155 — — — 17,423 4,974 4,061 31,198 21,364 16,347 10,201 14,222 10,487 3,298 7,157 13,016 19,353 25,247 31,810 — — 4,951 2,611 13,985 4,297 5,467 13,844 42,768 70,199 3,596 4,828 2,098 16,966 3,281 8,204 19,491 31,004 19,549 4,350 15,137 9,354 3,958 10,837 8,862 2,646 40,746 14,039 11,837 9,871 18,127 8,685 1,395 8,994 14,010 31,715 1,427 11,031 16,152 10,296 — — — 40 — — — — — — 1,290 — 598 1,428 1,758 20,221 13,926 130 — 2,457 849 110 497 1,090 1,706 — — — — — — 1 666 — 1,928 — 16 — — — 1,617 52 219 917 — 499 — — — — — 6,130 1,159 1,612 1,431 670 2,200 2,826 2,009 3,601 2,358 2,138 2,804 3,865 252 170 — 990 1,290 1,800 3,873 2,066 384 1,119 670 280 460 7,796 2,394 4,672 517 911 300 1,399 530 978 1,700 2,222 2,010 1,500 920 614 920 832 1,373 354 2,542 320 2,085 1,416 1,320 4,515 85 1,145 912 5,207 155 178 9,872 14,540 8,865 17,423 4,974 4,061 31,238 21,364 16,347 10,201 14,222 10,487 3,298 8,447 13,016 19,951 26,675 33,568 16,348 11,860 5,073 2,611 16,442 5,146 5,577 14,168 43,805 71,802 3,596 4,828 2,098 16,966 3,281 8,204 19,492 31,670 19,549 6,278 15,137 9,352 3,958 10,837 8,862 4,263 40,798 14,258 12,754 9,871 18,626 8,685 1,395 8,994 14,010 31,715 7,557 1,966 2,916 1,805 3,632 763 557 1,061 2,691 1,587 1,314 1,674 1,483 2,298 8,447 2,859 4,479 8,182 10,292 3,055 1,363 1,143 378 4,835 2,516 2,788 3,227 9,550 15,537 438 642 1,313 1,991 1,785 1,025 4,171 1,614 3,315 3,213 3,719 1,078 706 1,332 1,145 1,827 1,283 3,341 2,222 1,263 4,266 1,046 961 1,076 1,702 3,625 2,343 2015 2015 2015 2015 2018 2018 2021 2018 2019 2018 2018 2014 1996 1997 2014 2014 2011 2011 2015 2017 2014 2018 2011 2003 2003 2014 2014 2014 2018 2018 1998 2018 2002 2018 2015 2021 2014 1998 2014 2018 2018 2018 2018 2002 2021 2014 2021 2018 2014 2018 1996 2018 2018 2018 1996 122 Tile Cross Road, Garretts Green 1997 2010 Clinton Street, Winson Green 2010 Clinton Street, Winson Green 2015 363 S. Fieldstone Boulevard 1994 7225 Boca Del Mar Drive 1984 375 Northwest 51st Street 2018 2000 Blake Blvd 1990 2800 Palo Parkway 2017 Poole Lane 1991 3600 Old Boynton Road 1984 3001 South Congress Avenue 2017 Crowthorne Road North 1995 6101 Pointe W. Blvd. 1968 1102 Washington St. Meadow Park Tortoiseshell Way 2009 2011 8757 Brecksville Road 2000 458 Jack Martin Blvd. 2001 680 US-202/206 North 2017 339 Badminton Road Avon Valley Care Home, Tenniscourt Road 2019 2000 951 Cassils Road West 1976 1170 West Mansfield Street 1988 300 Huguley Boulevard 2000 3619 S. Mebane St. 1997 3615 S. Mebane St. 2006 7195 Canada Way 1971 1729-90th Avenue SW 2001 500 Midpark Way SE 1970 1700 Market Street 1986 113 West McMurray Road 1998 1119 Perry Dr., N.W. 2005 7025 Lilley Road 2000 911 Santa Barbara Blvd. 1987 940 Walnut Bottom Road 2015 12315 Pennsylvania Street 2018 13390 N. Illinois St 2016 2645 East Trinity Mills Road 1996 111 MacArthur 2013 8405 Clearvista Lake 1965 1940 1st Avenue Northeast 1997 1001 E. Alex Bell Road 1999 8100 East Washington Street 1976 1070 Stouffer Avenue 1997 100 Lanark Rd. 2019 250 Nichols Ct. 2009 100 Rorer Street 1999 1148 Mountain Creek Road 1997 2700 Chapel Avenue West 2009 12001 Iron Bridge Road 1964 8700 Jones Mill Road 1996 801 Country Club Rd. 1977 1058 Columbus Street 2000 6870 Clough Pike 1988 7807 Upland Way 1996 1605 N. Hwy. 88 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Clarksville, TN . . . . . . Clayton, NC . . . . . . . . Cleburne, TX . . . . . . . Clevedon, UK . . . . . . . Clifton, NJ . . . . . . . . . Cloquet, MN . . . . . . . . Cobham, UK . . . . . . . Colorado Springs, CO . . . . . . . . . . . . . Colorado Springs, CO . . . . . . . . . . . . . Columbia, TN . . . . . . Columbia, SC . . . . . . . Columbia Heights, MN . . . . . . . . . . . . . Concord, NC . . . . . . . Congleton, UK . . . . . . Conroe, TX . . . . . . . . Corby, UK . . . . . . . . . Costa Mesa, CA . . . . . Coventry, UK . . . . . . . Crawfordsville, IN . . . Cypress, TX . . . . . . . . Dallastown, PA . . . . . Danville, VA . . . . . . . Danville, VA . . . . . . . Daphne, AL . . . . . . . . Davenport, IA . . . . . . Davenport, IA . . . . . . Dayton, OH . . . . . . . . Dearborn Heights, MI . . . . . . . . . . . . . . Decatur, GA . . . . . . . . Delray Beach, FL . . . . Delray Beach, FL . . . . Denver, CO . . . . . . . . Derby, UK . . . . . . . . . Dowagiac, MI . . . . . . . Droitwich, UK . . . . . . Dublin, OH . . . . . . . . . Dubuque, IA . . . . . . . . Dunedin, FL . . . . . . . . Durham, NC . . . . . . . . Eagan, MN . . . . . . . . . East Brunswick, NJ . . Eastbourne, UK . . . . . Easton, PA . . . . . . . . . Easton, PA . . . . . . . . . Easton, PA . . . . . . . . . Eden, NC . . . . . . . . . . Edmond, OK . . . . . . . Edmond, OK . . . . . . . Elizabeth City, NC . . . Elk Grove Village, IL . . . . . . . . . . . . . . Elk Grove Village, IL . . . . . . . . . . . . . . — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 15,252 — — — — — — — — — — — 330 520 1,113 2,778 3,881 340 9,601 4,280 1,730 341 1,699 825 550 1,993 1,440 1,228 2,050 — 720 2,145 1,377 410 240 2,880 566 910 1,188 1,197 1,413 1,158 2,125 3,222 — 825 — 1,393 568 1,883 1,476 2,260 1,380 3,985 1,109 1,430 1,620 390 1,810 1,650 200 1,344 3,733 2,292 15,733 10,560 16,570 34,941 4,660 24,464 62,168 25,493 2,295 2,319 14,175 3,921 5,012 6,136 5,144 19,969 — 17,239 14,552 16,797 3,954 8,436 8,670 2,017 20,038 5,412 3,394 13,796 13,572 11,840 24,804 — 1,778 — 94 — — 18 120 — — 693 — — 163 683 — — 39 1,003 15,458 1,426 — — 1,073 1,325 384 — — — — — — — — 10,319 — — 14,479 2,911 8,902 13,325 10,659 31,643 34,229 23,923 7,500 13,396 10,049 4,877 14,849 25,167 2,760 7,073 18,745 — — — 3,220 300 1,235 — — — — 186 3,431 1,700 2,841 — — 179 330 520 1,113 2,778 3,881 340 9,601 4,280 1,730 341 1,699 825 550 1,993 1,440 1,096 2,050 1,920 720 2,145 1,377 410 240 2,880 566 910 1,188 1,197 1,413 1,158 2,125 3,222 2,234 825 3,443 1,393 568 1,883 1,476 2,260 1,380 3,985 1,109 1,430 1,620 390 1,810 1,650 200 1,344 3,733 2,292 15,827 10,560 16,570 34,959 4,780 24,464 1,430 3,506 192 3,638 2,052 1,509 6,021 1998 2014 2022 2014 2021 2011 2013 1998 2183 Memorial Dr. 2013 84 Johnson Estate Road 2015 902 Walter P. Holliday Drive 1994 18/19 Elton Road 2021 782 Valley Road 2006 705 Horizon Circle 2013 Redhill Road 62,168 11,722 2015 2008 1605 Elm Creek View 5,126 1,430 310 4,255 2,137 1,077 113 818 7,730 2,799 4,446 259 2,043 2,401 2,025 2,662 252 2,370 702 484 1,561 1,661 1,490 2,819 1,483 277 2016 1999 2018 2011 2003 2014 2022 2017 2011 2015 2014 2022 2018 2003 2014 2012 2018 2018 2018 2018 2018 2018 2018 2018 2014 2020 2016 2818 Grand Vista Circle 1999 5011 Trotwood Ave. 1968 2601 Forest Drive 2009 3807 Hart Boulevard 1997 2452 Rock Hill Church Rd. 1994 Rood Hill 2013 608 Conroe Medical Dr 1997 25 Rockingham Road 1965 350 West Bay St 2014 1 Glendale Way 2013 517 Concord Road 2015 17935 Longenbaugh Rd 1979 100 West Queen Street 1998 149 Executive Ct. 1996 508 Rison Street 2001 27440 County Road 13 1966 815 East Locust Street 2008 3800 Commerce Blvd. 1977 1974 North Fairfield Road 1964 26001 Ford Road 1977 2722 North Decatur Road 1998 16150 Jog Road 1998 16200 Jog Road 1988 290 South Monaco Parkway 2015 Rykneld Road 2006 29601 Amerihost Dr 667 2018 2020 Former Spring Meadows PH, Mulberry Tree Hill 4075 W. Dublin-Granville Road 2014 1971 901 West Third Street 1983 870 Patricia Avenue 1999 4434 Ben Franklin Blvd. 2004 3810 Alder Avenue 1998 606 Cranbury Rd. 1999 Carew Road 2015 4100 Freemansburg Avenue 1981 2600 Northampton Street 2000 4100 Freemansburg Avenue 1998 314 W. Kings Hwy. 1985 1225 Lakeshore Drive 2017 2709 East Danforth Road 1999 400 Hastings Lane 431 1,028 1,548 12,764 5,887 10,583 5,185 1,187 1,637 1,450 2,508 3,948 4,268 2,712 2018 2018 2018 1997 2015 2011 2014 2018 2018 2018 2003 2014 2014 1998 26,186 2,295 2,319 14,338 4,604 5,012 6,136 5,315 20,972 13,538 18,665 14,552 16,797 5,027 9,761 9,054 2,017 20,038 5,412 3,394 13,796 13,572 11,840 24,804 8,085 1,778 11,036 2,911 8,902 13,325 13,879 31,943 35,464 23,923 7,500 13,396 10,049 5,063 18,280 26,867 5,601 7,073 904 2018 1995 1940 Nerge Road Elk 18,745 2,120 2018 1988 1920 Nerge Road Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Encinitas, CA . . . . . . . Escondido, CA . . . . . . Everett, WA . . . . . . . . Exton, PA . . . . . . . . . . Fairfax, VA . . . . . . . . Fairfax, VA . . . . . . . . Fairhope, AL . . . . . . . Fall River, MA . . . . . . Fanwood, NJ . . . . . . . Faribault, MN . . . . . . . Farmington, CT . . . . . Farnborough, UK . . . . Fayetteville, PA . . . . . Fayetteville, NY . . . . . Findlay, OH . . . . . . . . Fishers, IN . . . . . . . . . Fishers, IN . . . . . . . . . Fishersville, VA . . . . . Flint, MI . . . . . . . . . . . Florence, NJ . . . . . . . . Floyd, VA . . . . . . . . . Forest City, NC . . . . . Fort Collins, CO . . . . . Fort Wayne, IN . . . . . Fort Worth, TX . . . . . Fort Worth, TX . . . . . Fountain Valley, CA . . . . . . . . . . . . . Fredericksburg, VA . . Fredericksburg, VA . . Ft. Myers, FL . . . . . . . Ft. Myers, FL . . . . . . . Ft. Myers, FL . . . . . . . Gahanna, OH . . . . . . . Gainesville, FL . . . . . . Galesburg, IL . . . . . . . Gardner, KS . . . . . . . . Gastonia, NC . . . . . . . Gastonia, NC . . . . . . . Gastonia, NC . . . . . . . Geneva, IL . . . . . . . . . Georgetown, TX . . . . Gig Harbor, WA . . . . . Glen Ellyn, IL . . . . . . Granbury, TX . . . . . . . Granger, IN . . . . . . . . Greensboro, NC . . . . . Greensboro, NC . . . . . Greenville, MI . . . . . . Greenville, SC . . . . . . Greenville, SC . . . . . . Greenville, SC . . . . . . Greenville, NC . . . . . . Greenwood, IN . . . . . . . . . Grosse Pointe, MI — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 1,460 1,520 1,400 3,600 1,827 4,099 570 620 2,850 780 1,693 1,993 2,150 410 200 1,500 2,314 788 1,271 300 680 320 3,680 1,770 450 1,565 5,259 1,000 1,130 1,110 2,139 2,502 2,432 972 1,708 200 470 310 400 1,502 200 3,000 1,496 2,550 1,670 330 560 1,490 310 1,751 947 290 1,550 867 7,721 24,024 5,476 27,267 17,304 17,614 9,119 5,829 55,175 11,539 10,455 5,616 20,244 3,962 1,800 14,500 33,731 2,101 18,050 2,978 3,618 4,497 58,608 19,930 13,615 15,982 9,375 20,000 23,202 10,559 18,235 9,741 34,645 8,809 3,839 2,800 6,129 3,096 5,029 16,193 2,100 4,461 6,634 2,940 21,280 2,970 5,507 4,341 4,750 8,771 1,445 4,393 22,770 2,385 9,775 25,164 5,476 27,609 17,304 17,614 9,231 10,685 57,196 11,839 10,455 5,616 20,244 4,462 1,800 16,899 34,140 2,104 18,050 2,978 3,622 4,723 58,608 21,701 18,701 15,982 9,375 22,161 23,793 10,559 18,235 9,741 35,306 8,934 3,839 2,898 6,206 3,209 5,836 16,193 2,100 4,461 6,634 3,717 23,925 3,632 7,884 4,341 5,271 8,771 1,445 4,746 23,176 2,385 5,580 8,999 3,341 3,915 2000 2011 1999 2017 2,133 2018 2,125 2,672 6,471 16,687 2,186 1,315 1,173 5,611 2,400 1,190 5,177 1,759 1,382 2,068 1,616 1,112 2,324 11,015 6,865 6,618 283 1,128 9,536 5,341 1,306 2,205 1,425 1,501 658 470 611 3,116 1,640 2,627 1,951 1,378 660 889 1,295 7,478 1,832 3,375 531 2,363 1,085 300 2,313 7,316 309 2018 2012 1996 2011 2015 2018 2014 2015 2001 1997 2010 2021 2018 2018 2002 2018 2003 2015 2010 2010 2022 2018 2005 2014 2018 2018 2018 2021 2021 2018 2015 2003 2003 2003 2018 1997 2018 2018 2012 2010 2003 2003 2020 2004 2018 2018 2003 2010 2018 2,054 1,140 — 342 — — 112 4,856 2,021 300 — — — 500 — 2,399 409 3 — — 4 226 — 1,771 5,086 — — 2,161 591 — — — 661 125 — 98 77 113 807 — — — — 777 2,645 662 2,377 — 521 — — 353 406 — 1,460 1,520 1,400 3,600 1,827 4,099 570 620 2,850 780 1,693 1,993 2,150 410 200 1,500 2,314 788 1,271 300 680 320 3,680 1,770 450 1,565 5,259 1,000 1,130 1,110 2,139 2,502 2,432 972 1,708 200 470 310 400 1,502 200 3,000 1,496 2,550 1,670 330 560 1,490 310 1,751 947 290 1,550 867 180 1997 1988 335 Saxony Rd. 1987 1500 Borden Rd 1999 2015 Lake Heights Dr. 2018 501 Thomas Jones Way 12469 Lee Jackson Mem Highway 12475 Lee Jackson Memorial Highway 1990 1987 50 Spring Run Road 1973 1748 Highland Ave. 1982 295 South Ave. 2003 828 1st Street NE 1997 45 South Road 1980 Bruntile Close, Reading Road 1991 6375 Chambersburg Road 1997 5125 Highbridge St. 1997 725 Fox Run Rd. 2000 9745 Olympia Dr. 2018 12950 Tablick St 1998 83 Crossroad Lane 1969 3011 North Center Road 1999 901 Broad St. 1979 237 Franklin Pike Rd SE 1999 493 Piney Ridge Rd. 2007 4750 Pleasant Oak Drive 2008 611 W County Line Rd South 2011 425 Alabama Ave. 2015 3141 Dalhart Dr 1988 11680 Warner Avenue 1999 3500 Meekins Dr. 2010 140 Brimley Drive 1999 15950 McGregor Boulevard 1990 1600 Matthew Drive 2000 13881 Eagle Ridge Drive 2017 5435 Morse Road 2000 1415 Fort Clarke Blvd 1964 280 East Losey Street 2000 869 Juniper Terrace 1998 1680 S. New Hope Rd. 1994 1717 Union Rd. 1996 1750 Robinwood Rd. 2000 2388 Bricher Road 1997 2600 University Dr., E. 3309 45th Street Court Northwest 1990 2001 2S706 Park Boulevard 1996 916 East Highway 377 2009 6330 North Fir Rd 1996 5809 Old Oak Ridge Rd. 1997 4400 Lawndale Dr. 2016 1515 Meijer Dr 1997 23 Southpointe Dr. 1966 600 Sulphur Springs Road 1976 601 Sulphur Springs Road 1998 2715 Dickinson Ave. 2007 2339 South SR 135 1964 21401 Mack Avenue Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Hamilton, NJ . . . . . . . Hanford, UK . . . . . . . Harrisburg, PA . . . . . . Harrow, UK . . . . . . . . Hastings, MI . . . . . . . . Hatboro, PA . . . . . . . . Hatboro, PA . . . . . . . . Hatfield, UK . . . . . . . . Haverhill, MA . . . . . . Hemet, CA . . . . . . . . . Hermitage, TN . . . . . . Herne Bay, UK . . . . . . Hiawatha, KS . . . . . . . Hickory, NC . . . . . . . . High Point, NC . . . . . . High Point, NC . . . . . . High Point, NC . . . . . . High Point, NC . . . . . . Highlands Ranch, CO . . . . . . . . . . . . . Hillsboro, OH . . . . . . . Hinckley, UK . . . . . . . Hinsdale, IL . . . . . . . . Holton, KS . . . . . . . . . Homewood, IL . . . . . . Howard, WI . . . . . . . . Huntingdon Valley, PA . . . . . . . . . . . . . Huntsville, AL . . . . . . Independence, VA . . . Indianapolis, IN . . . . . Jackson, NJ . . . . . . . . . Jacksonville, FL . . . . . Jefferson Hills, PA . . . Jersey Shore, PA . . . . Kansas City, KS . . . . . Katy, TX . . . . . . . . . . Kensington, MD . . . . . Kenwood, OH . . . . . . Kettering, OH . . . . . . . King of Prussia, PA . . King of Prussia, PA . . Kingsford, MI . . . . . . Kirkstall, UK . . . . . . . Knoxville, TN . . . . . . Kokomo, IN . . . . . . . . Lacey, WA . . . . . . . . . Lafayette, CO . . . . . . . Lafayette, IN . . . . . . . Lakeway, TX . . . . . . . Lakewood, CO . . . . . . Lancaster, PA . . . . . . . Lapeer, MI . . . . . . . . . Largo, FL . . . . . . . . . . Laureldale, PA . . . . . . — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 440 1,353 569 7,246 1,603 — 1,192 2,862 5,519 6,224 1,500 1,900 40 290 560 370 330 430 940 1,792 2,113 4,033 40 2,395 579 1,150 1,382 1,082 870 6,500 2,932 2,265 600 700 1,778 1,753 821 1,229 720 1,205 1,362 2,385 2,207 710 2,582 1,420 670 5,142 2,160 1,011 1,827 1,166 1,171 4,469 9,622 12,822 8,092 6,519 28,112 7,608 7,368 19,554 8,410 9,943 24,353 4,210 987 4,443 2,185 3,395 4,143 3,721 6,339 4,106 24,280 7,460 7,649 32,122 3,728 14,286 6,767 14,688 26,405 14,269 13,614 8,104 20,115 22,622 18,621 11,040 4,701 14,776 4,725 10,594 9,216 12,849 16,044 18,175 20,192 16,833 23,203 28,091 7,502 8,794 3,426 14,420 4,469 9,622 12,822 8,092 6,519 29,883 7,608 7,368 19,618 8,410 10,483 24,516 4,241 1,379 5,849 3,184 3,537 5,150 8,704 6,339 4,106 24,280 7,473 7,649 37,960 3,728 14,376 6,774 14,688 34,315 14,398 13,614 8,104 20,115 22,622 18,621 11,040 4,701 14,776 4,725 10,594 9,216 13,869 16,044 18,175 20,192 16,834 23,203 28,153 7,502 8,794 3,426 14,420 2,421 2,392 1,537 1,807 665 9,293 1,244 1,846 734 1,048 3,020 6,455 869 742 2,694 1,382 1,769 2,131 3,153 1,072 1,126 2,764 1,427 891 5,774 647 960 2,007 3,624 7,606 1,021 2,385 909 4,028 3,689 2,162 1,324 642 1,838 695 1,324 2,298 2,432 3,950 2,140 4,286 3,864 6,164 6,514 915 843 540 1,697 2001 2013 2018 2014 2020 2011 2018 2013 2021 2018 2011 2013 2015 2003 2003 2003 2003 2003 2002 2018 2013 2018 2015 2018 2017 2018 2021 2018 2014 2012 2021 2018 2018 2015 2017 2018 2018 2018 2018 2018 2018 2013 2021 2014 2018 2015 2015 2007 2014 2018 2020 2018 2018 — — — — — 1,771 — — 64 — 540 123 31 392 1,406 999 142 1,007 4,983 — — — 13 — 5,943 — 90 7 — 7,910 129 — — — — — — — — — — — 1,020 — — — 1 — 62 — — — — 440 1,353 569 7,246 1,603 — 1,192 2,862 5,519 6,224 1,500 1,860 40 290 560 370 330 430 940 1,792 2,113 4,033 40 2,395 684 1,150 1,382 1,082 870 6,500 2,932 2,265 600 700 1,778 1,753 821 1,229 720 1,205 1,362 2,385 2,207 710 2,582 1,420 670 5,142 2,160 1,011 1,827 1,166 1,171 181 1645 Whitehorse-Mercerville Rd. 1998 2012 Bankhouse Road 2000 2625 Ailanthus Lane 2001 177 Preston Hill 2002 1821 N. East St 1996 3485 Davisville Road 2000 779 West County Line Road 2012 St Albans Road East 2018 10 Residences Way 1989 1717 West Stetson Avenue 4131 Andrew Jackson Parkway 2006 2011 165 Reculver Road 1996 400 Kansas Ave 1994 2530 16th St. N.E. 2000 1568 Skeet Club Rd. 1999 1564 Skeet Club Rd. 1994 201 Hartley Dr. 1998 1560 Skeet Club Rd. 1999 9160 S. University Blvd. 1983 1141 Northview Drive 2013 Tudor Road 1971 600 W Ogden Avenue 1996 410 Juniper Dr 1989 940 Maple Avenue 2016 2790 Elm Tree Hill 1993 3430 Huntingdon Pike 2001 4801 Whitesport Cir SW 1998 400 S Independence Ave 2014 1635 N Arlington Avenue 2001 2 Kathleen Drive 1999 3455 San Pablo Rd S 1997 380 Wray Large Road 1973 1008 Thompson Street 2015 8900 Parallel Parkway 2015 24802 Kingsland Boulevard 2002 4301 Knowles Avenue 2000 4580 East Galbraith Road 1977 3313 Wilmington Pike 1995 620 West Valley Forge Road 1990 600 West Valley Forge Road 1968 1225 Woodward Avenue 2009 29 Broad Lane 2001 8501 S. Northshore Drive 2014 2200 S. Dixon Rd 2012 4524 Intelco Loop SE 2015 329 Exempla Circle 2014 2402 South Street 2011 2000 Medical Dr 2010 7395 West Eastman Place 1966 100 Abbeyville Road 2004 101 Devonshire Dr 300 Highland Avenue Northeast 1997 1980 2125 Elizabeth Avenue Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Lebanon, PA . . . . . . . Lebanon, PA . . . . . . . Lee, MA . . . . . . . . . . . Leeds, UK . . . . . . . . . Leicester, UK . . . . . . . Lenoir, NC . . . . . . . . . Lethbridge, AB . . . . . Lexana, KS . . . . . . . . . Lexington, NC . . . . . . Libertyville, IL . . . . . . Libertyville, IL . . . . . . Lichfield, UK . . . . . . . Lillington, NC . . . . . . Lillington, NC . . . . . . Livermore, CA . . . . . . . . . . . . . . Livonia, MI Longwood, FL . . . . . . Los Angeles, CA . . . . Louisburg, KS . . . . . . Louisville, KY . . . . . . Loxley, UK . . . . . . . . Lutherville, MD . . . . . Lynchburg, VA . . . . . Lynchburg, VA . . . . . Lynnwood, WA . . . . . Manalapan, NJ . . . . . . Manassas, VA . . . . . . Mankato, MN . . . . . . . Marietta, OH . . . . . . . Marietta, PA . . . . . . . . Marietta, GA . . . . . . . Marion, IN . . . . . . . . . Marion, IN . . . . . . . . . Marion, OH . . . . . . . . Marlborough, UK . . . . Martinsville, VA . . . . Marysville, OH . . . . . . Matthews, NC . . . . . . McHenry, IL . . . . . . . McMurray, PA . . . . . . Medicine Hat, AB . . . Mentor, OH . . . . . . . . Mequon, WI . . . . . . . . Miamisburg, OH . . . . Middleburg Heights, OH . . . . . . . . . . . . . Middleton, WI . . . . . . Midlothian, VA . . . . . Milton Keynes, UK . . Minnetonka, MN . . . . Mishawaka, IN . . . . . . Moline, IL . . . . . . . . . Monroe, NC . . . . . . . . Monroe, NC . . . . . . . . — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 728 1,214 290 — — 190 1,214 480 200 6,500 2,993 1,353 470 500 4,100 985 1,260 — 280 490 1,369 1,100 340 2,904 2,302 900 750 1,460 1,149 1,050 2,406 720 990 2,768 2,621 349 408 560 1,576 1,440 932 1,827 2,238 786 960 420 2,015 — 2,080 740 2,946 470 310 10,367 5,960 18,135 — — 3,748 2,750 1,770 3,900 40,024 11,546 29,685 17,579 16,451 24,996 13,555 6,445 11,430 4,320 10,010 15,668 19,786 16,114 3,696 5,632 22,624 7,446 32,104 9,373 13,633 12,229 9,604 7,600 17,415 6,679 — 858 4,738 — 15,805 5,566 9,938 17,761 3,232 7,780 4,006 8,602 — 24,360 12,188 18,672 3,681 4,799 10,367 5,960 19,061 12,960 23,896 4,668 2,823 1,932 5,053 44,710 11,546 29,685 18,336 16,722 25,075 13,555 6,445 12,549 4,367 12,778 16,050 21,530 16,374 3,696 5,632 23,720 8,798 32,404 9,373 14,225 12,229 9,604 7,600 17,415 6,679 — 1,315 5,509 — 19,699 5,702 9,938 18,361 3,232 8,252 4,606 8,602 18,260 28,514 12,188 18,672 4,520 5,721 1,336 861 10,230 2,583 6,240 2,253 793 445 2,591 12,935 1,333 5,908 4,170 3,664 5,179 1,684 2,123 4,632 844 5,993 3,956 6,859 3,892 445 688 7,048 3,921 5,952 1,119 2,661 1,429 3,035 3,710 2,648 1,456 — 177 2,473 — 5,838 1,315 1,203 791 551 3,726 2,367 625 3,742 8,497 3,605 2,111 2,250 2,855 2018 2018 2002 2015 2012 2003 2014 2015 2002 2011 2018 2015 2014 2014 2014 2018 2011 2008 2015 2005 2013 2011 2014 2018 2018 2011 2003 2015 2018 2015 2018 2014 2014 2018 2014 2003 2021 2003 2006 2010 2014 2018 2021 2018 2004 2001 2021 2015 2012 2014 2018 2003 2003 — — 926 14,892 26,891 920 101 162 1,153 4,686 — — 757 271 79 — — 1,119 47 2,768 354 1,744 260 — — 1,096 1,352 300 — 592 — — — — — — 457 771 — 3,894 157 — 600 — 472 600 — 20,047 4,154 — — 839 922 728 1,214 290 1,932 2,995 190 1,242 480 200 6,500 2,993 1,353 470 500 4,100 985 1,260 — 280 490 1,341 1,100 340 2,904 2,302 900 750 1,460 1,149 1,050 2,406 720 990 2,768 2,621 349 408 560 1,576 1,440 953 1,827 2,238 786 960 420 2,015 1,787 2,080 740 2,946 470 310 182 1998 100 Tuck Court 1980 900 Tuck Street 1998 600 & 620 Laurel St. 2013 100 Grove Lane 2010 307 London Road 1998 1145 Powell Rd., N.E. 785 Columbia Boulevard West 2003 1994 8710 Caenen Lake Rd 1997 161 Young Dr. 2001 901 Florsheim Dr 1988 1500 South Milwaukee 2012 Wissage Road 2013 54 Red Mulberry Way 1999 2041 NC-210 N 1974 35 Fenton Street 1999 32500 Seven Mile Road 425 South Ronald Reagan Boulevard 2011 1971 330 North Hayworth Avenue 1996 202 Rogers St 1978 4604 Lowe Rd 2008 Loxley Road 1988 515 Brightfield Road 2013 189 Monica Blvd 1978 2200 Landover Place 1987 3701 188th Street 2001 445 Route 9 South 1996 8341 Barrett Dr. 2006 100 Dublin Road 1977 5001 State Route 60 1999 2760 Maytown Road 1980 4360 Johnson Ferry Place 2012 614 W. 14th Street 1976 505 N. Bradner Avenue 2004 400 Barks Road West 1999 The Common Rolling Hills Rd. & US Hwy. 58 1900 1990 715 South Walnut Street 1998 2404 Plantation Center Dr. 5200 Block of Bull Valley Road 1900 2011 240 Cedar Hill Dr 1999 65 Valleyview Drive SW 1985 8200 Mentor Hills Drive 2015 6751 West Mequon Road 1983 450 Oak Ridge Boulevard 1998 15435 Bagley Rd. 1991 6701 Stonefield Rd. 2015 13800 Bon Secours Drive 2007 Tunbridge Grove, Kents Hill 1999 500 Carlson Parkway 2013 60257 Bodnar Blvd 1964 833 Sixteenth Avenue 2001 918 Fitzgerald St. 2000 919 Fitzgerald St. Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Monroe, NC . . . . . . . . Monroe Township, NJ . . . . . . . . . . . . . . Monroeville, PA . . . . . Monroeville, PA . . . . . Montgomeryville, PA . . . . . . . . . . . . . Montville, NJ . . . . . . . Moorestown, NJ . . . . . Morehead City, NC . . Moulton, UK . . . . . . . Mountainside, NJ . . . . Mt. Pleasant, MI . . . . . Naperville, IL . . . . . . . Naples, FL . . . . . . . . . Naples, FL . . . . . . . . . Naples, FL . . . . . . . . . Nashville, TN . . . . . . . Needham, MA . . . . . . Needham, MA . . . . . . New Lenox, IL . . . . . . New Moston, UK . . . . Newark, DE . . . . . . . . Newcastle Under Lyme, UK . . . . . . . Newcastle-under- Lyme, UK . . . . . . . Newport News, VA . . Norman, OK . . . . . . . . North Augusta, SC . . . Northampton, UK . . . Northampton, UK . . . Northbrook, IL . . . . . . Nottingham, UK . . . . . Nuneaton, UK . . . . . . Nuthall, UK . . . . . . . . Oak Lawn, IL . . . . . . . Oak Lawn, IL . . . . . . . Oakland, CA . . . . . . . . Olathe, KS . . . . . . . . . Ona, WV . . . . . . . . . . Oneonta, NY . . . . . . . Orem, UT . . . . . . . . . . Osage City, KS . . . . . . Osawatomie, KS . . . . . Ottawa, KS . . . . . . . . . Overland Park, KS . . . Overland Park, KS . . . Overland Park, KS . . . Overland Park, KS . . . Owasso, OK . . . . . . . . Palm Beach Gardens, FL . . . . . . . . . . . . . . Palm Desert, CA . . . . Palm Harbor, FL . . . . Palm Harbor, FL . . . . Palm Harbor, FL . . . . Palos Heights, IL . . . . — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 450 3,250 1,216 1,237 1,176 3,500 4,143 200 1,695 3,097 1,863 3,470 1,222 1,672 1,854 4,910 1,610 3,957 1,225 1,449 560 1,087 1,101 839 55 332 5,072 1,971 1,298 — 3,255 2,446 2,418 3,876 4,760 1,930 950 80 2,150 50 130 160 — 4,500 410 1,300 215 2,082 6,195 1,306 2,490 3,281 1,225 4,021 27,771 12,749 3,641 9,824 31,002 23,902 3,104 12,510 7,807 6,467 29,547 10,639 23,119 12,398 29,590 12,667 71,163 21,575 4,286 21,220 5,536 5,420 6,077 1,484 2,558 16,983 6,125 13,337 — 8,793 10,216 5,426 7,985 16,143 19,765 7,639 3,839 24,107 1,700 2,970 6,590 — 29,105 2,840 25,311 1,380 6,622 8,918 13,807 23,901 22,450 12,453 417 1,118 — — — 2,559 — 2,039 190 — — 5,862 — — — — — 191 — — 2,442 — — 6 — — — — — 7,725 — — — — 282 553 — — — 151 145 47 31,146 7,295 98 677 — — — — 125 — — 450 3,250 1,216 1,237 1,176 3,500 4,143 200 1,513 3,097 1,863 3,470 1,222 1,672 1,854 4,910 1,610 3,957 1,225 1,449 560 1,087 1,101 839 55 332 5,072 1,971 1,298 1,594 3,255 2,446 2,418 3,876 4,760 1,930 950 80 2,150 50 130 160 3,730 4,500 410 1,300 215 2,082 6,195 1,306 2,490 3,281 1,225 183 4,438 2,146 2003 1997 1316 Patterson Ave. 28,889 12,749 3,641 9,824 33,561 23,902 5,143 12,882 7,807 6,467 35,409 10,639 23,119 12,398 29,590 12,667 71,354 21,575 4,286 23,662 5,371 1,833 697 1,249 10,036 6,073 2,705 1,881 957 743 9,730 1,364 3,303 1,432 11,495 6,594 2,068 2,346 1,113 10,355 2015 2018 2018 2018 2011 2012 1999 2017 2018 2020 2011 2018 2018 2018 2008 2002 2021 2019 2013 2004 1996 319 Forsgate Drive 1997 120 Wyngate Drive 1996 885 MacBeth Drive 1989 640 Bethlehem Pike 1988 165 Changebridge Rd. 2014 250 Marter Avenue 1999 107 Bryan St. 1995 Northampton Lane North 1988 1180 Route 22 2013 2378 S. Lincoln Rd 2001 504 North River Road 6125 Rattlesnake Hammock Road 1998 1993 1000 Lely Palms Drive 1987 3601 Lakewood Boulevard 2007 15 Burton Hills Boulevard 1994 100 West St. 2013 235 Gould St. 2007 1023 South Cedar Rd 2010 90a Broadway 1998 200 E. Village Rd. 5,536 1,373 2013 2010 Hempstalls Lane 5,420 6,083 1,484 2,558 16,983 6,125 13,337 6,131 8,793 10,216 5,426 7,985 16,425 20,318 7,639 3,839 24,107 1,851 3,115 6,637 27,416 36,400 2,938 25,988 1,380 6,622 8,918 13,807 24,026 22,450 12,453 1,182 1,737 1,062 1,586 4,378 1,251 1,578 1,239 2,182 2,561 638 974 3,681 4,241 2,381 1,939 4,508 445 676 1,302 9,937 12,683 663 5,293 930 893 1,091 1,753 1,520 2,797 1,448 2014 2018 1995 1999 2013 2014 2018 2014 2013 2013 2018 2018 2014 2016 2015 2007 2015 2015 2015 2015 2008 2010 2015 2016 1996 2018 2018 2018 2021 2018 2018 1999 Silverdale Road 1998 12997 Nettles Dr 1995 1701 Alameda Dr. 1998 105 North Hills Dr. 2011 Cliftonville Road 2014 Cliftonville Road 1999 3240 Milwaukee Avenue 2014 172A Nottingham Road 2011 132 Coventry Road 2011 172 Nottingham Road 1977 9401 South Kostner Avenue 1960 6300 W 95th Street 2002 468 Perkins Street 2015 21250 W 151 Street 2007 100 Weatherholt Drive 1996 1846 County Highway 48 2014 250 East Center Street 1996 1403 Laing St 2003 1520 Parker Ave 2007 2250 S Elm St 2009 12000 Lamar Avenue 1988 6101 W 119th St 2004 14430 Metcalf Ave 2015 7600 Antioch Road 1996 12807 E. 86th Place N. 1991 11375 Prosperity Farms Road 1989 74350 Country Club Drive 1997 2895 Tampa Road 1996 2960 Tampa Rd 1990 2851 Tampa Road 1999 7880 West College Drive Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Palos Heights, IL . . . . Palos Heights, IL . . . . Panama City Beach, FL . . . . . . . . . . . . . . Paola, KS . . . . . . . . . . Parma, OH . . . . . . . . . Parma, OH . . . . . . . . . Paulsboro, NJ . . . . . . . Paw Paw, MI . . . . . . . Perrysburg, OH . . . . . Perrysburg, OH . . . . . Philadelphia, PA . . . . Pickerington, OH . . . . Pikesville, MD . . . . . . Pikesville, MD . . . . . . Pinehurst, NC . . . . . . . Piqua, OH . . . . . . . . . . Piscataway, NJ . . . . . . Pittsburgh, PA . . . . . . Pittsburgh, PA . . . . . . Pittsburgh, PA . . . . . . Pittsburgh, PA . . . . . . Pittsburgh, PA . . . . . . Pittsburgh, PA . . . . . . Pittsburgh, PA . . . . . . Plainview, NY . . . . . . Plano, TX . . . . . . . . . . Poole, UK . . . . . . . . . . Potomac, MD . . . . . . . Potomac, MD . . . . . . . Pottstown, PA . . . . . . Powell, OH . . . . . . . . . Powell, OH . . . . . . . . . Prior Lake, MN . . . . . Prospect, KY . . . . . . . Raleigh, NC . . . . . . . . Raleigh, NC . . . . . . . . Raleigh, NC . . . . . . . . Red Bank, NJ . . . . . . . Redondo Beach, CA . . . . . . . . . . . . . Reidsville, NC . . . . . . Richardson, TX . . . . . Richmond, IN . . . . . . . Richmond, VA . . . . . . Richmond, VA . . . . . . Roanoke, VA . . . . . . . Rock Hill, SC . . . . . . . Rockford, MI . . . . . . . Rockville Centre, NY . . . . . . . . . . . . . Romeoville, IL . . . . . . Roseville, MN . . . . . . Rugeley, UK . . . . . . . . Ruston, LA . . . . . . . . . S Holland, IL . . . . . . . Salem, OR . . . . . . . . . — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 12,785 — — — — — — — — — — — — — — — — — — — — — 3,431 2,590 900 190 960 1,833 3,264 1,687 1,456 1,213 2,930 2,072 — 4,247 290 204 3,100 603 1,005 1,140 761 1,480 1,139 1,750 3,990 1,840 3,111 1,448 4,119 984 1,910 2,300 1,870 2,533 7,598 3,530 2,580 1,050 — 170 1,468 700 3,261 1,046 748 1,825 2,386 4,290 1,895 2,140 1,860 710 1,423 449 28,803 7,644 6,402 5,610 12,718 10,314 8,023 5,602 5,431 7,108 10,433 27,651 2,487 8,379 2,690 1,885 33,351 11,354 15,160 3,164 4,213 9,712 5,844 8,572 11,969 20,152 15,639 14,622 14,916 4,563 18,008 26,198 29,849 9,963 88,870 59,589 16,837 21,275 9,557 3,830 12,975 14,222 17,974 8,233 4,483 7,676 13,546 20,310 — 24,679 10,046 9,790 8,907 5,171 28,803 7,644 7,136 5,673 12,718 10,314 8,023 5,602 5,431 7,108 13,969 28,235 2,487 8,379 3,508 1,885 33,351 11,354 15,160 3,164 4,213 9,712 5,844 14,892 14,064 20,712 15,639 14,622 14,916 4,563 18,428 26,628 30,149 10,139 89,770 59,589 16,837 22,678 10,312 5,303 12,975 14,615 17,974 8,233 4,488 7,866 13,546 21,739 — 24,779 10,046 9,790 8,907 5,172 3,236 892 1,917 1,137 1,585 1,447 1,012 669 691 838 4,977 1,184 276 1,103 1,679 1,203 5,201 1,407 1,808 381 486 1,308 771 4,782 4,692 4,025 1,641 1,710 1,803 592 895 1,123 5,533 790 13,307 16,116 4,840 6,726 9,562 2,485 1,579 3,029 2,079 1,019 1,560 718 1,104 6,882 — 4,589 2,640 3,299 1,109 3,192 2018 2018 2011 2015 2018 2018 2018 2020 2018 2018 2011 2021 2018 2018 2003 1997 2013 2018 2018 2018 2018 2018 2018 2005 2011 2016 2019 2018 2018 2018 2021 2021 2015 2021 2008 2012 2012 2011 2011 2002 2018 2016 2018 2018 2018 2021 2020 2011 2006 2015 2013 2011 2018 1999 1987 7850 West College Drive 1996 11860 Southwest Hwy 2005 6012 Magnolia Beach Road 2000 601 N. East Street 1998 9205 Sprague Road 2006 9055 West Sprague Road 1987 550 Jessup Road 2012 677 Hazen 1973 10540 Fremont Pike 1978 10542 Fremont Pike 1952 1526 Lombard Street 2017 611 Windmiller Drive 1998 8911 Reisterstown Road 1996 8909 Reisterstown Road 1998 17 Regional Dr. 1997 1744 W. High St. 2017 10 Sterling Drive 1998 1125 Perry Highway 1997 505 Weyman Road 1962 550 South Negley Avenue 1965 5609 Fifth Avenue 1986 1105 Perry Highway 1986 1848 Greentree Road 1998 100 Knoedler Rd. 1963 150 Sunnyside Blvd 2016 3325 W Plano Parkway 2019 Kingsmill Road 1994 10718 Potomac Tennis Lane 1988 10714 Potomac Tennis Lane 1907 724 North Charlotte Street 2018 3872 Attucks Drive 2017 10351 Sawmill Parkway 2003 4685 Park Nicollet Avenue 2017 6901 Carslaw Ct. 4030 Cardinal at North Hills St 2017 2002 5301 Creedmoor Road 1988 7900 Creedmoor Road 1997 One Hartford Dr. 1957 514 North Prospect Ave 1998 2931 Vance St. 1999 410 Buckingham Road 2015 400 Industries Road 1990 1719 Bellevue Avenue 1966 2125 Hilliard Road 1997 4355 Pheasant Ridge Rd 1995 1611 Constitution Blvd 2014 6070 Northland Dr 2002 260 Maple Ave 1900 Grand Haven Circle 1989 2750 North Victoria Street 2010 Horse Fair 1988 1401 Ezelle St 1997 2045 East 170th Street 1998 1355 Boone Rd. S.E. — — 734 63 — — — — — — 3,536 584 — — 818 — — — — — — — — 6,320 2,095 560 — — — — 420 430 300 176 900 — — 1,403 755 1,473 — 393 — — 5 190 — 1,429 — 100 — — — 1 3,431 2,590 900 190 960 1,833 3,264 1,687 1,456 1,213 2,930 2,072 — 4,247 290 204 3,100 603 1,005 1,140 761 1,480 1,139 1,750 3,990 1,840 3,111 1,448 4,119 984 1,910 2,300 1,870 2,533 7,598 3,530 2,580 1,050 — 170 1,468 700 3,261 1,046 748 1,825 2,386 4,290 1,895 2,140 1,860 710 1,423 449 184 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Salisbury, NC . . . . . . . San Angelo, TX . . . . . San Angelo, TX . . . . . San Antonio, TX . . . . San Diego, CA . . . . . . San Juan Capistrano, CA . . . . . . . . . . . . . Sandusky, MI . . . . . . . Sarasota, FL . . . . . . . . Sarasota, FL . . . . . . . . Sarasota, FL . . . . . . . . Sarasota, FL . . . . . . . . Sarasota, FL . . . . . . . . Scranton, PA . . . . . . . Scranton, PA . . . . . . . Seminole, FL . . . . . . . Seven Fields, PA . . . . Sewell, NJ . . . . . . . . . Shawnee, OK . . . . . . . Silver Spring, MD . . . Silver Spring, MD . . . Silvis, IL . . . . . . . . . . . Sinking Spring, PA . . Sittingbourne, UK . . . Smithfield, NC . . . . . . Smithfield, NC . . . . . . South Bend, IN . . . . . . South Point, OH . . . . . Southampton, UK . . . Southbury, CT . . . . . . Spokane, WA . . . . . . . Springfield, IL . . . . . . St. Paul, MN . . . . . . . . Stafford, UK . . . . . . . . Stamford, UK . . . . . . . Statesville, NC . . . . . . Statesville, NC . . . . . . Statesville, NC . . . . . . Staunton, VA . . . . . . . Sterling Heights, MI . . . . . . . . . . . . . . Sterling Heights, MI . . . . . . . . . . . . . . Stillwater, OK . . . . . . Stratford-upon-Avon, UK . . . . . . . . . . . . . Stroudsburg, PA . . . . . Sunbury, PA . . . . . . . . Sunnyvale, CA . . . . . . Superior, WI . . . . . . . . Tacoma, WA . . . . . . . Tallahassee, FL . . . . . Tampa, FL . . . . . . . . . Telford, UK . . . . . . . . Terre Haute, IN . . . . . Texarkana, TX . . . . . . The Villages, FL . . . . Thomasville, GA . . . . — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 370 260 1,050 1,499 — 1,390 967 475 443 4,101 1,370 2,792 440 320 1,165 484 3,127 80 1,469 4,678 880 1,393 1,328 290 360 670 1,135 1,439 1,860 2,649 990 2,100 1,902 1,781 150 310 140 899 5,697 8,800 24,689 12,658 22,003 6,942 6,738 3,175 8,892 11,204 4,082 11,173 17,609 12,144 8,975 4,663 14,090 1,400 10,392 11,679 16,420 19,842 6,401 5,680 8,216 17,770 9,387 15,189 23,613 11,699 13,378 33,019 7,801 3,170 1,447 6,183 3,627 6,391 790 10,784 1,583 80 773 340 695 4,946 1,020 2,522 1,264 1,315 937 1,370 192 1,035 530 15,634 1,400 14,203 16,313 7,244 22,123 13,735 8,573 9,652 6,911 10,114 18,016 1,403 7,446 12,520 390 425 1,361 — 1,845 1,524 — — — — — — 570 72 — 59 — — — — 139 — — 844 209 — — — 3,421 — 1,085 100 — — 377 693 56 6 — — — — 130 — — 6,159 — 55 — — — — — 1,347 370 260 1,050 1,499 — 1,390 967 475 443 4,101 1,370 2,792 440 320 1,165 484 3,127 80 1,469 4,678 880 1,393 1,328 290 360 670 1,135 1,439 1,860 2,649 990 2,100 1,902 1,781 150 310 140 899 6,087 9,225 26,050 12,658 23,848 8,466 6,738 3,175 8,892 11,204 4,082 11,173 18,179 12,216 8,975 4,722 14,090 1,400 10,392 11,679 16,559 19,842 6,401 6,524 8,425 17,770 9,387 15,189 27,034 11,699 14,463 33,119 7,801 3,170 1,824 6,876 3,683 6,397 2,977 4,247 5,759 1,524 8,453 4,634 583 2,212 1,182 2,168 506 1,343 4,021 2,765 1,154 2,916 1,929 969 1,251 1,499 5,454 2,362 1,341 2,901 1,861 4,225 1,119 2,151 7,504 1,410 3,361 6,080 1,312 708 905 3,109 1,849 1,877 2003 2004 2014 2018 2008 2000 2020 1996 2018 2018 2018 2018 2014 2014 2018 1999 2018 1996 2018 2018 2010 2018 2014 2003 2014 2014 2018 2017 2011 2018 2014 2015 2014 2014 2003 2003 2003 2018 1997 2201 Statesville Blvd. 1997 2695 Valleyview Blvd. 1999 6101 Grand Court Road 2000 15290 Huebner Road 1992 555 Washington St. 2001 30311 Camino Capistrano 2008 70 W. Argyle Ave 1995 8450 McIntosh Rd. 1998 5509 Swift Road 1993 5401 Sawyer Road 1968 3250 12th Street 1993 5511 Swift Road 2005 2741 Blvd. Ave 2013 2751 Boulevard Ave 1998 9300 Antilles Drive 1999 500 Seven Fields Blvd. 2010 378 Fries Mill Road 1995 3947 Kickapoo 1995 2505 Musgrove Road 1990 2501 Musgrove Road 2005 1900 10th St. 1982 3000 Windmill Road 1997 200 London Road 1998 830 Berkshire Rd. 1999 250 Highway 210 West 2014 52565 State Road 933 1984 7743 County Road 1 2013 Botley Road, Park Gate 2001 655 Main St 1985 6025 North Assembly Street 2013 3089 Old Jacksonville Road 1996 750 Mississippi River 2016 Stone Road 1998 Priory Road 1990 2441 E. Broad St. 1996 2806 Peachtree Place 1999 2814 Peachtree Rd. 1999 1410 N Augusta St 790 10,784 1,308 2018 1996 11095 East Fourteen Mile Road 15,634 1,400 14,203 16,443 7,244 22,123 19,894 8,573 9,707 6,911 10,114 18,016 1,403 7,446 13,867 1,925 970 2,823 4,176 844 2,565 5,104 1,016 740 967 380 4,046 945 2,001 3,502 2018 1995 2015 2014 2018 2018 2009 2018 2021 2018 2021 2015 1996 2013 2011 2013 38200 Schoenherr Road 1995 1616 McElroy Rd. 2012 Scholars Lane 2011 370 Whitestone Corner Road 1981 800 Court Street Circle 1990 1150 Tilton Drive 2010 1915 North 34th Street 1984 5601 South Orchard Street 1999 100 John Knox Rd 1999 14950 Casey Road 2021 Shifnal Road 2015 395 8th Avenue 1996 4204 Moores Lane 2014 2450 Parr Drive 2006 423 Covington Avenue 1,583 80 773 340 695 4,946 1,020 2,522 1,264 1,315 937 1,370 192 1,035 530 185 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Thousand Oaks, CA . . . . . . . . . . . . . Three Rivers, MI . . . . Tomball, TX . . . . . . . . Toms River, NJ . . . . . Tonganoxie, KS . . . . . Towson, MD . . . . . . . Towson, MD . . . . . . . Towson, MD . . . . . . . Troy, MI . . . . . . . . . . . Troy, OH . . . . . . . . . . Trumbull, CT . . . . . . . Tulsa, OK . . . . . . . . . . Tulsa, OK . . . . . . . . . . Tulsa, OK . . . . . . . . . . Tustin, CA . . . . . . . . . Twinsburg, OH . . . . . Union, KY . . . . . . . . . Union, SC . . . . . . . . . . Valparaiso, IN . . . . . . Valparaiso, IN . . . . . . Vancouver, WA . . . . . Venice, FL . . . . . . . . . Vero Beach, FL . . . . . Vero Beach, FL . . . . . Vero Beach, FL . . . . . Vero Beach, FL . . . . . Virginia Beach, VA . . Virginia Beach, VA . . Voorhees, NJ . . . . . . . Voorhees, NJ . . . . . . . W Palm Beach, FL . . . W Palm Beach, FL . . . Wabash, IN . . . . . . . . . Waconia, MN . . . . . . . Wake Forest, NC . . . . Wallingford, PA . . . . . Walnut Creek, CA . . . Walnut Creek, CA . . . Walsall, UK . . . . . . . . Wamego, KS . . . . . . . Warren, NJ . . . . . . . . . Waterloo, IA . . . . . . . Wayne, NJ . . . . . . . . . Wellingborough, UK . . . . . . . . . . . . . West Bend, WI . . . . . . West Des Moines, IA . . . . . . . . . . . . . . West Milford, NJ . . . . West Orange, NJ . . . . West Reading, PA . . . Westerville, OH . . . . . Westerville, OH . . . . . Westerville, OH . . . . . Westerville, OH . . . . . Westfield, IN . . . . . . . Westlake, OH . . . . . . . — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 3,425 1,255 1,050 3,466 310 1,715 3,100 4,527 1,381 200 4,440 1,390 1,100 890 840 1,446 — 1,932 112 108 2,503 2,246 263 297 1,256 3,580 1,540 2,004 3,100 2,193 1,175 1,921 670 890 200 1,356 4,358 5,394 — 40 2,000 605 1,427 1,449 620 828 1,960 1,347 890 740 — 1,420 1,582 890 855 19,573 2,760 13,300 23,311 3,690 13,111 6,465 3,126 24,445 2,000 43,384 7,110 27,007 9,410 15,299 5,919 — 2,372 2,558 2,962 28,393 10,094 3,187 3,263 11,204 31,735 22,593 19,634 25,950 6,990 8,294 5,731 14,588 14,726 3,003 6,487 18,407 39,084 — 2,510 30,810 3,030 15,674 5,603 17,790 5,103 24,614 19,389 12,118 8,287 — 5,371 10,279 15,964 11,963 6 — 840 69 81 — — — — 4,254 6,799 1,102 2,233 — 573 — 33,927 — — — — — — — 187 1,331 399 — 26 — — — 1 4,495 2,625 — — — 9,540 61 1,521 — — — 38 — 273 — — 4,871 26,086 — — 1 — 3,425 1,255 1,050 3,466 310 1,715 3,100 4,527 1,381 200 4,440 1,390 1,100 890 840 1,446 2,242 1,932 112 108 2,503 2,246 263 297 1,256 3,580 1,540 2,004 3,100 2,193 1,175 1,921 670 890 200 1,356 4,358 5,394 1,159 40 2,000 605 1,427 1,449 620 828 1,960 1,347 890 740 2,566 1,420 1,582 890 855 186 19,579 2,760 14,140 23,380 3,771 13,111 6,465 3,126 24,445 6,254 50,183 8,212 29,240 9,410 15,872 5,919 31,685 2,372 2,558 2,962 28,393 10,094 3,187 3,263 11,391 33,066 22,992 19,634 25,976 6,990 8,294 5,731 14,589 19,221 5,628 6,487 18,407 39,084 8,381 2,571 32,331 3,030 15,674 5,603 17,828 5,103 24,887 19,389 12,118 13,158 23,520 5,371 10,279 15,965 11,963 1,347 439 4,272 3,279 835 1,577 743 454 2,812 2,834 13,509 3,065 4,881 1,365 5,373 788 2,489 440 1,446 1,660 3,238 1,293 1,778 1,828 843 2,100 5,159 891 7,527 932 1,084 723 3,599 5,606 2,754 881 2,190 4,420 1,765 524 9,589 398 2,370 1,304 5,204 678 3,164 2,746 1,364 11,246 1,766 673 1,310 3,909 1,467 2019 2018 2011 2019 2015 2018 2018 2018 2018 1997 2011 2010 2015 2017 2011 2018 2018 2018 2001 2001 2018 2018 2001 2001 2021 2021 2014 2021 2011 2018 2018 2018 2014 2011 1998 2018 2018 2018 2015 2015 2011 2018 2018 2015 2010 2018 2019 2018 2018 1998 2017 2018 2018 2014 2018 2021 980 Warwick Avenue 1976 517 South Erie Street 2001 1221 Graham Dr 2006 1657 Silverton Rd 2009 120 W 8th St 2000 8101 Bellona Avenue 1960 509 East Joppa Road 1970 7001 North Charles Street 2006 925 West South Boulevard 1997 81 S. Stanfield Rd. 2001 6949 Main Street 1998 7220 S. Yale Ave. 2017 18001 East 51st Street 2009 7210 South Yale Avenue 1965 240 East 3rd St 2014 8551 Darrow Road 2020 9255 US-42 1981 709 Rice Avenue 1998 2601 Valparaiso St. 1999 2501 Valparaiso St. 2011 2811 N.E. 139th Street 1997 1450 East Venice Avenue 1999 420 4th Ct. 1996 410 4th Ct. 2007 4150 Indian River Blvd 2005 910 Regency Square 1993 5520 Indian River Rd 2008 1853 Old Donation Parkway 2013 113 South Route 73 2006 1086 Dumont Circle 1996 2330 Village Boulevard 1996 2300 Village Boulevard 2013 20 John Kissinger Drive 2005 500 Cherry Street 1999 611 S. Brooks St. 1930 115 South Providence Road 1997 1975 Tice Valley Boulevard 1990 1226 Rossmoor Parkway 2015 Little Aston Road 1996 1607 4th St 1999 274 King George Rd 1964 201 West Ridgeway Avenue 1998 800 Hamburg Turnpike 2015 159 Northampton 2011 2130 Continental Dr 2006 5010 Grand Ridge Drive 2000 197 Cahill Cross Road 1998 510 Prospect Avenue 1975 425 Buttonwood Street 2001 690 Cooper Rd. 2020 702 Polaris Parkway 1982 1060 Eastwind Drive 1980 215 Huber Village Boulevard 2013 937 E. 186th Street 1997 28400 Center Ridge Road Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Weston Super Mare, UK . . . . . . . . . . . . . Wheaton, MD . . . . . . . Whippany, NJ . . . . . . . Whitehall, MI . . . . . . . Wichita, KS . . . . . . . . Wichita, KS . . . . . . . . Williamsburg, VA . . . Willoughby, OH . . . . . Wilmington, DE . . . . . Wilmington, NC . . . . . Wilmington, NC . . . . . Wilmington, DE . . . . . Wilmington, DE . . . . . Windsor, VA . . . . . . . Winston-Salem, NC . . . . . . . . . . . . . Winter Garden, FL . . . Winter Springs, FL . . . Witherwack, UK . . . . Wolverhampton, UK . . . . . . . . . . . . . Woodbury, MN . . . . . Woodstock, VA . . . . . Worcester, MA . . . . . . Yardley, PA . . . . . . . . Yardley, PA . . . . . . . . York, PA . . . . . . . . . . York, PA . . . . . . . . . . York, PA . . . . . . . . . . York, UK . . . . . . . . . . Youngsville, NC . . . . . Zephyrhills, FL . . . . . Zionsville, IN . . . . . . . Zionsville, IN . . . . . . . — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 2,464 3,864 1,571 1,645 860 260 1,187 1,774 1,376 210 400 2,843 2,266 1,148 360 1,110 1,152 924 1,540 1,317 594 3,500 773 1,561 976 1,050 1,121 2,898 380 2,131 1,610 2,162 6,906 3,788 14,977 6,789 8,873 2,240 5,728 8,653 13,450 2,991 15,355 36,948 9,500 6,514 2,514 7,937 14,822 6,769 6,537 20,935 5,108 54,099 14,914 9,439 9,354 4,210 7,584 8,092 10,689 6,669 22,400 33,238 — — — — — 137 6 — — — 579 — — 7 595 — — — — 298 5 — — — — — — — 135 — 2,055 310 2,464 3,864 1,571 1,645 860 260 1,187 1,774 1,376 210 400 2,843 2,266 1,148 360 1,110 1,152 924 1,540 1,317 594 3,500 773 1,561 976 1,050 1,121 2,898 380 2,131 1,610 2,165 6,906 3,788 14,977 6,789 8,873 2,377 5,734 8,653 13,450 2,991 15,934 36,948 9,500 6,521 3,109 7,937 14,822 6,769 6,537 21,233 5,113 54,099 14,914 9,439 9,354 4,210 7,584 8,092 10,824 6,669 24,455 33,545 1,723 493 1,847 697 2,856 491 1,765 1,079 1,625 1,842 3,668 4,292 1,179 1,988 1,543 2,329 1,771 1,690 1,646 3,499 1,363 18,693 1,885 1,420 1,149 612 996 1,773 2,486 920 7,661 1,797 2013 2018 2018 2020 2011 2015 2018 2018 2018 1999 2014 2018 2018 2018 2003 2012 2018 2013 2013 2017 2018 2007 2018 2018 2018 2018 2018 2014 2014 2018 2010 2021 2011 141b Milton Road 1961 11901 Georgia Avenue 2000 18 Eden Lane 2012 6827 Whitehall Rd 2012 10604 E 13th Street North 1992 900 N Bayshore Dr 2000 1811 Jamestown Rd 1974 37603 Euclid Avenue 1998 700 1/2 Foulk Road 1999 3501 Converse Dr. 2012 3828 Independence Blvd 1988 5651 Limestone Road 1984 700 Foulk Road 1999 23352 Courthouse Hwy 1996 2980 Reynolda Rd. 2013 720 Roper Road 1999 1057 Willa Springs Drive 2009 Whitchurch Road 2011 378 Prestonwood Road 2015 2195 Century Avenue South 2001 803 S Main St 2009 101 Barry Road 1995 493 Stony Hill Road 1990 1480 Oxford Valley Road 1972 200 Pauline Drive 1983 2400 Kingston Court 1979 1770 Barley Road Rosetta Way, Boroughbridge Road 2006 2013 100 Sunset Drive 1987 38220 Henry Drive 2009 11755 N Michigan Rd 2018 6800 Central Blvd Triple-net Total . . . . $39,179 $873,139 $6,845,480 $586,644 $910,570 $7,394,693 $1,549,022 187 (Dollars in thousands) Description Encumbrances Outpatient Medical: Addison, IL . . . . . . . . $ — Agawam, MA . . . . . . . Allen, TX . . . . . . . . . . Alpharetta, GA . . . . . . Alpharetta, GA . . . . . . Alpharetta, GA . . . . . . Alpharetta, GA . . . . . . Alpharetta, GA . . . . . . Ann Arbor, MI . . . . . . Ann Arbor, MI . . . . . . Anna, TX . . . . . . . . . . — — — — — — — — — — Appleton, WI . . . . . . . 6,551 Appleton, WI . . . . . . . Arcadia, CA . . . . . . . . Arlington, TX . . . . . . . Arlington Heights, IL . . . . . . . . . . . . . . Atlanta, GA . . . . . . . . Atlanta, GA . . . . . . . . Atlanta, GA . . . . . . . . Austin, TX . . . . . . . . . Austin, TX . . . . . . . . . Baltimore, MD . . . . . . Bellevue, NE . . . . . . . Bend, OR . . . . . . . . . . Berkeley Heights, NJ . . . . . . . . . . . . . . Beverly Hills, CA . . . . Beverly Hills, CA . . . . Beverly Hills, CA . . . . Beverly Hills, CA . . . . Beverly Hills, CA . . . . Birmingham, AL . . . . Birmingham, AL . . . . Birmingham, AL . . . . Birmingham, AL . . . . Boca Raton, FL . . . . . Boca Raton, FL . . . . . Bridgeton, MO . . . . . . Bridgeton, MO . . . . . . Brooklyn, NY . . . . . . . Burleson, TX . . . . . . . Burnsville, MN . . . . . . — — — — — — — — — — — — — — — — 33,729 78,271 — — — — — — — — — — — Welltower Inc. Schedule III Real Estate and Accumulated Depreciation December 31, 2022 Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address $ 102 1,072 726 476 548 — — 1,862 4,234 4,044 3,050 1,881 3,782 — — 1,233 4,931 — — 1,066 1,688 4,490 — $19,089 $ 4,544 14,196 13,681 17,103 — — — 30,085 15,915 — 7,540 18,003 — — 2,826 18,720 — — 10,112 5,865 28,667 — 26 624 1,954 — 1,214 20,342 38,234 — 104 50 — 1,333 2,452 34,889 19,294 623 8,659 45,781 28,627 — 919 2,608 16,781 $ 102 1,072 726 476 548 773 1,769 1,862 4,234 4,044 3,050 1,881 3,782 5,637 82 1,233 5,387 — 2,172 1,066 1,688 4,490 $ 19,115 $ 2,346 5,168 16,150 13,681 18,317 19,569 36,465 — 30,189 15,965 — 8,873 20,455 29,252 19,212 3,449 26,923 45,781 26,455 10,112 6,784 31,275 889 6,994 5,014 8,234 9,373 18,308 — 1,702 1,310 — 1,197 2,668 14,903 6,625 777 15,351 17,829 11,781 2,210 1,281 3,515 2018 2019 2012 2011 2011 2011 2011 2011 2021 2021 2022 2019 2019 2006 2012 2020 2006 2012 2012 2017 2019 2019 2012 303 West Lake Street 2005 230-232 Main Street 2006 1105 N Central Expressway 2003 11975 Morris Road 2007 3300 Old Milton Parkway 1993 3400-A Old Milton Parkway 1999 3400-C Old Milton Parkway 1900 940 North Point Parkway 2016 4350 Jackson Road 2014 4200 Whitehall Dr. 1900 1029 W White 2004 5320 W Michael Drive 2005 2323 N Casaloma Drive 1984 301 W. Huntington Drive 2012 902 W. Randol Mill Road 1997 1632 W. Central Road 1991 755 Mt. Vernon Hwy. 5670 Peachtree-Dunwoody Road 2006 1984 975 Johnson Ferry Road 2017 5301-B Davis Lane 2015 5301-A Davis Lane 2014 1420 Key Highway — 16,781 7,285 2010 2010 2510 Bellevue Medical Center Drive 1501 Northeast Medical Center Drive 16,516 28,429 2,118 16,516 30,547 5,117 2019 2001 49,555 20,766 18,863 19,863 32,603 52,772 90 40 60 50 109 31 — — — — — 79,091 40,730 1,192 31,690 28,639 87,366 34,349 34,096 42,792 20,514 34,002 12,312 — — — — — 13,715 4,245 492 2,525 3,267 4,503 4,430 4,392 5,507 2,649 5,449 1,025 22,858 8,373 104,190 14,007 34,047 49,555 20,766 18,885 19,863 32,603 52,772 90 40 60 50 214 251 450 1,501 — 10 — 188 92,806 44,975 1,662 34,215 31,906 91,869 38,779 38,488 11,145 11,989 992 8,726 8,999 21,356 976 964 2019 2015 2015 2015 2015 2015 2022 1978 1Diamond Hill Road 1946 9675 Brighton Way 1955 415 North Bedford 1946 416 North Bedford 1950 435 North Bedford 1989 436 North Bedford 1994 513 Brookwood Boulevard 2022 1985 2006 Brookwood Medical Center Drive 2022 Brookwood Medical Center Drive 48,299 1,218 2022 1979 23,163 39,346 13,117 22,408 6,872 104,190 13,997 34,047 584 18,618 5,357 10,046 2,081 5,147 6,006 12,239 2022 2006 2012 2010 2017 2015 2011 2013 2018 Brookwood Medical Center Drive 1975 1995 9970 S. Central Park Blvd. 9960 S. Central Park Boulevard 1993 2006 12266 DePaul Dr 2008 3440 De Paul Ln. NE Corner of 9th & 49th Street 2021 2007 12001 South Freeway 2014 14101 Fairview Dr Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Canton, MI . . . . . . . . . Cape Coral, FL . . . . . . Carmichael, CA . . . . . Cary, NC . . . . . . . . . . Cedar Park, TX . . . . . Chapel Hill, NC . . . . . Chapel Hill, NC . . . . . Chapel Hill, NC . . . . . Chapel Hill, NC . . . . . Charlotte, NC . . . . . . . Charlotte, NC . . . . . . . Charlotte, NC . . . . . . . Charlotte, NC . . . . . . . Charlotte, NC . . . . . . . Charlotte, NC . . . . . . . Charlotte, NC . . . . . . . Cherry Hill, NJ . . . . . . Chicopee, MA . . . . . . Chula Vista, CA . . . . . Chula Vista, CA . . . . . Chula Vista, CA . . . . . Chula Vista, CA . . . . . Cincinnati, OH . . . . . . Cincinnati, OH . . . . . . Clarkson Valley, MO . . . . . . . . . . . . . Clear Lake, TX . . . . . . Clinton, MI . . . . . . . . . Clyde, NC . . . . . . . . . . College Station, TX . . . . . . . . . . . . . Columbia, MD . . . . . . Columbia, MD . . . . . . Columbia, MD . . . . . . Columbia, MO . . . . . . Columbia, MO . . . . . . Columbia, MO . . . . . . Coon Rapids, MN . . . Costa Mesa, CA . . . . . Dade City, FL . . . . . . . Dallas, TX . . . . . . . . . Dallas, TX . . . . . . . . . Danbury, CT . . . . . . . Danbury, CT . . . . . . . Danbury, CT . . . . . . . Deerfield Beach, FL . . . . . . . . . . . . . . Delray Beach, FL . . . . Dunkirk, MD . . . . . . . Durham, NC . . . . . . . . Durham, NC . . . . . . . . El Paso, TX . . . . . . . . Elgin, IL . . . . . . . . . . . Elmhurst, IL . . . . . . . . Elyria, OH . . . . . . . . . — — — — — — 4,817 4,817 13,692 — — — — — — — — — — — — — — — — — — — — — — — — — — — 18,573 — — — — — — — — — — — — — — — 1,168 2,273 1,957 2,816 — 488 1,970 1,970 5,681 10 30 40 1,746 — — — 1,844 6,078 1,045 826 1,114 1,075 — 537 — — 1,138 1,433 1,111 23 12,159 2,333 438 488 199 — 22,033 1,211 — 6,086 2,382 914 4,209 — 1,882 259 1,403 1,751 — 1,634 41 3,263 14,561 12,169 9,521 10,645 — 2,242 8,874 8,925 25,035 23,265 59,039 40,533 8,378 — 22,949 — 4,635 13,793 21,387 6,106 14,902 6,828 — 9,719 — — 824 21,099 7,456 33,885 72,636 19,232 12,426 15,702 22,289 — 24,332 5,511 — 18,007 25,403 10,844 22,740 — 34,767 2,263 23,788 42,391 — 9,443 39,562 27,163 40 670 1,113 1,468 30,069 149 139 48 17 2,245 7,469 5,062 1,392 93,565 13 58,056 961 2,151 2,207 1,470 558 338 18,167 592 36,736 13,902 5 967 — 4,716 1,508 1,951 921 1,322 1,827 29,660 5,957 — 15,550 5,320 370 156 449 11,198 3,165 314 1,377 2,037 18,992 1,594 374 1,024 1,168 2,273 1,957 2,816 132 488 1,970 1,970 5,681 10 30 40 1,746 15,678 — 11,783 1,844 6,078 1,045 826 1,114 1,075 2 537 — 2,319 1,138 1,433 1,111 9,353 12,159 2,333 438 488 199 — 22,033 1,211 122 6,542 2,414 926 4,303 2,540 2,449 259 1,403 1,751 1,254 1,753 41 3,263 189 14,601 12,839 10,634 12,113 29,937 2,391 9,013 8,973 25,052 25,510 66,508 45,595 9,770 77,887 22,962 46,273 5,596 15,944 23,594 7,576 15,460 7,166 18,165 10,311 36,736 11,583 829 22,066 7,456 29,271 74,144 21,183 13,347 17,024 24,116 29,660 30,289 5,511 15,428 22,871 25,741 10,988 23,095 8,658 37,365 2,577 25,165 44,428 17,738 10,918 39,936 28,187 826 1,238 578 2,957 8,559 372 1,650 1,854 4,792 5,252 12,783 8,248 2,234 5,383 960 2,829 123 2,932 4,009 