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Welltower
WELL
#154
Rank
$134.46 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$195.92
Share price
2.54%
Change (1 day)
39.66%
Change (1 year)
๐Ÿ  Real estate๐Ÿ’ฐ Investment ๐Ÿ˜๏ธ REITs
Categories
Welltower Inc. is a real estate investment company that invests primarily in senior housing, assisted living, acute care facilities, medical office buildings, hospitals and other healthcare properties
  1. Welltower
  2. Annual Reports (10-K)
  3. Financial Year 2021

Welltower - 10-K annual report 2021


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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-K
 
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____
 Commission File Number 1-8923
well-20211231_g1.gif
WELLTOWER INC.
(Exact name of registrant as specified in its charter)
Delaware34-1096634
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
   
4500 Dorr Street,Toledo,Ohio43615
(Address of principal executive offices)(Zip Code)
(419) 247-2800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $1.00 par valueWELLNew York Stock Exchange
4.800% Notes due 2028WELL28New York Stock Exchange
4.500% Notes due 2034WELL34New York Stock Exchange
 
Securities registered pursuant to Section 12(g) of the Act:  None 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes  ☑  No  ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.  Yes  ☐   No  ☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☑  No  ☐
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☑  No  ☐  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
☑
Accelerated filer
☐

Non-accelerated filer
☐

Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐   No  ☑
Indicate by check mark whether the registrant has filed a report on and attestation of the effectiveness of its internal control over financial reporting under Section 404(b) of Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by registered public accounting firm that prepared or issued its audit report ☑
The aggregate market value of the shares of voting common stock held by non-affiliates of the registrant, computed by reference to the closing sales price of such shares on the New York Stock Exchange as of the last business day of the registrant’s most recently completed second fiscal quarter was $35,091,527,000.
As of February 4, 2022, the registrant had 447,279,642 shares of common stock outstanding.
 
DOCUMENTS INCORPORATED BY REFERENCE 
Portions of the registrant’s definitive proxy statement for the annual stockholders’ meeting to be held May 9, 2022, are incorporated by reference into Part III.


WELLTOWER INC. AND SUBSIDIARIES
2021 FORM 10-K ANNUAL REPORT
TABLE OF CONTENTS
 
  Page
 PART I
   
Item 1.Business
2
Item 1A.Risk Factors
25
Item 1B.Unresolved Staff Comments
40
Item 2.Properties
41
Item 3.Legal Proceedings
42
Item 4.Mine Safety Disclosures
42
   
 PART II
   
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
43
Item 6.[Reserved]
44
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations
45
Item 7A.Quantitative and Qualitative Disclosures About Market Risk
70
Item 8.Financial Statements and Supplementary Data
71
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
108
Item 9A.Controls and Procedures
108
Item 9B.Other Information
110
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
110
   
 PART III
   
Item 10.Directors, Executive Officers and Corporate Governance
110
Item 11.Executive Compensation
110
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
110
Item 13.Certain Relationships and Related Transactions and Director Independence
110
Item 14.Principal Accounting Fees and Services
110
   
 PART IV
   
Item 15.Exhibits and Financial Statement Schedules
111
Item 16.Form 10-K Summary
117
 Signature
118


PART I 
Item 1. Business 
General
Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower™, a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), consisting of seniors housing, post-acute communities and outpatient medical properties. More information is available on the Internet at www.welltower.com. The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only.
Our primary objectives are to protect stockholder capital and enhance stockholder value. We seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders as a result of annual increases in net operating income and portfolio growth. To meet these objectives, we invest across the full spectrum of seniors housing and health care real estate and diversify our investment portfolio by property type, relationship and geographic location.
References herein to “we,” “us,” “our” or the “company” refer to Welltower Inc., a Delaware corporation, and its subsidiaries unless specifically noted otherwise.
Portfolio of Properties
Please see “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operation – Executive Summary – Company Overview” for a table that summarizes our portfolio as of December 31, 2021.
Property Types
We invest in seniors housing and health care real estate and evaluate our business through three reportable segments: Seniors Housing Operating, Triple-net and Outpatient Medical. For additional information regarding our segments, please see Note 18 to our consolidated financial statements. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2 to our consolidated financial statements. The following is a summary of our various property types. 
Seniors Housing Operating
Our Seniors Housing Operating properties include seniors apartments, independent living and independent supportive living, continuing care retirement communities, assisted living, Alzheimer's/dementia care and include care homes with or without nursing (U.K.), which assist with activities of daily living that preserve a person's mobility and social systems to promote cognitive engagement. Our properties include stand-alone properties that provide one level of service, combination properties that provide multiple levels of service and communities or campuses that provide a wide range of services. Properties are primarily held in joint venture entities with operating partners. We utilize the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007, which is commonly referred to as a “RIDEA” structure (the provisions of the Internal Revenue Code authorizing the RIDEA structure were enacted as part of the Housing and Economic Recovery Act of 2008). 
Seniors Apartments Seniors apartments generally refer to age-restricted multi-unit housing with self-contained living units for older adults, usually aged 55+ who are able to care for themselves. Seniors apartments generally do not offer other additional services such as meals.
Independent Living and Independent Supportive Living (Canada)  Independent living and independent supportive living generally refers to age-restricted, multifamily properties with central dining that provide residents access to meals and other services such as housekeeping, linen service, transportation and social and recreational activities. 
Continuing Care Retirement Communities  Continuing care retirement communities typically include a combination of detached homes and properties offering independent living, assisted living and/or long-term/post-acute care services on one campus. These communities appeal to residents because there is no need to relocate when health and medical needs change. Resident payment plans vary, but can include entrance fees, condominium fees and rental fees. Many of these communities also charge monthly maintenance fees in exchange for a living unit, meals and some health services. 
Assisted Living  Assisted living refers to state-regulated rental properties that provide independent living services, but also provide supportive care from trained employees to residents who require assistance with activities of daily living, including, but not limited to, management of medications, bathing, dressing, toileting, ambulating and eating.
Alzheimer’s/Dementia Care  Alzheimer's/Dementia Care refers to state-regulated rental properties that generally provide assisted living and independent living services, but also provide supportive care to residents with memory loss, Alzheimer's disease and/or other types of dementia. Amenities vary, but may include enhanced security, specialized design features and memory-enhancing therapies that promote relaxation and help slow cognitive decline.
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Care Homes with or without Nursing (U.K.)  Care homes without nursing, regulated by the Care Quality Commission ("CQC”), are rental properties that provide essentially the same services as U.S. assisted living. Care homes with nursing, also regulated by the CQC, are licensed daily rate or rental properties where most individuals require 24-hour nursing and/or medical care. Generally, these properties are licensed for various national and local reimbursement programs. Unlike the U.S., care homes with nursing in the U.K. generally do not provide post-acute care.
Our Seniors Housing Operating segment accounted for 68%, 67% and 67% of total revenues for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, we had relationships with 38 operators to manage our Seniors Housing Operating properties. In each instance, our partner provides management services to the properties pursuant to an incentive-based management contract. We rely on our partners to effectively and efficiently manage these properties. For the year ended December 31, 2021, our relationship with Sunrise Senior Living accounted for approximately 33% of our Seniors Housing Operating segment revenues and 22% of our total revenues. Additionally Revera accounted for approximately 11% of our Seniors Housing Operating segment revenues and 7% our total revenues. Revera owns a controlling interest in Sunrise Senior Living.
Triple-net
Our Triple-net properties offer services including independent living and independent supportive living (Canada), assisted living, continuing care retirement communities, Alzheimer's/dementia care and care homes with or without nursing (U.K.) described above, as well as long-term/post-acute care. Our properties include stand-alone properties that provide one level of service, combination facilities that provide multiple levels of service, and communities or campuses that provide a wide range of services. We invest primarily through acquisitions, development and joint venture partnerships. Our properties are primarily leased to operators under long-term, triple-net master leases that obligate the tenant to pay all operating costs, utilities, real estate taxes, insurance, building repairs, maintenance costs and all obligations under certain ground leases. We are not involved in property management.
Long-Term/Post-Acute Care Facilities  Post-acute care is at the leading edge of reducing health care costs while improving quality. These high-impact centers help patients recover from illness or surgery with the goals of getting the patient home and healed faster and reducing hospital readmission rates. Our long-term/post-acute care properties generally offer skilled nursing/post-acute care, inpatient rehabilitation and long-term acute care services. Skilled nursing/post-acute care refers to licensed daily rate or rental properties where most individuals require 24-hour nursing and/or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement in the U.S. or provincial reimbursement in Canada. All properties offer some level of rehabilitation services. Some properties focus on higher acuity patients and offer rehabilitation units specializing in cardiac, orthopedic, dialysis, neurological or pulmonary rehabilitation. Inpatient rehabilitation properties provide intensive inpatient services after illness, injury or surgery to patients able to tolerate and benefit from three hours of rehabilitation per day. Long-term acute care properties provide inpatient services for patients with complex medical conditions that require more intensive care, monitoring or emergency support than is available in most skilled nursing/post-acute care properties.
Our Triple-net segment accounted for 19%, 17% and 19% of total revenues for the years ended December 31, 2021, 2020 and 2019, respectively. For the year ended December 31, 2021, our revenues related to our relationship with ProMedica Health System ("ProMedica") accounted for approximately 26% of our Triple-net segment revenues and 5% of total revenues. As of December 31, 2021, our relationship with ProMedica was comprised of a master lease for 205 properties owned by a joint venture landlord of which we own 80%. In addition to rent, the master lease requires ProMedica to pay all operating costs, utilities, real estate taxes, insurance, building repairs, maintenance costs and all obligations under certain ground leases. All obligations under the master lease have been guaranteed by ProMedica.
For the year ended December 31, 2021, our revenues related to our relationship with Genesis Healthcare ("Genesis") accounted for approximately 6% of our Triple-net segment revenues and 1% of our total revenues. During 2020, Genesis indicated substantial doubt as to their ability to continue as a going concern. As a result, effective July 1, 2020, we recognized reserves for all existing straight-line rent receivable balances of $91,025,000 as a reduction to rental income and now recognize rental income from Genesis on a cash basis. Additionally, in March 2021, we entered into definitive agreements to substantially exit our operating relationship with Genesis. As of December 31, 2021, we have transitioned nine facilities to an 80/20 joint venture with ProMedica. Additionally, operations have transitioned to new operators for 39 of the remaining 42 properties, with three properties expected to transition at a later date. We have entered into definitive agreements to sell the 42 properties to either a joint venture with Aurora Health Network, the new operator and us, or to sell outright. As of December 31, 2021, we have closed on the sale of 25 of those properties. An additional ten properties are classified as held for sale and the remaining seven properties are expected to be sold in 2023. As a result, as of December 31, 2021, our relationship with Genesis was comprised of three properties owned 100% by us and master leased to Genesis, which are currently classified as held for sale, a loan balance net of allowance for credit losses of $154,476,000, approximately 9.5 million shares of GEN Series A common stock and a 25% ownership stake in an unconsolidated joint venture that includes two master leases for 28 properties operated by Genesis.
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Outpatient Medical
Outpatient Medical Buildings  Demand for outpatient medical services is growing as more procedures are performed safely and efficiently outside the hospital setting. State-of-the-art outpatient centers are needed in accessible, consumer-friendly locations. Our portfolio of outpatient medical buildings is an integral part of creating health care provider connectivity in local markets and generally include physician offices, ambulatory surgery centers, diagnostic facilities, outpatient services and/or labs. Approximately 87% of our outpatient medical building portfolio is affiliated with health systems (buildings directly on or adjacent to hospital campuses or with tenants that are satellite locations for the health system and its physicians). We typically lease our outpatient medical buildings to multiple tenants and provide varying levels of property management. Our Outpatient Medical segment accounted for 13%, 16% and 13% of total revenues for each of the years ended December 31, 2021, 2020 and 2019, respectively. No single tenant exceeds 20% of segment revenues.
Investments
Providing high-quality and affordable health care to an aging global population requires vast investments and infrastructure development. We invest in seniors housing and health care real estate primarily through acquisitions, developments and joint venture partnerships. For additional information regarding acquisition and development activity, please see Note 3 to our consolidated financial statements. Our portfolio creates opportunities to connect partners across the continuum of care and drive efficiency. We seek to diversify our investment portfolio by property type, relationship and geographic location. In determining whether to invest in a property, we focus on the following: (1) the experience of the obligor’s/partner’s management team; (2) the historical and projected financial and operational performance of the property; (3) the credit of the obligor/partner; (4) the security for any lease or loan; (5) the real estate attributes of the building and its location; (6) the capital committed to the property by the obligor/partner; and (7) the operating fundamentals of the applicable industry. 
We monitor our investments through a variety of methods determined by the type of property. Our asset management process for seniors housing properties generally includes review of monthly financial statements and other operating data for each property, review of obligor/partner creditworthiness, property inspections, and review of covenant compliance relating to licensure, real estate taxes, letters of credit and other collateral. Our internal property management division manages and monitors the outpatient medical portfolio with a comprehensive process including review of, among other things, tenant relations, lease expirations, the mix of health service providers, hospital/health system relationships, property performance, capital improvement needs, and market conditions. 
Investment Types 
Real Property  Our properties are primarily comprised of land, buildings, improvements and related rights. Our triple-net properties are generally leased to operators under long-term operating leases. The leases generally have a fixed contractual term of 12 to 15 years and contain one or more five to 15-year renewal options. Certain of our leases also contain purchase options, a portion of which could result in the disposition of properties for less than full market value if the options were to be exercised. Most of our rents are received under triple-net leases requiring the operator to pay rent and all additional charges incurred in the operation of the leased property. The tenants are required to repair, rebuild and maintain the leased properties. Substantially all these operating leases are designed with escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. 
At December 31, 2021, approximately 94% of our triple-net properties were subject to master leases. A master lease is a lease of multiple properties to one tenant entity under a single lease agreement. From time to time, we may acquire additional properties that are then leased to the tenant under the master lease. The tenant is required to make one monthly payment that represents rent on all the properties that are subject to the master lease. Typically, the master lease tenant can exercise its right to purchase the properties or to renew the master lease only with respect to all leased properties at the same time. We believe this bundling feature benefits us because the tenant cannot limit the purchase or renewal to better performing properties and terminate the leasing arrangement with respect to poorer performing properties. This spreads our risk among the entire group of properties within the master lease. The bundling feature should provide a similar advantage to us if the master lease tenant is in bankruptcy. Subject to certain restrictions, a debtor in bankruptcy has the right to assume or reject its unexpired leases and executory contracts. In the context of integrated master leases such as ours, our tenants in bankruptcy would be required to assume or reject the master lease as a whole, rather than deciding on a property by property basis. 
Our Outpatient Medical portfolio is primarily self-managed and consists mainly of multi-tenant properties leased to health care providers. Our leases typically include increasers and some form of operating expense reimbursement by the tenant. As of December 31, 2021, 65% of our portfolio included leases with full pass through, 30% with a partial expense reimbursement (modified gross) and 5% with no expense reimbursement (gross). Our outpatient medical leases are non-cancellable operating leases that have a weighted-average remaining term of five years at December 31, 2021 and are often credit enhanced by security deposits, guarantees and/or letters of credit.
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Construction  We provide for the construction of properties for tenants primarily as part of long-term operating leases. We capitalize certain interest costs associated with funds used for the construction of properties owned by us. The amount capitalized is based upon the amount advanced during the construction period using the rate of interest that approximates our company-wide cost of financing. Our interest expense is reduced by the amount capitalized. The construction period commences upon funding and terminates upon the earlier of the completion of the applicable property or the end of a specified period. During the construction period, we advance funds to the tenants in accordance with agreed upon terms and conditions which require, among other things, periodic site visits by a company representative. During the construction period, we generally require an additional credit enhancement in the form of payment and performance bonds and/or completion guarantees. At December 31, 2021, we had outstanding construction investments of $651,389,000 and were committed to provide additional funds of approximately $1,208,913,000 to complete construction for consolidated investment properties. We also provide for construction loans which, depending on the terms and conditions, could be treated as loans, real property or investments in unconsolidated entities. 
Loans  Our real estate loans are typically structured to provide us with interest income, principal amortization and transaction fees. Real estate loans consist of mortgage loans and other real estate loans which are primarily collateralized by a first, second or third mortgage lien, a leasehold mortgage on, or an assignment of the partnership interest in the related properties, corporate guarantees and/or personal guarantees. Non-real estate loans are generally corporate loans with no real estate backing. At December 31, 2021, we had outstanding loans, net of allowances, of $1,292,308,000 with an interest yield of approximately 11.2% per annum. Our yield on loans depends upon a number of factors, including the stated interest rate, average principal amount outstanding during the term of the loan and any interest rate adjustments. The loans outstanding at December 31, 2021 are generally subject to one to 15-year terms with principal amortization schedules and/or balloon payments of the outstanding principal balances at the end of the term.
Investments in Unconsolidated Entities Investments in entities that we do not consolidate but for which we can exercise significant influence over operating and financial policies are reported under the equity method of accounting. At December 31, 2021, we had investments in unconsolidated entities of $1,039,043,000. Our investments in unconsolidated entities generally represent interests ranging from 10% to 65% in real estate assets. Under the equity method of accounting, our share of the investee’s earnings or losses is included in our consolidated results of operations. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the entity interest inclusive of transaction costs. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded. 
In Substance Real Estate Additionally, we provide loans to third parties for the acquisition, development and construction of real estate. Under these arrangements, it is possible that we will participate in the expected residual profits of the project through the sale, refinancing or acquisition of the property. We evaluate the characteristics of each arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. Arrangements with characteristics implying real estate joint ventures are treated as in substance real estate investments, accounted for using the equity method, and are presented as investments in unconsolidated entities. We have made loans related to twelve properties with a carrying value of $317,647,000 as of December 31, 2021, which are classified as in substance real estate investments.
Principles of Consolidation
The consolidated financial statements are in conformity with U.S general accepted accounting principles (“U.S. GAAP”) and include the accounts of our wholly-owned subsidiaries and joint venture entities that we control, through voting rights or other means. All material intercompany transactions and balances have been eliminated in consolidation.
At inception of joint venture transactions, we identify entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and determine which business enterprise is the primary beneficiary of its operations. A VIE is broadly defined as an entity where either (i) the equity investors as a group, if any, do not have a controlling financial interest, or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We consolidate investments in VIEs when we are determined to be the primary beneficiary. Accounting Standards Codification Topic 810, "Consolidations", requires enterprises to perform a qualitative approach to determining whether or not a VIE will need to be consolidated. This evaluation is based on an enterprise’s ability to direct and influence the activities of a VIE that most significantly impact that entity’s economic performance.
For investments in joint ventures, U.S. GAAP may preclude consolidation by the sole general partner in certain circumstances based on the type of rights held by the limited partner(s). We assess the limited partners’ rights and their impact on our consolidation conclusions, and we reassess if there is a change to the terms or in the exercisability of the rights of the limited partners, the sole general partner increases or decreases its ownership of limited partnership interests, or there is an increase or decrease in the number of outstanding limited partnership interests. We similarly evaluate the rights of managing members of limited liability companies.
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Borrowing Policies
We utilize a combination of debt and equity to fund investments. Generally, we intend to issue unsecured, fixed-rate public debt with long-term maturities to approximate the maturities on our triple-net leases and investment strategy. For short-term purposes, we may borrow on our primary unsecured credit facility or issue commercial paper. We replace these borrowings with long-term capital such as senior unsecured notes or common stock. When terms are deemed favorable, we may invest in properties subject to existing mortgage indebtedness. In addition, we may obtain secured financing for unleveraged properties in which we have invested or may refinance properties acquired on a leveraged basis. In certain agreements with our lenders, we are subject to restrictions with respect to secured and unsecured indebtedness.
Competition
We compete with other real estate investment trusts, real estate partnerships, private equity and hedge fund investors, banks, insurance companies, finance/investment companies, government-sponsored agencies, taxable and tax-exempt bond funds, health care operators, developers and other investors in the acquisition, development, leasing and financing of health care and seniors housing properties. We compete for investments based on a number of factors including relationships, certainty of execution, investment structures and underwriting criteria. Our ability to successfully compete is impacted by economic and demographic trends, availability of acceptable investment opportunities, our ability to negotiate beneficial investment terms, availability and cost of capital, construction and renovation costs and applicable laws and regulations.
The operators/tenants of our properties compete with properties that provide comparable services in the local markets. Operators/tenants compete for patients and residents based on a number of factors including quality of care, reputation, physical appearance of properties, location, services offered, family preferences (including a preference for home health services instead of residing in one of our communities), physicians, staff and price. Throughout the COVID-19 pandemic, seniors housing operators have experienced broad-based occupancy declines and as a result, we expect competition to continue in 2022 and beyond as operators attempt to fill unoccupied units. We also face competition from other health care facilities for tenants, such as physicians and other health care providers that provide comparable facilities and services.
For additional information on the risks associated with our business, please see “Item 1A — Risk Factors” of this Annual Report on Form 10-K.
Environmental, Social and Governance
Environmental, Social and Governance ("ESG") Approach We are committed to operating in a responsible, transparent and sustainable manner. Our leadership and Board of Directors (through the Nominating Corporate/Governance Committee), oversee and advance our ESG initiatives. We recognize that focusing on ESG engagement, integration and impact benefit our stakeholders and are fundamental to our business. Our corporate responsibility and sustainability strategy is focused on adopting leading ESG practices across our business and we were recognized for our leadership in this space over the past year in the following ways:
•Elevated by CDP to the highest available band level of leadership with an improved score of “A-” for taking coordinated action on climate issues;
•Raised MSCI ESG rating from A to AA;
•Named in 2021 to the Dow Jones Sustainability North American Index for the sixth consecutive year;
•Listed in the FTSE4Good Index since 2012;
•Recognized by the U.S. Environmental Protection Agency (EPA) and U.S. Department of Energy as an ENERGY STAR Partner of the Year for the third consecutive year and elevated to the level of Sustained Excellence, the EPA’s highest recognition within the ENERGY STAR program;
•Maintained Gold Level Green Lease Leader status by the Institute for Market Transformation and the U.S. Department of Energy’s Better Buildings Alliance;
•Named to the Bloomberg Gender-Equality Index for the third consecutive year;
•Named to the Workplace Health Achievement Index by the American Heart Association for the fourth consecutive year, and increased from Bronze to Silver level;
•Maintained Prime status under the ISS-ESG Corporate rating for the third consecutive year;
•Named by S&P Global in collaboration with RobecoSAM for the fourth consecutive year in the 2021 edition of The Sustainability Yearbook;
•Named to the top 20 percent of Newsweek’s America’s Most Responsible Companies list for the third consecutive year;
•Named to Sustainalytics 2021 Top-Rated ESG Companies list;
•Named as one of the top sustainable REITs in Barron’s list of America’s Most Sustainable Companies for the second consecutive year;
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•Honored at the Women’s Forum of New York Breakfast of Champions for the second time for our representation of women on our Board of Directors; and
•Opened Sunrise at East 56th, the recipient of all three LEED Silver, WELL Certification at the Silver level, and WELL Health-Safety Rating Seal certifications.
Environmental We strive to reduce our environmental impact by increasing energy and water efficiency, reducing greenhouse gas emissions, and by investing in projects that reduce energy and water consumption that meet our rate of return threshold. After several years of portfolio and program evolution, along with our increased ability to collect data in partnership with our operators and tenants, our property-level sustainability dataset (energy, greenhouse gas ("GHG"), water, and waste) is evolving to become a set of tools for benchmarking. A portion of our self-managed Outpatient Medical portfolio is benchmarked in EPA ENERGY STAR Portfolio Manager ("ESPM") and we regularly engage with our operators and tenants on ENERGY STAR, utility bill aggregators, utility companies, and others to add to our number of ESPM benchmarked properties throughout our portfolio. In 2021, we continued to work towards our goals of a 10% reduction in GHG emissions and energy and water usage by 2025 from our 2018 baseline.
We have employee, tenant, operator/manager and vendor engagement programs in place, focused on operational strategies to drive energy and water efficiency. We have issued guidance with accompanying training to assist them to successfully benchmark our buildings and to engage them to improve energy and water efficiency, as well as increase their recycling diversion rates.
In December 2019, we issued our inaugural green bond of $500,000,000 of 2.700% notes due 2027. The net proceeds from the offering have been, and continue to be, used to fund energy efficiency, water conservation and green building projects. As of September 30, 2021, we have utilized $277,732,000 of proceeds from this issuance on such projects.
We understand that as we continue to make our operations and buildings more sustainable, we also have a responsibility to effectuate the same in our supply chain and our purchasing decisions. As such, we partner with suppliers that offer take back programs for their products, look for the ENERGY STAR label when purchasing eligible items, seek to purchase office supply products that contain recycled content and purchase paper products that are either Forest Stewardship Council or Sustainable Forestry Initiative certified.
Social We value and are committed to our employees. We believe that a diverse workplace produces a variety of perspectives, motivates employees and helps us understand and better serve our stakeholders, and the communities in which we do business. As of December 31, 2021, our U.S. employees self-identified as follows:
Ethnicity
Male
Female
Asian5 %7 %
Black or African American5 %7 %
Hispanic or Latino7 %7 %
Native Hawaiian or Other Pacific Islander— %1 %
Two or More Races1 %1 %
White82 %77 %
100 %100 %
Gender 51 %49 %
We have reinforced our already strong commitment to diversity and inclusion through our Diversity Council and support of our eight employee network groups ("ENGs"). Our ENGs include women, families, racial and ethnic minorities, military, young professionals, and those who identify as LGBTQI+ and their allies. Our ENGs provide support, education, networking opportunities and community belonging for our employees. Our support of diversity and inclusion through our Diversity Council and ENGs, taken together with other employee initiatives, such as tailored messaging, training and discussions on equality and belonging, support our efforts to compete for and foster talent and inclusiveness in an ever-changing workforce.
In addition, we have several social initiatives in place that are focused on fostering a more diverse workforce, engaging with our communities and promoting the health and well-being of our employees, tenants and residents. The Welltower Charitable Foundation (the "Foundation") financially supports charitable initiatives related to aging, health care, the environment, education and the arts. We encourage our employees to give back to the community by matching their contributions and donating their time to eligible charitable organizations. Funds are also allocated to each of our ENGs to make charitable contributions in support of their programming efforts. Additionally, the Foundation facilitates presentations for charities to compete in the Give-WELL campaign. This campaign enables our employees to present and vote for charities that will receive donations from the Foundation. During 2021, we sponsored our second annual Day of Giving so our employees could collaborate to make an impact with local charitable organizations through volunteer opportunities. See Human Capital section below for additional information regarding employee initiatives and programs.
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Governance Our commitment to diversity starts at the top with a highly knowledgeable, skilled and diverse Board of Directors. As of December 31, 2021, our 11 Directors self-identified as follows:
Board Composition
EthnicityGender
Asian9 %Male64 %
Black or African American18 %Female36 %
Hispanic or Latino18 %100 %
White55 %
100 %
Ten of our 11 Directors are independent and the independent Chair of our Board is held by a Black/African American male. Four or 36% of our five Board committees are chaired by either a Female (2), Hispanic/Latino (1) or Black/African American (1) Director.
Additional information regarding our ESG programs and initiatives is available in our 2020 Environmental, Social and Governance Report (located on our website at www.welltower.com). Information on our website, including our Environmental, Social and Governance Report or sections thereof, is not incorporated by reference into this Annual Report.
Human Capital
Our employees are our greatest asset. As of December 31, 2021, we had 464 employees (443 located in United States, 13 in the United Kingdom, six in Canada and two in Luxembourg). We are committed to the success of our people and the unique combination of skills and experiences they bring to achieving our mission.
Employee Engagement High employee engagement and satisfaction are critical to attracting and retaining top talent. During 2021, we conducted an employee engagement survey through an independent third party, measuring our progress on important employee issues such as manager relationships, employee empowerment, performance management and resources and support, and identifying opportunities for growth and improvement. Scores have been shared with all managers and action plans to improve and prioritize focus areas are being put into place.
Employee Development Programs and Performance Management Development through the talent pipeline, recognizing and rewarding performance and providing opportunities for continued growth are the cornerstones of our Human Capital strategy. We offer employees resources, trainings and tools designed to develop future leaders, advance careers and attract and retain talent including but not limited to our robust early career programs, formal mentorship and coaching programs, manager development training, skill development courses and education assistance. During 2021, we launched executive management coaching programs to equip leaders with structured 360 feedback, customized development plans and guidance on company-wide succession planning. For our vice presidents, we partnered with a virtual coaching platform that scales individual access to expert coaches, training opportunities and enables behavioral change through award-winning artificial intelligence. For our senior vice presidents, we partnered with an independent advisory firm to provide one-on-one coaching, including an extensive 360 feedback process to focus on maximizing their executive leadership potential.
Compensation and Benefits In addition to salary, our compensation and benefits programs include annual short term incentive bonuses, long-term incentive stock awards, retirement plans, an employee stock purchase plan, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, maternity and caregiver leave, senior wellness leave, employee assistance programs, tuition assistance and health and wellness reimbursement programs, among many others. With the assistance of independent third parties, we annually evaluate and benchmark the competitiveness of our compensation and benefits programs focusing on fair pay practices that reward performance and support the needs of our employees.
Health, Safety and Wellness The success of our business is fundamentally connected to the safety and well-being of our employees, tenants, operators and managers, and their residents and visitors, as the case may be. We provide our employees and their families with access to numerous innovative, flexible and convenient health and wellness programs that support physical, mental and financial well-being. As we continued to navigate COVID-19 in 2021, we took a number of actions designed to provide for the safety and well-being of our employees such as allowing remote and hybrid work, and flexible schedules where feasible, establishing office protocols for employee safety, conducting training courses on COVID-19 prevention and encouraging COVID-19 vaccinations and boosters across our workforce through paid time off in order to obtain vaccinations and boosters and manage side effects. Also during 2021, we increased internal communications across the organization through podcasts, town hall meetings, team events (virtually and in person) and dedicated communication channels for the ENGs, resulting in more connectivity and engagement. We continued to provide access to personal protective equipment, and enhanced cleaning and sanitation procedures.
Credit Concentrations  Please see Note 9 to our consolidated financial statements.
Geographic Concentrations  Please see “Item 2 – Properties” below and Note 18 to our consolidated financial statements.
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Certain Government Regulations
United States
Health Law Matters — Generally
Typically, operators of seniors housing facilities do not receive significant funding from government programs and are largely subject to state laws, as opposed to federal laws. Operators of long-term/post-acute care facilities and hospitals do receive significant funding from government programs, and these facilities are subject to extensive regulation, including federal and state laws covering the type and quality of medical and/or nursing care provided, ancillary services (e.g., respiratory, occupational, physical and infusion therapies), qualifications of the administrative personnel and nursing staff, the adequacy of the physical plant and equipment, reimbursement and rate setting and operating policies. In addition, as described below, operators of these facilities are subject to extensive laws and regulations pertaining to health care fraud and abuse, including, but not limited to, the federal Anti-Kickback Statute (“AKS”), the federal Stark Law (“Stark Law”), and the federal False Claims Act (“FCA”), as well as comparable state laws. Hospitals, physician group practice clinics, and other health care providers that operate in our portfolio are subject to extensive federal, state, and local licensure, registration, certification, and inspection laws, regulations, and industry standards, as well as other conditions of participation in federal and state government programs such as Medicare and Medicaid. Further, operators of long-term care facilities are required to have in place compliance and ethics programs that meet the requirements of federal laws and regulations. Our tenants’ failure to comply with applicable laws and regulations could result in, among other things: loss of accreditation; denial of reimbursement; imposition of fines; suspension, decertification, or exclusion from federal and state health care programs; loss of license; or closure of the facility. See risk factors “The requirements of, or changes to, governmental reimbursement programs, such as Medicare or Medicaid, could have a material adverse effect on our obligors’ liquidity, financial condition and results of operations, which could adversely affect our obligors’ ability to meet their obligations to us” and “Our operators’ or tenants’ failure to comply with federal, state, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards could adversely affect such operators’ or tenants’ operations, which could adversely affect our operators’ and tenants’ ability to meet their obligations to us” in “Item 1A – Risk Factors” below. Moreover, in light of certain arrangements that Welltower may pursue with healthcare entities who are directly subject to laws and regulations pertaining to health care fraud and abuse, and, given that certain of our arrangements are structured under the provisions of the REIT Investment Diversification and Empowerment Act of 2007 ("RIDEA"), certain health care fraud and abuse laws and data privacy laws could apply directly to Welltower. See risk factor "We assume operational and legal risks with respect to our properties managed in RIDEA structures that could have a material adverse effect on our business results of operations, and financial condition" in "Item 1A - Risk Factors" below.
Licensing and Certification
The primary regulations that affect seniors housing facilities are state licensing and certification laws. For example, certain health care facilities are subject to a variety of licensure and certificate of need (“CON”) laws and regulations. Where applicable, CON laws generally require, among other requirements, that a facility demonstrate the need for (1) constructing a new facility, (2) adding beds or expanding an existing facility, (3) investing in major capital equipment or adding new services, (4) changing the ownership or control of an existing licensed facility or (5) terminating services that have been previously approved through the CON process. Certain state CON laws and regulations may restrict the ability of operators to add new properties or expand an existing facility’s size or services. In addition, CON laws may constrain the ability of an operator to transfer responsibility for operating a particular facility to a new operator.
With respect to licensure, generally our long-term/post-acute care facilities are required to be licensed by the applicable state regulatory authority and certified for participation in Medicare, Medicaid and other federal and state health care programs. The failure of our operators to maintain or renew any required license or regulatory approval as well as the failure of our operators to correct serious deficiencies identified in a compliance survey could require those operators to discontinue operations at a property. In addition, if a property is found to be out of compliance with Medicare, Medicaid or other federal or state health care program conditions of participation, the property operator may be excluded from participating in those government health care programs.
Reimbursement
The reimbursement methodologies applied to health care facilities continue to evolve. Federal and state authorities have considered and implemented and may continue seeking to implement new or modified reimbursement methodologies, including value-based reimbursement methodologies that may negatively impact health care property operations. Likewise, third-party payors may continue imposing greater controls on operators, including through changes in reimbursement rates and fee structures. The impact of any such changes, if implemented, may result in a material adverse effect on our portfolio. No assurance can be given that current revenue sources or levels will be maintained. Accordingly, there can be no assurance that payments under a government health care program are currently, or will be in the future, sufficient to fully reimburse the property operators for their operating and capital expenses.
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•Seniors Housing Facilities  The majority of the revenues received by the operators of U.S. seniors housing facilities are from private pay sources. The remaining revenue source is primarily Medicaid provided under state waiver programs for home and community-based care. There can be no guarantee that a state Medicaid program operating pursuant to a waiver will be able to maintain its waiver status. Rates paid by self-pay residents are set by the facilities and are determined by local market conditions and operating costs. Generally, facilities receive a higher payment per day for a private pay resident than for a Medicaid beneficiary who requires a comparable level of care. The level of Medicaid reimbursement varies from state to state. Thus, the revenues generated by operators of our assisted living facilities may be adversely affected by payor mix, acuity level, or changes in Medicaid eligibility and reimbursement levels.
•Long-Term/Post-Acute Care Facilities  The majority of the revenues received by the operators of these facilities are from the Medicare and Medicaid programs, with the balance representing reimbursement payments from private payors and patients. Consequently, changes in federal or state reimbursement policies may adversely affect an operator’s ability to cover its expenses, including our rent or debt service. Long-term/post-acute care facilities are subject to periodic pre- and post-payment reviews and other audits by federal and state authorities. A review or audit of a property operator’s claims could result in recoupments, denials or delay of payments in the future. Due to the significant judgments and estimates inherent in payor settlement accounting, no assurance can be given as to the adequacy of any reserves maintained by our property operators to cover potential adjustments to reimbursements or to cover settlements made to payors.
◦Medicare Reimbursement Generally, long-term/post-acute care facilities are reimbursed by Medicare under prospective payment systems, which generally provide reimbursement based upon a predetermined fixed amount per episode of care and are updated by CMS, an agency of the Department of Health and Human Services (“HHS”) annually. There is a risk under these payment systems that costs will exceed the fixed payments, or that payments may be set below the costs to provide certain items and services. Further, there is risk that Medicare Skilled Nursing Facility ("SNF") payment reforms may impact our tenants and operators. In addition, the HHS Office of Inspector General has released recommendations to address SNF billing practices and Medicare payment rates. If followed, these recommendations regarding SNF payment reform may impact our tenants and operators.
◦Medicaid Reimbursement  Many states reimburse SNFs using fixed daily rates, which are applied prospectively based on patient acuity and the historical costs incurred in providing patient care. In most states, Medicaid does not fully reimburse the cost of providing services. Certain states are attempting to slow the rate of Medicaid growth by freezing rates or restricting eligibility and benefits. In addition, Medicaid reimbursement rates may decline if state revenues in a particular state are not sufficient to fund budgeted expenditures.
•Medicare Reimbursement for Physicians, Hospital Outpatient Departments (“HOPDs”), and Ambulatory Surgical Centers (“ASCs”) Changes in reimbursement to physicians, HOPDs and ASCs may further affect our tenants and operators. Generally, Medicare reimburses physicians under the Physician Fee Schedule, while HOPDs and ASCs are reimbursed under prospective payment systems. The Physician Fee Schedule and the HOPD and ASC prospective payment systems are updated annually by CMS. These annual Medicare payment regulations have resulted in lower net pay increases than providers of those services have often expected. In addition, the Medicare and Children’s Health Insurance Program Reauthorization Act of 2015 (“MACRA”) includes payment reductions for providers who do not meet government quality standards. The implementation of pay-for-quality models like those required under MACRA has the potential to produce funding disparities that could adversely impact some provider tenants in outpatient medical buildings and other health care properties. Changes in Medicare Advantage plan payments may also indirectly affect our operators and tenants that contract with Medicare Advantage plans.
•Health Reform Laws  The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively, the “Health Reform Laws”) dramatically altered how health care is delivered and reimbursed in the U.S. and contained various provisions, including Medicaid expansion and the establishment of Health Insurance Exchanges (“HIEs”) providing subsidized health insurance, that may directly impact us or the operators and tenants of our properties. The status of the Health Reform Laws may be subject to change as a result of political, legislative, regulatory and administrative developments and judicial proceedings. While there have been multiple attempts to repeal or amend the Health Reform Laws through legislative action and legal challenges, legislative attempts to completely repeal the Health Reform Laws have been unsuccessful to date, and on June 17, 2021, the U.S. Supreme Court dismissed the most recent judicial challenge to the Health Reform Laws brought by several states without specifically ruling on the constitutionality of the Health Reform Laws. Nevertheless, the status of the Health Reform Laws may be subject to change and other health reform measures could be implemented as a result of political, legislative, regulatory and administrative developments and judicial proceedings. Further, the impact that the Biden Administration or U.S. Congress may have on health reform (including through new legislative, executive order, or regulatory efforts) remains uncertain, and any changes will likely take time to unfold and could have an impact on coverage and reimbursement for health care items and services covered by plans that were authorized by the Health Reform Laws. We cannot predict whether the existing Health Reform Laws, or future health care reform legislation, executive order, or regulatory changes, will have a material impact on our operators’ or tenants’ property or business.

