Driving the Future of Health Care Real Estate

Corporate Presentation │ October 2018

Forward Looking Statements

This document contains “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. When we use words such as “may,” “will,”

“intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “pro forma,” “estimate” or similar expressions that do not relate solely to historical matters, we are making

forward-looking statements. In particular, these forward-looking statements include, but are not limited to, those relating our company’s opportunities to acquire, develop or

sell properties; our ability to close 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 real estate investment trust (“REIT”); our ability to access capital markets or other sources of funds; and

our ability to meet our earnings guidance.

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 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 its qualification as a REIT;

key management personnel recruitment and retention; and other risks described in our reports filed from time to time with the Securities and Exchange Commission. Finally,

we assume no obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why

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

2

Welltower at a Glance

3

1. Total health care properties excludes land parcels, loans, developments and properties held for sale.

2. Based on internal estimates derived from trailing twelve-month facility level data as of 9/30/2018.

3. Source: Bloomberg as of 9/30/2018.

Moody’s

Baa1Stable

Fitch

BBB+Stable

$36.7BEnterprise Value(3)

S&P

500

NYSE

Symbol:

WELL

S&P

BBB+Stable

1,517TOTAL HEALTH CARE

PROPERTIES (1)

~321,000RESIDENTS(2)

15,350,000OUTPATIENT

MEDICAL VISITS(2)

Dow Jones

Sustainability

Index

Real Estate Investment Trust (REIT) Overview

41. Includes RMZ real estate companies. Source: Bloomberg as of 9/30/2018.

LARGEST U.S. PUBLIC REAL ESTATE COMPANIES BY ENTERPRISE VALUE(1)

RANK COMPANY

COMPANY

Rank Company Sector $ (mm’s)

1 Simon Property Group Regional Malls $78,388

2 Prologis Inc. Industrial $57,107

3 Equinix Data Centers $44,824

4 Public Storage Self-Storage $40,264

5 Health Care $36,724

Health Care Real Estate Landscape

5

HIGHER AVERAGE COSTLOWER AVERAGE COST

Hospital Memory

Care

Assisted

Living

Independent

Living

SENIOR HOUSINGACUTE CARE POST-ACUTE CARE CONTINUUM

Skilled Nursing

(LTC)Inpatient

Rehab Facility

Long-Term

Care Hospital

HOMEOUTPATIENT / MEDICAL OFFICE BUILDING

$$

Powerful Demographic Tailwinds

6Source: US Census Bureau National Population Projections, vintage 2017

-10%

10%

30%

50%

70%

90%

110%

2018 2023 2028 2033 2038

85+ Age Group % Growth 25-34 Age Group

Aging Population Drives Health Care Spending

7Source: National Health Expenditure, CMS. Data as of 9/30/2015.

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

8Source: Alzheimer’s Disease International The World Alzheimer Report 2018, The Global Impact of Dementia: An analysis of prevalence, incidence, cost and trends updates.

▪ Alzheimer’s Disease is the only

“Top 10 Cause of Death” in the

U.S. that cannot be prevented,

slowed or cured

▪ Number of people with dementia

globally will almost double every

20 years

▪ Total estimated worldwide cost

of dementia care will be $1 trillion

by 2018, and $2 trillion by 2030

2018 2030 2050

50

Million

82

Million

150

Million

INVESTING IN LOWER COST HEALTH CARE DELIVERY SETTINGS

9

Significant Opportunity to Increase Care Coordination in Post-Acute Settings

10

Mostly

coordinated

Fully

coordinated

7%Not coordinatedSomewhat

coordinated

30%

10%

53%

DEGREE OF CARE COORDINATION BETWEEN IP, POST-ACUTE, HOME SETTINGS

% health system survey respondents (N=375)

77%

55%health system leaders

recognize decreased

readmissions is a benefit of a

preferred post-acute network

health system leaders see poor

integration with acute care

providers as the greatest post-

acute care industry challenge

New England Journal of Medicine Catalyst Survey Findings

Shift to Value-Based Care Will Increase the Role of Post-Acute Solutions

11Source: Premier APM Survey, Centers for Medicare and Medicaid Services.

73

27

14

14

9

Acute

Diagnostic tests

Rx drugs

Procedures

Post-acute

85%

73%

20%projected annual growth of lives

under fully capitated risk models,

increasing from 9M lives to up to

17M lives from 2017-20

of variation in Medicare FFS

spending is attributed to post-acute

care, while only 27% is attributed

to acute-care

health care leaders plan to expand

post-acute care partnerships in

order to maximize alternative

payment model reimbursement

VARIATION IN MEDICARE FFS SPEND

% attributable by segment per beneficiary

Providers are Investing in and Engaging in Post-Acute Ventures

Direct ownership | Expanding regional / national footprint

▪ Brought together a network of 44 hospitals, 1,400+ physicians and

200+ post-acute facilities into a national network

▪ Invested in a network of 5.5K+ senior care beds, 725K enrollees in

PACE programs, with a joint-venture with Evolution to expand services

SOURCE: Press Releases (Representative, not exhaustive)

▪ Acquired a network of 70 post-acute assets across 9 states to form

CHI Health at Home

▪ Propels ProMedica into the top 15 largest U.S. nonprofit health systems

and scales its presence across full spectrum of care and 30 states

Joint venture | Partnering to create post-acute solutions

▪ Created second largest provider of home care and hospice

services in Western Pennsylvania

▪ Jointly launched Homespire, a private-duty home care model for

Utah’s aging population

▪ Developed a network of 70+ facilities with OP, IP and home health

rehabilitation service, recently expanding into Central TX

▪ Formed new post-acute care operations to serve San Diego and

surrounding communities

12

Welltower and ProMedica Health System Joint Venture

13

• Welltower and ProMedica entered into a 15-year triple-net master lease with ProMedica corporate lease guarantee