1,322 2,188 1,024 6,352 1,759 19,187 2,418 145 2,459 218 13,520 12,226 8,409 2,398 3,207 3,918 10,186 7,955 2,185 4,150 5,026 1,221 533 1,433 4,324 21,745 660 3,379 4,900 8,703 1,827 6,152 4,032 2021 2021 2022 2019 2017 2019 2018 2018 2018 2019 2019 2019 2019 2018 2021 2018 2022 2019 2019 2019 2019 2019 2012 2019 2009 2013 2021 2019 2021 2015 2018 2012 2019 2019 2019 2013 2017 2011 2013 2018 2021 2021 2021 2011 2006 2019 2019 2019 2006 2020 2018 2019 2004 49650 Cherry Hill Road 1995 2721 Del Prado Blvd 1970 6620 Coyle Avenue 2007 540 Waverly Place 1401 Medical Parkway, Building 2 2014 2010 100 Perkins Drive 2007 6011 Farrington Road 2007 6013 Farrington Road 2226 North Carolina Highway 54 2006 1971 1900 Randolph Road 1994 1918 Randolph Road 1989 1718 East Fourth Street 1998 309 South Sharon Amity Road 2021 1237 Harding Place 2021 830 Kenilworth Avenue 2021 1225 Harding Place 1965 8 RanoldoTerrace 2005 444 Montgomery Street 1973 480 4th Avenue 1985 450 4th Avenue 2008 971 Lane Ave 2006 959 Lane Ave 2013 3301 Mercy Health Boulevard 2001 4850 Red Bank Expressway 2010 15945 Clayton Rd 2014 1010 South Ponds Drive 11775 Tecumseh-Clinton Hwy. 1987 2012 581 Leroy George Drive 2021 1204 Copperfield Pkwy 1982 5450 & 5500 Knoll N Dr. 2009 10710 Charter Drive 2002 10700 Charter Drive 1994 1601 E. Broadway 1999 1605 E. Broadway 2007 1705 E. Broadway 2014 11850 Blackfoot Street NW 2007 1640 Newport Boulevard 1998 13413 US Hwy 301 2014 8196 Walnut Hill Lane 10740 North Central Expressway 2010 2019 40 Old Ridgebury Rd 2010 226 White St 2017 2 RiverviewDr 1192 East Newport Center Drive 2001 1985 5130-5150 Linton Blvd. 1997 10845 Town Center Blvd 2000 120 William Penn Plaza 2004 3916 Ben Franklin Boulevard 1997 2400 Trawood Dr. 2004 745 Fletcher Drive 2011 133 E Brush Hill Road 2008 303 Chestnut Commons Drive Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Escondido, CA . . . . . . Everett, WA . . . . . . . . Fenton, MO . . . . . . . . Fenton, MO . . . . . . . . Florham Park, NJ . . . . Flower Mound, TX . . Flower Mound, TX . . Flower Mound, TX . . Fort Washington, PA . . . . . . . . . . . . . Fort Worth, TX . . . . . Fort Worth, TX . . . . . Fort Worth, TX . . . . . Frederick, MD . . . . . . Frederick, MD . . . . . . Fresno, CA . . . . . . . . . Gardendale, AL . . . . . Garland, TX . . . . . . . . Gastonia, NC . . . . . . . Gig Harbor, WA . . . . . Glendale, CA . . . . . . . Gloucester, VA . . . . . . Grand Prairie, TX . . . . Grapevine, TX . . . . . . Grapevine, TX . . . . . . Greenville, SC . . . . . . Harrisburg, NC . . . . . . Hattiesburg, MS . . . . . Haymarket, VA . . . . . Henderson, NV . . . . . . Henderson, NV . . . . . . Henderson, NV . . . . . . Highland, IL . . . . . . . . Hopewell Junction, NY . . . . . . . . . . . . . Hopewell Junction, NY . . . . . . . . . . . . . Houston, TX . . . . . . . . Houston, TX . . . . . . . . Houston, TX . . . . . . . . Houston, TX . . . . . . . . Houston, TX . . . . . . . . Houston, TX . . . . . . . . Houston, TX . . . . . . . . Howell, MI . . . . . . . . . Howell, MI . . . . . . . . . Humble, TX . . . . . . . . Huntersville, NC . . . . Independence, MO . . . Jackson, MI . . . . . . . . Jacksonville, FL . . . . . Jacksonville, FL . . . . . — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 2,278 — 958 — 8,578 737 4,164 4,620 2,015 — 401 1,790 1,065 1,930 1,497 1,150 4,952 569 — 70 2,128 981 — — 1,790 1,347 3,155 1,250 2,587 7,372 5,492 — 2,164 2,316 5,837 — — — 377 2,351 9,550 2,000 579 — — 762 — 3,562 1,113 19,724 — 27,485 — 61,779 9,276 27,027 — 16,104 — 6,099 5,082 6,817 18,311 11,896 8,162 30,151 1,638 — 41,837 9,169 6,086 — — 4,421 2,652 31,155 26,621 5,376 22,172 18,448 — 4,659 4,525 33,128 — — — 13,726 7,980 — 13,928 4,428 — 41,055 3,480 — 24,379 10,970 20,969 26,353 28,520 14,109 61,779 10,177 29,080 — 18,661 26,881 8,730 5,133 7,430 19,936 12,812 8,509 32,743 1,693 32,718 44,918 9,627 6,405 8,677 21,010 5,971 3,179 35,218 29,462 5,655 25,327 20,189 8,884 5,351 5,337 34,646 18,385 13,445 71,798 14,509 8,880 — 14,517 4,441 8,251 47,935 4,160 17,331 27,853 12,347 3,288 11,755 10,843 4,972 9,768 3,009 9,717 — 2,404 9,166 2,413 238 1,642 3,200 1,774 1,660 5,417 345 8,486 6,159 1,915 3,136 3,084 7,138 2,318 866 4,422 4,414 864 4,285 2,840 2,809 692 627 16,029 1,418 5,613 25,306 2,572 1,024 12 3,240 316 1,682 6,224 509 6,411 4,896 1,762 2019 2010 2013 2013 2017 2015 2014 2014 2020 2012 2014 2021 2019 2019 2019 2018 2019 2019 2010 2019 2018 2012 2014 2014 2019 2019 2019 2019 2019 2019 2019 2012 1994 225 East 2nd Avenue 2011 13020 Meridian Ave. S. 2009 1011 Bowles Avenue 2009 1055 Bowles Avenue 2017 150 Park Avenue 2014 2560 Central Park Avenue 2012 4370 Medical Arts Drive 1900 Medical Arts Drive 1980 467 Pennsylvania Avenue 2012 10840 Texas Health Trail 2007 7200 Oakmont Boulevard 1983 2001 West Rosedale Street 1979 194 Thomas Johnson Drive 2006 45 Thomas Johnson Drive 2004 1105 E Spruce Ave 2005 2217 Decatur Highway 2018 7217 Telecom Parkway 2000 934 Cox Road 2009 11511 Canterwood Blvd. NW 2008 1500 E Chevy Chase Drive 2008 5659 Parkway Drive 2009 2740 N State Hwy 360 2002 2040 W State Hwy 114 2002 2020 W State Hwy 114 1987 10 Enterprise Boulevard 2012 9550 Rocky River Road 3688 Veterans Memorial Drive 2012 2008 15195 Heathcote Blvd 2002 2825 Siena Heights Drive 2005 2845 Siena Heights Drive 2005 2865 Siena Heights Drive 2013 12860 Troxler Avenue 2019 1999 10 Cranberry Drive 2019 2015 1955 NY-52 2012 2016 2012 2012 2018 2020 2011 2016 2021 2013 2019 2020 2013 2019 2020 15655 Cypress Woods Medical Dr. 2005 2019 13105 Wortham Center Drive 10701 Vintage Preserve Parkway 2007 1998 2727 W Holcombe Boulevard 2011 20207 Chasewood Park Drive 2013 11476 Space Center Blvd F.M. 1960 & Northgate Forest Dr. 1900 2017 1225 South Latson Road 2019 202 W. Highland Rd. 8233 N. Sam Houston Parkway E. 2014 2004 10030 Gilead Road 19401 East 37th Terrace Court South 2007 2009 1201 E Michigan Avenue 10475 Centurion Parkway North 2006 2000 5742 Booth Road 1,245 31,195 1,035 14,478 — 901 2,053 — 2,557 27,343 5,035 51 613 1,625 916 347 2,592 55 32,798 3,081 458 319 10,758 24,375 1,550 527 4,063 2,841 279 3,155 1,741 8,884 692 812 1,518 21,373 17,133 84,613 783 900 — 590 13 9,953 6,880 680 17,999 3,474 1,377 2,278 4,842 958 369 8,578 737 4,164 4,620 2,015 462 2,805 1,790 1,065 1,930 1,497 1,150 4,952 569 80 70 2,128 981 2,081 3,365 1,790 1,347 3,155 1,250 2,587 7,372 5,492 — 2,164 2,316 5,837 2,988 3,688 12,815 377 2,351 9,550 2,001 579 1,702 — 762 668 3,562 1,113 190 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Jefferson City, TN . . . Jonesboro, GA . . . . . . Jonesboro, GA . . . . . . Jupiter, FL . . . . . . . . . Jupiter, FL . . . . . . . . . Kalamazoo, MI . . . . . . Katy, TX . . . . . . . . . . Katy, TX . . . . . . . . . . Katy, TX . . . . . . . . . . Knoxville, TN . . . . . . La Jolla, CA . . . . . . . . La Jolla, CA . . . . . . . . La Jolla, CA . . . . . . . . Lacey, WA . . . . . . . . . Lake St Louis, MO . . . Lakeway, TX . . . . . . . Las Vegas, NV . . . . . . Las Vegas, NV . . . . . . Las Vegas, NV . . . . . . Las Vegas, NV . . . . . . Lawrenceville, NJ . . . Little Rock, AR . . . . . Los Alamitos, CA . . . Lowell, MA . . . . . . . . Loxahatchee, FL . . . . Loxahatchee, FL . . . . Loxahatchee, FL . . . . Lubbock, TX . . . . . . . Lynbrook, NY . . . . . . Madison, WI . . . . . . . . Margate, FL . . . . . . . . Marietta, GA . . . . . . . Mars, PA . . . . . . . . . . Matthews, NC . . . . . . Menasha, WI . . . . . . . Merced, CA . . . . . . . . Meridian, ID . . . . . . . . Mesa, AZ . . . . . . . . . . Mesa, AZ . . . . . . . . . . Milan, MI . . . . . . . . . . — — — — — — — — — — — — — — — — — — — — — — — — — — — 40,632 25,268 — — — — — — — — — — — Mission Hills, CA . . . 21,671 Missouri City, TX . . . Mobile, AL . . . . . . . . . Monroeville, PA . . . . . Moorestown, NJ . . . . . Mount Juliet, TN . . . . Mount Kisco, NY . . . . Mount Vernon, IL . . . Murrieta, CA . . . . . . . Murrieta, CA . . . . . . . Myrtle Beach, SC . . . . — — — — — — — — — — Nampa, ID . . . . . . . . . 15,226 109 567 627 — — — — 2,025 3,699 199 12,855 9,425 20,324 1,751 — — — — 4,180 5,864 2,691 3,021 — — — — — 2,286 10,028 3,670 219 2,682 1,925 10 — — 3,206 3,158 3,889 1,216 — 1,360 2,759 1,544 — — 16,035 15,146 15,844 — — 12,788 11,219 7,557 12,701 43,771 32,658 26,525 33,675 10,383 — — — — 20,064 22,502 3,739 20,095 — — — — — 66,022 37,319 24,615 8,743 20,053 8,307 32,108 — — 23,619 5,588 5,816 6,487 42,276 7,143 25,180 10,012 — — 12,632 46,294 — — 3,800 1,357 3,439 — — — 3,131 18,648 17,040 2,613 2019 2001 120 Hospital Drive 16,413 2,992 2019 2009 7813 Spivey Station Boulevard 16,649 17,456 7,172 12,788 11,219 8,812 14,611 47,036 35,184 29,751 37,839 10,526 14,722 — 7,678 5,454 22,977 25,572 5,078 22,002 21,631 10,774 8,044 6,739 6,363 72,939 39,778 28,465 9,342 21,837 9,719 34,366 17,156 14,887 27,915 6,710 7,073 6,546 44,746 7,143 25,194 11,327 51,655 13,864 51,489 25,036 48,771 — 3,984 21,581 2,788 8,636 4,103 748 702 1,036 2,630 6,191 11,050 8,223 1,221 2,011 6,603 — 3,702 2,529 2,624 2,736 271 3,922 8,578 1,713 4,413 3,641 3,453 7,377 6,558 3,816 1,637 7,297 1,535 5,296 5,141 6,650 4,710 696 789 677 15,407 1,133 3,964 2,145 21,295 7,219 5,658 10,417 25,118 — 1,228 2,500 2019 2006 2007 2020 2019 2020 2020 2019 2015 2015 2022 2018 2010 2007 2006 2007 2020 2020 2022 2019 2007 2011 2006 2006 2006 2019 2018 2019 2019 2016 2020 2019 2016 2009 2019 2020 2020 2021 2014 2015 2018 2020 2011 2007 2019 2011 2010 2014 2019 2019 7823 Spivey Station Boulevard 2007 2001 550 Heritage Dr. 2004 600 Heritage Dr. 2021 2520 Robert Jones Way 0 Grand Parkway & Morton Ranch Road 2020 2016 21502 Merchants Way 1331 West Grand Parkway North 2006 2012 1926 Alcoa Highway 1989 4150 Regents Park Row 4120 & 4130 La Jolla Village Drive 1988 1985 4180 La Jolla Village Dr 1971 2555 Marvin Road Northeast 2008 400 Medical Dr 1900 Lohmans Crossing Road 1991 2870 S. Maryland Pkwy. 1997 1776 E. Warm Springs Rd. 2017 9880 West Flamingo Road 2017 4980 West Sahara Ave 1975 2 PrincessRoad 2014 6119 Midtown Avenue 2003 3771 Katella Ave. 2020 839 Merrimack Street 1993 12989 Southern Blvd. 1994 12983 Southern Blvd. 1997 12977 Southern Blvd. 2006 4515 Marsha Sharp Freeway 1962 444 Merrick Road 2012 1102 South Park Street 2004 2960 N. State Rd 7 2016 4800 Olde Towne Parkway 2006 6998 Crider Road 1450 Matthews Township Parkway 1994 1994 1550 Midway Place 2010 315 Mercy Ave. 2009 3277 E Louise Drive 2016 1910 S. Gilbert Road 2016 1833 N. Power Road 2008 870 E. Arkona Rd 1986 11550 Indian Hills Road 2016 7010 Highway 6 2003 6144 Airport Boulevard 1979 2550 Mosside Blvd 2012 401 Young Avenue 2005 5002 Crossings Circle 1996 90—110 South Bedford Road 2012 2 GoodSamaritanWay 2011 28078 Baxter Rd. 1900 28078 Baxter Rd. 1996 8170 Rourk Street 2017 1510 12th Avenue 1,005 1,267 805 20,095 10,208 — — 1,255 1,910 3,265 2,542 3,245 4,164 143 14,962 2,801 9,997 5,887 2,913 3,070 1,339 1,907 21,670 13,790 9,484 8,389 8,082 6,917 2,459 3,851 599 1,805 1,412 2,258 18,555 14,887 4,296 1,122 1,257 59 7,261 — 14 1,315 52,017 15,465 5,195 25,036 48,771 — 853 2,933 109 567 627 2,639 3,036 — — 2,025 3,699 199 12,871 9,444 20,324 1,751 240 2,801 2,319 433 4,180 5,864 2,691 3,021 39 3,016 1,440 1,650 1,719 2,286 10,028 3,671 219 2,703 1,925 10 1,399 — 3,206 3,158 3,889 1,216 4,791 1,360 2,759 1,544 362 1,601 12,632 — — 3,800 1,357 3,439 191 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address New Milford, CT . . . . New Milford, CT . . . . Newburgh, NY . . . . . . Newburyport, MA . . . Newtown, CT . . . . . . . Newtown, CT . . . . . . . Niagara Falls, NY . . . Niagara Falls, NY . . . Norfolk, VA . . . . . . . . North Canton, OH . . . North Easton, MA . . . North Easton, MA . . . Norwood, OH . . . . . . . Novi, MI . . . . . . . . . . . Oklahoma City, OK . . . . . . . . . . . . . Oxford, NC . . . . . . . . Pasadena, TX . . . . . . . Pearland, TX . . . . . . . Pearland, TX . . . . . . . Phoenix, AZ . . . . . . . . Phoenix, AZ . . . . . . . . Phoenix, AZ . . . . . . . . Phoenix, AZ . . . . . . . . Pinckney, MI . . . . . . . Plano, TX . . . . . . . . . . Plantation, FL . . . . . . . Pleasanton, CA . . . . . . Plymouth Meeting, PA . . . . . . . . . . . . . Port Orchard, WA . . . Porter, TX . . . . . . . . . Poughkeepsie, NY . . . Poughkeepsie, NY . . . Poughkeepsie, NY . . . — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Poughkeepsie, NY . . . 18,080 Prince Frederick, MD . . . . . . . . . . . . . Prince Frederick, MD . . . . . . . . . . . . . Raleigh, NC . . . . . . . . Rancho Mirage, CA . . . . . . . . . . . . . Redmond, WA . . . . . . Richmond, VA . . . . . . Richmond, TX . . . . . . Rockwall, TX . . . . . . . Rolla, MO . . . . . . . . . . Rome, GA . . . . . . . . . Roseville, MN . . . . . . Roxboro, NC . . . . . . . San Antonio, TX . . . . San Antonio, TX . . . . Santa Clarita, CA . . . . Santa Clarita, CA . . . . Santa Clarita, CA . . . . — — — — — — — — — — — — — — — — — Santa Clarita, CA . . . . 25,000 1,006 2,033 9,213 3,104 2,176 3,039 — — 1,138 2,518 2,336 2,882 1,017 895 — 478 — — — — 199 109 229 1,708 793 — 6,748 4,047 2,810 3,746 2,144 4,035 6,513 5,128 3,541 6,819 28,300 18,492 9,140 9,364 — — 23,416 21,523 17,936 14,463 5,642 34,573 — 4,724 — — — — 3,967 2,134 5,442 3,816 83,209 — 25,065 9,442 22,716 15,119 32,820 26,001 23,787 18,080 229 25,905 179 8,255 7,292 — 2,969 2,000 132 1,931 99 2,963 368 — 2,915 — — 278 295 12,243 25,589 13,214 — 26,697 9,118 17,197 47,639 29,846 18,785 2,327 — 11,473 2,338 28,384 185 40,257 23 151 4,079 1,464 1,029 160 13,062 8,631 3,617 2,946 2,126 1,816 1,025 2,787 19,166 247 15,571 12,759 42,538 64,022 818 150 467 14 8,401 26,297 3,563 1,559 539 — 4,312 4,479 4,110 2,704 1,319 904 2,652 2,228 32,913 2,649 4 443 1 2,131 2,570 150 15,523 2,575 20,797 3,558 11,594 (755) 1,019 2,060 9,213 3,104 2,205 3,079 1,721 454 1,138 2,518 2,336 2,882 1,017 896 216 478 1,700 1,500 9,807 1,149 199 109 229 1,708 793 8,575 6,748 4,047 2,810 3,746 2,144 4,035 6,513 5,128 3,551 6,943 32,379 19,956 10,140 9,484 11,341 8,177 27,033 24,469 20,062 16,279 6,667 37,359 18,950 4,971 13,871 11,259 32,731 62,873 4,785 2,284 5,909 3,830 91,610 17,722 28,628 11,001 23,255 15,119 37,132 30,480 27,897 20,784 284 575 3,124 3,137 671 794 7,281 4,368 4,783 2,610 2,806 2,264 1,284 5,880 7,053 766 2,101 2,585 9,967 33,553 718 406 1,231 353 32,439 10,574 1,149 254 3,817 1,102 3,548 2,618 2,705 2,060 2021 2021 2019 2019 2021 2021 2007 2007 2019 2019 2019 2019 2019 2019 2013 2019 2012 2012 2014 2006 2019 2019 2019 2021 2012 2006 2022 2022 2018 2018 2019 2019 2019 2019 1995 131 Kent Rd 1995 131 Kent Rd 2015 1200 NY-300 2008 One Wallace Bashaw Jr. Way 2015 164 Mount Pleasant 2016 170 Mt Pleasant Rd 1995 6932—6934 Williams Rd 2004 6930 Williams Rd 2014 155 Kingsley Lane 2014 7442 Frank Avenue 2007 15 Roche Brothers Way 2008 31 Roche Brothers Way 2006 4685 Forest Avenue 2008 26750 Providence Parkway 2008 535 NW 9th Street 2011 107 East McClanahan Street 5001 E Sam Houston Parkway S 2013 2013 2515 Business Center Drive 2013 11511 Shadow Creek Parkway 1998 2222 E. Highland Ave. 1980 9225 N 3rd Street 1986 9327 North 3rd Street 1994 9100 N 2nd Street 2020 10200 Dexter-Pinckney Rd. 2005 6020 West Parker Road 1997 851-865 SW 78th Ave. 2001 5860 Owens Drive 2002 4060 Butler Pike 1995 450 South Kitsap Boulevard 2019 25553 US Highway 59 2008 2507 South Road 2010 30 Columbia Street 2006 600 Westage Drive 2012 1910 South Road 229 27,224 3,854 2019 2009 130 Hospital Road 13,147 28,241 15,442 27,898 29,225 9,122 17,640 47,640 31,977 21,355 2,477 12,473 14,048 17,831 26,648 185 39,502 2,406 979 2,496 12,887 12,658 1,541 6,418 20,109 5,070 3,136 387 2,261 2,255 5,780 7,761 268 9,966 2019 2022 2019 2010 2012 2015 2012 2011 2019 2019 2019 2016 2019 2014 2014 2014 2014 1991 110 Hospital Road 2005 8300 Health Park 2005 72780 Country Club Drive 2011 18100 NE Union Hill Rd. 2008 7001 Forest Avenue 2016 22121 FM 1093 Road 2008 3142 Horizon Road 2009 1605 Martin Spring Drive 2005 330 Turner McCall Boulevard 1994 1835 W County Road C 2000 799 Doctors Court 2017 5206 Research Drive 2006 150 E Sonterra Blvd 1976 23861 McBean Parkway 1998 23929 McBean Parkway 1996 23871 McBean Parkway 2013 23803 McBean Parkway 179 8,255 7,292 5,015 3,090 2,000 132 1,931 99 2,963 368 3,050 2,915 5,304 5,294 11,872 295 192 Description Encumbrances Initial Cost to Company Land & Land Improvements Building & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Building & Improvements Accumulated Depreciation(1) Year Acquired Year Built Address Santa Clarita, CA . . . . Seattle, WA . . . . . . . . Sewell, NJ . . . . . . . . . Shakopee, MN . . . . . . Shakopee, MN . . . . . . Shenandoah, TX . . . . . Sherman Oaks, CA . . . Silverdale, WA . . . . . . Southlake, TX . . . . . . Southlake, TX . . . . . . Southlake, TX . . . . . . Southlake, TX . . . . . . Springfield, MA . . . . . St Paul, MN . . . . . . . . St. Louis, MO . . . . . . . St. Paul, MN . . . . . . . . Stafford, TX . . . . . . . . Stockton, CA . . . . . . . Strongsville, OH . . . . Suffern, NY . . . . . . . . Suffolk, VA . . . . . . . . Sugar Land, TX . . . . . Sycamore, IL . . . . . . . Tacoma, WA . . . . . . . Tampa, FL . . . . . . . . . Tarzana, CA . . . . . . . . Timonium, MD . . . . . Towson, MD . . . . . . . Tustin, CA . . . . . . . . . Tustin, CA . . . . . . . . . Tyler, TX . . . . . . . . . . Tyler, TX . . . . . . . . . . Van Nuys, CA . . . . . . Voorhees, NJ . . . . . . . Voorhees, NJ . . . . . . . Waco, TX . . . . . . . . . . Waco, TX . . . . . . . . . . Waco, TX . . . . . . . . . . Waco, TX . . . . . . . . . . Washington, PA . . . . . Wausau, WI . . . . . . . . Waxahachie, TX . . . . . Wellington, FL . . . . . . Wellington, FL . . . . . . Westlake Village, CA . . . . . . . . . . . . . Westlake Village, CA . . . . . . . . . . . . . Winston-Salem, NC . . . . . . . . . . . . . Woodbridge, VA . . . . Wyandotte, MI . . . . . . Ypsilanti, MI . . . . . . . Yuma, AZ . . . . . . . . . Zephyrhills, FL . . . . . Outpatient Medical Total — — — — — — — — — — — — — — — — — 10,964 — — — — — — — — — — — — 57,185 — — — — — — — — — — — — — 6,360 8,000 — — — — — — — 4,410 1,242 508 707 — — 3,451 — — 2,875 3,000 2,721 — 336 2,706 3,389 4,966 15,997 653 1,566 — 1,113 — 4,319 6,115 — 2,654 3,345 3,361 2,903 330 — — — 601 — — 2,250 3,981 — — — — 2,487 2,553 2,006 346 581 3,615 1,592 3,875 20,618 38,428 11,616 11,412 18,089 — 32,186 21,176 — — 14,126 — 5,698 — 17,247 39,507 14,292 14,412 — 37,255 11,511 — 12,910 — 12,234 15,510 — 10,627 541 12,039 104,300 35,534 — — — 2,594 — — 28,632 31,706 — 18,101 — — 9,776 15,851 6,542 16,617 8,023 12,696 9,589 27,270 1,354 916 7 337 128 21,197 4,486 12 18,703 31,859 1,395 — 923 38,248 3,453 1,573 — 2,445 — 1,635 184 19,075 2,473 64,307 — 2,382 21,739 3,165 430 3,998 9,810 — 36,187 32,884 100,258 1,335 111 106 410 17 14,225 303 19,839 11,669 174 397 1,490 — 773 40 827 — 4,407 4,410 1,242 509 773 4,574 3,121 3,451 592 698 2,875 3,000 2,721 49 336 2,701 3,389 4,966 15,997 696 1,620 3,543 1,113 — 4,319 6,115 8,851 2,654 3,345 3,361 2,897 330 — 6,481 99 628 — — 2,250 3,981 2,050 303 326 580 2,487 2,553 2,006 346 581 3,615 1,592 3,875 17,565 39,344 11,623 11,748 18,151 16,623 33,551 21,188 18,111 31,161 15,521 — 6,621 38,199 20,700 41,085 14,292 16,857 — 38,847 11,641 15,532 15,383 64,307 12,234 17,892 12,888 13,792 971 16,037 114,116 35,534 36,187 26,403 100,159 3,902 111 106 29,042 31,723 12,175 18,101 19,513 11,089 5,119 21,217 2,550 5,769 7,121 3,346 10,454 3,683 2014 2010 2018 2010 2010 2013 2014 2018 1989 24355 Lyons Avenue 2010 5350 Tallman Ave 2007 556 Egg Harbor Road 1996 1515 St Francis Ave 2007 1601 St Francis Ave 2014 106 Vision Park Boulevard 1969 4955 Van Nuys Boulevard 2004 2200 NW Myhre Road 7,805 2012 2004 1545 East Southlake Boulevard 1545 East Southlake Boulevard 2004 2017 925 E. Southlake Boulevard 1900 Central Avenue 2012 305 Bicentennial Highway 2006 225 Smith Avenue N. 2001 2325 Dougherty Ferry Rd. 2007 435 Phalen Boulevard 2022 11211 Nexus Ave 2388—2488 N California Street 2009 1900 16761 Southpark Center 2007 257 Lafayette Avenue 2007 5838 Harbour View Blvd. 2005 11555 University Boulevard 2002 1630 Gateway Drive 2013 1608 South J Street 2003 14547 Bruce B Downs Blvd 1986 5620 Wilbur Ave 2017 2118 Greenspring Drive 1992 8322 Bellona Avenue 1976 14591 Newport Ave 1985 14642 Newport Ave 2013 1814 Roseland Boulevard 2022 501 S Saunders Ave 1991 6815 Noble Ave. 1997 900 Centennial Blvd. 2012 200 Bowman Drive 2000 6600 Fish Pond Rd 1962 6612 Fish Pond Road 1961 6620 Fish Pond Rd 1981 601 Highway 6 West 2010 100 Trich Drive 1901 Westwood Center Boulevard 2017 2014 2460 N I-35 East 2000 10115 Forest Hill Blvd. 2003 1395 State Rd. 7 11,785 2,873 — 1,288 10,147 10,100 17,606 30 2,394 — 17,123 6,040 7,729 1,704 29,522 4,212 3,005 2,977 349 515 5,174 11,402 217 14,219 12,826 39,751 1,140 15 10 4,906 5,563 2,452 5,021 9,546 6,079 2012 2019 2014 2019 2014 2007 2011 2021 2019 2022 2011 2010 2012 2020 2011 2011 2020 2015 2022 2015 2015 2019 2021 2009 2006 2010 2018 2018 2018 2018 2018 2015 2016 2006 2007 9,950 1,897 2018 1989 1220 La Venta Drive 16,248 8,032 16,617 8,796 12,736 10,416 27,270 3,532 2018 1975 1250 La Venta Drive 2,063 2,478 994 1,100 2,152 10,401 2019 2018 2020 2021 2019 2011 1998 2025 Frontis Plaza 2012 12825 Minnieville Road 2002 1700 Biddle Ave 4918, 4936, 4940, 4972, and 4990 W. Clark Road 1989 2004 2270 South Ridgeview Drive 1974 38135 Market Square Dr $388,836 $762,068 $4,252,019 $2,413,016 $974,176 $6,452,927 $1,566,457 193 Welltower Inc. Schedule III Real Estate and Accumulated Depreciation December 31, 2022 (Dollars in thousands) Description Encumbrances Initial Cost to Company Land & Land Improvements Buildings & Improvements Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of Period Land & Land Improvements Buildings & Improvements Accumulated Depreciation Year Acquired Year Built Address Assets Held For Sale: Brookline, MA . . . . . . . $ Centreville, MD . . . . . . Dundalk, MD . . . . . . . . Fort Worth, TX . . . . . . . LaPlata, MD . . . . . . . . . Las Vegas, NV . . . . . . . Rexburg, ID . . . . . . . . . . Santa Ana, CA . . . . . . . Severna Park, MD . . . . . Towson, MD . . . . . . . . . Voorhees, NJ . . . . . . . . . Westfield, NJ . . . . . . . . . Assets Held For Sale Total . . . . . . . . . $ Summary: Seniors Housing — — — — — — — — — — — — — $ — $ — $ 3,799 $ — $ 3,799 $ 600 1,770 1,740 700 — — 2,077 2,120 1,180 1,900 2,270 14,602 32,047 19,799 19,068 — — 4,705 31,273 13,280 26,040 16,589 — — — — 2,945 67 — — — — — — — — — — — — — — — — 10,539 24,213 5,091 13,891 2,945 67 4,705 24,207 10 20 13,314 $ 14,357 $ 177,403 $ 6,811 $ — $ 133,058 $ 2019 2011 2011 2016 2011 2007 2018 2021 2011 2011 2011 2011 1900 125 Holland Road 1978 205 Armstrong Avenue 1978 7232 German Hill Road 2014 7001 Bryant Irvin Road 1984 One Magnolia Drive SW corner of Deer Springs Way and Riley Street 1900 1900 W. 7th Street 3730 South Greenville Street 1992 1981 310 Genesis Way 1973 7700 York Road 1985 3001 Evesham Road 1970 1515 Lamberts Mill Road — — — — — — — — — — — — — Operating . . . . . . . . . . $1,679,562 $2,110,584 $18,228,152 $3,775,526 $2,365,088 $21,749,174 $4,960,254 Triple-net . . . . . . . . . . . Outpatient Medical . . . . 39,179 388,836 873,139 762,068 6,845,480 4,252,019 586,644 2,413,016 910,570 974,176 7,394,693 6,452,927 1,549,022 1,566,457 Construction in progress . . . . . . . . . . . 22,377 — 1,021,080 — — 1,021,080 — Total continuing operating properties . . . . . . . . . Assets held for sale . . . . Total investments in real property owned . . . . . . . . . . . . 2,129,954 3,745,791 30,346,731 6,775,186 4,249,834 36,617,874 8,075,733 — 14,357 177,403 6,811 — 133,058 — $2,129,954 $3,760,148 $30,524,134 $6,781,997 $4,249,834 $36,750,932 $8,075,733 (1) Please see Note 2 to our consolidated financial statements for information regarding lives used for depreciation and amortization. 194 Year Ended December 31, 2022 2021 2020 (in thousands) Investment in real estate: Beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Acquisitions and development . . . . . . . . . . . . . . . . . . . . . . . . . . Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Impairment of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dispositions(1) Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . $37,605,747 3,599,107 476,017 (17,502) (97,102) (565,501) $33,670,006 4,805,086 282,834 (51,107) (1,063,990) (37,082) $36,027,915 1,174,148 242,147 (135,608) (3,782,120) 143,524 Ending balance(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $41,000,766 $37,605,747 $33,670,006 Accumulated depreciation: Beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation and amortization expenses . . . . . . . . . . . . . . . . . . . Amortization of above market leases . . . . . . . . . . . . . . . . . . . . . Disposition and other (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,910,114 1,310,368 3,991 (38,327) (110,413) $ 6,104,297 1,037,566 4,036 (234,397) (1,388) $ 5,715,459 1,038,437 5,217 (684,395) 29,579 Ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,075,733 $ 6,910,114 $ 6,104,297 (1) Includes property dispositions and dispositions of leasehold improvements which are generally fully depreciated. Additionally, during the year ended December 31, 2022, seven financing leases were classified as held for sale. (2) The unaudited aggregate cost for tax purposes for real property equals $31,264,813,000 at December 31, 2022. 195 Schedule IV—Mortgage Loans on Real Estate December 31, 2022 Welltower Inc. Location Segment Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal or Interest (in thousands) First mortgages relating to 1 property located in: North Carolina . . . . . . . . First mortgages relating to multiple properties located in: Triple -net 8.44% United Kingdom . . . . . . . First mortgages less than three percent of total: United States - 9 . . . . . . . Triple-net Various 12.00% 7%-17% 2022-2026 2023 Interest only until maturity $ — $ 32,783 $ 32,278 $ — Interest until maturity; Interest paid-in-kind until maturity 2026 — 624,500 597,198 — N/A N/A N/A 68,430 $ — $657,283 $697,906 5,815 $5,815 Year Ended December 31, 2022 2021 2020 (in thousands) Totals . . . . . . . . . . . . . . . Reconciliation of mortgage loans: Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 877,102 $ 293,752 $145,686 Additions: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Advances on loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest added . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,555 49,932 843,249 214,349 11,815 — Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,487 855,064 214,349 Deductions: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts on loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (181,040) (214,132) (17,019) Loan balance transferred to non-real estate loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Change in allowance for credit losses and charge-offs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2,894 (9,142) (53,071) (6,984) (5,645) Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (29,619) (329) Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (178,146) (259,877) (76,064) Change in balance due to foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (84,537) (11,837) 9,781 Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 697,906 $ 877,102 $293,752 196 EXHIBIT 21 Jurisdiction of Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Subsidiary Name 0722548 B.C. Ltd. 10 Sterling Drive NJ Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 100 Abbeyville Road PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 100 Knoedler Road, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 100 Trich Drive LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 100 West Queen Street PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1000 Aston Gardens Drive, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1001 E. Alex Bell Road OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1008 Thompson Street PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 101 E 87th Ave LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1010-1090 Old Des Peres Road LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 101052983 Saskatchewan Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Saskatchewan 10475 Wilshire Boulevard Borrower, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 10475 Wilshire Boulevard, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 10540 Fremont Pike OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1058 Columbus Street OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1060 Eastwind Drive OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 10600 East 13th Street North, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1070 Stouffer Avenue PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 10700 Charter Drive LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 10710 Charter Drive LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 10714 Potomac Tennis Lane MD Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 10800 Potomac Tennis Lane Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 10800 Potomac Tennis Lane LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1086 Dumont Circle NJ Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1100 Jackson Propco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1100 North 400 East Propco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1105 Perry Highway PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 113 South Route 73 NJ Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 113 West McMurray Road PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 11320 North Council Road, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1133 Black Rock Road, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 11375 Prosperity Farms Road FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1137915 B.C. Ltd. 1141 Northview Drive OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 115 South Providence Road PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1150 Tilton Drive CA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1159 East 200 North LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 11680 Warner Avenue CA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1170 West Mansfield Street OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1180 Route 22 NJ Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 11860 Southwest Hwy IL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 11901 Georgia Avenue MD Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1205 East 4725 South Propco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1220 La Venta Drive Westlake Medical LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Jurisdiction of Organization Subsidiary Name 1225 Woodward Avenue MI Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1226 Rossmoor Parkway CA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1231356 Ontario Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario 12475 Lee Jackson Memorial Highway VA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . Delaware 125 Omni Lake Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 125 Omni Lake Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1250 La Venta Drive Community Medical LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1265 Cedar Crest Boulevard PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 12951 W. Linebaugh Avenue, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1301489 Ontario Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario 13075 Evening Creek Drive South, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1310 NW Deane Pullman Propco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1311 Aston Gardens Court, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1312417 Ontario Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario 131st Street MCF, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas 13200 South May Avenue, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 136 Donahoe Manor Road PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 13881 Eagle Ridge Drive FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 139 East 56th Street Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1405 Limekiln Pike, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1450 East Venice Avenue FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1480 Oxford Valley Road PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 150 Omni Lake Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 150 Omni Lake Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1500 South Milwaukee IL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1510 Collingwood Road VA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1512 12th Avenue LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1526 Lombard Street PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1528670 Ontario Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario 15401 North Pennsylvania Avenue, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1574 Creekside Drive Folsom, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . California 1600 Center Road, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1600 Matthew Drive FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 16200 Jog Road FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 163 E 1000 Propco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1640 Newport Blvd. LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1691 Queen Gate Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 1691 Queens Gate Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1695 Queens Gate Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1700 Market Street PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1717 West Stetson Avenue CA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1719 Bellevue Avenue VA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1770 Barley Road PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1814 Roseland Boulevard LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1848 Greentree Road PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1920-1940 Nerge Road Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Subsidiary Name 1931 Southwest Arvonia Place, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1940 1st Avenue Northeast IA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1974 North Fairfield Road OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 1975 Tice Valley Boulevard CA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 200 Pauline Drive PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 200 Pond Road LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2000 Emerald Court LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 201 West Ridgeway Avenue IA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 20207 Chasewood Park Drive LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2021 Westgate Drive PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2029 Westgate Drive PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2035244 Ontario Inc. 2050 North Webb Road, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2101 New Hope Street, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2125 Elizabeth Avenue PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2125 Hilliard Road VA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 21401 Mack Avenue MI Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 220 North Clark Drive, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2200 Landover Place VA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2200 NW Myhre Road LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2217 Decatur Highway LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2300-2330 Village Boulevard Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 231 Courtyard Boulevard, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2323 N Casaloma Drive LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2325 Dougherty Rd LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2340829 Ontario Inc. 2340830 Ontario Inc. 235 Hanover Street LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2356 Meadows Blvd LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 239 Cross Road LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2400 Kingston Court PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2419 North Euclid Avenue Upland, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . California 2472 South 300 East Propco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2488 N California Street LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 250 Marter Avenue NJ Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2501 Musgrove Road MD Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2550 University Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 2550 University Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2600 Northampton Street PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 26001 Ford Road MI Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2601 Forest Drive SC Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2721 Willow Street LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2722 North Decatur Road GA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2730 East 3300 South Propco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 27783 Center Drive LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 280 East Losey Street IL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Jurisdiction of Organization Subsidiary Name 2800 60th Avenue West, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2800 Palo Parkway CO Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2811 N.E. 139th Street WA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2851 Tampa Road FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2870 Snouffer Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 2870 Snouffer Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 290 South Monaco Parkway CO Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 2920 Snouffer Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 2929 West Holcombe Boulevard, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 300 St. Albans Drive, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3000 Windmill Road PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3001 South Congress Avenue FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3011 North Center Road MI Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 303 West Lake Street LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 320 St. Albans Drive, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3220 Peterson Road, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3250 12th Street FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 329 Exempla Circle CO Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 330 Madison Street LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3309 45th Street Court Northwest WA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3313 Wilmington Pike OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 33770 Bagley Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 33770 Bagley Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3430 Brunswick Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 3430 Brunswick Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3430 Huntingdon Pike PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3485 Davisville Road PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3485 Independence Drive LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 35 Fenton Street, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 350 East 300 North Propco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3535 Manchester Avenue Borrower, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3535 Manchester Avenue, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3535 N. Hall Street, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3600 Old Boynton Road FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3601 Lakewood Boulevard FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3615 Glacial Lane Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3650 Southeast 18th Avenue, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3688 Veterans Memorial Drive LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3701 188th Street WA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 375 Northwest 51st Street FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 37603 Euclid Avenue OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 378 Fries Mill Road NJ Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 3800 Commerce Blvd. IA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 38200 Schoenherr Road MI Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 38220 Henry Drive FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4 Forge Hill Road Franklin LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization Subsidiary Name 4 Wallace Bashaw Junior Way LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 400 Barks Road West OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4000 San Pablo Parkway, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas 405 Bedford LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4075 W. Dublin-Granville Road OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4100 Freemansburg Avenue PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 415 Bedford LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 416 Bedford LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4206 Stammer Place, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4245 Glen Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 4245 Glen Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 425 Buttonwood Street PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4310 Bee Cave Road, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4315 Johns Creek Parkway, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 435 Bedford LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4360 Johnson Ferry Place GA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4402 South 129th Avenue West, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 444 Merrick Road LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 44th Street SW Opco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 450 Oak Ridge Boulevard OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 450 South Kitsap Boulevard LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4500 Dorr Street Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4515 Marsha Sharp Freeway LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4524 Intelco Loop SE WA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4669 Falls Road MD Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4701 East Huron River Drive MI Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4800 Aston Gardens Way, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4865 MacArthur Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 4865 MacArthur Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 495 North 13th Propco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 50 Greenleaf Way LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 50 Town Court, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 500 Seven Fields Boulevard, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 5000 Manchester Avenue LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 5001 State Route 60 OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 501 Thomas Jones Way PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 5010 Grand Ridge Drive IA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 504 North River Road, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 505 North Maize Road, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 505 Weyman Road PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 509 East Joppa Road MD Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 515 Brightfield Road MD Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 517 South Erie Street MI Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 523 N Main Street Propco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 5300 West 29th Street, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 5301 Creedmoor Road, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Subsidiary Name 5330 W Michael Drive LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 5401 Sawyer Road FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 5455 Glenridge Drive, NE, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 550 Jessup Road NJ Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 550 South Carlin Springs Road VA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 550 South Negley Avenue PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 5511 Swift Road FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 5521 Village Creek Drive, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 555 N New Ballas Road LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 557140 B.C. Ltd. 5601 South Orchard Street WA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 5609 Fifth Avenue PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 5651 Limestone Road DE Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 5939 Roosevelt Boulevard, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas 5999 N. University Drive, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 60 Highland Road PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 60 Stafford Street LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 600 Sulphur Springs Road SC Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 600 W Ogden Avenue IL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 600 West Valley Forge Road PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 601 Sulphur Springs Road SC Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 601 West Highway 6 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 6011 Farrington Road LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 6025 North Assembly Street WA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 6144 Airport Boulevard LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 6300 W 95th Street IL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 640 Bethlehem Pike PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 6530 Democracy Boulevard MD Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 6600 Ridge Road MD Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 6605 Quail Hollow Road, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 700 Foulk Road DE Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 7001 Forest Avenue, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 7001 North Charles Street MD Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 701 W. 71st Street South, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 7025 Lilley Road MI Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 709 Rice Avenue SC Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 7225 Boca Del Mar Drive FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 724 North Charlotte Street PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 73 East Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 73 East Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 730 N Spring Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 731 Old Buck Lane, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 7395 West Eastman Place CO Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 74350 Country Club Drive CA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 7442 Frank Avenue LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 7743 County Road 1 OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization Subsidiary Name 7807 Upland Way CA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 7850-7880 West College Drive Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 79 Flint Road Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia 7900 Creedmoor Road, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 7902 South Mingo Road East, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 800 Canadian Trails Drive, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 800 Court Street Circle PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 800 Mulholland Street MI Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 800 Oregon Street LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 8001 Red Buckeye Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 8001 Red Buckeye Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 815 East Locust Street IA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 815 South 200 West Propco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 8200 Mentor Hills Drive OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 8220 Natures Way, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 831 Santa Barbara Boulevard, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 833 Sixteenth Avenue IL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 83rd Street ALF, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas 85 Third Street OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 850 Applegrove Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 850 Applegrove Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 8551 Darrow Road OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 865 Maxtown Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 870 Patricia Avenue FL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 8700 Jones Mill Road MD Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 880 Greendale Avenue LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 885 MacBeth Drive PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 8888 Ladue Road LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 90 Avenue S.W. Property Inc. 90 West Avenue, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 900 Tuck Street PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 901 West Third Street IA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 9055 West Sprague Road OH Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 9108-9458 Quebec Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quebec 9128-6757 Quebec Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quebec 9150 Allen Road MI Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 9150 Lakeshore Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 9150 Lakeshore Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 9168-0215 Quebec Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quebec 9188-4502 Quebec Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quebec 9189-2042 Quebec Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quebec 9198-9541 Quebec Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quebec 9208-0837 Quebec Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quebec 925 West South Boulevard MI Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 9307-0985 Quebec Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quebec 9307-1306 Quebec Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quebec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Jurisdiction of Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Subsidiary Name 9307-1348 Quebec Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quebec 9314-3410 Quebec Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quebec 939 Portage Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 939 Portage Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 940 Maple Avenue IL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 940 Walnut Bottom Road PA Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 9401 South Kostner Avenue IL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware 9500 Broadview Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio 9500 Broadview Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Adrian Highway Opco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware AH-WT Holdings LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware AL Santa Monica Senior Housing, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Alberta Acres Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Alden Heights Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Allentown PCH, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pennsylvania Amherst View (Bath Road) Facility Inc. Arden Park Owner TX LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Arnprior