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Welltower
WELL
#154
Rank
HK$1.050 T
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
HK$1,531
Share price
2.54%
Change (1 day)
39.94%
Change (1 year)
๐Ÿ  Real estate๐Ÿ’ฐ Investment ๐Ÿ˜๏ธ REITs
Categories
Welltower Inc. is a real estate investment company that invests primarily in senior housing, assisted living, acute care facilities, medical office buildings, hospitals and other healthcare properties
  1. Welltower
  2. Annual Reports (10-K)
  3. Financial Year 2022

Welltower - 10-K annual report 2022


Text size:
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-K
 
☒ 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
well-20221231_g1.gif
WELLTOWER INC.
(Exact name of registrant as specified in its charter)
Delaware34-1096634
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
   
4500 Dorr Street,Toledo,Ohio43615
(Address of principal executive offices)(Zip Code)
(419) 247-2800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $1.00 par valueWELLNew York Stock Exchange
Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLCWELL/28New York Stock Exchange
Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLCWELL/34New 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  ☑  No  ☐
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  ☑
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  ☑  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  ☑  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
☑
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  ☑
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 ☑
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
 
  Page
 PART I
   
Item 1.Business
2
Item 1A.Risk Factors
30
Item 1B.Unresolved Staff Comments
45
Item 2.Properties
46
Item 3.Legal Proceedings
47
Item 4.Mine Safety Disclosures
47
   
 PART II
   
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
48
Item 6.[Reserved]
49
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations
50
Item 7A.Quantitative and Qualitative Disclosures About Market Risk
76
Item 8.Financial Statements and Supplementary Data
77
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
116
Item 9A.Controls and Procedures
116
Item 9B.Other Information
118
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
118
   
 PART III
   
Item 10.Directors, Executive Officers and Corporate Governance
118
Item 11.Executive Compensation
118
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
118
Item 13.Certain Relationships and Related Transactions and Director Independence
118
Item 14.Principal Accounting Fees and Services
118
   
 PART IV
   
Item 15.Exhibits and Financial Statement Schedules
119
Item 16.Form 10-K Summary
126
 Signature
127


PART I 
Item 1. Business 
General
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. 
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.
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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.
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
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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 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. 

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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 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 (gross). Our outpatient medical leases are non-cancellable operating leases that have a weighted-average 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, 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.

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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.
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;
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•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 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
Male
Female
Asian7 %9 %
Black or African American4 %8 %
Hispanic or Latino8 %7 %
Native Hawaiian or Other Pacific Islander— %1 %
Two or More Races1 %2 %
White80 %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
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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.
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:
Board Composition
EthnicityGender
Asian10 %Male60 %
Black or African American20 %Female40 %
Hispanic or Latino20 %100 %
White50 %
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.
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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, including podcasts, 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.
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: loss of accreditation; denial of reimbursement; 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 of our arrangements are structured under the provisions of the REIT Investment Diversification and 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 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.

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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.
◦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
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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.
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
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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 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 turnover for penal fines. The amendments will go into effect in three stages: (i) a few provisions on 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 tenancy, provincial and/or municipal laws applicable to fire safety, food services, zoning, occupational health and safety, public health and the provision of community health care and funded long-term/post-acute care.
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).
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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;
•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.”

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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 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
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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”).
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.
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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 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 non-governmental 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; (5) certain securities issued by a state or any subdivision thereof, the District of Columbia, a non-U.S. 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 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
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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.
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.
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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 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;
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•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
•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
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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.
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) 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.
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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 entirely. Prospective investors should consult their tax advisors regarding the U.S. federal income tax consequences of a redemption or repurchase of our stock.
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.
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 aspects of U.S. federal income taxation and does not address other federal, state, local or non-U.S. tax 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
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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, 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
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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
(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
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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 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 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.
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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
•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,
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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 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.


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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 real property, interest, and dividends (the “90% Passive Income Exception”). The income requirements 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.

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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.
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, 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
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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 regulations affecting Medicare and Medicaid reimbursement rates and operational requirements;
•liability or contract claims by or against operators/tenants;
•unanticipated difficulties and/or expenditures relating to future investments or acquisitions;
•environmental laws affecting 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.

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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;
•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.



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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 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. 



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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 former owners of the properties, liabilities incurred in the ordinary course of business and claims for 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 properties, including non-elective dispositions in a timely manner. We face competition for acquisition 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. 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
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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 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
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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. 
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.
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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 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
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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.
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.
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.
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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 implemented as a result of political, legislative, regulatory, and administrative developments and judicial 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 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.


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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 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, litigation may result 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.
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.
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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 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.

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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 may become liable to reimburse the government for damages and costs it incurs in connection with the 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.
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.

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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, 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
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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 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:

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•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 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. 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
43

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.
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.


44

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.
45


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):
 Seniors Housing OperatingTriple-netOutpatient Medical
Property LocationNumber of PropertiesTotal Investment
Annualized Revenues(1)
Number of PropertiesTotal Investment
Annualized Revenues(1)
Number of PropertiesTotal Investment
Annualized Revenues(1)
Alabama5 $56,098 $14,082 3 $32,944 $4,831 6 $180,944 $12,759 
Arkansas1 28,634 4,636 — — — 1 21,101 4,126 
Arizona12 257,315 49,673 — — — 7 77,297 9,873 
California103 3,622,974 825,685 23 429,725 67,220 42 1,009,678 107,924 
Colorado16 492,334 113,236 8 223,886 22,444 — — — 
Connecticut5 108,606 18,685 4 81,982 1,761 7 100,439 9,060 
District Of Columbia2 98,890 13,695 — — — — — — 
Delaware7 82,287 28,654 4 108,537 15,983 — — — 
Florida26 852,694 174,325 43 473,995 54,592 25 228,998 54,370 
Georgia15 242,060 55,073 3 37,748 3,726 12 206,707 33,173 
Hawaii1 72,197 19,207 — — — — — — 
Iowa9 121,634 34,521 7 54,697 4,335 — — — 
Idaho5 85,097 6,597 — — — 2 48,932 4,989 
Illinois36 593,381 156,924 23 329,716 28,257 7 106,322 15,205 
Indiana8 221,430 37,627 27 401,856 48,528 — — — 
Kansas10 150,366 47,729 20 170,160 21,711 — — — 
Kentucky4 59,775 15,604 3 50,596 5,491 — — — 
Louisiana6 110,579 30,427 2 39,387 3,150 — — — 
Massachusetts16 479,962 80,746 9 184,382 10,136 7 100,984 8,949 
Maryland10 485,082 98,579 21 258,479 31,931 12 245,700 24,302 
Maine1 22,821 11,759 — — — — — — 
Michigan26 429,345 101,797 25 240,373 26,807 13 183,550 24,168 
Minnesota3 76,447 13,070 12 225,611 23,456 7 141,675 31,718 
Missouri9 169,720 22,413 — — — 12 183,171 22,980 
Mississippi3 28,617 12,272 — — — 1 33,951 2,342 
Montana2 24,572 7,874 — — — — — — 
North Carolina10 308,638 52,360 51 479,391 58,461 25 622,716 52,683 
North Dakota1 13,012 1,385 — — — — — — 
Nebraska9 125,203 20,149 — — — 1 10,693 2,285 
New Hampshire3 87,063 8,090 — — — — — — 
New Jersey28 703,917 216,156 29 585,422 58,196 15 333,582 45,012 
Nevada7 126,258 33,248 — — — 8 125,313 10,184 
New York41 823,123 175,092 4 36,960 7,442 15 409,221 33,538 
Ohio47 892,834 162,312 41 402,434 43,100 7 97,408 2,566 
Oklahoma13 166,691 40,536 12 92,244 13,665 2 13,244 2,882 
Oregon14 158,195 45,605 1 2,428 886 1 41,946 3,155 
Pennsylvania24 386,404 100,825 56 574,040 94,479 5 84,040 6,147 
South Carolina5 82,791 19,669 7 32,595 5,261 2 9,556 1,940 
Tennessee10 199,251 43,621 6 60,628 7,551 3 64,860 9,078 
Texas76 1,541,846 337,768 23 338,227 39,233 59 1,069,580 107,365 
Utah4 72,461 23,859 1 21,749 1,887 — — — 
Virginia9 366,086 102,450 29 374,359 55,165 6 106,869 13,916 
Washington34 893,930 201,840 7 86,874 7,994 8 178,104 27,753 
Wisconsin2 18,823 7,108 5 84,390 10,230 5 84,634 9,472 
West Virginia— — — 1 6,208 1,050 — — — 
Total domestic678 $15,939,443 $3,586,963 510 $6,522,023 $778,959 323 $6,121,215 $693,914 
Canada107 2,372,861 455,321 6 129,250 10,467 — — — 
United Kingdom65 1,844,178 430,355 54 1,210,849 150,329 — — — 
Total international172 $4,217,039 $885,676 60 $1,340,099 $160,796 — $— $— 
Grand total850 $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.

46

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)
 
 2022202120222021 
Seniors Housing Operating(3)
78.1%76.4%$49,987 $48,300 per unit
Triple-net(4)
76.2%73.0%17,330 19,675 per bed/unit
Outpatient Medical(5)
95.2%95.4%38 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):
 
Expiration Year(1)
 2023202420252026202720282029203020312032Thereafter
Triple-net:           
Properties
3 4 15 50 2 4 4 34 6 88 337 
Base rent(2)
$5,169 $13,088 $6,612 $43,465 $1,182 $5,246 $4,001 $68,919 $12,773 $65,629 $393,268 
% of base rent
0.8 %2.1 %1.1 %7.0 %0.2 %0.8 %0.6 %11.1 %2.1 %10.6 %63.6 %
Units
388 692 451 3,489 180 440 219 3,669 542 4,314 37,320 
% of units
0.8 %1.3 %0.9 %6.7 %0.3 %0.9 %0.4 %7.1 %1.0 %8.3 %72.3 %
Outpatient Medical:           
Square feet
2,046,278 1,844,706 1,210,369 1,266,337 1,397,012 1,070,909 997,165 1,145,303 1,615,952 1,171,514 3,656,379 
Base rent(2)
$58,210 $56,157 $36,284 $36,568 $38,694 $28,656 $28,013 $31,524 $44,050 $34,704 $97,020 
% of base rent
11.9 %11.5 %7.4 %7.5 %7.9 %5.8 %5.7 %6.4 %9.0 %7.1 %19.8 %
Leases
436 319 241 209 201 145 76 83 63 124 421 
% of leases
18.8 %13.8 %10.4 %9.0 %8.7 %6.3 %3.3 %3.6 %2.7 %5.3 %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.
Item 4. Mine Safety Disclosures
None.
47

PART II
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 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.
well-20221231_g2.jpg
 12/31/201712/31/201812/31/201912/31/202012/31/202112/31/2022
S & P 500$100.00 $95.62 $125.72 $148.85 $191.58 $156.88 
Welltower Inc.100.00 115.30 141.86 117.05 160.34 126.40 
FTSE NAREIT Equity100.00 95.38 120.17 110.56 158.36 119.78 
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.
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
PeriodTotal Number of Shares PurchasedAverage Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Repurchase ProgramMaximum Dollar Value of Shares that May Yet Be Purchased Under the Repurchase Program
October 1, 2022 through October 31, 2022285 $64.32 — $— 
November 1, 2022 through November 30, 2022— — — 3,000,000,000 
December 1, 2022 through December 31, 2022— — — 3,000,000,000 
Totals285 $64.32 — $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.
48

Item 6. [Reserved]
49
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
EXECUTIVE SUMMARY
  
Company Overview
51
Business Strategy
52
Key Transactions
53
Key Performance Indicators, Trends and Uncertainties
53
Corporate Governance
55
LIQUIDITY AND CAPITAL RESOURCES
  
Sources and Uses of Cash
55
Off-Balance Sheet Arrangements
56
Contractual Obligations
57
Capital Structure
57
  
RESULTS OF OPERATIONS
  
Summary
58
Seniors Housing Operating
59
Triple-net
63
Outpatient Medical
65
Non-Segment/Corporate
67
  
OTHER
  
Non-GAAP Financial Measures
67
Critical Accounting Policies and Estimates
73
 
50
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):
  Percentage ofNumber of
Type of Property
NOI(1)
NOIProperties
Seniors Housing Operating$953,372 41.2 %850
Triple-net887,024 38.3 %570
Outpatient Medical472,760 20.5 %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.
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.
51
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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 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 that 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.
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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 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 Operating77 $2,511,408 4.7%
Triple-net5 66,784 0.2%
Outpatient Medical12 360,905 5.4%
Totals94 $2,939,097 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 Operating5 $88,815 $85,413 —%
Triple-net11 109,917 89,827 3.8%
Outpatient Medical— 764 393 —%
Totals16 $199,496 $175,633 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 $0.61 per share. On March 8, 2023, we will pay our 207th consecutive quarterly dividend payment to 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 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.



53
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following table reflects the recent historical trends of our operating performance measures for the periods presented (in thousands):
 Year Ended December 31,
 202220212020
Net income$160,568 $374,479 $1,038,852 
Net income attributable to common stockholders141,214 336,138 978,844 
Funds from operations attributable to common stockholders1,478,072 1,220,722 1,102,562 
Consolidated net operating income2,301,845 1,967,553 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 interest, taxes, depreciation and amortization ("EBITDA") and adjusted earnings before interest, taxes, 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,
 202220212020
Net debt to book capitalization ratio39.5%42.2%40.8%
Net debt to undepreciated book capitalization ratio32.1%34.9%33.8%
Net debt to market capitalization ratio29.5%25.9%29.6%
Interest coverage ratio3.73x3.89x5.04x
Fixed charge coverage ratio3.37x3.43x4.49x
Adjusted interest coverage ratio3.94x3.89x3.97x
Adjusted fixed charge coverage ratio3.56x3.43x3.54x
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)
 202220212020
Property mix:   
 Seniors Housing Operating41%35%38%
 Triple-net38%43%37%
 Outpatient Medical21%22%25%
Relationship mix:   
 ProMedica10%12%11%
Sunrise Senior Living7%10%13%
 
Atria Senior Living(2)
6%2%—%
 HC-One Group4%3%—%
 Cogir Management Corporation3%2%2%
 Remaining70%71%74%
Geographic mix:   
 California14%13%14%
 United Kingdom10%13%10%
 Texas8%8%9%
 Canada6%6%6%
 New Jersey6%6%5%
 Remaining56%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.
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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.
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 described in more detail in “Item 1 — Business — Cautionary Statement Regarding Forward-Looking 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 EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
 December 31,December 31,  December 31,    
 20222021$%2020$%$%
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 activities1,328,708 1,275,325 53,383 4 %1,364,756 (89,431)-7 %(36,048)-3 %
Investing activities(3,703,815)(4,516,268)812,453 -18 %2,347,928 (6,864,196)n/a(6,051,743)n/a
Financing activities2,761,277 1,567,664 1,193,613 76 %(2,080,858)3,648,522 n/a4,842,135 n/a
Effect of foreign currency translation(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 %
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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 EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
 December 31,December 31,  December 31,    
 20222021$%2020$%$%
New development$631,737 $417,963 $213,774 51 %$201,336 $216,627 108 %$430,401 214 %
Recurring capital expenditures, tenant improvements and lease commissions198,576 99,994 98,582 99 %83,146 16,848 20 %115,430 139 %
Renovations, redevelopments and other capital improvements277,440 182,594 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.














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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):
 Payments Due by Period
Contractual ObligationsTotal20232024-20252026-2027Thereafter
Senior unsecured notes and term credit facilities:(1)
U.S. Dollar senior unsecured notes$9,900,000 $— $2,600,000 $1,200,000 $6,100,000 
     Canadian Dollar senior unsecured notes(2)
221,697 — — 221,697 — 
     Pounds Sterling senior unsecured notes(2)
1,268,085 — — — 1,268,085 
U.S. Dollar term credit facility1,010,000 — 10,000 1,000,000 — 
     Canadian Dollar term credit facility(2)
184,747 — — 184,747 — 
Secured debt:(1,2)
    
Consolidated2,129,954 627,672 612,517 311,945 577,820 
     Unconsolidated  
1,306,025 234,613 696,987 178,010 196,415 
Contractual interest obligations:(3)
    
     Senior unsecured notes and term loans(2)
3,980,016 511,574 920,126 735,555 1,812,761 
     Consolidated secured debt(2)
327,455 80,305 104,845 69,626 72,679 
     Unconsolidated secured debt(2)
181,592 35,550 67,524 29,387 49,131 
Finance lease liabilities(4)
206,489 72,218 5,591 3,538 125,142 
Operating lease liabilities(4)
963,239 20,279 35,556 31,350 876,054 
Purchase obligations(5)
2,096,349 1,230,913 799,826 65,610 — 
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, 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
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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.
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
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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.
The following is a summary of our results of operations for the periods presented (dollars in thousands, except per share amounts):
 Year EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
 December 31,December 31,  December 31,    
 20222021Amount%2020Amount%Amount%
Net income$160,568 $374,479 $(213,911)-57 %$1,038,852 $(664,373)-64 %$(878,284)-85 %
NICS141,214 336,138 (194,924)-58 %978,844 (642,706)-66 %(837,630)-86 %
FFO1,478,072 1,220,722 257,350 21 %1,102,562 118,160 11 %375,510 34 %
EBITDA2,007,702 1,910,611 97,091 5 %2,601,645 (691,034)-27 %(593,943)-23 %
Adjusted EBITDA2,122,399 1,913,546 208,853 11 %2,048,412 (134,866)-7 %73,987 4 %
NOI2,301,845 1,967,553 334,292 17 %2,008,144 (40,591)-2 %293,701 15 %
Per share data (fully diluted):      
Net income attributable to common stockholders (1)
$0.30 $0.78 $(0.48)-62 %$2.33 $(1.55)-67 %$(2.03)-87 %
Funds from operations attributable to common stockholders$3.18 $2.86 $0.32 11 %$2.64 $0.22 8 %$0.54 20 %
Interest coverage ratio3.73x3.89x-0.16x-4 %5.04x-1.15x-23 %-1.31x-26 %
Fixed charge coverage ratio3.37x3.43x-0.06x-2 %4.49x-1.06x-24 %-1.12x-25 %
Adjusted interest coverage ratio3.94x3.89x0.05x1 %3.97x-0.08x-2 %-0.03x-1 %
Adjusted fixed charge coverage ratio3.56x3.43x0.13x4 %3.54x-0.11x-3 %0.02x1 %
(1) Includes adjustment to the numerator for income (loss) attributable to OP unitholders.
The following table represents the changes in outstanding common stock for the period from January 1, 2020 to December 31, 2022 (in thousands):
 Year Ended 
 December 31, 2022December 31, 2021December 31, 2020Totals
Beginning balance447,239 417,401 410,257 410,257 
Dividend reinvestment plan issuances— — 264 264 
Redemption of OP Units and DownREIT Units5 — — 5 
Option exercises2 — — 2 
ATM Program issuances43,093 29,667 6,800 79,560 
Repurchase of common stock— — (202)(202)
Other, net169 171 282 622 
Ending balance490,508 447,239 417,401 490,508 
Weighted average number of shares outstanding:   
Basic462,185 424,976 415,451  
Diluted465,158 426,841 417,387  
A portion of our earnings are derived primarily from long-term investments with predictable rates of return. These investments are mainly financed with a combination of equity, senior unsecured notes, secured debt and borrowings under our primary unsecured credit facility. During inflationary periods, which generally are accompanied by rising interest rates, our ability to grow may be adversely affected because the yield on new investments may increase at a slower rate than new borrowing costs.
Seniors Housing Operating 
The following is a summary of our results of operations for the Seniors Housing Operating segment for the years presented (dollars in thousands):
59
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
 Year EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
 December 31,December 31,  December 31,    
 20222021$%2020$%$%
Revenues:         
Resident fees and services$4,173,711 $3,197,223 $976,488 31 %$3,074,022 $123,201 4 %$1,099,689 36 %
Interest income7,867 4,231 3,636 86 %618 3,613 585 %7,249 n/a
Other income63,839 11,796 52,043 441 %7,223 4,573 63 %56,616 784 %
Total revenues4,245,417 3,213,250 1,032,167 32 %3,081,863 131,387 4 %1,163,554 38 %
Property operating expenses3,292,045 2,529,344 762,701 30 %2,326,311 203,033 9 %965,734 42 %
NOI(1)
953,372 683,906 269,466 39 %755,552 (71,646)-9 %197,820 26 %
Other expenses:   
Depreciation and amortization854,800 593,565 261,235 44 %544,462 49,103 9 %310,338 57 %
Interest expense34,833 39,327 (4,494)-11 %54,901 (15,574)-28 %(20,068)-37 %
Loss (gain) on extinguishment of debt, net386 (2,628)3,014 115 %12,659 (15,287)-121 %(12,273)-97 %
Provision for loan losses, net1,039 394 645 164 %671 (277)-41 %368 55 %
Impairment of assets13,146 22,317 (9,171)-41 %100,741 (78,424)-78 %(87,595)-87 %
Other expenses66,026 27,132 38,894 143 %14,265 12,867 90 %51,761 363 %
 970,230 680,107 290,123 43 %727,699 (47,592)-7 %242,531 33 %
Income (loss) from continuing operations before income taxes and other items (16,858)3,799 (20,657)-544 %27,853 (24,054)-86 %(44,711)-161 %
Income (loss) from unconsolidated entities(53,318)(39,225)(14,093)-36 %(33,857)(5,368)-16 %(19,461)-57 %
Gain (loss) on real estate dispositions, net5,794 6,146 (352)-6 %328,249 (322,103)-98 %(322,455)-98 %
Income from continuing operations(64,382)(29,280)(35,102)-120 %322,245 (351,525)-109 %(386,627)-120 %
Net income (loss)(64,382)(29,280)(35,102)-120 %322,245 (351,525)-109 %(386,627)-120 %
Less: Net income (loss) attributable to noncontrolling interests(16,258)(2,224)(14,034)-631 %20,301 (22,525)-111 %(36,559)-180 %
Net income (loss) attributable to common stockholders$(48,124)$(27,056)$(21,068)-78 %$301,944 $(329,000)-109 %$(350,068)-116 %
 (1) See Non-GAAP Financial Measures below.
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:
Three Months Ended(1)
March 31,June 30,September 30,December 31,
202172.7%73.0%74.9%76.3%
202276.3%77.1%78.0%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
60
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
December 31, 2021 and 2020, we recognized $4,642,000 and $3,014,000, respectively, of government grant income in other income in our Consolidated Statements of Comprehensive Income.
The following is a summary of our SSNOI at Welltower's Share for the Seniors Housing Operating segment (dollars in thousands):
 QTD PoolYTD Pool
Three Months EndedChangeYear EndedChange
 December 31, 2022December 31, 2021$%December 31, 2022December 31, 2021$%
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.
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):

61
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
LocationUnits/BedsCommitmentBalance
Est. Completion(2)
New York72 $42,669 $31,742 1Q23
Austin196 39,500 26,555 1Q23 - 2Q23
Dallas112 38,054 18,570 1Q23
Coventry76 18,494 14,191 1Q23
Meadville, PA128 13,996 13,996 1Q23
Dallas47 13,940 7,118 1Q23
Charlotte328 91,836 68,821 2Q23 - 3Q23
Austin188 36,215 31,111 2Q23 - 3Q23
Barnstable Town, MA120 31,761 31,761 2Q23
Hartford128 22,362 22,362 2Q23
Hartford122 20,949 20,949 2Q23
Boston167 82,446 36,421 3Q23
Phoenix199 54,754 23,282 3Q23 - 4Q23
Phoenix204 53,400 24,576 3Q23 - 4Q23
Naples, FL188 56,910 9,368 4Q23 - 1Q24
Tampa206 52,493 8,376 4Q23 - 1Q24
Houston130 32,075 12,504 4Q23 - 1Q24
Kansas City134 21,279 21,279 4Q23
Cincinnati122 18,206 5,808 1Q24
Dallas52 16,531 5,511 1Q24 - 2Q24
Washington D.C.302 173,548 82,606 2Q24
Boston160 148,590 72,106 2Q24
Washington D.C.137 126,200 43,966 2Q24
Killeen, TX256 662659,175 3Q24
3,774 $1,272,473 642,154  
Austin(1)
5,360 
Austin(1)
4,161 
Baltimore(1)
10,741 
Boise, ID(1)
35,557 
Boise, ID(1)
13,323 
Boise, ID(1)
5,889 
Boston(1)
10,416 
Columbus, OH(1)
15,742 
Dallas(1)
4,642 
Detroit(1)
1,931 
Kansas City(1)
15,869 
Raleigh, NC(1)
3,733 
Sacramento(1)
5,160 
Sherman, TX(1)
5,947 
Toronto(1)
49,702 
Total$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.
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):
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Year EndedYear EndedYear Ended
December 31, 2022December 31, 2021December 31, 2020
  Weighted Avg. Weighted Avg. Weighted Avg.
 AmountInterest RateAmountInterest RateAmountInterest Rate
Beginning balance$1,599,522 2.81%$1,706,189 3.05%$2,115,037 3.54%
Debt transferred in32,478 4.79%— —%— —%
Debt issued113,183 4.71%23,569 2.83%62,055 2.55%
Debt assumed288,522 4.38%— —%— —%
Debt extinguished(227,910)4.34%(77,959)6.14%(441,208)2.18%
Principal payments(47,399)3.27%(50,603)3.03%(48,498)3.30%
Foreign currency(56,457)3.27%(1,674)2.67%18,803 2.93%
Ending balance$1,701,939 4.32%$1,599,522 2.81%$1,706,189 3.05%
Monthly averages$1,637,810 3.43%$1,649,485 2.88%$1,875,910 3.19%
The majority of our Seniors Housing Operating properties are formed through partnership interests. Income from unconsolidated entities recognized during the year ended December 31, 2021 includes a gain recognized from the sale of a home health business owned by one of our unconsolidated entities. Net income attributable to noncontrolling interests represents our partners’ share of net income (loss) related to joint ventures. The decrease compared to the year ended December 31, 2021 relates primarily to our partners' share of reserves for previously recognized straight-line receivables.
Triple-net 
The following is a summary of our results of operations for the Triple-net segment for the years presented (dollars in thousands):
 Year EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
 December 31,December 31,  December 31,    
 20222021$%2020$%$%
Revenues:         
Rental income$782,329 $761,441 $20,888 3 %$733,776 $27,665 4 %$48,553 7 %
Interest income142,402 124,540 17,862 14 %62,625 61,915 99 %79,777 127 %
Other income6,776 4,603 2,173 47 %4,903 (300)-6 %1,873 38 %
Total revenues931,507 890,584 40,923 5 %801,304 89,280 11 %130,203 16 %
Property operating expenses44,483 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 amortization215,887 220,699 (4,812)-2 %232,604 (11,905)-5 %(16,717)-7 %
Interest expense963 6,376 (5,413)-85 %9,477 (3,101)-33 %(8,514)-90 %
Loss (gain) on derivatives and financial instruments, net8,334 (7,333)15,667 214 %11,049 (18,382)-166 %(2,715)-25 %
Loss (gain) on extinguishment of debt, net80 — 80 n/a— — n/a80 n/a
Provision for loan losses, net9,289 10,339 (1,050)-10 %90,563 (80,224)-89 %(81,274)-90 %
Impairment of assets3,595 26,579 (22,984)-86 %34,867 (8,288)-24 %(31,272)-90 %
Other expenses13,043 4,189 8,854 211 %22,923 (18,734)-82 %(9,880)-43 %
 251,191 260,849 (9,658)-4 %401,483 (140,634)-35 %(150,292)-37 %
Income from continuing operations before income taxes and other items635,833 580,273 55,560 10 %346,638 233,635 67 %289,195 83 %
Income (loss) from unconsolidated entities34,495 20,687 13,808 67 %18,462 2,225 12 %16,033 87 %
Gain (loss) on real estate dispositions, net16,648 135,881 (119,233)-88 %64,288 71,593 111 %(47,640)-74 %
Income from continuing operations686,976 736,841 (49,865)-7 %429,388 307,453 72 %257,588 60 %
Net income686,976 736,841 (49,865)-7 %429,388 307,453 72 %257,588 60 %
Less: Net income attributable to noncontrolling interests28,958 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.
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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 December 31, 2021, we recognized a provision for loan losses under the current expected credit losses 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 $11,714,000 of specific reserves recognized on a held to maturity debt security, offset by the release of previously established allowances for credit losses due to loan repayments.
The following is a summary of our SSNOI at Welltower's Share for the Triple-net segment (dollars in thousands):
 QTD PoolYTD Pool
Three Months EndedChangeYear EndedChange
 December 31, 2022December 31, 2021$%December 31, 2022December 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):
LocationUnits/BedsCommitmentBalanceEst. Completion
Raleigh191 $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.
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):
64
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Year EndedYear EndedYear Ended
December 31, 2022December 31, 2021December 31, 2020
  Weighted Avg. Weighted Avg. Weighted Avg.
 AmountInterest RateAmountInterest RateAmountInterest Rate
Beginning balance$72,536 4.57%$123,652 4.91%$306,038 3.60%
Debt assumed39,574 16.68%— —%— —%
Debt extinguished(39,574)16.68%(46,402)5.43%(176,875)2.03%
Debt transferred out(32,478)4.79%— —%— —%
Principal payments(879)4.37%(4,679)5.14%(4,376)5.16%
Foreign currency— —%(35)5.43%(1,135)2.97%
Ending balance$39,179 4.39%$72,536 4.57%$123,652 4.91%
Monthly averages$39,584 4.39%$117,966 4.90%$215,796 3.85%
A portion of our Triple-net properties were formed through partnerships. Income or loss from unconsolidated entities represents our share of net income or losses from partnerships where we are the noncontrolling partner. The increase in income from unconsolidated entities during the year ended December 31, 2022 is primarily related to the write off of a right of use asset and related lease liability on an unconsolidated joint venture that was restructured during the year. Net income attributable to noncontrolling interests represents our partners’ share of net income relating to those partnerships where we are the controlling partner. The decrease in net income attributable to noncontrolling interests for the year ended December 31, 2022 compared to 2021 is related to the increase in ownership in existing Triple-net joint ventures.
Outpatient Medical 
The following is a summary of our results of operations for the Outpatient Medical segment for the periods presented (dollars in thousands): 
  Year EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
  December 31,December 31,  December 31,    
  20222021$%2020$%$%
Revenues:         
 Rental income$669,457 $613,254 $56,203 9 %$709,584 $(96,330)-14 %$(40,127)-6 %
 Interest income302 8,792 (8,490)-97 %5,913 2,879 49 %(5,611)-95 %
 Other income8,998 13,243 (4,245)-32 %4,522 8,721 193 %4,476 99 %
 Total revenues678,757 635,289 43,468 7 %720,019 (84,730)-12 %(41,262)-6 %
Property operating expenses205,997 186,939 19,058 10 %214,948 (28,009)-13 %(8,951)-4 %
 
NOI(1)
472,760 448,350 24,410 5 %505,071 (56,721)-11 %(32,311)-6 %
Other expenses:      
 Depreciation and amortization239,681 223,302 16,379 7 %261,371 (38,069)-15 %(21,690)-8 %
 Interest expense18,078 17,506 572 3 %17,579 (73)— %499 3 %
 Loss (gain) on extinguishment of debt, net15 (4)19 475 %1,046 (1,050)-100 %(1,031)-99 %
 Provision for loan losses, net(8)(3,463)3,455 100 %3,202 (6,665)-208 %(3,210)-100 %
 Impairment of assets761 2,211 (1,450)-66 %— 2,211 n/a761 n/a
 Other expenses2,537 2,523 14 1 %8,218 (5,695)-69 %(5,681)-69 %
  261,064 242,075 18,989 8 %291,416 (49,341)-17 %(30,352)-10 %
Income from continuing operations before income taxes and other item211,696 206,275 5,421 3 %213,655 (7,380)-3 %(1,959)-1 %
Income (loss) from unconsolidated entities(2,467)(4,395)1,928 44 %7,312 (11,707)-160 %(9,779)-134 %
Gain (loss) on real estate dispositions, net(6,399)93,348 (99,747)-107 %695,918 (602,570)-87 %(702,317)-101 %
Income from continuing operations202,830 295,228 (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 interests7,180 4,916 2,264 46 %(278)5,194 n/a7,458 n/a
Net income (loss) attributable to 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%.
65
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 $178,207,000 first mortgage initiated in August 2020, which was subsequently repaid in full in June of 2021, resulting in the reversal of the previously established allowance for credit losses.
The fluctuation in property operating expenses and depreciation and amortization are primarily attributable to acquisitions and construction conversions that occurred during 2021 and 2022. To the extent that we acquire or dispose of additional properties in the future, these amounts will change accordingly.
The following is a summary of our SSNOI at Welltower Share for the Outpatient Medical segment (dollars in thousands):
 QTD PoolYTD Pool
Three Months EndedChangeYear EndedChange
 December 31, 2022December 31, 2021$%December 31, 2022December 31, 2021$%
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):
LocationSquare FeetCommitmentBalanceEst. Completion
Houston16,835 $9,935 $5,796 1Q23
Beaumont-Port Arthur, TX33,000 11,822 5,525 2Q23
Houston16,830 9,077 4,328 2Q23
66,665 $30,834 15,649  
Charlotte, NC(1)
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 EndedYear EndedYear Ended
December 31, 2022December 31, 2021December 31, 2020
  Weighted Avg. Weighted Avg. Weighted Avg.
 AmountInterest RateAmountInterest RateAmountInterest Rate
Beginning balance$530,254 3.49%$548,229 3.55%$572,267 3.97%
Debt extinguished(131,582)4.26%(7,670)5.64%(14,205)5.34%
Principal payments(9,836)4.45%(10,305)4.43%(9,833)4.60%
Ending balance$388,836 4.38%$530,254 3.49%$548,229 3.55%
Monthly averages$485,161 3.89%$540,947 3.52%$562,017 3.72%
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.





