Driving the Future of Health Care Real Estate

Fixed Income Update | 2Q19

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

2Q19 Highlights | Financial & Capital Activity

3(1) See Supplemental Measures at the end of this presentation for reconciliations

Closed a $1 billion unsecured term loan during the quarter to bridge the funding of the CNL acquisition

with proceeds from the Benchmark Senior Living transaction. As of July 30, 2019, we had approximately

$340 million of cash and cash equivalents and $1.7 billion of capacity on our unsecured revolving credit

facility, bringing leverage back in-line with 2019 guidance

During the second quarter, we sold 3.7 million shares of

common stock under our ATM and DRIP programs,

through both cash settle and forward sale agreements, at

an initial weighted average price of $80.28 per share,

generating expected gross proceeds of approximately

$295 million

Total portfolio same-store NOI grew 3.1%(1)

Normalized FFO attributable to common

stockholders of $1.05 per diluted share

compared to $1.00 per diluted share in

2018, representing 5% of normalized FFO

growth(1)

2Q19 Highlights | Acquisitions

4

Recycled out of Legacy Assets and Capitalized

Next Generation Real Estate

• Funded $2.9 billion of pro rata gross investments in 1H19

• Closed $2.3 billion of dispositions YTD, including the

Benchmark Senior Living transaction which closed in July

Formed New RIDEA Joint Venture with

Balfour Senior Living

• Premier operator of luxury IL, AL, MC communities

• Acquired six-community portfolio located in the Denver and

Boulder metropolitan statistical areas

• Exclusivity acquisition and development agreement

Expanded Relationships with Key

Operating Partners & Physician Group

Summit Medical Group

• Entered into Agreement to purchase 43-acre, 6-building

medical office campus in Berkeley Heights, NJ

• Is the largest and most comprehensive of five “hubs” in

Summit’s 80 location hub-and-spoke model

Sunrise Senior Living

• Acquired five recently developed, private pay urban infill

seniors housing properties

• Located in dense infill locations within the Washington, D.C,

San Francisco and San Diego metro areas

Discovery

• Expanded relationship through off-market acquisition of three

urban infill seniors housing campuses with the full continuum

of care

• Signed a $1 billion exclusive development agreement

with Discovery

5

Continued Strategic Portfolio Optimization

$0B

$2B

$4B

$6B

$8B

$10B

$12B

$14B

$16B

$18B

$20B

Non-Core Property Dispositions Strategic Acquisitions

Long Term/ Post Acute Care Outpatient Medical Seniors Housing Health Systems

Strategic Portfolio Optimization | Capital Recycling

61. Investment amounts pro rata as of 6/30/2019.

$20B

$9B

$7B

gross investments

since 2014

dispositions

since 2014

invested in

Outpatient Medical

and Health Systems

Capital Recycling 2014 – 2Q19(1)

54%

58%

Continued Portfolio Optimization

71. Based on In-Place NOI. See Supplemental Measures at the end of this presentation for reconciliations.

SENIORS HOUSING

NNN

18%

SENIORS HOUSING

OPERATING

45%

HEALTH

SYSTEMS

7%LONG TERM /

POST ACUTE

9%

OUTPATIENT

MEDICAL

21%

Strategic Acquisitions with Next-Gen Operators into High Quality Urban Seniors Housing

2Q19

Portfolio Mix(1)

Aligning with Premier Care Providers by Financing New Models of Health Care Delivery

8

Primed for Growth

Financial Summary

Common Equity Preferred Stock

Domestic Public Debt Secured DebtIntl Public Debt

Credit Facility Asset Recycling

Diverse and Unparalleled Access to Capital Since 2010

9

1. Gross proceeds

2. Excludes convertibles

3. Gross assets represents total assets plus depreciation as of 6/30/2019.

Capital Raised Since 2010

$31.7BRAISED(1)

DEBT

~47%

COMMON &

PREFERRED

EQUITY

~53%

$2.5Bin DRIP Proceeds

15 offerings totaling

$10.4B avg tenor of 10 years(2)

2 GBP issues totaling USD $1.7Bwith average tenor of 17 years

1 CAD issuance of USD $226MOnly 6.9%

of gross assets(3)

Two issues totaling

$1BSeries I redeemed Feb. 28, 2019

$13.1Bin ATM Proceeds

Received $10.7B proceeds from strategic asset

divestments, resulting in asset concentrations in

high barrier gateway markets$3.0B revolver

$0.7B in term loans (US and Canada)

$3.7B facility

Superior Access to Unsecured Debt Capital

10

WELL 10-Yr Benchmark Spread Over US 10-Yr Treasury Unsecured Debt Maturity Profile(2)