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Fraud & Abuse Enforcement
Long-term/post-acute care facilities (and seniors housing facilities that receive Medicaid payments) are subject to federal, state, and local laws, regulations, and applicable guidance that govern the operations and financial and other arrangements that may be entered into by health care providers. Certain of these laws, such as the AKS and Stark Law, prohibit direct or indirect payments of any kind for the purpose of inducing or encouraging the referral of patients for medical products or services reimbursable by government health care programs. Other government health program laws require providers to furnish only medically necessary services and submit to the government valid and accurate statements for each service. Our operators and tenants that receive payments from federal health care programs, such as Medicare and Medicaid, are subject to substantial financial penalties under the Civil Monetary Penalties Act and the FCA upon a finding of noncompliance with such laws. In addition, states may also have separate false claims acts, which, among other things, generally prohibit health care providers from filing false claims or making false statements to receive payments. Federal and state FCAs contain "whistleblower" provisions that permit private individuals to bring health care fraud enforcement claims on behalf of the government. Still other laws require providers to comply with a variety of safety, health and other requirements relating to the condition of the licensed property and the quality of care provided. Sanctions for violations of these laws, regulations and other applicable guidance may include, but are not limited to, criminal and/or civil penalties and fines, loss of licensure, immediate termination of government payments, exclusion from any government health care program, damage assessments and imprisonment. In certain circumstances, violation of these rules (such as those prohibiting abusive and fraudulent behavior) with respect to one property may subject other facilities under common control or ownership to sanctions, including exclusion from participation in the Medicare and Medicaid programs, as well as other government health care programs, and revocation of healthcare licenses. In the ordinary course of its business, a property operator is regularly subjected to inquiries, investigations and audits by the federal and state agencies that oversee these laws and regulations.
Prosecutions, investigations or whistleblower actions could have a material adverse effect on a property operator’s liquidity, financial condition, and operations, which could adversely affect the ability of the operator to meet its financial obligations to us. In addition, government investigations and enforcement actions brought against the health care industry have increased dramatically over the past several years and are expected to continue. The costs for an operator of a health care property associated with both defending such enforcement actions and the undertakings in settling these actions can be substantial and could have a material adverse effect on the ability of an operator to meet its obligations to us. In addition, Welltower could potentially be directly subject to these health care fraud and abuse laws, as well as potential investigation or enforcement, as a result of our RIDEA-structured arrangements, and certain collaboration or other arrangements we may pursue with stakeholders who are directly subject to these laws.
Federal and State Data Privacy and Security Laws
The Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), as amended by the Health Information Technology for Economic and Clinical Health Act, and numerous other state and federal laws govern the collection, security, dissemination, use, access to and confidentiality of personal information, including individually identifiable health information. Violations of these laws may result in substantial civil and/or criminal fines and penalties. The costs to a business such as ours or to an operator of a health care property associated with developing and maintaining programs and systems to comply with data privacy and security laws, defending against privacy and security related claims or enforcement actions and paying any assessed fines, can be substantial. Moreover, such costs could have a material adverse effect on the ability of an operator to meet its obligations to us. Finally, data privacy and security laws and regulations continue to develop, including with regard to HIPAA and U.S. state privacy laws such as the California Consumer Privacy Act and the new California Privacy Rights Act, and other similar laws in Colorado and Virginia that will go into effect in 2023. As we use data to better inform our investments and the efficacy of care in our communities, these developments may add potential uncertainty and costs towards compliance obligations, business operations or transactions that depend on data. These new privacy laws may create restrictions or requirements in our, our operators' and other business partners' use, sharing and securing of data. New privacy and security laws could require substantial investment in resources to comply with regulatory changes as privacy and security laws proliferate in divergent ways or impose additional obligations, and potentially create new privacy related legal risks.
United Kingdom
In the U.K., care home services are principally regulated by the Health and Social Care Act 2008 (as amended) and other regulations. This legislation subjects service providers to a number of legally binding “Fundamental Standards” and requires, amongst other things, that all persons carrying out “Regulated Activities” in the U.K., and the managers of such persons, be registered. Providers of care home services are also subject (as data controllers) to laws governing their use of personal data (including in relation to their employees, clients and recipients of their services). These laws currently take the form of the U.K.’s Data Protection Act 2018 and the U.K. General Data Protection Regulation (collectively “U.K. DP Laws”). U.K. DP Laws impose a significant number of obligations on controllers with the potential for fines of up to 4% of annual worldwide turnover or £17.5 million, whichever is greater. Further, to the extent that an entity established in the U.K. or any other jurisdiction offers goods or services to individuals in the European Economic Area, that entity may also be subject to the E.U. General Data Protection Regulation ("E.U. GDPR"). Similarly, the E.U. GDPR imposes obligations on controllers with the
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potential for fines of up to 4% of annual worldwide turnover or €20 million, whichever is greater. Entities incorporated in or carrying on a business in the U.K., as well as individuals residing in the U.K., are also subject to the U.K. Bribery Act 2010. The U.K. has national minimum wage legislation with a maximum fine for non-payment of £20,000 per worker and employers who fail to pay will be banned from being a company director for up to 15 years. In addition, there is a bill currently going through the U.K. Parliament which will require a care home provider, where entering into a contract for the provision of healthcare or social care services with a local public authority, to enter into mandatory contractual terms to provide the local public authority with evidence that it pays the national minimum wage to all of its employees engaged in the provision of services for which the provider has contracted for (e.g., a national minimum wage record). Further, the Working Time and Holiday Pay Bill 2019-2021 is currently going through the U.K. Parliament, which makes provision for the expiration of the Working Time Regulations 1998, provides for additional regulations governing working time and makes provisions for holiday pay for employees.
Canada
Senior living residences in Canada are provincially regulated. Within each province, there are different categories for senior living residences that are generally based on the level of care sought and/or required by a resident (e.g. assisted or retirement living, senior living residences, residential care, long-term care). In some of these categories and depending on the province, residences may be government funded, or the individual residents may be eligible for a government subsidy, while other residences are exclusively private-pay. The governing legislation and regulations vary by province, but generally the object of the laws is to set licensing requirements and minimum standards for senior living residences, and regulate operations. These laws empower regulators in each province to take a variety of steps to ensure compliance, conduct inspections, issue reports and generally regulate the industry.
Our operations in Canada are subject to privacy legislation, including, in certain provinces, privacy laws specifically related to personal health information. Although the obligations of senior living residences in the various provinces differ, they all include the obligation to protect personal information. Under some of these laws, notification to the regulator in the event of an actual or suspected privacy breach is mandatory. The powers of privacy regulators and penalties for violations of privacy law vary according to the applicable law or are left to the courts. In September 2021, the province of Quebec adopted significant amendments to its privacy legislation, including a new enforcement scheme with significant penalties and fines: up to CAD $10 million or 2% of global turnover (whichever is greater) for administrative monetary penalties and up to CAD $25 million or 4% of global turnover for penal fines. The amendments will go into effect in three stages: (i) a few provisions on September 22, 2022, (ii) most provisions on September 22, 2023 (including the new enforcement scheme), and (iii) one provision on September 23, 2024. Senior living residences may also be subject to laws pertaining to residential tenancy, provincial and/or municipal laws applicable to fire safety, food services, zoning, occupational health and safety, public health and the provision of community health care and funded long-term/post-acute care.
Taxation
The following summary of the taxation of the company and the material U.S. federal income tax consequences to the holders of our debt and equity securities is for general information only and is not tax advice. This summary does not address all aspects of taxation that may be relevant to certain types of holders of stock or securities (including, but not limited to, insurance companies, tax-exempt entities, financial institutions or broker-dealers, persons holding shares of common stock as part of a hedging, integrated conversion, or constructive sale transaction or a straddle, traders in securities that use a mark-to-market method of accounting for their securities, investors in pass-through entities and foreign corporations and persons who are not citizens or residents of the United States).
This summary does not discuss all of the aspects of U.S. federal income taxation that may be relevant to you in light of your particular investment or other circumstances. In addition, this summary does not discuss any state or local income taxation or foreign income taxation or other foreign tax consequences. This summary is based on current U.S. federal income tax laws. A discussion of the potential implications to the Company of the Tax Act is provided at the end of this summary below. Subsequent developments in U.S. federal income tax law, including changes in law or differing interpretations, which may be applied retroactively, could have a material effect on the U.S. federal income tax consequences of purchasing, owning and disposing of our securities as set forth in this summary. Before you purchase our securities, you should consult your own tax advisor regarding the particular U.S. federal, state, local, foreign and other tax consequences of acquiring, owning and selling our securities.
General
We elected to be taxed as a REIT commencing with our first taxable year. We intend to continue to operate in such a manner as to qualify as a REIT, but there is no guarantee that we will qualify or remain qualified as a REIT for subsequent years. Qualification and taxation as a REIT depends upon our ability to meet a variety of qualification tests imposed under U.S. federal income tax law with respect to our income, assets, distributions and share ownership, as discussed below under “Qualification as a REIT.” There can be no assurance that we will qualify or remain qualified as a REIT.
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In any year in which we qualify as a REIT, in general, we will not be subject to U.S. federal income tax on that portion of our REIT taxable income or capital gain that is distributed to stockholders. We may, however, be subject to tax at normal corporate rates on any taxable income or capital gain not distributed. If we elect to retain and pay income tax on our net capital gain, stockholders would be taxed on their proportionate share of our undistributed net capital gain and would receive a refundable credit for their share of any taxes paid by us on such gain.
Despite the REIT election, we may be subject to U.S. federal income and excise tax as follows:
•To the extent that we do not distribute all of our net capital gain or distribute at least 90%, but less than 100%, of our “REIT taxable income,” as adjusted, we will be subject to tax on the undistributed amount at regular corporate tax rates;
•If we have net income from the sale or other disposition of “foreclosure property” that is held primarily for sale to customers in the ordinary course of business or other non-qualifying income from foreclosure property, such income will be taxed at the highest corporate rate;
•Any net income from prohibited transactions (which are, in general, sales or other dispositions of property held primarily for sale to customers in the ordinary course of business, other than dispositions of foreclosure property) will be subject to a 100% tax;
•If we fail to satisfy either the 75% or 95% gross income tests (as discussed below), but nonetheless maintain our qualification as a REIT because certain other requirements are met, we will be subject to a 100% tax on an amount equal to (1) the gross income attributable to the greater of (i) 75% of our gross income over the amount of qualifying gross income for purposes of the 75% gross income test (discussed below) or (ii) 95% of our gross income over the amount of qualifying gross income for purposes of the 95% gross income test (discussed below) multiplied by (2) a fraction intended to reflect our profitability;
•If we fail to distribute during each year at least the sum of (1) 85% of our REIT ordinary income for the year, (2) 95% of our REIT capital gain net income for such year (other than capital gain that we elect to retain and pay tax on) and (3) any undistributed taxable income from preceding periods, we will be subject to a 4% excise tax on the excess of such required distribution over amounts actually distributed; and
•We will be subject to a 100% tax on certain amounts from certain transactions involving our “taxable REIT subsidiaries” that are not conducted on an arm’s length basis. See “Qualification as a REIT - Investments in Taxable REIT Subsidiaries.
If we acquire any assets from a corporation, which is or has been a “C” corporation, in a carryover basis transaction (including where a “C” corporation elects REIT status), we could be liable for specified liabilities that are inherited from the “C” corporation. A “C” corporation is generally defined as a corporation that is required to pay full corporate level U.S. federal income tax. If we recognize gain on the disposition of the assets during the five-year period beginning on the date on which the assets were acquired by us, then, to the extent of the assets’ “built-in gain” (e.g., the excess of the fair market value of the asset over the adjusted tax basis of the asset, in each case determined as of the beginning of the five-year period), we will be subject to tax on the gain at the highest regular corporate rate applicable. The results described in this paragraph with respect to the recognition of built-in gain assume that the “C” corporation did not make and was not treated as making an election to treat the built-in gain assets as sold to an unrelated party. For those properties that are subject to the built-in gains tax, the potential amount of built-in gains tax will be an additional factor when considering a possible sale of the properties within the five-year period beginning on the date on which the properties were acquired by us. See Note 19 to our consolidated financial statements for additional information regarding the built-in gains tax.
Qualification as a REIT
A REIT is defined as a corporation, trust or association:
(1) which is managed by one or more trustees or directors;
(2) the beneficial ownership of which is evidenced by transferable shares or by transferable certificates of beneficial interest;
(3) which would be taxable as a domestic corporation but for the U.S. federal income tax law relating to REITs;
(4) which is neither a financial institution nor an insurance company;
(5) the beneficial ownership of which is held by 100 or more persons in each taxable year of the REIT except for its first
    taxable year;
(6) not more than 50% in value of the outstanding stock of which is owned during the last half of each taxable year, excluding its first taxable year, directly, indirectly or constructively, by or for five or fewer individuals (which includes certain entities) (the “Five or Fewer Requirement”); and
(7) which meets certain income and asset tests described below.
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Conditions (1) to (4), inclusive, must be met during the entire taxable year and condition (5) must be met during at least 335 days of a taxable year of 12 months or during a proportionate part of a taxable year of less than 12 months. For purposes of conditions (5) and (6), pension funds and certain other tax-exempt entities are treated as individuals, subject to a “look-through” exception in the case of condition (6).
Based on publicly available information, we believe we have satisfied the share ownership requirements set forth in (5) and (6) above. In addition, Article VI of our by-laws provides for restrictions regarding ownership and transfer of shares. These restrictions are intended to assist us in continuing to satisfy the share ownership requirements described in (5) and (6) above but may not ensure that we will, in all cases, be able to satisfy such requirements.
We have complied with, and will continue to comply with, regulatory rules to send annual letters to certain of our stockholders requesting information regarding the actual ownership of our stock. If, despite sending the annual letters, we do not know, or after exercising reasonable diligence would not have known, whether we failed to meet the Five or Fewer Requirement, we will be treated as having met the Five or Fewer Requirement. If we fail to comply with these regulatory rules, we will be subject to a monetary penalty. If our failure to comply were due to intentional disregard of the requirement, the penalty would be increased. However, if our failure to comply were due to reasonable cause and not willful neglect, no penalty would be imposed.
We may own a number of properties through wholly owned subsidiaries. A corporation will qualify as a “qualified REIT subsidiary” if 100% of its stock is owned by a REIT, and the REIT does not elect to treat the subsidiary as a taxable REIT subsidiary. A “qualified REIT subsidiary” will not be treated as a separate corporation for U.S. federal income tax purposes, and all assets, liabilities and items of income, deductions and credits of a “qualified REIT subsidiary” will be treated as assets, liabilities and items (as the case may be) of the REIT for U.S. federal income tax purposes. A “qualified REIT subsidiary” is not subject to U.S. federal income tax, and our ownership of the voting stock of a qualified REIT subsidiary will not violate the restrictions against ownership of securities of any one issuer which constitute more than 10% of the value or total voting power of such issuer or more than 5% of the value of our total assets, as described below under “- Asset Tests.”
If we invest in an entity treated as a partnership for U.S. federal income tax purposes, we will be deemed to own a proportionate share of the entity’s assets. Likewise, we will be treated as receiving our share of the income and loss of the entity, and the gross income will retain the same character in our hands as it has in the hands of the entity. These “look-through” rules apply for purposes of the income tests and assets tests described below.
The deduction of business interest is limited to 30% (50% in the case of taxable years beginning in 2019 or 2020) of adjusted taxable income, which may limit the deductibility of interest expense by us, our taxable REIT subsidiaries, or our joint venture and partnership arrangements. A “real property trade or business” may irrevocably elect out of the applicability of the limitation, but if it does so it must use the less favorable alternative depreciation system to depreciate real property used in the trade or business. Regulations provide guidance on how to allocate interest deductions among multiple trades or businesses and contain special rules, including a safe harbor, regarding the allocation of a REIT’s interest deductions to a “real property trade or business.”
Income Tests  There are two separate percentage tests relating to our sources of gross income that we must satisfy each taxable year:
•At least 75% of our gross income (excluding gross income from certain sales of property held primarily for sale) generally must be directly or indirectly derived each taxable year from “rents from real property,” other income from investments relating to real property or mortgages on real property or certain income from qualified temporary investments.
•At least 95% of our gross income (excluding gross income from certain sales of property held primarily for sale) generally must be directly or indirectly derived each taxable year from any of the sources qualifying for the 75% gross income test and from dividends (including dividends from taxable REIT subsidiaries) and interest.
Income from hedging and foreign currency transactions is excluded from the 95% and 75% gross income tests if certain requirements are met but otherwise will constitute gross income which does not qualify under the 95% or 75% gross income tests.
Rents received by us will qualify as “rents from real property” for purposes of satisfying the gross income tests for a REIT only if several conditions are met:
•The amount of rent must not be based in whole or in part on the income or profits of any person, although rents generally will not be excluded merely because they are based on a fixed percentage or percentages of receipts or sales.
•Rents received from a tenant will not qualify as rents from real property if the REIT, or an owner of 10% or more of the REIT, also directly or constructively owns 10% or more of the tenant, unless the tenant is our taxable REIT subsidiary and certain other requirements are met with respect to the real property being rented.
•If rent attributable to personal property leased in connection with a lease of real property is greater than 15% of the total rent received under the lease, then the portion of rent attributable to such personal property will not qualify as “rents from real property.”
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•For rents to qualify as rents from real property, we generally must not furnish or render services to tenants, other than through a taxable REIT subsidiary or an “independent contractor” from whom we derive no income, except that we may directly provide services that are usually or customarily rendered in the geographic area in which the property is located in connection with the rental of real property for occupancy only or are not otherwise considered rendered to the occupant for his convenience.
•We may lease “qualified health care properties” on an arm’s-length basis to a taxable REIT subsidiary if the property is operated on behalf of such subsidiary by a person who qualifies as an “independent contractor” and who is, or is related to a person who is, actively engaged in the trade or business of operating health care facilities for any person unrelated to us or our taxable REIT subsidiary (such person, an “eligible independent contractor”). If this is the case, the rent that the REIT receives from the taxable REIT subsidiary generally will be treated as “rents from real property.” A “qualified health care property” includes any real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility that extends medical or nursing or ancillary services to patients and is operated by a provider of such services that is eligible for participation in the Medicare program with respect to such facility.
A REIT is permitted to render a de minimis amount of impermissible services to tenants and still treat amounts received with respect to that property as rent from real property. The amount received or accrued by the REIT during the taxable year for the impermissible services with respect to a property may not exceed 1% of all amounts received or accrued by the REIT directly or indirectly from the property. The amount received for any service or management operation for this purpose shall be deemed to be not less than 150% of the direct cost of the REIT in furnishing or rendering the service or providing the management or operation. Furthermore, impermissible services may be furnished to tenants by a taxable REIT subsidiary subject to certain conditions, which would permit us to still treat rents received with respect to the property as rent from real property.
The term “interest” generally does not include any amount if the determination of the amount depends in whole or in part on the income or profits of any person, although an amount generally will not be excluded from the term “interest” solely by reason of being based on a fixed percentage of receipts or sales.
If we fail to satisfy one or both of the 75% or 95% gross income tests for any taxable year, we may nevertheless qualify as a REIT for such year if we are eligible for certain relief provisions provided by the Internal Revenue Code. These relief provisions generally will be available if (1) following our identification of the failure, we file a schedule for such taxable year describing each item of our gross income, and (2) the failure to meet such tests was due to reasonable cause and not due to willful neglect. It is not now possible to determine the circumstances under which we may be entitled to the benefit of these relief provisions. If these relief provisions apply, a 100% tax is imposed on an amount equal to (1) the gross income attributable to (i) 75% of our gross income over the amount of qualifying gross income for purposes of the 75% income test and (ii) 95% of our gross income over the amount of qualifying gross income for purposes of the 95% income test, multiplied by (2) a fraction intended to reflect our profitability. The Secretary of the Treasury is given broad authority to determine whether particular items of income or gain qualify under the 75% and 95% gross income tests and to exclude items from the measure of gross income for such purposes.
Asset Tests  Within 30 days after the close of each quarter of our taxable year, we must also satisfy several tests relating to the nature and diversification of our assets determined in accordance with generally accepted accounting principles. At least 75% of the value of our total assets must be represented by real estate assets (including interests in real property, interests in mortgages on real property or on interests in real property, shares in other REITs and debt instruments issued by publicly offered REITs), cash, cash items (including receivables arising in the ordinary course of our operation), government securities and qualified temporary investments. Although the remaining 25% of our assets generally may be invested without restriction, we are prohibited from owning securities representing more than 10% of either the vote (the “10% vote test”) or value (the “10% value test”) of the outstanding securities of any issuer other than a qualified REIT subsidiary, another REIT or a taxable REIT subsidiary. Further, no more than 20% of our total assets may be represented by securities of one or more taxable REIT subsidiaries (the “20% asset test”) and no more than 5% of the value of our total assets may be represented by securities of any non-governmental issuer other than a qualified REIT subsidiary (the “5% asset test”), another REIT or a taxable REIT subsidiary. Each of the 10% vote test, the 10% value test and the 20% and 5% asset tests must be satisfied at the end of each quarter. There are special rules which provide relief if the value-related tests are not satisfied due to changes in the value of the assets of a REIT.
Certain items are excluded from the 10% value test, including: (1) straight debt securities meeting certain requirements; (2) any loan to an individual or an estate; (3) any rental agreement described in Section 467 of the Internal Revenue Code, other than with a “related person”; (4) any obligation to pay rents from real property; (5) certain securities issued by a state or any subdivision thereof, the District of Columbia, a foreign government, or any political subdivision thereof, or the Commonwealth of Puerto Rico; (6) any security issued by a REIT; and (7) any other arrangement that, as determined by the Secretary of the Treasury, is excepted from the definition of security (“excluded securities”). If a REIT, or its taxable REIT subsidiary, holds (1) straight debt securities of a corporate or partnership issuer and (2) securities of such issuer that are not excluded securities and
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have an aggregate value greater than 1% of such issuer’s outstanding securities, the straight debt securities will be included in the 10% value test.
A REIT’s interest as a partner in a partnership is not treated as a security for purposes of applying the 10% value test to securities issued by the partnership. Further, any debt instrument issued by a partnership that is not an excluded security will not be a security for purposes of applying the 10% value test (1) to the extent of the REIT’s interest as a partner in the partnership or (2) if at least 75% of the partnership’s gross income (excluding gross income from prohibited transactions) would qualify for the 75% gross income test. For purposes of the 10% value test, a REIT’s interest in a partnership’s assets is determined by the REIT’s proportionate interest in any securities issued by the partnership (other than the excluded securities described in the preceding paragraph).
If a REIT or its “qualified business unit” uses a foreign currency as its functional currency, the term “cash” includes such foreign currency, but only to the extent such foreign currency is (i) held for use in the normal course of the activities of the REIT or “qualified business unit” which give rise to items of income or gain that are included in the 95% and 75% gross income tests or are directly related to acquiring or holding assets qualifying under the 75% asset test, and (ii) not held in connection with dealing or engaging in substantial and regular trading in securities.
With respect to corrections of failures as to violations of the 10% vote test, the 10% value test or the 5% asset test, a REIT may avoid disqualification as a REIT by disposing of sufficient assets to cure a violation due to the ownership of assets that do not exceed the lesser of 1% of the REIT’s assets at the end of the relevant quarter or $10,000,000, provided that the disposition occurs within six months following the last day of the quarter in which the REIT first identified the assets. For violations of any of the REIT asset tests due to reasonable cause and not willful neglect that exceed the thresholds described in the preceding sentence, a REIT can avoid disqualification as a REIT after the close of a taxable quarter by taking certain steps, including disposition of sufficient assets within the six month period described above to meet the applicable asset test, paying a tax equal to the greater of $50,000 or the highest corporate tax rate multiplied by the net income generated by the non-qualifying assets during the period of time that the assets were held as non-qualifying assets and filing a schedule with the Internal Revenue Service that describes the non-qualifying assets.
Investments in Taxable REIT Subsidiaries  REITs may own more than 10% of the voting power and value of securities in taxable REIT subsidiaries. Unlike a qualified REIT subsidiary, other disregarded entity or partnership, the income and assets of a taxable REIT subsidiary are not attributable to the REIT for purposes of satisfying the income and asset ownership requirements applicable to REIT qualification. We and any taxable corporate entity in which we own an interest are allowed to jointly elect to treat such entity as a “taxable REIT subsidiary.”
Certain of our subsidiaries have elected taxable REIT subsidiary status. Taxable REIT subsidiaries are subject to full corporate level U.S. federal taxation on their earnings but are permitted to engage in certain types of activities that cannot be performed directly by REITs without jeopardizing their REIT status. Our taxable REIT subsidiaries will attempt to minimize the amount of these taxes, but there can be no assurance whether or the extent to which measures taken to minimize taxes will be successful. To the extent our taxable REIT subsidiaries are required to pay U.S. federal, state or local taxes, the cash available for distribution as dividends to us from our taxable REIT subsidiaries will be reduced.
The Internal Revenue Service may redetermine amounts from transactions between a REIT and its taxable REIT subsidiary where there is a lack of arm’s-length dealing between the parties. Any taxable income allocated to, or deductible expenses allocated away, from a taxable REIT subsidiary would increase its tax liability. Further, certain amounts from certain transactions involving a REIT and its taxable REIT subsidiaries could be subject to a 100% tax if not conducted on an arm’s length basis. Additional taxable REIT subsidiary elections may be made in the future for additional entities in which we obtain an interest.
Annual Distribution Requirements  In order to avoid being taxed as a regular corporation, we are required to make distributions (other than capital gain distributions) to our stockholders which qualify for the dividends paid deduction in an amount at least equal to (1) the sum of (i) 90% of our “REIT taxable income” (computed without regard to the dividends paid deduction and our net capital gain) and (ii) 90% of the after-tax net income, if any, from foreclosure property, minus (2) a portion of certain items of non-cash income. These distributions must be paid in the taxable year to which they relate, or in the following taxable year if declared before we timely file our tax return for that year and if paid on or before the first regular distribution payment after such declaration. Prior to 2014, with respect to all REITs the amount distributed could not be preferential. This means that every stockholder of the class of stock to which a distribution is made must be treated the same as every other stockholder of that class, and no class of stock may be treated otherwise than in accordance with its dividend rights as a class (the “preferential dividend rule”). Beginning in tax years after 2014, the preferential dividend rule no longer applies to publicly offered REITs, however, the rule is still applicable to other entities taxed as REITs, which would include several of our subsidiaries. To the extent that we do not distribute all of our net capital gain or distribute at least 90%, but less than 100%, of our “REIT taxable income,” as adjusted, we will be subject to tax on the undistributed amount at regular corporate tax rates. As discussed above, we may be subject to an excise tax if we fail to meet certain other distribution requirements. We believe we have satisfied the annual distribution requirements for the year of our initial REIT election and each year thereafter through the
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year ended December 31, 2021. Although we intend to make timely distributions sufficient to satisfy these annual distribution requirements for subsequent years, economic, market, legal, tax or other factors could limit our ability to meet those requirements. See “Item 1A - Risk Factors.”
It is also possible that, from time to time, we may not have sufficient cash or other liquid assets to meet the 90% distribution requirement, or to distribute such greater amount as may be necessary to avoid income and excise taxation, due to, among other things, (1) timing differences between (i) the actual receipt of income and actual payment of deductible expenses and (ii) the inclusion of income and deduction of expenses in arriving at our taxable income, or (2) the payment of severance benefits that may not be deductible to us. In the event that timing differences occur, we may find it necessary to arrange for borrowings or, if possible, pay dividends in the form of taxable stock dividends in order to meet the distribution requirement.
Under certain circumstances, including in the event of a deficiency determined by the Internal Revenue Service, we may be able to rectify a resulting failure to meet the distribution requirement for a year by paying “deficiency dividends” to stockholders in a later year, which may be included in our deduction for distributions paid for the earlier year. Thus, we may be able to avoid being disqualified as a REIT and/or taxed on amounts distributed as deficiency dividends; however, we will be required to pay applicable penalties and interest based upon the amount of any deduction taken for deficiency dividend distributions.
Failure to Qualify as a REIT
If we fail to qualify for taxation as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate rates. Distributions to stockholders in any year in which we fail to qualify as a REIT will not be deductible nor will any particular amount of distributions be required to be made in any year. All distributions to stockholders will be taxable as dividends to the extent of current and accumulated earnings and profits allocable to these distributions and, subject to certain limitations, will be eligible for the dividends received deduction for corporate stockholders. Unless entitled to relief under specific statutory provisions, we also will be disqualified from taxation as a REIT for the four taxable years following the year during which qualification was lost. It is not possible to state whether in all circumstances we would be entitled to statutory relief. Failure to qualify for even one year could result in our need to incur indebtedness or liquidate investments in order to pay potentially significant resulting tax liabilities.
In addition to the relief described above under “Income Tests” and “Asset Tests,” relief is available in the event that we violate a provision of the Internal Revenue Code that would result in our failure to qualify as a REIT if: (1) the violation is due to reasonable cause and not due to willful neglect; (2) we pay a penalty of $50,000 for each failure to satisfy the provision; and (3) the violation does not include a violation described under “Income Tests” or “Asset Tests” above. It is not now possible to determine the circumstances under which we may be entitled to the benefit of these relief provisions.
U.S. Federal Income Taxation of Holders of Our Stock
Treatment of Taxable U.S. Stockholders  The following summary applies to you only if you are a “U.S. stockholder.” A “U.S. stockholder” is a holder of shares of stock who, for U.S. federal income tax purposes, is:
•a citizen or resident of the United States;
•an entity classified as a corporation or partnership, created or organized in or under the laws of the United States or of any political subdivision of the United States, including any state;
•an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or
•a trust, if, in general, a U.S. court is able to exercise primary supervision over the trust’s administration and one or more U.S. persons, within the meaning of the Internal Revenue Code, has the authority to control all of the trust’s substantial decisions.
So long as we qualify for taxation as a REIT, distributions on shares of our stock made out of the current or accumulated earnings and profits allocable to these distributions (and not designated as capital gain dividends) will be taxable as dividends for U.S. federal income tax purposes. None of these distributions will be eligible for the dividends received deduction for U.S. corporate stockholders.
Generally, the current maximum marginal rate of tax payable by individuals on dividends received from corporations that are subject to a corporate level of tax is 20%. Except in limited circumstances, this tax rate will not apply to dividends paid to you by us on our shares, because generally we are not subject to U.S. federal income tax on the portion of our REIT taxable income or capital gains distributed to our stockholders. The reduced maximum U.S. federal income tax rate will apply to that portion, if any, of dividends received by you with respect to our shares that are attributable to: (1) dividends received by us from non-REIT corporations or other taxable REIT subsidiaries; (2) income from the prior year with respect to which we were required to pay U.S. federal corporate income tax during the prior year (if, for example, we did not distribute 100% of our REIT taxable income for the prior year); or (3) the amount of any earnings and profits distributed by us and accumulated in a non-REIT year.
Although the preferential 20% rate on qualified dividends is generally not applicable to dividends to our shareholders, the Internal Revenue Code provides for a deduction from income for individuals, trusts and estates for 20% of taxable REIT
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dividends not eligible for the preferential rate, excluding capital gain dividends. This deduction is not taken into account for purposes of determining the 3.8% tax on net investment income (described below) and, unlike the preferential rate, expires after 2025.
Distributions that are designated as capital gain dividends will be taxed as long-term capital gains (to the extent they do not exceed our actual net capital gain for the taxable year), without regard to the period for which you held our stock. However, if you are a corporation, you may be required to treat a portion of some capital gain dividends as ordinary income.
If we elect to retain and pay income tax on any net capital gain and designate such amount in a timely notice to you, you would include in income, as long-term capital gain, your proportionate share of this net capital gain. You would also receive a refundable tax credit for your proportionate share of the tax paid by us on such retained capital gains, and you would have an increase in the basis of your shares of our stock in an amount equal to your includable capital gains less your share of the tax deemed paid.
You may not include in your U.S. federal income tax return any of our net operating losses or capital losses. U.S. federal income tax rules may also require that certain minimum tax adjustments and preferences be apportioned to you. In addition, any distribution declared by us in October, November or December of any year on a specified date in any such month shall be treated as both paid by us and received by you on December 31 of that year, provided that the distribution is actually paid by us no later than January 31 of the following year.
We will be treated as having sufficient earnings and profits to treat as a dividend any distribution up to the amount required to be distributed in order to avoid imposition of the 4% excise tax discussed under “General” and “Qualification as a REIT - Annual Distribution Requirements” above. As a result, you may be required to treat as taxable dividends certain distributions that would otherwise result in a tax-free return of capital. Moreover, any “deficiency dividend” will be treated as a dividend (an ordinary dividend or a capital gain dividend, as the case may be), regardless of our earnings and profits. Any other distributions in excess of current or accumulated earnings and profits will generally not be taxable to you to the extent these distributions do not exceed the adjusted tax basis of your shares of our stock. You will be required to reduce the tax basis of your shares of our stock by the amount of these distributions until the basis has been reduced to zero, after which these distributions will be taxable as capital gain, if the shares of our stock are held as capital assets. The tax basis as so reduced will be used in computing the capital gain or loss, if any, realized upon the sale of the shares of our stock. Any loss upon a sale or exchange of shares of our stock which were held for six months or less (after application of certain holding period rules) will generally be treated as a long-term capital loss to the extent you previously received capital gain distributions with respect to these shares of our stock.
Upon the sale or exchange of any shares of our stock to or with a person other than us or a sale or exchange of all shares of our stock (whether actually or constructively owned) with us, you will generally recognize gain or loss equal to the difference between the amount realized on the sale or exchange and your adjusted tax basis in these shares of our stock. This gain or loss will be capital gain or loss if you held these shares of our stock as a capital asset.
If we redeem any of your shares in us, the treatment can only be determined on the basis of particular facts at the time of redemption. In general, you will recognize gain or loss (as opposed to dividend income) equal to the difference between the amount received by you in the redemption and your adjusted tax basis in your shares redeemed if such redemption: (1) results in a “complete termination” of your interest in all classes of our equity securities; (2) is a “substantially disproportionate redemption”; or (3) is “not essentially equivalent to a dividend” with respect to you. In applying these tests, you must take into account your ownership of all classes of our equity securities (e.g., common stock, preferred stock, depositary shares and warrants). You also must take into account any equity securities that are considered to be constructively owned by you.
