- Welltower announced $3.3 billion in pro rata outpatient medical acquisitions closed and announced year-to-date at a blended yield of 5.6% including several major transactions. - Notable transactions include the $787 million Hammes II portfolio acquisition, an $850 million joint venture with Invesco Real Estate, and $885 million of additional OM properties under contract. - The transactions further Welltower's strategic focus on outpatient medical and health system relationships which now comprise over 30% of its portfolio.

1. Driving the Future of
Health Care Real Estate
November 2019
Outpatient Medical Acquistion Update

2. Forward Looking Statements
This document contains “forward-looking statements” as 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 to our 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 shareholders; our investment and financing opportunities and plans; our continued qualification as a 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; uncertainty from the expected discontinuance of LIBOR and the transition to
any other interest rate benchmark; 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 other risks described in our reports filed from time to time with the Securities and Exchange Commission. Finally, we undertake
no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the
reasons why actual results could differ from those projected in any forward-looking statements.
2

3. Investment Highlights(1)
3
Newly Announced on 11/11/19 Announced with Q3 Earnings on 10/28/19
29 outpatient medical properties for $787 million across 1.5M RSF in
dense metro markets
o New York and Boston MSAs and urban centers in CA, TX, MD
o 97% economic occupancy, WALT of 12 years
o Average property age of 10 years
o 2.2% average annual rent escalator
Hammes Acquisition
4 separate OM transactions for $885 million (negotiated over last 12 months) at a
blended year 1 cash cap rate of 5.4%
o No transaction below a 5.3% year 1 cash cap rate
o 30 properties comprising 2.0M RSF
o Significant value creation opportunity through exclusive development rights
Additional OM Acquisitions Under Contract
$850 million joint venture partnership in which WELL will retain a 15% interest
o Portfolio of 35 Outpatient Medical properties across 2.6M RSF in 15 states
o Welltower to retain leasing, portfolio and asset management responsibilities
Invesco Joint Venture
Oakmont: High-quality portfolio of 6 newly-built, Class A senior living communities
located in California for $297 million with mid-to-high 5% cap rate
Frontier: Acquired 2 senior living communities for $39 million at a 6.3% cap rate
OM Acquisitions Previously Disclosed: Off-market acquisition of 18 properties
for $258 million with expected mid-5% yield
Transactions Post Third Quarter 2019
Year-to-date pro rata acquisition volume of $3.0B at a blended year 1 cap rate of 5.5%
Third Quarter 2019 Year-To-Date Transaction Activity
1. All investment amounts shown at 100% ownership

4. Acquisition Activity Overview | Outpatient Medical
4
1. Announced acquisitions are subject to customary closing conditions and expected to close in 4Q19 or 1Q20.
2. See supplemental Financial Measures at the end of this presentation for reconciliations.
Pro Forma
In-Place NOI(2)
HEALTH SYSTEM
7%
SHO
44%
23%
LT/PAC
8%
SH NNN
18%
$3.3 billion in Pro Rata OM acquisitions closed and announced year-to-date
at a blended year one cash yield of 5.6%
(1)
Cumulative Pro Rata OM Acquisition Volume
$0.0B
$0.5B
$1.0B
$1.5B
$2.0B
$2.5B
$3.0B
$3.5B
1Q19 YTD 2Q19 YTD 3Q19 YTD 4Q19 YTD
and Announced
1Q19 YTD 2Q19 YTD 3Q19 YTD 4Q19 YTD
and Announced

5. 5
Transaction Highlights

6. Hammes II Acquisition
6
PORTFOLIO
DETAILS
TRANSACTION
HIGHLIGHTS
• $787M Purchase Price
• 2.2% average annual rent escalator
• Weighted average lease term of 12 years
• Premier portfolio of 29 outpatient medical properties
• 1.5M RSF concentrated in dense metro markets
• New York and Boston MSA
• Urban centers in California, Texas and Maryland
• 97% occupied
• Average property age of 10 years
Tenant Snapshot
6

7. Invesco Real Estate Joint Venture
7
PORTFOLIO
DETAILS
TRANSACTION
HIGHLIGHTS
• $850M Joint Venture Partnership
• WELL to retain 15% interest as well as property
management and asset management responsibilities
• Weighted average lease term of 5 years
• Portfolio of 35 Outpatient Medical properties
• 2.6M RSF across 15 states
• 89% occupied
• Average property age of 19 years
Established in 1983, Invesco Real Estate
is one of the world's largest investment
managers of direct real estate, with assets
under management exceeding $50 billion
New Investment Relationship