Diversification Across Geographies and Currencies(1)

Amount Outstanding Years to Maturity Coupon

$7.45B 8.6 4.4%

£1.05B 12.3 4.7%

C$300M 1.4 3.4%

Balance sheet anchored by laddered debt maturities across major international currencies

1. Excludes term loans.2. Includes term loans.

125 bps

135 bps

145 bps

155 bps

165 bps

175 bps

Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19

2.7% 2.8%

5.0%

5.3%

3.0%

4.0% 4.0%

4.3%

4.5%

4.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

$0.0B

$0.5B

$1.0B

$1.5B

$2.0B

$2.5B

$3.0B

'19 '20 '21 '22 '23 '24 '25 '26 '27 '28 After

Unsecured DebtLines of Credit & Commercial PaperWtd. Avg. Interest Rate (RHS)

Debt Structure and Strong Covenant Compliance

11

1. Data as of 6/30/2019. Represents pro rata principal amounts due and excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet. Excludes lease liabilities

relating to both finance and operating leases. Balances outstanding on our unsecured commercial paper program reduce the available borrowing capacity of our unsecured revolving credit facility.

2. See, for example, Supplemental Indenture No. 15 dated 2/15/2019, which was filed with the SEC as an exhibit to WELL’s Form 8-K filed on 2/15/2019.

3. For the twelve months ending 6/30/2019. Please see Supplemental Reporting Measures at the end of this presentation for reconciliations.

Ratio 2Q19

Unsecured

Notes

Covenants(2)

Compliance

Secured Indebtedness

to Total Assets 8.07% < 40.0% ✓

Total Indebtedness

to Total Assets 46.03% < 60.0% ✓

Unsecured Debt to

Unencumbered Assets 41.04% <66.7% ✓

Minimum Interest

Coverage Ratio(3)4.02x > 1.5x ✓

Unsecured Notes

Secured Debt

Line of Credit & Commercial Paper

$2,876M

19%$10,712M

69%

$1,870M

12%

Debt Structure 2Q19(1) Unsecured Debt Covenant Compliance

$1.13B(1)

Available

as of 6/30/2019

$3.0B Unsecured Lines of Credit &

Commercial Paper

Improving Seniors Housing Asset-Backed Financing Market

121. Spread is based on 10 Year Fixed Rate Facility. Benchmark for spreads is 10 Yr US Treasuries.

2. Benchmark for spreads is 10 Yr GoC bonds.

Segment Issuer LTV Spread bps(1)

US Seniors Housing GSE 55% - 75% 116 - 130

CAD Seniors Housing(2) CMHC 75% 90 - 110

Skilled Nursing HUD 75% 100 - 120

Indicative Pricing Across WELL Asset Classes GSE Seniors Housing Spreads vs Multifamily

36% Compression in Seniors Housing Spreads

20 bps

25 bps

30 bps

35 bps

40 bps

45 bps

Nov 12 Nov 15 Nov 18Nov 2012 Nov 2015 Nov 2018

Efficient and Effective Corporate Structure

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0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

0.80%

0.90%

MPW HR CTRE SBRA HCP VTR HTA OHI WELL

HC REIT Avg

G&A as % of Enterprise Value

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Commitment to Sustainability and Governance

People

15

Accountability

Excellence

Collaboration

Transparency

Workplace

Values

Spotlight on Welltower’s Green Buildings(1)

16

12BREEAM-Certified

Buildings

12LEED-Certified

Buildings

16IREM-Certified

Buildings

78ENERGY STAR®

Certified Buildings(2)

2EPC “A” Score

Buildings

1. Data as of 12/31/2018.

2. Number of buildings with an ENERGY STAR label earned prior to 2019.

One of few seniors housing properties

to target LEED and International

WELL Building certifications

Sunrise East 56th

Targeting BREEAM Excellent rating

to be in the TOP 10%

for building sustainability

The Wandsworth

ENERGY STAR score of 98, signifying

the property’s energy performance is

superior to 98% of similar buildings.

Sunrise of La Jolla

Powered by 100% renewable electricity

NYPHS Stamford MOB

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Supplemental Financial Measures

Non-GAAP Financial Measures

We believe that revenues, net income and net income attributable to common stockholders (NICS), as defined by U.S. generallyaccepted accounting principles (U.S. GAAP), are the most appropriate earnings measurements. However, we consider Funds FromOperations (FFO), Normalized FFO, Net Operating Income (NOI), In-Place NOI (IPNOI), Same Store NOI (SSNOI), EBITDA andAdjusted EBITDA to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDAthese supplemental measures are disclosed on our pro rata ownership basis.

Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests andadding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we considerpro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangementsand should be used with caution.

Our 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. Our managementuses these financial measures to facilitate internal and external comparisons to historical operating results and in making operatingdecisions. 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, thesupplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estateinvestment trusts or other companies. Multi-period amounts may not equal the sum of the individual quarterly amounts due torounding.

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NOI, IPNOI and SSNOI

We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expensesrepresent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are notlimited 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 propertyoperations and transaction costs. These expenses include, but are not limited to, payroll and benefits, professional services, officeexpenses and depreciation of corporate fixed assets.

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

SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in thecomposition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio forthe 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 30days or more), sold or classified as held for sale during that period are excluded from the same store amounts. Properties undergoingoperator and/or segment transitions (except Seniors Housing Triple-net to Seniors Housing Operating with the same operator) are alsoexcluded from same store amounts. Normalizers include adjustments that in management’s opinion are appropriate in consideringSSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, arereflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individuallyexceed 0.50% of SSNOI growth per property type) are separately disclosed and explained in the relevant supplemental reportingpackage.

We believe NOI, IPNOI and SSNOI provide investors relevant and useful information because they measure the operatingperformance of our properties at the property level on an unleveraged basis. We use these metrics to make decisions about resourceallocations and to assess the property level performance of our properties.

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In-Place NOI Reconciliation(dollars in thousands)

2Q19

Net income (loss) $ 150,040

Loss (gain) on real estate dispositions, net 1,682

Loss (income) from unconsolidated entities 9,049

Income tax expense (benefit) 1,599

Other expenses 21,628

Impairment of assets 9,939

Loss (gain) on derivatives and financial instruments, net 1,913

General and administrative expenses 33,741

Depreciation and amortization 248,052

Interest expense 141,336

Consolidated net operating income 618,979

NOI attributable to unconsolidated investments and noncontrolling interests(1) (21,041)

Pro rata net operating income (NOI) $ 597,938

Adjust:

Interest income $ (17,356 )

Other income (3,153 )

Sold / held for sale (40,759 )

Developments / land 379

Non In-Place NOI(2) (22,548 )

Timing adjustments(3) 12,587

In-Place NOI 527,088

In-Place NOI by property type

Seniors Housing Operating $ 239,826 45.5 %

Seniors Housing Triple-Net 93,942 17.8 %

Outpatient Medical 112,519 21.3 %

Health System 35,800 6.8 %

Long-Term/Post-Acute Care 45,001 8.5 %

Total In-Place NOI $ 527,088 100.0 %

(1) Represents Welltower's combined interests in joint ventures where Welltower is the minority partner and the minority partners' interests when Welltower is the majority partner.

(2) Primarily represents non-cash NOI.

(3) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions.

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(dollars in thousands) Three Months Ended

June 30,

2019 2018 % growth

Net income (loss) $ 150,040 $ 167,273

Loss (gain) on real estate dispositions, net 1,682 (10,755)

Loss (income) from unconsolidated entities 9,049 (1,249)

Income tax expense (benefit) 1,599 3,841

Other expenses 21,628 10,058

Impairment of assets 9,939 4,632

Loss (gain) on extinguishment of debt, net — 299

Loss (gain) on derivatives and financial instruments, net 1,913 (7,460)

General and administrative expenses 33,741 32,831

Depreciation and amortization 248,052 236,275

Interest expense 141,336 121,416

Consolidated NOI 618,979 557,161

NOI attributable to unconsolidated investments(1) 21,518 21,725

NOI attributable to noncontrolling interests(2) (42,559) (30,962)

Pro rata NOI 597,938 547,924

Non-cash NOI attributable to same store properties (8,566) (8,459)

NOI attributable to non-same store properties (174,240) (143,359)

Currency and ownership adjustments(3) 2,100 (2,703)

Other adjustments(4) 488 11,855

Same Store NOI (SSNOI) $ 417,720 $ 405,258 3.1%

Seniors Housing Operating 202,852 196,333 3.3%

Seniors Housing Triple-net 88,230 85,070 3.7%

Outpatient Medical 85,487 83,529 2.3%

Long-Term/Post-Acute Care 41,151 40,326 2.0%

Total SSNOI $ 417,720 $ 405,258 3.1%

(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) Includes adjustments to reflect consistent property ownership percentages and foreign currency exchange rates for properties in the U.K. and Canada.

(4) Includes other adjustments described in the 2Q19 Supplemental Information package.