• First of its kind partnership between a REIT and health system which spans the full spectrum of care, including wellness,

captive insurer, post-acute, assisted living, memory care, hospice and home health

• Propels ProMedica to top 15 U.S. health system with over ~$7B pro forma revenues and health network with 70,000

employees across 700 locations in 30 states

• Links Welltower’s “Class A” health care portfolio to ProMedica’s health care network

Welltower and ProMedica Innovative Strategic Partnership

14

Partnership facilitates and redefines the care delivery value paradigm and continuum of care through a nationally integrated health system

1. Represents information provided by ProMedica.

Real estate partnership benefiting from a well-covered lease backed by a solid investment grade health system

ProMedica investing ~$400 million(1) in capex over the next 5 years in a well-located portfolio with an attractive cost basis

Reinvents and revitalizes post-acute and long-term care delivery as part of an integrated health system

ProMedica’s acquisition of HCR ManorCare will generate meaningful synergies and further enhance a leading operator in

the post-acute, assisted living, memory care, and hospice and home health sectors

Partnership creates new avenues for growth between ProMedica and Welltower across multiple property types and

geographies

WELLTOWER’S UNIQUE

GROWTH PLATFORM

15

1Q10

Private Pay: 69%(3)

LONG-TERM/

POST-ACUTE CARE

31%

OUTPATIENT

MEDICAL

19%

SENIORS

HOUSING(2)

40%

LIFE SCIENCE

2%

HOSPITALS

8%

Portfolio Transformation(1)

161. Based on In-Place NOI. See our Non-GAAP Financial Measures for additional information.

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

3. Based on Facility Revenue Mix.

In-Place

NOI

3Q18

SENIORS

HOUSING(2)

66%

OUTPATIENT

MEDICAL

16%

LONG-TERM/

POST-ACUTE CARE

11%

Private Pay: 94%(3)

In-Place

NOI

HEALTH SYSTEM

7%

TOP 5

PARTNERS

65%

OTHER

35%

33.0%

11.1%

7.6%

6.9%

6.6%

SHO Partner Diversification(1)

171. Based on 3Q18 SHO annualized In-Place NOI. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

In-Place

NOI

In-Place SHO Portfolio

The Definition of a “Class A” Health Care Portfolio

18

Active Portfolio

Management

Best-In-Class

Operating

Partners

High Barrier to Entry Premier

Markets

Midtown Manhattan Development

Sunrise Connecticut Avenue,

Washington, D.C.

Welltower Outpatient Center,

Beverly Hills, CA

Merrill Gardens at the University, Seattle, WA

Chartwell Toronto Development

Welltower Family of Brands

19

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

201. Data as of 9/30/2018. Comprises Seniors Housing Triple-Net and Seniors Housing Operating properties.

2. Data as of 9/30/2018. Based on In-Place U.S. SH Operating NOI. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

Los Angeles 12.8%

New York 11.5%

Boston 8.1%

San Francisco 5.0%

Washington, D.C. 4.0%

Seattle 3.7%

San Diego 3.5%

Dallas 3.2%

Chicago 3.0%

Philadelphia 2.9%

621(1)

Seniors Housing

Facilities

63,023 units

$17.0B(1)

Gross Real Estate

Investments

93%(2)

SH Operating NOI

in Top 31 MSAs +

Coastal States

TOP US MARKETS(1)

(% OF SH OPERATING NOI)

Strategic Focus: Urban, High Barrier to Entry Markets

21Source: NIC MAP® Data Service data as of 9/30/2018.

1. Data as of 9/30/2018. Based on In-Place U.S. SH Operating NOI. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

TOP US MARKETS(1)

(% OF SH OPERATING NOI)

Seniors Housing Construction: All Markets

Los Angeles 12.8%

New York 11.5%

Boston 8.1%

San Francisco 5.0%

Washington, D.C. 4.0%

Seattle 3.7%

San Diego 3.5%

Dallas 3.2%

Chicago 3.0%

Philadelphia 2.9%

Canadian Portfolio | Urban, High Barrier to Entry Markets

221. Source: Statistics Canada.

2. Data as of 9/30/2018. Comprises Seniors Housing Triple-Net and Seniors Housing Operating properties.

3. Data as of 9/30/2018. Based on In-Place Canadian SH Operating NOI. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

Po

pu

latio

n

(in

mill

ion

s)

2.7

4.0

5.5

0

1

2

3

4

5

6

2018 2028 2038

75+ POPULATION (1)151

(2)

Facilities

$3.0B(2)

Gross Real Estate

Investments

CN

78%(3)

SH Operating NOI in

Top 10 Canadian MSAs

UK Portfolio | Urban, High Barrier to Entry Markets

231. Source: Office for National Statistics.

2. Data as of 9/30/2018. Comprises Seniors Housing Triple-Net and Seniors Housing Operating properties.

3. Data as of 9/30/2018. Based on In-Place U.K. SH Operating NOI. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

PO

PU

LA

TIO

N

(in m

illio

ns)

5.67.7

9.6

0

5

10

15

2018 2028 2038

75+ POPULATION(1)

111(2)

Facilities

$2.9B(2)

Gross Real Estate

Investments

88%(3)

SH Operating NOI in

Greater London &

Southern England

UK

Manchester

Birmingham

London

Urban Market Focus: Aging in Cities Survey

24

Welltower-commissioned survey reaffirms current city dwellers desire to age in place.