If, as a result of a redemption by us of your shares, you no longer own (either actually or constructively) any of our equity securities or only own (actually and constructively) an insubstantial percentage of our equity securities, then it is probable that the redemption of your shares would be considered “not essentially equivalent to a dividend” and, thus, would result in gain or loss to you. However, whether a distribution is “not essentially equivalent to a dividend” depends on all of the facts and circumstances, and if you rely on any of these tests at the time of redemption, you should consult your tax advisor to determine their application to the particular situation.
Generally, if the redemption does not meet the tests described above, then the proceeds received by you from the redemption of your shares will be treated as a distribution taxable as a dividend to the extent of the allocable portion of current or accumulated earnings and profits. If the redemption is taxed as a dividend, your adjusted tax basis in the redeemed shares will be transferred to any other shareholdings in us that you own. If you own no other shareholdings in us, under certain circumstances, such basis may be transferred to a related person, or it may be lost entirely.
Gain from the sale or exchange of our shares held for more than one year is generally taxed at a maximum long-term capital gain rate of 20% in the case of stockholders who are individuals and 21% in the case of stockholders that are corporations. Pursuant to Internal Revenue Service guidance, we may classify portions of our capital gain dividends as eligible for specific treatment provided under the Internal Revenue Code, which, depending on the nature of the capital gains, may result in taxation of such portions at rates of either 20% or 25%. Capital losses recognized by a stockholder upon the disposition of our shares
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held for more than one year at the time of disposition will be considered long-term capital losses. The deduction for capital losses is subject to limitations.
An additional tax of 3.8% generally will be imposed on the “net investment income” of U.S. stockholders who meet certain requirements and are individuals, estates or certain trusts. Among other items, “net investment income” generally includes gross income from dividends and net gain attributable to the disposition of certain property, such as shares of our common stock or warrants. In the case of individuals, this tax will only apply to the extent such individual’s modified adjusted gross income exceeds $200,000 ($250,000 for married couples filing a joint return and surviving spouses, and $125,000 for married individuals filing a separate return). U.S. stockholders should consult their tax advisors regarding the possible applicability of this additional tax in their particular circumstances.
Treatment of Tax-Exempt U.S. Stockholders  Tax-exempt entities, including qualified employee pension and profit sharing trusts and individual retirement accounts (“Exempt Organizations”), generally are exempt from U.S. federal income taxation. However, they are subject to taxation on their unrelated business taxable income (“UBTI”). The Internal Revenue Service has issued a published revenue ruling that dividend distributions from a REIT to an exempt employee pension trust do not constitute UBTI, provided that the shares of the REIT are not otherwise used in an unrelated trade or business of the exempt employee pension trust. Based on this ruling, amounts distributed by us to Exempt Organizations generally should not constitute UBTI. However, if an Exempt Organization finances its acquisition of the shares of our stock with debt, a portion of its income from us will constitute UBTI pursuant to the “debt financed property” rules. Likewise, a portion of the Exempt Organization’s income from us would constitute UBTI if we held a residual interest in a real estate mortgage investment conduit. A tax-exempt U.S. stockholder that is subject to tax on its UBTI will be required to segregate its taxable income and loss for each unrelated trade or business activity for purposes of determining its UBTI.
Backup Withholding and Information Reporting Under certain circumstances, you may be subject to backup withholding at applicable rates on payments made with respect to, or cash proceeds of a sale or exchange of, shares of our stock. Backup withholding will apply only if you: (1) fail to provide a correct taxpayer identification number, which if you are an individual, is ordinarily your social security number; (2) furnish an incorrect taxpayer identification number; (3) are notified by the Internal Revenue Service that you have failed to properly report payments of interest or dividends; or (4) fail to certify, under penalties of perjury, that you have furnished a correct taxpayer identification number and that the Internal Revenue Service has not notified you that you are subject to backup withholding.
Backup withholding will not apply with respect to payments made to certain exempt recipients, such as corporations and tax-exempt organizations. You should consult with a tax advisor regarding qualification for exemption from backup withholding, and the procedure for obtaining an exemption. Backup withholding is not an additional tax. Rather, the amount of any backup withholding with respect to a payment to a stockholder will be allowed as a credit against such stockholder’s U.S. federal income tax liability and may entitle such stockholder to a refund, provided that the required information is provided to the Internal Revenue Service.
Taxation of Foreign Stockholders  The following summary applies to you only if you are a foreign person. A “foreign person” is a holder of shares of stock who, for U.S. federal income tax purposes, is not a U.S. stockholder. The U.S. federal taxation of foreign persons is a highly complex matter that may be affected by many considerations.
Except as discussed below, distributions to you of cash generated by our real estate operations in the form of ordinary dividends, but not by the sale or exchange of our capital assets, generally will be subject to U.S. withholding tax at a rate of 30%, unless an applicable tax treaty reduces that tax and you file with us the required form evidencing the lower rate.
In general, you will be subject to U.S. federal income tax on a graduated rate basis rather than withholding with respect to your investment in our stock if such investment is “effectively connected” with your conduct of a trade or business in the United States. A corporate foreign stockholder that receives income that is, or is treated as, effectively connected with a United States trade or business may also be subject to the branch profits tax, which is payable in addition to regular United States corporate income tax. The following discussion will apply to foreign stockholders whose investment in us is not so effectively connected. We expect to withhold United States income tax, as described below, on the gross amount of any distributions paid to you unless (1) you file an Internal Revenue Service Form W-8ECI with us claiming that the distribution is “effectively connected” or (2) certain other exceptions apply.
Distributions by us that are attributable to gain from the sale or exchange of a United States real property interest will be taxed to you under the Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”) as if these distributions were gains “effectively connected” with a United States trade or business. Accordingly, you will be taxed at the normal capital gain rates applicable to a U.S. stockholder on these amounts, subject to any applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals. Distributions subject to FIRPTA may also be subject to a branch profits tax in the hands of a corporate foreign stockholder that is not entitled to treaty exemption. We will be required to withhold tax at a rate of 21% from distributions subject to FIRPTA. We will be required to withhold from distributions subject to FIRPTA, and remit to the Internal Revenue Service, 21% of designated capital gain dividends, or, if greater, 21% of the amount of any distributions that could be designated as capital gain dividends. In addition, if we designate prior distributions as
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capital gain dividends, subsequent distributions, up to the amount of the prior distributions not withheld against, will be treated as capital gain dividends for purposes of withholding.
Any capital gain dividend with respect to any class of stock that is “regularly traded” on an established securities market will be treated as an ordinary dividend if the foreign stockholder did not own more than 10% of such class of stock at any time during the taxable year. Foreign stockholders generally will not be required to report distributions received from us on U.S. federal income tax returns and all distributions received by such stockholders treated as dividends for U.S. federal income tax purposes (including any such capital gain dividends) will be subject to a 30% U.S. withholding tax (unless reduced under an applicable income tax treaty) as discussed above. In addition, the branch profits tax will not apply to such distributions.
Unless our shares constitute a “United States real property interest” within the meaning of FIRPTA or are effectively connected with a U.S. trade or business, a sale of our shares by you generally will not be subject to United States taxation. Even if our shares were to constitute a “United States real property interest,” non-U.S. stockholders that are “qualified foreign pension funds” (or are owned by a qualified foreign pension fund) meeting certain requirements may be exempt from FIRPTA withholding on the sale or disposition of our shares. Our shares will not constitute a United States real property interest if we qualify as a “domestically controlled REIT.” We believe that we qualify as and expect to continue to qualify as a domestically controlled REIT. A domestically controlled REIT is a REIT in which at all times during a specified testing period less than 50% in value of its shares is held directly or indirectly by foreign stockholders. Generally, we are permitted to assume that holders of less than 5% of our shares at all times during a specified testing period are U.S. persons. However, if you are a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and certain other conditions apply, you will be subject to a 30% tax on such capital gains. In any event, a purchaser of our shares from you will not be required under FIRPTA to withhold on the purchase price if the purchased shares are “regularly traded” on an established securities market or if we are a domestically controlled REIT. Otherwise, under FIRPTA, the purchaser may be required to withhold 15% of the purchase price and remit such amount to the Internal Revenue Service.
Backup withholding tax and information reporting will generally not apply to distributions paid to you outside the United States that are treated as: (1) dividends to which the 30% or lower treaty rate withholding tax discussed above applies; (2) capital gains dividends; or (3) distributions attributable to gain from the sale or exchange by us of U.S. real property interests. Payment of the proceeds of a sale of stock within the United States or conducted through certain U.S. related financial intermediaries is subject to both backup withholding and information reporting unless the beneficial owner certifies under penalties of perjury that he or she is not a U.S. person (and the payor does not have actual knowledge that the beneficial owner is a U.S. person) or otherwise establishes an exemption. You may obtain a refund of any amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the Internal Revenue Service.
Withholding tax at a rate of 30% will be imposed on certain payments to you or certain foreign financial institutions (including investment funds) and other non-US persons receiving payments on your behalf, including distributions in respect of shares of our stock, if you or such institutions fail to comply with certain due diligence, disclosure and reporting rules, as set forth in Treasury regulations. Accordingly, the entity through which shares of our stock are held will affect the determination of whether such withholding is required. Stockholders that are otherwise eligible for an exemption from, or reduction of, U.S. withholding taxes with respect to such dividends will be required to seek a refund from the Internal Revenue Service to obtain the benefit of such exemption or reduction. Additional requirements and conditions may be imposed pursuant to an intergovernmental agreement, if and when entered into, between the United States and such institution’s home jurisdiction. We will not pay any additional amounts to any stockholders in respect of any amounts withheld. You are encouraged to consult with your tax advisor regarding U.S. withholding taxes and the application of Treasury regulations in light of your particular circumstances.
U.S. Federal Income Taxation of Holders of Depositary Shares
Owners of our depositary shares will be treated as if you were owners of the series of preferred stock represented by the depositary shares. Thus, you will be required to take into account the income and deductions to which you would be entitled if you were a holder of the underlying series of preferred stock.
Conversion or Exchange of Shares for Preferred Stock  No gain or loss will be recognized upon the withdrawal of preferred stock in exchange for depositary shares and the tax basis of each share of preferred stock will, upon exchange, be the same as the aggregate tax basis of the depositary shares exchanged. If you held your depositary shares as a capital asset at the time of the exchange for shares of preferred stock, the holding period for your shares of preferred stock will include the period during which you owned the depositary shares.
U.S. Federal Income and Estate Taxation of Holders of Our Debt Securities
The following is a general summary of the U.S. federal income tax consequences and, in the case that you are a holder that is a non-U.S. holder, as defined below, the U.S. federal estate tax consequences, of purchasing, owning and disposing of debt securities periodically offered under one or more indentures (the “notes”). This summary assumes that you hold the notes as capital assets. This summary applies to you only if you are the initial holder of the notes and you acquire the notes for a price
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equal to the issue price of the notes. The issue price of the notes is the first price at which a substantial amount of the notes is sold other than to bond houses, brokers or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers. In addition, this summary does not consider any foreign, state, local or other tax laws that may be applicable to us or a purchaser of the notes.
U.S. Holders
The following summary applies to you only if you are a U.S. holder, as defined below.
Definition of a U.S. Holder  A “U.S. holder” is a beneficial owner of a note or notes that is for U.S. federal income tax purposes:
•a citizen or resident of the United States;
•a corporation, partnership or other entity classified as a corporation or partnership for these purposes, created or organized in or under the laws of the United States or of any political subdivision of the United States, including any state;
•an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or
•a trust, if, in general, a U.S. court is able to exercise primary supervision over the trust’s administration and one or more U.S. persons, within the meaning of the Internal Revenue Code, has the authority to control all of the trust’s substantial decisions.
Payments of Interest  Stated interest on the notes generally will be taxed as ordinary interest income from domestic sources at the time it is paid or accrues in accordance with your method of accounting for tax purposes.
Sale, Exchange or Other Disposition of Notes  The adjusted tax basis in your note will generally be your cost. You generally will recognize taxable gain or loss when you sell or otherwise dispose of your notes equal to the difference, if any, between:
•the amount realized on the sale or other disposition, less any amount attributable to any accrued interest, which will be taxable in the manner described under “Payments of Interest” above; and
•your adjusted tax basis in the notes.
Your gain or loss generally will be capital gain or loss. This capital gain or loss will be long-term capital gain or loss if at the time of the sale or other disposition you have held the notes for more than one year. Subject to limited exceptions, your capital losses cannot be used to offset your ordinary income (except in the case of individuals, who may offset up to $3,000 of ordinary income each year).
Backup Withholding and Information Reporting  In general, “backup withholding” may apply to any payments made to you of principal and interest on your note, and to the payment of the proceeds of a sale or other disposition of your note before maturity, if you are a non-corporate U.S. holder and: (1) fail to provide a correct taxpayer identification number, which if you are an individual, is ordinarily your social security number; (2) furnish an incorrect taxpayer identification number; (3) are notified by the Internal Revenue Service that you have failed to properly report payments of interest or dividends; or (4) fail to certify, under penalties of perjury, that you have furnished a correct taxpayer identification number and that the Internal Revenue Service has not notified you that you are subject to backup withholding.
The amount of any reportable payments, including interest, made to you (unless you are an exempt recipient) and the amount of tax withheld, if any, with respect to such payments will be reported to you and to the Internal Revenue Service for each calendar year. You should consult your tax advisor regarding your qualification for an exemption from backup withholding and the procedures for obtaining such an exemption, if applicable. The backup withholding tax is not an additional tax and will be credited against your U.S. federal income tax liability, provided that correct information is provided to the Internal Revenue Service.
Non-U.S. Holders
The following summary applies to you if you are a beneficial owner of a note and are not a U.S. holder, as defined above (a “non-U.S. holder”).
Special rules may apply to certain non-U.S. holders such as “controlled foreign corporations,” “passive foreign investment companies” and “foreign personal holding companies.” Such entities are encouraged to consult their tax advisors to determine the U.S. federal, state, local and other tax consequences that may be relevant to them.
U.S. Federal Withholding Tax  Subject to the discussion below, U.S. federal withholding tax will not apply to payments by us or our paying agent, in its capacity as such, of principal and interest on your notes under the “portfolio interest” exception of the Internal Revenue Code, provided that:
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•you do not, directly or indirectly, actually or constructively, own 10% or more of the total combined voting power of all classes of our stock entitled to vote;
•you are not (1) a controlled foreign corporation for U.S. federal income tax purposes that is related, directly or indirectly, to us through sufficient stock ownership, as provided in the Internal Revenue Code, or (2) a bank receiving interest described in Section 881(c)(3)(A) of the Internal Revenue Code;
•such interest is not effectively connected with your conduct of a U.S. trade or business; and
•you provide a signed written statement, under penalties of perjury, which can reliably be related to you, certifying that you are not a U.S. person within the meaning of the Internal Revenue Code and providing your name and address to us or our paying agent; or
•a securities clearing organization, bank or other financial institution that holds customers’ securities in the ordinary course of its trade or business and holds your notes on your behalf and that certifies to us or our paying agent under penalties of perjury that it, or the bank or financial institution between it and you, has received from you your signed, written statement and provides us or our paying agent with a copy of such statement.
Treasury regulations provide that:
•if you are a foreign partnership, the certification requirement will generally apply to your partners, and you will be required to provide certain information;
•if you are a foreign trust, the certification requirement will generally be applied to you or your beneficial owners depending on whether you are a “foreign complex trust,” “foreign simple trust,” or “foreign grantor trust” as defined in the Treasury regulations; and
•look-through rules will apply for tiered partnerships, foreign simple trusts and foreign grantor trusts.
If you are a foreign partnership or a foreign trust, you should consult your own tax advisor regarding your status under these Treasury regulations and the certification requirements applicable to you.
If you cannot satisfy the portfolio interest requirements described above, payments of interest will be subject to the 30% United States withholding tax, unless you provide us with a properly executed (1) Internal Revenue Service Form W-8BEN claiming an exemption from or reduction in withholding under the benefit of an applicable treaty or (2) Internal Revenue Service Form W-8ECI stating that interest paid on the note is not subject to withholding tax because it is effectively connected with your conduct of a trade or business in the United States. Alternative documentation may be applicable in certain circumstances.
If you are engaged in a trade or business in the United States and interest on a note is effectively connected with the conduct of that trade or business, you will be required to pay U.S. federal income tax on that interest on a net income basis (although you will be exempt from the 30% withholding tax provided the certification requirement described above is met) in the same manner as if you were a U.S. person, except as otherwise provided by an applicable tax treaty. If you are a foreign corporation, you may be required to pay a branch profits tax on the earnings and profits that are effectively connected to the conduct of your trade or business in the United States.
Withholding tax at a rate of 30% will be imposed on payments of interest (including original issue discount) to you or certain foreign financial institutions (including investment funds) and other non-US persons receiving payments on your behalf if you or such institutions fail to comply with certain due diligence, disclosure and reporting rules, as set forth in Treasury regulations. We will not pay any additional amounts to any holders of our debt instruments in respect of any amounts withheld. You are encouraged to consult with your tax advisor regarding U.S. withholding taxes and the application of the relevant Treasury regulations in light of your particular circumstances.
Sale, Exchange or other Disposition of Notes  You generally will not have to pay U.S. federal income tax on any gain or income realized from the sale, redemption, retirement at maturity or other disposition of your notes, unless:
•in the case of gain, you are an individual who is present in the United States for 183 days or more during the taxable year of the sale or other disposition of your notes, and specific other conditions are met;
•you are subject to tax provisions applicable to certain United States expatriates; or
•the gain is effectively connected with your conduct of a U.S. trade or business.
If you are engaged in a trade or business in the United States, and gain with respect to your notes is effectively connected with the conduct of that trade or business, you generally will be subject to U.S. income tax on a net basis on the gain. In addition, if you are a foreign corporation, you may be subject to a branch profits tax on your effectively connected earnings and profits for the taxable year, as adjusted for certain items.
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U.S. Federal Estate Tax.  If you are an individual and are not a U.S. citizen or a resident of the United States, as specially defined for U.S. federal estate tax purposes, at the time of your death, your notes will generally not be subject to the U.S. federal estate tax, unless, at the time of your death (1) you owned actually or constructively 10% or more of the total combined voting power of all our classes of stock entitled to vote, or (2) interest on the notes is effectively connected with your conduct of a U.S. trade or business.
Backup Withholding and Information Reporting  Backup withholding will not apply to payments of principal or interest made by us or our paying agent, in its capacity as such, to you if you have provided the required certification that you are a non-U.S. holder as described in “U.S. Federal Withholding Tax” above, and provided that neither we nor our paying agent have actual knowledge that you are a U.S. holder, as described in “U.S. Holders” above. We or our paying agent may, however, report payments of interest on the notes.
The gross proceeds from the disposition of your notes may be subject to information reporting and backup withholding tax. If you sell your notes outside the United States through a non-U.S. office of a non-U.S. broker and the sales proceeds are paid to you outside the United States, then the U.S. backup withholding and information reporting requirements generally will not apply to that payment. However, U.S. information reporting, but not backup withholding, will apply to a payment of sales proceeds, even if that payment is made outside the United States, if you sell your notes through a non-U.S. office of a broker that has certain connections with the United States.
You should consult your own tax advisor regarding application of backup withholding in your particular circumstance and the availability of and procedure for obtaining an exemption from backup withholding. Any amounts withheld under the backup withholding rules from a payment to you will be allowed as a refund or credit against your U.S. federal income tax liability, provided the required information is furnished to the Internal Revenue Service.
U.S. Federal Income of Holders of Our Warrants
Exercise of Warrants  You will not generally recognize gain or loss upon the exercise of a warrant. Your basis in the debt securities, preferred stock, depositary shares or common stock, as the case may be, received upon the exercise of the warrant will be equal to the sum of your adjusted tax basis in the warrant and the exercise price paid. Your holding period in the debt securities, preferred stock, depositary shares or common stock, as the case may be, received upon the exercise of the warrant will not include the period during which the warrant was held by you.
Expiration of Warrants  Upon the expiration of a warrant, you will generally recognize a capital loss in an amount equal to your adjusted tax basis in the warrant.
Sale or Exchange of Warrants  Upon the sale or exchange of a warrant to a person other than us, you will recognize gain or loss in an amount equal to the difference between the amount realized on the sale or exchange and your adjusted tax basis in the warrant. Such gain or loss will generally be capital gain or loss and will be long-term capital gain or loss if the warrant was held for more than one year. Upon the sale of the warrant to us, the Internal Revenue Service may argue that you should recognize ordinary income on the sale. You are advised to consult your own tax advisors as to the consequences of a sale of a warrant to us.
Potential Legislation or Other Actions Affecting Tax Consequences
Current and prospective securities holders should recognize that the present U.S. federal income tax treatment of an investment in us may be modified by legislative, judicial or administrative action at any time and that any such action may affect investments and commitments previously made. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the Department of the Treasury, resulting in revisions of regulations and revised interpretations of established concepts as well as statutory changes. Revisions in U.S. federal tax laws and interpretations of these laws could adversely affect the tax consequences of an investment in us.
State, Local and Foreign Taxes
We, and holders of our debt and equity securities, may be subject to state, local or foreign taxation in various jurisdictions, including those in which we or they transact business, own property or reside. It should be noted that we own properties located in a number of state, local and foreign jurisdictions, and may be required to file tax returns in some or all of those jurisdictions. The state, local or foreign tax treatment of us and holders of our debt and equity securities may not conform to the U.S. federal income tax consequences discussed above. Consequently, you are urged to consult your advisor regarding the application and effect of state, local and foreign tax laws with respect to any investment in our securities.
Because the U.S. generally maintains a worldwide corporate tax system, the foreign and U.S. tax systems are somewhat interdependent. Longstanding international tax norms that determine each country’s jurisdiction to tax cross-border international trade are evolving and could reduce the ability of our foreign subsidiaries to deduct for foreign tax purposes the interest they pay on loans from the Company, thereby increasing the foreign tax liability of the subsidiaries. It is also possible that foreign countries could increase their withholding taxes on dividends and interest. Given the unpredictability of these
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possible changes and their potential interdependency, it is very difficult to assess the overall effect of such potential tax changes on our earnings and cash flow, but such changes could adversely impact our financial results.
Internet Access to Our SEC Filings
Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, as well as our proxy statements and other materials that are filed with, or furnished to, the Securities and Exchange Commission (“SEC”) are made available, free of charge, on the Internet at www.welltower.com/investors, as soon as reasonably practicable after they are filed with, or furnished to, the SEC. We routinely post important information on our website at www.welltower.com in the “Investors” section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading “Investors.” Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls, and filings with the SEC. The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only.
Cautionary Statement Regarding Forward-Looking Statements
This Annual Report on Form 10-K and the documents incorporated by reference contain statements that constitute “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995. When we use words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, we are making forward-looking statements. In particular, these forward-looking statements include, but are not limited to, those relating to our opportunities to acquire, develop or sell properties; our ability to close our anticipated acquisitions, investments or dispositions on currently anticipated terms, or within currently anticipated timeframes; the expected performance of our operators/tenants and properties; our expected occupancy rates; our ability to declare and to make distributions to stockholders; our investment and financing opportunities and plans; our continued qualification as a REIT; and our ability to access capital markets or other sources of funds. 
Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause our actual results to differ materially from our expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to:
•the impact of the COVID-19 pandemic;
•uncertainty regarding the implementation and impact of the CARES Act and future stimulus or other COVID-19 relief legislation;
•status of the economy;
•the status of capital markets, including availability and cost of capital;
•issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost-effectively obtaining and maintaining adequate liability and other insurance;
•changes in financing terms;
•competition within the health care and seniors housing industries;
•negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans;
•our ability to transition or sell properties with profitable results;
•the failure to make new investments or acquisitions as and when anticipated;
•natural disasters and other acts of God affecting our properties;
•our ability to re-lease space at similar rates as vacancies occur;
•our ability to timely reinvest sale proceeds at similar rates to assets sold;
•operator/tenant or joint venture partner bankruptcies or insolvencies;
•the cooperation of joint venture partners;
•government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements;
•liability or contract claims by or against operators/tenants;
•unanticipated difficulties and/or expenditures relating to future investments or acquisitions;
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•environmental laws affecting our properties;
•changes in rules or practices governing our financial reporting;
•the movement of U.S. and foreign currency exchange rates;
•our ability to maintain our qualification as a REIT;
•key management personnel recruitment and retention; and
•the risks described under “Item 1A — Risk Factors.”
We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.
Item 1A. Risk Factors
Risk Factor Summary
The following summarizes the principal factors that make an investment in our company speculative or risky, all of which are more fully described in the Risk Factors section below. This summary should be read in conjunction with the Risk Factors section and should not be relied upon as an exhaustive summary of the material risks facing our business. The order of presentation is not necessarily indicative of the level of risk that each factor poses to us.
Risks Arising from Our Business:
Our business model and the operations of our business involve risks, including those related to:
•the effects of the COVID-19 pandemic;
•uncertainty regarding the implementation and impact of the CARES Act and future stimulus or other COVID-19 relief legislation;
•investments in and acquisitions of health care and seniors housing properties;
•unknown liability exposure related to acquired properties;
•competition for acquisitions may result in increased prices;
•our joint venture partners;
•Seniors Housing Operating properties operational risks;
•our ability to terminate our management agreements with Seniors Housing Operating managers;
•operational and legal risks with respect to our properties managed in RIDEA structures;
•the ability of operators and tenants to make payments to us;
•the impacts of severe cold and flu seasons or other widespread illnesses on occupancy;
•the insolvency or bankruptcy of our tenants, operators, borrowers, managers and other obligors;
•our ability to timely reinvest our sale proceeds on terms acceptable to us;
•any adverse developments in the business or financial condition of Sunrise Senior Living, LLC;
•any failure, inability or unwillingness by ProMedica Health System to satisfy obligations under their agreements with us;
•ownership of property outside the U.S.;
•our ability to lease or sell properties on favorable terms;
•tenant, operator and manager insurance coverage;
•loss of properties owned through ground leases upon breach or termination of the ground leases;
•requirements of, or changes to governmental reimbursement programs, such as Medicare, Medicaid or government funding;
•controls imposed on certain of our tenants who provide health care services that are reimbursed by Medicare, Medicaid and other third-party payors to reduce admissions and length of stay;
•our operators’ or tenants’ failure to comply with federal, state, province, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards;
•development, redevelopment and construction;
•losses caused by severe weather conditions, natural disasters or the physical effects of climate change;
•costs incurred to remediate environmental contamination at our properties;
•our reliance on data and technology systems and the increasing risks of cybersecurity incidents; and
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•our dependence on key personnel.
Risks Arising from Our Capital Structure
Our capital structure involves exposure to risks, including those related to:
•our future leverage;
•the availability of cash for distributions to stockholders;
•covenants in our debt agreements;
•limitations on our ability to access capital;
•changes affecting the availability of LIBOR;
•any downgrades in our credit ratings; and
•increases in interest rates.
Risks Arising from Our Status as a REIT
As a result of our status as a REIT, we are exposed to risks, including those related to:
•our ability to remain qualified as a REIT;
•the ability of our subsidiaries to qualify as a REIT;
•the impact of the 90% annual distribution requirement on our liquidity and ability to engage in otherwise beneficial transactions;
•our limited use of TRSs under the Code;
•special requirements applicable to the lease of qualified health care properties to a taxable REIT subsidiary;
•tax consequences if certain sale-leaseback transactions are not characterized by the IRS as “true leases; and
•changes in our tax rate or exposure to additional tax liabilities.
Risks Factors
This section highlights significant factors, events and uncertainties that could create risk with an investment in our securities. The events and consequences discussed in these risk factors could, in circumstances we may not be able to accurately predict, recognize or control, have a material adverse effect on our business, growth, reputation, prospects, financial condition, operating results, cash flows, liquidity, ability to pay dividends and stock price. These risk factors do not identify all risks that we face: our operations could also be affected by factors, events or uncertainties that are not presently known to us or that we currently do not consider to present significant risks to our operations. We group these risk factors into three categories:
•Risks arising from our business;
•Risks arising from our capital structure; and
•Risks arising from our status as a REIT. 
Risks Arising from Our Business
The ongoing COVID-19 pandemic may continue to adversely affect our business, results of operations and financial condition.
We are unable to accurately predict the full impact that the COVID-19 pandemic will have on our results of operations, financial condition, liquidity and cash flows due to numerous factors that are not within our control. These factors include the duration and severity of the outbreak, including the impact of new variants; the continued deployment of vaccines and boosters; the effectiveness of vaccines and boosters over time and against new variants; public health measures, such as business closures and stay-at-home orders, and other actions taken by governments, businesses and individuals in response to the pandemic; the availability of federal, state, local or non-U.S. funding programs; general economic disruption and uncertainty in key markets and financial market volatility; and the impact of the COVID-19 pandemic on general macroeconomic conditions and the pace of recovery when the pandemic subsides.
The COVID-19 pandemic has subjected our business, operations and financial condition to a number of risks, including but not limited to those discussed below:
•Risks Related to Revenue: Our revenues and our operators' revenues are dependent on occupancy. Our Seniors Housing Operating portfolio has experienced a decline in spot occupancy from 85.8% at February 29, 2020 to 76.2% at December 31, 2020 and 77.7% at December 31, 2021. Although the ongoing impact of the pandemic, including new variants, and vaccine and booster deployment on occupancy remain uncertain, occupancy of our Seniors Housing Operating and Triple-net properties could further decrease, including as a result of new variants or decreases in vaccine effectiveness over time. Such a decrease could affect the net operating income of our Seniors Housing Operating properties and the ability of our Triple-net operators to make contractual payments to us. In addition,
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although we collected virtually all rent due in the fourth quarter of 2021, rental income in our Outpatient Medical segment may decrease if our tenants do not renew leases or do not make timely or full lease payments as a result of medical practice closures or decreases in revenue due to government imposed restrictions on elective medical procedures or decisions by patients to delay treatments. As a result of the financial impact of the COVID-19 pandemic on our operators and tenants, we may offer certain tenants concessions such as rent deferrals or rent abatements across our Triple-net and Outpatient Medical segments.
•Risks Related to Operator and Tenant Financial Condition: In addition to decreased revenue from tenant and operator payments, the impact of the COVID-19 pandemic creates a heightened risk of tenant, operator, borrower, manager or other obligor bankruptcy or insolvency due to factors such as prolonged decreased occupancy, medical practice disruptions resulting from stay-at-home orders, increased health and safety and labor expenses or litigation resulting from developments related to the COVID-19 pandemic. See" - The insolvency or bankruptcy of our tenants, operators, borrowers, managers and other obligors may adversely affect our business, results of operations and financial condition" for more information Our ability to terminate our lease with a tenant or management agreement with an operator or manager, and relet the property to another tenant or transition to a new operator or manager may be severely limited under current conditions due to the industry and macroeconomic effects of the COVID-19 pandemic and local ordinances. If we cannot transition a leased property to a new tenant, operator or manager due to the effects of the COVID-19 pandemic or for other reasons, we may take possession of that property, which may expose us to certain successor liabilities. Publicity about an operator's financial condition and insolvency proceedings, particularly in light of ongoing publicity related to the COVID-19 pandemic, may also negatively impact their and our reputations, decreasing customer demand and revenues. Additionally, COVID-19 claims have been excluded from insurance policies resulting in uninsured claims, and there has been an increase of COVID-19 class action lawsuits filed that may result in unfavorable verdicts. Should such events occur, our revenue and operating cash flow may be adversely affected.
•Risks Related to Operations: Across all of our properties, we and our operators and tenants have incurred increased operational costs as a result of the introduction of public health measures and other regulations affecting our properties and operations, as well as additional health and safety measures adopted by us and our operators and tenants related to the COVID-19 pandemic, including increases in labor and property cleaning expenses and expenditures related to efforts to procure PPE and supplies. Such operational costs may increase in the future based on the duration and severity of the pandemic or the introduction of additional public health regulations. In addition, operators and tenants are subject to risks arising from the unique pressures on seniors housing and medical practice employees during the COVID-19 pandemic including labor shortages resulting from macroeconomic trends. As a result of difficult conditions and stresses related to the COVID-19 pandemic, employee morale and productivity may suffer and additional pay, such as hazard pay, may not be sufficient to retain key operator and tenant employees. In addition, our operations or those of our operators or tenants may be adversely impacted if a significant number of our employees or those of our operators or tenants contract COVID-19. Although we continue to undertake extensive efforts to ensure the safety of our employees and residents and to provide operator and tenant support in this regard, the impact of the COVID-19 pandemic on our facilities could result in additional operational costs and reputational and litigation risk to us and our operators and tenants. As a result of the COVID-19 pandemic, operator and tenant cost of insurance is expected to increase and such insurance may not cover certain claims related to COVID-19. Our exposure to COVID-19 related litigation risk may be increased if the operators or tenants of the relevant facilities are subject to bankruptcy or insolvency. In addition, to varying degrees during the course of the pandemic, we have experienced increased operational challenges and costs resulting from logistical challenges such as supply chain interruptions, business closures and restrictions on the movement of people. In response to stay-at-home orders and to support the health and well-being of our employees, many of our employees are currently working remote or hybrid schedules. The effects of such work arrangements for an extended period of time could impact employee productivity and morale and introduce additional operational risk, including but not limited to cybersecurity risks.
•Risks Related to Liquidity: If our access to capital is restricted or our borrowing costs increase as a result of developments in financial markets relating to the pandemic, our operations and financial condition could be adversely impacted. In addition, a prolonged period of decreased revenue may adversely affect our financial condition and long-term growth prospects and there can also be no assurance that we will not face credit rating downgrades. Future downgrades could adversely affect our cost of capital, liquidity, competitive position and access to capital markets.
The events and consequences discussed in these risk factors could, in circumstances we may not be able to accurately predict, recognize or control, have a material adverse effect on our business, growth, reputation, prospects, financial condition, operating results, cash flows, liquidity, ability to pay dividends and stock price. As the COVID-19 pandemic continues to adversely affect our operating and financial results, it may also have the effect of heightening many of the other risks described in the risk factors in this Annual Report on Form 10-K.