SSNOI

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EBITDA and Adjusted EBITDA

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 Internal Revenue Code (“IRC”) Section 1031 deposits. 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 EBITDA which stands for earnings (net income per income statement) before interest

expense, income taxes, depreciation and amortization. Covenants in our senior unsecured notes and primary credit facility contain

financial ratios based on a definition of EBITDA that is specific to those agreements. Failure to satisfy these covenants could result

in an event of default that could have a material adverse impact on our cost and availability of capital, which could in turn have a

material adverse impact on our consolidated results of operations, liquidity and/or financial condition. Due to the materiality of these

debt agreements and the financial covenants, we have defined Adjusted EBITDA to exclude unconsolidated entities and to include

adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt,

gains/losses/impairments on properties, gains/losses on derivatives and financial instruments, other expenses, and additional other

income. We believe that EBITDA and Adjusted EBITDA, along with net income and cash flow provided from operating activities, are

important supplemental measures because they provide additional information to assess and evaluate the performance of our

operations. We primarily utilize them to measure our interest coverage ratio, which represents EBITDA and Adjusted EBITDA

divided by total interest.

22

Adjusted Interest Coverage

(dollars in thousands) Twelve Months Ended

June 30,

2019

Net income $ 651,264

Interest expense 568,969

Income tax expense (benefit) 7,066

Depreciation and amortization 977,967

EBITDA 2,205,266

Loss (income) from unconsolidated entities 17,709

Stock-based compensation expense(1) 26,113

Loss (gain) on extinguishment of debt, net 19,810

Loss (gain) on real estate dispositions, net (232,363)

Impairment of assets 92,701

Provision for loan losses 18,690

Loss (gain) on derivatives and financial instruments, net 10,043

Other expenses(1) 126,994

Additional other income (4,027)

Adjusted EBITDA $ 2,280,936

Adjusted Interest Coverage Ratio:

Interest expense $ 568,969

Capitalized interest 9,725

Non-cash interest expense (10,888)

Total interest 567,806

Adjusted EBITDA $ 2,280,936

Adjusted interest coverage ratio 4.02x

(1) Certain severance-related costs are included in stock-based compensation and excluded from other expenses.

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FFO and Normalized FFO

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 FFO as a supplemental measure of operating performance for REITs that excludes

historical cost depreciation from net income. FFO attributable to common stockholders, as defined by NAREIT, means net income

attributable to common stockholders, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate

and impairments of depreciable assets, plus real estate depreciation and amortization, and after adjustments for unconsolidated

entities and noncontrolling interests. Normalized FFO attributable to common stockholders represents FFO adjusted for certain

items detailed in the reconciliations.

Normalizing items include adjustments for certain non-recurring or infrequent revenues/expenses that are described in our earnings

press releases for the relevant period ends.

We believe that Normalized FFO attributable to common stockholders is a useful supplemental measure of operating performance

because investors and equity analysts may use this measure to compare our operating performance between periods or to other

REITs or other companies on a consistent basis without having to account for differences caused by unanticipated and/or

incalculable items.

24

FFO Reconciliation(in thousands, except per share information) Three Months Ended

June 30, 2018 June 30, 2019

Net income (loss) attributable to common stockholders $ 154,432 $ 137,762Depreciation and amortization 236,275 248,052

Impairments and losses (gains) on real estate dispositions, net (6,123) 11,621

Noncontrolling interests(1) (17,692) (18,889)

Unconsolidated entities(2) 11,833 11,475

NAREIT FFO attributable to common stockholders 378,725 390,021

Normalizing items:

Loss (gain) on derivatives and financial instruments, net (7,460) 1,913

Loss (gain) on extinguishment of debt, net 299 —

CEO transition costs — —

Nonrecurring income tax benefits 10,058 21,628

Other expenses and transaction costs (10,805) —

Normalizing items attributable to noncontrolling interests and unconsolidated entities, net 1,039 12,575

Normalized FFO attributable to common stockholders $ 371,856 $ 426,137

Average common shares outstanding:

Basic 371,640 404,607

Diluted 373,075 406,673

Net income (loss) attributable to common stockholders per share:

Basic $ 0.42 $ 0.34

Diluted $ 0.41 $ 0.34

NAREIT FFO attributable to common stockholders per share:

Basic $ 1.02 $ 0.96

Diluted $ 1.02 $ 0.96

Normalized FFO attributable to common stockholders per share:

Basic $ 1.00 $ 1.05

Diluted $ 1.00 $ 1.05

(1) Represents noncontrolling interests' share of net FFO adjustments

(2) Represents Welltower's share of net FFO adjustments from unconsolidated entities.

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