Villa Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Aspen Tower Investments Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aspen Tower Partner 1 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Aspen Tower Partner 10 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Aspen Tower Partner 11 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Aspen Tower Partner 2 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Aspen Tower Partner 3 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Aspen Tower Partner 4 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Aspen Tower Partner 5 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Aspen Tower Partner 6 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Aspen Tower Partner 7 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Aspen Tower Partner 8 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Aspen Tower Partner 9 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Aspen Tower Propco 1 Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Aspen Tower Propco 2 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Aspen Tower Propco 4 Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Aspen Tower Propco 7 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Aspen Tower Propco 8 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Aspen Tower Properties (Adderbury) Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aspen Tower Properties (Bath) Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aspen Tower Properties (Bournville) Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aspen Tower Properties (Lane End) Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aspen Tower Properties (Little Bookham) Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aspen Tower Properties (Newbury) Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aspen Tower Properties (Solihull) Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aspen Tower Properties (Sutton Coldfield) Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aspen Tower Properties (Sutton) Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aspen Tower Properties (Woking) Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aspen Tower Properties Holdco Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jersey Jersey Jersey Jersey Jersey Jersey Jersey Jersey Jersey Jersey Jersey Jersey Jurisdiction of Organization Subsidiary Name Aurora Guardian Holdco IV, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Aurora Guardian Holdco V, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Austin Katy Lane Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware B-X Middletown RI LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware B-X Operations Holding Company LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware B-X Providence LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware B-X Shelburne LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware B-X Warwick LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware B-XI Operations Holding Company LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware B-XII Operations Holding Company LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware B-XIV Operations Holding Company LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware BAL Holdings II, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware BAL Holdings VII, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware BAL Howell LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware BAL Longwood LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pennsylvania Ballard Healthcare Investors, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Bayfield Court Operations Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Bear Creek Ctr Realty LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Bel Air Healthcare Investors, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Bella Terra RIDEA Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Bella Terra RIDEA Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Buckhead Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Buffalo Grove Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Buffalo Grove, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Burbank Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Burbank, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Cardiff Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Carol Stream, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Encino Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Encino, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Geneva Road Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Glenview Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Glenview, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Green Hills Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Hollywood Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Hollywood, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Johns Creek Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Landlord 3, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Landlord 4, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Landlord, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Memphis Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Oak Park Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Oak Park, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Rancho Palos Verdes Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village RPV, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Sabre Springs Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization Subsidiary Name Belmont Village San Jose Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village San Jose, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village St. Matthews Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village St. Matthews, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Sunnyvale Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Sunnyvale, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Tenant 2, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Tenant 3, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Turtle Creek Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village West Lake Hills Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village West University Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Belmont Village Westwood Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Benchmark Investments X LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Benchmark Investments XI LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Benchmark Investments XII LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Benchmark Investments XIV LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Berkshire Subtenant LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Beverly RIDEA Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware BKD-HCN Landlord, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware BKD-HCN Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Blue Oaks Property Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Broadway 85th Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Brockport Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Brockville Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Brooklyn Healthcare Investors, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Broomfield CO Senior Living Owner, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Burbank Subtenant LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware BurrOakCommonsPlus, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio Care Cal JV LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Cassils Road West Property Inc. Castle Rock Healthcare Investors, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware CCRC Social Club LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Cerritos Subtenant LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Chapel Hill II JV Sub, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Chapel Hill II JV, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Churchill Belleair Towers LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Churchill Eastdale Estates LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Churchill Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Churchill Hawaii Kai Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Churchill NEC Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Churchill Park Plaza LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Churchill Portfolio Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Churchill Property Portfolio Holdco LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Churchill Property Portfolio Owner LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Churchill REIT Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Jurisdiction of Organization Subsidiary Name Churchill REIT LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Churchill RIDEA Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Churchill University Oaks LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Churchill Windlands East LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Cincinnati Physicians, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Claremont Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Cleaver Road Opco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Cleburne AL GP, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas Cleburne AL Partners, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas Clinton Care 2022, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Clover Communities Beavercreek LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio Clover Communities Bethel Park LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Clover Communities Brighton LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Clover Communities Camillus LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New York Clover Communities Fries, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New York Clover Communities Hamilton LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio Clover Communities Harborcreek, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pennsylvania Clover Communities Independence LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Clover Communities Johnson City, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New York Clover Communities Lancaster, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New York Clover Communities Lorain LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio Clover Communities Miami LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Clover Communities New Hartford, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New York Clover Communities North Fayette, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Clover Communities Painesville LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Clover Communities Scranton, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Clover Communities Southwestern LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New York Clover Communities Sweethome, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New York Clover Communities Sylvania LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio Clover Communities Taylor LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Columbia Boulevard West Property Inc. Conroe MC GP, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas Conroe MC Partners, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas Coon Rapids Healthcare Investors, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Coopers Corner Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia Coopers Corner Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Coppell ALF, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas Cortland Hills Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Coventry Subtenant LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware CPF Landlord, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware CSH-HCN Lessee (Alexander) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Archer) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Avondale) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Belcourt) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Boulogne) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Chicoutimi) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Jurisdiction of Organization Subsidiary Name CSH-HCN Lessee (Christopher) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Ecores) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Fountains) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Giffard) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Gordon) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Harmonie) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Heritage) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Imperial) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Jonquiere) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Kingsville) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (l’Atrium) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (l’Ermitage) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (L’Estrie) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Lachine) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Lansing) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Laviolette) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Leamington) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Livingston) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Marquis) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (McConnell) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Notre-Dame) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Pines) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Pointe-Aux-Trembles) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Renaissance) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Rideau) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Rive-Sud) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Royalcliffe) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Saguenay) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Saint-Jerome) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Scarlett) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Tranquility) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Trembles) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CSH-HCN Lessee (Wellesley) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario CW Property Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Dawn Opco Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom DELM Nursing, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pennsylvania Denton ALF, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas Denver Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware DFW ALF 1, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas DFW ALF 2, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas Dresden Village Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Dresden Village Tag Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware DRF Durango LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minnesota DRF Fenton LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minnesota DRF Gig Harbor LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minnesota DRF Monticello Medical Building LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minnesota Jurisdiction of Organization Subsidiary Name DRF South Valley LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minnesota DRF Westminster LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minnesota DSG-2010 Loans I, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware DSL Landlord II, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware DSL Landlord, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware DSL Tenant II, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware DSL Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Dublin Senior Community WPP, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oklahoma Eagle Mountain AL GP, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas Eagle Mountain AL Partners, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas Edgemont Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Element Acquisition Sub. 3, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Ely Street Opco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EPC IHA LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EPC Sparti LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EPOCH at Hingham Subtenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EPOCH at Wellesley Subtenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EPOCH at Westford Subtenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EPOCH Landlord, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EPOCH Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Erwin NNN Landlord Group LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia Evergreen Place at Brockport Inc. EXT Holdco 1 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 10 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 11 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 12 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 13 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 14 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 15 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 16 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 17 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 18 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 19 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 2 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 20 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 21 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 22 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 23 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 24 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 25 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 26 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 27 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 28 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 29 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 3 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 30 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization Subsidiary Name EXT Holdco 31 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 32 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 33 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 34 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 35 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 36 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 37 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 38 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 39 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 4 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 40 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 5 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 6 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 7 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 8 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXT Holdco 9 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Faribault Assisted Living, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minnesota FC Trident Investment, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware FC-GEN Acquisition, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware FC-GEN Real Estate, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware FCA Finance B Secured Party, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware FHC Mount Vernon LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minnesota Finco TRS Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom First Tower Holdco, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware First Tower Insurance, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tennessee First Tower Partners LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vermont FLA-PALM COURT Limited Partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Florida Fleetwood Villa Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Flower Mound ALF, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas Frontier Exchange Landlord Group LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware G & L Tustin III, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware G&L 4150 Regents LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware G&L 436 Bedford LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Gemini Las Colinas, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oklahoma Gen Three Lakeshore Place Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Genesis Eldercare LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Genesis Eldercare National Centers, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Florida Genesis HC LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pennsylvania Genesis Healthcare Holding Company I, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Genesis Meridian 7 Leasing Properties Limited Partnership, L.L.P. . . . . . . . . . . . . . . . . Virginia Genesis Meridian 7 Partnership Holding Company L.L.C. . . . . . . . . . . . . . . . . . . . . . . . Delaware Genoa Healthcare Investors, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Georgetown Mays Street Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware GHC Sub LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware GHC Sub NJ LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New Jersey GHC TRS LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization Jersey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg Subsidiary Name Gig Harbor Physicians, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Glacial MergerCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Glastonbury Drive Opco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Glendale 51st Avenue Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Golden Gate Subtenant LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Golden Peaks Ctr Realty LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Grace Lodge Care Operating S.a.r.l. Gracewell Healthcare 1 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Gracewell Healthcare 4 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Gracewell Operations Holding Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Gracewell Properties Holdings Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Grove City Care 2015, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Michigan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia GWC-Broadway 85th Inc. GWC-Crestwood, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia GWC-Dix Hills, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia GWC-East 56th Street Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia GWC-East Meadow, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia GWC-East Setauket, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia GWC-Glen Cove, Inc. GWC-Holbrook, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia GWC-Huntington Terrace Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia GWC-New Dorp Inc. GWC-Plainview, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia GWC-Savoy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia GWC-West Babylon, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia Hammonds Lane Meridian Limited Partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Maryland Hampton Villa Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Harnett Health Investors, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia Harrison Park Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HawthorneCommonsPlus, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio HCN (Dufferin) Property Ltd. HCN (Pembroke) Property Inc. HCN (ROSEHILL) PROPERTY INC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia HCN (Stonehaven) Property Inc. HCN (Terrasses Versailles) Property Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Canadian Holdings GP-1 Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Canadian Holdings LP-1 ULC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia HCN Canadian Holdings-1 LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Canadian Holdings-1 Subco ULC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia HCN Canadian Investment (Dufferin) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Canadian Investment (Newman) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Canadian Investment (Quebec) Holdings LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Canadian Investment (Regency) Holdings LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Canadian Investment (Regency) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Canadian Investment (Regent Park) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Canadian Investment (Teasdale) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Jurisdiction of Organization Indiana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Subsidiary Name HCN Canadian Investment (Terrasses Versailles) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Canadian Investment-4 LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Canadian Investment-5 LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Canadian Leasing (British Columbia) Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia HCN Canadian Leasing Ltd. HCN Canadian Leasing-4 Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia HCN Canadian Management Services ULC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia HCN Development Services Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HCN DownREIT Member GP, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN DownREIT Member JV, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN DownREIT Member, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN DSL Member GP, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN DSL Member JV, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN DSL Member