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There remains uncertainty regarding the implementation and impact of the CARES Act and any future stimulus or other COVID-19 relief legislation. There can be no assurance as to the amount of financial assistance we and our operators will receive or that we will be able to comply with the terms and conditions to keep such assistance.
In response to the COVID-19 pandemic, the Coronavirus Aid Relief, and Economic Security Act ("CARES Act") and the Paycheck Protection Program and Health Care Enhancement Act ("PPPHCE Act"), signed into law on March 20, 2020, and April 24, 2020, respectively, authorized $175 billion in funding to be distributed to healthcare providers, including assisted living facilities. These funds, distributed through the Provider Relief Fund and administered by the Department of Health and Human Services, are required to be used to prevent, prepare for and respond to COVID-19 and reimburse expenses or lost revenues attributable the COVID-19 pandemic. Although these distributions are not subject to repayment, attestation and compliance with certain terms and conditions including detailed reporting and auditing are required. Any funds that are ultimately received and retained by us are not expected to fully offset the losses incurred in our senior living portfolio that are attributable to the COVID-19 pandemic.
During the years ended December 31, 2021 and 2020, we received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the COVID-19 pandemic as well as under similar programs in the U.K. and Canada. For the years ended December 31, 2021 and 2020 we recognized $102,575,000 and $34,941,000, respectively, of government grant income. We have completed applications for grant income under Phase 4 of the Provider Relief Fund and expect to receive additional funding during 2022. However, there can be no assurances that all of our applications will be approved or that additional funds will ultimately be received in full or in part.
Our investments in and acquisitions of health care and seniors housing properties may be unsuccessful or fail to meet our expectations 
Some of our acquisitions may not prove to be successful. We could encounter unanticipated difficulties and expenditures relating to any acquired properties, including contingent liabilities, and acquired properties might require significant management attention that would otherwise be devoted to our ongoing business. If we agree to provide construction funding to an operator/tenant and the project is not completed, we may need to take steps to ensure completion of the project. Such expenditures may negatively affect our results of operations. Investments in and acquisitions of seniors housing and health care properties entail risks associated with real estate investments generally, including risks that the investment will not achieve expected returns, that the cost estimates for necessary property improvements will prove inaccurate or that the tenant, operator or manager will fail to meet performance expectations. Furthermore, there can be no assurance that our anticipated acquisitions and investments, the completion of which is subject to various conditions, will be consummated in accordance with anticipated timing, on anticipated terms, or at all. We may be unable to obtain or assume financing for acquisitions on favorable terms or at all. Health care properties are often highly customizable and the development or redevelopment of such properties may require costly tenant-specific improvements. We have experienced delays and disruptions to property redevelopment as a result of supply chain issues and construction material and labor shortages and may experience additional or more significant such delays in the future. We also may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations, and this could have an adverse effect on our results of operations and financial condition. Acquired properties may be located in new markets, either within or outside the United States, where we may face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area, costs associated with opening a new regional office and unfamiliarity with local governmental and permitting procedures. As a result, we cannot assure you that we will achieve the economic benefit we expect from acquisitions, investment, development and redevelopment opportunities and may lead to impairment of such assets. 
Acquired properties may expose us to unknown liability
We may acquire properties or invest in joint ventures that own properties subject to liabilities and without any recourse, or with only limited recourse, against the prior owners or other third parties with respect to unknown liabilities. As a result, if a liability were asserted against us based upon ownership of those properties, we might have to pay substantial sums to settle or contest it, which could adversely affect our results of operations and cash flow. Unknown liabilities with respect to acquired properties might include: liabilities for clean-up of undisclosed environmental contamination, claims by tenants, vendors or other persons against the former owners of the properties, liabilities incurred in the ordinary course of business and claims for indemnification by general partners, directors and others indemnified by the former owners of the properties.
Competition for acquisitions may result in increased prices for properties
We may face competition for acquisition opportunities from other well-capitalized investors, including publicly traded and privately held REITs, private real estate funds, domestic and foreign financial institutions, life insurance companies, sovereign wealth funds, pension trusts, partnerships and individual investors. This competition may adversely affect us by subjecting us to the following risks: we may be unable to acquire a desired property because of competition from other well-capitalized real estate investors and, even if we are able to acquire a desired property, competition from other real estate investors may significantly increase the purchase price.
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Our investments in joint ventures could be adversely affected by our lack of exclusive control over these investments, our partners’ insolvency or failure to meet their obligations, and disputes between us and our partners 
We have entered into, and may continue in the future to enter into, partnerships or joint ventures with other persons or entities. Joint venture investments involve risks that may not be present with other methods of ownership, including the possibility that our partner might become insolvent, refuse to make capital contributions when due or otherwise fail to meet its obligations, which may result in certain liabilities to us for guarantees and other commitments; that our partner might at any time have economic or other business interests or goals that are or become inconsistent with our interests or goals; that we could become engaged in a dispute with our partner, which could require us to expend additional resources to resolve such dispute and could have an adverse impact on the operations and profitability of the joint venture; that our partner may be in a position to take action or withhold consent contrary to our instructions or requests; and that our joint venture partners may be structured differently than us for tax purposes, which could create conflicts of interest and risks to our REIT status. In some instances, we and/or our partner may have the right to trigger a buy-sell, put right or forced sale arrangement, which could cause us to sell our interest, acquire our partner’s interest or sell the underlying asset at a time when we otherwise would not have initiated such a transaction. Our ability to acquire our partner’s interest may be limited if we do not have sufficient cash, available borrowing capacity or other capital resources. In such event, we may be forced to sell our interest in the joint venture when we would otherwise prefer to retain it. On the other hand, our ability to transfer our interest in a joint venture to a third party may be restricted and the market for our interest may be limited and/or valued lower than fair market value. Joint ventures may require us to share decision-making authority with our partners, which could limit our ability to control the properties in the joint ventures. Even when we have a controlling interest, certain major decisions may require partner approval, such as the sale, acquisition or financing of a property.
We assume operational and legal risks with respect to our properties managed in RIDEA structures that could have a material adverse effect on our business, results of operations and financial condition
We have entered into various joint ventures that were structured under the provisions of the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”), which permits REITs to own or partially own “qualified health care properties” in a structure through which we can participate directly in the cash flow of the properties’ operations (as compared to receiving only contractual rent payments) in compliance with REIT requirements. A “qualified health care property” includes real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility which extends medical or nursing or ancillary services to patients.
Under a RIDEA structure, we are required to rely on our operator to manage and operate the property, including complying with laws and providing resident care. However, as the owner of the property under a RIDEA structure, we are responsible for operational and legal risks and liabilities of the property, including, but not limited to, those relating to employment matters of our operators, compliance with health care fraud and abuse and other laws, governmental reimbursement matters, compliance with federal, state, local and industry-related licensure, certification and inspection laws, regulations, and standards, and litigation involving our properties or residents/patients, even though we have limited ability to control or influence our operators’ management of these risks. Further, our taxable REIT subsidiary (“TRS”) is generally required to hold the applicable health care license and enroll in the applicable government health care programs (e.g., Medicare- and Medicaid), which subjects us to potential liability under various health care regulatory laws. Penalties for failure to comply with applicable laws may include loss or suspension of licenses and certificates of need, certification or accreditation, exclusion from government health care programs (e.g., Medicare and Medicaid), administrative sanctions and civil monetary penalties. Although we have some general oversight approval rights and the right to review operational and financial reporting information, our operators are ultimately in control of the day-to-day business of the property, including clinical decision-making, and we rely on them to operate the properties in a manner that complies with applicable law.
We are exposed to operational risks with respect to our Seniors Housing Operating properties that could adversely affect our revenue and operations
We are exposed to various operational risks with respect to our Seniors Housing Operating properties that may increase our costs or adversely affect our ability to generate revenues. In addition to operational challenges related to the COVID-19 pandemic, these risks include fluctuations in occupancy experienced during the normal course of business, Medicare and Medicaid reimbursement, if applicable, and private pay rates; economic conditions; competition; federal, state, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards; the availability and increases in cost of general and professional liability insurance coverage; increases in property taxes; state regulation and rights of residents related to entrance fees; federal and state housing laws and regulations, including rent and eviction restrictions related to the COVID-19 pandemic; and the availability and increases in the cost of labor (as a result of unionization or otherwise). Any one or a combination of these factors may adversely affect our revenue and operations and could eventually lead to impairment of our properties.

