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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
   
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
or
   
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                      
Commission file number: 1-8923
WELLTOWER INC.
 
(Exact name of registrant as specified in its charter
Delaware
34-1096634
(State or other jurisdiction
of Incorporation)
(IRS Employer
Identification No.)
4500 Dorr StreetToledo,Ohio43615
(Address of principal executive office)(Zip Code)
(419) -247-2800
(Registrant’s telephone number, including area code)  
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $1.00 par value per shareWELLNew York Stock Exchange
Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLCWELL/28New York Stock Exchange
Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLCWELL/34New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  þ  No  ¨
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ  No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 þ
 Accelerated filer
¨
 Non-accelerated filer
¨
 Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No  þ
As of August 5, 2022, Welltower Inc. had 463,369,603 shares of common stock outstanding.





TABLE OF CONTENTS
 
 
PART I. FINANCIAL INFORMATIONPage
  
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets
  
Consolidated Statements of Comprehensive Income
  
Consolidated Statements of Equity
  
Consolidated Statements of Cash Flows
  
Notes to Unaudited Consolidated Financial Statements
  
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
Item 4. Controls and Procedures
  
PART II. OTHER INFORMATION 
  
Item 1. Legal Proceedings
  
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  
Item 5. Other Information
  
Item 6. Exhibits
  
Signatures



PART I. FINANCIAL INFORMATION

CONSOLIDATED BALANCE SHEETS
WELLTOWER INC. AND SUBSIDIARIES
(In thousands) 
June 30, 2022 (Unaudited)December 31, 2021 (Note)
Assets:  
  
Real estate investments:  
  
Real property owned:  
Land and land improvements  $4,109,851 $3,968,430 
Buildings and improvements  32,480,543 31,062,203 
Acquired lease intangibles  1,902,141 1,789,628 
Real property held for sale, net of accumulated depreciation  177,719 134,097 
Construction in progress  900,633 651,389 
Less accumulated depreciation and amortization  (7,437,779)(6,910,114)
Net real property owned  32,133,108 30,695,633 
Right of use assets, net324,720 522,796 
Real estate loans receivable, net of credit allowance  956,285 1,068,681 
Net real estate investments  33,414,113 32,287,110 
Other assets:  
Investments in unconsolidated entities  1,300,975 1,039,043 
Goodwill  68,321 68,321 
Cash and cash equivalents  363,339 269,265 
Restricted cash  78,912 77,490 
Straight-line rent receivable408,575 365,643 
Receivables and other assets  939,436 803,453 
Total other assets  3,159,558 2,623,215 
Total assets  
$36,573,671 $34,910,325 
Liabilities and equity  
Liabilities:  
Unsecured credit facility and commercial paper$354,000 $324,935 
Senior unsecured notes  12,488,718 11,613,758 
Secured debt  2,191,826 2,192,261 
Lease liabilities410,717 545,944 
Accrued expenses and other liabilities  1,254,497 1,235,554 
Total liabilities  
16,699,758 15,912,452 
Redeemable noncontrolling interests  
420,018 401,294 
Equity:  
Common stock  464,778 448,605 
Capital in excess of par value  24,465,041 23,133,641 
Treasury stock  (111,691)(107,750)
Cumulative net income  8,815,446 8,663,736 
Cumulative dividends  (14,932,198)(14,380,915)
Accumulated other comprehensive income (loss)  (145,196)(121,316)
Total Welltower Inc. stockholders’ equity  18,556,180 17,636,001 
Noncontrolling interests  897,715 960,578 
Total equity  
19,453,895 18,596,579 
Total liabilities and equity  
$36,573,671 $34,910,325 
Note: The consolidated balance sheet at December 31, 2021 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.