Source: Agingincities.com; Whereyoulivematters.org as of 9/25/2017.

Seniors Wanting to Stay

in Their City

Boston 69%

Chicago 69%

Houston 66%

Los Angeles 67%

Miami 70%

New York City 65%

San Francisco 71%

Seattle 68%

Toronto 73%

Washington, D.C. 68%

Urban Market Focus: Midtown Manhattan Development

25

D E M A N D FACTORS

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

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

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

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

• Demographic trends point to significant elderly population growth

• Anticipated delivery: 2020; Anticipated opening: 2020

Urban Market Focus: The Sumach by Chartwell, Toronto

26

D E V E L O P M E N T D E TA I L S

• New independent living community located in Regent

Park neighborhood -- the “gold standard” for urban

revitalization

• 12-story building with 332 units; 5,500 square feet of retail

space

• Bistro-style restaurant for tenants and open to the public

• Services (e.g., medication management and

administration) to be offered on an a la carte basis

• Anticipated delivery: Q2 2019

Urban Market Focus: The Wandsworth

27

D E M A N D FACTORS

• Urban development to meet significant and growing demand in London market

• Assisted living & memory care community located in Wandsworth, London, UK

• 6 story building with 98 units; c. 70,000 square feet

• High end facilities offered onsite such as bistro restaurant, activities lounges,

emporium and library

• Fully registered nursing community providing suite of care services

• Anticipated delivery: Q1 2020

Outpatient Medical Growth Opportunity

28Source: Revista; Fall 2018 Industry Outlook, data as of 12/31/2017.

51%Health Systems

19% Investor/Private

14%Physician/

Provider

11%REIT

Health Systems & Physicians Currently Own ~65%

of Outpatient Medical Real Estate

Properties Total

Value

Total

Sq. Feet

Hospital 5,522 $640B 1.6B

Outpatient 32,158 $372B 1.3B

TOTALS 37,680 $1.0T 2.9B

5%Government/

Other

Procedures Driving Outpatient Medical Growth

29Source: Advisory Board Outpatient/Inpatient Volume Report as of 4/23/2018.

28.0%

9.9%

10.4%

5.1%

7.2%

-1.1%

-7.3%

-5.4%

-6.2%

-8.3%

23.2%

41.6%

12.2%

16.8%

3.0%

34.7%

35.1%

21.4%

7.4%

31.8%

-20% -10% 0% 10% 20% 30% 40% 50%

Neurosurgery

Neurology

Oncology

Obstetrics

Orthopedics

ENT

Vascular

Cardiology

Gynecology

Ophthalmology

Segment Demand Growth: 2017 - 2027

Outpatient Inpatient

Welltower’s Full Service Outpatient Medical Group

30

Strategic Health Care Alliances & Innovative Care Delivery Models

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

2. Includes only multi-tenant properties.

16.6MOUTPATIENT MEDICAL

SQUARE FEET

$5.7BINVESTED IN 263

PROPERTIES

97%IN-HOUSE MANAGED

PROPERTIES AS % OF SF(2)

95%HEALTH SYSTEM

AFFILIATED AS %

OF CORE NOI(1)

Welltower proudly serves

many of the nation’s top

health systems

U.S. Outpatient Medical Portfolio

311. Welltower 2016 Tenant Survey Results compared to Kinsley Index.

Top 10%OVERALL TENANT

SATISFACTION(1)

257MANAGED OUTPATIENT

MEDICAL PROPERTIES

~200PROPERTY MANAGEMENT

PROFESSIONALS

NOTABLE TRANSACTIONS AND PARTNERSHIPS

32

Transformational Joint Venture

33

Advanced Ambulatory Oncology Programs

• The project will be built on a former parking lot at The Shops at Mission

Viejo, a high-end mall owned by Simon Property Group

• Strategic joint venture with Mission Hospital, a 345-bed acute care hospital

• Mission is a member of the Providence St. Joseph Health System, which

includes 111,000 employees, 50 hospitals, and 829 clinics across 7 states

• 104,500 RSF, on-campus medical office building with 611-space

parking structure

• Long term ground lease with Simon Property Group, building will be master

leased by St. Joseph Health Mission Hospital

• Anchor use will be specialized cancer care including an ambulatory surgery

center, radiology, imaging, and 2-3 linear accelerators

• Anticipated delivery: July 2019; HOPD 603 Compliant

Strategic Health Care Alliances Innovative Care Delivery Models

Real Estate Solutions Enabling Clinical TransformationClinical Network Expansion - Howard County Maryland

34

On Campus

Howard County General

Hospital

• 216,000 RSF in 2 MOBs on 14

acres, housing a variety of private

multi-specialty physician practices,

health system employed and

academic faculty practices

Off Campus

Knoll North, Columbia MD

• 155,000 RSF in 2 MOBs on 30+

acres, housing a variety of private

multi-specialty physician practices,

health system employed and

academic faculty practices

National Capital Region (NCR)

• Clinical integration of JH Community

Physicians and Potomac Home Health

at Sunrise Communities in the NCR

Future Exploration

• Active dialog to develop alternative

sites of care in collaboration with

Howard County General Hospital

Strategic Programs Collaboration

• Establishing a framework for national

quality standards for AL and MC, and

industry leading thought leadership, led

by a steering committee of Hopkins

medical, nursing, public health and

home health experts

35

Optimize Portfolio Cash Flow Through Restructurings

▪ Transitioning 36 Brookdale properties to Pegasus, a newly formed management group led by

industry veterans Steven Vick and Chris Hollister, the senior housing industry’s most well-

respected turnaround specialists.