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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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 EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
 December 31,December 31,  December 31,    
 20222021$%2020$%$%
Revenues:         
Other income$4,934 $2,992 $1,942 65 %$2,781 $211 8 %$2,153 77 %
Total revenues4,934 2,992 1,942 65 %2,781 211 8 %2,153 77 %
Property operating expenses16,245 8,817 7,428 84 %3,381 5,436 161 %12,864 380 %
NOI(1)
(11,311)(5,825)(5,486)-94 %(600)(5,225)-871 %(10,711)n/a
Other expenses:   
Interest expense475,645 426,644 49,001 11 %432,431 (5,787)-1 %43,214 10 %
General and administrative expenses150,390 126,727 23,663 19 %128,394 (1,667)-1 %21,996 17 %
Loss (gain) on extinguishments of debt, net199 52,506 (52,307)-100 %33,344 19,162 57 %(33,145)-99 %
Other expenses20,064 7,895 12,169 154 %24,929 (17,034)-68 %(4,865)-20 %
Total expenses646,298 613,772 32,526 5 %619,098 (5,326)-1 %27,200 4 %
Loss from continuing operations before income taxes and other items(657,609)(619,597)(38,012)-6 %(619,698)101 — %(37,911)-6 %
Income tax (expense) benefit(7,247)(8,713)1,466 17 %(9,968)1,255 13 %2,721 27 %
Loss from continuing operations(664,856)(628,310)(36,546)-6 %(629,666)1,356 — %(35,190)-6 %
Net loss attributable to common stockholders$(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 EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
 December 31,December 31,  December 31,    
 20222021$%2020$%$%
Senior unsecured notes$436,185 $401,247 $34,938 9 %$400,014 $1,233 — %$36,171 9 %
Unsecured credit facility and commercial paper program19,576 6,759 12,817 190 %15,313 (8,554)-56 %4,263 28 %
Loan expense19,884 18,638 1,246 7 %17,104 1,534 9 %2,780 16 %
Totals$475,645 $426,644 $49,001 11 %$432,431 $(5,787)-1 %$43,214 10 %
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
67
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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 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 in the valuation, comparison, 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.
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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.
 Year Ended December 31,
FFO Reconciliation:202220212020
Net income attributable to common stockholders$141,214 $336,138 $978,844 
Depreciation and amortization1,310,368 1,037,566 1,038,437 
Impairment of assets17,502 51,107 135,608 
Loss (gain) on real estate dispositions, net(16,043)(235,375)(1,088,455)
Noncontrolling interests(56,529)(54,190)(23,968)
Unconsolidated entities81,560 85,476 62,096 
Funds from operations attributable to common stockholders$1,478,072 $1,220,722 $1,102,562 
Average diluted shares outstanding:465,158 426,841 417,387 
Per diluted share data:   
Net income attributable to common stockholders(1)
$0.30 $0.78 $2.33 
Funds from operations attributable to common stockholders$3.18 $2.86 $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,
NOI Reconciliation:202220212020
Net income (loss)$160,568 $374,479 $1,038,852 
Loss (gain) on real estate dispositions, net(16,043)(235,375)(1,088,455)
Loss (income) from unconsolidated entities21,290 22,933 8,083 
Income tax expense (benefit)7,247 8,713 9,968 
Other expenses101,670 41,739 70,335 
Impairment of assets17,502 51,107 135,608 
Provision for loan losses, net10,320 7,270 94,436 
Loss (gain) on extinguishment of debt, net680 49,874 47,049 
Loss (gain) on derivatives and financial instruments, net8,334 (7,333)11,049 
General and administrative expenses150,390 126,727 128,394 
Depreciation and amortization1,310,368 1,037,566 1,038,437 
Interest expense529,519 489,853 514,388 
Consolidated net operating income (NOI)$2,301,845 $1,967,553 $2,008,144 
NOI by segment:   
Seniors Housing Operating$953,372 $683,906 $755,552 
Triple-net887,024 841,122 748,121 
Outpatient Medical472,760 448,350 505,071 
Non-segment/corporate(11,311)(5,825)(600)
Total NOI$2,301,845 $1,967,553 $2,008,144 

69
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Quarterly NOI by Segment:
(in thousands)Three Months EndedYear Ended
 March 31, June 30, September 30, December 31,December 31,
2022202120222021202220212022202120222021
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 expenses789,928 555,968 789,299 582,361 841,914 666,610 870,904 724,405 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 expenses11,211 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 expenses49,915 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 $2,992 
Property operating expenses2,6151,654 2,6452,174 5,8503,054 5,1351,935 16,2458,817 
Consolidated NOI$(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 PoolYTD Pool
SSNOI Property Reconciliations:Seniors Housing OperatingTriple-netOutpatient MedicalTotalSeniors Housing OperatingTriple-netOutpatient MedicalTotal
Consolidated properties850 570 323 1,743 850 570 323 1,743 
Unconsolidated properties104 39 79 222 104 39 79 222 
Total properties954 609 402 1,965 954 609 402 1,965 
Recent acquisitions/development
    conversions(1)
(114)(11)(24)(149)(254)(40)(36)(330)
Under development(40)— (5)(45)(40)— (5)(45)
Under redevelopment(2)
(4)(3)(4)(11)(4)(3)(4)(11)
Current held for sale(3)(7)(1)(11)(3)(7)(1)(11)
Land parcels, loans and subleases(24)(8)(7)(39)(24)(8)(7)(39)
Transitions(3)
(108)(150)— (258)(108)(150)— (258)
Other(4)
(7)(3)— (10)(7)(3)— (10)
Same store properties654 427 361 1,442 514 398 349 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.
(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.

70
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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 PoolYTD Pool
Three Months EndedTwelve Months Ended
SSNOI Reconciliations:December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Seniors Housing Operating: 
Consolidated NOI$234,091 $180,375 $953,372 $683,906 
NOI attributable to unconsolidated investments11,291 10,713 47,190 44,470 
NOI attributable to noncontrolling interests(16,718)(12,125)(122,874)(65,747)
Non-cash NOI attributable to same store properties(196)(662)(747)10,878 
NOI attributable to non-same store properties(46,511)(22,024)(270,363)(121,779)
Currency and ownership adjustments (1)
2,759 (669)4,146 (2,856)
SSNOI at Welltower Share184,716 155,608 610,724 548,872 
Triple-net:
Consolidated NOI222,879 230,846 887,024 841,122 
NOI attributable to unconsolidated investments8,947 4,893 29,516 19,559 
NOI attributable to noncontrolling interests(9,555)(13,600)(41,099)(48,892)
Non-cash NOI attributable to same store properties(11,592)(8,310)(37,190)(27,000)
NOI attributable to non-same store properties(86,076)(92,708)(389,905)(352,792)
Currency and ownership adjustments (1)
2,693 938 7,477 1,829 
SSNOI at Welltower Share127,296 122,059 455,823 433,826 
Outpatient Medical:
Consolidated NOI124,421 113,982 472,760 448,350 
NOI attributable to unconsolidated investments4,712 4,682 19,233 18,998 
NOI attributable to noncontrolling interests(5,576)(4,896)(22,089)(18,645)
Non-cash NOI attributable to same store properties(4,287)(3,523)(10,323)(10,384)
NOI attributable to non-same store properties(11,250)(5,298)(56,001)(42,089)
Currency and ownership adjustments (1)
(153)313 (60)(851)
SSNOI at Welltower Share107,867 105,260 403,520 395,379 
SSNOI at Welltower Share:
Seniors Housing Operating184,716 155,608 610,724 548,872 
Triple-net127,296 122,059 455,823 433,826 
Outpatient Medical107,867 105,260 403,520 395,379 
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.















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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.
 Year Ended December 31,
Adjusted EBITDA Reconciliation:202220212020
Net income (loss)$160,568 $374,479 $1,038,852 
Interest expense529,519 489,853 514,388 
Income tax expense (benefit)7,247 8,713 9,968 
Depreciation and amortization1,310,368 1,037,566 1,038,437 
EBITDA2,007,702 1,910,611 2,601,645 
Loss (income) from unconsolidated entities21,290 22,933 8,083 
Stock-based compensation expense26,027 16,933 22,154 
Loss (gain) on extinguishment of debt, net680 49,874 47,049 
Loss (gain) on real estate dispositions, net(16,043)(235,375)(1,088,455)
Impairment of assets17,502 51,107 135,608 
Provision for loan losses, net10,320 7,270 94,436 
Loss (gain) on derivatives and financial instruments, net8,334 (7,333)11,049 
Other expenses101,670 41,739 70,335 
Lease termination and leasehold interest adjustment (1)
(64,854)760 — 
Casualty losses, net of recoveries10,391 5,786 — 
Other impairment, net (2)
(620)49,241 146,508 
Adjusted EBITDA$2,122,399 $1,913,546 $2,048,412 
Adjusted Interest Coverage Ratio:   
Interest expense$529,519 $489,853 $514,388 
Capitalized interest30,491 19,352 17,472 
Non-cash interest expense(21,754)(17,506)(15,751)
Total interest538,256 491,699 516,109 
EBITDA$2,007,702 $1,910,611 $2,601,645 
Interest coverage ratio3.73x3.89x5.04x
Adjusted EBITDA$2,122,399 $1,913,546 $2,048,412 
Adjusted interest coverage ratio3.94x3.89x3.97x
Adjusted Fixed Charge Coverage Ratio:   
Total interest$538,256 $491,699 $516,109 
Secured debt principal payments58,114 65,587 62,707 
Total fixed charges596,370 557,286 578,816 
EBITDA$2,007,702 $1,910,611 $2,601,645 
Fixed charge coverage ratio3.37x3.43x4.49x
Adjusted EBITDA$2,122,399 $1,913,546 $2,048,412 
Adjusted fixed charge coverage ratio3.56x3.43x3.54x
(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.
















72
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,
 202220212020
Book capitalization:   
Unsecured credit facility and commercial paper$— $324,935 $— 
Long-term debt obligations(1)
14,661,552 13,917,702 13,905,822 
Cash and cash equivalents and restricted cash(722,292)(346,755)(2,021,043)
Total net debt13,939,260 13,895,882 11,884,779 
Total equity and noncontrolling interests(2)
21,393,996 18,997,873 17,225,062 
Book capitalization$35,333,256 $32,893,755 $29,109,841 
Net debt to book capitalization ratio39.5 %42.2 %40.8 %
Undepreciated book capitalization:
Total net debt$13,939,260 $13,895,882 $11,884,779 
Accumulated depreciation and amortization8,075,733 6,910,114 6,104,297 
Total equity and noncontrolling interests(2)
21,393,996 18,997,873 17,225,062 
Undepreciated book capitalization$43,408,989 $39,803,869 $35,214,138 
Net debt to undepreciated book capitalization ratio32.1 %34.9 %33.8 %
Market capitalization:
Common shares outstanding490,509 447,239 417,401 
Period end share price$65.55 $85.77 $64.62 
Common equity market capitalization$32,152,865 $38,359,689 $26,972,453 
Total net debt13,939,260 13,895,882 11,884,779 
Noncontrolling interests(2)
1,099,182 1,361,872 1,252,343 
Market capitalization:$47,191,307 $53,617,443 $40,109,575 
Net debt to market capitalization ratio29.5 %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.
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.




73
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

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. In estimating the undiscounted cash flows or fair value, key 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.

At December 31, 2022, our net real property owned was approximately $32,925,033,000. 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 values exceeded the fair values less costs to sell. Additionally, we recorded $4,356,000 of impairment charges 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.
Real Estate Acquisitions

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 based on management's evaluation of the specific characteristics of each tenant's lease and our overall relationship with respect to that tenant.
 

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 of these components affect the amount of depreciation and amortization we record over the estimated useful life of the property or the term of the lease.

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.
74
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Nature of Critical
Accounting Estimate		Assumptions/Approach
Used
Principles of Consolidation

The consolidated financial statements include our accounts, the 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.


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 interest, or (ii) 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.
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 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. 


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 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 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.

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.

75

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, 2022December 31, 2021
 Principal balanceChange in fair valuePrincipal balanceChange in fair value
Senior unsecured notes$10,839,782 $(488,159)$11,002,297 $(1,059,031)
Secured debt1,448,567 (36,654)1,490,708 (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.
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, 2022December 31, 2021
 Carrying valueChange in fair valueCarrying valueChange in fair value
Foreign currency exchange contracts$190,418 $14,238 $32,280 $19,740 
Debt designated as hedges1,452,832 14,528 1,613,164 16,132 
Totals$1,643,250 $28,766 $1,645,444 $35,872 
76

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.
    Impairment of Real Property
Description of the Matter    At December 31, 2022, the Company’s net real property owned was 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, including future rental revenues and operating expenses, capitalization rates, and anticipated hold period, which are affected by expectations about future market or economic conditions.


77

How We Addressed the
Matter in Our Audit

        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
Description of the Matter    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.
How We Addressed the
Matter in Our Audit
    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.
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.

/s/  Ernst & Young LLP

We have served as the Company’s auditor since 1970.
Toledo, Ohio
February 21, 2023
78

CONSOLIDATED BALANCE SHEETS
WELLTOWER INC. AND SUBSIDIARIES
(in thousands)
December 31, 2022December 31, 2021
Assets 
Real estate investments:  
Real property owned:  
Land and land improvements$4,249,834 $3,968,430 
Buildings and improvements33,651,336 31,062,203 
Acquired lease intangibles1,945,458 1,789,628 
Real property held for sale, net of accumulated depreciation133,058 134,097 
Construction in progress1,021,080 651,389 
Less accumulated depreciation and amortization(8,075,733)(6,910,114)
Net real property owned32,925,033 30,695,633 
Right of use assets, net323,942 522,796 
Real estate loans receivable, net of credit allowance890,844 1,068,681 
Net real estate investments34,139,819 32,287,110 
Other assets:
Investments in unconsolidated entities1,499,790 1,039,043 
Goodwill68,321 68,321 
Cash and cash equivalents631,681 269,265 
Restricted cash90,611 77,490 
Straight-line rent receivable322,173 365,643 
Receivables and other assets1,140,838 803,453 
Total other assets3,753,414 2,623,215 
Total assets$37,893,233 $34,910,325 
Liabilities and equity
Liabilities:
Unsecured credit facility and commercial paper$— $324,935 
Senior unsecured notes12,437,273 11,613,758 
Secured debt2,110,815 2,192,261 
Lease liabilities415,824 545,944 
Accrued expenses and other liabilities1,535,325 1,235,554 
Total liabilities16,499,237 15,912,452 
Redeemable noncontrolling interests384,443 401,294 
Equity:
Common stock491,919 448,605 
Capital in excess of par value26,742,750 23,133,641 
Treasury stock(111,001)(107,750)
Cumulative net income8,804,950 8,663,736 
Cumulative dividends(15,514,097)(14,380,915)
Accumulated other comprehensive income (loss)(119,707)(121,316)
Total Welltower Inc. stockholders’ equity20,294,814 17,636,001 
Noncontrolling interests714,739 960,578 
Total equity21,009,553 18,596,579 
Total liabilities and equity$37,893,233 $34,910,325 
See accompanying notes
79

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
WELLTOWER INC. AND SUBSIDIARIES
(In thousands, except per share data)
 Year Ended December 31,
 202220212020
Revenues:
Resident fees and services$4,173,711 $3,197,223 $3,074,022 
Rental income1,451,786 1,374,695 1,443,360 
Interest income150,571 137,563 69,156 
Other income84,547 32,634 19,429 
Total revenues5,860,615 4,742,115 4,605,967 
Expenses:
Property operating expenses3,558,770 2,774,562 2,597,823 
Depreciation and amortization1,310,368 1,037,566 1,038,437 
Interest expense529,519 489,853 514,388 
General and administrative expenses150,390 126,727 128,394 
Loss (gain) on derivatives and financial instruments, net8,334 (7,333)11,049 
Loss (gain) on extinguishment of debt, net680 49,874 47,049 
Provision for loan losses, net10,320 7,270 94,436 
Impairment of assets17,502 51,107 135,608 
Other expenses101,670 41,739 70,335 
Total expenses5,687,553 4,571,365 4,637,519 
Income (loss) from continuing operations before income taxes and other items173,062 170,750 (31,552)
Income tax (expense) benefit(7,247)(8,713)(9,968)
Income (loss) from unconsolidated entities(21,290)(22,933)(8,083)
Gain (loss) on real estate dispositions, net16,043 235,375 1,088,455 
Income (loss) from continuing operations160,568 374,479 1,038,852 
Net income160,568 374,479 1,038,852 
Less:  Net income (loss) attributable to noncontrolling interests(1)
19,354 38,341 60,008 
Net income (loss) attributable to common stockholders$141,214 $336,138 $978,844 
Weighted average number of common shares outstanding:
Basic462,185 424,976 415,451 
Diluted465,158 426,841 417,387 
Earnings per share:
Basic:
Income (loss) from continuing operations$0.35 $0.88 $2.50 
Net income (loss) attributable to common stockholders$0.31 $0.79 $2.36 
Diluted:
Income (loss) from continuing operations$0.35 $0.88 $2.49 
Net income (loss) attributable to common stockholders(2)
$0.30 $0.78 $2.33 
(1) Includes amounts attributable to redeemable noncontrolling interests
(2) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units.

See accompanying notes
80

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
 Year Ended December 31,
 202220212020
Net income$160,568 $374,479 $1,038,852 
Other comprehensive income (loss):
Foreign currency translation gain (loss)
(466,910)(52,826)103,612 
Derivative and financial instruments designated as hedges gain (loss)
442,620 79,702 (134,369)
Total other comprehensive income (loss)(24,290)26,876 (30,757)
Total comprehensive income (loss)136,278 401,355 1,008,095 
Less: Total comprehensive income (loss) attributable to
noncontrolling 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
81

CONSOLIDATED STATEMENTS OF EQUITY
WELLTOWER INC. AND SUBSIDIARIES
(in thousands)Common StockCapital in Excess of Par ValueTreasury StockCumulative Net IncomeCumulative DividendsAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal
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)(5,212)(5,212)
Balances at January 1, 2020 (as adjusted for change 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)978,844 98,910 1,077,754 
Other comprehensive income (loss)(36,347)5,493 (30,854)
Total comprehensive income1,046,900 
Net change in noncontrolling interests18,158 (161,733)(143,575)
Amounts related to stock incentive plans, net of forfeitures622 27,666 (17,879)10,409 
Net proceeds from issuance of common stock7,064 587,202 594,266 
Conversion of preferred stock(7,656)(7,656)
Dividends paid:
Common stock dividends(1,120,187)(1,120,187)
Balances at December 31, 2020418,691 20,823,145 (104,490)8,327,598 (13,343,721)(148,504)908,853 16,881,572 
Comprehensive income:
Net income (loss)336,138 36,795 372,933 
Other comprehensive income (loss)27,188 (366)26,822 
Total comprehensive income399,755 
Net change in noncontrolling interests(23,743)15,296 (8,447)
Amounts related to stock incentive plans, net of forfeitures246 18,087 (3,260)15,073 
Net proceeds from issuance of common stock29,668 2,316,152 2,345,820 
Dividends paid:
Common stock dividends(1,037,194)(1,037,194)
Balances at December 31, 2021448,605 23,133,641 (107,750)8,663,736 (14,380,915)(121,316)960,578 18,596,579 
Comprehensive income:
Net income (loss)141,214 36,151 177,365 
Other comprehensive income (loss)1,609 (24,161)(22,552)
Total comprehensive income154,813 
Net change in noncontrolling interests(88,756)(210,974)(299,730)
Adjustment to members' interest from change in ownership in Welltower OP46,649 (46,649)— 
Redemption of OP Units and DownREIT Units5 1,464 (206)1,263 
Amounts related to stock incentive plans, net of forfeitures214 27,018 (3,251)23,981 
Net proceeds from issuance of common stock43,095 3,622,734 3,665,829 
Dividends paid:
Common stock dividends(1,133,182)(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
82

CONSOLIDATED STATEMENTS OF CASH FLOWS
WELLTOWER INC. AND SUBSIDIARIES
(in thousands)
Year Ended December 31,
 202220212020
Operating activities:
Net income$160,568 $374,479 $1,038,852 
Adjustments to reconcile net income to net cash provided from (used in) operating
activities:
Depreciation and amortization1,310,368 1,037,566 1,038,437 
Other amortization expenses28,234 19,148 13,213 
Provision for loan losses10,320 7,270 94,436 
Impairment of assets17,502 51,107 135,608 
Stock-based compensation expense26,149 17,812 28,318 
Loss (gain) on derivatives and financial instruments, net8,334 (7,333)11,049 
Loss (gain) on extinguishment of debt, net680 49,874 47,049 
Loss (income) from unconsolidated entities21,290 22,933 8,083 
Rental income less than (in excess of) cash received(108,883)(30,820)60,254 
Amortization related to above (below) market leases, net(1,693)(3,536)(1,870)
Loss (gain) on real estate dispositions, net(16,043)(235,375)(1,088,455)
Distributions by unconsolidated entities12,462 16,763 11,601 
Increase (decrease) in accrued expenses and other liabilities50,857 77,554 22,764 
Decrease (increase) in receivables and other assets(191,437)(122,117)(54,583)
Net cash provided from (used in) operating activities1,328,708 1,275,325 1,364,756 
Investing activities:
Cash disbursed for acquisitions, net of cash acquired(2,306,020)(4,084,174)(903,756)
Cash disbursed for capital improvements to existing properties(476,016)(282,588)(244,989)
Cash disbursed for construction in progress(631,737)(417,963)(201,336)
Capitalized interest(30,491)(19,352)(17,472)
Investment in loans receivable(156,045)(997,449)(247,543)
Principal collected on loans receivable196,310 343,260 31,548 
Other investments, net of payments(98,459)(26,595)7,726 
Contributions to unconsolidated entities(502,171)(396,020)(411,154)
Distributions by unconsolidated entities37,571 286,772 48,195 
Proceeds from (payments on) derivatives63,747 7,519 (13,319)
Proceeds from sales of real property199,496 1,070,322 4,300,028 
Net cash provided from (used in) investing activities(3,703,815)(4,516,268)2,347,928 
Financing activities:
Net increase (decrease) under unsecured credit facility and commercial paper(324,935)324,935 (1,587,597)
Proceeds from issuance of senior unsecured notes1,040,232 1,703,626 1,588,549 
Payments to extinguish senior unsecured notes— (1,533,752)(566,248)
Net proceeds from the issuance of secured debt113,183 23,569 62,055 
Payments on secured debt(457,180)(197,618)(694,995)
Net proceeds from the issuance of common stock3,667,854 2,348,201 595,313 
Repurchase of common stock— — (7,656)
Payments for deferred financing costs and prepayment penalties(5,062)(73,735)(39,087)
Contributions by noncontrolling interests(1)
138,656 156,318 44,023 
Distributions to noncontrolling interests(1)
(272,414)(138,756)(333,489)
Cash distributions to stockholders(1,131,527)(1,035,906)(1,119,232)
Other financing activities(7,530)(9,218)(22,494)
Net cash provided from (used in) financing activities2,761,277 1,567,664 (2,080,858)
Effect of foreign currency translation on cash and cash equivalents and restricted cash(10,633)(1,009)3,451 
Increase (decrease) in cash, cash equivalents and restricted cash375,537 (1,674,288)1,635,277 
Cash, cash equivalents and restricted cash at beginning of period346,755 2,021,043 385,766 
Cash, cash equivalents and restricted cash at end of period$722,292 $346,755 $2,021,043 
Supplemental cash flow information:
Interest paid$531,672 $492,742 $508,454 
Income taxes paid (received)3,435 (4,812)13,671 
(1) Includes amounts attributable to redeemable noncontrolling interests.
See accompanying notes.


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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 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.
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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, 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.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.
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.
The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship values for in-place tenants based on management’s evaluation of 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 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 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,
 20222021
Unearned revenue$432,941 $335,891 
Other liabilities311,506 180,663 
Accounts payable216,732 174,798 
Taxes payable144,021 117,013 
Other accrued expenses135,944 135,042 
Accrued payroll 120,713 141,694 
Accrued interest117,741 111,157 
Derivative liabilities55,727 39,296 
Total$1,535,325 $1,235,554 


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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.
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,
202172.7 %73.0 %74.9 %76.3 %
202276.3 %77.1 %78.0 %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
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 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 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.


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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 OperatingTriple-netOutpatient MedicalTotal
Land and land improvements  $206,618 $7,536 $68,379 $282,533 
Buildings and improvements  2,067,051 59,248 253,358 2,379,657 
Acquired lease intangibles  129,429 — 35,316 164,745 
Construction in progress108,141 — — 108,141 
Right of use assets, net169 — 3,852 4,021 
Total net real estate assets2,511,408 66,784 360,905 2,939,097 
Receivables and other assets14,406 — 501 14,907 
Total assets acquired(1)
2,525,814 66,784 361,406 2,954,004 
Secured debt  
(279,788)(39,574)— (319,362)
Lease liabilities— — (3,852)(3,852)
Accrued expenses and other liabilities(112,962)(1,428)(1,414)(115,804)
Total liabilities acquired(392,750)(41,002)(5,266)(439,018)
Noncontrolling interests(2)
(115,112)(4)(1,095)(116,211)
Non-cash acquisition related activity(3)
(64,975)(27,780)— (92,755)
 Cash disbursed for acquisitions1,952,977 (2,002)355,045 2,306,020 
Construction in progress additions489,001 83,368 91,662 664,031 
Less: Capitalized interest(24,432)(4,210)(1,849)(30,491)
Accruals(4)
(4,621)— 2,818 (1,803)
Cash disbursed for construction in progress459,948 79,158 92,631 631,737 
Capital improvements to existing properties352,099 48,052 75,865 476,016 
Total cash invested in real property, net of cash 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.
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Year Ended December 31, 2021
 Seniors Housing OperatingTriple-netOutpatient MedicalTotal
Land and land improvements  $449,335 $88,839 $64,843 $603,017 
Buildings and improvements  2,347,609 809,328 313,864 3,470,801 
Acquired lease intangibles  264,589 — 24,751 289,340 
Right of use assets, net77,455 — — 77,455 
Total net real estate assets3,138,988 898,167 403,458 4,440,613 
Receivables and other assets  6,096 411 3,534 10,041 
Total assets acquired(1)
3,145,084 898,578 406,992 4,450,654 
Lease liabilities(138,126)— — (138,126)
Accrued expenses and other liabilities(191,454)(8,703)(266)(200,423)
Total liabilities acquired(329,580)(8,703)(266)(338,549)
Noncontrolling interests(2)
(4,942)(6,449)(16,540)(27,931)
Cash disbursed for acquisitions2,810,562 883,426 390,186 4,084,174 
Construction in progress additions322,050 77,412 42,464 441,926 
Less: Capitalized interest(13,834)(3,078)(2,440)(19,352)
Accruals (3)
35 — (4,646)(4,611)
Cash disbursed for construction in progress308,251 74,334 35,378 417,963 
Capital improvements to existing properties197,829 37,345 47,414 282,588 
Total cash invested in real property, net of cash 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.
Year Ended December 31, 2020
 Seniors Housing OperatingTriple-netOutpatient MedicalTotal
Land and land improvements  $55,000 $16,876 $45,590 $117,466 
Buildings and improvements  527,189 73,855 179,004 780,048 
Acquired lease intangibles  28,668 — 24,718 53,386 
Total net real estate assets610,857 90,731 249,312 950,900 
Receivables and other assets  746 — 268 1,014 
Total assets acquired(1)
611,603 90,731 249,580 951,914 
Accrued expenses and other liabilities(1,650)— (962)(2,612)
Total liabilities acquired(1,650)— (962)(2,612)
Noncontrolling interests(2)
(45,546)— — (45,546)
Cash disbursed for acquisitions564,407 90,731 248,618 903,756 
Construction in progress additions134,945 45,256 39,833 220,034 
Less: Capitalized interest(10,389)(3,209)(3,874)(17,472)
Accruals(3)
(1,226)— — (1,226)
Cash disbursed for construction in progress123,330 42,047 35,959 201,336 
Capital improvements to existing properties107,379 76,625 60,985 244,989 
Total cash invested in real property, net of cash 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
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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.
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, 2022December 31, 2021December 31, 2020
Development projects:
Seniors Housing Operating$227,796 $117,386 $93,188 
Triple-net— 22,990 75,149 
Outpatient Medical44,777 125,179 43,493 
Total development projects272,573 265,555 211,830 
Expansion projects18,280 5,292 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, 2022December 31, 2021
Assets:
In place lease intangibles$1,817,580 $1,681,533 
Above market tenant leases57,203 53,964 
Lease commissions70,675 54,131 
Gross historical cost1,945,458 1,789,628 
Accumulated amortization(1,484,048)(1,286,259)
Net book value$461,410 $503,369 
Weighted-average amortization period in years7.65.5
Liabilities:
Below market tenant leases$77,985 $74,909 
Accumulated amortization(52,701)(45,291)
Net book value$25,284 $29,618 
Weighted-average amortization period in years8.48.2
The following is a summary of real estate intangible amortization income (expense) for the periods presented (in thousands):
 Year Ended December 31,
 202220212020
Rental income related to (above)/below market tenant leases, net$1,551 $1,680 $1,710 
Amortization related to in place lease intangibles and lease commissions(217,187)(115,579)(121,004)







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The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands):
 AssetsLiabilities
2023$163,759 $6,073 
202494,771 3,854 
202542,068 2,908 
202645,006 2,435 
202737,012 1,888 
Thereafter78,794 8,126 
Totals$461,410 $25,284 
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.
The following is a summary of our real property disposition activity for the periods presented (in thousands):
 Year Ended
 December 31, 2022December 31, 2021December 31, 2020
Real estate dispositions:
Seniors Housing Operating$85,413 $112,837 $1,289,769 
Triple-net89,827 486,369 51,666 
Outpatient Medical393 229,660 1,755,864 
Total net book value of dispositions175,633 828,866 3,097,299 
Gain (loss) on real estate dispositions, net16,043 235,375 1,088,455 
Net other assets (liabilities) disposed7,820 6,081 114,274 
Proceeds from real estate dispositions$199,496 $1,070,322 $4,300,028 








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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,
 202220212020
Revenues:
Total revenues$19,892 $78,277 $302,719 
Expenses:
Interest expense3,409 3,595 11,061 
Property operating expenses12,713 17,740 148,702 
Provision for depreciation1,285 25,575 104,960 
Total expenses17,407 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.
The components of lease expense were as follows for the periods presented (in thousands):
Year Ended December 31,
 Classification202220212020
Operating lease cost: (1)
Real estate lease expenseProperty operating expenses$22,150 $22,642 $23,472 
Non-real estate investment lease expenseGeneral and administrative expenses5,794 4,596 4,745 
Finance lease cost:
Amortization of leased assetsProperty operating expenses6,837 8,105 8,203 
Interest on lease liabilitiesInterest expense6,164 6,574 6,411 
Sublease incomeRental income(11,487)(8,687)(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 LeasesFinancing Leases
2023$20,279 $72,218 
202419,444 3,791 
202516,112 1,800 
202615,516 1,790 
202715,834 1,748 
Thereafter876,054 125,142 
Total lease payments963,239 206,489 
Less: Imputed interest(660,879)(93,025)
Total present value of lease liabilities$302,360 $113,464 



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Supplemental balance sheet information related to leases was as follows for the periods presented (in thousands, except lease terms and discount rate):
 ClassificationDecember 31, 2022December 31, 2021
Right of use assets:
Operating leases - real estateRight of use assets, net$287,984 $367,068 
Financing leases - real estateRight of use assets, net35,958 155,728 
Real estate right of use assets, net323,942 522,796 
Operating leases - non-real estate investmentsReceivables and other assets10,119 9,627 
Financing leases - held for sale(1)
Real property held for sale, net of accumulated depreciation116,453 — 
Total right of use assets, net$450,514 $532,423 
Lease liabilities:
Operating leases$302,360 $434,261 
Financing leases113,464 111,683 
Total lease liabilities$415,824 $545,944 
Weighted average remaining lease term (years):
Operating leases46.036.6
Financing leases19.819.8
Weighted average discount rate:
Operating leases5.56 %9.72 %
Financing leases5.01 %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,
 Classification202220212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leasesDecrease (increase) in receivables and other assets$8,805 $9,081 $9,323 
Operating cash flows from operating leasesIncrease (decrease) in accrued expenses and other liabilities(5,570)(6,008)(3,918)
Operating cash flows from financing leasesDecrease (increase) in receivables and other assets8,672 8,336 8,263 
Financing cash flows from financing leasesOther financing activities(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 $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,
202220212020
Fixed income from operating leases$1,258,238 $1,193,837 $1,240,012 
Variable lease income193,548 180,858 203,348 
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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$1,176,306 
20241,150,604
20251,118,044
20261,074,809
20271,018,400
Thereafter8,802,365
Totals$14,340,528 
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,
 20222021
Mortgage loans$707,464 $889,556 
Other real estate loans195,566 194,477 
Allowance for credit losses on real estate loans receivable(12,186)(15,352)
Real estate loans receivable, net of credit allowance890,844 1,068,681 
Non-real estate loans441,231 375,060 
Allowance for credit losses on non-real estate loans receivable(152,063)(151,433)
Non-real estate loans receivable, net of credit allowance289,168 223,627 
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):
 Year Ended
 December 31, 2022December 31, 2021December 31, 2020
Advances on loans receivable$156,045 $997,449 $247,543 
Less: Receipts on loans receivable196,310 343,260 31,548 
Net cash advances (receipts) on loans receivable$(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.



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The following is a summary of our loans by credit loss category (in thousands):
December 31, 2022
Loan categoryYears of OriginationLoan Carrying ValueAllowance for Credit LossNet Loan BalanceNo. of Loans
Deteriorated loans 2007 - 2018 $174,841 $(148,438)$26,403 3
Collective loan pool 2007 - 2017 202,762 (2,754)200,008 12
Collective loan pool20183,100 (42)3,058 1
Collective loan pool201923,278 (316)22,962 4
Collective loan pool202053,014 (720)52,294 6
Collective loan pool2021754,530 (10,193)744,337 18
Collective loan pool2022132,736 (1,786)130,950 29
Total loans$1,344,261 $(164,249)$1,180,012 73 

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,
 202220212020
Balance at beginning of year$166,785 $224,036 $68,372 
Adoption of ASU 2016-13— — 5,212 
Provision for loan losses, net(1)
(1,394)7,270 94,436 
Loan write-offs(2)
— (64,075)(7,000)
Foreign currency translation(1,142)(446)197 
Reclassification of deferred gain as credit loss(3)
— — 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.
The following is a summary of our deteriorated loans (in thousands):
 Year Ended December 31,
 202220212020
Balance of deteriorated loans at end of year$174,841 $178,369 $242,319 
Allowance for credit losses(148,438)(148,438)(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.