3


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands, except per share data) 
Three Months EndedSix Months Ended
June 30,June 30,
 2022202120222021
Revenues:  
Resident fees and services$1,009,999  $740,891 $2,004,334 $1,464,355 
Rental income  361,411 354,723 717,801 657,566 
Interest income37,140 38,448 76,134 58,027 
Other income63,986 6,930 69,971 13,106 
Total revenues1,472,536 1,140,992 2,868,240 2,193,054 
Expenses:
Property operating expenses854,083 642,657 1,707,752 1,259,983 
Depreciation and amortization310,295 240,885 614,383 485,311 
Interest expense127,750 122,341 249,446 245,483 
General and administrative expenses36,554 31,436 74,260 61,362 
Loss (gain) on derivatives and financial instruments, net(1,407)(359)1,171 1,575 
Loss (gain) on extinguishment of debt, net603 55,612 591 50,969 
Provision for loan losses, net165 6,197 (639)7,580 
Impairment of assets 23,692  47,260 
Other expenses35,166 11,687 61,235 22,681 
Total expenses1,363,209 1,134,148 2,708,199 2,182,204 
Income (loss) from continuing operations before income taxes and other items109,327 6,844 160,041 10,850 
Income tax (expense) benefit(3,065)2,221 (8,078)(1,722)
Income (loss) from unconsolidated entities(7,058)(7,976)(9,942)5,073 
Gain (loss) on real estate dispositions, net(3,532)44,668 19,402 103,748 
Income (loss) from continuing operations95,672 45,757 161,423 117,949 
Net income95,672 45,757 161,423 117,949 
Less: Net income (loss) attributable to noncontrolling interests(1)
5,888 19,500 9,714 20,146 
Net income (loss) attributable to common stockholders$89,784 $26,257 $151,709 $97,803 
Weighted average number of common shares outstanding:
Basic454,327 417,452 450,865 417,360 
Diluted457,082 419,305 453,455 419,205 
Earnings per share:
Basic:
Income (loss) from continuing operations$0.21 $0.11 $0.36 $0.28 
Net income (loss) attributable to common stockholders$0.20 $0.06 $0.34 $0.23 
Diluted:
Income (loss) from continuing operations$0.21 $0.11 $0.36 $0.28 
Net income (loss) attributable to common stockholders(2)
$0.20 $0.06 $0.33 $0.23 
Dividends declared and paid per common share$0.61 $0.61 $1.22 $1.22 
(1) Includes amounts attributable to redeemable noncontrolling interests.
(2) Includes adjustment to the numerator for income (loss) attributable to OP unitholders

4


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands) 
 Three Months EndedSix Months Ended
June 30,June 30,
 2022202120222021
Net income$95,672 $45,757 $161,423 $117,949 
Other comprehensive income (loss):
Foreign currency translation gain (loss)(306,723)12,994 (373,671)57,204 
Derivative and financial instruments designated as hedges gain (loss)284,081 (9,808)336,021 (29,845)
Total other comprehensive income (loss)(22,642)3,186 (37,650)27,359 
Total comprehensive income (loss)73,030 48,943 123,773 145,308 
Less: Total comprehensive income (loss) attributable
to noncontrolling interests(1)
(10,031)22,498 (4,057)26,949 
Total comprehensive income (loss) attributable to common stockholders$83,061 $26,445 $127,830 $118,359 
(1) Includes amounts attributable to redeemable noncontrolling interests.