▪ 12 properties are allocated to 6 other WELL operators based on market, acuity, and operating

model expertise.

▪ Brookdale paid WELL $58M termination fee and will continue to operate properties until fully

transitioned.

▪ Expanding relationship with Cogir, a leading and innovative operator led by Mathieu

Dugauay, to operate 12 Brookdale communities. Cogir has operated communities with a

similar acuity profile at a 96% average occupancy over the past 15 years.

▪ Conversion of 27 Brandywine Living Properties to SHO improving SH NNN Coverage and

driving future SHO growth through development pipeline.

Leveraging Welltower’s deep bench of relationships with innovative operating partnerships to drive value

36

FINANCIAL SUMMARY

Balanced and Manageable Debt Maturity Profile

37

in millions 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Thereafter

Unsecured Debt — $600 $690 $450 $600 $1,794 $400 $1,250 $700 — $3,271

Pro Rata Secured Debt $174 $450 $165 $255 $209 $207 $244 $516 $46 $164 $259

Line of Credit — — — — — $1,312 — — — — —

Total ($mm) $174 $1,050 $855 $705 $809 $3,313 $644 $1,766 $746 $164 $3,530

Data as of 9/30/2018 in USD. Represents pro rata principal amounts due and excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.

Weighted Average Maturity of 7.8 years

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Thereafter

Line of Credit

Pro Rata Secured Debt

Unsecured Debt

0%

10%

20%

30%

40%

50%

60%

70%

Consistently Outperforming Peers

381. Data as of 9/30//2018. Adjusted for stock splits. Total return assumes reinvestment of dividends.

2. Data as of 9/30/2018. The 2018 dividend represents the approved dividend rate for 2018, subject to quarterly review by the Board of Directors.

+53%

14.9% Average Annual Return

Since Inception (1)

Total Returns(1)

+39%

5.4% Dividend Yield (2)

Performance Driven Strategy

39

Investment in the

“Silver Economy” &

Aging

Best-in-Class

Real Estate &

Operating

Partners

Superior Internal

& External Growth

Investment Grade

Balance Sheet &

Outstanding Access to

CapitalSignificant and

Stable Dividend

Income

APPENDIX

40

Recognized for Sustainable Business Practices

41

Building Certifications

65M sq ft1.2M sq ft 620k sq ft734k sq ft1. Year over year, as of August 2018.

2. ISS Governance Score is a weighted average of scores assigned for (a) board structure, (b) compensation, (c) shareholder rights and (d) audit.

3. Ventas (VTR), HCP (HCP), Crown Castle International (CCI), Equinix (EQIX), Iron Mountain (IRM), Weyerhaeuser Company (WY), American Tower Corporation (AMT), Boston Properties (BXP), Equity Residential (EQR), Prologis

(PLD), Public Storage (PSA), Simon Property Group (SPG), Vornado Realty Trust (VNO), AvalonBay Communities (AVB), Alexandria Real Estate Equities (ARE).

0

2

4

6

8

Peers Welltower Inc.

ISS Governance Score

3.0

6.1

(3)

11,050,000 kWh reduction in energy

consumption(1)

Avoided 5,455 metric

tons of greenhouse

gas emissions(1)

Lower Risk Higher Risk

Strong Growth in Projected Demand for Seniors Housing

42

Projected Annual Demand Growth For Seniors Housing Units

Source: American Seniors Housing Association: A Projection of U.S. Seniors Housing Demand 2015-2040. Summer 2016 Brief.

8,500 12,00025,000

43,500 45,500

9,50013,000

28,000

48,50050,500

2010-2015 2015 - 2020 2020 - 2025 2025 - 2030 2030 - 2035

Assisted Living and Memory Care Independent Living

53,000

25,000

92,00096,000

18,000

Growth Platform Driving the Future of Health Care Delivery

431. Based on In-Place NOI for 3Q18. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

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

Portfolio Mix(1)

66% Seniors Housing(2)

(Independent Living, Assisted Living & Memory Care)

• Invest in top metro markets with high barriers to entry

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

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

• Increased NOI and operational upside from partnership management philosophy

11% Long-Term, Post-Acute Care

16% Outpatient Medical

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

(e.g., Powerback model)

• Right size exposure to NOI and balance sheet

• Full service outpatient medical group overseeing 16.3M square feet of space

• 94.8% affiliated with health systems as a percentage of NOI

• Growing MOB portfolio at the forefront of evolving care delivery

Capital-efficient,

sustainable growth

supporting long-term

stable income.

7% Health System

• Strategic joint venture with ProMedica comprised of 218 properties

• Establishes strong credit support for future growth with innovative and

diversified major health system

Outpatient Will Continue to Dominate Care Delivery

44Source: American Hospital Association 2018 Hospital Statistics Report; data represents the cumulative change in inpatient admissions and outpatient visits for Community Hospitals.

0%

10%

20%

30%

40%

50%

60%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Outpatient visits Inpatient admissions

51% increase in outpatient visits since 1999,

compared with a 3% increase in inpatient admissions

Superior Assets Lead to Superior Operating Results

45

1. Data as of 9/30/2018. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

2. Data obtained from publicly available documents for the following peers: HCP, HR, HTA, VTR. Peer data is as of 6/30/2018.