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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, 2022December 31, 2021
Seniors Housing Operating
10% to 65%
$1,171,307 $830,647 
Triple-net
10% to 88%
111,812 44,814 
Outpatient Medical
15% to 50%
216,671 163,582 
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 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 ofTotalPercent of
Concentration by relationship:(1)
PropertiesNOI
NOI(2)
ProMedica58 $240,128 10%
Sunrise Senior Living(3)
109 158,576 7%
Atria Senior Living(4)
97 145,252 6%
HC-One Group (5)
1 86,667 4%
Cogir Management Corporation48 77,115 3%
Remaining portfolio1,430 1,594,107 70%
Totals1,743 $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) Inclusive of $58,621,000 of income recognized upon termination of a lease. See Note 3 for further details.
(5) 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.
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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 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 $1,000,000,000 (none outstanding at December 31, 2022).
The following information relates to aggregate borrowings under the unsecured revolving credit facility and commercial paper program for the periods presented (dollars in thousands):
 Year Ended December 31,
 202220212020
Balance outstanding at year end$— $325,000 $— 
Maximum amount outstanding at any month end$1,565,000 $994,000 $2,100,000 
Average amount outstanding (total of daily principal 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 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):
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Senior Unsecured Notes(1,2,3)
Secured Debt (1,4)
Totals
2023$— $627,672 $627,672 
20241,350,000 345,400 1,695,400 
20251,260,000 267,117 1,527,117 
2026700,000 127,454 827,454 
2027(5,6)
1,906,444 184,491 2,090,935 
Thereafter(7,8)
7,368,085 577,820 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) 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.
(6) 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).
(7) 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).
(8) 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.
The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands):
 Year Ended
 December 31, 2022December 31, 2021December 31, 2020
  Weighted Avg. Weighted Avg. Weighted Avg.
 Amount
Interest Rate(1)
AmountInterest RateAmountInterest Rate
Beginning balance$11,707,961 3.67%$11,509,533 3.67%$10,427,562 4.03%
Debt issued1,050,000 3.08%1,750,000 2.57%1,600,000 1.89%
Debt extinguished— —%(1,533,752)2.42%(566,248)3.26%
Foreign currency(173,432)4.43%(17,820)4.55%48,219 4.35%
Ending balance$12,584,529 4.06%$11,707,961 3.67%$11,509,533 3.67%
(1) Includes the impact of interest rate swaps and interest rate caps.











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The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands):
 Year Ended
 December 31, 2022December 31, 2021December 31, 2020
  Weighted Avg. Weighted Avg. Weighted Avg.
 Amount
Interest Rate(1)
AmountInterest RateAmountInterest Rate
Beginning balance$2,202,312 3.03%$2,378,073 3.27%$2,993,342 3.63%
Debt issued113,183 4.71%23,569 2.83%62,055 2.55%
Debt assumed328,096 5.86%— —%— —%
Debt extinguished(399,066)5.54%(132,031)5.86%(632,288)2.21%
Principal payments(58,114)3.48%(65,587)3.40%(62,707)3.63%
Foreign currency(56,457)3.27%(1,712)2.72%17,671 2.93%
Ending balance$2,129,954 4.33%$2,202,312 3.03%$2,378,073 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 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. 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.
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, 2022December 31, 2021
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars$1,075,000 $675,000 
Denominated in Pound Sterling£1,890,708 £1,904,708 
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars$250,000 $250,000 
Denominated in Pound Sterling£1,050,000 £1,050,000 
Interest rate swaps designated as cash flow hedges:
Denominated in U.S. Dollars(1)
$25,000 $25,000 
Interest rate swaps designated as fair value hedges:
Denominated in U.S. Dollars$550,000 $— 
Derivative instruments not designated:
Interest rate caps denominated in U.S. Dollars$26,137 $26,137 
Forward sales contracts denominated in Canadian Dollars$80,000 $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):
  Year Ended
DescriptionLocationDecember 31, 2022December 31, 2021December 31, 2020
Gain (loss) on derivative instruments designated as hedges recognized in incomeInterest expense$28,894 $23,133 $22,698 
Gain (loss) on derivative instruments not designated as hedges recognized in incomeInterest expense$4,255 $(433)$(5,982)
Gain (loss) on equity warrants recognized in incomeGain (loss) on derivatives and financial instruments, net$(6,837)$10,361 $— 
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCIOCI$442,620 $79,702 $(134,369)
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.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

14. Stockholders’ Equity 
The following is a summary of our stockholders’ equity capital accounts as of the dates indicated:
December 31, 2022December 31, 2021
Preferred Stock, $1.00 par value:
Authorized shares50,000,000 50,000,000
Issued shares— — 
Outstanding shares— — 
Common Stock, $1.00 par value:
Authorized shares700,000,000 700,000,000 
Issued shares492,283,488 448,998,438 
Outstanding shares490,508,937 447,239,477 
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.
The following is a summary of our common stock issuances during the periods indicated (dollars in thousands, except shares and average price amounts):
Shares IssuedAverage PriceGross ProceedsNet Proceeds
2020 Dividend reinvestment plan issuances264,153 $72.33 $19,105 $19,105 
2020 Option exercises251 47.81 12 12 
2020 ATM Program issuances6,799,978 86.48 588,072 576,196 
2020 Stock incentive plans, net of forfeitures281,552 — — 
2020 Totals7,345,934 $607,189 $595,313 
2021 Option exercises338 $56.21 $19 $19 
2021 ATM Program issuances29,667,348 80.41 2,385,683 2,348,182 
2021 Stock incentive plans, net of forfeitures171,189 — — 
2021 Totals29,838,875 $2,385,702 $2,348,201 
2022 Option exercises2,433$67.00 $163 $163 
2022 ATM Program issuances43,092,88886.233,715,971 3,667,691 
2022 Redemption of OP Units and DownREIT Units5,498— — 
2022 Stock incentive plans, net of forfeitures168,641— — 
2022 Totals43,269,460 $3,716,134 $3,667,854 




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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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, 2022December 31, 2021December 31, 2020
  Per ShareAmountPer ShareAmountPer ShareAmount
Common stock$2.44 $1,133,182 $2.44 $1,037,194 $2.70 $1,120,187 
Accumulated Other Comprehensive Income
The following is a summary of accumulated other comprehensive income/(loss) for the periods presented (in thousands):
 December 31, 2022December 31, 2021
Foreign currency translation$(1,115,317)$(674,306)
Derivative and financial instruments designated as hedges995,610 552,990 
Total accumulated other comprehensive income (loss)$(119,707)$(121,316)
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):
 Year Ended December 31,
 202220212020
Stock options$2,378 $1,088 $— 
Restricted stock23,771 16,724 28,318 
Total compensation expense$26,149 $17,812 $28,318 



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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Stock Options
The following is a summary of time-based stock option activity in 2022:
SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (years)Intrinsic Value ($000's)
Outstanding as of December 31, 2021
311,306 $67.17 
Options granted256,716 86.23
Options exercised(2,433)67.17
Options forfeited(14,074)76.02
Options expired— — 
Outstanding as of December 31, 2022
551,515$75.82 8.76$— 
Exercisable as of December 31, 2022
75,383$67.17 8.50$— 
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:
2022
Dividend yield2.83%
Estimated volatility(1)
32.84%
Risk free rate1.61%
Expected life of options6 years
Estimated fair value$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 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:
 Restricted Stock
 Number of SharesWeighted-Average
Grant Date Fair Value
Non-vested at December 31, 2021
566,227 $76.28 
Vested(168,275)82.78
Granted303,566 98.49
Change in awards based on performance(1)
120,959 82.42
Forfeited or expired(19,150)83.56
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.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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:
2022
Dividend yield2.83%
Estimated volatility over the life of the plan(1)
26.31% - 56.62%
Risk free rate
0.08% - 1.20%
Estimated market based performance award value 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.
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,
 202220212020
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 Units165 (3,020)(6,146)
Numerator for diluted earnings per share$141,379 $333,118 $972,698 
Denominator for basic earnings per share - weighted average shares462,185 424,976 415,451 
Effect of dilutive securities:
Employee stock options20 — — 
Non-vested restricted shares1,058 447 519 
OP Units and DownREIT Units
1,865 1,396 1,396 
Employee stock purchase program30 22 21 
Dilutive potential common shares2,973 1,865 1,936 
Denominator for diluted earnings per share - adjusted weighted average shares465,158 426,841 417,387 
Basic earnings per share$0.31 $0.79 $2.36 
Diluted earnings per share$0.30 $0.78 $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:


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•Level 1 - Quoted prices in active markets for identical assets or liabilities.
•Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 
•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. 
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: 
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. 















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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands):
 December 31, 2022December 31, 2021
 CarryingFairCarryingFair
 AmountValueAmountValue
Financial assets:    
Mortgage loans receivable$697,906 $739,159 $877,102 $932,552 
Other real estate loans receivable192,938 190,977 191,579 193,999 
Equity securities111 111 1,608 1,608 
Cash and cash equivalents631,681 631,681 269,265 269,265 
Restricted cash90,611 90,611 77,490 77,490 
Non-real estate loans receivable289,168 277,601 223,627 241,544 
Foreign currency forward contracts, interest rate swaps and cross currency swaps191,357 191,357 7,205 7,205 
Equity warrants30,436 30,436 41,909 41,909 
Financial liabilities:
Borrowings under unsecured credit facility and commercial paper program$— $— $324,935 $324,935 
Senior unsecured notes12,437,273 11,381,873 11,613,758 13,139,748 
Secured debt2,110,815 2,054,889 2,192,261 2,252,107 
Foreign currency forward contracts, interest rate swaps and cross currency swaps55,727 55,727 39,296 39,296 
Redeemable DownREIT unitholder interests$75,355 $75,355 $153,098 $153,098 
Items Measured at Fair Value on a Recurring Basis 
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):
 
Fair Value Measurements as of December 31, 2022
 TotalLevel 1Level 2Level 3
Equity securities$111 $111 $— $— 
Equity warrants30,436 — — 30,436 
Foreign currency forward contracts, interest rate swaps and cross 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.
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, 2022December 31, 2021
Beginning balance$41,909 $— 
Warrants acquired— 32,419 
Mark-to-market adjustment(6,837)10,361 
Foreign currency(4,636)(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
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.
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.



















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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):

Year Ended December 31, 2022:Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment / CorporateTotal
Resident fees and services$4,173,711 $— $— $— $4,173,711 
Rental income— 782,329 669,457 — 1,451,786 
Interest income7,867 142,402 302 — 150,571 
Other income63,839 6,776 8,998 4,934 84,547 
Total revenues4,245,417 931,507 678,757 4,934 5,860,615 
Property operating expenses3,292,045 44,483 205,997 16,245 3,558,770 
Consolidated net operating income (loss)953,372 887,024 472,760 (11,311)2,301,845 
Depreciation and amortization854,800 215,887 239,681 — 1,310,368 
Interest expense34,833 963 18,078 475,645 529,519 
General and administrative expenses— — — 150,390 150,390 
Loss (gain) on derivatives and financial instruments, net— 8,334 — — 8,334 
Loss (gain) on extinguishment of debt, net386 80 15 199 680 
Provision for loan losses, net1,039 9,289 (8)— 10,320 
Impairment of assets13,146 3,595 761 — 17,502 
Other expenses66,026 13,043 2,537 20,064 101,670 
Income (loss) from continuing operations before income taxes and other items(16,858)635,833 211,696 (657,609)173,062 
Income tax (expense) benefit— — — (7,247)(7,247)
Income (loss) from unconsolidated entities(53,318)34,495 (2,467)— (21,290)
Gain (loss) on real estate dispositions, net5,794 16,648 (6,399)— 16,043 
Income (loss) from continuing operations(64,382)686,976 202,830 (664,856)160,568 
Net income (loss)$(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 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31, 2021:Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment / CorporateTotal
Resident fees and services$3,197,223 $— $— $— $3,197,223 
Rental income— 761,441 613,254 — 1,374,695 
Interest income4,231 124,540 8,792 — 137,563 
Other income11,796 4,603 13,243 2,992 32,634 
Total revenues3,213,250 890,584 635,289 2,992 4,742,115 
Property operating expenses2,529,344 49,462 186,939 8,817 2,774,562 
Consolidated net operating income (loss)683,906 841,122 448,350 (5,825)1,967,553 
Depreciation and amortization593,565 220,699 223,302 — 1,037,566 
Interest expense39,327 6,376 17,506 426,644 489,853 
General and administrative expenses— — — 126,727 126,727 
Loss (gain) on derivatives and financial instruments, net— (7,333)— — (7,333)
Loss (gain) on extinguishment of debt, net(2,628)— (4)52,506 49,874 
Provision for loan losses, net394 10,339 (3,463)— 7,270 
Impairment of assets22,317 26,579 2,211 — 51,107 
Other expenses27,132 4,189 2,523 7,895 41,739 
Income (loss) from continuing operations before income taxes and other items3,799 580,273 206,275 (619,597)170,750 
Income tax (expense) benefit— — — (8,713)(8,713)
Income (loss) from unconsolidated entities(39,225)20,687 (4,395)— (22,933)
Gain (loss) on real estate dispositions, net6,146 135,881 93,348 — 235,375 
Income (loss) from continuing operations(29,280)736,841 295,228 (628,310)374,479 
Net income (loss)$(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 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31, 2020:Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment / CorporateTotal
Resident fees and services$3,074,022 $— $— $— $3,074,022 
Rental income— 733,776 709,584 — 1,443,360 
Interest income618 62,625 5,913 — 69,156 
Other income7,223 4,903 4,522 2,781 19,429 
Total revenues3,081,863 801,304 720,019 2,781 4,605,967 
Property operating expenses2,326,311 53,183 214,948 3,381 2,597,823 
Consolidated net operating income (loss)755,552 748,121 505,071 (600)2,008,144 
Depreciation and amortization544,462 232,604 261,371 — 1,038,437 
Interest expense54,901 9,477 17,579 432,431 514,388 
General and administrative expenses— — — 128,394 128,394 
Loss (gain) on derivatives and financial instruments, net— 11,049 — — 11,049 
Loss (gain) on extinguishment of debt, net12,659 — 1,046 33,344 47,049 
Provision for loan losses, net671 90,563 3,202 — 94,436 
Impairment of assets100,741 34,867 — — 135,608 
Other expenses14,265 22,923 8,218 24,929 70,335 
Income (loss) from continuing operations before income taxes and other items27,853 346,638 213,655 (619,698)(31,552)
Income tax (expense) benefit— — — (9,968)(9,968)
Income (loss) from unconsolidated entities(33,857)18,462 7,312 — (8,083)
Gain (loss) on real estate dispositions, net328,249 64,288 695,918 — 1,088,455 
Income (loss) from continuing operations322,245 429,388 916,885 (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, 2022December 31, 2021December 31, 2020
Revenues:Amount%Amount%Amount%
United States$4,843,417 82.6 %$3,766,707 79.4 %$3,720,155 80.8 %
United Kingdom558,308 9.5 %552,650 11.7 %451,399 9.8 %
Canada458,890 7.9 %422,758 8.9 %434,413 9.4 %
Total$5,860,615 100.0 %$4,742,115 100.0 %$4,605,967 100.0 %
Year Ended
December 31, 2022December 31, 2021December 31, 2020
Resident fees and services:Amount%Amount%Amount%
United States$3,325,466 79.7 %$2,389,257 74.7 %$2,321,956 75.5 %
United Kingdom401,195 9.6 %396,610 12.4 %327,687 10.7 %
Canada447,050 10.7 %411,356 12.9 %424,379 13.8 %
Total$4,173,711 100.0 %$3,197,223 100.0 %$3,074,022 100.0 %
 As of  
 December 31, 2022December 31, 2021  
Assets:Amount%Amount%  
United States$31,740,907 83.8 %$28,595,703 81.9 % 
United Kingdom3,476,793 9.2 %3,938,258 11.3 % 
Canada2,675,533 7.0 %2,376,364 6.8 %  
Total$37,893,233 100.0 %$34,910,325 100.0 %  
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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:
 Year Ended December 31,
 202220212020
Per share:
Ordinary dividend(1)
$2.4400 $1.4828 $1.6389 
Long-term capital gain/(loss)(2)
— 0.8371 1.0611 
Return of capital— 0.1201 — 
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.

Our consolidated provision for income tax expense (benefit) is as follows for the periods presented (in thousands):
 Year Ended December 31,
 202220212020
Current tax expense$18,289 $10,199 $11,358 
Deferred tax benefit(11,042)(1,486)(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, the foreign tax provision/(benefit) amount included in the consolidated provision for income taxes was $5,222,000, $6,787,000 and $5,777,000, respectively.
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,
 202220212020
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interests and income taxes$35,241 $80,470 $220,252 
Increase (decrease) in valuation allowance(1)
30,237 19,383 85,881 
Tax at statutory rate on earnings not subject to federal income taxes(75,729)(117,931)(300,196)
Foreign permanent depreciation2,033 1,449 1,504 
Other differences15,465 25,342 2,527 
Totals$7,247 $8,713 $9,968 
(1) Excluding purchase price accounting.



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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,
 202220212020
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets and the treatment of interests and certain costs$(39,212)$(32,616)$(24,085)
Operating loss and interest deduction carryforwards254,852 247,015 196,634 
Expense accruals and other94,999 53,367 72,459 
Valuation allowances(294,558)(264,321)(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,
 202220212020
Beginning balance$264,321 $244,938 $159,057 
Expense (benefit)30,237 19,383 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 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. 


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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, 2022December 31, 2021
Assets:
Net real estate investments$1,499,078 $445,776 
Cash and cash equivalents15,582 9,964 
Receivables and other assets9,949 7,617 
Total assets(1)
$1,524,609 $463,357 
Liabilities and equity:
Secured debt$155,992 $163,519 
Lease liabilities1,329 1,324 
Accrued expenses and other liabilities28,417 12,394 
Total equity1,338,871 286,120 
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.
115

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.
116

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 Inc. and subsidiaries’ 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) (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.
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.
 
/s/  Ernst & Young LLP
 
Toledo, Ohio
February 21, 2023
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Item 9B. Other Information
None.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
PART III 
Item 10. Directors, Executive Officers and Corporate Governance 
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.
118

PART IV
Item 15. Exhibits and Financial Statement Schedules
(a)     1. Our Consolidated Financial Statements are included in Part II, Item 8:  
Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)
77
Consolidated Balance Sheets – December 31, 2022 and 2021
79
Consolidated Statements of Comprehensive Income — Years ended December 31, 2022, 2021 and 2020
80
Consolidated Statements of Equity — Years ended December 31, 2022, 2021 and 2020
82
Consolidated Statements of Cash Flows — Years ended December 31, 2022, 2021 and 2020
83
Notes to Consolidated Financial Statements
84
2. The following Financial Statement Schedules are included beginning on page 128
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.




















119

2.1    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).
2.2    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).
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    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).
4.1(a)    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).
120

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).
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).
121

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).
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    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).
4.3    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).
4.4    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).
4.5    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).
4.6    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).
122

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).
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).*
123

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).*
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    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).*
10.9    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).*
10.10    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).*
10.11    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).
10.12    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).*
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.*
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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) Form of Welltower OP LLC Profits Interests Plan Time-Based LTIP Unit Agreement (LTIP Exchange Equity Award).*
10.17(c) Form of Welltower OP LLC Profits Interests Plan Performance LTIP Unit Agreement (LTIP Exchange Equity Award).*
10.17(d) Form of Welltower OP LLC Profits Interests Plan Option Unit Agreement (Option Unit Replacement Equity Award).*
10.17(e) Form of Welltower OP LLC Profits Interests Plan Option Unit Agreement (Option Unit Replacement Equity Award for 2021 Special Stock Option Grant).*
10.17(f) Form of Welltower OP LLC Profits Interests Plan Outperformance LTIP Unit Agreement (Outperformance Exchange Equity Award).*
10.17(g) 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           Subsidiaries of the Company.
23           Consent of Ernst & Young LLP, independent registered public accounting firm.
24           Powers of Attorney.
31.1        Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.
31.2        Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.
32.1        Certification pursuant to 18 U.S.C. Section 1350 by Chief Executive Officer.
32.2        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
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.
125
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Item 16. Form 10-K Summary
None.
126

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 **/s/  Johnese M. Spisso **
Kenneth J. Bacon, Chairman and DirectorJohnese M. Spisso, Director
  
/s/  Karen B. DeSalvo **/s/  Kathryn M. Sullivan **
Karen B. DeSalvo, DirectorKathryn M. Sullivan, Director
  
/s/  Philip L. Hawkins **/s/  Shankh Mitra **
Philip L. Hawkins, DirectorShankh Mitra, Chief Executive Officer and Director
 (Principal Executive Officer)
/s/  Dennis G. Lopez **/s/  Timothy G. McHugh **
Dennis G. Lopez, DirectorTimothy G. McHugh, Executive Vice President - Chief
            Financial Officer (Principal Financial Officer)
/s/  Ade J. Patton **/s/  Joshua T. Fieweger**
Ade J. Patton, DirectorJoshua T. Fieweger, Chief Accounting Officer
 (Principal Accounting Officer)
/s/  Diana W. Reid **
Diana W. Reid, Director
/s/  Sergio D. Rivera ****By:     /s/  Shankh Mitra          
Sergio D. Rivera, Director                          Shankh Mitra, Attorney-in-Fact
127

Welltower Inc. 
Schedule III 
Real Estate and Accumulated Depreciation 
December 31, 2022 
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Adderbury, UK$— $2,030 $12,084 $— $2,030 $12,084 $1,996 20152017Banbury Road
Adrian, MI— 1,171 4,785 294 1,171 5,079 316 202220152625 N Adrian Hwy
Albertville, AL— 170 6,203 2,609 176 8,806 2,852 20101999151 Woodham Dr.
Alexandria, VA— 8,294 50,537 — 8,294 50,537 6,549 201620185550 Cardinal Place
Alexandria, VA— 12,168 21,210 569 12,225 21,722 4,836 202119725100 Fillmore Avenue
Allegan, MI— 858 6,252 31 858 6,283 127 20222008620 Ely St
Altrincham, UK— 4,244 25,187 252 4,145 25,538 8,343 20122009295 Hale Road
Amarillo, TX— 719 11,591 396 756 11,950 1,416 202119854707 Bell Street
Amherst, NY— 1,218 11,417 — 1,218 11,417 2,051 201920131880 Sweet Home Road
Amherstview, ON— 473 4,446 542 497 4,964 1,429 201519744567 Bath Road
Anderson, SC— 710 6,290 2,329 767 8,562 5,010 20031986311 Simpson Rd.
Anjou, QC14,681 14,451 60,572 11,078 14,451 71,650 3,064 202220056923 Bd des Galeries d'Anjou
Ankeny, IA— 1,129 10,270 382 1,164 10,617 2,136 201620121275 SW State Street
Ankeny, IA— 2,518 13,350 1,267 2,518 14,617 562 202220181225 SW 28th St
Apple Valley, CA— 480 16,639 5,877 486 22,510 7,029 2010199911825 Apple Valley Rd.
Arlington, TX— 1,660 37,395 6,839 1,660 44,234 15,158 201220001250 West Pioneer Parkway
Arlington, TX— 894 13,003 177 908 13,166 1,308 202119962315 Little Road
Arlington, VA— 8,385 31,198 17,011 8,393 48,201 20,787 20171992900 N Taylor Street
Arlington, VA— — — 6,468 77 6,391 1,475 20181992900 N Taylor Street
Arnprior, ON— 788 6,283 736 813 6,994 2,252 2013199115 Arthur Street
Atlanta, GA— 2,058 14,914 6,104 2,080 20,996 13,910 199719991460 S Johnson Ferry Rd.
Atlanta, GA— 2,100 20,603 3,055 2,206 23,552 6,927 201420001000 Lenox Park Blvd NE
Auburn, NY9,790 1,176 14,371 722 1,176 15,093 533 20222014138 Standart Ave
Austin, TX— 880 9,520 4,875 885 14,390 7,583 1999199812429 Scofield Farms Dr.
Austin, TX— 1,560 21,413 1,373 1,574 22,772 5,610 2014201311330 Farrah Lane
Austin, TX— 4,200 74,850 2,614 4,200 77,464 16,916 201520144310 Bee Caves Road
Austin, TX— 4,832 20,631 930 4,832 21,561 2,626 2021198911279 Taylor Draper Ln
Bagshot, UK— 4,960 29,881 4,020 4,855 34,006 12,111 2012200914 - 16 London Road
Bakersfield, CA— — — 21,864 2,822 19,042 776 202120154301 Buena Vista Rd
Bakersfield, CA— 1,127 15,126 389 1,133 15,509 1,537 202119883201 Columbus
Ballston Spa, NY— 5,540 17,901 235 5,540 18,136 1,374 202020192000 Carlton Hollow Way
Banstead, UK— 6,695 55,113 6,471 6,528 61,751 21,397 20122005Croydon Lane
Bartlesville, OK— 2,339 12,001 67 2,339 12,068 1,585 202120002633 Mission Drive SE
Basingstoke, UK— 3,420 18,853 47 3,348 18,972 4,735 20142012Grove Road
Basking Ridge, NJ— 2,356 37,710 2,751 2,395 40,422 12,235 20132002404 King George Road
Bassett, UK— 4,874 32,304 6,135 4,771 38,542 15,185 20132006111 Burgess Road
Bath, UK— 2,549 11,615 — 2,549 11,615 1,921 20152017Clarks Way, Rush Hill