5


CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
Six Months Ended June 30, 2022
Common StockCapital in
Excess of
Par Value
Treasury
Stock
Cumulative
Net Income
Cumulative
Dividends
Accumulated Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Balances at January 1, 2022$448,605 $23,133,641 $(107,750)$8,663,736 $(14,380,915)$(121,316)$960,578 $18,596,579 
Comprehensive income:
Net income (loss)61,925 2,752 64,677 
Other comprehensive income (loss)(17,156)1,465 (15,691)
Total comprehensive income48,986 
Net change in noncontrolling interests(63,026)(128,305)(191,331)
Amounts related to stock incentive plans, net of forfeitures166 7,279 (4,768)2,677 
Net proceeds from issuance of common stock6,605 542,218 548,823 
Dividends paid:
Common stock dividends(273,668)(273,668)
Balances at March 31, 2022$455,376 $23,620,112 $(112,518)$8,725,661 $(14,654,583)$(138,472)$836,490 $18,732,066 
Comprehensive income:
Net income (loss)89,785 4,409 94,194 
Other comprehensive income (loss)(6,724)(15,116)(21,840)
Total comprehensive income72,354 
Net change in noncontrolling interests(6,760)118,793 112,033 
Adjustment to members' interest from change in ownership in Welltower OP46,861 (46,861) 
Amounts related to stock incentive plans, net of forfeitures20 6,551 827 7,398 
Net proceeds from issuance of common stock9,382 798,277 807,659 
Dividends paid:
Common stock dividends(277,615)(277,615)
Balances at June 30, 2022$464,778 $24,465,041 $(111,691)$8,815,446 $(14,932,198)$(145,196)$897,715 $19,453,895 

 Six Months Ended June 30, 2021
 Common StockCapital in
Excess of
Par Value
Treasury
Stock
Cumulative
Net Income
Cumulative
Dividends
Accumulated Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Balances at January 1, 2021$418,691 $20,823,145 $(104,490)$8,327,598 $(13,343,721)$(148,504)$908,853 $16,881,572 
Comprehensive income:
Net income (loss)71,546 (177)71,369 
Other comprehensive income (loss)20,368 3,729 24,097 
Total comprehensive income95,466 
Net change in noncontrolling interests(14,250)(20,266)(34,516)
Amounts related to stock incentive plans, net of forfeitures175 5,393 (2,029)3,539 
Net proceeds from issuance of common stock(92)(92)
Dividends paid:
Common stock dividends(254,952)(254,952)
Balances at March 31, 2021$418,866 $20,814,196 $(106,519)$8,399,144 $(13,598,673)$(128,136)$892,139 $16,691,017 
Comprehensive income:
Net income (loss)26,257 19,695 45,952 
Other comprehensive income (loss)188 2,919 3,107 
Total comprehensive income49,059 
Net change in noncontrolling interests(17,377)15,630 (1,747)
Amounts related to stock incentive plans, net of forfeitures51 4,504 (2,114)2,441 
Net proceeds from issuance of common stock5,016 360,515 365,531 
Dividends paid:
Common stock dividends(255,472)(255,472)
Balances at June 30, 2021$423,933 $21,161,838 $(108,633)$8,425,401 $(13,854,145)$(127,948)$930,383 $16,850,829 

6


CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
Six Months Ended
June 30,
 20222021
Operating activities:    
Net income  $161,423 $117,949 
Adjustments to reconcile net income to net cash provided from (used in) operating activities:  
Depreciation and amortization  
614,383 485,311 
Other amortization expenses  
11,433 8,854 
Provision for loan losses
(639)7,580 
Impairment of assets  
 47,260 
Stock-based compensation expense  
13,466 10,333 
Loss (gain) on derivatives and financial instruments, net  
1,171 1,575 
Loss (gain) on extinguishment of debt, net  
591 50,969 
Loss (income) from unconsolidated entities
9,942 (5,073)
Rental income less than (in excess of) cash received  
(51,445)9,688 
Amortization related to above (below) market leases, net  
(803)(926)
Loss (gain) on real estate dispositions, net  
(19,402)(103,748)
Distributions by unconsolidated entities
9,590 4,841 
Increase (decrease) in accrued expenses and other liabilities  
7,234 18,569 
Decrease (increase) in receivables and other assets  
(37,613)(14,269)
Net cash provided from (used in) operating activities  719,331 638,913 
 