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

4. Based on occupied square feet.

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

Welltower (1)Outpatient

Medical Peers (2)

Occupancy 93% 91%

Average Property SizeSquare Feet

64,716 63,375

Health System Affiliation(3) 95% 95%

NOI Margin 67% 66%

NOI per Square FootAnnualized

$22.32 $18.14

Lease Expirations(4)

Through 202130% 45%

In-house Managed(5) 97% Data Not Available

Outpatient Medical

Superior Assets Lead to Superior Operating Results

46

1. Welltower data as of 6/30/2018 for stable portfolio. EBITDARM Coverage and EBITDARM per bed figures represent trailing twelve months results. EBITDARM represents earnings before interest, taxes, depreciation, amortization,

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

2. Average TTM 2Q18 results obtained from publicly available documents for the following peers: OHI, VTR (SNF only), LTC and SBRA. Quality mix excludes SBRA.

3. Average TTM 2Q18 results obtained from publicly available documents for the following publicly traded skilled nursing operators: GEN, DVCR, ENSG, and NHC. Quality mix excludes NHC.

4. Property age per 3Q18 NIC MAP for Majority NC Properties in the primary and secondary markets; occupancy and quality mix per NIC Skilled Nursing Data Report, June 2018.

5. Per page 1 of 3Q18 Supplement.

WELLTOWER

PAC/LTC (1)

HC REIT

Peers (2)

Public

Operators (3)

Industry

Benchmarks (4)

Property AgeYears

19 36 32 39

Occupancy 81% 81% 82% 82%

Quality MixPrivate & Medicare Revenue %

66%(5) 45% 50% 51%

EBITDARM Coverage 1.68x(5) 1.65xData

Not Available

Data

Not Available

EBITDARM per BedAnnual

$21,389 $15,625 $14,015Data

Not Available

Post-Acute and Long-Term Care

Superior Assets Lead to Superior Operating Results

47See following page for all footnotes.

Welltower US

RIDEA(1)

HC REIT

Peers(2)

Public

Operators(3)

Industry

Benchmarks

Welltower UK

RIDEA(1)

Industry

Benchmarks

Property AgeYears

16 19(4) 20(4) 21(5) 10 21(9)

Housing ValueMedian

$556,343 $244,284(4) $216,911(4) $226,495(6) £480,708 £289,612(10)

Household IncomeMedian

$95,247 $64,663(4) $61,049(4) $66,174(6) Data Not

Available

Data Not

Available

REVPORMonthly

$6,725 $4,160(7) $4,317(7) $4,746(5) £6,377 £3,720 (11)

SSREVPOR GrowthYear-over-year

2.8% 2.0%(7) 1.2%(7) 2.6%(5) 1.3% 3.3%(11)

SSNOI per UnitAnnual

$23,735 $12,388(7) $11,960(7) $17,827(8) £16,942 £9,544 (11)

SSNOI GrowthYear-over-year

(0.1%) (2.8%)(7) (5.6%)(7) Data Not

Available8.9%

Data Not

Available

US Seniors Housing UK Seniors Housing

Detailed Footnotes

1. Data as of 9/30/2018 for properties included in the seniors housing operating segment. Property age, housing value and household income are NOI-weighted as of September 30, 2018. The median housing value and household income is used for the US, and the average housing value and household income is used for the UK. Housing value, household income and population growth are based on a 3-mile radius. Growth figures represent average performance of Welltower's same store portfolio. REVPOR is based on total 3Q18 results. Please see non-GAAP financial measures and reconciliations at the end of this presentation.

2. Average Trailing 4 quarters as of 6/30/2018 results for the following peers: HCP, SNR, SNH, SBRA, and VTR. Housing value and household income are based on 5-mile radius median data.

3. Average Trailing 4 quarters as of 6/30/2018 results for the following publicly traded seniors housing operators: BKD, CSU and FVE. Housing value and household income are based on 5-mile radius median data.

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

5. Per NIC 3Q18 Majority AL properties in primary and secondary markets.

6. US Median per Claritas 2019.

7. Derived or obtained from publicly available documents as of 2Q18.

8. The State of Seniors Housing 2017. Represents 2016 results.

9. Property age per LaingBuisson, Care of Older People 29th Edition.

10. UK Average, CACI 2017 CI.

11. REVPOR, SS REVPOR growth and SS NOI per Unit derived from LaingBuisson, Care of Older People UK Market Report 29th Edition.

48

FINANCIAL DISCLOSURES

49

Non-GAAP Financial Measures

50

Welltower Inc. believes that revenues, net income and net income attributable to common stockholders (NICS), as defined by U.S.generally accepted accounting principles (U.S. GAAP), are the most appropriate earnings measurements. However, the companyconsiders Net Operating Income (NOI), In-Place NOI (IPNOI), Same Store NOI (SSNOI), Revenues per Occupied Room (REVPOR),and Same Store REVPOR (SS REVPOR) to be useful supplemental measures of its operating performance. These supplementalmeasures are disclosed on a Welltower pro rata ownership basis.

Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests and addingWelltower’s minority ownership share of unconsolidated amounts. Welltower does not control unconsolidated investments. While thecompany considers pro rata disclosures useful, they may not accurately depict the legal and economic implications of Welltower’s jointventure arrangements and should be used with caution.

Welltower’s supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debtanalysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Welltower’smanagement uses these financial measures to facilitate internal and external comparisons to historical operating results and in makingoperating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management.

None of the supplemental reporting measures represent net income or cash flow provided from operating activities as determined inaccordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplementalreporting measures, as defined by Welltower, may not be comparable to similarly entitled items reported by other real estate investmenttrusts or other companies. Multi-period amounts may not equal the sum of the individual quarterly amounts due to rounding.