(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Baton Rouge, LA12,930 790 29,436 1,890 939 31,177 9,532 201320099351 Siegen Lane
Baton Rouge, LA— 1,605 6,717 440 1,607 7,155 737 202119898680 Jefferson Highway
Bay City, MI— 1,225 6,424 481 1,225 6,905 369 202220133932 Monitor Rd
Beaconsfield, UK— 5,448 50,926 — 5,448 50,926 15,296 2013200930-34 Station Road
Beaconsfield, QC— 1,149 17,484 330 1,235 17,728 5,948 20132008505 Elm Avenue
Beaver, PA8,480 1,189 13,240 — 1,189 13,240 51 202020221195 Western Ave
Beavercreek, OH— 1,007 11,239 — 1,007 11,239 1,178 201920202475 Lillian Lane
Beckenham, UK— 1,156 27,194 24,530 19,585 33,295 1,243 201920212 Roman Way
Bedford, NH18,678 3,565 29,929 1,660 3,565 31,589 947 2022201743 Technology Dr
Bee Cave, TX— 1,820 21,084 1,004 1,838 22,070 4,532 2016201414058 A Bee Cave Parkway
Bellevue, WA— 2,800 19,004 3,537 2,816 22,525 8,083 2013199815928 NE 8th Street
Bellevue, WA— 6,307 9,632 199 6,310 9,828 971 2021199013350 SE 26th Street
Bellevue, WA— 20,170 43,498 — 20,170 43,498 5,397 20211986919 109th Avenue North East
Bellevue, WA— — — 26,161 26,161 — — 20211900919 109th Avenue North East
Bellingham, WA— 1,500 19,861 3,869 1,507 23,723 8,112 201019964415 Columbine Dr.
Bellingham, WA— 1,290 16,292 1,728 1,290 18,020 2,438 20201999848 W Orchard Dr
Belmont, CA— — 35,300 2,691 188 37,803 12,206 201320021010 Alameda de Las Pulgas
Berea, OH8,797 1,658 12,791 — 1,658 12,791 213 2020202245 Sheldon Road
Bethel Park, PA— 1,658 12,973 — 1,658 12,973 1,814 20192019631 McMurray Road
Bethel Park, PA— 3,476 12,787 97 3,477 12,883 1,434 202119982960 Bethel Church Road
Bethesda, MD— — 45,309 2,280 3 47,586 14,386 201320098300 Burdett Road
Bethesda, MD— — — 69,820 3,520 66,300 6,673 201620184925 Battery Lane
Bethesda, MD— — — 1,148 — 1,148 900 201320098300 Burdett Road
Bethesda, MD— — — 1,507 — 1,507 575 201320098300 Burdett Road
Birmingham, UK— — — 14,580 1,449 13,131 2,250 2015201647 Bristol Road South
Birmingham, UK— — — 17,793 65 17,728 4,491 201320065 Church Road, Edgbaston
Blainville, QC— 2,077 8,902 1,086 2,205 9,860 3,335 2013200850 des Chateaux Boulevard
Bloomfield Hills, MI— 2,000 35,662 1,821 2,204 37,279 11,325 201320096790 Telegraph Road
Boca Raton, FL32,270 6,565 111,247 33,797 6,991 144,618 36,987 201819946343 Via De Sonrise Del Sur
Boise, ID— 1,391 16,067 6,117 2,224 21,351 4,337 2019199910250 W Smoke Ranch Drive
Boise, ID— 1,625 10,468 104 1,626 10,571 1,108 202119847250 Poplar Street
Borehamwood, UK— — — 47,600 5,254 42,346 13,539 20122003Edgwarebury Lane
Bothell, WA— 1,350 13,439 7,370 1,350 20,809 6,567 2015198810605 NE 185th Street
Boulder, CO— 2,994 27,458 3,205 3,171 30,486 10,897 201320033955 28th Street
Bournemouth, UK— — — 49,814 5,411 44,403 13,776 2013200842 Belle Vue Road
Bradenton, FL— 480 9,953 286 480 10,239 2,797 201220002800 60th Avenue West
Bradenton, FL— 4,664 11,202 219 4,685 11,400 1,425 202119871055 301 Blvd E
Braintree, MA— — 41,290 2,108 205 43,193 13,334 20132007618 Granite Street
Brampton, ON41,696 10,196 59,989 1,704 10,281 61,608 16,258 20152009100 Ken Whillans Drive
Brandon, MS— 1,220 10,241 3,746 1,220 13,987 4,034 20101999140 Castlewoods Blvd
Brea, CA— 6,302 80,468 1,871 6,302 82,339 1,801 20222013460 South La Floresta Drive
Bremerton, WA— 2,417 22,627 2,623 2,417 25,250 3,385 20201999966 Oyster Bay Ct
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Bremerton, WA— 2,145 7,288 997 2,145 8,285 1,587 202119852707 Clare Ave
Brentwood, CA— 4,602 32,594 2,589 4,602 35,183 1,461 20222007150 Cortona Way
Brentwood, UK— 8,537 45,869 100 8,357 46,149 7,866 20162013London Road
Brick, NJ— 1,170 17,372 2,275 1,308 19,509 6,628 20101998515 Jack Martin Blvd
Brick, NJ— 690 17,125 6,438 812 23,441 6,716 201019991594 Route 88
Bridgewater, NJ— 1,730 48,201 3,827 1,774 51,984 16,149 201019992005 Route 22 West
Broadview Heights, OH15,149 1,567 20,541 2,023 1,567 22,564 428 202220169500 Broadview Rd
Brockport, NY— 1,500 23,496 3,757 1,642 27,111 7,103 2015199990 West Avenue
Brockville, ON3,762 484 7,445 785 502 8,212 2,086 201519961026 Bridlewood Drive
Brookfield, WI— 1,300 12,830 926 1,300 13,756 3,318 201220131105 Davidson Road
Broomfield, CO— 4,140 44,547 15,828 10,140 54,375 25,392 20132009400 Summit Blvd
Broomfield, CO— — — 29,081 2,566 26,515 2,103 2016201812600 Lowell Boulevard
Brossard, QC8,564 5,499 31,854 1,943 5,479 33,817 10,250 201519892455 Boulevard Rome
Brunswick, OH— 1,460 17,974 863 1,460 18,837 562 202220183430 Brunswick Lake Pkwy
Buckingham, UK— — — 17,347 2,917 14,430 3,524 20141883Church Street
Buffalo, NY7,015 1,117 11,022 579 1,117 11,601 429 20222011100 Weiss Ave.
Buffalo Grove, IL— 2,850 49,129 4,964 2,850 54,093 17,106 20122003500 McHenry Road
Burbank, CA— 4,940 43,466 6,244 4,940 49,710 16,131 20122002455 E. Angeleno Avenue
Burbank, CA17,646 3,610 50,817 4,823 3,610 55,640 11,465 201619852721 Willow Street
Burke, VA— — — 52,813 2,616 50,197 5,136 201620189617 Burke Lake Road
Burleson, TX— 3,150 10,437 779 3,150 11,216 2,636 20122014621 Old Highway 1187
Burlingame, CA— — 62,786 246 — 63,032 11,976 201620151818 Trousdale Avenue
Burlington, ON15,473 1,309 19,311 1,629 1,351 20,898 6,422 20131990500 Appleby Line
Burlington, MA— 2,443 34,354 1,872 2,578 36,091 11,615 2013200524 Mall Road
Burlington, WA— 877 16,014 — 877 16,014 2,892 20191999410 S Norris St
Burlington, WA— 768 8,737 — 768 8,737 1,696 20191996112 / 210 North Skagit Street
Bushey, UK— 12,017 34,915 — 12,017 34,915 4,699 20152018Elton House, Elton Way
Calgary, AB14,423 2,252 37,415 2,207 2,329 39,545 12,517 2013200320 Promenade Way SE
Calgary, AB10,285 2,793 41,179 2,121 2,878 43,215 13,489 2013199880 Edenwold Drive NW
Calgary, AB8,244 3,122 38,971 2,529 3,253 41,369 12,750 20131998150 Scotia Landing NW
Calgary, AB18,339 3,431 28,983 2,548 3,525 31,437 9,199 201319899229 16th Street SW
Calgary, AB21,193 2,385 36,776 3,598 2,447 40,312 8,837 201520062220-162nd Avenue SW
Camberley, UK— 9,444 37,558 — 9,444 37,558 5,768 20162017Pembroke Broadway
Camberley, UK— 2,654 5,736 13,504 4,605 17,289 3,086 20142016Fernhill Road
Camberley, UK— — — 3,284 652 2,632 436 20142017Fernhill Road
Camillus, NY— 1,249 7,360 5,435 2,116 11,928 2,221 201920163877 Milton Avenue
Canton, MI— 968 8,523 336 968 8,859 352 20222017445 N Lotz Rd
Cape Coral, FL— 760 18,868 562 760 19,430 5,366 20122009831 Santa Barbara Boulevard
Cardiff, UK— 3,191 12,566 2,225 3,116 14,866 5,248 20132007127 Cyncoed Road
Cardiff by the Sea, CA— 5,880 64,711 6,683 5,880 71,394 25,006 201120093535 Manchester Avenue
Carmel, IN— 2,766 53,419 580 2,787 53,978 3,264 20212017689 Pro-Med Ln
Carmichael, CA23,240 739 7,698 37,314 2,440 43,311 5,599 201920144717 Engle Road
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Caro, MI— 614 4,366 271 614 4,637 281 202220091430 Cleaver Rd
Carol Stream, IL— 1,730 55,048 7,637 1,730 62,685 19,491 20122001545 Belmont Lane
Carrollton, TX— 4,280 31,444 1,791 4,280 33,235 7,975 201320102105 North Josey Lane
Carrollton, GA— 2,537 9,159 671 2,537 9,830 1,639 20211996150 Cottage Lane
Carson City, NV— 1,601 23,542 411 1,602 23,952 1,960 202119862120 E Long
Cary, NC— 740 45,240 1,334 742 46,572 13,174 201320091206 West Chatham Street
Cary, NC— 6,112 70,008 11,374 6,227 81,267 18,472 20181999300 Kildaire Woods Drive
Cedar Falls, IA— 1,259 9,930 196 1,285 10,100 1,108 202119972603 Orchard Drive
Cedar Hill, TX— 1,971 24,590 40 1,971 24,630 1,589 202020201240 East Pleasant Run
Cedar Park, TX— 1,750 15,664 1,223 1,750 16,887 3,161 20162015800 C-Bar Ranch Trail
Cerritos, CA— — 27,494 7,682 — 35,176 10,995 2016200211000 New Falcon Way
Charleston, IL— 552 810 42 552 852 240 20212001300 Lincoln Highway Road
Charleston, SC— 2,912 19,817 70 2,913 19,886 1,582 202120051451 Tobias Gadson Blvd.
Charlotte, NC— 5,279 19,325 115 5,288 19,431 2,199 202119875512 Carmel Road
Charlottesville, VA— 4,651 91,468 24,249 5,022 115,346 25,213 201819912610 Barracks Road
Chatham, ON— 1,098 12,462 3,344 1,199 15,705 4,117 2015196525 Keil Drive North
Chattanooga, TN— 3,373 15,791 119 3,373 15,910 1,958 202119987511 Shallowford Road
Chelmsford, MA— 1,040 10,951 6,449 1,131 17,309 6,611 200319974 Technology Dr.
Chelmsford, MA— 2,364 33,143 1,779 2,364 34,922 2,666 2021199520 Summer Street
Chertsey, UK— 9,566 25,886 41 9,058 26,435 4,128 20152018Bittams Lane
Chesapeake, VA— 2,214 22,566 806 2,237 23,349 2,461 20212004933 Cedar Road
Chesterfield, MO— 1,857 48,366 2,304 1,917 50,610 14,852 201320011880 Clarkson Road
Chesterton, IN— 2,980 37,614 1,337 2,980 38,951 3,877 20202019700 Dickinson Rd
Chico, CA— 1,780 14,754 269 1,942 14,861 2,242 202119842801 Cohasset
Chorleywood, UK— 5,636 43,191 2,056 5,500 45,383 16,117 20132007High View, Rickmansworth Road
Chula Vista, CA— 4,217 31,866 6 4,217 31,872 3,860 202120181290 Santa Rosa Dr
Chula Vista, CA— — — 25,694 2,186 23,508 7,411 201320033302 Bonita Road
Church Crookham, UK— 2,591 14,215 328 2,536 14,598 4,175 201420142 Bourley Road
Cincinnati, OH— 1,779 11,386 — 1,779 11,386 1,465 20192019732 Clough Pike Road
Cincinnati, OH— 1,606 3,994 340 1,606 4,334 1,414 202119984650 East Galbraith Road
Cincinnati, OH— 3,345 52,867 195 3,346 53,061 5,282 202119868135 Beechmont Ave
Citrus Heights, CA— 2,300 31,876 3,466 2,300 35,342 12,971 201019977418 Stock Ranch Rd.
Clackamas, OR— 1,240 3,920 535 1,240 4,455 714 2021199914370 SE Oregon Trail Dr
Claremont, CA— 2,430 9,928 2,521 2,553 12,326 4,444 201320012053 North Towne Avenue
Clay, NY— 1,414 11,477 — 1,414 11,477 2,096 201920148547 Morgan Road
Clearwater, FL— 1,727 4,903 122 1,730 5,022 601 202119851100 Ponce de Leon Blvd.
Cleburne, TX— 520 5,369 860 520 6,229 2,323 20062007402 S Colonial Drive
Cohasset, MA— 2,485 26,147 2,460 2,566 28,526 9,424 20131998125 King Street (Rt 3A)
Colleyville, TX— 1,050 17,082 89 1,050 17,171 2,782 201620138100 Precinct Line Road
Collierville, TN— — — 42,204 2,306 39,898 1,129 20192020691 S. Byhalia Rd.
Colorado Springs, CO— 800 14,756 2,160 1,034 16,682 5,648 201320012105 University Park Boulevard
Colorado Springs, CO— 1,142 15,510 267 1,164 15,755 1,678 202119855820 Flintridge Drive
Colts Neck, NJ— 780 14,733 3,759 1,463 17,809 6,164 201020023 Meridian Circle
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Columbus, IN— 1,593 12,186 246 1,594 12,431 1,467 202120003660 Central Avenue
Columbus, OH— 916 7,112 265 916 7,377 221 202220172920 Snouffer Rd
Columbus, OH12,636 1,547 17,126 1,180 1,547 18,306 341 202220152870 Snouffer Road
Columbus, IN— 610 3,190 364 610 3,554 1,175 201019982564 Foxpointe Dr.
Concord, NH13,829 2,825 21,636 1,326 2,825 22,962 767 2022201723 Triangle Park Dr
Conroe, TX— 980 7,771 1,499 980 9,270 2,948 20092010903 Longmire Road
Coos Bay, OR— 864 7,971 969 864 8,940 1,449 20201996192 Norman Ave.
Coos Bay, OR— 1,792 9,852 1,149 1,792 11,001 2,025 202020061855 Ocean Blvd SE
Coppell, TX— 1,550 8,386 721 1,550 9,107 2,437 201220131530 East Sandy Lake Road
Coquitlam, BC7,184 3,047 24,567 2,375 3,157 26,832 9,226 201319901142 Dufferin Street
Crystal Lake, IL— 875 12,461 2,321 971 14,686 5,324 20132001751 E Terra Cotta Avenue
Crystal Lake, IL— 7,643 39,687 1,601 7,679 41,252 4,060 20211988965 N. Brighton Circle W
Cuyahoga Falls, OH— 592 2,804 523 592 3,327 283 202220121691 Queens Gate Cir
Dallas, TX— 6,330 114,794 3,959 6,330 118,753 27,021 201520133535 N Hall Street
Dana Point, CA— 5,508 54,890 — 5,508 54,890 5,102 2021199425411 Sea Bluffs Drive
Danville, IN— 2,236 28,757 6,996 2,246 35,743 1,265 20212021200 S Arbor Ln
Dardenne Prairie, MO— 1,309 11,507 328 1,309 11,835 879 202120101030 Barathaven Blvd.
Decatur, GA— 1,098 15,302 173 1,098 15,475 1,784 20211987341 Winn Way
Decatur, GA— — — 31,425 1,951 29,474 9,780 20131998920 Clairemont Avenue
Delaware, OH— 1,919 26,250 352 1,919 26,602 798 2022202090 Burr Oak Drive
Denton, TX— 1,760 8,305 749 1,760 9,054 2,888 201020112125 Brinker Rd
Denton, TX— — — 6,254 2,034 4,220 41 202119002907 W University Dr
Denver, CO— 1,450 19,389 6,471 1,450 25,860 7,502 201219974901 South Monaco Street
Denver, CO— 2,910 35,838 9,257 2,910 45,095 14,831 201220078101 E Mississippi Avenue
Denver, CO— 1,533 9,221 109,858 5,402 115,210 18,542 201920141500 Little Raven St
Denver, CO— 1,989 21,556 1,245 1,989 22,801 2,491 202020172979 Uinta Street
Des Moines, IA— 1,196 9,629 393 1,196 10,022 1,063 202119904610 Douglas Avenue
Dix Hills, NY— 3,808 39,014 2,942 4,092 41,672 13,259 20132003337 Deer Park Road
Dollard-Des-Ormeaux, QC— 1,957 14,431 334 2,059 14,663 5,545 201320084377 St. Jean Blvd
Dresher, PA8,380 1,900 10,664 1,307 1,914 11,957 4,887 201320061650 Susquehanna Road
Dublin, OH— 1,169 25,345 373 1,169 25,718 5,226 201620154175 Stoneridge Lane
Dublin, OH— 3,688 23,035 1,093 3,688 24,128 1,225 202220174050 Hawthorne Ln
Durham, NC— 3,212 23,350 302 3,221 23,643 2,037 20211998205 Emerald Pond Lane
East Amherst, NY— 1,665 11,696 — 1,665 11,696 2,254 201920158040 Roll Road
East Lansing, MI— 3,919 19,373 173 3,919 19,546 2,304 202120005968 Park Lake Road
East Meadow, NY— 69 45,991 2,427 127 48,360 15,186 201320021555 Glen Curtiss Boulevard
East Setauket, NY— 4,920 37,354 2,537 4,986 39,825 12,561 201320021 Sunrise Drive
Eastbourne, UK— 4,145 33,744 512 4,046 34,355 11,008 201320086 Upper Kings Drive
Edgbaston, UK— 2,720 13,969 204 2,663 14,230 2,429 20142015Speedwell Road
Edgewater, NJ— 4,561 25,047 3,446 4,609 28,445 8,845 20132000351 River Road
Edison, NJ— 1,892 32,314 4,041 2,008 36,239 13,296 201319961801 Oak Tree Road
Edmond, OK— 410 8,388 319 410 8,707 2,473 2012200115401 North Pennsylvania Avenue
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Edmonds, WA— 1,650 24,449 10,193 1,650 34,642 8,882 2015197621500 72nd Avenue West
Edmonds, WA— 2,891 26,413 2,428 2,891 28,841 3,466 20202000180 2nd Ave S
Edmonton, AB6,506 1,589 29,819 2,556 1,681 32,283 10,351 20131999103 Rabbit Hill Court NW
Edmonton, AB8,594 2,063 37,293 3,486 2,128 40,714 14,349 2013196810015 103rd Avenue NW
Effingham, IL— 606 3,699 268 616 3,957 556 202119971101 North Maple Street
Effingham, IL— 105 460 — 105 460 166 20211996505 West Temple Avenue
El Dorado Hills, CA— — — 56,633 5,190 51,443 4,921 201720192020 Town Center West Way
Elkhorn, NE11,872 1,846 21,426 1,075 1,846 22,501 696 202220143535 Piney Creek Dr
Encino, CA— 5,040 46,255 7,397 5,040 53,652 17,079 2012200315451 Ventura Boulevard
Englishtown, NJ— 690 12,520 2,882 882 15,210 5,523 2010199749 Lasatta Ave
Epsom, UK— 20,159 34,803 123 19,734 35,351 6,169 20162014450-458 Reigate Road
Erie, PA— 1,502 9,216 — 1,502 9,216 1,909 201920134400 East Lake Road
Esher, UK— 5,783 48,361 3,329 5,640 51,833 16,712 2013200642 Copsem Lane
Evans, GA— 3,211 20,503 89 3,218 20,585 2,519 20211999100 Washington Commons Dr
Evansville, IN— 1,038 11,983 493 1,038 12,476 1,567 202119915050 Lincoln Avenue
Everett, WA— 638 8,708 1,066 638 9,774 1,363 20201998524 75th St SE
Everett, WA— 1,912 16,647 415 1,913 17,061 1,774 202119893915 Colby Avenue N
Fairfield, NJ— 3,120 43,868 3,005 3,286 46,707 14,438 2013199847 Greenbrook Road
Fairfield, IL— 561 3,995 317 561 4,312 506 20211997315 Market Street
Fairfield, CA— 1,460 14,040 10,678 1,460 24,718 9,926 200219983350 Cherry Hills St.
Fairfield, OH— 1,465 12,957 — 1,465 12,957 1,801 20192018520 Patterson Boulevard
Fareham, UK— 3,408 17,970 36 3,333 18,081 4,701 20142012Redlands Lane
Florence, AL— 353 13,049 3,740 385 16,757 5,404 201019993275 County Road 47
Flossmoor, IL— 1,292 9,496 2,998 1,362 12,424 4,780 2013200019715 Governors Highway
Flower Mound, TX— 1,800 8,414 1,047 1,800 9,461 2,627 201120124141 Long Prairie Road
Folsom, CA— 1,490 32,754 285 1,490 33,039 7,817 201520141574 Creekside Drive
Folsom, CA— 2,306 10,948 232 2,306 11,180 1,391 202120101801 E. Natoma St.
Fort Wayne, IN— 3,637 42,242 769 3,637 43,011 3,549 202020183715 Union Chapel Rd
Fort Worth, TX— 2,080 27,888 10,112 2,080 38,000 12,780 201220012151 Green Oaks Road
Fort Worth, TX— 4,179 40,328 18,261 7,150 55,618 8,766 201920173401 Amador Drive
Fort Worth, TX— 2,538 18,909 49 2,538 18,958 1,794 202020203401 Amador Drive
Fort Worth, TX— — — 25,972 2,781 23,191 1,964 202120158600 N Riverside Dr
Franklin, TN— 5,733 15,437 2,351 5,734 17,787 1,789 20211999314 Cool Springs Blvd.
Fremont, CA— 3,400 25,300 7,027 3,456 32,271 14,022 200519872860 Country Dr.
Fresno, CA22,570 896 10,591 25,463 2,459 34,491 4,868 201920145605 North Gates Avenue
Frome, UK— 2,720 14,813 380 2,663 15,250 3,794 20142012Welshmill Lane
Fullerton, CA— 1,964 19,989 2,030 1,998 21,985 6,893 201320082226 North Euclid Street
Fullerton, CA— 1,801 6,195 857 1,801 7,052 722 202119871510 East Commonwealth Avenue
Fullerton, CA— 6,739 54,075 2,190 6,739 56,265 1,781 20222021433 W Bastanchury Rd
Gahanna, OH— 772 11,214 2,282 847 13,421 4,575 20131998775 East Johnstown Road
Gainesville, GA— 1,908 27,036 434 1,909 27,469 2,570 20212000940 South Enota Drive
Gainesville, FL— — — 31,636 2,374 29,262 2,767 201620183605 NW 83rd Street
Garden Grove, CA— 2,107 4,549 1,171 2,107 5,720 879 2021199911848 Valley View Street
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Gardnerville, NV— 1,143 10,831 4,493 1,164 15,303 10,096 199819991565-A Virginia Ranch Rd.
Gig Harbor, WA— 1,560 15,947 5,100 1,583 21,024 6,851 201019943213 45th St. Court NW
Gilbert, AZ14,200 2,160 28,246 2,704 2,208 30,902 11,854 20132008580 S. Gilbert Road
Glen Cove, NY— 4,594 35,236 2,767 4,718 37,879 13,612 2013199839 Forest Avenue
Glendale, AZ— 3,114 24,668 52 3,115 24,719 1,276 202120188847 W. Glendale Ave
Glenview, IL— 2,090 69,288 6,267 2,090 75,555 24,429 201220012200 Golf Road
Golden Valley, MN3,600 1,520 33,513 1,703 1,634 35,102 10,803 201320054950 Olson Memorial Highway
Granbury, TX— 2,040 30,670 873 2,040 31,543 9,825 20112009100 Watermark Boulevard
Grand Forks, ND— 1,050 13,147 28 1,050 13,175 1,212 202120143783 S 16th St #112
Grand Prairie, TX— 1,880 23,827 45 1,884 23,868 1,023 202120213013 Doryn Drive
Grand Rapids, MI— 2,179 15,745 256 2,365 15,815 1,554 202120033121 Lake Michigan Dr NW
Grandville, MI— 1,533 7,219 371 1,533 7,590 362 202220183939 44th St SW
Grants Pass, OR— 561 8,874 177 561 9,051 749 202119851001 NE A Street
Grapevine, TX— 2,220 17,648 637 2,220 18,285 3,396 201320144545 Merlot Drive
Greeley, CO— 1,077 18,051 499 1,077 18,550 3,006 201720095300 West 29th Street
Greenville, SC— 893 22,795 702 894 23,496 2,116 202119891180 Haywood Road
Gresham, OR— 1,966 6,566 139 1,966 6,705 558 202119852895 SE Powell Valley Rd.
Grimsby, ON— 636 5,617 785 661 6,377 1,724 2015199184 Main Street East
Grosse Pointe Woods, MI— 950 13,662 1,006 950 14,668 4,495 201320061850 Vernier Road
Grosse Pointe Woods, MI— 1,430 31,777 1,355 1,452 33,110 10,020 2013200521260 Mack Avenue
Grove City, OH— 3,509 82,988 — 3,509 82,988 11,470 201820173717 Orders Road
Grove City, OH— 1,099 5,246 495 1,105 5,735 816 202119902320 Sonora Drive
Guildford, UK— — — 61,801 5,243 56,558 17,015 20132006Astolat Way, Peasmarsh
Gurnee, IL— 890 27,931 2,805 945 30,681 9,490 20132002500 North Hunt Club Road
Haddonfield, NJ— 520 16,363 852 527 17,208 3,932 20112015132 Warwick Road
Hamburg, NY— 984 10,928 — 984 10,928 2,013 201920094600 Southwestern Blvd
Hamilton, OH— 1,128 10,940 1,116 1,184 12,000 1,879 201920191740 Eden Park Drive
Hampshire, UK— — — 30,676 4,084 26,592 8,359 2013200622-26 Church Road
Happy Valley, OR— 721 10,410 — 721 10,410 1,746 201919988915 S.E. Monterey
Harahan, LA— 2,628 38,864 78 2,628 38,942 1,215 202120207904 Jefferson Hwy
Harrisburg, IL— 858 4,940 210 858 5,150 735 20212005165 Ron Morse Drive
Hattiesburg, MS— 450 13,469 185 450 13,654 4,228 20102009217 Methodist Hospital Blvd
Haverford, PA— 1,880 33,993 3,519 1,907 37,485 11,602 20102000731 Old Buck Lane
Helena, MT— 1,850 19,045 93 1,851 19,137 2,692 202119982801 Colonial Drive
Hemet, CA— 1,877 9,488 320 1,878 9,807 1,027 20211988800 W Oakland Ave
Henderson, NV— 1,190 11,600 1,393 1,298 12,885 5,277 201320081555 West Horizon Ridge Parkway
Hermitage, PA— 1,084 15,449 50 1,084 15,499 1,600 20212001260 S. Buhl Farm Dr.
Hickory, NC— 1,600 28,419 122 1,600 28,541 2,690 20212002915 29th Avenue NE
High Point, NC— 1,355 21,735 596 1,356 22,330 2,394 202120021573 Skeet Club Rd.
High Wycombe, UK— 3,378 13,343 — 3,378 13,343 2,156 20152017The Row Lane End
Highland Park, IL— 2,820 15,832 1,435 2,820 17,267 4,703 201120121651 Richfield Avenue
Highland Park, IL— 2,250 25,313 1,991 2,271 27,283 9,345 201320051601 Green Bay Road
Hindhead, UK— 17,852 48,645 46 17,475 49,068 8,341 20162012Portsmouth Road
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Hingham, MA— 1,440 32,292 615 1,444 32,903 7,922 201520121 Sgt. William B Terry Drive
Holbrook, NY— 3,957 35,337 2,994 4,317 37,971 11,991 20132001320 Patchogue Holbrook Road
Honolulu, HI— 22,918 56,046 802 22,930 56,836 7,569 20211998428 Kawaihae St
Hoover, AL— 2,165 18,043 121 2,166 18,163 1,957 202120043517 Lorna Road
Horley, UK— 2,332 12,144 550 2,283 12,743 3,744 20142014Court Lodge Road
Houston, TX— 960 16,071 — 960 16,071 10,261 2011199510225 Cypresswood Dr
Houston, TX— 3,830 55,674 10,350 3,830 66,024 22,748 201219982929 West Holcombe Boulevard
Houston, TX— — — 41,899 1,040 40,859 12,062 20121999505 Bering Drive
Houston, TX— — — 19,671 1,750 17,921 3,578 2016201410120 Louetta Road
Howell, NJ— 1,066 21,577 2,085 1,154 23,574 7,614 20102007100 Meridian Place
Hudson, OH— 1,586 11,314 167 1,586 11,481 257 20222019125 Omni Lake Pkwy
Hudson, OH— 1,754 34,395 448 1,754 34,843 700 20222019150 Omni Lake Pkwy
Huntington Beach, CA— 3,808 31,172 3,163 3,931 34,212 11,961 201320047401 Yorktown Avenue
Hutchinson, KS— 600 10,590 5,501 600 16,091 5,555 200419972416 Brentwood
Independence, MO— 1,572 14,454 — 1,572 14,454 2,032 2019201919301 East Eastland Ctr Ct
Independence, MO— 3,215 24,471 478 3,250 24,914 2,373 202119902100 Swope Drive
Independence, MO10,558 2,017 15,796 884 2,017 16,680 547 2022201419301 E 50th Terrace Ct S
Indianola, IA— 2,211 11,501 533 2,211 12,034 387 20222018610 E Scenic Valley Ave
Iowa City, IA— 891 6,011 136 891 6,147 632 202119912423 Walden Road
Jackson, TN— 1,370 12,490 310 1,387 12,783 1,291 2021199625 Max Lane Drive
Jacksonville, FL— 750 25,231 268 750 25,499 4,303 201320145939 Roosevelt Boulevard
Jacksonville, FL— — 26,381 2,086 1,691 26,776 4,505 201320144000 San Pablo Parkway
Jacksonville, FL— 1,205 11,991 23,039 6,550 29,685 4,028 2019201910520 Validus Drive
Jeannette, PA— 1,642 22,377 919 1,642 23,296 717 202220184000 Village Dr
Johns Creek, GA— 1,580 23,285 1,651 1,588 24,928 7,884 2013200911405 Medlock Bridge Road
Johnson City, NY— 1,440 11,675 1,184 1,481 12,818 2,379 201920131035 Anna Maria Drive
Kalamazoo, MI— 7,511 45,942 48 6,291 47,210 5,344 202119891700 Bronson Way
Kalamazoo, MI— — — 1,274 1,274 — — 202119001700 Bronson Way
Kanata, ON— 1,689 28,670 816 1,676 29,499 9,527 2012200570 Stonehaven Drive
Kansas City, MO11,239 1,938 11,694 854 1,938 12,548 456 20222016111 NW 94 St
Kelowna, BC4,118 2,688 13,647 1,753 2,786 15,302 5,420 20131999863 Leon Avenue
Kelowna, BC— 6,302 46,346 4,616 6,302 50,962 2,622 202220211360 K.L.O Road
Kelowna, BC— 5,443 42,606 3,801 5,443 46,407 2,803 20222000580 Yates Road
Kelowna, BC— 6,171 51,949 4,494 6,171 56,443 2,662 202220051075 Barnes Ave
Kelowna, BC— 3,718 44,690 3,508 3,718 48,198 2,719 202220121277 Gordon Drive
Kelowna, BC— 3,069 11,524 622 3,069 12,146 864 202219883200 Lakeshore Road
Kennebunk, ME— 2,700 30,204 6,670 3,525 36,049 16,753 20132006One Huntington Common Drive
Kenner, LA— 1,100 10,036 5,354 1,100 15,390 11,447 199820001600 Joe Yenni Blvd
Kenner, LA— 809 12,344 575 810 12,918 962 202119881101 Sunset Boulevard
Kennett Square, PA— 1,050 22,946 1,308 1,152 24,152 7,496 20102008301 Victoria Gardens Dr.
Kingsport, TN— 2,123 33,130 61 2,123 33,191 1,121 20212019915 Holston Hills Dr.
Kingston, ON10,554 1,030 11,416 1,707 1,368 12,785 3,066 20151983181 Ontario Street
Kingston upon Thames, UK— 32,366 46,899 — 32,366 46,899 7,935 20162014Coombe Lane West
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Kingwood, TX— 480 9,777 1,681 480 11,458 3,901 2011199922955 Eastex Freeway
Kingwood, TX— 1,683 24,207 2,513 1,683 26,720 5,931 2017201224025 Kingwood Place
Kirkland, WA— 1,880 4,315 2,287 1,880 6,602 2,562 200319966505 Lakeview Dr.
Kitchener, ON8,502 1,341 13,939 4,800 1,411 18,669 4,858 201620031250 Weber Street E
Klamath Falls, OR— 1,335 10,174 2,102 1,335 12,276 2,553 20202000615 Washburn Way
La Palma, CA— 2,950 16,591 1,337 2,996 17,882 5,866 201320035321 La Palma Avenue
La Vista, NE9,220 1,199 14,840 830 1,199 15,670 540 202220127544 Gertrude St
Lackawanna, NY— 1,029 5,959 — 1,029 5,959 1,250 20192002133 Orchard Place
Lafayette Hill, PA— 1,750 11,848 2,566 1,867 14,297 5,793 20131998429 Ridge Pike
Laguna Hills, CA— 12,820 75,926 20,937 12,820 96,863 27,962 2016198824903 Moulton Parkway
Laguna Woods, CA— 11,280 76,485 14,186 11,280 90,671 24,362 2016198724441 Calle Sonora
Laguna Woods, CA— 9,150 57,842 13,345 9,150 71,187 19,566 2016198624962 Calle Aragon
Lake Havasu City, AZ— 364 1,599 527 364 2,126 489 20202009320 Lake Havasu Ave. N,
Lake Zurich, IL— 1,470 9,830 3,857 1,470 13,687 5,679 20112007550 America Court
Lakeland, FL— 2,416 19,791 165 2,416 19,956 2,165 202119991325 Grasslands Boulevard
Lakeview, MI— 733 2,212 126 733 2,338 191 202220139494 Paden Rd
Lakewood, NY10,040 1,031 17,410 776 1,031 18,186 565 202220162123 Southwestern Dr
Lakewood Ranch, FL— 650 6,714 2,051 650 8,765 2,373 201120128230 Nature's Way
Lakewood Ranch, FL— 1,000 22,388 493 1,000 22,881 6,231 201220058220 Natures Way
Lancaster, CA— 700 15,295 5,028 712 20,311 6,995 2010199943051 15th St. West
Lancaster, OH— 289 2,077 620 289 2,697 267 20211996800 Becks Knob Road
Lancaster, OH— 1,029 7,699 236 1,029 7,935 1,101 202119812750 West Fair Avenue
Lancaster, PA— 1,680 14,039 131 1,680 14,170 2,374 2015201731 Millersville Road
Lancaster, NY— 1,283 12,202 — 1,283 12,202 2,393 2019201118 Pavement Road
Las Vegas, NV— 5,908 36,955 4,577 5,908 41,532 7,940 202019991600 S Valley View Road
Las Vegas, NV— 1,274 13,748 803 1,298 14,527 1,789 202020013300 Winterhaven Street
Las Vegas, NV— 2,412 22,045 2,615 2,412 24,660 3,491 202019973210 S Sandhill Road
Laval, QC19,011 2,105 32,161 4,586 2,129 36,723 7,379 20182005269, boulevard Ste. Rose
Laval, QC3,513 2,383 5,968 1,431 2,402 7,380 1,425 20181989263, boulevard Ste. Rose
Lawrence, KS— 250 8,716 195 250 8,911 2,399 201219963220 Peterson Road
Lawrenceville, GA— 1,500 29,003 979 1,562 29,920 9,369 201320081375 Webb Gin House Road
Lawrenceville, GA— 3,513 24,173 2,504 3,514 26,676 1,896 202120072899 Five Forks Trickum Road
Leatherhead, UK— 4,430 17,865 — 4,430 17,865 2,793 20152017Rectory Lane
Leawood, KS— 2,490 32,493 10,824 5,610 40,197 12,945 201219994400 West 115th Street
Lenexa, KS9,700 826 26,251 1,837 927 27,987 9,460 2013200615055 West 87th Street Parkway
Lexington, SC— 1,843 15,301 300 1,870 15,574 1,365 20212001203 Old Chapin Rd.
Lincoln, NE— 884 10,637 99 895 10,725 1,088 202119901111 S 70th
Lincoln, NE— 390 13,807 602 390 14,409 4,660 201020007208 Van Dorn St.
Lincroft, NJ— 9 19,958 2,131 148 21,950 7,195 20132002734 Newman Springs Road
Linwood, NJ— 800 21,984 2,521 873 24,432 7,921 20101997432 Central Ave
Litchfield, CT— 1,240 17,908 12,418 1,362 30,204 8,222 2010199819 Constitution Way
Lititz, PA— 1,200 13,836 116 1,200 13,952 2,339 2015201680 West Millport Road
Little Neck, NY— 3,350 38,461 5,987 3,358 44,440 13,338 201020005515 Little Neck Pkwy.
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Livingston, NJ— 8,000 44,424 2,210 8,103 46,531 8,297 20152017369 E Mt Pleasant Avenue
Lombard, IL17,010 2,130 59,943 2,205 2,218 62,060 19,109 201320092210 Fountain Square Dr
London, UK— 19,777 39,598 — 19,777 39,598 820 20192022Wood Street
London, UK— — — 13,885 3,055 10,830 2,865 2014201271 Hatch Lane
London, UK— 23,387 41,794 — 23,387 41,794 1,178 20192022Ashley Ln, London
London, ON9,601 1,969 16,985 2,243 2,018 19,179 4,954 201519531486 Richmond Street North
London, ON— 1,445 13,631 1,537 1,599 15,014 3,839 2015195081 Grand Avenue
London, UK— — — 24,022 7,282 16,740 3,186 201520166 Victoria Drive
London, UK— — — 68,565 21,955 46,610 3,774 2017202039-41 East Hill, Wandsworth
Londonderry, NH15,304 2,872 24,521 1,279 2,872 25,800 834 202220162 Golen Dr
Long Grove, IL— — — 25,923 2,729 23,194 1,413 202120172300 Illinois Route 53
Longmont, CO— 1,756 11,825 412 1,903 12,090 1,509 202119862210 Main Street
Longueuil, QC7,441 3,992 23,711 3,539 4,157 27,085 7,607 2015198970 Rue Levis
Longview, TX— 610 5,520 1,233 610 6,753 2,390 20062007311 E Hawkins Pkwy
Lorain, OH— 1,409 13,052 — 1,409 13,052 1,626 201920185401 North Pointe Pkwy
Los Angeles, CA— — 114,438 10,062 — 124,500 42,068 2011200910475 Wilshire Boulevard
Los Angeles, CA— 3,540 19,007 4,552 3,540 23,559 8,603 201220012051 N. Highland Avenue
Los Angeles, CA— — 28,050 6,540 91 34,499 8,134 201620064061 Grand View Boulevard
Louisville, KY— 2,420 20,816 3,810 2,420 24,626 8,588 201219994600 Bowling Boulevard
Louisville, KY13,650 1,600 20,326 1,925 1,607 22,244 7,375 201320106700 Overlook Drive
Louisville, CO— 2,266 13,002 21,965 1,939 35,294 5,305 201920081336 E Hecla Drive
Louisville, CO— 1,042 8,396 18,982 1,156 27,264 2,801 201920191800 Plaza Drive
Louisville, CO— 1,432 6,684 54,218 2,584 59,750 11,898 201919991855 Plaza Drive
Louisville, CO— 1,323 7,547 11,733 1,391 19,212 2,534 20191999282 McCaslin Blvd
Louisville, CO— 1,630 12,001 37,342 2,332 48,641 7,395 201920041331 E Hecla Drive
Louisville, KY— 1,588 9,254 460 1,614 9,688 912 20212000620 Valley Coillege Drive
Louisville, KY— 2,274 10,768 2,440 2,274 13,208 1,032 202119988021 Christian Court
Ludington, MI— 747 6,406 104 747 6,510 146 20222002502 N Sherman St
Lynnfield, MA— 3,165 45,200 2,936 3,786 47,515 15,282 2013200655 Salem Street
Macungie, PA— — — 26,961 2,558 24,403 1,886 201720186043 Lower Macungie Road
Madison, TN— 2,093 8,306 208 2,093 8,514 861 20211986200 East Webster
Mahwah, NJ— 1,605 27,249 1,428 1,632 28,650 5,639 2012201515 Edison Road
Malvern, PA— 1,651 17,194 3,232 1,804 20,273 7,964 20131998324 Lancaster Avenue
Manassas, VA— 2,946 16,609 168 2,976 16,747 1,759 202119949852 Fairmont Avenue
Mansfield, TX— 660 5,251 850 660 6,101 2,283 200620072281 Country Club Dr
Mansfield, TX— — — 21,353 2,807 18,546 1,504 201720192500 N. Walnut Creek
Manteca, CA— 1,300 12,125 5,706 1,312 17,819 7,831 20051986430 N. Union Rd.
Maple Ridge, BC8,632 2,875 11,922 2,485 3,139 14,143 2,686 2015200912241 224th Street
Marieville, QC5,206 1,278 12,113 895 1,333 12,953 3,259 20152002425 rue Claude de Ramezay
Markham, ON45,522 3,727 48,939 2,869 3,780 51,755 19,006 201319817700 Bayview Avenue
Marlboro, NJ— 2,222 14,888 2,532 2,268 17,374 5,694 201320023A South Main Street
Marlow, UK— 8,587 38,359 — 8,587 38,359 7,060 20132014210 Little Marlow Road
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Marysville, WA— 620 4,780 5,069 620 9,849 3,543 200319989802 48th Dr. N.E.
Massillon, OH— 1,117 16,687 889 1,117 17,576 553 202220162550 University Dr SE
Mattoon, IL— 791 1,905 168 803 2,061 409 202119992008 South 9th Street
Mattoon, IL— 505 2,258 275 505 2,533 385 202120011920 Brookstone Lane
McKinney, TX— 1,570 7,389 1,211 1,570 8,600 2,785 200920102701 Alma Rd.
McKinney, TX— 4,314 23,777 118 4,314 23,895 1,681 20212018220 S Crutcher Crossing
Meadville, PA— 546 4,826 — 546 4,826 113 20221900637 Pine St
Medicine Hat, AB8,917 1,432 14,141 340 1,472 14,441 4,462 20151999223 Park Meadows Drive SE
Medina, OH— 1,309 10,540 2,429 1,735 12,543 2,003 20192017699 North Huntington St
Medina, OH— — — 42,524 2,111 40,413 792 20192020122 Medina Rd
Melbourne, FL— 7,070 48,257 45,667 7,070 93,924 33,317 200720097300 Watersong Lane
Melville, NY— 4,280 73,283 9,420 4,332 82,651 25,492 2010200170 Pinelawn Rd
Memphis, TN— 1,800 17,744 3,809 1,800 21,553 8,471 201219996605 Quail Hollow Road
Memphis, TN— 2,794 3,974 1,844 2,794 5,818 1,370 202119811645 Massey Road
Memphis, TN— 1,578 9,933 233 1,578 10,166 1,211 202120188722 Winchester Rd
Menomonee Falls, WI— 1,020 6,984 2,694 1,020 9,678 3,613 20062007W128 N6900 Northfield Drive
Mentor, OH11,225 957 13,206 936 957 14,142 340 202220199150 Lakeshore Blvd
Merced, CA— 2,806 13,292 242 2,814 13,526 1,255 202119973460 R Street
Mesa, AZ— 950 9,087 5,940 950 15,027 7,394 199920007231 E. Broadway
Metairie, LA14,200 725 27,708 2,080 1,448 29,065 8,708 201320093732 West Esplanade Ave. S
Midland, MI— 1,084 5,623 332 1,084 5,955 328 202220154124 Waldo Ave
Mill Creek, WA— 10,150 60,274 4,994 10,179 65,239 25,494 2010199814905 Bothell-Everett Hwy
Millbrook, NY— 12,448 12,390 788 12,708 12,918 3,250 2021198579 Flint Road
Millersburg, OH— 1,293 17,788 716 1,293 18,504 590 202220214245 Glen Dr
Milton, ON17,326 4,542 25,321 5,995 4,680 31,178 5,978 20152012611 Farmstead Drive
Milwaukie, OR— 2,391 20,262 289 2,391 20,551 2,117 202119964017 SE Vineyard Road
Minnetonka, MN— 920 29,344 1,594 964 30,894 9,364 2013200618605 Old Excelsior Blvd.
Mission Viejo, CA12,661 6,600 52,118 9,060 6,600 61,178 14,143 2016199827783 Center Drive
Mississauga, ON7,208 1,602 17,996 1,132 1,641 19,089 6,066 201319841130 Bough Beeches Boulevard
Mississauga, ON23,386 3,649 35,137 2,773 3,818 37,741 11,877 201519881490 Rathburn Road East
Mississauga, ON5,266 2,548 15,158 3,369 2,608 18,467 5,112 2015198985 King Street East
Missoula, MT— 550 7,490 2,098 553 9,585 3,862 200519983620 American Way
Mobberley, UK— 5,146 26,665 126 5,037 26,900 9,760 20132007Barclay Park, Hall Lane
Mobile, AL— 737 10,205 77 737 10,282 1,302 20211995650 University Boulevard South
Molalla, OR— 1,210 3,903 719 1,210 4,622 928 20201998835 E Main St
Monterey, CA— 6,440 29,101 3,717 6,443 32,815 10,523 201320091110 Cass St.
Montgomery, AL— 524 10,923 47 524 10,970 1,364 202119915801 EastdaleDrive
Montgomery, MD— 6,482 83,642 15,287 6,709 98,702 22,714 201819923701 International Dr
Montgomery Village, MD— 3,530 18,246 7,952 4,291 25,437 13,035 2013199319310 Club House Road
Montreal-Nord, QC9,462 4,407 23,719 8,325 4,463 31,988 7,068 201819886700, boulevard Gouin Est
Moorestown, NJ— 2,060 51,628 8,586 2,095 60,179 17,302 201020001205 N. Church St
Moose Jaw, SK1,249 582 12,973 1,379 595 14,339 4,346 20132001425 4th Avenue NW