Investing activities:  
Cash disbursed for acquisitions, net of cash acquired
(1,471,767)(661,285)
Cash disbursed for capital improvements to existing properties
(200,069)(94,483)
Cash disbursed for construction in progress
(286,427)(144,344)
Capitalized interest  
(11,866)(9,358)
Investment in loans receivable
(117,565)(918,407)
Principal collected on loans receivable  
161,180 248,841 
Other investments, net of payments  
3,919 3,030 
Contributions to unconsolidated entities  
(307,513)(233,296)
Distributions by unconsolidated entities  
13,641 171,250 
Proceeds from (payments on) derivatives  
27,302 (13,762)
Proceeds from sales of real property  
103,904 446,680 
Net cash provided from (used in) investing activities  (2,085,261)(1,205,134)
Financing activities:  
Net increase (decrease) under unsecured credit facility and commercial paper
29,065  
Net proceeds from issuance of senior unsecured notes1,040,232 1,208,241 
Payments to extinguish senior unsecured notes  
 (1,533,752)
Net proceeds from the issuance of secured debt  
10,344  
Payments on secured debt  
(226,854)(98,263)
Net proceeds from the issuance of common stock  
1,357,561 366,464 
Payments for deferred financing costs and prepayment penalties  
(4,081)(72,251)
Contributions by noncontrolling interests(1)
38,065 65,982 
Distributions to noncontrolling interests(1)
(214,288)(67,242)
Cash distributions to stockholders  
(549,842)(509,665)
Other financing activities
(6,586)(7,628)
Net cash provided from (used in) financing activities  1,473,616 (648,114)
Effect of foreign currency translation on cash and cash equivalents and restricted cash(12,190)1,996 
Increase (decrease) in cash, cash equivalents and restricted cash  95,496 (1,212,339)
Cash, cash equivalents and restricted cash at beginning of period  346,755 2,021,043 
Cash, cash equivalents and restricted cash at end of period  $442,251 $808,704 
Supplemental cash flow information:
Interest paid$207,031 $221,294 
Income taxes paid (received), net5,462 1,922 
(1) Includes amounts attributable to redeemable noncontrolling interests.

7

WELLTOWER INC.
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. Business
Welltower Inc., an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. We invest with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower Inc., a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), consisting of seniors housing and post-acute communities and outpatient medical properties. 
As of May 24, 2022, we are structured as an umbrella partnership REIT under which substantially all of our business is conducted through Welltower OP LLC, the day-to-day management of which is exclusively controlled by Welltower Inc. For additional information on the UPREIT reorganization, please see our Current Reports on Form 8-K filed with the SEC on March 7, 2022, April 1, 2022, May 25, 2022 and August 8, 2022. Unless stated otherwise or the context otherwise requires, references to "Welltower" mean Welltower Inc. and references to "Welltower OP" mean Welltower OP LLC. References to "we," "us" and "our" mean collectively Welltower, Welltower OP and those entities/subsidiaries owned or controlled by Welltower and/or Welltower OP. Welltower's weighted average ownership in Welltower OP was 99.628% for the three months ended June 30, 2022. As of June 30, 2022, Welltower owned 99.753% of the issued and outstanding units of Welltower OP with other investors owning the remaining 0.247% of outstanding units. We adjust the noncontrolling members' interest at the end of each period to reflect their interest in the net assets of Welltower OP.
2. Accounting Policies and Related Matters
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (such as normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2022 are not necessarily an indication of the results that may be expected for the year ending December 31, 2022. For further information, refer to the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021.
Impact of COVID-19 Pandemic
The extent to which the COVID-19 pandemic impacts our operations and those of our operators and tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, the direct and indirect economic effects of the pandemic and containment measures, the impact of new variants, the effectiveness of vaccines and the overall pace of recovery, among others. The COVID-19 pandemic could have material and adverse effects on our financial condition, results of operations and cash flows in the future.
Our Seniors Housing Operating revenues are dependent on occupancy, which has steadily increased in recent months. As of June 30, 2022, nearly all communities are open for new admissions and allowing visitors, in-person tours and communal dining and activities. Average occupancy, excluding land parcels and properties under development, is as follows:
Three Months Ended
 March 31,June 30,September 30,December 31,
202172.7 %73.0 %74.9 %76.3 %
202276.3 %77.1 %
Property-level operating expenses associated with the COVID-19 pandemic related to our Seniors Housing Operating portfolio totaled $9,015,000 and $20,018,000 for the three and six months ended June 30, 2022, respectively, as compared to $16,948,000 and $44,924,000 during the three and six months ended June 30, 2021, respectively. These expenses were incurred as a result of public health measures and other regulations affecting our properties, as well as additional health and safety measures adopted by us and our operators related to the COVID-19 pandemic, including increases in labor and property cleaning expenses and expenditures related to our efforts to procure personal protective equipment and supplies. We expect total Seniors Housing Operating expenses to remain elevated during the pandemic and potentially beyond as these additional health and safety measures become standard practice.
8