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We have rights to terminate our management agreements with operators, in whole or with respect to specific properties under certain circumstances, and we may be unable to replace if our management agreements are terminated or not renewed
We are parties to long-term management agreements with our Seniors Housing Operating managers pursuant to which they provide comprehensive property management, accounting and other services with respect to our Seniors Housing Operating properties. We have the ability to terminate any of our management agreements upon the occurrence of certain events such as insolvency relating to such manager, and in some cases, the failure to meet specific NOI targets without curing, as well as the occurrence of other events or certain conditions.
We regularly monitor and review our rights and remedies under our management agreements. When determining if we will take significant action under those agreements, including terminating a manager, we consider numerous legal, contractual, regulatory, business and other relevant factors. In exercising our rights to terminate or not renew a management agreement, we would work with our existing seniors housing operators or potentially new operators to manage the properties; however, there is no assurance that we would be able to timely source a replacement or that any replacement manager would be effective. Any transition to a new manager would most likely require regulatory approval and potentially the approval of the holders of any liens on the property. The failure to replace on a timely basis, as well as the failure to receive these approvals, either at all or in a timely manner, could have an adverse effect on the properties and our revenue.
Decreases in our operators’ or tenants' revenues or increases in our operators’ or tenants' expenses, including as a result of increased labor costs, could affect their ability to make payments to us
We have very limited control over the success or failure of our operators' or tenants' businesses and, at any time, an operator or tenant may experience a downturn in their business that weakens their financial condition. Our operators’ and tenants' revenues are primarily driven by occupancy, private pay rates, and Medicare and Medicaid reimbursement, if applicable. Expenses are primarily driven by the costs of labor, supplies, food, utilities, taxes, insurance and rent or debt service. Revenues from government reimbursement have, and may continue to, come under pressure due to reimbursement cuts and state budget shortfalls. Operating costs continue to increase for our operators and tenants. In particular, our operators' and tenants' businesses are vulnerable to increases in labor costs resulting from shortages of medical and non-medical staff. A number of factors may adversely affect the labor force available to our operators and tenants or labor costs, including increased industry competition, high employment levels, federal unemployment subsidies, including unemployment benefits offered in response to the COVID-19 pandemic, increased wages offered by other employers, including in other economic sectors, vaccine mandates and other government regulations. During the COVID-19 pandemic, in many geographic areas the lack of availability of specialized medical personnel, experienced senior care professionals and other workers has been a significant operating issue affecting a wide range of healthcare providers and senior care and housing facilities. Such shortages have and may continue to impact the operations of our operators and tenants, resulting in increased labor and operating costs. Continued labor shortages or cost inflation may impact our operators' and tenants' abilities to comply with minimum staffing requirements under applicable federal and state regulations. Failure to comply with these requirements can, among other things, jeopardize a facility's compliance with the conditions of participation under relevant state and federal healthcare programs. In addition, if a facility is determined to be out of compliance with these requirements, it may be subject to fines and other regulatory penalties, including the suspension of patient admissions, the termination of Medicaid participation or the suspension or revocation of licenses.
To the extent that any decrease in revenues and/or any increase in operating expenses result in an operator or tenant not generating enough cash to make payments to us, the credit of our operator or tenant and the value of other collateral would have to be relied upon. To the extent the value of such property is reduced, we may need to record an impairment for such asset. Furthermore, if we determine to dispose of an underperforming property, such sale may result in a loss. Any such impairment or loss on sale would negatively affect our financial results. These risks are magnified where we lease multiple properties to a single operator or tenant under a master lease, as a failure or default under a master lease would expose us to these risks across multiple properties. Although our lease agreements give us the right to exercise certain remedies in the event of default on the obligations owing to us, we may determine not to do so if we believe that enforcement of our rights would be more detrimental to our business than seeking alternative approaches.
Increased competition and oversupply may affect our operators’ and managers' ability to meet their obligations to us 
The operators and managers of our properties compete on a local and regional basis with operators and managers of properties and other health care providers that provide comparable services for residents and patients, including on the basis of the scope and quality of care and services provided, reputation and financial condition, physical appearance of the properties, price, and location. In addition, in light of labor shortages for medical and non-medical workers in many geographic areas, our operators and tenants increasingly compete to attract qualified and experienced employees. Our operators and managers are expected to encounter increased competition in the future that could limit their ability to attract residents and employees or expand their businesses. In addition, we expect that there will continue to be a more than adequate inventory of seniors housing facilities. We cannot be certain that the operators of all of our facilities will be able to achieve and maintain occupancy and rate levels that meet our expected yields and fulfill their obligations to us, including but not limited to the results of the COVID-19 pandemic. If our operators and managers cannot compete effectively or if there is an oversupply of facilities, their financial performance could have a material adverse effect on our financial results.
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A severe cold and flu season, epidemics or any other widespread illnesses could adversely affect the occupancy of our Seniors Housing Operating and Triple-net properties
In addition to the impact of the COVID-19 pandemic, our business and operations are exposed to risks from severe cold and flu seasons or the occurrence of epidemics or any other widespread illnesses. Our revenues and our operators' revenues are dependent on occupancy and the occupancy of our Seniors Housing Operating and Triple-net properties could significantly decrease in the event of a severe cold and flu season, an epidemic or any other widespread illness. Such a decrease could affect the operating income of our Seniors Housing Operating properties and the ability of our Triple-net operators to make payments to us. As experienced during the COVID-19 pandemic, a future flu or other pandemic could significantly increase the cost burdens faced by our operators, including if they are required to implement quarantines for residents, and adversely affect their ability to meet their obligations to us, which would have a material adverse effect on our financial results. 
The insolvency or bankruptcy of our tenants, operators, borrowers, managers and other obligors may adversely affect our business, results of operations and financial condition 
We are exposed to the risk that our tenants, operators, borrowers, managers or other obligors may not be able to meet the rent, principal and interest or other payments due us, which may result in a tenant, operator, borrower, manager or other obligor bankruptcy or insolvency, or that a tenant, operator, borrower, manager or other obligor might become subject to bankruptcy or insolvency proceedings for other reasons. Although our operating lease agreements provide us with the right to evict a tenant, demand immediate payment of rent and exercise other remedies, and our loans provide us with the right to terminate any funding obligation, demand immediate repayment of principal and unpaid interest, foreclose on the collateral and exercise other remedies, the bankruptcy and insolvency laws afford certain rights to a party that has filed for bankruptcy or reorganization. A tenant, operator, borrower, manager or other obligor in bankruptcy or subject to insolvency proceedings may be able to limit or delay our ability to collect unpaid rent in the case of a lease or to receive unpaid principal and interest in the case of a loan, and to exercise other rights and remedies. In addition, if a lease is rejected in a tenant bankruptcy, our claim against the tenant may be limited by applicable provisions of the bankruptcy law. We may be required to fund certain expenses (e.g., real estate taxes and maintenance) to preserve the value of an investment property, avoid the imposition of liens on a property and/or transition a property to a new tenant. In some instances, we have terminated our lease with a tenant and relet the property to another tenant. In some of those situations, we have provided working capital loans to and limited indemnification of the new obligor. If we cannot transition a leased property to a new tenant, we may take possession of that property, which may expose us to certain successor liabilities. Publicity about the operator's financial condition and insolvency proceedings may also negatively impact their and our reputations, decreasing customer demand and revenues. Should such events occur, our revenue and operating cash flow may be adversely affected. 
We may not be able to timely reinvest our sale proceeds on terms acceptable to us 
From time to time, we will have cash available from the proceeds of sales of our securities, principal payments on our loans receivable or the sale of properties, including non-elective dispositions, under the terms of master leases or similar financial support arrangements. In order to maintain current revenues and continue generating attractive returns, we expect to reinvest these proceeds in a timely manner. We compete for real estate investments with a broad variety of potential investors, including other health care REITs, real estate partnerships, health care providers, health care lenders and other investors, including developers, banks, insurance companies, pension funds, government-sponsored entities and private equity firms, some of whom may have greater financial resources and lower costs of capital than we do. This competition for attractive investments may negatively affect our ability to make timely investments on terms acceptable to us. In addition, our ability to execute on our real estate investment strategies may be temporarily disrupted during periods of financial market volatility or real estate and health care industry market uncertainty, including as a result of the COVID-19 pandemic.
The properties managed by Sunrise Senior Living, LLC (“Sunrise”) account for a significant portion of our revenues and net operating income and any adverse developments in its business or financial condition could adversely affect us 
As of December 31, 2021, Sunrise managed 110 of our Seniors Housing Operating properties. These properties account for a significant portion of our revenues and net operating income. Under our management agreements, we rely on Sunrise’s personnel, expertise, technical resources and information systems, proprietary information, good faith and judgment to manage our Seniors Housing Operating properties efficiently and effectively. We also rely on Sunrise to set appropriate resident fees, to provide accurate property-level financial results for our properties in a timely manner and to otherwise operate them in compliance with the terms of our management agreements and all applicable laws and regulations. Any adverse developments in Sunrise’s business or financial condition could impair its ability to manage our properties efficiently and effectively, which could adversely affect our business, results of operations, and financial condition. For example, we depend on Sunrise’s ability to attract and retain skilled management personnel who are responsible for the day-to-day operations of our Seniors Housing Operating properties. A shortage of nurses or other trained personnel or general inflationary pressures may force Sunrise to enhance its pay and benefits packages to compete effectively for such personnel, but it may not be able to offset these added costs by increasing the rates charged to residents. Any increase in labor costs and other property operating expenses, any failure by Sunrise to attract and retain qualified personnel, or significant changes in Sunrise’s senior management or equity ownership
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could adversely affect the income we receive from our Seniors Housing Operating properties and have a material adverse effect on us. Also, if Sunrise experiences any significant financial, legal, accounting or regulatory difficulties, such difficulties could result in, among other things, acceleration of its indebtedness, impairment of its continued access to capital or the commencement of insolvency proceedings by or against it under the U.S. Bankruptcy Code, which, in turn, could adversely affect our business, results of operations and financial condition. If we determine to sell or transition properties currently managed by Sunrise, we may experience operational challenges and/or significantly declining financial performance for those properties.
We depend on ProMedica Health System ("ProMedica") for a significant portion of our revenues and any failure, inability or unwillingness by them to satisfy obligations under their agreements with us could adversely affect us 
As of December 31, 2021, we lease 205 properties to ProMedica under triple-net leases, which account for a significant portion of our revenues. We depend on ProMedica to pay all insurance, taxes, utilities and maintenance and repair expenses in connection with the leased properties. We cannot assure you that ProMedica will have sufficient assets, income and access to financing to enable them to make rental payments to us or to otherwise satisfy their respective obligations under our leases, and any failure, inability or unwillingness by ProMedica to do so could have an adverse effect on our business, results of operations and financial condition. ProMedica have also agreed to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities arising in connection with their respective businesses, and we cannot assure you that ProMedica will have sufficient assets, income, access to financing and insurance coverage to enable them to satisfy their respective indemnification obligations. ProMedica's failure to effectively conduct their operations or to maintain and improve our properties could adversely affect their business reputations and their ability to attract and retain patients and residents in our properties, which, in turn, could adversely affect our business, results of operations and financial condition.
Ownership of property outside the U.S. may subject us to different or greater risks than those associated with our domestic operations 
We have operations in the U.K. and Canada which represent 11.7% and 8.9% of total Welltower revenues, respectively. As of December 31, 2021, Revera managed 85 of our Seniors Housing Operating properties in Canada, representing a significant portion of our revenues, and also owned a controlling interest in Sunrise. International development, ownership, and operating activities involve risks that are different from those we face with respect to our domestic properties and operations. These risks include, but are not limited to, any international currency gain or loss recognized with respect to changes in exchange rates, which may not qualify under the 75% gross income test or the 95% gross income test required for us to satisfy annually in order to qualify and maintain our status as a REIT; challenges with respect to the repatriation of foreign earnings and cash; impact from international trade disputes and the associated impact on our tenants' supply chain and consumer spending levels; changes in foreign political, regulatory, and economic conditions (regionally, nationally and locally) including, but not limited to, challenges in managing international operations; challenges of complying with a wide variety of foreign laws and regulations, including those relating to real estate, corporate governance, operations, taxes, employment and other civil and criminal legal proceedings; foreign ownership restrictions with respect to operations in foreign countries; local businesses and cultural factors that differ from our usual standards and practices; differences in lending practices and the willingness of domestic or foreign lenders to provide financing; regional or country-specific business cycles and political and economic instability; and failure to comply with applicable laws and regulations in the U.S. that affect foreign operations, including, but not limited to, the U.S. Foreign Corrupt Practices Act. Additionally, the COVID-19 pandemic may subject our international business and that of our operators and tenants to different or greater risks than those faced in the U.S. These factors may include the duration and severity of the outbreak in a particular country due to the impact of new variants, the distribution of vaccines and boosters, or public health measures or other actions taken by governments, businesses and individuals in response to the pandemic.
If our tenants do not renew their existing leases, or if we are required to sell properties for liquidity reasons, we may be unable to lease or sell the properties on favorable terms, or at all
We cannot predict whether our tenants will renew existing leases at the end of their lease terms, which expire at various times. If these leases are not renewed, we would be required to find other tenants to occupy those properties, or sell them. There can be no assurance that we would be able to identify suitable replacement tenants or enter into leases with new tenants on terms as favorable to us as the current leases or that we would be able to lease those properties at all. Our competitors may offer space at rental rates below current market rates or below the rental rates we currently charge our customers, we may lose potential customers, and we may be pressured to reduce our rental rates below those we currently charge to retain customers when leases expire. In addition, our ability to reposition our properties with a suitable replacement tenant or operator could be significantly delayed or limited by state licensing, receivership, CON or other laws, as well as by the Medicare and Medicaid change-of-ownership rules, and we could incur substantial additional expenses in connection with any licensing, receivership or change-of-ownership proceedings. Even if tenants decide to renew or lease new space, the terms of renewals or new leases, including the cost of required renovations or concessions to tenants, may be less favorable to us than current lease terms.