(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Morton Grove, IL— 1,900 15,729 — 1,900 15,729 5,866 201020115520 N. Lincoln Ave.
Murphy, TX— 1,950 19,182 831 1,950 20,013 4,066 20152012304 West FM 544
Nacogdoches, TX— 390 5,754 970 390 6,724 2,499 200620075902 North St
Naperville, IL— 1,550 12,237 2,722 1,550 14,959 5,064 201220131936 Brookdale Road
Naperville, IL— 1,540 28,204 1,894 1,593 30,045 9,739 20132002535 West Ogden Avenue
Nashville, TN— 3,900 35,788 5,251 3,900 41,039 15,368 201219994206 Stammer Place
New Braunfels, TX— 1,200 19,800 10,568 2,729 28,839 8,054 201120092294 East Common Street
New Palestine, IN— 2,259 22,010 211 2,290 22,190 1,944 202120174400 Terrace Drive
Newberg, OR— 2,806 15,260 133 2,809 15,390 1,239 202120023801 Hayes St.
Newbury, UK— 2,850 12,796 161 2,790 13,017 2,257 20152016370 London Road
Newmarket, UK— 4,071 11,902 890 3,985 12,878 3,674 20142011Jeddah Way
Newtown Square, PA— 1,930 14,420 1,961 1,975 16,336 6,289 20132004333 S. Newtown Street Rd.
Norman, OK— 1,480 33,330 957 1,480 34,287 9,102 20121985800 Canadian Trails Drive
North Canton, OH— 1,726 24,588 1,926 1,726 26,514 829 20222017850 Applegrove St
North Ridgeville, OH— 1,780 29,390 88 1,780 29,478 484 2022202033770 Bagley Rd
North Tonawanda, NY— 1,249 7,360 639 1,263 7,985 1,548 20192005705 Sandra Lane
North Tonawanda, NY— 1,426 17,572 653 1,426 18,225 605 202220093959 Forest Park Way
North Tustin, CA— 2,880 18,059 1,400 3,044 19,295 5,693 2013200012291 Newport Avenue
North Wales, PA— 1,968 18,356 767 1,971 19,120 2,161 202120131419 Horsham Rd
Oak Harbor, WA— 739 7,698 787 739 8,485 1,533 20191998171 SW 6th Ave
Oak Park, IL— 1,250 40,383 3,944 1,250 44,327 14,849 201220041035 Madison Street
Oakdale, PA— 1,917 11,954 931 1,930 12,872 2,438 201920177420 Steubenville Pike
Oakland, CA— 3,877 47,508 4,284 4,117 51,552 16,621 2013199911889 Skyline Boulevard
Oakton, VA— 2,250 37,576 4,241 2,393 41,674 13,186 201319972863 Hunter Mill Road
Oakville, ON4,860 1,252 7,382 769 1,331 8,072 2,716 20131982289 and 299 Randall Street
Oakville, ON7,427 2,134 29,963 2,977 2,203 32,871 10,487 2013199425 Lakeshore Road West
Oakville, ON3,901 1,271 13,754 1,560 1,311 15,274 4,460 20131988345 Church Street
Ocala, FL— 1,340 10,564 377 1,340 10,941 3,947 200820092650 SE 18TH Avenue
Odessa, TX— 346 3,506 249 384 3,717 326 20211954311 W 4th St
Ogden, UT— 360 6,700 1,864 360 8,564 3,706 200419981340 N. Washington Blv.
Oklahoma City, OK— 590 7,513 195 590 7,708 3,026 2007200813200 S. May Ave
Oklahoma City, OK— 760 7,017 331 760 7,348 2,776 2007200911320 N. Council Road
Oklahoma City, OK— — — 18,228 1,590 16,638 1,649 201420162800 SW 131st Street
Oklahoma City, OK— 5,946 29,540 343 5,962 29,867 34,358 202119841404 North West 122nd Street
Okotoks, AB15,670 714 20,943 1,428 752 22,333 5,811 2015201051 Riverside Gate
Olney, IL— 897 4,805 284 897 5,089 661 202119991110 North East Street
Olney, IL— 534 2,234 312 546 2,534 424 202119981301 North East Street
Omaha, NE7,977 1,623 12,027 649 1,623 12,676 416 202220107205 N 73rd Plz Cir
Omaha, NE— 370 10,230 284 370 10,514 3,477 2010199811909 Miracle Hills Dr.
Omaha, NE— 380 8,769 436 380 9,205 3,159 201019995728 South 108th St.
Orange, CA34,560 8,021 64,689 2,803 8,021 67,492 8,850 20192018630 The City Drive South
Orem, UT— 1,395 8,775 224 1,395 8,999 1,055 20211987325 W Center
Ormond Beach, FL— 3,428 16,941 326 3,430 17,265 1,935 20211984101 Clyde Morris Blvd
(Dollars in thousands)
Initial Cost to CompanyGross Amount at Which Carried at Close of Period
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:
Ottawa, ON11,998 1,341 15,425 3,637 1,403 19,000 3,822 20152001110 Berrigan Drive
Ottawa, ON7,629 2,809 27,299 3,583 2,855 30,836 10,742 2013199843 Aylmer Avenue
Ottawa, ON3,843 1,156 9,758 791 1,210 10,495 3,326 201319981351 Hunt Club Road
Ottawa, ON5,015 746 7,800 1,101 799 8,848 2,733 20131999140 Darlington Private
Ottawa, ON7,818 1,176 12,764 961 1,240 13,661 2,710 2015198710 Vaughan Street
Ottawa, ON17,195 3,454 23,309 3,538 3,607 26,694 10,393 201519662370 Carling Avenue
Ottawa, ON17,733 4,256 39,141 1,225 4,299 40,323 9,757 20152005751 Peter Morand Crescent
Ottawa, ON6,189 2,197 7,513 — 2,197 7,513 3,451 201519891 Eaton Street
Ottawa, ON11,788 2,963 26,424 2,773 3,094 29,066 6,221 20152008691 Valin Street
Ottawa, ON8,893 1,561 18,170 2,816 1,707 20,840 4,534 2015200622 Barnstone Drive
Ottawa, ON11,461 3,403 31,090 3,014 3,558 33,949 6,748 20152009990 Hunt Club Road
Ottawa, ON14,435 3,411 28,335 5,298 3,560 33,484 8,206 201520092 Valley Stream Drive
Outremont, QC15,294 6,746 45,981 11,180 6,848 57,059 13,161 201819761000, avenue Rockland
Overland Park, KS— 1,540 16,269 4,322 1,670 20,461 6,109 201219989201 Foster
Oviedo, FL— 3,350 31,147 223 3,351 31,369 3,366 202120027015 Red Bug Lake Rd.
Painesville, OH8,193 1,407 12,500 — 1,407 12,500 95 202020221386 Elizabeth Blvd
Painted Post, NY8,995 1,326 13,400 704 1,326 14,104 498 20222012110 Creekside Dr
Palestine, TX— 180 4,320 2,951 180 7,271 2,437 200620051625 W. Spring St.
Palm Coast, FL— 870 10,957 355 870 11,312 3,965 2008201050 Town Ct.
Palm Desert, CA— 6,193 83,052 1,855 6,193 84,907 1,916 2022201039905 Via Scena
Palm Desert, CA— 13,628 58,446 1,510 13,683 59,901 6,453 2021198541-505 Carlotta Drive
Palo Alto, CA25,050 — 39,639 3,558 43 43,154 13,765 201320072701 El Camino Real
Paramus, NJ— 2,840 35,728 2,061 2,986 37,643 11,868 20131998567 Paramus Road
Paris, IL— 688 6,203 403 719 6,575 639 20212001146 Brookstone Lane
Paris, TX— 490 5,452 1,160 490 6,612 5,507 20052006750 N Collegiate Dr
Parma, OH— 1,533 9,221 754 1,536 9,972 1,904 2019201611500 Huffman Road
Paso Robles, CA— 1,770 8,630 6,298 1,770 14,928 5,940 200219981919 Creston Rd.
Peabody, MA— 2,250 16,071 1,405 2,380 17,346 4,853 2013199473 Margin Street
Pella, IA— 870 6,716 496 938 7,144 1,940 201220022602 Fifield Road
Pembroke, ON— 1,931 9,427 1,106 1,915 10,549 3,434 201219991111 Pembroke Street West
Pennington, NJ— 1,380 27,620 3,861 1,527 31,334 8,970 20112000143 West Franklin Avenue
Penticton, BC— 3,706 46,717 3,508 3,706 50,225 2,779 202220153475 Wilson Street
Peoria, AZ— 766 21,796 2,636 766 24,432 4,725 2018201413391 N 94th Drive
Peoria, AZ— 2,006 12,091 920 2,006 13,011 1,467 2021199713619 N 94th Drive
Pickerington, OH— 2,815 26,921 645 2,815 27,566 964 20222019602 Redbud Road
Pittsburgh, PA— 1,580 18,017 11,434 1,615 29,416 7,323 20132009900 Lincoln Club Dr.
Pittston, PA— 1,644 13,756 858 1,644 14,614 529 20222019900 N Twp Blvd
Placentia, CA— 8,480 17,076 6,657 8,528 23,685 7,370 201619871180 N Bradford Avenue
Plainview, NY— 3,066 19,901 1,935 3,182 21,720 6,574 201320011231 Old Country Road
Plano, TX28,960 3,120 59,950 6,115 3,294 65,891 23,616 201320064800 West Parker Road
Plano, TX— 1,750 15,390 2,126 1,750 17,516 3,619 201620143690 Mapleshade Lane
Plattsmouth, NE— 250 5,650 189 250 5,839 2,021 201019991913 E. Highway 34
Playa Vista, CA— 1,580 40,531 4,053 1,677 44,487 13,996 201320065555 Playa Vista Drive
Pleasanton, CA— — — 52,279 3,676 48,603 5,362 201620175700 Pleasant Hill Road
Port Perry, ON10,118 3,685 26,788 2,883 3,784 29,572 6,135 2015200915987 Simcoe Street
Port St. Lucie, FL— 8,700 47,230 21,669 8,700 68,899 24,522 2008201010685 SW Stony Creek Way
(Dollars in thousands)
Initial Cost to CompanyGross Amount at Which Carried at Close of Period
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:
Portage, MI40,751 2,880 59,764 2,780 2,885 62,539 9,582 201920173951 W. Milham Ave.
Porterville, CA— 1,739 15,190 235 1,742 15,422 1,742 202119992500 W Henderson Avenue
Potomac, MD— — — 58,183 6,648 51,535 3,793 2018202110800 Potomac Tennis Lane
Princeton, NJ— 1,730 30,888 3,008 1,845 33,781 10,534 20112001155 Raymond Road
Princeton, NJ— — — 31,755 3,703 28,052 255 20202001775 Mt Lucas Road
Purley, UK— 7,365 35,161 1,462 7,193 36,795 12,570 2012200521 Russell Hill Road
Puyallup, WA— 1,150 20,776 7,066 1,156 27,836 8,955 20101985123 Fourth Ave. NW
Quebec City, QC5,996 2,420 21,977 3,542 2,572 25,367 4,947 20182000795, rue Alain
Quebec City, QC10,541 3,300 28,325 4,897 3,325 33,197 6,482 20181987650 and 700, avenue Murray
Queensbury, NY— 1,260 21,744 4,174 1,273 25,905 5,601 2015199927 Woodvale Road
Quincy, IL— 2,328 16,254 117 2,332 16,367 1,544 20212005823 S 36th St.
Rancho Cucamonga, CA— 1,480 10,055 2,477 2,084 11,928 4,694 201320019519 Baseline Road
Rancho Palos Verdes, CA— 5,450 60,034 9,014 5,450 69,048 21,690 201220045701 Crestridge Road
Randolph, NJ29,300 1,540 46,934 2,905 1,760 49,619 15,120 20132006648 Route 10 West
Rantoul, IL— 579 4,576 194 579 4,770 562 20212002300 Twin Lakes Drive
Red Deer, AB10,685 1,247 19,283 2,039 1,290 21,279 5,051 201520043100 - 22 Street
Red Deer, AB12,559 1,199 22,339 2,602 1,212 24,928 6,195 2015200410 Inglewood Drive
Redding, CA25,501 4,474 36,557 1,877 4,474 38,434 5,769 201920172150 Bechelli Lane
Redding, CA— 2,639 10,290 127 2,675 10,381 1,286 20211985451 Hilltop Drive
Redlands, CA— 1,966 40,425 398 1,966 40,823 4,170 2021198810 Terracina Blvd
Regina, SK4,957 1,485 21,148 1,583 1,625 22,591 7,541 201319993651 Albert Street
Regina, SK4,962 1,244 21,036 1,411 1,310 22,381 6,901 201320043105 Hillsdale Street
Regina, SK13,359 1,539 24,053 3,840 1,602 27,830 6,147 201519921801 McIntyre Street
Rehoboth Beach, DE— 960 24,248 9,567 993 33,782 9,834 2010199936101 Seaside Blvd
Reno, NV— 1,060 11,440 3,997 1,060 15,437 6,240 200419985165 Summit Ridge Court
Richmond, VA— 6,501 23,697 131 6,529 23,800 2,569 2021200710300 Three Chopt Rd.
Ridgeland, MS— 520 7,675 4,070 520 11,745 4,701 20031997410 Orchard Park
Riviere-du-Loup, QC2,215 592 7,601 1,339 654 8,878 2,339 2015195635 des Cedres
Riviere-du-Loup, QC10,606 1,454 16,848 5,327 1,753 21,876 6,198 20151993230-235 rue Des Chenes
Robinson, IL— 660 3,667 201 660 3,868 569 202119991101 North Monroe Street
Rockford, IL— 1,006 5,119 320 1,020 5,425 739 202120033495 McFarland Road
Rockwall, TX— 2,220 17,650 592 2,220 18,242 3,462 20122014720 E Ralph Hall Parkway
Rocky Hill, CT— 1,090 6,710 5,880 42 13,638 4,638 2003199660 Cold Spring Rd.
Rohnert Park, CA— 6,500 18,700 5,737 6,546 24,391 10,676 200519864855 Snyder Lane
Romeoville, IL— 854 12,646 61,368 6,129 68,739 22,686 20062010605 S Edward Dr.
Roseburg, OR— 979 14,453 211 979 14,664 1,639 202119841800 Hughwood
Roseville, MN— 1,540 35,877 1,723 1,648 37,492 11,120 201320022555 Snelling Avenue, North
Roseville, CA— 3,300 41,652 7,443 3,300 49,095 12,508 201620005161 Foothills Boulevard
Roseville, CA— 3,011 55,937 526 3,011 56,463 1,146 202220212400 Pleasant Grove Boulevard
Roswell, GA— 1,107 9,627 5,338 1,114 14,958 9,685 19971999655 Mansell Rd.
Roswell, GA— 2,080 6,486 4,423 2,380 10,609 3,523 2012199775 Magnolia Street
Round Rock, TX— 2,358 15,477 37 2,358 15,514 1,430 20212007310 Chisholm Trail
Rowlett, TX— 1,612 21,319 280 1,629 21,582 1,561 202020194205-4209 Dalrock Rd
Sabre Springs, CA— — — 47,013 3,726 43,287 4,594 2016201712515 Springhurst Drive
Sachse, TX— — — 13,777 55 13,722 — 20211900Bunker Hill Rd
Sacramento, CA— 940 14,781 6,266 952 21,035 6,247 201019786350 Riverside Blvd


(Dollars in thousands)
Initial Cost to CompanyGross Amount at Which Carried at Close of Period
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:
Sacramento, CA— 1,300 23,394 2,270 1,369 25,595 7,831 20132004345 Munroe Street
Saginaw, MI— 1,483 17,915 155 1,505 18,048 2,073 202119974141 McCarty Road
Saint-Lambert, QC29,319 10,259 61,903 8,673 10,677 70,158 21,753 201519891705 Avenue Victoria
Salaberry-de-Valleyfield, QC13,811 1,874 15,120 2,046 1,874 17,166 825 2022197088 Rue Dufferin
Salem, OR— 918 9,659 989 918 10,648 1,664 202019994452 Lancaster Dr NE
Salem, OR— 1,227 8,632 1,149 1,227 9,781 1,608 202019974050 12th Street Cutoff SE
Salem, OR— — — 22,877 2,877 20,000 2,198 20211980707 Madrona Avenue SE
Salinas, CA— 5,110 41,424 11,616 5,155 52,995 14,367 201619901320 Padre Drive
Salisbury, UK— 2,720 15,269 670 2,663 15,996 3,709 20142013Shapland Close
Salt Lake City, UT— 1,360 19,691 1,925 1,396 21,580 8,551 201119861430 E. 4500 S.
San Antonio, TX— — — 37,079 6,120 30,959 9,607 201020112702 Cembalo Blvd
San Antonio, TX— — — 66,415 5,045 61,370 11,281 2017201511300 Wild Pine
San Antonio, TX— 11,686 69,930 5,106 11,686 75,036 12,642 201920166870 Heuermann Road
San Diego, CA— 5,810 63,078 9,109 5,810 72,187 24,868 2012200113075 Evening Creek Drive S
San Diego, CA— 3,000 27,164 2,309 3,016 29,457 8,645 20132003810 Turquoise Street
San Diego, CA28,321 4,179 40,328 1,610 4,179 41,938 5,386 20192017955 Grand Ave
San Francisco, CA— 5,920 91,639 14,349 5,920 105,988 26,389 201619981550 Sutter Street
San Francisco, CA— 11,800 77,214 11,447 11,800 88,661 21,924 201619231601 19th Avenue
San Gabriel, CA— 3,120 15,566 1,871 3,170 17,387 5,529 201320058332 Huntington Drive
San Jose, CA— 3,280 46,823 8,768 3,280 55,591 17,325 20122002500 S Winchester Boulevard
San Jose, CA— 11,900 27,647 5,647 11,966 33,228 8,905 201620024855 San Felipe Road
San Rafael, CA— 1,620 27,392 4,578 1,620 31,970 7,484 20162001111 Merrydale Road
San Ramon, CA— 8,700 72,223 11,245 8,781 83,387 20,399 201619929199 Fircrest Lane
Sand Springs, OK— 910 19,654 379 910 20,033 5,452 201220024402 South 129th Avenue West
Sandy Springs, GA— 2,214 8,360 1,670 2,220 10,024 4,370 201219975455 Glenridge Drive NE
Santa Ana, CA— — 1,243 — — 1,243 — 202119923730 South Greenville Street
Santa Monica, CA15,820 5,250 28,340 1,716 5,266 30,040 9,154 201320041312 15th Street
Santa Rosa, CA— 2,250 26,273 4,096 2,309 30,310 7,347 201620014225 Wayvern Drive
Santa Rosa, CA— 6,484 52,195 1,896 6,484 54,091 1,601 202220134210 Thomas Lake Harris Drive
Sarasota, FL— 20,105 96,495 1,774 19,705 98,669 6,757 202119853260 Lake Pointe Boulevard
Saskatoon, SK3,058 981 13,905 1,037 997 14,926 3,913 20131999220 24th Street East
Saskatoon, SK11,489 1,382 17,609 1,465 1,511 18,945 5,585 201320041622 Acadia Drive
Savannah, GA— 1,733 16,218 167 1,734 16,384 1,866 202119986206 Waters Avenue
Schaumburg, IL— 2,460 22,863 1,702 2,504 24,521 8,379 20132001790 North Plum Grove Road
Scottsdale, AZ— 2,500 3,890 3,287 2,500 7,177 2,247 200819989410 East Thunderbird Road
Scranton, PA— 896 10,591 730 896 11,321 2,007 201920141651 Dickson Avenue
Seal Beach, CA— 6,204 72,954 3,511 6,271 76,398 26,644 201320043850 Lampson Avenue
Seattle, WA— 5,190 9,350 2,583 5,199 11,924 5,118 2010196211501 15th Ave NE
Seattle, WA27,180 10,670 37,291 2,518 10,700 39,779 16,538 20102005805 4th Ave N
Seattle, WA— 1,150 19,887 3,002 1,150 22,889 5,702 2015199511039 17th Avenue
Selbyville, DE— 750 25,912 1,713 769 27,606 8,587 2010200821111 Arrington Dr
Sevenoaks, UK— 6,181 40,240 1,889 6,050 42,260 15,466 2012200964 - 70 Westerham Road
Severna Park, MD— — 67,623 6,554 44 74,133 16,745 2016199743 W McKinsey Road
Shawnee, KS— 2,109 22,141 544 2,109 22,685 554 202220207200 Silverheel St
Shelby Township, MI13,180 1,040 26,344 1,464 1,110 27,738 8,758 2013200646471 Hayes Road
Sherman, TX— 700 5,221 1,795 700 7,016 2,327 200520061011 E. Pecan Grove Rd.


(Dollars in thousands)
Initial Cost to CompanyGross Amount at Which Carried at Close of Period
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:
Sherman, TX— 1,712 22,567 387 1,721 22,945 2,201 202119863701 N Loy Lake Rd
Shrewsbury, NJ— 2,120 38,116 3,973 2,160 42,049 13,060 201020005 Meridian Way
Sidcup, UK— 7,446 56,570 3,412 7,259 60,169 21,290 20122000Frognal Avenue
Silver Spring, MD— — — 64,828 3,442 61,386 6,452 201620182201 Colston Drive
Simi Valley, CA— 3,200 16,664 2,824 3,340 19,348 7,090 20132009190 Tierra Rejada Road
Simi Valley, CA— 5,510 51,406 9,063 5,510 60,469 16,211 201620035300 E Los Angeles Avenue
Simi Valley, CA— 3,084 41,697 506 3,084 42,203 1,011 202220213110 Royal Avenue
Solihull, UK— 2,695 24,907 — 2,695 24,907 10,262 201220091270 Warwick Road
Solihull, UK— — — 23,724 2,268 21,456 6,291 201820091270 Warwick Road
Solihull, UK— 3,571 26,053 260 3,475 26,409 8,495 201320071 Worcester Way
Solihull, UK— 1,851 10,585 434 1,812 11,058 2,039 20152016Warwick Road
Sonning, UK— 5,644 42,155 623 5,503 42,919 13,744 20132009Old Bath Rd.
Sonoma, CA— 1,100 18,400 6,015 1,109 24,406 10,582 20051988800 Oregon St.
Sonoma, CA— 2,820 21,890 4,015 2,819 25,906 6,453 2016200591 Napa Road
South Haven, MI— 1,140 7,793 580 1,140 8,373 435 20222001706 Kentucky Ave
South Jordan, UT— 4,646 42,705 4,356 4,646 47,061 8,227 2020201511289 Oakmond Rd
Southlake, TX— 6,207 56,805 8,976 6,207 65,781 14,333 20192008101 Watermere Drive
Spokane, WA— 3,200 25,064 5,453 3,200 30,517 10,263 201320013117 E. Chaser Lane
Spokane, WA— 2,580 25,342 4,897 2,580 30,239 9,399 201319991110 E. Westview Ct.
Spokane, WA— 1,334 11,997 185 1,334 12,182 1,201 202119851616 E 30th Avenue
Springdale, AR— 2,950 28,237 307 2,950 28,544 2,860 202119965000 Arkanshire Circle
Springfield, IL— 1,166 18,767 69 1,172 18,830 1,660 202119902601 Montvale Drive
Springfield, MO— 1,667 17,972 306 1,667 18,278 1,527 202119872900 S Jefferson
St Johns, MI— 794 5,682 269 794 5,951 256 202220081507 Glastonbury Dr
St. Albert, AB6,894 1,145 17,863 1,294 1,203 19,099 6,766 2014200578C McKenney Avenue
St. John's, NL4,311 706 11,765 243 717 11,997 2,587 2015200564 Portugal Cove Road
St. Petersburg, FL— 9,218 39,883 1,201 9,522 40,780 6,905 202119731255 Pasadena Ave South
Stephenville, TX— 1,072 3,464 1,151 1,072 4,615 586 202119902305 Lingleville Highway
Stittsville, ON3,384 1,175 17,397 1,254 1,269 18,557 5,543 201319961340 - 1354 Main Street
Stockport, UK— — — 29,771 4,276 25,495 8,668 201320081 Dairyground Road
Stockton, CA— 2,280 5,983 4,666 2,372 10,557 3,365 201019886725 Inglewood
Strongsville, OH— 112810940673 11321160923862019201715100 Howe Road
Strongsville, OH— 2,577 13,463 49 2,578 13,511 1,605 2021200219205 Pearl Rd.
Stuart, FL— 5,276 24,182 1,010 5,276 25,192 3,767 201920192625 SE Cove Road
Studio City, CA— 4,006 25,307 2,095 4,124 27,284 9,159 201320044610 Coldwater Canyon Avenue
Suffield, CT— 4,439 31,660 2,851 4,447 34,503 6,042 201919987 Canal Road
Sugar Land, TX— 960 31,423 2,106 960 33,529 11,661 201119961221 Seventh St
Sugar Land, TX— 4,272 60,493 6,774 4,272 67,267 14,921 20172015744 Brooks Street
Summerville, SC— 2,175 18,017 225 2,175 18,242 1,518 202120174015 2nd Ave
Summit, NJ— 3,080 14,152 12,657 3,080 26,809 4,658 2011200141 Springfield Avenue
Sun City West, AZ— 1,250 21,778 3,747 1,250 25,525 7,512 2012199813810 West Sandridge Drive
Sunninghill, UK— 11,014 40,513 — 11,014 40,513 6,162 20142017Bagshot Road
Sunnyvale, CA— 5,420 41,682 4,056 5,420 45,738 15,424 201220021039 East El Camino Real
Surrey, BC5,035 3,605 18,818 1,980 3,705 20,698 7,851 2013200016028 83rd Avenue
Surrey, BC13,087 4,552 22,338 2,836 4,679 25,047 9,834 2013198715501 16th Avenue
Sutton, UK— 4,096 14,532 807 4,010 15,425 2,568 20152016123 Westmead Road
Sutton Coldfield, UK— 2,807 11,313 450 2,748 11,822 1,969 20152016134 Jockey Road
Suwanee, GA— 1,560 11,538 1,818 1,560 13,356 5,181 201220004315 Johns Creek Parkway
(Dollars in thousands)
Initial Cost to Company
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & ImprovementsAccumulated Depreciation(1)Year AcquiredYear BuiltAddress
Seniors Housing Operating:
Swartz Creek, MI— 925 7,524 378 925 7,902 373 202220174276 Kroger Dr
Sway, UK— 4,145 15,508 481 4,058 16,076 4,584 20142008Sway Place
Swift Current, SK— 492 10,119 1,141 509 11,243 3,733 20132001301 Macoun Drive
Sycamore, IL— 1,033 11,401 359 1,042 11,751 1,314 202120031440 Somonauk Street
Sylvania, OH— 1,205 11991351205120261651201920194120 King Road
Syracuse, NY— 1,440 11,675 966 1529125522,364 201920116715 Buckley Road
Tacoma, WA— 4,170 73,377 18,774 4,170 92,151 26,982 201619878201 6th Avenue
Tallmadge, OH14,426 1,096 19,504 1,003 1,096 20,507 339 2022201673 East Ave
Tarboro, NC— 1,643 11,124 477 1,705 11,539 3,671 20211983200 Trade Street
Taylor, PA— 1,942 12,011 32 1,960 12,025 1,389 20192020512 Oak St
Texarkana, TX— 1,403 7,512 610 1,403 8,122 824 202119995415 Cowhorn Creek Road
The Woodlands, TX— 480 12,379 994 480 13,373 4,652 201119997950 Bay Branch Dr
Tipp City, OH— 1,223 15,421 1,244 1,223 16,665 630 202220188001 Red Buckeye Dr
Toms River, NJ— 1,610 34,627 2,242 1,705 36,774 11,643 201020051587 Old Freehold Rd
Tonawanda, NY— 1,554 13,332 1,371 1,577 14,680 2,866 20192011300 Fries Road
Tonawanda, NY— 2,460 12,564 1,452 2,463 14,013 2,933 20192009285 Crestmount Avenue
Topeka, KS— 260 12,712 215 260 12,927 3,636 201220111931 Southwest Arvonia Place
Toronto, ON4,101 1,079 5,364 633 1,070 6,006 1,964 2013198225 Centennial Park Road
Toronto, ON6,076 2,513 19,695 1,444 2,604 21,048 5,954 20132002305 Balliol Street
Toronto, ON15,195 3,400 32,757 2,445 3,607 34,995 11,435 201319731055 and 1057 Don Mills Road
Toronto, ON5,030 1,447 3,918 657 1,506 4,516 1,758 201319871340 York Mills Road
Toronto, ON26,780 5,304 53,488 3,701 5,460 57,033 21,093 201319888 The Donway East
Toronto, ON17,218 2,927 20,713 3,579 3,025 24,194 5,437 2015190054 Foxbar Road
Toronto, ON5,734 5,082 25,493 2,696 5,252 28,019 8,174 20151988645 Castlefield Avenue
Toronto, ON11,027 2,008 19,620 5,917 2,000 25,545 5,205 201519994251 Dundas Street West
Toronto, ON31,760 5,132 41,657 4,657 5,269 46,177 14,892 2015196410 William Morgan Drive
Toronto, ON8,980 2,480 7,571 3,434 2,561 10,924 2,691 20151971123 Spadina Road
Torrance, CA— 3,497 73,138 405 3,519 73,521 12,037 2016201625535 Hawthorne Boulevard
Traverse City, MI— 1,042 26,327 1,418 1,068 27,719 2,523 202120013950 Sumac Dr.
Troy, NY— 1,787 14,123 189 1,774 14,325 1,108 2021199759 Harris Road
Tuckahoe, NY— 9,298 30,934 759 9,346 31,645 2,611 202119991 Rivervue Place
Tucson, AZ— 830 6,179 7,817 830 13,996 3,855 201219975660 N. Kolb Road
Tucson, AZ— 6978789322,277 7021811668843202119872001 West Rudasill Road
Tulsa, OK— 1,330 21,285 2,374 1,408 23,581 10,960 201019868887 South Lewis Ave
Tulsa, OK— 1,500 20,861 61 1,614 20,808 10,445 201019849524 East 71st St
Tulsa, OK— 1,320 10,087 160 1,320 10,247 3,028 201120127902 South Mingo Road East
Tulsa, OK12,522 1,752 28,421 187 1,752 28,608 4,469 20172014701 W 71st Street South
Tulsa, OK— 3,161 14,219 142 3,201 14,321 1,639 202120057401 Riverside Drive
Turlock, CA— 2,266 13,002 1,342 2,266 14,344 2,856 201920013791 Crowell Road
Tuscola, IL— 477 5,582 255 492 5,822 624 202120041106 East Northline Road
Twinsburg, OH— 1,042 8,396 583 1,064 8,957 1,920 201920163092 Kendal Lane
Tyler, TX— 650 5,268 1,181 650 6,449 2,302 200620075550 Old Jacksonville Hwy.
Tyler, TX— 1,306 10,515 422 1,306 10,937 1,188 20211998506 Rice Road
Upland, CA— 3,160 42,596 344 3,160 42,940 9,707 201520142419 North Euclid Avenue
Upper Providence, PA— 1,900 28,195 759 1,909 28,945 5,841 201320151133 Black Rock Road
Upper St Claire, PA— 1,102 13,455 1,779 1,153 15,183 5,463 20132005500 Village Drive
Urbandale, IA— 1,758 5,514 994 1,758 6,508 1,184 202120128525 Urbandale Ave
(Dollars in thousands)
Initial Cost to Company
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & ImprovementsAccumulated Depreciation(1)Year AcquiredYear BuiltAddress
Seniors Housing Operating:
Utica, NY— 2,596 36,067 2,368 2,596 38,435 2,120 202220181 Patriot Cir
Vacaville, CA— 900 17,100 6,019 900 23,119 9,819 20051987799 Yellowstone Dr.
Vallejo, CA— 4,000 18,000 6,455 4,030 24,425 10,653 20051989350 Locust Dr.
Vallejo, CA— 2,330 15,407 2,553 2,330 17,960 6,484 201019902261 Tuolumne
Vancouver, WA— 1,820 19042184218212088375492010200610011 NE 118th Ave
Vancouver, WA— 1,406 14,328 1,157 1406154852,113 20202001201 NW 78th St
Vancouver, WA— 4,783 97,858 10,807 4,783 108,665 4,764 202220015500 NE 82nd Ave
Vancouver, WA— 5,188 101,400 10,623 5,188 112,023 4,768 20222008415 SE 177th Ave
Vancouver, WA— 1,477 22,773 747 1,477 23,520 943 202220155300 NE 82nd Ave
Vancouver, BC— 7,282 6,572 1,630 7,338 8,146 5,850 201519742803 West 41st Avenue
Vandalia, IL— 800 5,334 197 800 5,531 765 202120031607 West Fillmore Street
Vankleek Hill, ON— 389 2,960 490 402 3,437 1,286 2013198748 Wall Street
Vaudreuil, QC6,930 1,852 14,214 1,740 1,843 15,963 4,253 20151975333 rue Querbes
Venice, FL— 13,646 102,226 204 13,649 102,427 7,292 2021201919600 Floridian Club Drive
Venice, FL— 1,150 10,674 366 1,150 11,040 3,915 200820091600 Center Rd.
Vernon, BC— 3,911 43,983 3,215 3,911 47,198 2,607 202220181800 58th Avenue
Vero Beach, FL— 2,930 40,070 27,193 2,930 67,263 31,593 200720037955 16th Manor
Victoria, BC5,492 2,856 18,038 1,204 2,951 19,147 6,686 201319743000 Shelbourne Street
Victoria, BC16,664 3,681 15,774 1,174 3,792 16,837 6,089 201319883051 Shelbourne Street
Victoria, BC15,486 2,476 15,379 1,594 2,562 16,887 3,958 201519903965 Shelbourne Street
Virginia Water, UK— 7,106 29,937 4,318 5,288 36,073 15,220 20122002Christ Church Road
Visalia, CA— 868 16,855 1,204 868 18,059 1,693 202119874119 W Walnut Avenue
Voorhees, NJ— 3,700 24,312 3,240 3,873 27,379 7,546 20122013311 Route 73
Waco, TX— 1,383 11,020 168 1,384 11,187 1,109 202119973209 Village Green Driver
Wall, NJ— 1,650 25,350 4,132 1,731 29,401 8,771 201120032021 Highway 35
Walla Walla, WA— 1,414 2,399 58 1,415 2,456 348 202119871400 Dalles Military Road
Walnut Creek, CA— 3,700 12,467 3,624 3,826 15,965 6,279 201319982175 Ygnacio Valley Road
Walnut Creek, CA— 10,320 100,890 20,233 10,332 121,111 32,106 201619881580 Geary Road
Walnut Creek, CA— 7,167 107,732 11,465 7,167 119,197 3,184 202219911700 Tice Valley Blvd
Walnut Creek, CA— 4,243 — — 4,243 — — 202219001700 Tice Valley Blvd
Warsaw, NY— 2,148 8,452 812 2,148 9,264 471 202220195378 Conable Way
Washington, DC— 4,000 69,154 4,119 4,021 73,252 22,351 201320045111 Connecticut Avenue NW
Washington Court House, OH— 2282408174 228258224020211995500 Glenn Avenue
Watchung, NJ— 1,920 24,880 3,293 2,128 27,965 8,440 20112000680 Mountain Boulevard
Waterford, MI— 988 13,206 1,087 988 14,293 1,235 20211999900 N. Cass Lake Road
Waterville, OH— 2,574 44,647 1,242 2,609 45,854 4,093 202020181470 Pray Blvd
Waukee, IA— 1,870 31,878 1,648 1,903 33,493 8,838 201220071650 SE Holiday Crest Circle
Waxahachie, TX— 650 5,763 782 650 6,545 2,385 200720081329 Brown St.
Wayland, MA— 1,207 27,462 2,509 1,364 29,814 10,096 20131997285 Commonwealth Road
Weatherford, TX— 660 5,261 866 660 6,127 2,294 200620071818 Martin Drive
Webster Groves, MO— 1,790 15,425 2,921 1,812 18,324 6,607 2011201245 E Lockwood Avenue
Wellesley, MA— 4,690 77,462 1,175 4,690 78,637 19,593 2015201223 & 27 Washington Street
West Babylon, NY— 3,960 47,085 2,988 4,062 49,971 15,329 20132003580 Montauk Highway
West Bloomfield, MI— 1,040 12,300 974 1,103 13,211 4,337 201320007005 Pontiac Trail
West Chester Township, OH— 2,319 47,857 1,380 2,319 49,237 4,505 202020197129 Gilmore Rd
West Hills, CA— 2,600 7,521 1,971 2,658 9,434 3,947 201320029012 Topanga Canyon Road
West Kelowna, BC— 3,739 32,443 2,201 3,739 34,644 1,817 202220052505 Ingram Road
(Dollars in thousands)
Initial Cost to CompanyGross Amount at Which Carried at Close of Period
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & ImprovementsAccumulated Depreciation(1)Year AcquiredYear BuiltAddress
Seniors Housing Operating:
West Seneca, NY— 1,432 6,684 829 1,437 7,508 1,629 201920001187 Orchard Park Drive
West Seneca, NY— 1,323 7,547 685 1,382 8,173 1,573 201920072341 Union Road
West Vancouver, BC15,181 7,059 28,155 6,867 7,251 34,830 10,685 201319872095 Marine Drive
Westbourne, UK— 5,441 41,420 4,956 5,317 46,500 14,864 2013200616-18 Poole Road
Westerville, OH— 1,257 9,550 384 1,257 9,934 268 20222013865 Maxtown Rd
Westford, MA— 1,440 32,607 708 1,468 33,287 7,736 20152013108 Littleton Road
Westworth Village, TX— 2,060 31,296 142 2,060 31,438 6,655 2014201425 Leonard Trail
Weybridge, UK— 7,717 48,240 181 7,717 48,421 16,617 20132008Ellesmere Road
Weymouth, UK— 2,591 16,551 243 2,536 16,849 4,019 20142013Cross Road
Wheatfield, NY— 1,357 9,601 867 1,357 10,468 432 202220083979 Forest Park Way
White Oak, MD— 2,304 24,768 3,258 2,463 27,867 8,812 2013200211621 New Hampshire Avenue
Whitesboro, NY— 1,630 12,001 987 1,719 12,899 2,344 201920154770 Middle Settlement Rd
Wichita, KS— 1,400 11,000 620 1,400 11,620 6,715 20061997505 North Maize Road
Wichita, KS11,762 630 19,747 840 630 20,587 5,468 201220092050 North Webb Road
Wichita, KS— 900 10,134 347 900 10,481 3,121 2011201210600 E 13th Street North
Willoughby, OH— 1,309 10,540 709 1,309 11,249 2,000 2019201635100 Chardon Road
Wilmington, DE— 1,040 23,338 2,774 1,270 25,882 8,338 201320042215 Shipley Street
Wilmington, NC— 1,538 28,202 172 1,550 28,362 2,665 202119911402 Hospital Plaza Drive
Winchester, UK— 6,009 29,405 400 5,882 29,932 9,970 20122010Stockbridge Road
Winnipeg, MB9,336 1,960 38,612 4,991 2,117 43,446 16,292 20131999857 Wilkes Avenue
Winnipeg, MB22,007 1,276 21,732 2,113 1,568 23,553 7,254 201319883161 Grant Avenue
Winnipeg, MB10,516 1,317 15,609 2,709 1,367 18,268 4,953 20151999125 Portsmouth Boulevard
Woking, UK— — — 15,273 2,832 12,441 1,841 2016201712 Streets Heath, West End
Wolverhampton, UK— — — 12,000 2,875 9,125 3,849 2013200873 Wergs Road
Woodland Hills, CA— 3,400 20,478 1,578 3,456 22,000 7,445 2013200520461 Ventura Boulevard
Wooster, OH13,785 1,560 22,555 1,869 1,560 24,424 523 20222014939 Portage Rd
Wyoming, MI— 3,373 25,319 1,520 3,374 26,838 2,760 202119992380 Aurora Pond Dr. SW
Yakima, WA— 1,104 10,707 400 1,192 11,019 1,128 20211988620 North 34th Avenue
Yonkers, NY— 3,962 50,108 3,520 4,077 53,513 16,239 2013200565 Crisfield Street
Yorkton, SK2,484 463 8,760 533 475 9,281 2,942 2013200194 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 