8. Sources and Uses Update
8
1. Investments structured as DownREIT shown at 100%
2. Estimated proceeds of $212 million from forward ATM sales as of 10/31/2019 remain unsettled after consideration of the above transactions beyond 9/30/19 actuals.
Sources ($ millions)
Assets Held for Sale (as of 9/30/19) $348.7
Invesco JV (announced 11/11/19) $722.5
Assumption of Secured Debt $760.4
Issuance of OP Units $135.6
Forward ATM Settlement(2) $316.2
Total Sources of Capital $2,283.4
Uses ($ millions)(1)
Oakmont (announced 10/28/19) $296.9
Frontier (announced 10/28/19) $38.8
OM Acquisitions Previously Disclosed (closed
and announced subsequent to 9/30/19)
$276.0
Hammes II (announced 11/11/19) $786.8
OM Acquisitions Under Contract
(announced 11/11/19)
$884.9
Total Uses of Capital $2,283.4

9. 9
Recent Highlights

10. Third Quarter 2019 and Year-to-Date Highlights
10
1. See Supplemental Financial Measures at the end of this presentation for reconciliations.
2. Current YTD pro rata total investments and pro rata dispositions represent actual pro rata amounts as of 9/30/2019, adjusted for the announced and closed acquisition amounts subsequent to quarter end
structured as DownREIT at 100% ownership. Such amounts do not include any other investment activity, including loan advances, loan payoffs, development funding, or other acquisitions or property sales.
Key 3Q19 Metrics(1)
Total Portfolio SS NOI Growth +2.6%
Seniors Housing Operating NOI Growth +2.8%
Pro Rata Total Investments $435M
Pro Rata Dispositions $2.1B
Full Year 2019 Update(1)
6/30/2019 Current
Total Portfolio SS NOI Guidance +2.0% to +2.5% +2.25% to +2.75%
Normalized FFO Per Diluted
Share Guidance
$4.10 - $4.20 $4.14 - $4.18
Pro Rata Total Investments (YTD) $2.9B $5.2B(2)
Pro Rata Dispositions (YTD) $641M $3.5B(2)

11. Portfolio Optimization
111. See Supplemental Financial Measures at the end of this presentation for reconciliations.
Pro Forma
In-Place NOI(1)
HEALTH SYSTEM
7%
LT/PAC
8%
OM
23%
SHO
44%
SH NNN
18%
In-Place NOI
4Q 2018(1)
LT/PAC
10%
OM
17%
SHO
46%
SH NNN
20%
HEALTH SYSTEM
7%
Strategic Capital Deployment into Outpatient Medical & Health Systems

12. WELL Outpatient Medical Portfolio Map
Hammes Acquisition
WELL Portfolio (3Q19)
12

13. 13
Supplemental Financial
Measures

14. Non-GAAP Financial Measures
We believe 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, we consider Net Operating
Income (NOI), Same Store NOI (SS NOI), In-Place NOI (IPNOI), Funds From Operations (FFO) and Normalized FFO to be useful
supplemental measures of our operating performance. These 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 and adding
our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata
disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should
be used with caution.
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. Our management uses these
financial measures to facilitate internal and external comparisons to historical operating results and in making operating 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 in
accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental
reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts
or other companies. Multi-period amounts may not equal the sum of the individual quarterly amounts due to rounding.
14

15. NOI, IPNOI and SSNOI
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 costs unrelated to property
operations and transaction costs. These expenses include, but are not limited to, payroll and benefits, professional services, office
expenses and depreciation of corporate fixed assets.
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 using a consistent population which controls for 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 and/or segment transitions (except Seniors Housing Triple-net to Seniors Housing Operating with the same operator) are also
excluded from 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 in the relevant supplemental reporting
package. No reconciliation of the forecasted range for SSNOI on a combined basis or by property type is included because we are
unable to quantify certain amounts that would be required to be included in the comparable GAAP financial measure without
unreasonable efforts, and we believe such reconciliations would imply a degree of precision that could be confusing or misleading to
investors.
We believe NOI, IPNOI 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 these metrics to make decisions about resource
allocations and to assess the property level performance of our properties.
15

16. (dollars in thousands) Three Months Ended
September 30,
2019 2018 % growth
Net income (loss) $ 647,932 $ 84,226
Loss (gain) on real estate dispositions, net (570,250) (24,723)
Loss (income) from unconsolidated entities (3,262) (344)
Income tax expense (benefit) 3,968 1,741
Other expenses 6,186 88,626
Impairment of assets 18,096 6,740
Loss (gain) on extinguishment of debt, net 65,824 4,038
Loss (gain) on derivatives and financial instruments, net 1,244 8,991
General and administrative expenses 31,019 28,746
Depreciation and amortization 272,445 243,149
Interest expense 137,343 138,032
Consolidated NOI 610,545 579,222
NOI attributable to unconsolidated investments(1) 21,957 22,247
NOI attributable to noncontrolling interests(2) (42,356) (37,212)
Pro rata NOI 590,146 564,257
Non-cash NOI attributable to same store properties (12,726) (9,668)
NOI attributable to non-same store properties (158,388) (142,266)
Currency and ownership adjustments(3) 2,636 154
Other adjustments(4) 14 (1,580)
Same Store NOI (SSNOI) $ 421,682 $ 410,897 2.6%
Seniors Housing Operating 205,982 200,325 2.8%
Seniors Housing Triple-net 90,443 87,446 3.4%
Outpatient Medical 84,004 82,872 1.4%
Long-Term/Post-Acute Care 41,253 40,254 2.5%
Total SSNOI $ 421,682 $ 410,897 2.6%
SSNOI Reconciliations
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 3Q19 Supplemental Information package. 16