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Real estate investments are relatively illiquid and most of the property we own is highly customized for specific uses. Our ability to quickly sell or exchange any of our properties in response to changes in operator, economic and other conditions will be limited. No assurances can be given that we will recognize full value for any property that we are required to sell. Our inability to respond rapidly to changes in the performance of our investments could adversely affect our financial condition and results of operations. In addition, we are exposed to the risks inherent in concentrating investments in real estate, and in particular, the seniors housing and health care industries. A downturn in the real estate industry could adversely affect the value of our properties and our ability to sell properties for a price or on terms acceptable to us. 
Our tenants, operators and managers may not have the necessary insurance coverage to insure adequately against losses 
We maintain or require our tenants, operators and managers to maintain comprehensive insurance coverage on our properties and their operations with terms, conditions, limits and deductibles that we believe are customary for similarly situated companies in our industry and we frequently review our insurance programs and requirements. Our tenants, operators and managers may not be able to maintain adequate levels of insurance and required coverages. Also, we may not be able to require the same levels of insurance coverage under our lease, management and other agreements, which could adversely affect us in the event of a significant uninsured loss. We cannot make any guarantee as to the future financial viability of the insurers that underwrite our policies and the policies maintained by our tenants, operators and managers. Insurance may not be available at a reasonable cost in the future or policies may not be maintained at a level that will fully cover all losses on our properties upon the occurrence of a catastrophic event. This may be especially the case due to increases in property insurance costs. In addition, in recent years, long-term/post-acute care and seniors housing operators and managers have experienced substantial increases in both the number and size of patient care liability claims. As a result, general and professional liability costs have increased in some markets. Due to the uncertainty of the long term effects of the COVID-19 pandemic, general and professional liability insurance coverage may be restricted or very costly, which may adversely affect the tenants’, operators’ and managers’ future operations, cash flows and financial conditions, and may have a material adverse effect on the tenants’, operators’ and managers’ ability to meet their obligations to us. Finally, our use, and the usage by some of our tenants, operators and managers of self-insurance and/or use of a wholly owned captive insurance company, if not adequately funded, could have a material adverse effect on our liquidity and that of our tenants, operators and managers.
Our ownership of properties through ground leases exposes us to the loss of such properties upon breach or termination of the ground leases 
We have acquired an interest in certain of our properties by acquiring a leasehold interest in the property on which the building is located, and we may acquire additional properties in the future through the purchase of interests in ground leases. Many of these ground leases impose significant limitations on our uses of the subject properties, restrict our ability to sell or otherwise transfer our interests in the properties or restrict the leasing of the properties. These restrictions may limit our ability to timely sell or exchange the properties, impair the properties’ value or negatively impact our ability to find suitable tenants for the properties. As the lessee under a ground lease, we are exposed to the possibility of losing the property upon termination of the ground lease or an earlier breach of the ground lease by us.
The requirements of, or changes to, governmental reimbursement programs, such as Medicare, Medicaid or government funding, could have a material adverse effect on our obligors’ liquidity, financial condition and results of operations, which could adversely affect our obligors’ ability to meet their obligations to us 
Some of our obligors’ businesses are affected by government reimbursement. To the extent that an operator/tenant receives a significant portion of its revenues from government payors, primarily Medicare and Medicaid, such revenues may be subject to statutory and regulatory changes, retroactive rate adjustments, recovery of program overpayments or set-offs, court decisions, administrative rulings, policy interpretations, payment or other delays by fiscal intermediaries or carriers, change-of-ownership rules, government funding restrictions (at a program level or with respect to specific facilities), any lapse in Congressional funding of the Centers for Medicare and Medicaid Services and interruption or delays in payments due to any ongoing government investigations and audits at such property. In recent years, government payors have frozen or reduced payments to health care providers due to budgetary pressures. Federal and state authorities may continue seeking to implement new or modified reimbursement methodologies that may negatively impact health care property operations. See “Item 1 - Business - Certain Government Regulations - United States - Reimbursement” above for additional information. Health care reimbursement will likely continue to be of paramount importance to federal and state authorities. We cannot make any assessment as to the ultimate timing or effect any future legislative reforms may have on the financial condition of our obligors and properties. There can be no assurance that adequate reimbursement levels will be available for services provided by any property operator, whether the property receives reimbursement from Medicare, Medicaid or private payors. Significant limits on the scope of services reimbursed and on reimbursement rates and fees could have a material adverse effect on an obligor’s liquidity, financial condition and results of operations, which could adversely affect the ability of an obligor to meet its obligations to us. 
Since January 1, 2014, the Health Reform Laws have provided those states that expand their Medicaid coverage to otherwise eligible state residents with incomes at or below 138% of the federal poverty level with an increased federal medical assistance percentage, effective January 1, 2014, when certain conditions are met. Given that the federal government substantially funds the Medicaid expansion, it is unclear how many states will ultimately pursue this option, although, as of early January 2022,
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more than 75% of the states have expanded Medicaid coverage. The participation by states in the Medicaid expansion could have the dual effect of increasing our tenants’ revenues, through new patients, but further straining state budgets and their ability to pay our tenants.
While there have been multiple attempts to repeal or amend the Health Reform Laws through legislative action and legal challenges, legislative attempts to completely repeal the Health Reform Laws have been unsuccessful to date, and on June 17, 2021, the U.S. Supreme Court dismissed the most recent judicial challenge to the Health Reform Laws brought by several states without specifically ruling on the constitutionality of the Health Reform Laws. Nevertheless, the status of the Health Reform Laws may be subject to change and other health reform measures could be implemented as a result of political, legislative, regulatory, and administrative developments and judicial proceedings. Further impact that the Biden Administration or U.S. Congress may have on health reform (including through new legislative, executive order, or regulatory efforts) remains uncertain, and any changes will likely take time to unfold and could have an impact on coverage and reimbursement for health care items and services covered by plans that were authorized by the Health Reform Laws. If the operations, cash flows or financial condition of our operators and tenants are materially adversely impacted by the Health Reform Laws or future legislation, our revenue and operations may be adversely affected as well. More generally, and because of the dynamic nature of the legislative and regulatory environment for health care products and services, and in light of existing federal deficit and budgetary concerns, we cannot predict the impact that broad-based, far-reaching legislative or regulatory changes could have on the U.S. economy, our business, or that of our operators and tenants. 
If controls imposed on certain of our tenants who provide health care services that are reimbursed by Medicare, Medicaid and other third-party payors to reduce admissions and length of stay affect inpatient volumes at our health care facilities, the financial condition or results of operations of those tenants could be adversely affected
Controls imposed by Medicare, Medicaid and commercial third-party payors designed to reduce admissions and lengths of stay, commonly referred to as “utilization reviews,” have affected and are expected to continue to affect certain of our health care facilities, specifically our acute care hospitals and post-acute facilities. Utilization review entails the review of the admission and course of treatment of a patient by managed care plans. Inpatient utilization, average lengths of stay and occupancy rates continue to be negatively affected by payor-required pre-admission authorization and utilization review and by payor pressures to maximize outpatient and alternative health care delivery services for less acutely ill patients. Efforts to impose more stringent cost controls and reductions are expected to continue, which could negatively impact the financial condition of our tenants who provide health care services in our hospitals and post-acute facilities. If so, this could adversely affect these tenants’ ability and willingness to comply with the terms of their leases with us and/or renew those leases upon expiration, which could have a material adverse effect on us.
Our operators’ or tenants’ failure to comply with federal, state, province, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards could adversely affect such operators’ or tenants’ operations, which could adversely affect our operators’ and tenants’ ability to meet their obligations to us 
Our operators and tenants generally are subject to or impacted by varying levels of federal, state, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards. These laws and regulations include, among others: laws protecting consumers against deceptive practices; laws relating to the operation of our properties and how our tenants and operators conduct their business, such as fire, health and safety, data security and privacy laws; federal and state laws affecting hospitals, clinics and other health care communities that participate in both Medicare and Medicaid that specify reimbursement rates, pricing, reimbursement procedures and limitations, quality of services and care, background checks, food service and physical plants, and similar foreign laws regulating the health care industry; resident rights laws (including abuse and neglect laws) and fraud laws; anti-kickback and physician referral laws; the ADA and similar state and local laws; and safety and health standards set by the Occupational Safety and Health Administration or similar foreign agencies. Our operators’ or tenants’ failure to comply with any of these laws, regulations, or standards could result in loss of accreditation, denial of reimbursement, imposition of fines, suspension, decertification or exclusion from federal and state health care programs, civil liability, and in certain limited instances, criminal penalties, material restrictions on or loss of license, closure of the facility and/or the incurrence of considerable costs arising from an investigation or regulatory action. The likelihood of these actions may increase due to the uncertainty of the long term effects of the COVID-19 pandemic. Such actions may have an effect on our operators’ or tenants’ ability to make lease payments to us and, therefore, adversely impact us. In addition, we may be directly subject to these laws, regulations and standards, as well as potential investigation or enforcement, as a result of our RIDEA-structured arrangements, and certain other arrangements we may pursue with healthcare entities who are directly subject to these laws. See “Item 1 - Business - Certain Government Regulations - United States - Fraud & Abuse Enforcement” and “Item 1 - Business - Certain Government Regulations - United States - Health Care Matters - Generally” above.
Many of our properties may require a license, registration, and/or CON to operate. Failure to obtain a license, registration, or CON, or loss of a required license, registration, or CON would prevent a facility from operating in the manner intended by the operators or tenants. These events could materially adversely affect our operators’ or tenants’ ability to make rent or other obligatory payments to us. State and local laws also may regulate the expansion, including the addition of new beds or services or acquisition of medical equipment, and the construction or renovation of health care facilities, by requiring a CON or other
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similar approval from a state agency. See “Item 1 — Business — Certain Government Regulations — United States — Licensing and Certification” above. 
In addition, we cannot assure you that future changes in government regulation will not adversely affect the health care industry, including our tenants and operators, nor can we be certain that our tenants and operators will achieve and maintain occupancy and rate levels or labor cost levels that will enable them to satisfy their obligations to us.
Unfavorable resolution of pending and future litigation matters and disputes could have a material adverse effect on our financial condition
From time to time, we are directly involved or named as a party in in legal proceedings, lawsuits and other claims that involve class actions, disputes regarding property damage, care matters and other issues. We also are named as defendants in lawsuits allegedly arising out of our actions or the actions of our operators/tenants or managers in which such operators/tenants or managers have agreed to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities arising in connection with their respective businesses. Employment related class action lawsuits have increased in recent years, including but not limited to class action lawsuits brought against our operators in certain states regarding employee and government requirements regarding wage and hour claims and fair housing complaints, as well as class action lawsuits related to COVID-19. There can be no assurance that we will be able to prevail in, or achieve a favorable settlement of, pending or future litigation. In addition, pending litigation or future litigation, government proceedings or environmental matters could lead to increased costs or interruption of our normal business operations. An unfavorable resolution of pending or future litigation or legal proceedings may have a material adverse effect on our business, results of operations and financial condition. Regardless of its outcome, litigation may result in substantial costs and expenses, significantly divert the attention of management, and could damage our reputation and our brand. In addition, any such resolution could involve our agreement to terms that restrict the operation of our business. We cannot guarantee losses incurred in connection with any current or future legal or regulatory proceedings or actions will not exceed any provisions we may have set aside in respect of such proceedings or actions or will not exceed any available insurance coverage.
Development, redevelopment and construction risks could affect our profitability
We invest in various development and redevelopment projects. In deciding whether to acquire or develop a particular property, we make assumptions regarding the expected future performance of that property. In particular, we estimate the return on our investment based on expected construction costs, lease up velocity, occupancy, rental rates, operating expenses, capital costs and future competition. If our financial projections with respect to a new property are inaccurate, the property may fail to perform as we expected in analyzing our investment. Our estimate of the costs of repositioning or redeveloping an acquired property may prove to be inaccurate, which may result in our failure to meet our profitability goals.
Our development/redevelopment and construction projects are vulnerable to the impact of material shortages and inflation. For example, shortages and fluctuations in the price of lumber or in other important raw materials could result in delays in the start or completion of, or increase the cost of, developing one or more of our projects. Pricing for labor and raw materials can be affected by various national, regional, local, economic and political factors, including changes to immigration laws that impact the availability of labor or tariffs on imported construction materials.
In connection with our renovation, redevelopment, development and related construction activities, we may be unable to obtain, or suffer delays in obtaining, necessary zoning, land-use, building, occupancy and other required governmental permits and authorizations, or satisfactory tax rates, incentives or abatements. Operators of new facilities we construct may need to obtain Medicare and Medicaid certification and enter into Medicare and Medicaid provider agreements and/or third-party payor contracts. In the event that the operator is unable to obtain the necessary licensure, certification, provider agreements or contracts after the completion of construction, there is a risk that we will not be able to earn any revenues on the facility until either the initial operator obtains a license or certification to operate the new facility and the necessary provider agreements or contracts or we find and contract with a new operator that is able to obtain a license to operate the facility for its intended use and the necessary provider agreements or contracts. We have experienced such delays in obtaining necessary licensing for constructed properties and may experience additional or more significant delays in the future.
We rely on our development managers, general contractors and subcontractors to oversee and manage day-to-day construction activities. If any such party underperforms, we may need to exercise contractual remedies against such party, which may include termination of the applicable underlying service contract. In the event such termination occurs mid-construction, we would likely need to engage a new service provider, which would likely result in additional costs and delays as the transition between providers occurs.
The above-described factors could result in increased costs or our abandonment of these projects. In addition, we may abandon opportunities we have begun to investigate, for a range of reasons, including changes in expected financing or construction costs, adverse changes in expected rents or expenses, adverse environmental and/or geotechnical findings, or conditions to zoning approval, which would result in additional expenses beyond those originally expected. In addition, we may not be able to obtain financing on favorable terms, or at all, which may render us unable to proceed with our development activities. We may not be able to complete construction and lease-up of a property on budget and on schedule, which could result in increased debt service expense or construction costs. Additionally, the time frame required for development,
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construction and lease-up of these properties means that we may have to wait years for significant cash returns. Because we are required to make cash distributions to our stockholders, if the cash flow from operations or refinancing is not sufficient, we may be forced to borrow additional money to fund such distributions. Newly developed and acquired properties may not produce the cash flow that we expect, which could adversely affect our overall financial performance. 
We may experience losses caused by severe weather conditions, natural disasters or the physical effects of climate change, which could result in an increase of our or our tenants’ cost of insurance, unanticipated costs associated with evacuation, a decrease in our anticipated revenues or a significant loss of the capital we have invested in a property 
We maintain or require our tenants to maintain comprehensive insurance coverage on our properties with terms, conditions, limits and deductibles that we believe are appropriate given the relative risk and costs of such coverage. However, a large number of our properties are located in areas particularly susceptible to revenue loss, cost increase or damage caused by severe weather conditions or natural disasters such as hurricanes, earthquakes, tornadoes and floods, as well as the effects of climate change. We believe, given current industry practice and analysis prepared by outside consultants, that our and our tenants’ insurance coverage is appropriate to cover reasonably anticipated losses that may be caused by hurricanes, earthquakes, tornadoes, floods, wildfires and other severe weather conditions and natural disasters, including the effects of climate change. Nevertheless, we are always subject to the risk that such insurance will not fully cover all losses and, depending on the severity of the event and the impact on our properties, such insurance may not cover a significant portion of the losses including but not limited to the costs associated with evacuation. These losses may lead to an increase of our and our tenants’ cost of insurance, a decrease in our anticipated revenues from an affected property and a loss of all or a portion of the capital we have invested in an affected property. In addition, we or our tenants may not purchase insurance under certain circumstances if the cost of insurance exceeds, in our or our tenants’ judgment, the value of the coverage relative to the risk of loss. Also, changes in federal and state legislation and regulation relating to climate change could result in increased capital expenditures to improve the energy efficiency and resiliency of our existing properties and could also necessitate us to spend more on our new development properties without a corresponding increase in revenue.
To the extent that significant changes in the climate occur in areas where our communities are located, we may experience extreme weather and changes in precipitation and temperature, all of which may result in physical damage to or a decrease in demand for properties located in these areas or affected by these conditions. Should the impact of climate change be material, including significant property damage to or destruction of our communities, or occur for lengthy periods of time, our financial condition or results of operations may be adversely affected. In addition, changes in federal, state and local legislation and regulation based on concerns about climate change could result in increased capital expenditures on our existing properties and our new development properties without a corresponding increase in revenue, resulting in adverse impacts to our net income.
We may incur costs to remediate environmental contamination at our properties, which could have an adverse effect on our or our obligors’ business or financial condition
Under various laws, owners or operators of real estate may be required to respond to the presence or release of hazardous substances on the property and may be held liable for property damage, personal injuries or penalties that result from environmental contamination or exposure to hazardous substances. These laws often impose liability without regard to whether the owner or operator knew of the release of the substances or caused the release. We may become liable to reimburse the government for damages and costs it incurs in connection with the contamination. Generally, such liability attaches to a person based on the person’s relationship to the property. Our tenants or borrowers are primarily responsible for the condition of the property. Moreover, we review environmental site assessments of the properties that we own or encumber prior to taking an interest in them. Those assessments are designed to meet the “all appropriate inquiry” standard, which we believe qualifies us for the innocent purchaser defense if environmental liabilities arise. Based upon such assessments, we do not believe that any of our properties are subject to material environmental contamination. However, environmental liabilities may be present in our properties and we may incur costs to remediate contamination, which could have a material adverse effect on our business or financial condition or the business or financial condition of our obligors. 
Cybersecurity incidents could disrupt our business and result in the loss of confidential information and legal liability
Our business is at risk from and may be impacted by cybersecurity attacks, including attempts to gain unauthorized access to our confidential data through phishing or other malicious activity, attempts to interrupt our access to, or use of information technology systems through distributed denial-of-service or ransomware attacks, breaches related to our increased receipt and use of data from multiple sources, and other electronic security breaches or other cybersecurity incidents within our environment or our business partners' environments, including those resulting from human error, product defects and technology failures. Such cyber-attacks can range from individual attempts to gain unauthorized access to our or our business partners' information technology systems to more sophisticated security threats and may be specifically targeted to our business or more general industry wide risks. Our information technology networks, and those of our business partners are essential to our ability to perform day-to-day operations of our business. While we employ a number of measures to prevent, detect and mitigate these threats, there is no guarantee such efforts will be successful in preventing or detecting a cyber-attack. Even the most well-protected information, networks, systems and facilities remain vulnerable because the techniques used in such attempted cybersecurity breaches evolve and generally are not recognized until launched against a target, and in some cases are
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designed not to be detected and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques, implement adequate cybersecurity barriers or other preventative measures, or respond, mitigate the risks from and recover from an attack without operational impact, and thus it is impossible for us to entirely mitigate this risk. We regularly defend against, respond to and mitigate risks from cybersecurity breaches, which to date have not had a material impact on our operations; however, there is no assurance that such impacts will not be material in the future. Cybersecurity incidents could disrupt our or our critical business partners’ business, damage our reputation, cause us to incur significant remediation expense and have a materially adverse effect on our business, financial condition and results of operations. Cybersecurity breaches that compromise proprietary, personal identifying or confidential information of our employees, operators, tenants and partners, or result in operational disruptions, could result in legal claims or proceedings, including enforcement actions by regulators under data privacy regulations.
Evolving privacy regulations could expose our business to reputational harm and losses
Regulatory authorities around the world have implemented or are considering implementing a number of legislative changes or regulations concerning data protection, which have required or may require us to incur additional expenses and may expose us to additional risks. We are subject to numerous laws and regulations governing the protection of personal and confidential information of our clients or employees, including U.S. federal and state laws (including. but not limited to the State of California), and non- U.S. laws, such as the General Data Protection Regulation and the EU General Data Protection Regulation, which impose a number of obligations on us. These obligations vary from state to state and country to country, but generally have accountability and transparency including consent, detailed information and data removal and security requirements. Some jurisdictions impose the same requirements and restrictions on transfers of data from their jurisdictions to jurisdictions that they do not consider adequate. This may have implications for our cross-border data flows and may result in additional compliance costs.
Many jurisdictions assess fines, the magnitude of which may depend on the annual global revenue of the noncompliant company, the nature, gravity and duration of, and the violation. Additionally, in some jurisdictions, data subjects may have a right to compensation for financial or non-financial losses. Complying with these laws may cause us to incur substantial operational and compliance costs or require us to change our business practices. Despite efforts to bring our practices into compliance with these laws, we may not be successful either due to internal or external factors such as resource allocation limitations or a lack of cooperation among our business partners. Non-compliance could result in proceedings against us by governmental entities, regulators, our business partners, residents of our communities, data subjects, suppliers, vendors or other parties. Further, there is a risk that compliance measures we undertake will not be implemented correctly or that individuals within our business or that of our business partners will not be fully compliant with the new procedures. If there are breaches of these measures, we could face significant administrative and monetary sanctions, as well as reputational damage, which may have a material adverse effect on our operations, financial condition and prospects.
Our success and the success of our operators and managers depends on key personnel whose continued service is not guaranteed 
Our success and the success of our operators and managers depends on the continued availability and service of key personnel, including executive officers and other highly qualified employees, and competition for their talents is intense. There is substantial competition for qualified personnel. We cannot assure you that we will retain our key personnel or that we will be able to recruit and retain other highly qualified employees in the future. Losing any key personnel could, at least temporarily, have a material adverse effect on our business and that of our operators and managers', financial position and results of operations. 
Risks Arising from Our Capital Structure 
We may become more leveraged 
Permanent financing for our investments is typically provided through a combination of public offerings of debt and equity securities and the incurrence or assumption of secured debt. The incurrence or assumption of indebtedness may cause us to become more leveraged, which could (1) require us to dedicate a greater portion of our cash flow to the payment of debt service, (2) make us more vulnerable to a downturn in the economy, (3) limit our ability to obtain additional financing, (4) negatively affect our credit ratings or outlook by one or more of the rating agencies or (5) make us more vulnerable to increases in interest rates because of the variable interest rates on some of our borrowings to the extent we have not entirely hedged such variable rate debt. 
Cash available for distributions to stockholders may be insufficient to make dividend contributions at expected levels and are made at the discretion of the Board of Directors 
If cash available for distribution generated by our assets decreases due to dispositions or otherwise, we may be unable to make dividend distributions at expected levels. Our inability to make expected distributions would likely result in a decrease in the market price of our common stock. All distributions are made at the discretion of our Board of Directors in accordance with Delaware law and depend on our earnings, our financial condition, debt and equity capital available to us, our expectation of
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our future capital requirements and operating performance, restrictive covenants in our financial and other contractual arrangements, maintenance of our REIT qualification, restrictions under Delaware law and other factors as our Board of Directors may deem relevant from time to time. Additionally, our ability to make distributions will be adversely affected if any of the risks described herein, or other significant adverse events, occur. 
We are subject to covenants in our debt agreements that could have a material adverse effect on our business, results of operations and financial condition
Our debt agreements contain various covenants, restrictions and events of default. Among other things, these provisions require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. Breaches of these covenants could result in defaults under the instruments governing the applicable indebtedness, in addition to any other indebtedness cross-defaulted against such instruments. These defaults could have a material adverse effect on our business, results of operations and financial condition. 
Limitations on our ability to access capital could have an adverse effect on our ability to make future investments or to meet our obligations and commitments
We cannot assure you that we will be able to raise the capital necessary to make future investments or to meet our obligations and commitments as they mature. Our access to capital depends upon a number of factors over which we have little or no control, including rising interest rates, inflation and other general market conditions; the market’s perception of our growth potential and our current and potential future earnings and cash distributions; the market price of the shares of our common stock and the credit ratings of our debt securities; changes in the credit ratings on U.S. government debt securities; uncertainty from the expected discontinuance of LIBOR and the transition to any other interest rate benchmark; and default or delay in payment by the U.S. of its obligations. We also rely on the financial institutions that are parties to our revolving credit facilities. If these institutions become capital constrained, tighten their lending standards or become insolvent or if they experience excessive volumes of borrowing requests from other borrowers within a short period of time, they may be unable or unwilling to honor their funding commitments to us, which would adversely affect our ability to draw on our revolving credit facilities and, over time, could negatively impact our ability to consummate acquisitions, repay indebtedness as it matures, fund capital expenditures or make distributions to our stockholders. If our access to capital is limited by these factors or other factors, it could negatively impact our ability to acquire properties, repay or refinance our indebtedness, fund operations or make distributions to our stockholders.
Changes affecting the availability of the London Interbank Offered Rate (“LIBOR”) may have consequences for us that cannot yet reasonably be predicted
We have outstanding debt, hedge agreements and receivable transactions with variable interest rates based on LIBOR. The LIBOR benchmark has been subject of national, international, and other regulatory guidance and proposals for reform. In March 2021, ICE Benchmark Administration, the administrator of LIBOR, confirmed that it would cease publication of USD LIBOR on December 31, 2021 for the one week and two month USD LIBOR tenors, and on June 30, 2023 for all other USD LIBOR tenors. As a result, the United States Federal Reserve has advised banks to stop new USD LIBOR issuances by the end of 2021. The Alternative Reference Rates Committee, which was convened by the Federal Reserve Board and the New York Fed, has identified the Second Oversight Financing Rate ("SOFR") as the recommended alternative rate for LIBOR. While it is not currently possible to determine precisely whether, or to what extent, the withdrawal and replacement of LIBOR would affect us, the implementation of SOFR or other alternative benchmark rates to LIBOR may have an adverse effect on our business, results of operations or financial condition. Any new benchmark rate will likely not replicate LIBOR exactly, which could impact contracts that terminate after 2023. There is uncertainty about how applicable law, the courts or we will address the replacement of LIBOR with alternative rates on agreements that do not include alternative rate fallback provisions. In addition, any changes to benchmark rates may have an uncertain impact on our cost of funds and our access to the capital markets, which could impact our results of operations and cash flows. Uncertainty as to the nature of such potential changes may also adversely affect the trading market for our securities. Additional financing, therefore, may be unavailable, more expensive or restricted by the terms of our outstanding indebtedness.
Downgrades in our credit ratings could have a material adverse effect on our cost and availability of capital
We plan to manage the company to maintain a capital structure consistent with our current profile, but there can be no assurance that we will be able to maintain our current credit ratings. Any downgrades in terms of ratings or outlook by any or all of the rating agencies could have a material adverse effect on our cost and availability of capital, which could in turn have a material adverse effect on our results of operations, liquidity, cash flows, the trading/redemption price of our securities and our ability to satisfy our debt service obligations and to pay dividends and distributions to our equity holders.
Increases in interest rates could have a material adverse effect on our cost of capital
An increase in interest rates may increase interest cost on new and existing variable rate debt.  Such increases in the cost of capital could adversely impact our ability to finance operations, acquire and develop properties, and refinance existing debt. Additionally, increased interest rates may also result in less liquid property markets, limiting our ability to sell existing assets.
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Risks Arising from Our Status as a REIT 
We might fail to qualify or remain qualified as a REIT 
We intend to operate as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), and believe we have operated and will continue to operate in such a manner. If we lose our status as a REIT, we will face serious income tax consequences that will substantially reduce the funds available for satisfying our obligations and for distribution to our stockholders because:
•we would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to U.S. federal income tax at regular corporate rates;
•we would be subject to increased state and local taxes; and
•unless we are entitled to relief under statutory provisions, we could not elect to be subject to tax as a REIT for four taxable    years following the year during which we were disqualified. 
Since REIT qualification requires us to meet a number of complex requirements, it is possible that we may fail to fulfill them, and if we do, our earnings will be reduced by the amount of U.S. federal and other income taxes owed. A reduction in our earnings would affect the amount we could distribute to our stockholders. If we do not qualify as a REIT, we will not be required to make distributions to stockholders, since a non-REIT is not required to pay dividends to stockholders in order to maintain REIT status or avoid an excise tax. In addition, if we fail to qualify as a REIT, all distributions to stockholders will continue to be treated as dividends to the extent of our current and accumulated earnings and profits, although corporate stockholders may be eligible for the dividends received deduction, and individual stockholders may be eligible for taxation at the rates generally applicable to long-term capital gains with respect to distributions. 
As a result of all these factors, our failure to qualify as a REIT also could impair our ability to implement our business strategy and would adversely affect the value of our common stock. Qualification as a REIT involves the application of highly technical and complex Code provisions for which there are only limited judicial and administrative interpretations. The determination of various factual matters and circumstances not entirely within our control may affect our ability to remain qualified as a REIT. Although we believe that we qualify as a REIT, we cannot assure you that we will remain qualified as a REIT for U.S. federal income tax purposes. 
Certain subsidiaries might fail to qualify or remain qualified as a REIT
We own interests in a number of entities which have elected to be taxed as REITs for U.S. federal income tax purposes, some of which we consolidate for financial reporting purposes but each of which is treated as a separate REIT for federal income tax purposes (each a “Subsidiary REIT”). To qualify as a REIT, each Subsidiary REIT must independently satisfy all of the REIT qualification requirements under the Code, together with all other rules applicable to REITs. Provided that each Subsidiary REIT qualifies as a REIT, our interests in the Subsidiary REITs will be treated as qualifying real estate assets for purposes of the REIT asset tests. If a Subsidiary REIT fails to qualify as a REIT in any taxable year, such Subsidiary REIT will be subject to federal and state income taxes and may not be able to qualify as a REIT for the four subsequent taxable years. Any such failure could have an adverse effect on our ability to comply with the REIT income and asset tests, and thus our ability to qualify as a REIT, unless we are able to avail ourselves of certain relief provisions. 
The 90% annual distribution requirement will decrease our liquidity and may limit our ability to engage in otherwise beneficial transactions 
To comply with the 90% distribution requirement applicable to REITs and to avoid the nondeductible excise tax, we must make distributions to our stockholders. Although we anticipate that we generally will have sufficient cash or liquid assets to enable us to satisfy the REIT distribution requirement, it is possible that, from time to time, we may not have sufficient cash or other liquid assets to meet the 90% distribution requirement. This may be due to timing differences between the actual receipt of income and actual payment of deductible expenses, on the one hand, and the inclusion of that income and deduction of those expenses in arriving at our taxable income, on the other hand. In addition, non-deductible expenses such as principal amortization or repayments or capital expenditures in excess of non-cash deductions may cause us to fail to have sufficient cash or liquid assets to enable us to satisfy the 90% distribution requirement. In the event that timing differences occur, or we deem it appropriate to retain cash, we may borrow funds, even if the then-prevailing market conditions are not favorable for these borrowings, issue additional equity securities (although we cannot assure you that we will be able to do so), pay taxable stock dividends, if possible, distribute other property or securities or engage in other transactions intended to enable us to meet the REIT distribution requirements. This may require us to raise additional capital to meet our obligations. 
Our use of TRSs is limited under the Code
Under the Code, no more than 20% of the value of the gross assets of a REIT may be represented by securities of one or more TRSs. This limitation may affect our ability to increase the size of our TRSs’ operations and assets, and there can be no assurance that we will be able to comply with the applicable limitation, or that such compliance will not adversely affect our business. Also, our TRSs may not, among other things, operate or manage certain health care facilities, which may cause us to forgo investments we might otherwise make. Finally, we may be subject to a 100% excise tax on the income derived from certain transactions with our TRSs that are not on an arm's-length basis. We believe our arrangements with our TRSs are on
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arm's-length terms and intend to continue to operate in a manner that allows us to avoid incurring the 100% excise tax described above, but there can be no assurance that we will be able to avoid application of that tax.
The lease of qualified health care properties to a taxable REIT subsidiary is subject to special requirements
We lease certain qualified health care properties to taxable REIT subsidiaries (or limited liability companies of which the taxable REIT subsidiaries are members), which lessees contract with managers (or related parties) to manage the health care operations at these properties. The rents from this taxable REIT subsidiary lessee structure are treated as qualifying rents from real property if (1) they are paid pursuant to an arm's-length lease of a qualified health care property with a taxable REIT subsidiary and (2) the manager qualifies as an eligible independent contractor (as defined in the Code). If any of these conditions are not satisfied, then the rents will not be qualifying rents. 
If certain sale-leaseback transactions are not characterized by the Internal Revenue Service (“IRS”) as “true leases,” we may be subject to adverse tax consequences 
We have purchased certain properties and leased them back to the sellers of such properties, and we may enter into similar transactions in the future. We intend for any such sale-leaseback transaction to be structured in such a manner that the lease will be characterized as a “true lease,” thereby allowing us to be treated as the owner of the property for U.S. federal income tax purposes. However, depending on the terms of any specific transaction, the IRS might take the position that the transaction is not a “true lease” but is more properly treated in some other manner. In the event any sale-leaseback transaction is challenged and successfully re-characterized by the IRS, we would not be entitled to claim the deductions for depreciation and cost recovery generally available to an owner of property. Furthermore, if a sale-leaseback transaction were so re-characterized, we might fail to satisfy the REIT asset tests or income tests and, consequently, could lose our REIT status effective with the year of re-characterization. Alternatively, the amount of our REIT taxable income could be recalculated, which may cause us to fail to meet the REIT annual distribution requirements for a taxable year. 
We could be subject to changes in our tax rates, the adoption of new U.S. or international tax legislation, or exposure to additional tax liabilities 
We are subject to taxes in the U.S. and foreign jurisdictions. Because the U.S. maintains a worldwide corporate tax system, the foreign and U.S. tax systems are somewhat interdependent. Longstanding international norms that determine each country's jurisdiction to tax cross-border international trade are evolving and could reduce the ability of our foreign subsidiaries to deduct for foreign tax purposes the interest they pay on loans from us, thereby increasing the foreign tax liability of the subsidiaries; it is also possible that foreign countries could increase their withholding taxes on dividends and interest.
Our effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates or changes in tax laws or their interpretation. We are also subject to the examination of our tax returns and other tax matters by the IRS and other tax authorities and governmental bodies. We regularly assess the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of our provision for taxes. There can be no assurance as to the outcome of these examinations. If we were subject to review or examination by the IRS or applicable foreign jurisdiction as the result of any new tax law changes, the ultimate determination of which may change our taxes owed for an amount in excess of amounts previously accrued or recorded, our financial condition, operating results, and cash flows could be adversely affected.
The present federal income tax treatment of REITs may be modified, possibly with retroactive effect, by legislative, judicial or administrative action at any time, which could affect the federal income tax treatment of an investment in us. The federal income tax rules dealing with U.S. federal income taxation and REITs are constantly under review by persons involved in the legislative process, the IRS and the U.S. Treasury Department, which results in statutory changes as well as frequent revisions to regulations and interpretations.
We cannot predict how changes in the tax laws in the U.S. or foreign jurisdictions might affect our investors or us. Revisions in tax laws and interpretations thereof could significantly and negatively affect our ability to qualify as a REIT, as well as the tax considerations relevant to an investment in us, could cause us to change our investments and commitments, and adversely affect our earnings and cash flow.
Item 1B.  Unresolved Staff Comments
None.
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Item 2.  Properties 
We lease our corporate headquarters located at 4500 Dorr Street, Toledo, Ohio 43615. We also lease corporate offices throughout the U.S., Canada and the United Kingdom and have ground leases relating to certain of our properties. The following table sets forth certain information regarding the properties that comprise our consolidated real property and real estate loan investments as of December 31, 2021 (dollars in thousands):
 Seniors Housing OperatingTriple-netOutpatient Medical
Property LocationNumber of PropertiesTotal Investment
Annualized Revenues(1)
Number of PropertiesTotal Investment
Annualized Revenues(1)
Number of PropertiesTotal Investment
Annualized Revenues(1)
Alabama3 $34,937 $8,795 3 $33,898 $4,233 2 $33,359 $2,792 
Arkansas1 38,630 10,296 — — — 1 22,520 2,920 
Arizona10 214,624 47,406 — — — 7 79,905 9,887 
California93 3,129,715 730,284 24 460,884 69,799 38 906,083 91,507 
Colorado15 456,837 98,388 12 294,463 24,997 1 10,185 2,175 
Connecticut3 68,634 16,543 4 75,789 32,480 7 102,045 7,430 
District Of Columbia2 87,481 12,799 — — — — — — 
Delaware8 240,407 38,371 4 104,491 12,829 — — — 
Florida13 713,529 116,379 53 623,783 89,573 25 234,127 43,779 
Georgia16 268,543 60,190 3 38,796 4,614 12 215,537 27,067 
Hawaii1 2,568 18,090 — — — — — — 
Iowa7 90,641 26,804 7 55,196 6,156 — — — 
Idaho3 64,462 6,187 — — — 2 50,510 4,368 
Illinois35 583,215 142,670 24 353,815 28,432 7 110,944 14,957 
Indiana8 223,553 31,609 27 411,883 47,524 — — — 
Kansas3 66,494 14,325 27 234,044 43,949 — — — 
Kentucky4 58,703 18,713 7 68,269 8,872 — — — 
Louisiana5 70,555 19,726 3 82,193 3,690 — — — 
Massachusetts16 386,988 76,800 10 189,021 7,384 7 104,531 9,383 
Maryland10 438,074 76,124 21 265,773 23,042 11 238,210 24,710 
Maine1 23,154 11,489 — — — — — — 
Michigan13 354,570 66,542 25 245,965 28,273 13 194,793 10,067 
Minnesota3 78,936 12,888 12 229,964 23,326 7 145,120 31,083 
Missouri6 126,388 18,897 — — — 12 189,326 27,418 
Mississippi2 16,778 8,834 1 10,085 — 1 34,947 2,382 
Montana2 25,831 8,148 — — — — — — 
North Carolina10 283,634 52,225 51 415,157 57,404 24 567,936 47,387 
North Dakota1 13,721 1,336 — — — — — — 
Nebraska5 39,674 13,795 — — — 1 11,240 2,728 
New Hampshire— — — 3 33,395 2,936 — — — 
New Jersey28 702,293 192,833 29 597,879 64,403 13 328,853 46,868 
Nevada7 128,179 29,585 — — — 8 127,634 9,542 
New York33 676,220 147,063 4 63,822 10,246 15 418,384 28,926 
Ohio29 419,811 76,084 40 407,072 48,538 5 84,941 11,236 
Oklahoma5 98,030 26,279 20 208,168 41,909 2 13,779 2,449 
Oregon14 164,576 40,374 1 2,550 864 1 43,191 2,720 
Pennsylvania18 275,220 72,017 59 645,435 87,385 4 72,343 6,946 
South Carolina5 94,471 24,313 7 33,320 4,263 2 9,930 1,522 
Tennessee7 115,744 31,729 7 98,620 8,380 3 66,216 6,670 
Texas70 1,350,583 289,097 26 410,668 61,531 56 1,028,184 104,534 
Utah4 74,617 23,932 1 22,372 2,106 — — — 
Virginia9 376,764 108,414 29 383,314 46,121 6 110,626 13,517 
Washington30 661,076 146,938 7 89,181 11,517 8 186,665 27,367 
Wisconsin2 18,953 4,985 5 88,064 10,906 5 88,135 9,508 
West Virginia— — — 1 6,293 1,005 — — — 
Total domestic560 13,357,813 2,978,296 557 7,283,622 918,687 306 5,830,199 633,845 
Canada97 2,047,065 405,295 6 140,606 10,840 — — — 
United Kingdom64 2,084,141 407,824 61 1,543,664 178,100 — — — 
Total international161 4,131,206 813,119 67 1,684,270 188,940 — — — 
Grand total721 $17,489,019 $3,791,415 624 $8,967,892 $1,107,627 306 $5,830,199 $633,845 
(1) Represents revenue for the month ended December 31, 2021 annualized.
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The following table sets forth occupancy and average annualized revenues for certain property types (excluding investments in unconsolidated entities):
 