128

Welltower Inc. 
Schedule III 
Real Estate and Accumulated Depreciation 
December 31, 2022 
(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Abilene, TX$— $950 $20,987 $11,660 $950 $32,647 $6,015 201419986565 Central Park Boulevard
Abilene, TX— 990 8,187 1,089 990 9,276 2,046 201419851250 East N 10th Street
Agawam, MA— 880 13,130 — 880 13,130 9,343 200219931200 Suffield St.
Akron, OH— 633 3,002 — 633 3,002 376 20181999171 North Cleveland Massillon Road
Alexandria, VA— 2,452 6,826 — 2,452 6,826 825 201819641510 Collingwood Road
Alhambra, CA— 600 6,305 8,867 600 15,172 3,612 201119231118 N. Stoneman Ave.
Allen Park, MI— 1,767 5,025 — 1,767 5,025 614 201819609150 Allen Road
Allentown, PA— 494 11,845 — 494 11,845 1,413 201819955151 Hamilton Boulevard
Allentown, PA— 1,491 4,822 — 1,491 4,822 604 201819881265 Cedar Crest Boulevard
Alma, MI— 1,267 6,543 — 1,267 6,543 606 202020091320 Pine Ave
Amarillo, TX— 1,273 11,791 — 1,273 11,791 213 202220151610 Research St
Ames, IA— 330 8,870 1,799 330 10,669 3,031 201019991325 Coconino Rd.
Ann Arbor, MI— 2,172 11,123 — 2,172 11,123 1,432 201819974701 East Huron River Drive
Annandale, VA— 1,687 18,974 — 1,687 18,974 2,214 201820027104 Braddock Road
Arlington, VA— 4,016 8,801 — 4,016 8,801 1,048 20181976550 South Carlin Springs Road
Asheboro, NC— 290 5,032 428 290 5,460 2,634 20031998514 Vision Dr.
Asheville, NC— 204 3,489 — 204 3,489 2,179 199919994 Walden Ridge Dr.
Asheville, NC— 280 1,955 796 280 2,751 1,240 20031992308 Overlook Rd.
Atchison, KS— 140 5,610 24 140 5,634 1,111 201520011301 N 4th St.
Austin, TX— 1,691 5,005 — 1,691 5,005 795 2018200011630 Four Iron Drive
Avon, IN— 1,830 14,470 2,718 1,830 17,188 5,181 20102004182 S Country RD. 550E
Avon, IN— 900 19,444 — 900 19,444 4,601 2014201310307 E. CR 100 N
Avon, CT— 2,132 7,624 — 2,132 7,624 1,111 20182000100 Fisher Drive
Azusa, CA— 570 3,141 7,520 570 10,661 4,478 19981953125 W. Sierra Madre Ave.
Bad Axe, MI— 1,317 5,972 — 1,317 5,972 620 20202010150 Meadow Lane
Baldwin City, KS— 190 4,810 58 190 4,868 985 20152000321 Crimson Ave
Baltimore, MD— 4,306 4,303 — 4,306 4,303 561 201819786600 Ridge Road
Baltimore, MD— 3,069 3,148 — 3,069 3,148 436 201819964669 Falls Road
Barberton, OH— 1,307 9,310 — 1,307 9,310 1,102 2018197985 Third Street
Bartlesville, OK— 100 1,380 — 100 1,380 957 199619955420 S.E. Adams Blvd.
Bay City, MI— 633 2,619 — 633 2,619 354 20181968800 Mulholland Street
Bedford, PA— 637 4,432 — 637 4,432 621 20181965136 Donahoe Manor Road
Belmont, CA— 3,000 23,526 1,765 3,000 25,291 9,273 201119711301 Ralston Avenue
Belvidere, NJ— 2,001 26,191 97 2,001 26,288 3,303 201920091 Brookfield Ct
Benbrook, TX— 1,550 13,553 2,747 1,550 16,300 4,519 201119844242 Bryant Irvin Road
Berkeley, CA11,142 3,050 32,677 5,047 3,050 37,724 9,221 201619662235 Sacramento Street
Bethel Park, PA— 1,700 16,007 — 1,700 16,007 5,931 200720095785 Baptist Road
Bethel Park, PA— 1,008 6,740 — 1,008 6,740 854 2018198660 Highland Road
Bethesda, MD— 2,218 6,869 — 2,218 6,869 802 201819746530 Democracy Boulevard
Bethlehem, PA— 1,191 16,887 — 1,191 16,887 1,918 201819792021 Westgate Drive

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Bethlehem, PA— 1,143 13,588 — 1,143 13,588 1,552 201819822029 Westgate Drive
Beverly, MA— 5,879 10,378 65 5,879 10,443 391 202118743 Essex Street
Beverly Hills, CA— 6,000 13,385 203 6,000 13,588 2,783 20142000220 N Clark Drive
Bexleyheath, UK— 3,671 10,579 — 3,671 10,579 2,269 2014199635 West Street
Bingham Farms, MI— 781 15,671 — 781 15,671 1,845 2018199924005 West 13 Mile Road
Birmingham, UK— — — 20,248 1,558 18,690 3,694 20152010Braymoor Road, Tile Cross
Birmingham, UK— — — 11,031 1,159 9,872 1,966 20151997122 Tile Cross Road, Garretts Green
Birmingham, UK— — — 16,152 1,612 14,540 2,916 20152010Clinton Street, Winson Green
Birmingham, UK— — — 10,296 1,431 8,865 1,805 20152010Clinton Street, Winson Green
Bloomington, IN— 670 17,423 — 670 17,423 3,632 20152015363 S. Fieldstone Boulevard
Boca Raton, FL— 2,200 4,974 — 2,200 4,974 763 201819947225 Boca Del Mar Drive
Boca Raton, FL— 2,826 4,061 — 2,826 4,061 557 20181984375 Northwest 51st Street
Bossier City, LA— 2,009 31,198 40 2,009 31,238 1,061 202120182000 Blake Blvd
Boulder, CO— 3,601 21,364 — 3,601 21,364 2,691 201819902800 Palo Parkway
Bournemouth, UK— 2,358 16,347 — 2,358 16,347 1,587 20192017Poole Lane
Boynton Beach, FL— 2,138 10,201 — 2,138 10,201 1,314 201819913600 Old Boynton Road
Boynton Beach, FL— 2,804 14,222 — 2,804 14,222 1,674 201819843001 South Congress Avenue
Bracknell, UK— 3,865 10,487 — 3,865 10,487 1,483 20142017Crowthorne Road North
Bradenton, FL— 252 3,298 — 252 3,298 2,298 199619956101 Pointe W. Blvd.
Braintree, MA— 170 7,157 1,290 170 8,447 8,447 199719681102 Washington St.
Braintree, UK— — 13,016 — — 13,016 2,859 20142009Meadow Park Tortoiseshell Way
Brecksville, OH— 990 19,353 598 990 19,951 4,479 201420118757 Brecksville Road
Brick, NJ— 1,290 25,247 1,428 1,290 26,675 8,182 20112000458 Jack Martin Blvd.
Bridgewater, NJ— 1,800 31,810 1,758 1,800 33,568 10,292 20112001680 US-202/206 North
Bristol, UK— — — 20,221 3,873 16,348 3,055 20152017339 Badminton Road
Bristol, UK— — — 13,926 2,066 11,860 1,363 20172019Avon Valley Care Home, Tenniscourt Road
Brooks, AB— 376 4,951 130 384 5,073 1,143 20142000951 Cassils Road West
Bucyrus, OH— 1,119 2,611 — 1,119 2,611 378 201819761170 West Mansfield Street
Burleson, TX— 670 13,985 2,457 670 16,442 4,835 20111988300 Huguley Boulevard
Burlington, NC— 280 4,297 849 280 5,146 2,516 200320003619 S. Mebane St.
Burlington, NC— 460 5,467 110 460 5,577 2,788 200319973615 S. Mebane St.
Burnaby, BC— 7,623 13,844 497 7,796 14,168 3,227 201420067195 Canada Way
Calgary, AB— 2,341 42,768 1,090 2,394 43,805 9,550 201419711729-90th Avenue SW
Calgary, AB— 4,569 70,199 1,706 4,672 71,802 15,537 20142001500 Midpark Way SE
Camp Hill, PA— 517 3,596 — 517 3,596 438 201819701700 Market Street
Canonsburg, PA— 911 4,828 — 911 4,828 642 20181986113 West McMurray Road
Canton, OH— 300 2,098 — 300 2,098 1,313 199819981119 Perry Dr., N.W.
Canton, MI— 1,399 16,966 — 1,399 16,966 1,991 201820057025 Lilley Road
Cape Coral, FL— 530 3,281 — 530 3,281 1,785 20022000911 Santa Barbara Blvd.
Carlisle, PA— 978 8,204 — 978 8,204 1,025 20181987940 Walnut Bottom Road
Carmel, IN— 1,700 19,491 1 1,700 19,492 4,171 2015201512315 Pennsylvania Street
Carmel, IN— 2,222 31,004 666 2,222 31,670 1,614 2021201813390 N. Illinois St
Carrollton, TX— 2,010 19,549 — 2,010 19,549 3,315 201420162645 East Trinity Mills Road
Cary, NC— 1,500 4,350 1,928 1,500 6,278 3,213 19981996111 MacArthur
Castleton, IN— 920 15,137 — 920 15,137 3,719 201420138405 Clearvista Lake

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Cedar Rapids, IA— 596 9,354 16 614 9,352 1,078 201819651940 1st Avenue Northeast
Centerville, OH— 920 3,958 — 920 3,958 706 201819971001 E. Alex Bell Road
Chagrin Falls, OH— 832 10,837 — 832 10,837 1,332 201819998100 East Washington Street
Chambersburg, PA— 1,373 8,862 — 1,373 8,862 1,145 201819761070 Stouffer Avenue
Chapel Hill, NC— 354 2,646 1,617 354 4,263 1,827 20021997100 Lanark Rd.
Charlottesville, VA— 2,542 40,746 52 2,542 40,798 1,283 20212019250 Nichols Ct.
Chatham, VA— 320 14,039 219 320 14,258 3,341 20142009100 Rorer Street
Chattanooga, TN— 2,085 11,837 917 2,085 12,754 2,222 202119991148 Mountain Creek Road
Cherry Hill, NJ— 1,416 9,871 — 1,416 9,871 1,263 201819972700 Chapel Avenue West
Chester, VA— 1,320 18,127 499 1,320 18,626 4,266 2014200912001 Iron Bridge Road
Chevy Chase, MD— 4,515 8,685 — 4,515 8,685 1,046 201819648700 Jones Mill Road
Chickasha, OK— 85 1,395 — 85 1,395 961 19961996801 Country Club Rd.
Chillicothe, OH— 1,145 8,994 — 1,145 8,994 1,076 201819771058 Columbus Street
Cincinnati, OH— 912 14,010 — 912 14,010 1,702 201820006870 Clough Pike
Citrus Heights, CA— 5,207 31,715 — 5,207 31,715 3,625 201819887807 Upland Way
Claremore, OK— 155 1,427 6,130 155 7,557 2,343 199619961605 N. Hwy. 88
Clarksville, TN— 330 2,292 — 330 2,292 1,430 199819982183 Memorial Dr.
Clayton, NC— 520 15,733 94 520 15,827 3,506 2014201384 Johnson Estate Road
Cleburne, TX— 1,113 10,560 — 1,113 10,560 192 20222015902 Walter P. Holliday Drive
Clevedon, UK— 2,778 16,570 — 2,778 16,570 3,638 2014199418/19 Elton Road
Clifton, NJ— 3,881 34,941 18 3,881 34,959 2,052 20212021782 Valley Road
Cloquet, MN— 340 4,660 120 340 4,780 1,509 20112006705 Horizon Circle
Cobham, UK— 9,601 24,464 — 9,601 24,464 6,021 20132013Redhill Road
Colorado Springs, CO— 4,280 62,168 — 4,280 62,168 11,722 201520081605 Elm Creek View
Colorado Springs, CO— 1,730 25,493 693 1,730 26,186 5,126 201620162818 Grand Vista Circle
Columbia, TN— 341 2,295 — 341 2,295 1,430 199919995011 Trotwood Ave.
Columbia, SC— 1,699 2,319 — 1,699 2,319 310 201819682601 Forest Drive
Columbia Heights, MN— 825 14,175 163 825 14,338 4,255 201120093807 Hart Boulevard
Concord, NC— 550 3,921 683 550 4,604 2,137 200319972452 Rock Hill Church Rd.
Congleton, UK— 1,993 5,012 — 1,993 5,012 1,077 20141994Rood Hill
Conroe, TX— 1,440 6,136 — 1,440 6,136 113 20222013608 Conroe Medical Dr
Corby, UK— 1,228 5,144 39 1,096 5,315 818 2017199725 Rockingham Road
Costa Mesa, CA— 2,050 19,969 1,003 2,050 20,972 7,730 20111965350 West Bay St
Coventry, UK— — — 15,458 1,920 13,538 2,799 201520141 Glendale Way
Crawfordsville, IN— 720 17,239 1,426 720 18,665 4,446 20142013517 Concord Road
Cypress, TX— 2,145 14,552 — 2,145 14,552 259 2022201517935 Longenbaugh Rd
Dallastown, PA— 1,377 16,797 — 1,377 16,797 2,043 20181979100 West Queen Street
Danville, VA— 410 3,954 1,073 410 5,027 2,401 20031998149 Executive Ct.
Danville, VA— 240 8,436 1,325 240 9,761 2,025 20141996508 Rison Street
Daphne, AL— 2,880 8,670 384 2,880 9,054 2,662 2012200127440 County Road 13
Davenport, IA— 566 2,017 — 566 2,017 252 20181966815 East Locust Street
Davenport, IA— 910 20,038 — 910 20,038 2,370 201820083800 Commerce Blvd.
Dayton, OH— 1,188 5,412 — 1,188 5,412 702 201819771974 North Fairfield Road
Dearborn Heights, MI— 1,197 3,394 — 1,197 3,394 484 2018196426001 Ford Road
Decatur, GA— 1,413 13,796 — 1,413 13,796 1,561 201819772722 North Decatur Road
(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Delray Beach, FL— 1,158 13,572 — 1,158 13,572 1,661 2018199816150 Jog Road
Delray Beach, FL— 2,125 11,840 — 2,125 11,840 1,490 2018199816200 Jog Road
Denver, CO— 3,222 24,804 — 3,222 24,804 2,819 20181988290 South Monaco Parkway
Derby, UK— — — 10,319 2,234 8,085 1,483 20142015Rykneld Road
Dowagiac, MI— 825 1,778 — 825 1,778 277 2020200629601 Amerihost Dr
Droitwich, UK— — — 14,479 3,443 11,036 667 20182020Former Spring Meadows PH, Mulberry Tree Hill
Dublin, OH— 1,393 2,911 — 1,393 2,911 431 201820144075 W. Dublin-Granville Road
Dubuque, IA— 568 8,902 — 568 8,902 1,028 20181971901 West Third Street
Dunedin, FL— 1,883 13,325 — 1,883 13,325 1,548 20181983870 Patricia Avenue
Durham, NC— 1,476 10,659 3,220 1,476 13,879 12,764 199719994434 Ben Franklin Blvd.
Eagan, MN15,252 2,260 31,643 300 2,260 31,943 5,887 201520043810 Alder Avenue
East Brunswick, NJ— 1,380 34,229 1,235 1,380 35,464 10,583 20111998606 Cranbury Rd.
Eastbourne, UK— 3,985 23,923 — 3,985 23,923 5,185 20141999Carew Road
Easton, PA— 1,109 7,500 — 1,109 7,500 1,187 201820154100 Freemansburg Avenue
Easton, PA— 1,430 13,396 — 1,430 13,396 1,637 201819812600 Northampton Street
Easton, PA— 1,620 10,049 — 1,620 10,049 1,450 201820004100 Freemansburg Avenue
Eden, NC— 390 4,877 186 390 5,063 2,508 20031998314 W. Kings Hwy.
Edmond, OK— 1,810 14,849 3,431 1,810 18,280 3,948 201419851225 Lakeshore Drive
Edmond, OK— 1,650 25,167 1,700 1,650 26,867 4,268 201420172709 East Danforth Road
Elizabeth City, NC— 200 2,760 2,841 200 5,601 2,712 19981999400 Hastings Lane
Elk Grove Village, IL— 1,344 7,073 — 1,344 7,073 904 201819951940 Nerge Road Elk
Elk Grove Village, IL— 3,733 18,745 — 3,733 18,745 2,120 201819881920 Nerge Road
Encinitas, CA— 1,460 7,721 2,054 1,460 9,775 5,580 20001988335 Saxony Rd.
Escondido, CA— 1,520 24,024 1,140 1,520 25,164 8,999 201119871500 Borden Rd
Everett, WA— 1,400 5,476 — 1,400 5,476 3,341 199919992015 Lake Heights Dr.
Exton, PA— 3,600 27,267 342 3,600 27,609 3,915 20172018501 Thomas Jones Way
Fairfax, VA— 1,827 17,304 — 1,827 17,304 2,133 2018199712469 Lee Jackson Mem Highway
Fairfax, VA— 4,099 17,614 — 4,099 17,614 2,125 2018199012475 Lee Jackson Memorial Highway
Fairhope, AL— 570 9,119 112 570 9,231 2,672 2012198750 Spring Run Road
Fall River, MA— 620 5,829 4,856 620 10,685 6,471 199619731748 Highland Ave.
Fanwood, NJ— 2,850 55,175 2,021 2,850 57,196 16,687 20111982295 South Ave.
Faribault, MN— 780 11,539 300 780 11,839 2,186 20152003828 1st Street NE
Farmington, CT— 1,693 10,455 — 1,693 10,455 1,315 2018199745 South Road
Farnborough, UK— 1,993 5,616 — 1,993 5,616 1,173 20141980Bruntile Close, Reading Road
Fayetteville, PA— 2,150 20,244 — 2,150 20,244 5,611 201519916375 Chambersburg Road
Fayetteville, NY— 410 3,962 500 410 4,462 2,400 200119975125 Highbridge St.
Findlay, OH— 200 1,800 — 200 1,800 1,190 19971997725 Fox Run Rd.
Fishers, IN— 1,500 14,500 2,399 1,500 16,899 5,177 201020009745 Olympia Dr.
Fishers, IN— 2,314 33,731 409 2,314 34,140 1,759 2021201812950 Tablick St
Fishersville, VA— 788 2,101 3 788 2,104 1,382 2018199883 Crossroad Lane
Flint, MI— 1,271 18,050 — 1,271 18,050 2,068 201819693011 North Center Road
Florence, NJ— 300 2,978 — 300 2,978 1,616 20021999901 Broad St.
Floyd, VA— 680 3,618 4 680 3,622 1,112 20181979237 Franklin Pike Rd SE
Forest City, NC— 320 4,497 226 320 4,723 2,324 20031999493 Piney Ridge Rd.
Fort Collins, CO— 3,680 58,608 — 3,680 58,608 11,015 201520074750 Pleasant Oak Drive

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Fort Wayne, IN— 1,770 19,930 1,771 1,770 21,701 6,865 20102008611 W County Line Rd South
Fort Worth, TX— 450 13,615 5,086 450 18,701 6,618 20102011425 Alabama Ave.
Fort Worth, TX— 1,565 15,982 — 1,565 15,982 283 202220153141 Dalhart Dr
Fountain Valley, CA— 5,259 9,375 — 5,259 9,375 1,128 2018198811680 Warner Avenue
Fredericksburg, VA— 1,000 20,000 2,161 1,000 22,161 9,536 200519993500 Meekins Dr.
Fredericksburg, VA— 1,130 23,202 591 1,130 23,793 5,341 20142010140 Brimley Drive
Ft. Myers, FL— 1,110 10,559 — 1,110 10,559 1,306 2018199915950 McGregor Boulevard
Ft. Myers, FL— 2,139 18,235 — 2,139 18,235 2,205 201819901600 Matthew Drive
Ft. Myers, FL— 2,502 9,741 — 2,502 9,741 1,425 2018200013881 Eagle Ridge Drive
Gahanna, OH— 2,432 34,645 661 2,432 35,306 1,501 202120175435 Morse Road
Gainesville, FL— 972 8,809 125 972 8,934 658 202120001415 Fort Clarke Blvd
Galesburg, IL— 1,708 3,839 — 1,708 3,839 470 20181964280 East Losey Street
Gardner, KS— 200 2,800 98 200 2,898 611 20152000869 Juniper Terrace
Gastonia, NC— 470 6,129 77 470 6,206 3,116 200319981680 S. New Hope Rd.
Gastonia, NC— 310 3,096 113 310 3,209 1,640 200319941717 Union Rd.
Gastonia, NC— 400 5,029 807 400 5,836 2,627 200319961750 Robinwood Rd.
Geneva, IL— 1,502 16,193 — 1,502 16,193 1,951 201820002388 Bricher Road
Georgetown, TX— 200 2,100 — 200 2,100 1,378 199719972600 University Dr., E.
Gig Harbor, WA— 3,000 4,461 — 3,000 4,461 660 201819903309 45th Street Court Northwest
Glen Ellyn, IL— 1,496 6,634 — 1,496 6,634 889 201820012S706 Park Boulevard
Granbury, TX— 2,550 2,940 777 2,550 3,717 1,295 20121996916 East Highway 377
Granger, IN— 1,670 21,280 2,645 1,670 23,925 7,478 201020096330 North Fir Rd
Greensboro, NC— 330 2,970 662 330 3,632 1,832 200319965809 Old Oak Ridge Rd.
Greensboro, NC— 560 5,507 2,377 560 7,884 3,375 200319974400 Lawndale Dr.
Greenville, MI— 1,490 4,341 — 1,490 4,341 531 202020161515 Meijer Dr
Greenville, SC— 310 4,750 521 310 5,271 2,363 2004199723 Southpointe Dr.
Greenville, SC— 1,751 8,771 — 1,751 8,771 1,085 20181966600 Sulphur Springs Road
Greenville, SC— 947 1,445 — 947 1,445 300 20181976601 Sulphur Springs Road
Greenville, NC— 290 4,393 353 290 4,746 2,313 200319982715 Dickinson Ave.
Greenwood, IN— 1,550 22,770 406 1,550 23,176 7,316 201020072339 South SR 135
Grosse Pointe, MI— 867 2,385 — 867 2,385 309 2018196421401 Mack Avenue
Hamilton, NJ— 440 4,469 — 440 4,469 2,421 200119981645 Whitehorse-Mercerville Rd.
Hanford, UK— 1,353 9,622 — 1,353 9,622 2,392 20132012Bankhouse Road
Harrisburg, PA— 569 12,822 — 569 12,822 1,537 201820002625 Ailanthus Lane
Harrow, UK— 7,246 8,092 — 7,246 8,092 1,807 20142001177 Preston Hill
Hastings, MI— 1,603 6,519 — 1,603 6,519 665 202020021821 N. East St
Hatboro, PA— — 28,112 1,771 — 29,883 9,293 201119963485 Davisville Road
Hatboro, PA— 1,192 7,608 — 1,192 7,608 1,244 20182000779 West County Line Road
Hatfield, UK— 2,862 7,368 — 2,862 7,368 1,846 20132012St Albans Road East
Haverhill, MA— 5,519 19,554 64 5,519 19,618 734 2021201810 Residences Way
Hemet, CA— 6,224 8,410 — 6,224 8,410 1,048 201819891717 West Stetson Avenue
Hermitage, TN— 1,500 9,943 540 1,500 10,483 3,020 201120064131 Andrew Jackson Parkway
Herne Bay, UK— 1,900 24,353 123 1,860 24,516 6,455 20132011165 Reculver Road
Hiawatha, KS— 40 4,210 31 40 4,241 869 20151996400 Kansas Ave
Hickory, NC— 290 987 392 290 1,379 742 200319942530 16th St. N.E.

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
High Point, NC— 560 4,443 1,406 560 5,849 2,694 200320001568 Skeet Club Rd.
High Point, NC— 370 2,185 999 370 3,184 1,382 200319991564 Skeet Club Rd.
High Point, NC— 330 3,395 142 330 3,537 1,769 20031994201 Hartley Dr.
High Point, NC— 430 4,143 1,007 430 5,150 2,131 200319981560 Skeet Club Rd.
Highlands Ranch, CO— 940 3,721 4,983 940 8,704 3,153 200219999160 S. University Blvd.
Hillsboro, OH— 1,792 6,339 — 1,792 6,339 1,072 201819831141 Northview Drive
Hinckley, UK— 2,113 4,106 — 2,113 4,106 1,126 20132013Tudor Road
Hinsdale, IL— 4,033 24,280 — 4,033 24,280 2,764 20181971600 W Ogden Avenue
Holton, KS— 40 7,460 13 40 7,473 1,427 20151996410 Juniper Dr
Homewood, IL— 2,395 7,649 — 2,395 7,649 891 20181989940 Maple Avenue
Howard, WI— 579 32,122 5,943 684 37,960 5,774 201720162790 Elm Tree Hill
Huntingdon Valley, PA— 1,150 3,728 — 1,150 3,728 647 201819933430 Huntingdon Pike
Huntsville, AL— 1,382 14,286 90 1,382 14,376 960 202120014801 Whitesport Cir SW
Independence, VA— 1,082 6,767 7 1,082 6,774 2,007 20181998400 S Independence Ave
Indianapolis, IN— 870 14,688 — 870 14,688 3,624 201420141635 N Arlington Avenue
Jackson, NJ— 6,500 26,405 7,910 6,500 34,315 7,606 201220012 Kathleen Drive
Jacksonville, FL— 2,932 14,269 129 2,932 14,398 1,021 202119993455 San Pablo Rd S
Jefferson Hills, PA— 2,265 13,614 — 2,265 13,614 2,385 20181997380 Wray Large Road
Jersey Shore, PA— 600 8,104 — 600 8,104 909 201819731008 Thompson Street
Kansas City, KS— 700 20,115 — 700 20,115 4,028 201520158900 Parallel Parkway
Katy, TX— 1,778 22,622 — 1,778 22,622 3,689 2017201524802 Kingsland Boulevard
Kensington, MD— 1,753 18,621 — 1,753 18,621 2,162 201820024301 Knowles Avenue
Kenwood, OH— 821 11,040 — 821 11,040 1,324 201820004580 East Galbraith Road
Kettering, OH— 1,229 4,701 — 1,229 4,701 642 201819773313 Wilmington Pike
King of Prussia, PA— 720 14,776 — 720 14,776 1,838 20181995620 West Valley Forge Road
King of Prussia, PA— 1,205 4,725 — 1,205 4,725 695 20181990600 West Valley Forge Road
Kingsford, MI— 1,362 10,594 — 1,362 10,594 1,324 201819681225 Woodward Avenue
Kirkstall, UK— 2,385 9,216 — 2,385 9,216 2,298 2013200929 Broad Lane
Knoxville, TN— 2,207 12,849 1,020 2,207 13,869 2,432 202120018501 S. Northshore Drive
Kokomo, IN— 710 16,044 — 710 16,044 3,950 201420142200 S. Dixon Rd
Lacey, WA— 2,582 18,175 — 2,582 18,175 2,140 201820124524 Intelco Loop SE
Lafayette, CO— 1,420 20,192 — 1,420 20,192 4,286 20152015329 Exempla Circle
Lafayette, IN— 670 16,833 1 670 16,834 3,864 201520142402 South Street
Lakeway, TX— 5,142 23,203 — 5,142 23,203 6,164 200720112000 Medical Dr
Lakewood, CO— 2,160 28,091 62 2,160 28,153 6,514 201420107395 West Eastman Place
Lancaster, PA— 1,011 7,502 — 1,011 7,502 915 20181966100 Abbeyville Road
Lapeer, MI— 1,827 8,794 — 1,827 8,794 843 20202004101 Devonshire Dr
Largo, FL— 1,166 3,426 — 1,166 3,426 540 20181997300 Highland Avenue Northeast
Laureldale, PA— 1,171 14,420 — 1,171 14,420 1,697 201819802125 Elizabeth Avenue
Lebanon, PA— 728 10,367 — 728 10,367 1,336 20181998100 Tuck Court
Lebanon, PA— 1,214 5,960 — 1,214 5,960 861 20181980900 Tuck Street
Lee, MA— 290 18,135 926 290 19,061 10,230 20021998600 & 620 Laurel St.
Leeds, UK— — — 14,892 1,932 12,960 2,583 20152013100 Grove Lane
Leicester, UK— — — 26,891 2,995 23,896 6,240 20122010307 London Road
Lenoir, NC— 190 3,748 920 190 4,668 2,253 200319981145 Powell Rd., N.E.