NOI, IPNOI, SSNOI, REVPOR and SS REVPOR

51

Net operating income (NOI) is used to evaluate the operating performance of our properties. We define NOI as total revenues, including tenant reimbursements, less propertyoperating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our seniors housing operating andoutpatient medical 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 costs unrelated to property operations. Theseexpenses include, but are not limited to, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets.

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

SSNOI is used to evaluate the operating performance of our properties under a consistent population which eliminates changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Land parcels, loans, and sub-leases as well as any properties acquired, developed/redeveloped (including major refurbishments where 20% or more of units are simultaneously taken out of commission for 30 days or more), sold or classified as held for sale during that period are excluded from the same store amounts. Properties undergoing operator transitions and/or segment transitions (except triple-net to seniors housing operating with the same operator) are also excluded from the same store amounts. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained.

REVPOR represents the average revenues generated per occupied room per month at our seniors housing operating properties. It is calculated as our pro rata version of total resident fees and services revenues from the income statement divided by average monthly occupied room days. SS REVPOR is used to evaluate the REVPOR performance of our properties under a consistent population which eliminates changes in the composition of our portfolio. It is based on the same pool of properties used for SSNOI and includes any revenue normalizations used for SSNOI. The company uses REVPOR and SS REVPOR to evaluate the revenue-generating capacity and profit potential of its seniors housing operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our seniors housing operating portfolio.

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

Historical In-Place NOI Reconciliations

(dollars in thousands)

3Q18 1Q10 In-Place NOI by country 3Q18 1Q10

Net income (loss) $ 84,226 $ 31,694 United States $ 444,189 83.3 % $ 127,480 100.0 %

Loss (gain) on real estate dispositions, net (24,723) (6,718) United Kingdom 44,604 8.4 % — —%

Loss (income) from unconsolidated entities (344) (768) Canada 44,512 8.3 % — —%

Income tax expense (benefit) 1,741 84 Total In-Place NOI $ 533,305 100.0 % $ 127,480 100.0 %

Other expenses 88,626 —

Impairment of assets 6,740 — In-Place NOI by property type

Loss (income) from discontinued operations, net — 203 Seniors Housing Operating $ 255,255 47.9 % $ — — %

Provision for loan losses — — Seniors Housing Triple-net 98,930 18.6 % 50,433 39.6 %

Loss (gain) on extinguishment of debt, net 4,038 18,038 Outpatient Medical 85,876 16.1 % 24,660 19.3 %

Loss (gain) on derivatives and financial instruments, net 8,991 — Health System 35,801 6.7 % — —%

Transaction costs — 7,714 Long-Term/Post-acute Care 57,443 10.8 % 39,638 31.1 %

General and administrative expenses 28,746 16,821 Hospital — — % 10,456 8.2 %

Depreciation and amortization 243,149 43,387 Life Science — — % 2,293 1.8 %

Interest expense 138,032 29,791 Total In-Place NOI $ 533,305 100.0 % $ 127,480 100.0 %

Consolidated net operating income $ 579,222 $ 140,246

NOI attributable to unconsolidated investments(1) 22,247 2,624

NOI attributable to noncontrolling interests(2) (37,212) —

Pro rata net operating income (NOI) $ 564,257 $ 142,870

Adjust:

Interest income $ (14,622 ) $ (9,048 )

Other income (3,754 ) (996 )

Sold / held for sale (9,401 ) —

Developments / land 641 —

Non In-Place NOI(3) (15,839 ) (5,346 )

Timing adjustments(4) 12,023 —

Total adjustments (30,952 ) (15,390 )

In-Place NOI 533,305 127,480

Annualized In-Place NOI $ 2,133,220 $ 509,920

1. Represents Welltower’s interest in joint ventures where Welltower is the minority partner.

2. Represents minority partners’ interest in joint ventures where Welltower is the majority partner.

3. Primarily represents non-cash NOI.

4. Represents timing adjustments for current quarter acquisitions, construction conversions and segment transitions.

52

In-Place NOI Concentration Reconciliations

53

$s in thousands at Welltower Prorata ownership

% of SHOby Country

% ofSHO

Seniors Housing Operating

Seniors HousingNNN

OutpatientMedical

HealthSystem

Long-Term PostAcute Care Total

% ofTotal

% ofCountry

New York 11.5% 8.7% $ 22,232 $ 8,151 $ 2,151 $ 866 $ 3,299 $ 36,699 6.9% 8.3%

Los Angeles 12.8% 9.6% 24,629 424 6,032 104 — 31,189 5.8% 7.0%

Philadelphia 2.9% 2.2% 5,528 117 5,784 2,992 7,832 22,253 4.2% 5.0%

Boston 8.1% 6.1% 15,539 439 297 — 620 16,895 3.2% 3.8%

Dallas 3.2% 2.4% 6,196 4,469 7,434 182 952 19,233 3.6% 4.3%

Seattle 3.7% 2.8% 7,096 945 3,518 391 — 11,950 2.2% 2.7%

Washington, D.C. 4.0% 3.1% 7,815 277 — 2,735 1,462 12,289 2.3% 2.8%

Chicago 3.0% 2.3% 5,773 2,967 532 2,352 374 11,998 2.2% 2.7%

San Francisco 5.0% 3.8% 9,696 2,135 — 1,052 — 12,883 2.4% 2.9%

Houston 1.6% 1.2% 3,127 1,057 6,506 — — 10,690 2.0% 2.4%

San Diego 3.5% 2.7% 6,787 — 362 — 729 7,878 1.5% 1.8%

San Jose 2.0% 1.5% 3,915 — 487 514 — 4,916 0.9% 1.1%

Other Top 31 US MSAs and Coastal States 31.9% 24.1% 61,584 29,972 33,896 16,194 22,218 163,864 30.7% 36.9%