17. (dollars in thousands)
3Q19 4Q18
Annualized In-Place NOI by property
type 3Q19 % of Total
Net income (loss) $ 647,932 $ 124,696 Seniors Housing Operating $ 939,936 44 %
Loss (gain) on real estate dispositions, net (570,250) (41,913) Seniors Housing Triple-Net 402,608 18 %
Loss (income) from unconsolidated entities (3,262) (195) Outpatient Medical 457,468 23 %
Income tax expense (benefit) 3,968 1,504 Health System 144,512 7 %
Other expenses 6,186 10,502 Long-Term/Post-Acute Care 180,936 8 %
Impairment of assets 18,096 76,022 Total In-Place NOI $ 2,125,460 100 %
Loss (gain) on extinguishment of debt, net 65,824 53
Loss (gain) on derivatives and financial instruments, net 1,244 1,626 4Q18 % of Total
General and administrative expenses 31,019 31,101 Seniors Housing Operating $ 965,408 46 %
Depreciation and amortization 272,445 242,834 Seniors Housing Triple-Net 411,428 20 %
Interest expense 137,343 144,369 Outpatient Medical 366,820 17 %
Consolidated net operating income 610,545 590,599 Health System 143,200 7 %
NOI attributable to unconsolidated investments(1) 21,957 21,933 Long-Term/Post-Acute Care 205,324 10 %
NOI attributable to noncontrolling interests(2) (42,356) (40,341) Total In-Place NOI $ 2,092,180 100 %
Pro rata net operating income (NOI) $ 590,146 $ 572,191
Adjust:
Interest income $ (15,637 ) $ (13,082 )
Other income (4,200 ) (7,092 )
Sold / held for sale (14,307 ) (12,724 )
Developments / land 629 545
Non In-Place NOI(3) (26,717 ) (21,892 )
Timing adjustments(4) 1,451 5,099
In-Place NOI 531,365 (49,146 )
Annualized In-Place NOI $ 2,125,460 $ 2,092,180
In-Place NOI Reconciliations
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. Primarily represents non-cash NOI.
4. Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions. 17

18. (dollars in thousands)
3Q19 Annualized In-
Place NOI (1) % of Total
Acquisitions/ Dispositions
Subsequent to 9/30/2019(2)
3Q19 Pro Forma
Annualized In-Place NOI(3) % of Total
Seniors Housing Operating $ 939,936 44 % $ 10,493 $ 950,429 44 %
Seniors Housing Triple-Net 402,608 19% — 402,608 18 %
Outpatient Medical 457,468 22% 51,511 508,979 23 %
Health System 144,512 7 % — 144,512 7%
Long-Term/Post-Acute 180,936 8 % — 180,936 8 %
$ 2,125,460 100 % $ 62,004 $ 2,187,464 100%
Pro forma In-Place NOI Reconciliation
1. Please refer to "In-Place NOI Reconciliations" on previous page.
2. Pro forma adjustments to reflect certain acquisitions or dispositions that have either closed subsequent to September 30, 2019 or been announced (as disclosed on page 3), as if the transactions
occurred on July 1, 2019. Pro forma adjustments are based on estimates and assumptions and are preliminary in nature, and should not be assumed to be in indication of the results that would have
been achieved had the transactions been completed as of the date indicated. Furthermore, transactions not yet closed are subject to customary closing conditions and there can be no assurances as to
the timing of closing.
3. Pro forma annualized IPNOI as of September 30, 2019 excludes the impact of any closed or anticipated acquisitions or dispositions beyond those noted in (2). 18

19. 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 periods.
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.
19

20. (in millions, except per share data) Prior Outlook Current Outlook
Year Ended December 31, 2019 Year Ended December 31, 2019
Low High Low High
Net income attributable to common stockholders $ 1,348 $ 1,388 $ 1,238 $ 1,254
Impairments and losses (gains) on real estate dispositions, net(1,2) (764) (764) (721) (721)
Depreciation and amortization(1) 1,000 1,000 1,004 1,004
NAREIT FFO attributable to common stockholders $ 1,584 $ 1,624 1,521 1,537
Normalizing items, net(1) 77 77 152 152
Normalized FFO attributable to common stockholders $ 1,661 $ 1,701 $ 1,673 $ 1,689
Per diluted share data attributable to common stockholders:
Net income $ 3.33 $ 3.43 $ 3.06 $ 3.10
NAREIT FFO $ 3.91 $ 4.01 $ 3.76 $ 3.80
Normalized FFO $ 4.10 $ 4.20 $ 4.14 $ 4.18
Outlook Reconciliations
1. Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities.
2. Includes estimated gains on projected dispositions. 20