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Lethbridge, AB— 1,214 2,750 101 1,242 2,823 793 20142003785 Columbia Boulevard West
Lexana, KS— 480 1,770 162 480 1,932 445 201519948710 Caenen Lake Rd
Lexington, NC— 200 3,900 1,153 200 5,053 2,591 20021997161 Young Dr.
Libertyville, IL— 6,500 40,024 4,686 6,500 44,710 12,935 20112001901 Florsheim Dr
Libertyville, IL— 2,993 11,546 — 2,993 11,546 1,333 201819881500 South Milwaukee
Lichfield, UK— 1,353 29,685 — 1,353 29,685 5,908 20152012Wissage Road
Lillington, NC— 470 17,579 757 470 18,336 4,170 2014201354 Red Mulberry Way
Lillington, NC— 500 16,451 271 500 16,722 3,664 201419992041 NC-210 N
Livermore, CA— 4,100 24,996 79 4,100 25,075 5,179 2014197435 Fenton Street
Livonia, MI— 985 13,555 — 985 13,555 1,684 2018199932500 Seven Mile Road
Longwood, FL— 1,260 6,445 — 1,260 6,445 2,123 20112011425 South Ronald Reagan Boulevard
Los Angeles, CA— — 11,430 1,119 — 12,549 4,632 20081971330 North Hayworth Avenue
Louisburg, KS— 280 4,320 47 280 4,367 844 20151996202 Rogers St
Louisville, KY— 490 10,010 2,768 490 12,778 5,993 200519784604 Lowe Rd
Loxley, UK— 1,369 15,668 354 1,341 16,050 3,956 20132008Loxley Road
Lutherville, MD— 1,100 19,786 1,744 1,100 21,530 6,859 20111988515 Brightfield Road
Lynchburg, VA— 340 16,114 260 340 16,374 3,892 20142013189 Monica Blvd
Lynchburg, VA— 2,904 3,696 — 2,904 3,696 445 201819782200 Landover Place
Lynnwood, WA— 2,302 5,632 — 2,302 5,632 688 201819873701 188th Street
Manalapan, NJ— 900 22,624 1,096 900 23,720 7,048 20112001445 Route 9 South
Manassas, VA— 750 7,446 1,352 750 8,798 3,921 200319968341 Barrett Dr.
Mankato, MN— 1,460 32,104 300 1,460 32,404 5,952 20152006100 Dublin Road
Marietta, OH— 1,149 9,373 — 1,149 9,373 1,119 201819775001 State Route 60
Marietta, PA— 1,050 13,633 592 1,050 14,225 2,661 201519992760 Maytown Road
Marietta, GA— 2,406 12,229 — 2,406 12,229 1,429 201819804360 Johnson Ferry Place
Marion, IN— 720 9,604 — 720 9,604 3,035 20142012614 W. 14th Street
Marion, IN— 990 7,600 — 990 7,600 3,710 20141976505 N. Bradner Avenue
Marion, OH— 2,768 17,415 — 2,768 17,415 2,648 20182004400 Barks Road West
Marlborough, UK— 2,621 6,679 — 2,621 6,679 1,456 20141999The Common
Martinsville, VA— 349 — — 349 — — 20031900Rolling Hills Rd. & US Hwy. 58
Marysville, OH— 408 858 457 408 1,315 177 20211990715 South Walnut Street
Matthews, NC— 560 4,738 771 560 5,509 2,473 200319982404 Plantation Center Dr.
McHenry, IL— 1,576 — — 1,576 — — 200619005200 Block of Bull Valley Road
McMurray, PA— 1,440 15,805 3,894 1,440 19,699 5,838 20102011240 Cedar Hill Dr
Medicine Hat, AB— 932 5,566 157 953 5,702 1,315 2014199965 Valleyview Drive SW
Mentor, OH— 1,827 9,938 — 1,827 9,938 1,203 201819858200 Mentor Hills Drive
Mequon, WI— 2,238 17,761 600 2,238 18,361 791 202120156751 West Mequon Road
Miamisburg, OH— 786 3,232 — 786 3,232 551 20181983450 Oak Ridge Boulevard
Middleburg Heights, OH— 960 7,780 472 960 8,252 3,726 2004199815435 Bagley Rd.
Middleton, WI— 420 4,006 600 420 4,606 2,367 200119916701 Stonefield Rd.
Midlothian, VA— 2,015 8,602 — 2,015 8,602 625 2021201513800 Bon Secours Drive
Milton Keynes, UK— — — 20,047 1,787 18,260 3,742 20152007Tunbridge Grove, Kents Hill
Minnetonka, MN— 2,080 24,360 4,154 2,080 28,514 8,497 20121999500 Carlson Parkway
Mishawaka, IN— 740 12,188 — 740 12,188 3,605 2014201360257 Bodnar Blvd
Moline, IL— 2,946 18,672 — 2,946 18,672 2,111 20181964833 Sixteenth Avenue

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Monroe, NC— 470 3,681 839 470 4,520 2,250 20032001918 Fitzgerald St.
Monroe, NC— 310 4,799 922 310 5,721 2,855 20032000919 Fitzgerald St.
Monroe, NC— 450 4,021 417 450 4,438 2,146 200319971316 Patterson Ave.
Monroe Township, NJ— 3,250 27,771 1,118 3,250 28,889 5,371 20151996319 Forsgate Drive
Monroeville, PA— 1,216 12,749 — 1,216 12,749 1,833 20181997120 Wyngate Drive
Monroeville, PA— 1,237 3,641 — 1,237 3,641 697 20181996885 MacBeth Drive
Montgomeryville, PA— 1,176 9,824 — 1,176 9,824 1,249 20181989640 Bethlehem Pike
Montville, NJ— 3,500 31,002 2,559 3,500 33,561 10,036 20111988165 Changebridge Rd.
Moorestown, NJ— 4,143 23,902 — 4,143 23,902 6,073 20122014250 Marter Avenue
Morehead City, NC— 200 3,104 2,039 200 5,143 2,705 19991999107 Bryan St.
Moulton, UK— 1,695 12,510 190 1,513 12,882 1,881 20171995Northampton Lane North
Mountainside, NJ— 3,097 7,807 — 3,097 7,807 957 201819881180 Route 22
Mt. Pleasant, MI— 1,863 6,467 — 1,863 6,467 743 202020132378 S. Lincoln Rd
Naperville, IL— 3,470 29,547 5,862 3,470 35,409 9,730 20112001504 North River Road
Naples, FL— 1,222 10,639 — 1,222 10,639 1,364 201819986125 Rattlesnake Hammock Road
Naples, FL— 1,672 23,119 — 1,672 23,119 3,303 201819931000 Lely Palms Drive
Naples, FL— 1,854 12,398 — 1,854 12,398 1,432 201819873601 Lakewood Boulevard
Nashville, TN— 4,910 29,590 — 4,910 29,590 11,495 2008200715 Burton Hills Boulevard
Needham, MA— 1,610 12,667 — 1,610 12,667 6,594 20021994100 West St.
Needham, MA— 3,957 71,163 191 3,957 71,354 2,068 20212013235 Gould St.
New Lenox, IL— 1,225 21,575 — 1,225 21,575 2,346 201920071023 South Cedar Rd
New Moston, UK— 1,449 4,286 — 1,449 4,286 1,113 2013201090a Broadway
Newark, DE— 560 21,220 2,442 560 23,662 10,355 20041998200 E. Village Rd.
Newcastle Under Lyme, UK— 1,087 5,536 — 1,087 5,536 1,373 20132010Hempstalls Lane
Newcastle-under-Lyme, UK— 1,101 5,420 — 1,101 5,420 1,182 20141999Silverdale Road
Newport News, VA— 839 6,077 6 839 6,083 1,737 2018199812997 Nettles Dr
Norman, OK— 55 1,484 — 55 1,484 1,062 199519951701 Alameda Dr.
North Augusta, SC— 332 2,558 — 332 2,558 1,586 19991998105 North Hills Dr.
Northampton, UK— 5,072 16,983 — 5,072 16,983 4,378 20132011Cliftonville Road
Northampton, UK— 1,971 6,125 — 1,971 6,125 1,251 20142014Cliftonville Road
Northbrook, IL— 1,298 13,337 — 1,298 13,337 1,578 201819993240 Milwaukee Avenue
Nottingham, UK— — — 7,725 1,594 6,131 1,239 20142014172A Nottingham Road
Nuneaton, UK— 3,255 8,793 — 3,255 8,793 2,182 20132011132 Coventry Road
Nuthall, UK— 2,446 10,216 — 2,446 10,216 2,561 20132011172 Nottingham Road
Oak Lawn, IL— 2,418 5,426 — 2,418 5,426 638 201819779401 South Kostner Avenue
Oak Lawn, IL— 3,876 7,985 — 3,876 7,985 974 201819606300 W 95th Street
Oakland, CA— 4,760 16,143 282 4,760 16,425 3,681 20142002468 Perkins Street
Olathe, KS— 1,930 19,765 553 1,930 20,318 4,241 2016201521250 W 151 Street
Ona, WV— 950 7,639 — 950 7,639 2,381 20152007100 Weatherholt Drive
Oneonta, NY— 80 3,839 — 80 3,839 1,939 200719961846 County Highway 48
Orem, UT— 2,150 24,107 — 2,150 24,107 4,508 20152014250 East Center Street
Osage City, KS— 50 1,700 151 50 1,851 445 201519961403 Laing St
Osawatomie, KS— 130 2,970 145 130 3,115 676 201520031520 Parker Ave
Ottawa, KS— 160 6,590 47 160 6,637 1,302 201520072250 S Elm St
Overland Park, KS— — — 31,146 3,730 27,416 9,937 2008200912000 Lamar Avenue

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Overland Park, KS— 4,500 29,105 7,295 4,500 36,400 12,683 201019886101 W 119th St
Overland Park, KS— 410 2,840 98 410 2,938 663 2015200414430 Metcalf Ave
Overland Park, KS— 1,300 25,311 677 1,300 25,988 5,293 201620157600 Antioch Road
Owasso, OK— 215 1,380 — 215 1,380 930 1996199612807 E. 86th Place N.
Palm Beach Gardens, FL— 2,082 6,622 — 2,082 6,622 893 2018199111375 Prosperity Farms Road
Palm Desert, CA— 6,195 8,918 — 6,195 8,918 1,091 2018198974350 Country Club Drive
Palm Harbor, FL— 1,306 13,807 — 1,306 13,807 1,753 201819972895 Tampa Road
Palm Harbor, FL— 2,490 23,901 125 2,490 24,026 1,520 202119962960 Tampa Rd
Palm Harbor, FL— 3,281 22,450 — 3,281 22,450 2,797 201819902851 Tampa Road
Palos Heights, IL— 1,225 12,453 — 1,225 12,453 1,448 201819997880 West College Drive
Palos Heights, IL— 3,431 28,803 — 3,431 28,803 3,236 201819877850 West College Drive
Palos Heights, IL— 2,590 7,644 — 2,590 7,644 892 2018199611860 Southwest Hwy
Panama City Beach, FL— 900 6,402 734 900 7,136 1,917 201120056012 Magnolia Beach Road
Paola, KS— 190 5,610 63 190 5,673 1,137 20152000601 N. East Street
Parma, OH— 960 12,718 — 960 12,718 1,585 201819989205 Sprague Road
Parma, OH— 1,833 10,314 — 1,833 10,314 1,447 201820069055 West Sprague Road
Paulsboro, NJ— 3,264 8,023 — 3,264 8,023 1,012 20181987550 Jessup Road
Paw Paw, MI— 1,687 5,602 — 1,687 5,602 669 20202012677 Hazen
Perrysburg, OH— 1,456 5,431 — 1,456 5,431 691 2018197310540 Fremont Pike
Perrysburg, OH— 1,213 7,108 — 1,213 7,108 838 2018197810542 Fremont Pike
Philadelphia, PA— 2,930 10,433 3,536 2,930 13,969 4,977 201119521526 Lombard Street
Pickerington, OH— 2,072 27,651 584 2,072 28,235 1,184 20212017611 Windmiller Drive
Pikesville, MD— — 2,487 — — 2,487 276 201819988911 Reisterstown Road
Pikesville, MD— 4,247 8,379 — 4,247 8,379 1,103 201819968909 Reisterstown Road
Pinehurst, NC— 290 2,690 818 290 3,508 1,679 2003199817 Regional Dr.
Piqua, OH— 204 1,885 — 204 1,885 1,203 199719971744 W. High St.
Piscataway, NJ— 3,100 33,351 — 3,100 33,351 5,201 2013201710 Sterling Drive
Pittsburgh, PA— 603 11,354 — 603 11,354 1,407 201819981125 Perry Highway
Pittsburgh, PA— 1,005 15,160 — 1,005 15,160 1,808 20181997505 Weyman Road
Pittsburgh, PA— 1,140 3,164 — 1,140 3,164 381 20181962550 South Negley Avenue
Pittsburgh, PA— 761 4,213 — 761 4,213 486 201819655609 Fifth Avenue
Pittsburgh, PA— 1,480 9,712 — 1,480 9,712 1,308 201819861105 Perry Highway
Pittsburgh, PA— 1,139 5,844 — 1,139 5,844 771 201819861848 Greentree Road
Pittsburgh, PA— 1,750 8,572 6,320 1,750 14,892 4,782 20051998100 Knoedler Rd.
Plainview, NY— 3,990 11,969 2,095 3,990 14,064 4,692 20111963150 Sunnyside Blvd
Plano, TX— 1,840 20,152 560 1,840 20,712 4,025 201620163325 W Plano Parkway
Poole, UK— 3,111 15,639 — 3,111 15,639 1,641 20192019Kingsmill Road
Potomac, MD— 1,448 14,622 — 1,448 14,622 1,710 2018199410718 Potomac Tennis Lane
Potomac, MD— 4,119 14,916 — 4,119 14,916 1,803 2018198810714 Potomac Tennis Lane
Pottstown, PA— 984 4,563 — 984 4,563 592 20181907724 North Charlotte Street
Powell, OH— 1,910 18,008 420 1,910 18,428 895 202120183872 Attucks Drive
Powell, OH— 2,300 26,198 430 2,300 26,628 1,123 2021201710351 Sawmill Parkway
Prior Lake, MN12,785 1,870 29,849 300 1,870 30,149 5,533 201520034685 Park Nicollet Avenue
Prospect, KY— 2,533 9,963 176 2,533 10,139 790 202120176901 Carslaw Ct.
Raleigh, NC— 7,598 88,870 900 7,598 89,770 13,307 200820174030 Cardinal at North Hills St

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Raleigh, NC— 3,530 59,589 — 3,530 59,589 16,116 201220025301 Creedmoor Road
Raleigh, NC— 2,580 16,837 — 2,580 16,837 4,840 201219887900 Creedmoor Road
Red Bank, NJ— 1,050 21,275 1,403 1,050 22,678 6,726 20111997One Hartford Dr.
Redondo Beach, CA— — 9,557 755 — 10,312 9,562 20111957514 North Prospect Ave
Reidsville, NC— 170 3,830 1,473 170 5,303 2,485 200219982931 Vance St.
Richardson, TX— 1,468 12,975 — 1,468 12,975 1,579 20181999410 Buckingham Road
Richmond, IN— 700 14,222 393 700 14,615 3,029 20162015400 Industries Road
Richmond, VA— 3,261 17,974 — 3,261 17,974 2,079 201819901719 Bellevue Avenue
Richmond, VA— 1,046 8,233 — 1,046 8,233 1,019 201819662125 Hilliard Road
Roanoke, VA— 748 4,483 5 748 4,488 1,560 201819974355 Pheasant Ridge Rd
Rock Hill, SC— 1,825 7,676 190 1,825 7,866 718 202119951611 Constitution Blvd
Rockford, MI— 2,386 13,546 — 2,386 13,546 1,104 202020146070 Northland Dr
Rockville Centre, NY— 4,290 20,310 1,429 4,290 21,739 6,882 20112002260 Maple Ave
Romeoville, IL— 1,895 — — 1,895 — — 20061900Grand Haven Circle
Roseville, MN— 2,140 24,679 100 2,140 24,779 4,589 201519892750 North Victoria Street
Rugeley, UK— 1,860 10,046 — 1,860 10,046 2,640 20132010Horse Fair
Ruston, LA— 710 9,790 — 710 9,790 3,299 201119881401 Ezelle St
S Holland, IL— 1,423 8,907 — 1,423 8,907 1,109 201819972045 East 170th Street
Salem, OR— 449 5,171 1 449 5,172 3,192 199919981355 Boone Rd. S.E.
Salisbury, NC— 370 5,697 390 370 6,087 2,977 200319972201 Statesville Blvd.
San Angelo, TX— 260 8,800 425 260 9,225 4,247 200419972695 Valleyview Blvd.
San Angelo, TX— 1,050 24,689 1,361 1,050 26,050 5,759 201419996101 Grand Court Road
San Antonio, TX— 1,499 12,658 — 1,499 12,658 1,524 2018200015290 Huebner Road
San Diego, CA— — 22,003 1,845 — 23,848 8,453 20081992555 Washington St.
San Juan Capistrano, CA— 1,390 6,942 1,524 1,390 8,466 4,634 2000200130311 Camino Capistrano
Sandusky, MI— 967 6,738 — 967 6,738 583 2020200870 W. Argyle Ave
Sarasota, FL— 475 3,175 — 475 3,175 2,212 199619958450 McIntosh Rd.
Sarasota, FL— 443 8,892 — 443 8,892 1,182 201819985509 Swift Road
Sarasota, FL— 4,101 11,204 — 4,101 11,204 2,168 201819935401 Sawyer Road
Sarasota, FL— 1,370 4,082 — 1,370 4,082 506 201819683250 12th Street
Sarasota, FL— 2,792 11,173 — 2,792 11,173 1,343 201819935511 Swift Road
Scranton, PA— 440 17,609 570 440 18,179 4,021 201420052741 Blvd. Ave
Scranton, PA— 320 12,144 72 320 12,216 2,765 201420132751 Boulevard Ave
Seminole, FL— 1,165 8,975 — 1,165 8,975 1,154 201819989300 Antilles Drive
Seven Fields, PA— 484 4,663 59 484 4,722 2,916 19991999500 Seven Fields Blvd.
Sewell, NJ— 3,127 14,090 — 3,127 14,090 1,929 20182010378 Fries Mill Road
Shawnee, OK— 80 1,400 — 80 1,400 969 199619953947 Kickapoo
Silver Spring, MD— 1,469 10,392 — 1,469 10,392 1,251 201819952505 Musgrove Road
Silver Spring, MD— 4,678 11,679 — 4,678 11,679 1,499 201819902501 Musgrove Road
Silvis, IL— 880 16,420 139 880 16,559 5,454 201020051900 10th St.
Sinking Spring, PA— 1,393 19,842 — 1,393 19,842 2,362 201819823000 Windmill Road
Sittingbourne, UK— 1,328 6,401 — 1,328 6,401 1,341 20141997200 London Road
Smithfield, NC— 290 5,680 844 290 6,524 2,901 20031998830 Berkshire Rd.
Smithfield, NC— 360 8,216 209 360 8,425 1,861 20141999250 Highway 210 West
South Bend, IN— 670 17,770 — 670 17,770 4,225 2014201452565 State Road 933

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
South Point, OH— 1,135 9,387 — 1,135 9,387 1,119 201819847743 County Road 1
Southampton, UK— 1,439 15,189 — 1,439 15,189 2,151 20172013Botley Road, Park Gate
Southbury, CT— 1,860 23,613 3,421 1,860 27,034 7,504 20112001655 Main St
Spokane, WA— 2,649 11,699 — 2,649 11,699 1,410 201819856025 North Assembly Street
Springfield, IL— 990 13,378 1,085 990 14,463 3,361 201420133089 Old Jacksonville Road
St. Paul, MN— 2,100 33,019 100 2,100 33,119 6,080 20151996750 Mississippi River
Stafford, UK— 1,902 7,801 — 1,902 7,801 1,312 20142016Stone Road
Stamford, UK— 1,781 3,170 — 1,781 3,170 708 20141998Priory Road
Statesville, NC— 150 1,447 377 150 1,824 905 200319902441 E. Broad St.
Statesville, NC— 310 6,183 693 310 6,876 3,109 200319962806 Peachtree Place
Statesville, NC— 140 3,627 56 140 3,683 1,849 200319992814 Peachtree Rd.
Staunton, VA— 899 6,391 6 899 6,397 1,877 201819991410 N Augusta St
Sterling Heights, MI— 790 10,784 — 790 10,784 1,308 2018199611095 East Fourteen Mile Road
Sterling Heights, MI— 1,583 15,634 — 1,583 15,634 1,925 2018201338200 Schoenherr Road
Stillwater, OK— 80 1,400 — 80 1,400 970 199519951616 McElroy Rd.
Stratford-upon-Avon, UK— 773 14,203 — 773 14,203 2,823 20152012Scholars Lane
Stroudsburg, PA— 340 16,313 130 340 16,443 4,176 20142011370 Whitestone Corner Road
Sunbury, PA— 695 7,244 — 695 7,244 844 20181981800 Court Street Circle
Sunnyvale, CA— 4,946 22,123 — 4,946 22,123 2,565 201819901150 Tilton Drive
Superior, WI— 1,020 13,735 6,159 1,020 19,894 5,104 200920101915 North 34th Street
Tacoma, WA— 2,522 8,573 — 2,522 8,573 1,016 201819845601 South Orchard Street
Tallahassee, FL— 1,264 9,652 55 1,264 9,707 740 20211999100 John Knox Rd
Tampa, FL— 1,315 6,911 — 1,315 6,911 967 2018199914950 Casey Road
Telford, UK— 937 10,114 — 937 10,114 380 20212021Shifnal Road
Terre Haute, IN— 1,370 18,016 — 1,370 18,016 4,046 20152015395 8th Avenue
Texarkana, TX— 192 1,403 — 192 1,403 945 199619964204 Moores Lane
The Villages, FL— 1,035 7,446 — 1,035 7,446 2,001 201320142450 Parr Drive
Thomasville, GA— 530 12,520 1,347 530 13,867 3,502 20112006423 Covington Avenue
Thousand Oaks, CA— 3,425 19,573 6 3,425 19,579 1,347 20192021980 Warwick Avenue
Three Rivers, MI— 1,255 2,760 — 1,255 2,760 439 20181976517 South Erie Street
Tomball, TX— 1,050 13,300 840 1,050 14,140 4,272 201120011221 Graham Dr
Toms River, NJ— 3,466 23,311 69 3,466 23,380 3,279 201920061657 Silverton Rd
Tonganoxie, KS— 310 3,690 81 310 3,771 835 20152009120 W 8th St
Towson, MD— 1,715 13,111 — 1,715 13,111 1,577 201820008101 Bellona Avenue
Towson, MD— 3,100 6,465 — 3,100 6,465 743 20181960509 East Joppa Road
Towson, MD— 4,527 3,126 — 4,527 3,126 454 201819707001 North Charles Street
Troy, MI— 1,381 24,445 — 1,381 24,445 2,812 20182006925 West South Boulevard
Troy, OH— 200 2,000 4,254 200 6,254 2,834 1997199781 S. Stanfield Rd.
Trumbull, CT— 4,440 43,384 6,799 4,440 50,183 13,509 201120016949 Main Street
Tulsa, OK— 1,390 7,110 1,102 1,390 8,212 3,065 201019987220 S. Yale Ave.
Tulsa, OK— 1,100 27,007 2,233 1,100 29,240 4,881 2015201718001 East 51st Street
Tulsa, OK— 890 9,410 — 890 9,410 1,365 201720097210 South Yale Avenue
Tustin, CA— 840 15,299 573 840 15,872 5,373 20111965240 East 3rd St
Twinsburg, OH— 1,446 5,919 — 1,446 5,919 788 201820148551 Darrow Road
Union, KY— — — 33,927 2,242 31,685 2,489 201820209255 US-42

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Union, SC— 1,932 2,372 — 1,932 2,372 440 20181981709 Rice Avenue
Valparaiso, IN— 112 2,558 — 112 2,558 1,446 200119982601 Valparaiso St.
Valparaiso, IN— 108 2,962 — 108 2,962 1,660 200119992501 Valparaiso St.
Vancouver, WA— 2,503 28,393 — 2,503 28,393 3,238 201820112811 N.E. 139th Street
Venice, FL— 2,246 10,094 — 2,246 10,094 1,293 201819971450 East Venice Avenue
Vero Beach, FL— 263 3,187 — 263 3,187 1,778 20011999420 4th Ct.
Vero Beach, FL— 297 3,263 — 297 3,263 1,828 20011996410 4th Ct.
Vero Beach, FL— 1,256 11,204 187 1,256 11,391 843 202120074150 Indian River Blvd
Vero Beach, FL— 3,580 31,735 1,331 3,580 33,066 2,100 20212005910 Regency Square
Virginia Beach, VA— 1,540 22,593 399 1,540 22,992 5,159 201419935520 Indian River Rd
Virginia Beach, VA— 2,004 19,634 — 2,004 19,634 891 202120081853 Old Donation Parkway
Voorhees, NJ— 3,100 25,950 26 3,100 25,976 7,527 20112013113 South Route 73
Voorhees, NJ— 2,193 6,990 — 2,193 6,990 932 201820061086 Dumont Circle
W Palm Beach, FL— 1,175 8,294 — 1,175 8,294 1,084 201819962330 Village Boulevard
W Palm Beach, FL— 1,921 5,731 — 1,921 5,731 723 201819962300 Village Boulevard
Wabash, IN— 670 14,588 1 670 14,589 3,599 2014201320 John Kissinger Drive
Waconia, MN— 890 14,726 4,495 890 19,221 5,606 20112005500 Cherry Street
Wake Forest, NC— 200 3,003 2,625 200 5,628 2,754 19981999611 S. Brooks St.
Wallingford, PA— 1,356 6,487 — 1,356 6,487 881 20181930115 South Providence Road
Walnut Creek, CA— 4,358 18,407 — 4,358 18,407 2,190 201819971975 Tice Valley Boulevard
Walnut Creek, CA— 5,394 39,084 — 5,394 39,084 4,420 201819901226 Rossmoor Parkway
Walsall, UK— — — 9,540 1,159 8,381 1,765 20152015Little Aston Road
Wamego, KS— 40 2,510 61 40 2,571 524 201519961607 4th St
Warren, NJ— 2,000 30,810 1,521 2,000 32,331 9,589 20111999274 King George Rd
Waterloo, IA— 605 3,030 — 605 3,030 398 20181964201 West Ridgeway Avenue
Wayne, NJ— 1,427 15,674 — 1,427 15,674 2,370 20181998800 Hamburg Turnpike
Wellingborough, UK— 1,449 5,603 — 1,449 5,603 1,304 20152015159 Northampton
West Bend, WI— 620 17,790 38 620 17,828 5,204 201020112130 Continental Dr
West Des Moines, IA— 828 5,103 — 828 5,103 678 201820065010 Grand Ridge Drive
West Milford, NJ— 1,960 24,614 273 1,960 24,887 3,164 20192000197 Cahill Cross Road
West Orange, NJ— 1,347 19,389 — 1,347 19,389 2,746 20181998510 Prospect Avenue
West Reading, PA— 890 12,118 — 890 12,118 1,364 20181975425 Buttonwood Street
Westerville, OH— 740 8,287 4,871 740 13,158 11,246 19982001690 Cooper Rd.
Westerville, OH— — — 26,086 2,566 23,520 1,766 20172020702 Polaris Parkway
Westerville, OH— 1,420 5,371 — 1,420 5,371 673 201819821060 Eastwind Drive
Westerville, OH— 1,582 10,279 — 1,582 10,279 1,310 20181980215 Huber Village Boulevard
Westfield, IN— 890 15,964 1 890 15,965 3,909 20142013937 E. 186th Street
Westlake, OH— 855 11,963 — 855 11,963 1,467 2018199728400 Center Ridge Road
Weston Super Mare, UK— 2,464 6,906 — 2,464 6,906 1,723 20132011141b Milton Road
Wheaton, MD— 3,864 3,788 — 3,864 3,788 493 2018196111901 Georgia Avenue
Whippany, NJ— 1,571 14,977 — 1,571 14,977 1,847 2018200018 Eden Lane
Whitehall, MI— 1,645 6,789 — 1,645 6,789 697 202020126827 Whitehall Rd
Wichita, KS— 860 8,873 — 860 8,873 2,856 2011201210604 E 13th Street North
Wichita, KS— 260 2,240 137 260 2,377 491 20151992900 N Bayshore Dr
Williamsburg, VA— 1,187 5,728 6 1,187 5,734 1,765 201820001811 Jamestown Rd




(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Willoughby, OH— 1,774 8,653 — 1,774 8,653 1,079 2018197437603 Euclid Avenue
Wilmington, DE— 1,376 13,450 — 1,376 13,450 1,625 20181998700 1/2 Foulk Road
Wilmington, NC— 210 2,991 — 210 2,991 1,842 199919993501 Converse Dr.
Wilmington, NC— 400 15,355 579 400 15,934 3,668 201420123828 Independence Blvd
Wilmington, DE— 2,843 36,948 — 2,843 36,948 4,292 201819885651 Limestone Road
Wilmington, DE— 2,266 9,500 — 2,266 9,500 1,179 20181984700 Foulk Road
Windsor, VA— 1,148 6,514 7 1,148 6,521 1,988 2018199923352 Courthouse Hwy
Winston-Salem, NC— 360 2,514 595 360 3,109 1,543 200319962980 Reynolda Rd.
Winter Garden, FL— 1,110 7,937 — 1,110 7,937 2,329 20122013720 Roper Road
Winter Springs, FL— 1,152 14,822 — 1,152 14,822 1,771 201819991057 Willa Springs Drive
Witherwack, UK— 924 6,769 — 924 6,769 1,690 20132009Whitchurch Road
Wolverhampton, UK— 1,540 6,537 — 1,540 6,537 1,646 20132011378 Prestonwood Road
Woodbury, MN— 1,317 20,935 298 1,317 21,233 3,499 201720152195 Century Avenue South
Woodstock, VA— 594 5,108 5 594 5,113 1,363 20182001803 S Main St
Worcester, MA— 3,500 54,099 — 3,500 54,099 18,693 20072009101 Barry Road
Yardley, PA— 773 14,914 — 773 14,914 1,885 20181995493 Stony Hill Road
Yardley, PA— 1,561 9,439 — 1,561 9,439 1,420 201819901480 Oxford Valley Road
York, PA— 976 9,354 — 976 9,354 1,149 20181972200 Pauline Drive
York, PA— 1,050 4,210 — 1,050 4,210 612 201819832400 Kingston Court
York, PA— 1,121 7,584 — 1,121 7,584 996 201819791770 Barley Road
York, UK— 2,898 8,092 — 2,898 8,092 1,773 20142006Rosetta Way, Boroughbridge Road
Youngsville, NC— 380 10,689 135 380 10,824 2,486 20142013100 Sunset Drive
Zephyrhills, FL— 2,131 6,669 — 2,131 6,669 920 2018198738220 Henry Drive
Zionsville, IN— 1,610 22,400 2,055 1,610 24,455 7,661 2010200911755 N Michigan Rd
Zionsville, IN— 2,162 33,238 310 2,165 33,545 1,797 202120186800 Central Blvd
Triple-net Total$39,179 $873,139 $6,845,480 $586,644 $910,570 $7,394,693 $1,549,022 

129

Welltower Inc. 
Schedule III 
Real Estate and Accumulated Depreciation 
December 31, 2022 
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Outpatient Medical:        
Addison, IL$— $102 $19,089 $26 $102 $19,115 $2,346 20182012303 West Lake Street
Agawam, MA— 1,072 4,544 624 1,072 5,168 889 20192005230-232 Main Street
Allen, TX— 726 14,196 1,954 726 16,150 6,994 201220061105 N Central Expressway
Alpharetta, GA— 476 13,681 — 476 13,681 5,014 2011200311975 Morris Road
Alpharetta, GA— 548 17,103 1,214 548 18,317 8,234 201120073300 Old Milton Parkway
Alpharetta, GA— — — 20,342 773 19,569 9,373 201119933400-A Old Milton Parkway
Alpharetta, GA— — — 38,234 1,769 36,465 18,308 201119993400-C Old Milton Parkway
Alpharetta, GA— 1,862 — — 1,862 — — 20111900940 North Point Parkway
Ann Arbor, MI— 4,234 30,085 104 4,234 30,189 1,702 202120164350 Jackson Road
Ann Arbor, MI— 4,044 15,915 50 4,044 15,965 1,310 202120144200 Whitehall Dr.
Anna, TX— 3,050 — — 3,050 — — 202219001029 W White
Appleton, WI6,551 1,881 7,540 1,333 1,881 8,873 1,197 201920045320 W Michael Drive
Appleton, WI— 3,782 18,003 2,452 3,782 20,455 2,668 201920052323 N Casaloma Drive
Arcadia, CA— — — 34,889 5,637 29,252 14,903 20061984301 W. Huntington Drive
Arlington, TX— — — 19,294 82 19,212 6,625 20122012902 W. Randol Mill Road
Arlington Heights, IL— 1,233 2,826 623 1,233 3,449 777 202019971632 W. Central Road
Atlanta, GA— 4,931 18,720 8,659 5,387 26,923 15,351 20061991755 Mt. Vernon Hwy.
Atlanta, GA— — — 45,781 — 45,781 17,829 201220065670 Peachtree-Dunwoody Road
Atlanta, GA— — — 28,627 2,172 26,455 11,781 20121984975 Johnson Ferry Road
Austin, TX— 1,066 10,112 — 1,066 10,112 2,210 201720175301-B Davis Lane
Austin, TX— 1,688 5,865 919 1,688 6,784 1,281 201920155301-A Davis Lane
Baltimore, MD— 4,490 28,667 2,608 4,490 31,275 3,515 201920141420 Key Highway
Bellevue, NE— — — 16,781 — 16,781 7,285 201020102510 Bellevue Medical Center Drive
Bend, OR— 16,516 28,429 2,118 16,516 30,547 5,117 201920011501 Northeast Medical Center Drive
Berkeley Heights, NJ— 49,555 79,091 13,715 49,555 92,806 11,145 201919781 Diamond Hill Road
Beverly Hills, CA— 20,766 40,730 4,245 20,766 44,975 11,989 201519469675 Brighton Way
Beverly Hills, CA— 18,863 1,192 492 18,885 1,662 992 20151955415 North Bedford
Beverly Hills, CA— 19,863 31,690 2,525 19,863 34,215 8,726 20151946416 North Bedford
Beverly Hills, CA33,729 32,603 28,639 3,267 32,603 31,906 8,999 20151950435 North Bedford
Beverly Hills, CA78,271 52,772 87,366 4,503 52,772 91,869 21,356 20151989436 North Bedford
Birmingham, AL— 90 34,349 4,430 90 38,779 976 20221994513 Brookwood Boulevard
Birmingham, AL— 40 34,096 4,392 40 38,488 964 202219852006 Brookwood Medical Center Drive
Birmingham, AL— 60 42,792 5,507 60 48,299 1,218 202219792022 Brookwood Medical Center Drive
Birmingham, AL— 50 20,514 2,649 50 23,163 584 202219752018 Brookwood Medical Center Drive
Boca Raton, FL— 109 34,002 5,449 214 39,346 18,618 200619959970 S. Central Park Blvd.
Boca Raton, FL— 31 12,312 1,025 251 13,117 5,357 201219939960 S. Central Park Boulevard
Bridgeton, MO— — — 22,858 450 22,408 10,046 2010200612266 DePaul Dr