Other United States 6.8% 5.1% 13,113 27,769 13,861 8,419 18,289 81,451 15.4% 18.3%

Total United States 100.0% 75.6% $ 193,030 $ 78,722 $ 80,860 $ 35,801 $ 55,775 $ 444,188 83.3% 100.0%

Greater London 67.4% 5.3% $ 13,642 $ 8,590 $ 5,016 $ — $ — $ 27,248 5.1% 61.1%

Other Southern England 20.9% 1.7% 4,221 7,274 — — — 11,495 2.2% 25.8%

Other United Kingdom 11.7% 0.9% 2,371 3,491 — — — 5,862 1.1% 13.1%

Total United Kingdom 100.0% 7.9% $ 20,234 $ 19,355 $ 5,016 $ — $ — $ 44,605 8.4% 100.0%

Toronto 23.7% 3.9% $ 9,958 $ — $ — $ — $ — $ 9,958 1.9% 22.4%

Calgary 5.2% 0.8% 2,167 — — — 1,668 3,835 0.7% 8.6%

Montréal 17.2% 2.8% 7,211 — — — — 7,211 1.4% 16.2%

Ottawa 10.9% 1.8% 4,559 — — — — 4,559 0.9% 10.2%

Vancouver 7.3% 1.2% 3,065 356 — — — 3,421 0.6% 7.7%

Edmonton 2.6% 0.4% 1,102 — — — — 1,102 0.2% 2.5%

Québec 5.6% 0.9% 2,356 — — — — 2,356 0.4% 5.3%

Winnipeg 3.3% 0.5% 1,377 — — — — 1,377 0.3% 3.1%

Hamilton 1.2% 0.2% 492 — — — — 492 0.1% 1.1%

Kitchener 1.0% 0.2% 440 — — — — 440 0.1% 1.0%

Remaining Canada 22.1% 3.8% 9,264 497 — — — 9,761 1.7% 21.9%

Total Canada 100.0% 16.5% $ 41,991 $ 853 $ — $ — $ 1,668 $ 44,512 8.3% 100.0%

Total In-Place NOI(1) 100.0% $ 255,255 $ 98,930 $ 85,876 $ 35,801 $ 57,443 $ 533,305 100.0%

1. Please refer to "Historical In-Place NOI Reconciliations" for a reconciliation of In-Place NOI to net income.

In-Place NOI Concentration Reconciliations (cont.)

54

(dollars in thousands at Welltower pro rata ownership)

In-Place NOI Diversification(1)

By Partner:

% of SHO

Seniors Housing Operating

Seniors HousingNNN

OutpatientMedical

HealthSystem

Long-Term PostAcute Care

Total % of Total

Sunrise Senior Living North America 25.4% $259,585 — — — — $259,585 12.2%

Sunrise Senior Living United Kingdom 7.5% 77,043 — — — — 77,043 3.6%

ProMedica —% — — — 143,204 — 143,204 6.7%

Brookdale Senior Living —% — 56,616 — — — 56,616 2.7%

Brookdale Senior Living - Transitions(2) 6.9% 70,349 14,764 — — — 85,113 4%

Revera 11.1% 113,452 — — — — 113,452 5.3%

Genesis HealthCare —% — 752 — — 109,572 110,324 5.2%

Benchmark Senior Living 7.6% 78,042 — — — — 78,042 3.7%

Belmont Village 6.9% 70,316 — — — — 70,316 3.3%

Senior Resource Group 6.6% 67,392 — — — — 67,392 3.2%

Brandywine Living 6% 60,929 — — — — 60,929 2.9%

Avery 0.3% 3,145 56,854 — — — 59,999 2.8%

Remaining 21.7% 220,767 266,734 343,504 — 120,200 951,205 44.4%

Total In-Place NOI(1)

100% $1,021,020 $395,720 $343,504 $143,204 $229,772 $2,133,220 100%

1. Please refer to “Historical In-Place NOI Reconciliations” for a reconciliation of In-Place NOI to net income.

2. Represents the 63 properties to be transitioned to other operators as announced in our June 27, 2018 press release.

SHO REVPOR Reconciliations

55

(dollars in thousands, except REVPOR and SSNOI/unit)

SHO REVPOR Reconciliation United States United Kingdom Canada Total

Consolidated SHO revenues $ 681,387 $ 79,971 $ 115,147 $ 876,505

Unconsolidated SHO revenues attributable to Welltower(1) 23,009 — 20,314 43,323

SHO revenues attributable to noncontrolling interests(2) (38,627) (6,446) (25,701) (70,774)

Pro rata SHO revenues 665,769 73,525 109,760 849,054

SHO interest and other income (1,017) (31) (294) (1,342)

SHO revenues attributable to held for sale properties (24,397) (1,141) — (25,538)