TRS, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN Emerald Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN Finco TRS Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom HCN G&L DownREIT II GP, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN G&L DownREIT II, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN G&L DownREIT LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN G&L Holy Cross Sub, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN G&L Roxbury Sub, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN G&L Santa Clarita Sub, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN G&L Valencia Sub, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN Interra Lake Travis LTACH, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Investment (Dufferin) GP Ltd. HCN Investment (Newman) GP Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Investment (Quebec) Holdings GP Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Investment (Regency) GP Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Investment (Regency) Holdings GP Ltd. HCN Investment (Regent Park) GP Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Investment (Teasdale) GP Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Investment (Terrasses Versailles) GP Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Investment GP-1 Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Investment GP-4 Ltd. HCN Investment GP-5 Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Kensington Victoria Leasing Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia HCN Lake Travis Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN Lake Travis Property Two, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN Lessee (Pembroke) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia HCN Lessee (Pembroke) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Lessee (Stonehaven) GP Inc. HCN Lessee (Stonehaven) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN Ross Leasing Ltd. HCN Share Holdings JV GP, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCN Sunwood Leasing Ltd. HCN UK Holdco Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Jersey Jurisdiction of Organization Jersey Subsidiary Name HCN UK Investments Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HCN UK Management Services Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom HCN-Cogir Lessee GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Cogir Lessee LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Annex) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Appleby Place) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Aspen Ridge) Inc. HCN-Revera (Beechwood) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Bough Beeches Place) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Centennial Park Place) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Churchill Place) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Colonel By) Inc. HCN-Revera (Don Mills/Donway Place) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Edinburgh) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Evergreen) Inc. HCN-Revera (Forest Hill Place) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Glynnwood) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Hollyburn House) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Inglewood) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Kensington Victoria) Inc. HCN-Revera (Kensington) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Leaside) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Parkwood Court) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Parkwood Manor) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Parkwood Place) Inc. HCN-Revera (Rayoak Place) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Regal) Limited Partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (River Ridge) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Valley Stream) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Weber) Inc. HCN-Revera (Wellington) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Westwood) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera (Whitecliff) Inc. HCN-Revera (Windermere on the Mount) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Joint Venture GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Joint Venture Limited Partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Joint Venture ULC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia HCN-Revera Lessee (Alta Vista) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Alta Vista) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Annex) GP Inc. HCN-Revera Lessee (Annex) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Appleby Place) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Appleby Place) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Arnprior Villa) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Arnprior Villa) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Aspen Ridge) GP Inc. Jurisdiction of Organization Subsidiary Name HCN-Revera Lessee (Aspen Ridge) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Barrhaven) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Barrhaven) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Beechwood) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Beechwood) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Bentley Moose Jaw) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Bentley Moose Jaw) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Bentley Regina) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Bentley Regina) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Bentley Saskatoon) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Bentley Saskatoon) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Bentley Swift Current) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Bentley Swift Current) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Bentley Yorkton) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Bentley Yorkton) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Birkdale) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Birkdale) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Bough Beeches Place) GP Inc. HCN-Revera Lessee (Bough Beeches Place) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Bradgate Arms) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Bradgate Arms) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Briargate) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Briargate) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Bridlewood Manor) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Bridlewood Manor) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Cambridge) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Cambridge) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Cedarcroft Place) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Cedarcroft Place) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Centennial Park Place) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Centennial Park Place) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Chateau Renoir) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Chateau Renoir) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Chatham) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Chatham) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Churchill Place) GP Inc. HCN-Revera Lessee (Churchill Place) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Clair Matin) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Clair Matin) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Claremont) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Claremont) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Colonel By) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Colonel By) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Crofton Manor) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Crofton Manor) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Don Mills) GP Inc. Jurisdiction of Organization Subsidiary Name HCN-Revera Lessee (Don Mills) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Donway Place) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Donway Place) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Dorchester) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Dorchester) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Edgemont) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Edgemont) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Edinburgh) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Edinburgh) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Emerite de Brossard) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Emerite de Brossard) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Evergreen) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Evergreen) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Fleetwood Villa) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Fleetwood Villa) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Forest Hill Place) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Forest Hill Place) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Franklin) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Franklin) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Glynnwood) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Glynnwood) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Grand Wood) GP Inc. HCN-Revera Lessee (Grand Wood) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Greenway) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Greenway) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Heartland) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Heartland) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Heritage Lodge) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Heritage Lodge) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Hollyburn House) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Hollyburn House) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Horizon Place) GP Inc. HCN-Revera Lessee (Horizon Place) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Hunt Club Manor) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Hunt Club Manor) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Inglewood) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Inglewood) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Jardins du Couvent) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Jardins du Couvent) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Jardins Interieurs) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Jardins Interieurs) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Jardins Vaudreuil) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Jardins Vaudreuil) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Kensington Victoria) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Kensington Victoria) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Kensington) GP Inc. Jurisdiction of Organization Subsidiary Name HCN-Revera Lessee (Kensington) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (King Gardens) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (King Gardens) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Kingsway) GP Inc. HCN-Revera Lessee (Kingsway) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Landmark Court) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Landmark Court) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Leaside) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Leaside) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Lynwood) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Lynwood) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Manoir Lafontaine) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Manoir Lafontaine) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Maplecrest) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Maplecrest) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Marian Chateau) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Marian Chateau) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (McKenzie Towne) GP Inc. HCN-Revera Lessee (McKenzie Towne) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Meadowlands) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Meadowlands) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Parkwood Court) GP Inc. HCN-Revera Lessee (Parkwood Court) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Parkwood Manor) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Parkwood Manor) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Parkwood Place) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Parkwood Place) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Pavillon des Cedres) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Pavillon des Cedres) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Plymouth) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Plymouth) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Port Perry) GP Inc. HCN-Revera Lessee (Port Perry) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Portobello) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Portobello) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Portsmouth) GP Inc. HCN-Revera Lessee (Portsmouth) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Prince of Wales) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Prince of Wales) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Rayoak Place) GP Inc. HCN-Revera Lessee (Rayoak Place) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Renaissance) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Renaissance) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (River Ridge) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (River Ridge) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Riverbend) GP Inc. Jurisdiction of Organization Subsidiary Name HCN-Revera Lessee (Riverbend) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Scenic Acres) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Scenic Acres) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (St. Lawrence Place) GP Inc. HCN-Revera Lessee (St. Lawrence Place) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Stittsville Villa) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Stittsville Villa) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Sunwood) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Sunwood) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Terrace Gardens) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Terrace Gardens) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (The Churchill) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (The Churchill) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Trafalgar Lodge) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Trafalgar Lodge) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Valley Stream) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Valley Stream) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Waverley/Rosewood) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Waverley/Rosewood) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Weber) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Weber) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Wellington) GP Inc. HCN-Revera Lessee (Wellington) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Westwood) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Westwood) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Whitecliff) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Whitecliff) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Windermere on the Mount) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Windermere on the Mount) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Windsor) GP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCN-Revera Lessee (Windsor) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HCP Maryland Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI 1950 Sunny Crest Drive, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Allen Medical Facility, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Ancillary TRS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Connecticut Avenue Subtenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Draper Place Properties Trust HCRI Emerald Holdings III, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Emerald Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Fairmont Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Financial Services, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Fore River Medical Facility, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Holdings Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Massachusetts HCRI Illinois Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Indiana Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HCRI Investments, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Massachusetts Indiana Jurisdiction of Organization Subsidiary Name HCRI Kansas Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Kentucky Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kentucky HCRI Logistics, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Louisiana Properties, L.P. HCRI Marina Place Properties Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Massachusetts HCRI Massachusetts Properties Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Massachusetts HCRI Massachusetts Properties Trust II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Massachusetts HCRI Massachusetts Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . North Carolina HCRI North Carolina Properties I, Inc. HCRI North Carolina Properties II, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . North Carolina HCRI North Carolina Properties III, Limited Partnership . . . . . . . . . . . . . . . . . . . . . . . . North Carolina HCRI North Carolina Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI NY-NJ Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI of Folsom Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . California HCRI of Upland Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . California HCRI Pennsylvania Properties Holding Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Pennsylvania Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pennsylvania HCRI Plano Medical Facility, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Purchasing, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Red Fox ManCo, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Roswell I Medical Facility, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Southern Investments I, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Sun III Minnetonka Senior Living, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Sun III Tenant GP, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Sun III Tenant, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Sun Three Lombard IL Senior Living, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Sun Two Baton Rouge LA Senior Living, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Sun Two Gilbert AZ Senior Living, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Sun Two Metairie LA Senior Living, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Tennessee Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Texas Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Texas Properties, Ltd. HCRI TRS Acquirer II, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI TRS Acquirer, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI TRS Trident Investment, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Tucson Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Wilburn Gardens Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HCRI Wisconsin Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Wisconsin Health Care REIT, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Healthcare Property Consultants LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Healthcare Property Managers Of America, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Florida HealthLease U.S., Inc. Heartis Amarillo GP, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas Heartis Amarillo Partners, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas Heartis Cypress GP, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas Heartis Cypress Partners, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas Jurisdiction of Organization Indiana Subsidiary Name Heat OP TRS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Highland Healthcare Investors, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Hilltop Health Care Center, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Hingham Terry Drive I LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HL GP, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HRA Farmington Hills LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware HT5 Borrower, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Hunt Club Manor Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario HUT ALF, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas I.L.S. Care Communities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Manitoba Jupiter Landlord, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jupiter Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Kaiser Gemini Burgundy, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oklahoma Kaiser Gemini Woodland, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oklahoma KB HC Real Estate Fund LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Kensington Property Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Kensington Subtenant LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Kensington Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Kentucky Avenue Opco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Keystone Communities of Eagan, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minnesota Keystone Communities of Highland Park, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Keystone Communities of Mankato, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minnesota Keystone Communities of Prior Lake, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minnesota Keystone Communities of Roseville, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware King Street Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Kingston Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Kroger Street Opco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware KSL Landlord, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Lafayette Center Realty, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Laguna Hills Subtenant LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Lakewood Manor Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Lancaster PCH, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pennsylvania Landmark Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Las Palmas Subtenant LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Lenexa Investors II, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Lenexa Investors, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Lenox Hill Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Leon Dorchester Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Lillington AL Health Investors, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia Lititz PCH, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pennsylvania Lotz Road Opco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware LW Broomfield PropCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware LW Fort Worth PropCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware LW Jupiter PropCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware LW Mansfield PropCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware LW McKinney PropCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization Subsidiary Name Madera SNF Realty LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . California Maids Moreton Operations Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Marietta Physicians LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Markglen, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . West Virginia Maverick Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas McKenzie Towne Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Meadowlands Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Meadowood ALF, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas Medical Real Estate Property Managers Of America, LLC . . . . . . . . . . . . . . . . . . . . . . . Florida Meerkat TRS LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Merced SNF Realty LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . California Meridian Healthcare, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pennsylvania MG Landlord II, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware MG Landlord, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware MG Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware MGP 42, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware MGP 44, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware MGP 45, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware MGP 46, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware MGP 47, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware MGP 50, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware MGP 51, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware MGP 52, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware MGP X, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Middletown (RI) Associates of Rhode Island, L.P. Midpark Way S.E. Property Inc. Mill Creek Real Estate Partners, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Mission Viejo Subtenant LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Missionwood Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia ML Marion, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Modesto SNF Realty LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . California Monarch Coopers Corner PropCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Monitor Road Opco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Montgomery