(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLandBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLandBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Outpatient Medical:        
Bridgeton, MO— — — 8,373 1,501 6,872 2,081 201720083440 De Paul Ln.
Brooklyn, NY— — — 104,190 — 104,190 5,147 20152021NE Corner of 9th & 49th Street
Burleson, TX— — — 14,007 10 13,997 6,006 2011200712001 South Freeway
Burnsville, MN— — — 34,047 — 34,047 12,239 2013201414101 Fairview Dr
Canton, MI— 1,168 14,561 40 1,168 14,601 826 2021200449650 Cherry Hill Road
Cape Coral, FL— 2,273 12,169 670 2,273 12,839 1,238 202119952721 Del Prado Blvd
Carmichael, CA— 1,957 9,521 1,113 1,957 10,634 578 202219706620 Coyle Avenue
Cary, NC— 2,816 10,645 1,468 2,816 12,113 2,957 20192007540 Waverly Place
Cedar Park, TX— — — 30,069 132 29,937 8,559 201720141401 Medical Parkway, Building 2
Chapel Hill, NC— 488 2,242 149 488 2,391 372 20192010100 Perkins Drive
Chapel Hill, NC4,817 1,970 8,874 139 1,970 9,013 1,650 201820076011 Farrington Road
Chapel Hill, NC4,817 1,970 8,925 48 1,970 8,973 1,854 201820076013 Farrington Road
Chapel Hill, NC13,692 5,681 25,035 17 5,681 25,052 4,792 201820062226 North Carolina Highway 54
Charlotte, NC— 10 23,265 2,245 10 25,510 5,252 201919711900 Randolph Road
Charlotte, NC— 30 59,039 7,469 30 66,508 12,783 201919941918 Randolph Road
Charlotte, NC— 40 40,533 5,062 40 45,595 8,248 201919891718 East Fourth Street
Charlotte, NC— 1,746 8,378 1,392 1,746 9,770 2,234 20191998309 South Sharon Amity Road
Charlotte, NC— — — 93,565 15,678 77,887 5,383 201820211237 Harding Place
Charlotte, NC— — 22,949 13 — 22,962 960 20212021830 Kenilworth Avenue
Charlotte, NC— — — 58,056 11,783 46,273 2,829 201820211225 Harding Place
Cherry Hill, NJ— 1,844 4,635 961 1,844 5,596 123 202219658 Ranoldo Terrace
Chicopee, MA— 6,078 13,793 2,151 6,078 15,944 2,932 20192005444 Montgomery Street
Chula Vista, CA— 1,045 21,387 2,207 1,045 23,594 4,009 20191973480 4th Avenue
Chula Vista, CA— 826 6,106 1,470 826 7,576 1,322 20191985450 4th Avenue
Chula Vista, CA— 1,114 14,902 558 1,114 15,460 2,188 20192008971 Lane Ave
Chula Vista, CA— 1,075 6,828 338 1,075 7,166 1,024 20192006959 Lane Ave
Cincinnati, OH— — — 18,167 2 18,165 6,352 201220133301 Mercy Health Boulevard
Cincinnati, OH— 537 9,719 592 537 10,311 1,759 201920014850 Red Bank Expressway
Clarkson Valley, MO— — — 36,736 — 36,736 19,187 2009201015945 Clayton Rd
Clear Lake, TX— — — 13,902 2,319 11,583 2,418 201320141010 South Ponds Drive
Clinton, MI— 1,138 824 5 1,138 829 145 2021198711775 Tecumseh-Clinton Hwy.
Clyde, NC— 1,433 21,099 967 1,433 22,066 2,459 20192012581 Leroy George Drive
College Station, TX— 1,111 7,456 — 1,111 7,456 218 202120211204 Copperfield Pkwy
Columbia, MD— 23 33,885 4,716 9,353 29,271 13,520 201519825450 & 5500 Knoll N Dr.
Columbia, MD— 12,159 72,636 1,508 12,159 74,144 12,226 2018200910710 Charter Drive
Columbia, MD— 2,333 19,232 1,951 2,333 21,183 8,409 2012200210700 Charter Drive
Columbia, MO— 438 12,426 921 438 13,347 2,398 201919941601 E. Broadway
Columbia, MO— 488 15,702 1,322 488 17,024 3,207 201919991605 E. Broadway
Columbia, MO— 199 22,289 1,827 199 24,116 3,918 201920071705 E. Broadway
Coon Rapids, MN— — — 29,660 — 29,660 10,186 2013201411850 Blackfoot Street NW
Costa Mesa, CA18,573 22,033 24,332 5,957 22,033 30,289 7,955 201720071640 Newport Boulevard
Dade City, FL— 1,211 5,511 — 1,211 5,511 2,185 2011199813413 US Hwy 301
Dallas, TX— — — 15,550 122 15,428 4,150 201320148196 Walnut Hill Lane

(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLandBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLandBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Outpatient Medical:        
Dallas, TX— 6,086 18,007 5,320 6,542 22,871 5,026 2018201010740 North Central Expressway
Danbury, CT— 2,382 25,403 370 2,414 25,741 1,221 2021201940 Old Ridgebury Rd
Danbury, CT— 914 10,844 156 926 10,988 533 20212010226 White St
Danbury, CT— 4,209 22,740 449 4,303 23,095 1,433 202120172 Riverview Dr
Deerfield Beach, FL— — — 11,198 2,540 8,658 4,324 201120011192 East Newport Center Drive
Delray Beach, FL— 1,882 34,767 3,165 2,449 37,365 21,745 200619855130-5150 Linton Blvd.
Dunkirk, MD— 259 2,263 314 259 2,577 660 2019199710845 Town Center Blvd
Durham, NC— 1,403 23,788 1,377 1,403 25,165 3,379 20192000120 William Penn Plaza
Durham, NC— 1,751 42,391 2,037 1,751 44,428 4,900 201920043916 Ben Franklin Boulevard
El Paso, TX— — — 18,992 1,254 17,738 8,703 200619972400 Trawood Dr.
Elgin, IL— 1,634 9,443 1,594 1,753 10,918 1,827 20202004745 Fletcher Drive
Elmhurst, IL— 41 39,562 374 41 39,936 6,152 20182011133 E Brush Hill Road
Elyria, OH— 3,263 27,163 1,024 3,263 28,187 4,032 20192008303 Chestnut Commons Drive
Escondido, CA— 2,278 19,724 1,245 2,278 20,969 3,288 20191994225 East 2nd Avenue
Everett, WA— — — 31,195 4,842 26,353 11,755 2010201113020 Meridian Ave. S.
Fenton, MO— 958 27,485 1,035 958 28,520 10,843 201320091011 Bowles Avenue
Fenton, MO— — — 14,478 369 14,109 4,972 201320091055 Bowles Avenue
Florham Park, NJ— 8,578 61,779 — 8,578 61,779 9,768 20172017150 Park Avenue
Flower Mound, TX— 737 9,276 901 737 10,177 3,009 201520142560 Central Park Avenue
Flower Mound, TX— 4,164 27,027 2,053 4,164 29,080 9,717 201420124370 Medical Arts Drive
Flower Mound, TX— 4,620 — — 4,620 — — 20141900Medical Arts Drive
Fort Washington, PA— 2,015 16,104 2,557 2,015 18,661 2,404 20201980467 Pennsylvania Avenue
Fort Worth, TX— — — 27,343 462 26,881 9,166 2012201210840 Texas Health Trail
Fort Worth, TX— 401 6,099 5,035 2,805 8,730 2,413 201420077200 Oakmont Boulevard
Fort Worth, TX— 1,790 5,082 51 1,790 5,133 238 202119832001 West Rosedale Street
Frederick, MD— 1,065 6,817 613 1,065 7,430 1,642 20191979194 Thomas Johnson Drive
Frederick, MD— 1,930 18,311 1,625 1,930 19,936 3,200 2019200645 Thomas Johnson Drive
Fresno, CA— 1,497 11,896 916 1,497 12,812 1,774 201920041105 E Spruce Ave
Gardendale, AL— 1,150 8,162 347 1,150 8,509 1,660 201820052217 Decatur Highway
Garland, TX— 4,952 30,151 2,592 4,952 32,743 5,417 201920187217 Telecom Parkway
Gastonia, NC— 569 1,638 55 569 1,693 345 20192000934 Cox Road
Gig Harbor, WA— — — 32,798 80 32,718 8,486 2010200911511 Canterwood Blvd. NW
Glendale, CA— 70 41,837 3,081 70 44,918 6,159 201920081500 E Chevy Chase Drive
Gloucester, VA— 2,128 9,169 458 2,128 9,627 1,915 201820085659 Parkway Drive
Grand Prairie, TX— 981 6,086 319 981 6,405 3,136 201220092740 N State Hwy 360
Grapevine, TX— — — 10,758 2,081 8,677 3,084 201420022040 W State Hwy 114
Grapevine, TX— — — 24,375 3,365 21,010 7,138 201420022020 W State Hwy 114
Greenville, SC— 1,790 4,421 1,550 1,790 5,971 2,318 2019198710 Enterprise Boulevard
Harrisburg, NC— 1,347 2,652 527 1,347 3,179 866 201920129550 Rocky River Road
Hattiesburg, MS— 3,155 31,155 4,063 3,155 35,218 4,422 201920123688 Veterans Memorial Drive
Haymarket, VA— 1,250 26,621 2,841 1,250 29,462 4,414 2019200815195 Heathcote Blvd
Henderson, NV— 2,587 5,376 279 2,587 5,655 864 201920022825 Siena Heights Drive
Henderson, NV— 7,372 22,172 3,155 7,372 25,327 4,285 201920052845 Siena Heights Drive

(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Outpatient Medical:        
Henderson, NV— 5,492 18,448 1,741 5,492 20,189 2,840 201920052865 Siena Heights Drive
Highland, IL— — — 8,884 — 8,884 2,809 2012201312860 Troxler Avenue
Hopewell Junction, NY— 2,164 4,659 692 2,164 5,351 692 2019199910 Cranberry Drive
Hopewell Junction, NY— 2,316 4,525 812 2,316 5,337 627 201920151955 NY-52
Houston, TX— 5,837 33,128 1,518 5,837 34,646 16,029 2012200515655 Cypress Woods Medical Dr.
Houston, TX— — — 21,373 2,988 18,385 1,418 2016201913105 Wortham Center Drive
Houston, TX— — — 17,133 3,688 13,445 5,613 2012200710701 Vintage Preserve Parkway
Houston, TX— — — 84,613 12,815 71,798 25,306 201219982727 W Holcombe Boulevard
Houston, TX— 377 13,726 783 377 14,509 2,572 2018201120207 Chasewood Park Drive
Houston, TX— 2,351 7,980 900 2,351 8,880 1,024 2020201311476 Space Center Blvd
Houston, TX— 9,550 — — 9,550 — 12 20111900F.M. 1960 & Northgate Forest Dr.
Howell, MI— 2,000 13,928 590 2,001 14,517 3,240 201620171225 South Latson Road
Howell, MI— 579 4,428 13 579 4,441 316 20212019202 W. Highland Rd.
Humble, TX— — — 9,953 1,702 8,251 1,682 201320148233 N. Sam Houston Parkway E.
Huntersville, NC— — 41,055 6,880 — 47,935 6,224 2019200410030 Gilead Road
Independence, MO— 762 3,480 680 762 4,160 509 2020200719401 East 37th Terrace Court South
Jackson, MI— — — 17,999 668 17,331 6,411 201320091201 E Michigan Avenue
Jacksonville, FL— 3,562 24,379 3,474 3,562 27,853 4,896 2019200610475 Centurion Parkway North
Jacksonville, FL— 1,113 10,970 1,377 1,113 12,347 1,762 202020005742 Booth Road
Jefferson City, TN— 109 16,035 1,005 109 17,040 2,613 20192001120 Hospital Drive
Jonesboro, GA— 567 15,146 1,267 567 16,413 2,992 201920097813 Spivey Station Boulevard
Jonesboro, GA— 627 15,844 805 627 16,649 2,788 201920077823 Spivey Station Boulevard
Jupiter, FL— — — 20,095 2,639 17,456 8,636 20062001550 Heritage Dr.
Jupiter, FL— — — 10,208 3,036 7,172 4,103 20072004600 Heritage Dr.
Kalamazoo, MI— — 12,788 — — 12,788 748 202020212520 Robert Jones Way
Katy, TX— — 11,219 — — 11,219 702 201920200 Grand Parkway & Morton Ranch Road
Katy, TX— 2,025 7,557 1,255 2,025 8,812 1,036 2020201621502 Merchants Way
Katy, TX— 3,699 12,701 1,910 3,699 14,611 2,630 202020061331 West Grand Parkway North
Knoxville, TN— 199 43,771 3,265 199 47,036 6,191 201920121926 Alcoa Highway
La Jolla, CA— 12,855 32,658 2,542 12,871 35,184 11,050 201519894150 Regents Park Row
La Jolla, CA— 9,425 26,525 3,245 9,444 29,751 8,223 201519884120 & 4130 La Jolla Village Drive
La Jolla, CA— 20,324 33,675 4,164 20,324 37,839 1,221 202219854180 La Jolla Village Dr
Lacey, WA— 1,751 10,383 143 1,751 10,526 2,011 201819712555 Marvin Road Northeast
Lake St Louis, MO— — — 14,962 240 14,722 6,603 20102008400 Medical Dr
Lakeway, TX— — — 2,801 2,801 — — 20071900Lohmans Crossing Road
Las Vegas, NV— — — 9,997 2,319 7,678 3,702 200619912870 S. Maryland Pkwy.
Las Vegas, NV— — — 5,887 433 5,454 2,529 200719971776 E. Warm Springs Rd.
Las Vegas, NV— 4,180 20,064 2,913 4,180 22,977 2,624 202020179880 West Flamingo Road
Las Vegas, NV— 5,864 22,502 3,070 5,864 25,572 2,736 202020174980 West Sahara Ave
Lawrenceville, NJ— 2,691 3,739 1,339 2,691 5,078 271 202219752 Princess Road
Little Rock, AR— 3,021 20,095 1,907 3,021 22,002 3,922 201920146119 Midtown Avenue
Los Alamitos, CA— — — 21,670 39 21,631 8,578 200720033771 Katella Ave.

(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Outpatient Medical:        
Lowell, MA— — — 13,790 3,016 10,774 1,713 20112020839 Merrimack Street
Loxahatchee, FL— — — 9,484 1,440 8,044 4,413 2006199312989 Southern Blvd.
Loxahatchee, FL— — — 8,389 1,650 6,739 3,641 2006199412983 Southern Blvd.
Loxahatchee, FL— — — 8,082 1,719 6,363 3,453 2006199712977 Southern Blvd.
Lubbock, TX40,632 2,286 66,022 6,917 2,286 72,939 7,377 201920064515 Marsha Sharp Freeway
Lynbrook, NY25,268 10,028 37,319 2,459 10,028 39,778 6,558 20181962444 Merrick Road
Madison, WI— 3,670 24,615 3,851 3,671 28,465 3,816 201920121102 South Park Street
Margate, FL— 219 8,743 599 219 9,342 1,637 201920042960 N. State Rd 7
Marietta, GA— 2,682 20,053 1,805 2,703 21,837 7,297 201620164800 Olde Towne Parkway
Mars, PA— 1,925 8,307 1,412 1,925 9,719 1,535 202020066998 Crider Road
Matthews, NC— 10 32,108 2,258 10 34,366 5,296 201919941450 Matthews Township Parkway
Menasha, WI— — — 18,555 1,399 17,156 5,141 201619941550 Midway Place
Merced, CA— — — 14,887 — 14,887 6,650 20092010315 Mercy Ave.
Meridian, ID— 3,206 23,619 4,296 3,206 27,915 4,710 201920093277 E Louise Drive
Mesa, AZ— 3,158 5,588 1,122 3,158 6,710 696 202020161910 S. Gilbert Road
Mesa, AZ— 3,889 5,816 1,257 3,889 7,073 789 202020161833 N. Power Road
Milan, MI— 1,216 6,487 59 1,216 6,546 677 20212008870 E. Arkona Rd
Mission Hills, CA21,671 — 42,276 7,261 4,791 44,746 15,407 2014198611550 Indian Hills Road
Missouri City, TX— 1,360 7,143 — 1,360 7,143 1,133 201520167010 Highway 6
Mobile, AL— 2,759 25,180 14 2,759 25,194 3,964 201820036144 Airport Boulevard
Monroeville, PA— 1,544 10,012 1,315 1,544 11,327 2,145 202019792550 Mosside Blvd
Moorestown, NJ— — — 52,017 362 51,655 21,295 20112012401 Young Avenue
Mount Juliet, TN— — — 15,465 1,601 13,864 7,219 200720055002 Crossings Circle
Mount Kisco, NY— 12,632 46,294 5,195 12,632 51,489 5,658 2019199690 - 110 South Bedford Road
Mount Vernon, IL— — — 25,036 — 25,036 10,417 201120122 Good Samaritan Way
Murrieta, CA— — — 48,771 — 48,771 25,118 2010201128078 Baxter Rd.
Murrieta, CA— 3,800 — — 3,800 — — 2014190028078 Baxter Rd.
Myrtle Beach, SC— 1,357 3,131 853 1,357 3,984 1,228 201919968170 Rourk Street
Nampa, ID15,226 3,439 18,648 2,933 3,439 21,581 2,500 201920171510 12th Avenue
New Milford, CT— 1,006 3,541 23 1,019 3,551 284 20211995131 Kent Rd
New Milford, CT— 2,033 6,819 151 2,060 6,943 575 20211995131 Kent Rd
Newburgh, NY— 9,213 28,300 4,079 9,213 32,379 3,124 201920151200 NY-300
Newburyport, MA— 3,104 18,492 1,464 3,104 19,956 3,137 20192008One Wallace Bashaw Jr. Way
Newtown, CT— 2,176 9,140 1,029 2,205 10,140 671 20212015164 Mount Pleasant
Newtown, CT— 3,039 9,364 160 3,079 9,484 794 20212016170 Mt Pleasant Rd
Niagara Falls, NY— — — 13,062 1,721 11,341 7,281 200719956932 - 6934 Williams Rd
Niagara Falls, NY— — — 8,631 454 8,177 4,368 200720046930 Williams Rd
Norfolk, VA— 1,138 23,416 3,617 1,138 27,033 4,783 20192014155 Kingsley Lane
North Canton, OH— 2,518 21,523 2,946 2,518 24,469 2,610 201920147442 Frank Avenue
North Easton, MA— 2,336 17,936 2,126 2,336 20,062 2,806 2019200715 Roche Brothers Way
North Easton, MA— 2,882 14,463 1,816 2,882 16,279 2,264 2019200831 Roche Brothers Way
Norwood, OH— 1,017 5,642 1,025 1,017 6,667 1,284 201920064685 Forest Avenue
Novi, MI— 895 34,573 2,787 896 37,359 5,880 2019200826750 Providence Parkway

(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Outpatient Medical:        
Oklahoma City, OK— — — 19,166 216 18,950 7,053 20132008535 NW 9th Street
Oxford, NC— 478 4,724 247 478 4,971 766 20192011107 East McClanahan Street
Pasadena, TX— — — 15,571 1,700 13,871 2,101 201220135001 E Sam Houston Parkway S
Pearland, TX— — — 12,759 1,500 11,259 2,585 201220132515 Business Center Drive
Pearland, TX— — — 42,538 9,807 32,731 9,967 2014201311511 Shadow Creek Parkway
Phoenix, AZ— — — 64,022 1,149 62,873 33,553 200619982222 E. Highland Ave.
Phoenix, AZ— 199 3,967 818 199 4,785 718 201919809225 N 3rd Street
Phoenix, AZ— 109 2,134 150 109 2,284 406 201919869327 North 3rd Street
Phoenix, AZ— 229 5,442 467 229 5,909 1,231 201919949100 N 2nd Street
Pinckney, MI— 1,708 3,816 14 1,708 3,830 353 2021202010200 Dexter-Pinckney Rd.
Plano, TX— 793 83,209 8,401 793 91,610 32,439 201220056020 West Parker Road
Plantation, FL— — — 26,297 8,575 17,722 10,574 20061997851-865 SW 78th Ave.
Pleasanton, CA— 6,748 25,065 3,563 6,748 28,628 1,149 202220015860 Owens Drive
Plymouth Meeting, PA— 4,047 9,442 1,559 4,047 11,001 254 202220024060 Butler Pike
Port Orchard, WA— 2,810 22,716 539 2,810 23,255 3,817 20181995450 South Kitsap Boulevard
Porter, TX— 3,746 15,119 — 3,746 15,119 1,102 2018201925553 US Highway 59
Poughkeepsie, NY— 2,144 32,820 4,312 2,144 37,132 3,548 201920082507 South Road
Poughkeepsie, NY— 4,035 26,001 4,479 4,035 30,480 2,618 2019201030 Columbia Street
Poughkeepsie, NY— 6,513 23,787 4,110 6,513 27,897 2,705 20192006600 Westage Drive
Poughkeepsie, NY18,080 5,128 18,080 2,704 5,128 20,784 2,060 201920121910 South Road
Prince Frederick, MD— 229 25,905 1,319 229 27,224 3,854 20192009130 Hospital Road
Prince Frederick, MD— 179 12,243 904 179 13,147 2,406 20191991110 Hospital Road
Raleigh, NC— 8,255 25,589 2,652 8,255 28,241 979 202220058300 Health Park
Rancho Mirage, CA— 7,292 13,214 2,228 7,292 15,442 2,496 2019200572780 Country Club Drive
Redmond, WA— — — 32,913 5,015 27,898 12,887 2010201118100 NE Union Hill Rd.
Richmond, VA— 2,969 26,697 2,649 3,090 29,225 12,658 201220087001 Forest Avenue
Richmond, TX— 2,000 9,118 4 2,000 9,122 1,541 2015201622121 FM 1093 Road
Rockwall, TX— 132 17,197 443 132 17,640 6,418 201220083142 Horizon Road
Rolla, MO— 1,931 47,639 1 1,931 47,640 20,109 201120091605 Martin Spring Drive
Rome, GA— 99 29,846 2,131 99 31,977 5,070 20192005330 Turner McCall Boulevard
Roseville, MN— 2,963 18,785 2,570 2,963 21,355 3,136 201919941835 W County Road C
Roxboro, NC— 368 2,327 150 368 2,477 387 20192000799 Doctors Court
San Antonio, TX— — — 15,523 3,050 12,473 2,261 201620175206 Research Drive
San Antonio, TX— 2,915 11,473 2,575 2,915 14,048 2,255 20192006150 E Sonterra Blvd
Santa Clarita, CA— — 2,338 20,797 5,304 17,831 5,780 2014197623861 McBean Parkway
Santa Clarita, CA— — 28,384 3,558 5,294 26,648 7,761 2014199823929 McBean Parkway
Santa Clarita, CA— 278 185 11,594 11,872 185 268 2014199623871 McBean Parkway
Santa Clarita, CA25,000 295 40,257 (755)295 39,502 9,966 2014201323803 McBean Parkway
Santa Clarita, CA— — 20,618 1,354 4,407 17,565 5,119 2014198924355 Lyons Avenue





(Dollars in thousands)
Initial Cost to CompanyGross Amount at Which Carried at Close of Period
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Outpatient Medical:
Seattle, WA— 4,410 38,428 916 4,410 39,344 21,217 201020105350 Tallman Ave
Sewell, NJ— 1,242 11,616 7 1,242 11,623 2,550 20182007556 Egg Harbor Road
Shakopee, MN— 508 11,412 337 509 11,748 5,769 201019961515 St Francis Ave
Shakopee, MN— 707 18,089 128 773 18,151 7,121 201020071601 St Francis Ave
Shenandoah, TX— — — 21,197 4,574 16,623 3,346 20132014106 Vision Park Boulevard
Sherman Oaks, CA— — 32,186 4,486 3,121 33,551 10,454 201419694955 Van Nuys Boulevard
Silverdale, WA— 3,451 21,176 12 3,451 21,188 3,683 201820042200 NW Myhre Road
Southlake, TX— — — 18,703 592 18,111 7,805 201220041545 East Southlake Boulevard
Southlake, TX— — — 31,859 698 31,161 11,785 201220041545 East Southlake Boulevard
Southlake, TX— 2,875 14,126 1,395 2,875 15,521 2,873 20192017925 E. Southlake Boulevard
Southlake, TX— 3,000 — — 3,000 — — 20141900Central Avenue
Springfield, MA— 2,721 5,698 923 2,721 6,621 1,288 20192012305 Bicentennial Highway
St Paul, MN— — — 38,248 49 38,199 10,147 20142006225 Smith Avenue N.
St. Louis, MO— 336 17,247 3,453 336 20,700 10,100 200720012325 Dougherty Ferry Rd.
St. Paul, MN— 2,706 39,507 1,573 2,701 41,085 17,606 20112007435 Phalen Boulevard
Stafford, TX— 3,389 14,292 — 3,389 14,292 30 2021202211211 Nexus Ave
Stockton, CA10,964 4,966 14,412 2,445 4,966 16,857 2,394 201920092388 - 2488 N California Street
Strongsville, OH— 15,997 — — 15,997 — — 2022190016761 Southpark Center
Suffern, NY— 653 37,255 1,635 696 38,847 17,123 20112007257 Lafayette Avenue
Suffolk, VA— 1,566 11,511 184 1,620 11,641 6,040 201020075838 Harbour View Blvd.
Sugar Land, TX— — — 19,075 3,543 15,532 7,729 2012200511555 University Boulevard
Sycamore, IL— 1,113 12,910 2,473 1,113 15,383 1,704 202020021630 Gateway Drive
Tacoma, WA— — — 64,307 — 64,307 29,522 201120131608 South J Street
Tampa, FL— 4,319 12,234 — 4,319 12,234 4,212 2011200314547 Bruce B Downs Blvd
Tarzana, CA— 6,115 15,510 2,382 6,115 17,892 3,005 202019865620 Wilbur Ave
Timonium, MD— — — 21,739 8,851 12,888 2,977 201520172118 Greenspring Drive
Towson, MD— 2,654 10,627 3,165 2,654 13,792 349 202219928322 Bellona Avenue
Tustin, CA— 3,345 541 430 3,345 971 515 2015197614591 Newport Ave
Tustin, CA— 3,361 12,039 3,998 3,361 16,037 5,174 2015198514642 Newport Ave
Tyler, TX57,185 2,903 104,300 9,810 2,897 114,116 11,402 201920131814 Roseland Boulevard
Tyler, TX— 330 35,534 — 330 35,534 217 20212022501 S Saunders Ave
Van Nuys, CA— — — 36,187 — 36,187 14,219 200919916815 Noble Ave.
Voorhees, NJ— — — 32,884 6,481 26,403 12,826 20061997900 Centennial Blvd.
Voorhees, NJ— — — 100,258 99 100,159 39,751 20102012200 Bowman Drive
Waco, TX— 601 2,594 1,335 628 3,902 1,140 201820006600 Fish Pond Rd
Waco, TX— — — 111 — 111 15 201819626612 Fish Pond Road
Waco, TX— — — 106 — 106 10 201819616620 Fish Pond Rd
Waco, TX— 2,250 28,632 410 2,250 29,042 4,906 20181981601 Highway 6 West
Washington, PA— 3,981 31,706 17 3,981 31,723 5,563 20182010100 Trich Drive
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Outpatient Medical:        
Wausau, WI— — — 14,225 2,050 12,175 2,452 201520171901 Westwood Center Boulevard
Waxahachie, TX— — 18,101 303 303 18,101 5,021 201620142460 N I-35 East
Wellington, FL— — — 19,839 326 19,513 9,546 2006200010115 Forest Hill Blvd.
Wellington, FL— — — 11,669 580 11,089 6,079 200720031395 State Rd. 7
Westlake Village, CA6,360 2,487 9,776 174 2,487 9,950 1,897 201819891220 La Venta Drive
Westlake Village, CA8,000 2,553 15,851 397 2,553 16,248 3,532 201819751250 La Venta Drive
Winston-Salem, NC— 2,006 6,542 1,490 2,006 8,032 2,063 201919982025 Frontis Plaza
Woodbridge, VA— 346 16,617 — 346 16,617 2,478 2018201212825 Minnieville Road
Wyandotte, MI— 581 8,023 773 581 8,796 994 202020021700 Biddle Ave
Ypsilanti, MI— 3,615 12,696 40 3,615 12,736 1,100 202119894918, 4936, 4940, 4972, and 4990 W. Clark Road
Yuma, AZ— 1,592 9,589 827 1,592 10,416 2,152 201920042270 South Ridgeview Drive
Zephyrhills, FL— 3,875 27,270 — 3,875 27,270 10,401 2011197438135 Market Square Dr
Outpatient Medical Total$388,836 $762,068 $4,252,019 $2,413,016 $974,176 $6,452,927 $1,566,457 

130

Welltower Inc. 
Schedule III 
Real Estate and Accumulated Depreciation 
December 31, 2022 
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuildings & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuildings & ImprovementsAccumulated DepreciationYear AcquiredYear BuiltAddress
Assets Held For Sale: 
Brookline, MA$— $— $— $3,799 $— $3,799 $— 20191900125 Holland Road
Centreville, MD— 600 14,602 — — 10,539 — 20111978205 Armstrong Avenue
Dundalk, MD— 1,770 32,047 — — 24,213 — 201119787232 German Hill Road
Fort Worth, TX— 1,740 19,799 — — 5,091 — 201620147001 Bryant Irvin Road
LaPlata, MD— 700 19,068 — — 13,891 — 20111984One Magnolia Drive
Las Vegas, NV— — — 2,945 — 2,945 — 20071900SW corner of Deer Springs Way and Riley Street
Rexburg, ID— — — 67 — 67 — 20181900W. 7th Street
Santa Ana, CA— 2,077 4,705 — — 4,705 — 202119923730 South Greenville Street
Severna Park, MD— 2,120 31,273 — — 24,207 — 20111981310 Genesis Way
Towson, MD— 1,180 13,280 — — 10 — 201119737700 York Road
Voorhees, NJ— 1,900 26,040 — — 20 — 201119853001 Evesham Road
Westfield, NJ— 2,270 16,589 — — 13,314 — 201119701515 Lamberts Mill Road
Assets Held For Sale Total$— $14,357 $177,403 $6,811 $— $133,058 $— 
131

  Initial Cost to Company Gross Amount at Which Carried at Close of Period
EncumbrancesLand & Land ImprovementsBuildings & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuildings & ImprovementsAccumulated Depreciation
Summary:       
Seniors Housing Operating$1,679,562 $2,110,584 $18,228,152 $3,775,526 $2,365,088 $21,749,174 $4,960,254 
Triple-net39,179 873,139 6,845,480 586,644 910,570 7,394,693 1,549,022 
Outpatient Medical388,836 762,068 4,252,019 2,413,016 974,176 6,452,927 1,566,457 
Construction in progress22,377 — 1,021,080 — — 1,021,080 — 
Total continuing operating properties2,129,954 3,745,791 30,346,731 6,775,186 4,249,834 36,617,874 8,075,733 
Assets held for sale— 14,357 177,403 6,811 — 133,058 — 
Total investments in real property owned$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.

 Year Ended December 31,
 202220212020
 (in thousands) 
Investment in real estate:   
Beginning balance$37,605,747 $33,670,006 $36,027,915 
Acquisitions and development3,599,107 4,805,086 1,174,148 
Improvements476,017 282,834 242,147 
Impairment of assets(17,502)(51,107)(135,608)
Dispositions(1)
(97,102)(1,063,990)(3,782,120)
Foreign currency translation(565,501)(37,082)143,524 
Ending balance(2)
$41,000,766 $37,605,747 $33,670,006 
Accumulated depreciation:
Beginning balance$6,910,114 $6,104,297 $5,715,459 
Depreciation and amortization expenses1,310,368 1,037,566 1,038,437 
Amortization of above market leases3,991 4,036 5,217 
Disposition and other (1)
(38,327)(234,397)(684,395)
Foreign currency translation(110,413)(1,388)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.

132

Welltower Inc.
Schedule IV - Mortgage Loans on Real Estate
December 31, 2022
    (in thousands)
LocationSegmentInterest RateFinal Maturity DatePeriodic Payment TermsPrior LiensFace Amount of MortgagesCarrying Amount of MortgagesPrincipal Amount of Loans Subject to Delinquent Principal or Interest
First mortgages relating to 1 property located in:    
North CarolinaTriple-net8.44%2023Interest only until maturity $— $32,783 $32,278 $— 
First mortgages relating to multiple properties located in:
United KingdomTriple-net12.00%2026Interest until maturity; Interest paid-in-kind until maturity— 624,500 597,198 — 
First mortgages less than three percent of total:    
United States - 9Various
7% - 17%
2022 - 2026N/AN/AN/A68,430 5,815 
Totals    $— $657,283 $697,906 $5,815 
 
 Year Ended December 31,
 202220212020
Reconciliation of mortgage loans:(in thousands)
Balance at beginning of year$877,102 $293,752 $145,686 
Additions:
Advances on loans receivable33,555 843,249 214,349 
Interest added49,932 11,815 — 
            Total additions83,487 855,064 214,349 
Deductions:
Receipts on loans receivable(181,040)(214,132)(17,019)
Loan balance transferred to non-real estate loans receivable— (9,142)(53,071)
Change in allowance for credit losses and charge-offs2,894 (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 

133

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