Adjustment for standardized currency rate(3) — 2,620 4,973 7,593

SHO local revenues 640,355 74,973 114,439 829,767

Average occupied units/month 31,482 2,879 13,212 47,573

REVPOR/month in USD $ 6,725 $ 8,609 $ 2,864 $ 5,767

REVPOR/month in local currency £ 6,377 $ 3,580

1. Represents Welltower’s interest in joint venture properties in which Welltower is the minority partner

2. Represents minority partners’ interest in joint venture properties in which Welltower is the majority partner

3. Based on GBP/USD rate of 1:1.35 and USD/CAD rate of 1.25:1

SHO Same Store Reconciliations

56

United States United Kingdom Canada Total

3Q17 3Q18 3Q17 3Q18 3Q17 3Q18 3Q17 3Q18

SHO SS REVPOR Growth

Consolidated SHO revenues $ 518,883 $ 681,387 $ 73,176 $ 79,971 $ 111,818 $ 115,147 $ 703,877 $ 876,505

Unconsolidated SHO revenues attributable to WELL(1) 22,044 23,009 — — 21,001 20,314 43,045 43,323

SHO revenues attributable to noncontrolling interests(2) (31,815) (38,627) (4,761) (6,446) (26,324) (25,701) (62,900) (70,774)

SHO pro rata revenues(3) 509,112 665,769 68,415 73,525 106,495 109,760 684,022 849,054

Non-cash revenues on same store properties (132) (68) (20) (19) — — (152) (87)

Revenues attributable to non-same store properties (49,413) (132,517) (14,664) (16,388) (2,653) (9,327) (66,730) (158,232)

Currency and ownership adjustments(4) 3,252 (1 ) 1,688 2,068 213 4,563 5,153 6,630

SH-NNN to SHO conversions (5) 57,397 849 — — — — 57,397 849

Other normalizing adjustments(6) 354 848 (1,425) (598) — — (1,071) 250

SHO SS revenues(7) 520,570 534,880 53,994 58,588 104,055 104,996 678,619 698,464

Avg. occupied units/month(8) 24,437 24,411 2,177 2,332 11,845 11,745 38,459 38,488

SHO SS REVPOR(9) $ 7,038 $ 7,233 $ 8,200 $ 8,306 $ 2,904 $ 2,956 $ 5,898 $ 6,066

SS REVPOR YOY growth —% 2.8% —% 1.3% —% 1.8% — 2.8%

SHO SSNOI Growth

Consolidated SHO NOI $ 161,754 $ 201,639 $ 20,083 $ 20,852 $ 43,263 $ 43,355 $ 225,100 $ 265,846

Unconsolidated SHO NOI attributable to WELL(1) 8,374 8,216 — — 8,864 8,547 17,238 16,763

SHO NOI attributable to noncontrolling interests(2) (10,171) (8,346) (346) (1,090) (10,297) (9,644) (20,814) (19,080)

SHO pro rata NOI(3) 159,957 201,509 19,737 19,762 41,830 42,258 221,524 263,529

Non-cash NOI on same store properties 287 (519) (20) (19) — 0 267 (538)

NOI attributable to non-same store properties (13,731) (34,245) (3,590) (3,012) (975) (3,814) (18,296) (41,071)

Currency and ownership adjustments(4) 873 — 503 602 88 1,746 1,464 2,348

SH-NNN to SHO conversions(5) 20,551 — — — — — 20,551 —

Other normalizing adjustments(6) (164) 930 (1,266 ) (598) — 52 19,121 384

SHO pro rata SSNOI(7) $ 167,773 $ 167,675 $ 15,364 $ 16,735 $ 40,943 $ 40,242 $ 244,631 $ 224,652

SHO SSNOI growth (0.1)% 8.9% (1.7)% 0.3%

SHO SSNOI/Unit

Trailing four quarters' SSNOI(7) $ 665,977 $ 63,401 $ 159,812 $ 889,190

Average units in service(10) 28,059 2,772 13,072 43,903

SSNOI/unit in USD $ 23,735 $ 22,872 $ 12,226 $ 20,254

SSNOI/unit in local currency(4) £ 16,942 $ 15,283

1. Represents Welltower's interests in joint ventures where Welltower is the minority partner.

2. Represents minority partners' interests in joint ventures where Welltower is the majority partner.

3. Represents SHO revenues/NOI at Welltower pro rata ownership.

4. Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.25 and to translate UK properties at a GBP/USD rate of 1.35.

5. Represents the revenues and NOI of certain properties that were converted from Seniors Housing Triple-net to Seniors Housing Operating with the same operator. Amounts derived from unaudited operating results provided by the operator and were not a component of

WELL earnings.

6. Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.

7. Represents SS SHO revenues/SSNOI at Welltower pro rata ownership.

8. Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.

9. Represents pro rata SS average revenues generated per occupied room per month.

10. Represents average units in service for SS properties related solely to referenced country on a pro rata basis.

Outpatient Medical NOI Reconciliations

57

(dollars in thousands, except per square foot) Three Months EndedSeptember 30, 2018

Total

OM revenues $ 130,344

OM property operating expenses (42,524)

OM NOI $ 87,820

OM NOI margin 67.4%

OM NOI $ 87,820

Less: In-Place NOI adjustments (1,944)

OM In-Place NOI 85,876

OM In-Place NOI Annualized $ 343,504

OM NOI $ 87,820

Total square feet 16,606,129

Pro rata adjustments(1) (870,802)

Pro rata rental square feet 15,735,327

OM NOI per square foot annualized $ 22.32

OM NOI $ 87,820

Non health system affiliated NOI (4,111)

OM health system affiliated NOI $ 83,709

OM health system affiliated NOI % 95.3%

Unless otherwise noted, amounts presented on Welltower pro rata ownership basis. See "In-Place NOI Reconciliations" and

"In-Place NOI by Partner Reconciliations" for reconciliation to net operating income from continuing operations.

1. Represents amounts attributable to joint venture partners, both unconsolidated and noncontrolling.