Nursing Homes, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pennsylvania Monticello Healthcare Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Moorestown Physicians, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Mount Vernon Physicians, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Mountain View Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware MPG Crawfordsville, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MPG Healthcare L.P. MS Arlington, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MS Avon, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MS Bradner, L.P. MS Brecksville, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MS Castleton, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MS Chatham, L.P. Indiana Indiana Indiana Indiana Indiana Indiana Indiana Indiana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Indiana Jurisdiction of Organization Indiana Indiana Indiana Indiana Indiana Indiana Indiana Indiana Subsidiary Name MS Chesterfield, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MS Danville, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MS Kokomo, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MS Mishawaka, L.P. MS Springfield, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MS Stafford, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MS Wabash, L.P. MS Westfield, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Murrieta Healthcare Investors, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Murrieta Healthcare Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Naples Collier Boulevard Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Narrows Glen Property Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Narrows Glen Subtenant LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Natures Way ALF, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas Natures Way MCF, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas NC Sparti LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Northbridge Burlington Subtenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Northbridge Dartmouth Subtenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Northbridge Needham Subtenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Northbridge Newburyport Subtenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Northbridge Plymouth Subtenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Northbridge Tewksbury Subtenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Northwood Retirement Resort Holding Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Otay Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Otay Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Overland Park Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Owensboro KY Propco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Owenton KY Propco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Allentown LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Bedford LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Bethel Park LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Bethlehem 2021 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Bethlehem 2029 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Camp Hill LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Canonsburg LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Carlisle LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Center City LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Chambersburg LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Dallastown LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Easton LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Exton LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Greentree LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Hatboro LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Huntingdon Valley LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Jersey Shore LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 King of Prussia LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization Subsidiary Name PA Holdco 1 Kingston Court LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Lancaster LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Laureldale LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Lebanon LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Monroeville LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Montgomeryville LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 North Hills LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 North York LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Old Orchard LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Pitt LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Pottstown LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Shadyside LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Sinking Spring LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Sunbury LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Wallingford LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 West Reading LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Whitehall LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 Yardley LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 1 York LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Allentown LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Bedford LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Bethel Park LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Bethlehem 2021 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Bethlehem 2029 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Camp Hill LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Canonsburg LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Carlisle LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Center City LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Chambersburg LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Dallastown LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Easton LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Exton LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Greentree LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Hatboro LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Huntingdon Valley LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Jersey Shore LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 King of Prussia LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Kingston Court LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Lancaster LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Laureldale LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Lebanon LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Monroeville LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Montgomeryville LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 North Hills LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 North York LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Old Orchard LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization Subsidiary Name PA Holdco 2 Pitt LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Pottstown LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Shadyside LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Sinking Spring LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Sunbury LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Wallingford LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 West Reading LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Whitehall LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 Yardley LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PA Holdco 2 York LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Paden Road Opco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Palmer Healthcare Investors LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Paramount Real Estate Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Parkland Commons Subtenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Parkwood Retirement Resort Holding Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Pelican Marsh Subtenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Pelican Point Subtenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Pflugerville Loop Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Pleasant View I Realty, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Pleasant View II Realty, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Portage Care 2015, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Michigan Portsmouth Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Potomac Acquisition LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Poughkeepsie Hopewell Junction LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Princeton Junction RIDEA Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Providence Center Master Association, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . California PVL Landlord - BC, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware PVL Landlord - STL Hills, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Queen Creek Ocotillo Road Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Queensbury Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RC 101 E 87th Ave LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RedbudCommonsPlus, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ohio Redmond Partners, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Redwood Tower Investments GP Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Redwood Tower Investments Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Redwood Tower Investments Limited Partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Redwood Tower Propco 1 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Redwood Tower Propco 2 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Redwood Tower Propco 3 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Regal Lifestyle (Birkdale) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Regal Lifestyle (Chatham) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Regal Lifestyle (Grand Wood) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Regal Lifestyle (Lynwood) Inc. Regal Lifestyle (Port Perry) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Regency Retirement Resorts Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Regency Subtenant LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jersey Jersey Jersey Jurisdiction of Organization Subsidiary Name Renoir Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Riverbend Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario RiverVue Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia RM Holdings GP LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM10A Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM11A Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM12A Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM13A Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM14A Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM15 Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM16A Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM17 Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM18 Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM19 Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM1B Holdings LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM2 Holdings LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM20 Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM22 Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM23A Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM24 Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM25 Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM30 Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM3A Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM4 Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM53 Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM64 Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM66 Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM6A Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM8A Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RM9A Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Rockwall ALF, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas RRR SAS Facilities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario RSF REIT V GP, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas RSF REIT V SP GP, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas RSF REIT V SP, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware RSF REIT V, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Maryland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas RSF SP Franklin V L.P. RSF SP Harnett V, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas RSF SP Liberty Ridge V L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas RSF SP Lillington AL V, L.P. RSF SP Meadowview V L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas RSF SP Oakwood V, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas RSF SP Scranton AL V, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas RSF SP Scranton V, L.P. RSF SP Smithfield V L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas RSF SP Stroudsburg V, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas Jurisdiction of Organization Subsidiary Name RSF SP Wrightsville V L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas Sachse Station Boulevard Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware San Andreas SNF Realty LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . California Sandalwood Yates Land Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Santa Fe Las Soleras Medical Development LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Santa Monica GP, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Sarasota Floridian TRS LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Sarasota Floridian, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Florida Scranton AL Investors, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia Scranton Health Investors, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia Senior Housing Holdings III, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Senior Housing Holdings, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Senior Living Ankeny, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Senior Living Chesterton 2 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Senior Living Collierville, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Michigan Senior Living Fairfield, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Michigan Senior Living Fort Wayne 2 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Senior Living Grand Blanc, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Michigan Senior Living Grove City, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Michigan Senior Living Hartland, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Michigan Senior Living Medina, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Michigan Senior Living Pella, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Senior Living Portage, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Michigan Senior Living Waterville, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Michigan Senior Living Waukee, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Seniors Housing Investment III REIT LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Maryland Shelbourne Senior Living Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Shelbyville KY Propco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Sherman Opco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Sierra Pointe Subtenant LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Signature Devco 2 Property Holdings Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signature Devco 3 Property Holdings Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signature Devco 4 Property Holdings Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signature Devco 5 Property Holdings Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signature Devco 6 Property Holdings Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signature Holdco 1 Ltd. Signature Holdco 2 Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signature Holdco Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signature Midco Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signature Senior Landlord, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Silverado Senior Living Calabasas, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . California Simi Hills Subtenant LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SIPL Finco S.a.r.l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg SIPL Finco TRS S.a.r.l. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg SIPL Investments S.a.r.l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg SIPL Partner 1 S.a.r.l Jersey Jersey Jersey Jersey Jersey Jersey Jersey Jersey Jersey Jurisdiction of Organization Jersey Jersey Jersey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg Subsidiary Name SIPL Partner 10 S.a.r.l SIPL Partner 11 S.a.r.l SIPL Partner 2 S.a.r.l SIPL Partner 3 S.a.r.l SIPL Partner 4 S.a.r.l SIPL Partner 5 S.a.r.l SIPL Partner 6 S.a.r.l SIPL Partner 7 S.a.r.l SIPL Partner 8 S.a.r.l SIPL Partner 9 S.a.r.l SIPL Propco NV Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SIPL Quantum Propco Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SIPL Saints Bristol Propco Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom SIPL Saints Leicester Propco Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom SIPL Saints Propco Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sixers Pennsylvania, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF CA Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF CO Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF DE Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF FL Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF GA Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF IA Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF IL Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF MD Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF MI Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF NJ Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF OH Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF PA Holdco 2 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF PA Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF SC Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF VA Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SNF WA Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware South Valley Medical Building L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minnesota Southbury RIDEA Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Southbury RIDEA Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Southwood Property Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia SP Green Ridge, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia SP Harnett, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia SP Lillington, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia SP Virginia Beach, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia SP Whitestone, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia SSL Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SSP TP Tag LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Georgia St. Anthony Physicians, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware St. Clare Physicians, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Stamford Physicians, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization Jersey . . . . . . . . . . . . . . . . . . . . . Virginia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New Brunswick Subsidiary Name Sterling Investment Partners Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stittsville Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Stroudsburg Health Investors, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia Subtenant 1936 Brookdale Road, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Subtenant 330 North Hayworth Avenue, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Subtenant 350 W. Bay Street, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Subtenant 5521 Village Creek Drive, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Subtenant 7001 Bryant Irvin Road, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Subtenant 8855 West Valley Ranch Parkway, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Summerwood Retirement Resort Holding Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Sun City Center Subtenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Sunrise at Gardner Park Limited Partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Massachusetts Sunrise Connecticut Avenue Assisted Living Owner, L.L.C. Sunrise Gardner Park GP, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Massachusetts Sunrise Louisville KY Senior Living, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kentucky Sunrise of Beaconsfield G.P. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New Brunswick Sunrise of Beaconsfield, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Sunrise of Blainville G.P. Inc. Sunrise of Blainville, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Sunrise of Dollard des Ormeaux G.P. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New Brunswick Sunrise of Dollard des Ormeaux, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Sunrise of Vienna Propco, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Sunrise Operations Bramhall II Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Sunrise Operations Esher Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Sunrise Operations Weybridge Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Sutton Place Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Swift Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Swift RIDEA Landlord Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Swift RIDEA Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Swift Spring Member Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware SZR Beaconsfield Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New Brunswick SZR Blainville Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New Brunswick SZR Dollard des Ormeaux, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . New Brunswick Tampa Bay Subtenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware The Blake at Bossier City Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware The Blake at Charlottesville Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware The Blake at Colonial Club Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware The Blake at Kingsport Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware The Blake at Kingsport Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware The Courtyards Subtenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware The Landing at Queensbury Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia Thousand Oaks Property Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Trafalgar Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Trumbull RIDEA Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Trumbull RIDEA Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Turner Ridge Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Texas Subsidiary Name Urban Senior Living Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Urban Senior Living JV LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Valleyview Drive S.W. Property Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . British Columbia Vankleek Facility Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Ventana Canyon Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Virginia Beach Health Investors, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia Voorhees Healthcare Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Voorhees Physicians, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware W TCG Burleson AL, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Waldo Avenue Opco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Warwick Associates Of Rhode Island, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Waterleaf 20 Medical Office Condominiums, Inc. WBWT Rayzor Ranch LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Webb ILF Social Club LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Webb ILF, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Kansas Weber Place Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Weber Place Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL 1031 Holdco 1 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL 2010 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL 2010 REIT LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL 4865 MacArthur Blvd LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL 4865 MacArthur Tenant Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Acquisition Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL AMP TRS LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Balfour Brookline Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Balfour Brookline Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Balfour Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Balfour Needham Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Balfour Stapleton Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Balfour Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Beverly Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL BL OpCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL BL Portfolio 1 OpCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL BL Portfolio 1 PropCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL BL Potomac Operator LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Brandywine Howell LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL BT Portfolio Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL BT Project Group 1 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL BT Project Group 2 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL BVSS Lender LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL CA Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL CA WA Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL CA WA Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Cardiff Opco Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom WELL Churchill Leasehold Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Churchill Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization Subsidiary Name WELL Churchill TRS LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL COGIR Landlord II LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL COGIR Landlord III LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL COGIR Tenant II LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL COGIR Tenant III LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Columbus JV Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Cottonwood Beaumont MOB LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Cottonwood Tyler MOB LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL CWP Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Frontier Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Frontier Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Huffman Portfolio Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL I-A Properties LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Ibis Portfolio Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Indiana Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Integra Master JV LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Ivy 6 Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Kansas City JV Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Kisco BP Phase 1 Parcel LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Kisco BP Phase 2 Parcel LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Kisco Byron Park Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Kisco Byron Park Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL KISCO DEV RIDEA MASTER LANDLORD, LLC . . . . . . . . . . . . . . . . . . . . . Delaware WELL KISCO DEV RIDEA MASTER TENANT, LLC . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL KISCO THE CARNEGIE LANDLORD, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL KISCO THE CARNEGIE TENANT, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL LC Portfolio LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL LCB Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL LCB Portfolio 1 Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL LCB Portfolio 1 Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL LCB Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Los Gatos LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL M&O Haymarket JV LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Mezzanine Lender LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL MF & AA Portfolio Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Monarch Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Monarch Tenant JV Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Monarch Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Nebraska Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL NorCal Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL NPSL Landlord, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL NPSL Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Oak CCRC Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Oak Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL OP TRS Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL OSL Carmichael LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization Subsidiary Name WELL OSL DownREIT Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL OSL DownREIT JV Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL OSL DownREIT Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL OSL EL Dorado LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL OSL North Fresno LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL OSL Orange LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL OSL Pacific Beach LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL OSL Redding LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Pappas Berkeley Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Pappas Corporate Parcel Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Park IV Project Group 1 JV LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Path Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Path Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL PM Holdco 2 JV LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL PM Holdco 3 JV LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL PM Holdco JV LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL PM Properties II LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL PM Properties LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL PM TRS Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL PM Virginia Beach Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Project Bills Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Properties Intermediate Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL SCP Portfolio Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Sea Bluffs Condos LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Silver Waters Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL SP Collierville Venture LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL SP Grove City Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL SP Landlord 2 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL SP Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL SP Lender LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL SP Medina Venture LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL SP Tenant 2 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL SP Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Sparrow Project Group 1 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Sparrow Project Group 2 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL TBC Columbus JV Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL TBC Columbus JV LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL TBC Kansas City JV Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL TBC Kansas City JV, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL TC Portfolio Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL TP BTR Portfolio Member 1 LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL TP BTR Portfolio Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL TP Crabtree Owner LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL TP Dresden Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL TPI JV LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Trevi Albemarle SNF LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization Jersey Subsidiary Name WELL Trevi Bronson SNF LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Trevi Carlotta SNF LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Trevi CCRC Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Trevi Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL Trevi WH SNF LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL UK Investments Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . WELL Unitranche Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL US SubREIT LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL WB Portfolio Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL WH Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL WM Portfolio Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL ZEAL Sherman Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WELL ZFL BTR Portfolio Member LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WellClover Holdings LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WellClover TRS II LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WellClover TRS LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WellClover Venture II LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WellClover Venture LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Wellesley Washington Street Housing I LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware wellFLEX LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower 1915 North 34th Street, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Wisconsin Welltower 1950 Sunny Crest Drive GP, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower 1950 Sunny Crest Drive, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower 2130 Continental Drive, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Wisconsin Welltower 5017 South 110th Street, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Wisconsin Welltower Arlington TRS LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Ballard LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Minnesota Welltower BV Westwood PropCo GP LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Welltower Canadian Leasing TRS GP Ltd. Welltower Canadian Leasing TRS LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Welltower Canadian Services TRS GP LTD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Welltower Canadian Services TRS LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ontario Welltower Carmichael Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower CCRC OpCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Charitable Foundation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Cogir Landlord, LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Cogir Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Colorado Properties LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Eclipse Issaquah PropCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Eclipse Issaquah TRS LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower GP LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower HealthCare Properties II LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower HealthCare Properties LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower HealthCare Venture Properties LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Iowa Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Kisco RIDEA Holdco GP LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization Subsidiary Name Welltower Kisco RIDEA Holdco LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Kisco RIDEA Landlord, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Kisco RIDEA Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower KSL Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Landlord Group LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Limited Partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Management Company Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower NNN Group LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower North Fresno Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Northbridge Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower OM Group LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower OM Member JV GP LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower OM Member JV LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower OM Member REIT LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower OM PropCo GP LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower OP LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower OpCo Group LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Orange Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Pacific Beach Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Pappas MOB 1, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Pappas MOB 2, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Pegasus Landlord, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Pegasus Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Pegasus TRS LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Portfolio Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower PropCo Group Borrower LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower PropCo Group LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Redding Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower REIT Holdings LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower TCG NNN Landlord, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower TCG RIDEA Landlord, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower TCG RIDEA Tenant, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Tenant Group LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower TRS Holdco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Victory II GP LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Victory II JV LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Victory II Landlord LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Victory II OpCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Victory II PropCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Victory II REIT LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Victory II Tenant LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Victory II TRS LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Victory III Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Victory III OpCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Victory III Tenant LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Welltower Victory III TRS LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jurisdiction of Organization Jersey Jersey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Florida Subsidiary Name Wesley Chapel Downs Boulevard Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Westford Littleton Road I LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware White Plains Associates LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Williamstown KY Propco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Willow Tower Investments GP LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Willow Tower Investments LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Willow Tower Nominee 1 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Willow Tower Nominee 2 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Willow Tower Opco 1 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom Wimbledon Opco Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tennessee Windrose 310 Properties, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Windrose Congress I Properties, L.P. Windrose Mount Vernon Properties, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia Windrose Palm Court Properties, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia Windrose SPE Mount Vernon Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Georgia Windrose St. Louis I Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Windrose Tulsa Properties, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Windrose West Boca Properties, Ltd. Windrose West Seneca Properties, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WMP West Seneca Management, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WMPT Congress I Management, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WMPT Congress II Management, L.L.C. WMPT Princeton Management, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WMPT Sacramento Properties, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia WMPT Sacramento, L.P. WMPT St. Louis I Management, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WMPT Stone Oak Properties, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Virginia WMPT Stone Oak, L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WMPT Tulsa Management, L.L.C. WMPT West Boca Management, L.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Woodmere Park Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WR GP Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . WR Investment Partners Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . WR Limited Partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . WR Midco Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom WR Operations 1 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom WR Operations 2 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom WR Operations 3 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom WR Operations 4 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom WR Operations 5 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom WR Operations 6 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom WR Operations 7 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom WR Signature Operations Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom WT 9 Pack Property Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WT California Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WT Hampshire Property Owner LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware Jersey Jersey Jersey Jurisdiction of Organization Subsidiary Name WT Hawaii Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WT Lessee LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WT Lessor LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WT Oregon Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WT Propco Member Holdco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . California WT Stony Hill Tenant LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WT Tenant OpCo LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WT UK OpCo 1 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom WT UK OpCo 2 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom WT UK OpCo 3 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom WT UK Opco 4 Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom WT Utah Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware WT Washington Landlord LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware EXHIBIT 23 Consent of Independent Registered Public Accounting Firm We consent to the incorporation by reference in the following registration statements: • Registration Statement (Form S-8 No. 333-264096) dated April 1, 2022 pertaining to the Welltower Inc. 2022 Long-Term Incentive Plan and the Welltower Inc. 2022 Employee Stock Purchase Plan; • Registration Statement (Form S-3 No. 333-264093) dated April 1, 2022 pertaining to an indeterminate amount of Welltower Inc.’s debt securities, common stock, preferred stock, depositary shares, guarantees of debt securities issued by Welltower OP LLC, warrants and units and Welltower OP LLC’s debt securities and guarantees of debt securities issued by Welltower Inc.; and • Registration Statement (Form S-3 No. 333-264094) dated April 1, 2022 pertaining to the Welltower Inc. Sixth Amended and Restated Dividend Reinvestment and Stock Purchase Plan of our reports dated February 21, 2023, with respect to the consolidated financial statements and schedules of Welltower Inc. and subsidiaries and the effectiveness of internal control over financial reporting of Welltower Inc. and subsidiaries included in this Annual Report (Form 10-K) of Welltower Inc., for the year ended December 31, 2022. /s/ ERNST & YOUNG LLP Toledo, Ohio February 21, 2023 EXHIBIT 24 POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned, a director or officer of Welltower Inc. (the “Company”), a Delaware corporation, hereby constitutes and appoints Shankh Mitra and Timothy G. McHugh, and each of them, his or her true and lawful attorneys-in-fact and agents, for him or her and in his or her name, place and stead, in any and all capacities, to sign the Annual Report on Form 10-K for the year ended December 31, 2022 to be filed by the Company with the Securities and Exchange Commission under the provisions of the Securities Exchange Act of 1934, as amended, and any and all amendments to such Form 10-K, and to file such Form 10-K and each such amendment so signed, with all exhibits thereto, and any and all other documents in connection therewith, with the Securities and Exchange Commission, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform any and all acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof. IN WITNESS WHEREOF, the undersigned have hereunto set their hands as of this 21st day of February 2023. /s/ Kenneth J. Bacon Kenneth J. Bacon, Chairman and Director /s/ Karen B. DeSalvo Karen B. DeSalvo, Director /s/ Philip L. Hawkins Philip L. Hawkins, Director /s/ Dennis G. Lopez Dennis G. Lopez, Director /s/ Ade J. Patton Ade J. Patton, Director /s/ Diana W. Reid Diana W. Reid, Director /s/ Sergio D. Rivera Sergio D. Rivera, Director /s/ Johnese M. Spisso Johnese M. Spisso, Director /s/ Kathryn M. Sullivan Kathryn M. Sullivan, Director /s/ Shankh Mitra Shankh Mitra, Chief Executive Officer and Director (Principal Executive Officer) /s/ Timothy G. McHugh Timothy G. McHugh, Executive Vice President - Chief Financial Officer (Principal Financial Officer) /s/ Joshua T. Fieweger Joshua T. Fieweger, Chief Accounting Officer (Principal Accounting Officer) EXHIBIT 31.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER I, Shankh Mitra, certify that: 1. I have reviewed this annual report on Form 10-K of Welltower Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. Date: February 21, 2023 /s/ SHANKH MITRA Shankh Mitra, Chief Executive Officer and Director EXHIBIT 31.2 CERTIFICATION OF CHIEF FINANCIAL OFFICER I, Timothy G. McHugh, certify that: 1. I have reviewed this annual report on Form 10-K of Welltower Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. Date: February 21, 2023 /s/ TIMOTHY G. MCHUGH Timothy G. McHugh, Executive Vice President - Chief Financial Officer CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 I, Shankh Mitra, the Chief Executive Officer of Welltower Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), that (i) the Annual Report on Form 10- K for the Company for the year ended December 31, 2022 (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. EXHIBIT 32.1 /s/ SHANKH MITRA Shankh Mitra Chief Executive Officer and Director Date: February 21, 2023 A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 I, Timothy G. McHugh, the Chief Financial Officer of Welltower Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), that (i) the Annual Report on Form 10- K for the Company for the year ended December 31, 2022 (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. EXHIBIT 32.2 /s/ TIMOTHY G. MCHUGH Timothy G. McHugh, Executive Vice President - Chief Financial Officer Date: February 21, 2023 A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. [THIS PAGE INTENTIONALLY LEFT BLANK] BOARD OF DIRECTORS Kenneth J. Bacon Age 68 Chair of the Board Co-Founder RailField Realty Partners and Managingii FF PP Partner Shankh Mitra Age 42 Chief Executiv xx Welltower Inc. evv Officer Johnese M. Spisso Age 62 President UCLA Health Chief Executiv evv Officer xx UCLA Hospital System Associa UCLA Health Sciences ss te VicVV e Chancellor r Chief Exexx cutivevv Officer Kathryn M. Sullivan Age 67 Forme FF UnitedHealthcare Employer and Individual, Local Markets, an operating division of UnitedHealth Group Ade J. Patton Age 44 Executiv Financial Officer HBO/HBO Max/Global DTC at WarnerMedia, LLC evv VicVV e President & Chief xx Diana W. Reid Age 67 Former Exexx cutivevv VicVV e President FF The PNC Financial Services Group, Inc. Sergio D. Rivera Age 60 Former FF SeaWorld Entertainment, Inc. Chief ExEE exx cutivevv Officer Karen B. DeSalvo Age 57 Chief Health Officer Google Philip L. Hawkins Age 67 Executiv evv Chairman Link Logistics Real Estate xx Dennis G. Lopez Age 68 Chief Executiv xx QuadReal Property Group Ltd. evv Officer EXECUTIVE OFFICERS Shankh Mitra Chief Executive Officer John F. Burkart Executive Vice President – Chief Operating Officer Ayesha Menon Executive Vice President – Wellness Housing and Development Timothy G. McHugh Executive Vice President – Chief Financial Officer Matthew G. McQueen Executive Vice President – General Counsel & Corporate Secretary Joshua T. Fieweger Chief Accounting Officer INDEPENDENT AUDITORS Ernst & Young TT Toledo , Ohio LLP YY WELLTLL OWER ONLINE Our website: www.welltower.com www.twitter.com/w// elltower www.linkedin.com/c// ompany/yy w// elltower ToTT view the Welltower 2022 Annual Report, visit www.welltower.com. CORPORATEAA OFFICES Welltower Inc. 4500 Dorr Street Toledo TT (877) 670-0070 (419) 247-2800 (419) 247-2826 Fax www.welltower.com , Ohio 43615-4040 TRANSFER AGENT,T REGISTRAR, DIVIDEND DISBURSING AGENT AND PLAN ADMINISTRATAA OR By Regular Mail: Computershare PO Box 43006 Providence, RI 02940-3006 By Overnight Delivery: Computershare 150 Royall Street, Suite 101 Canton, MA 02021 (888) 216-7206 www.computershare.com/investor SHAREHOLDER SERVICES Computershare provides shareholder services to registered shareholders via telephone and online. Computershare representatives can assist you in change of name or address, consolidation of accounts, duplicate mailings, dividend reinvestment enrollment, lost share certiﬁcates, transfer of shares to another person and additional administrative services. For more information, go to www.computershare.com/ investor or call toll-free (888) 216-7206. N INVESTOR INFORMATIOAA Current and prospective investors can access the Annual Report, Proxy Statement, SEC ﬁlings, earnings announcements and other press releases on our website at www.welltower.com, or by email request to info@welltower.com. EXCHANGE LISTING New YorkYY Trading Symbol: WELL Stock Exchange MEMBER National Association of Real Estate Investment Trusts WW OOKING STATT TEAA MENTS FORWARD-L This Annual Report and the Letter to Shareholders contain “forward-looking statements” as that term is deﬁned in the Private Securities Litigation Reform Act of 1995. For example, when we use words such as “may,yy ” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. 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. Important factors that could cause our actual results to be materially different from the forward-looking statements are discussed in our Form 10-K under the heading “Risk Factors.” We assume no obligation to update or revise publicly 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. www.welltower.com 4500 Dorr Street Toledo, Ohio 43615-4040 877.670.0070 419.247.2800

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