Occupancy(1)
Average Annualized Revenues(2)
 
 2021202020212020 
Seniors Housing Operating(3)
76.4%75.9%$48,300 $48,749 per unit
Triple-net(4)
73.0%72.8%19,675 17,604 per bed/unit
Outpatient Medical(5)
95.4%95.4%37 36 per sq. ft.
(1) We use unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy for properties other than Outpatient Medical buildings and have not independently verified the information.
(2) Represents December annualized revenues divided by total beds, units or square feet in service, as presented in the tables above.
(3) Occupancy represents average occupancy of properties in service for the three months ended December 31.
(4) Occupancy represents average quarterly operating occupancy based on the quarters ended September 30 and excludes properties that are unstabilized, closed or for which data is not available or meaningful.
(5) Occupancy represents the percentage of total rentable square feet leased and occupied (including month-to-month and holdover leases and excluding terminations) as of December 31.

The following table sets forth information regarding lease expirations for certain portions of our portfolio as of December 31, 2021 (dollars in thousands):
 
Expiration Year(1)
 2022202320242025202620272028202920302031Thereafter
Triple-net:           
Properties
57 3 4 28 64 18 14 14 23 16 367 
Base rent(2)
$6,751 $2,482 $12,110 $6,147 $67,063 $33,567 $15,549 $32,248 $43,027 $18,808 $377,212 
% of base rent
1.1 %0.4 %2.0 %1.0 %10.9 %5.5 %2.5 %5.2 %7.0 %3.1 %61.3 %
Units
6,071 304 692 1,759 4,878 2,350 1,474 1,214 2,439 2,008 36,991 
% of units
10.1 %0.5 %1.1 %2.9 %8.1 %3.9 %2.4 %2.0 %4.1 %3.3 %61.6 %
Outpatient Medical:           
Square feet
1,793,229 1,720,158 2,080,831 1,031,346 1,389,353 1,153,609 921,218 751,892 1,486,918 1,396,014 3,475,995 
Base rent(2)
$52,877 $48,606 $63,809 $29,253 $37,775 $30,380 $24,719 $21,395 $38,494 $37,905 $78,835 
% of base rent
11.4 %10.5 %13.8 %6.3 %8.1 %6.5 %5.3 %4.6 %8.3 %8.2 %17.0 %
Leases
404 369 354 218 255 175 126 83 102 80 151 
% of leases
17.4 %15.9 %15.3 %9.4 %11.0 %7.6 %5.4 %3.6 %4.4 %3.5 %6.5 %
(1) Excludes investments in unconsolidated entities, developments, land parcels, loans receivable and sub-leases. Investments classified as held for sale are included in 2022.
(2) The most recent monthly cash base rent annualized. Base rent does not include tenant recoveries or amortization of above and below market lease intangibles or other non cash income.
Item 3. Legal Proceedings
From time to time, there are various legal proceedings pending against us that arise in the ordinary course of our business.  Management does not believe that the resolution of any of these legal proceedings either individually or in the aggregate will have a material adverse effect on our business, results of operations or financial condition. Further, from time to time, we are party to certain legal proceedings for which third parties, such as tenants, operators and/or managers are contractually obligated to indemnify, defend and hold us harmless. In some of these matters, the indemnitors have insurance for the potential damages.  In other matters, we are being defended by tenants and other obligated third parties and these indemnitors may not have sufficient insurance, assets, income or resources to satisfy their defense and indemnification obligations to us. The unfavorable resolution of such legal proceedings could, individually or in the aggregate, materially adversely affect the indemnitors’ ability to satisfy their respective obligations to us, which, in turn, could have a material adverse effect on our business, results of operations or financial condition. It is management’s opinion that there are currently no such legal proceedings pending that will, individually or in the aggregate, have such a material adverse effect. Despite management’s view of the ultimate resolution of these legal proceedings, we may have significant legal expenses and costs associated with the defense of such matters. Further, management cannot predict the outcome of these legal proceedings and if management’s expectation regarding such matters is not correct, such proceedings could have a material adverse effect on our business, results of operations or financial condition.
Item 4. Mine Safety Disclosures
None.
42

PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 
Our common stock trades on the New York Stock Exchange (NYSE:WELL). There were 3,147 stockholders of record as of February 4, 2022.
Stockholder Return Performance Presentation 
Set forth below is a line graph comparing the yearly percentage change and the cumulative total stockholder return on our shares of common stock against the cumulative total return of the S & P Composite-500 Stock Index and the FTSE NAREIT Equity Index. As of December 31, 2021, 151 companies comprised the FTSE NAREIT Equity Index, which consists of REITs identified by NAREIT as equity (those REITs which have at least 75% of their investments in real property). The data are based on the closing prices as of December 31 for each of the five years. 2016 equals $100 and dividends are assumed to be reinvested.
well-20211231_g2.jpg
 12/31/201612/31/201712/31/201812/31/201912/31/202012/31/2021
S & P 500$100.00 $121.83 $116.49 $153.17 $181.35 $233.41 
Welltower Inc.100.00 100.20 115.53 142.14 117.29 160.66 
FTSE NAREIT Equity100.00 105.23 100.36 126.45 116.34 166.64 
Except to the extent that we specifically incorporate this information by reference, the foregoing Stockholder Return Performance Presentation shall not be deemed incorporated by reference by any general statement incorporating by reference this Annual Report on Form 10-K into any filing under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended. This information shall not otherwise be deemed filed under such Acts.

On May 1, 2020, our Board of Directors authorized a share repurchase program whereby we may repurchase up to $1 billion of common stock through December 31, 2021 (the "Repurchase Program"). Under this authorization, we are not required to purchase shares but may choose to do so in the open market or through private transactions at times and amounts based on our evaluation of market conditions and other factors. We expect to finance any share repurchases under the Repurchase Program using available cash and may use proceeds from borrowings or debt offerings. We did not repurchase any shares of our common stock during the three months ended December 31, 2021.
43

Issuer Purchases of Equity Securities
PeriodTotal Number of Shares PurchasedAverage Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Repurchase ProgramMaximum Dollar Value of Shares that May Yet Be Purchased Under the Repurchase Program
October 1, 2021 through October 31, 2021— $— — $— 
November 1, 2021 through November 30, 2021— $— — — 
December 1, 2021 through December 31, 2021— $— — — 
Totals— $— — $992,348,000 
Item 6. [Reserved]
The selected financial data previously required by Item 301 of Regulation S-K has been omitted in reliance on SEC Release No. 33-10890.