WELLTOWER INC.
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
In 2021 and 2022, we received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the COVID-19 pandemic, as well as under similar programs in the U.K. and Canada. We recognized $21,804,000 and $27,564,000 during the three and six months ended June 30, 2022, respectively, as compared to $18,525,000 and $67,705,000 during the three and six months ended June 30, 2021, respectively. These grants represent a reduction to property operating expenses in our Consolidated Statements of Comprehensive Income.
Our Triple-net operators have experienced similar occupancy declines and operating costs as our Seniors Housing Operating properties. Additionally, long-term/post-acute care facilities are generally experiencing a higher degree of occupancy declines. These factors may continue to impact the ability of our Triple-net operators to make contractual rent payments to us in the future. Many of our Triple-net operators received funds under the CARES Act Paycheck Protection Program and Provider Relief Fund.
New Accounting Standards   
In August 2020, the FASB issued ASU 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provides updated disclosure requirements. The ASU is effective for public business entities beginning after December 15, 2021 including interim periods within those fiscal years. The adoption of this standard did not have a significant impact on our consolidated financial statements.
In March 2020, the FASB issued an amendment to the reference rate reform standard, which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. An example of such reform is the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. The new standard was effective for us upon issuance and elections can be made through December 31, 2022. We are currently evaluating our options with regards to existing contracts and hedging relationships and the impact of adopting this update on our consolidated financial statements.
3. Real Property Acquisitions and Development 
The total purchase price for all properties acquired has been allocated to the tangible and identifiable intangible assets and liabilities at cost on a relative fair value basis. Liabilities assumed and any associated noncontrolling interests are reflected at fair value. The results of operations for these acquisitions have been included in our consolidated results of operations since the date of acquisition and are a component of the appropriate segments. Transaction costs primarily represent costs incurred with acquisitions, including due diligence costs, fees for legal and valuation services, termination of pre-existing relationships computed based on the fair value of the assets acquired, lease termination fees and other acquisition-related costs. Transaction costs related to asset acquisitions are capitalized as a component of purchase price and all other non-capitalizable costs are reflected in other expenses on our Consolidated Statements of Comprehensive Income.












9

WELLTOWER INC.
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The following is a summary of our real property investment activity by segment for the periods presented (in thousands):
 Six Months Ended
 June 30, 2022June 30, 2021
Seniors Housing OperatingTriple-netOutpatient
Medical
TotalsSeniors Housing OperatingTriple-netOutpatient
Medical
Totals
Land and land improvements$130,282 $ $26,714 $156,996 $25,636 $30,849 $29,735 $86,220 
Buildings and improvements1,249,982 171 205,161 1,455,314 167,791 268,210 152,737 588,738 
Acquired lease intangibles77,705  26,836 104,541 10,679  6,274 16,953 
Construction in progress108,141   108,141     
Right of use assets, net169  3,852 4,021     
Total net real estate assets1,566,279 171 262,563 1,829,013 204,106 299,059 188,746 691,911 
Receivables and other assets6,091  260 6,351 634  8 642 
Total assets acquired (1)
1,572,370 171 262,823 1,835,364 204,740 299,059 188,754 692,553 
Secured debt(219,067)  (219,067)    
Lease liabilities  (3,852)(3,852)