44
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
EXECUTIVE SUMMARY
  
Company Overview
46
Business Strategy
47
Key Transactions
48
Key Performance Indicators, Trends and Uncertainties
48
Corporate Governance
50
LIQUIDITY AND CAPITAL RESOURCES
  
Sources and Uses of Cash
50
Off-Balance Sheet Arrangements
51
Contractual Obligations
51
Capital Structure
52
  
RESULTS OF OPERATIONS
  
Summary
53
Seniors Housing Operating
54
Triple-net
57
Outpatient Medical
59
Non-Segment/Corporate
61
  
OTHER
  
Non-GAAP Financial Measures
61
Critical Accounting Policies and Estimates
67
 
45
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis is based primarily on the consolidated financial statements of Welltower Inc. presented in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for the periods presented and should be read together with the notes thereto contained in this Annual Report on Form 10-K. Other important factors are identified in “Item 1 — Business” and “Item 1A — Risk Factors” above.
Executive Summary
Company Overview
Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower™, 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. 
The following table summarizes our consolidated portfolio for the year ended December 31, 2021 (dollars in thousands):
  Percentage ofNumber of
Type of Property
NOI(1)
NOIProperties
Seniors Housing Operating$683,906 34.7 %721
Triple-net841,122 42.6 %624
Outpatient Medical448,350 22.7 %306
Totals$1,973,378 100.0 %1,651 
(1) Represents consolidated net operating income ("NOI") and excludes our share of investments in unconsolidated entities. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. See Non-GAAP Financial Measures for additional information and reconciliation.
The COVID-19 pandemic has had and may continue to have material and adverse effects on our financial condition, results of operations and cash flows in the future. The extent to which the COVID-19 pandemic impacts our operations and those of our operators and tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the effectiveness of vaccines, the actions taken to contain the pandemic or mitigate its impact and the direct and indirect economic effects of the pandemic and containment measures, the overall pace of recovery, among others.
Our Seniors Housing Operating revenues are dependent on occupancy. Spot occupancy has steadily increased in recent months, with 94% of communities open for new admissions and nearly all communities allowing visitors, in-person tours and communal dining and activities as of December 31, 2021. Rapid distribution and a high acceptance rate of COVID-19 vaccinations by residents within assisted living and memory care facilities in the U.S. and U.K. have resulted in a significant decrease in total resident case counts across the portfolio from peak levels in mid-January 2021, however, resident case counts have increased in December 2021 as a result of highly transmissible variants.
We have incurred increased operational costs as a result of the introduction of public health measures and other regulations affecting our properties, as well as additional health and safety measures adopted by us and our operators related to the COVID-19 pandemic, including increases in labor, personal protective equipment and sanitation. We expect total Seniors Housing Operating expenses to remain elevated during the pandemic and potentially beyond as these additional health and safety measures become standard practice.
Our Triple-net operators are experiencing similar trends related to occupancy and operating costs as described above with respect to our Seniors Housing Operating properties. However, long-term/post-acute care facilities are generally experiencing a higher degree of occupancy declines. These factors may continue to impact the ability of our Triple-net operators to make contractual rent payments to us in the future. Many of our Triple-net operators received funds under the Coronavirus Aid Relief, and Economic Security Act (“CARES Act”) Paycheck Protection Program and Provider Relief Fund.
During the year ended December 31, 2021, we collected approximately 94% of rent due from operators under Triple-net lease agreements (primarily seniors housing and post-acute care facilities). No significant rent deferrals or rent concessions have been made during the year ended December 31, 2021. We evaluate leases individually and recognize rent on a cash basis if collectibility of substantially all contractual rent payments is not probable. To the extent the prolonged impact of the COVID-19 pandemic causes operators or tenants to seek further modifications of their lease agreements, we may recognize reductions in revenue and increases in uncollectible receivables.
During the early stages of the pandemic in 2020, our Outpatient Medical tenants experienced temporary medical practice closures or decreases in revenue due to government-imposed restrictions on elective medical procedures, stay at home orders or decisions by patients to delay treatments. In some instances, these factors caused tenants to seek modifications of contractual
46
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
rent obligations. We evaluated each request on a case-by-case basis to determine if a form of rent relief was warranted following an examination of the tenant's financial health, rent coverage, current operating situation and other factors. Virtually all deferred rent related to 2020 deferrals has been paid. During the year ended December 31, 2021, we have continued to collect virtually all rent due from tenants in our Outpatient Medical portfolio, with uncollected amounts primarily attributable to local jurisdictions with COVID-19 related ordinances providing temporary rent relief to tenants.
Business Strategy
Our primary objectives are to protect stockholder capital and enhance stockholder value. We seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders as a result of annual increases in NOI and portfolio growth. To meet these objectives, we invest across the full spectrum of seniors housing and health care real estate and diversify our investment portfolio by property type, relationship and geographic location.
Substantially all of our revenues are derived from operating lease rentals, resident fees and services and interest earned on outstanding loans receivable. These items represent our primary sources of liquidity to fund distributions and depend upon the continued ability of our obligors to make contractual rent and interest payments to us and the profitability of our operating properties. To the extent that our obligors/partners experience operating difficulties and become unable to generate sufficient cash to make payments or operating distributions to us, there could be a material adverse impact on our consolidated results of operations, liquidity and/or financial condition. To mitigate this risk, we monitor our investments through a variety of methods determined by the type of property. Our asset management process for seniors housing properties generally includes review of monthly financial statements and other operating data for each property, review of obligor/partner creditworthiness, property inspections and review of covenant compliance relating to licensure, real estate taxes, letters of credit and other collateral. Our internal property management division manages and monitors the outpatient medical portfolio with a comprehensive process including review of tenant relations, lease expirations, the mix of health service providers, hospital/health system relationships, property performance, capital improvement needs and market conditions among other things. We evaluate the operating environment in each property’s market to determine the likely trend in operating performance of the facility. When we identify unacceptable trends, we seek to mitigate, eliminate or transfer the risk. Through these efforts, we generally aim to intervene at an early stage to address any negative trends, and in so doing, support both the collectability of revenue and the value of our investment.
In addition to our asset management and research efforts, we also aim to structure our relevant investments to mitigate payment risk. Operating leases and loans are normally credit enhanced by guarantees and/or letters of credit. In addition, operating leases are typically structured as master leases and loans are generally cross-defaulted and cross-collateralized with other real estate loans, operating leases or agreements between us and the obligor and its affiliates.
For the year ended December 31, 2021, resident fees and services and rental income represented 67% and 29%, respectively, of total revenues. Substantially all of our operating leases are designed with escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Our yield on loans receivable depends upon a number of factors, including the stated interest rate, the average principal amount outstanding during the term of the loan and any interest rate adjustments.
Our primary sources of cash include resident fees and services, rent and interest receipts, borrowings under our unsecured revolving credit facility and commercial paper program, public issuances of debt and equity securities, proceeds from investment dispositions and principal payments on loans receivable. Our primary uses of cash include dividend distributions, debt service payments (including principal and interest), real property investments (including acquisitions, capital expenditures, construction advances and transaction costs), loan advances, property operating expenses, general and administrative expenses and other expenses. Depending upon the availability and cost of external capital, we believe our liquidity is sufficient to fund these uses of cash.
We also continuously evaluate opportunities to finance future investments. New investments are generally funded from temporary borrowings under our unsecured revolving credit facility and commercial paper program, internally generated cash and the proceeds from investment dispositions. Our investments generate cash from NOI and principal payments on loans receivable. Permanent financing for future investments, which replaces funds drawn under our unsecured revolving credit facility and commercial paper program, has historically been provided through a combination of the issuance of public debt and equity securities and the incurrence or assumption of secured debt.
Depending upon market conditions, we believe that new investments will be available in the future with spreads over our cost of capital that will generate appropriate returns to our stockholders. It is also likely that investment dispositions may occur in the future. To the extent that investment dispositions exceed new investments, our revenues and cash flows from operations could be adversely affected. We expect to reinvest the proceeds from any investment dispositions in new investments. To the extent that new investment requirements exceed our available cash on-hand, we expect to borrow under our unsecured revolving credit facility and commercial paper program. At December 31, 2021, we had $269,265,000 of cash and cash equivalents, $77,490,000 of restricted cash and $3,675,000,000 of available borrowing capacity under our unsecured revolving credit facility.
47
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Key Transactions
Capital  The following summarizes key capital transactions that occurred during the year ended December 31, 2021:
•In March 2021, we completed the issuance of $750,000,000 senior unsecured notes bearing interest at 2.80% with a maturity date of June 2031.
•In April 2021, we repaid our $339,128,000 of our 3.75% senior unsecured notes due March 2023, $334,624,000 of our 3.95% senior unsecured notes due September 2023, and $15,000,000 of our term loan due April 2022.
•In June 2021, we closed on a new $4,700,000,000 unsecured credit facility with improved pricing across our line of credit and terminated the existing unsecured credit facility. The credit facility includes $4,000,000,000 of revolving credit capacity at a borrowing rate of 77.5 basis points ("bps") over LIBOR, $500,000,000 of USD term loan capacity at a borrowing rate of 90.0 bps over LIBOR and $250,000,000 CAD term loan capacity at 90.0 bps over CDOR.
•In June 2021, we repaid the remaining $845,000,000 of our term loan due April 2022.
•In June 2021, we completed the issuance of $500,000,000 senior unsecured notes bearing interest at 2.05% with a maturity date of January 2029.
•In July 2021, we entered into an amended and restated ATM Program (as defined below) pursuant to which we may offer and sell up to $2,500,000,000 of common stock from time to time. During 2021, we sold 34,854,598 shares of common stock under our current and previous ATM Programs via forward sale agreements which are expected to generate gross proceeds of approximately $2,820,855,000, of which 29,667,348 shares have been settled resulting in $2,385,683,000 of gross proceeds during the year ended December 31, 2021.
•In November 2021, we completed the issuance of $500,000,000 senior unsecured notes bearing interest at 2.75% with a maturity date of January 2032.
•We extinguished $132,031,000 of secured debt at a blended average interest rate of 5.86% throughout 2021.
Investments The following summarizes property acquisitions and joint venture investments completed during the year ended December 31, 2021 (dollars in thousands):
 Properties
Book Amount(1)
Capitalization Rates(2)
Seniors Housing Operating151 $3,138,988 5.1%
Triple-net35 898,167 6.1%
Outpatient Medical19 403,458 5.5%
Totals205 $4,440,613 5.2%
(1) Represents amounts recorded in net real estate investments including fair value adjustments pursuant to U.S. GAAP. See Note 3 to our consolidated financial statements for additional information.
(2) Represents annualized contractual or projected NOI to be received in cash divided by investment amounts.

Dispositions The following summarizes property dispositions completed during the year ended December 31, 2021 (dollars in thousands):
 Properties
Proceeds(1)
Book Amount(2)
Capitalization Rates(3)
Seniors Housing Operating12 $118,590 $112,837 4.8%
Triple-net51 625,478 486,369 7.2%
Outpatient Medical11 326,254 229,660 5.3%
Totals74 $1,070,322 $828,866 6.4%
(1) Represents pro rata proceeds received upon disposition including any seller financing.
(2) Represents carrying value of net real estate assets at time of disposition. See Note 5 to our consolidated financial statements for additional information.
(3) Represents annualized contractual income that was being received in cash at date of disposition divided by disposition proceeds.

Dividends Our Board of Directors declared a cash dividend for the quarter ended December 31, 2021 of $0.61 per share. On March 8, 2022, we will pay our 203rd consecutive quarterly dividend payment to stockholders of record on March 1, 2022.
Key Performance Indicators, Trends and Uncertainties
We utilize several key performance indicators to evaluate the various aspects of our business. These indicators are discussed below and relate to operating performance, credit strength and concentration risk. Management uses these key performance indicators to facilitate internal and external comparisons to our historical operating results, in making operating decisions, and for budget planning purposes.
48
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Operating Performance We believe that net income and net income attributable to common stockholders (“NICS”) per the Consolidated Statements of Comprehensive Income are the most appropriate earnings measures. Other useful supplemental measures of our operating performance include funds from operations attributable to common stockholders (“FFO”) and consolidated net operating income (“NOI”); however, these supplemental measures are not defined by U.S. GAAP. Please refer to the section entitled “Non-GAAP Financial Measures” for further discussion and reconciliations. These earnings measures are widely used by investors and analysts in the valuation, comparison and investment recommendations of companies. The following table reflects the recent historical trends of our operating performance measures for the periods presented (in thousands):
 Year Ended December 31,
 202120202019
Net income$374,479 $1,038,852 $1,330,410 
Net income attributable to common stockholders336,138 978,844 1,232,432 
Funds from operations attributable to common stockholders1,220,722 1,102,562 1,577,080 
Consolidated net operating income1,967,553 2,008,144 2,431,264 
Credit Strength We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and restricted cash. The coverage ratios indicate our ability to service interest and fixed charges (interest and secured debt principal amortization). We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The coverage ratios are based on adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). Please refer to the section entitled “Non-GAAP Financial Measures” for further discussion and reconciliation of these measures. Leverage ratios and coverage ratios are widely used by investors, analysts and rating agencies in the valuation, comparison, investment recommendations and rating of companies. The following table reflects the recent historical trends for our credit strength measures for the periods presented:
 Year Ended December 31,
 202120202019
Net debt to book capitalization ratio42.2%40.8%46.3%
Net debt to undepreciated book capitalization ratio34.9%33.8%39.2%
Net debt to market capitalization ratio25.9%29.6%29.5%
Adjusted interest coverage ratio3.89x3.97x4.14x
Adjusted fixed charge coverage ratio3.43x3.54x3.78x
Concentration Risk We evaluate our concentration risk in terms of NOI by property mix, relationship mix and geographic mix. Concentration risk is a valuable measure in understanding what portion of our NOI could be at risk if certain sectors were to experience downturns. Property mix measures the portion of our NOI that relates to our various property types. Relationship mix measures the portion of our NOI that relates to our current top five relationships. Geographic mix measures the portion of our NOI that relates to our current top five states (or international equivalents). The following table reflects our recent historical trends of concentration risk by NOI for the years indicated below:
 
December 31,(1)
 202120202019
Property mix:   
 Seniors Housing Operating35%38%43%
 Triple-net43%37%38%
 Outpatient Medical22%25%19%
Relationship mix:   
 ProMedica12%11%9%
Sunrise Senior Living(2)
10%13%14%
 
Revera(2)
5%5%6%
 Avery Healthcare4%4%3%
 HC-One Group3%—%—%
 Remaining66%67%68%
Geographic mix:   
 California13%14%13%
 United Kingdom13%10%8%
 Texas8%9%8%
 Canada6%6%7%
 New Jersey6%5%7%
 Remaining54%56%57%
(1) Excludes our share of investments in unconsolidated entities and non-segment/corporate NOI. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount.
49
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
(2) Revera owns a controlling interest in Sunrise Senior Living.
We evaluate our key performance indicators in conjunction with current expectations to determine if historical trends are indicative of future results. Our expected results may not be achieved and actual results may differ materially from our expectations. Factors that may cause actual results to differ from expected results are described in more detail in “Item 1 — Business — Cautionary Statement Regarding Forward-Looking Statements” and “Item 1A — Risk Factors” and other sections of this Annual Report on Form 10-K. Management regularly monitors economic and other factors to develop strategic and tactical plans designed to improve performance and maximize our competitive position. Our ability to achieve our financial objectives is dependent upon our ability to effectively execute these plans and to appropriately respond to emerging economic and company-specific trends. Please refer to “Item 1 — Business,” “Item 1A — Risk Factors” in this Annual Report on Form 10-K for further discussion of these risk factors.
Corporate Governance
Maintaining investor confidence and trust is important in today’s business environment. Our Board of Directors and management are strongly committed to policies and procedures that reflect the highest level of ethical business practices. Our corporate governance guidelines provide the framework for our business operations and emphasize our commitment to increase stockholder value while meeting all applicable legal requirements. These guidelines meet the listing standards adopted by the New York Stock Exchange and are available on the Internet at www.welltower.com/investors/governance. The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only.
Liquidity and Capital Resources
Sources and Uses of Cash
Our primary sources of cash include resident fees and services, rent and interest receipts, borrowings under our unsecured revolving credit facility and commercial paper program, public issuances of debt and equity securities, proceeds from investment dispositions and principal payments on loans receivable. Our primary uses of cash include dividend distributions, debt service payments (including principal and interest), real property investments (including acquisitions, capital expenditures, construction advances and transaction costs), loan advances, property operating expenses, general and administrative expenses and other expenses. These sources and uses of cash are reflected in our Consolidated Statements of Cash Flows and are discussed in further detail below. The following is a summary of our sources and uses of cash flows for the periods presented (dollars in thousands):
 Year EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
 December 31,December 31,  December 31,    
 20212020$%2019$%$%
Cash, cash equivalents and restricted cash at beginning of period$2,021,043 $385,766 $1,635,277 424 %$316,129 $69,637 22 %$1,704,914 539 %
Net cash provided from (used in): 
Operating activities1,275,325 1,364,756 (89,431)-7 %1,535,968 (171,212)-11 %(260,643)-17 %
Investing activities(4,516,268)2,347,928 (6,864,196)n/a(2,048,791)4,396,719 n/a(2,467,477)120 %
Financing activities1,567,664 (2,080,858)3,648,522 n/a577,150 (2,658,008)n/a990,514 172 %
Effect of foreign currency translation(1,009)3,451 (4,460)n/a5,310 (1,859)-35 %(6,319)n/a
Cash, cash equivalents and restricted cash at end of period$346,755 $2,021,043 $(1,674,288)-83 %$385,766 $1,635,277 424 %$(39,011)-10 %
Operating Activities The changes in net cash provided from operating activities are primarily attributable to declines in revenue as a result of decreased occupancy at our Seniors Housing Operating properties, straight-line receivable reserves related to Triple-net leases during the year ended December 31, 2021 and dispositions. Please see “Results of Operations” for discussion of net income fluctuations. For the years ended December 31, 2021, 2020 and 2019, cash flows from operations exceeded cash distributions to stockholders.
Investing Activities  The changes in net cash provided from/used in investing activities are primarily attributable to net changes in real property investments and dispositions, loans receivable and investments in unconsolidated entities which are summarized above in “Key Transactions.” Please refer to Notes 3 and 5 of our consolidated financial statements for additional information. The following is a summary of cash used in non-acquisition capital improvement activities for the periods presented (dollars in thousands):
50
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
 Year EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
 December 31,December 31,  December 31,    
 20212020$%2019$%$%
New development$417,963 $201,336 $216,627 108 %$323,488 $(122,152)-38 %$94,475 29 %
Recurring capital expenditures, tenant improvements and lease commissions99,994 83,146 16,848 20 %136,535 (53,389)-39 %(36,541)-27 %
Renovations, redevelopments and other capital improvements182,594 161,843 20,751 13 %192,289 (30,446)-16 %(9,695)-5 %
Total$700,551 $446,325 $254,226 57 %$652,312 $(205,987)-32 %$48,239 7 %
The change in new development is primarily due to the number and size of construction projects on-going during the relevant periods. Renovations, redevelopments and other capital improvements include expenditures to maximize property value, increase net operating income, maintain a market-competitive position and/or achieve property stabilization. 
Financing Activities The changes in net cash provided from/used in financing activities are primarily attributable to changes related to our long-term debt arrangements, the issuances of common stock and dividend payments which are summarized above in “Key Transactions.” Please refer to Notes 10, 11 and 14 of our consolidated financial statements for additional information.
In March 2021, we completed the issuance of $750,000,000 senior unsecured notes with a maturity date of June 2031. In June 2021, we completed the issuance of $500,000,000 senior unsecured notes with a maturity date of January 2029. Net proceeds from these debt issuances were used to redeem the remaining $339,128,000 of our 3.75% senior unsecured notes due 2023, $334,624,000 of our 3.95% senior unsecured notes due 2023, and $860,000,000 remaining on our term loan due April 2022. In June 2021, we closed on a new $4,700,000,000 unsecured credit facility. The credit facility includes $4,000,000,000 of revolving credit capacity. In November 2021, we completed the issuance of $500,000,000 senior unsecured notes with a maturity date of January 2032. As of December 31, 2021, we have total near-term available liquidity of approximately $4.0 billion.
Off-Balance Sheet Arrangements
At December 31, 2021, we had investments in unconsolidated entities with our ownership generally ranging from 10% to 65%. We use financial derivative instruments to hedge interest rate and foreign currency exchange rate exposure. At December 31, 2021, we had 15 outstanding letter of credit obligations. Please see Notes 8, 12 and 13 to our consolidated financial statements for additional information.


















Contractual Obligations
51
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following table summarizes our payment requirements under contractual obligations as of December 31, 2021 (in thousands):
 Payments Due by Period
Contractual ObligationsTotal20222023-20242025-2026Thereafter
Unsecured credit facility and commercial paper(1)
$325,000 $325,000 $— $— $— 
Senior unsecured notes and term credit facilities:(1)
U.S. Dollar senior unsecured notes9,350,000 — 1,350,000 1,950,000 6,050,000 
     Canadian Dollar senior unsecured notes(2)
234,797 — — — 234,797 
     Pounds Sterling senior unsecured notes(2)
1,417,500 — — — 1,417,500 
U.S. Dollar term credit facility510,000 — 500,000 10,000 — 
     Canadian Dollar term credit facility(2)
195,664 — 195,664 — — 
Secured debt:(1,2)
    
Consolidated2,202,312 582,884 733,426 267,754 618,248 
     Unconsolidated  
1,247,746 149,218 291,969 546,525 260,034 
Contractual interest obligations:(3)
    
Unsecured credit facility and commercial paper65 65 — — — 
     Senior unsecured notes and term loans(2)
3,815,957 427,904 826,167 648,580 1,913,306 
     Consolidated secured debt(2)
245,383 61,444 78,218 48,135 57,586 
     Unconsolidated secured debt(2)
188,244 40,244 68,709 26,931 52,360 
Finance lease liabilities(4)
210,857 8,698 71,634 3,354 127,171 
Operating lease liabilities(4)
1,383,350 45,151 91,850 87,301 1,159,048 
Purchase obligations(5)
1,378,920 826,122 534,849 5,533 12,416 
Total contractual obligations$22,705,795 $2,466,730 $4,742,486 $3,594,113 $11,902,466 
(1) Amounts represent principal amounts due and do not reflect unamortized premiums/discounts or other fair value adjustments as reflected on the Consolidated Balance Sheets.
(2) Based on foreign currency exchange rates in effect as of balance sheet date.
(3) Based on variable interest rates in effect as of December 31, 2021.
(4) See Note 6 to our consolidated financial statements for additional information.
(5) See Note 13 to our consolidated financial statements for additional information.
Capital Structure
Please refer to “Credit Strength” above for a discussion of our leverage and coverage ratio trends. Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of December 31, 2021, we were in compliance in all material respects with the covenants under our debt agreements. None of our debt agreements contain provisions for acceleration which could be triggered by our debt ratings. However, under our primary unsecured credit facility, the ratings on our senior unsecured notes are used to determine the fees and interest charged. We plan to manage the company to maintain compliance with our debt covenants and with a capital structure consistent with our current profile. Any downgrades in terms of ratings or outlook by any or all of the rating agencies could have a material adverse impact on our cost and availability of capital, which could have a material adverse impact on our consolidated results of operations, liquidity and/or financial condition.
On May 4, 2021, we filed with the Securities and Exchange Commission (the “SEC”) (1) an open-ended automatic or “universal” shelf registration statement on Form S-3 covering an indeterminate amount of future offerings of debt securities, common stock, preferred stock, depositary shares, warrants and units to replace our existing “universal” shelf registration statement filed with the SEC on May 17, 2018, and (2) a registration statement in connection with our enhanced dividend reinvestment plan (“DRIP”) under which we may issue up to 15,000,000 shares of common stock to replace our existing DRIP registration statement on Form S-3 filed with the SEC on May 17, 2018. As of February 4, 2022, 15,000,000 shares of common stock remained available for issuance under the DRIP registration statement. On July 30, 2021, we entered into (i) an amended and restated equity distribution agreement (the “EDA”) with each of Robert W. Baird & Co. Incorporated, Barclays Capital Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, BofA Securities, Inc., BOK Financial Securities, Inc., Capital One Securities Inc., Citigroup Global Markets Inc., Comerica Securities, Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., Fifth Third Securities, Inc., Goldman Sachs & Co. LLC, Hancock Whitney Investment Services, Inc., Jefferies LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Loop
52
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Capital Markets LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Regions Securities LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., Stifel, Nicolaus & Company, Incorporated, Synovus Securities, Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC relating to the offer and sale from time to time of up to $2,500,000,000 aggregate amount of our common stock and (ii) separate master forward sale confirmations with each of Bank of America, N.A., Bank of Montreal, The Bank of New York Mellon, Barclays Bank PLC, BNP Paribas, Citibank, N.A., Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG, London Branch, Goldman Sachs & Co. LLC, Jefferies LLC, JPMorgan Chase Bank, National Association, KeyBanc Capital Markets Inc., Mizuho Markets Americas LLC, Morgan Stanley & Co. LLC, MUFG Securities EMEA plc, Royal Bank of Canada, The Bank of Nova Scotia, The Toronto-Dominion Bank, Truist Bank, London Branch and Wells Fargo Bank, National Association (together with the EDA, the “ATM Program”), amending and restating the ATM Program entered into on May 4, 2021 to, among other amendments, increase the total amount of shares of common stock that may be offered and sold under the ATM Program from $2,000,000,000 to $2,500,000,000, which amount excludes shares the Company has previously sold pursuant to the prior program. The ATM Program also allows us to enter into forward sale agreements. As of February 4, 2022, we had $1,876,085,000 of remaining capacity under the ATM Program, which excludes forward sales agreements outstanding for the sale of 10,924,956 shares or approximately $930,610,000 with maturity dates in 2022. We expect to physically settle the forward sales for cash proceeds. Depending upon market conditions, we anticipate issuing securities under our registration statements to invest in additional properties and to repay borrowings under our unsecured revolving credit facility and commercial paper program.
In connection with the filing of the new “universal” shelf registration statement, the Company also filed with the SEC two prospectus supplements that will continue offerings that were previously covered by prospectus supplements and the accompanying prospectus to the prior registration statement relating to: (i) the registration and possible issuance of up to 620,731 shares of the Company’s common stock (the “DownREIT Shares”), that may be issued from time to time if, and to the extent that, certain holders of Class A units (the “DownREIT Units”) of HCN G&L DownREIT, LLC, a Delaware limited liability company (the “DownREIT”), tender such DownREIT Units for redemption by the DownREIT, and HCN DownREIT Member, LLC, a majority-owned indirect subsidiary of the Company (including its permitted successors and assigns, the “Managing Member”), or a designated affiliate of the Managing Member, elects to assume the redemption obligations of the DownREIT and to satisfy all or a portion of the redemption consideration by issuing DownREIT Shares to the holders instead of or in addition to paying a cash amount; and (ii) the registration and possible issuance of up to 475,327 shares common stock (the “DownREIT II Shares”), that may be issued from time to time if, and to the extent that, certain holders of Class A units (the “DownREIT II Units,” and collectively with the DownREIT Units, the “Units”) of HCN G&L DownREIT II LLC, a Delaware limited liability company (the “DownREIT II”), tender such DownREIT II Units for redemption by the DownREIT II, and the Managing Member, or a designated affiliate of the Managing Member, elects to assume the redemption obligations of the DownREIT II and to satisfy all or a portion of the redemption consideration by issuing DownREIT II Shares to the holders instead of or in addition to paying a cash amount.
Results of Operations
Summary
Our primary sources of revenue include resident fees and services, rent and interest income. Our primary expenses include property operating expenses, depreciation and amortization, interest expense, general and administrative expenses, and other expenses. We evaluate our business and make resource allocations on our three business segments: Seniors Housing Operating, Triple-net and Outpatient Medical. The primary performance measures for our properties are NOI and same store NOI (SSNOI) and other supplemental measures include FFO and Adjusted EBITDA, which are further discussed below. Please see Non-GAAP Financial Measures for additional information and reconciliations related to these supplemental measures. 
This section of this Form 10-K generally discusses 2021 and 2020 items and year-to-year comparisons between 2021 and 2020. Discussions of 2019 items and year-to-year comparisons between 2020 and 2019 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
The following is a summary of our results of operations for the periods presented (dollars in thousands, except per share amounts):
53
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
 Year EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
 December 31,December 31,  December 31,    
 20212020Amount%2019Amount%Amount%
Net income$374,479 $1,038,852 $(664,373)-64 %$1,330,410 $(291,558)-22 %$(955,931)-72 %
NICS336,138 978,844 (642,706)-66 %1,232,432 (253,588)-21 %(896,294)-73 %
FFO1,220,722 1,102,562 118,160 11 %1,577,080 (474,518)-30 %(356,358)-23 %
Adjusted EBITDA1,913,546 2,048,412 (134,866)-7 %2,328,202 (279,790)-12 %(414,656)-18 %
Consolidated NOI1,967,553 2,008,144 (40,591)-2 %2,431,264 (423,120)-17 %(463,711)-19 %
Per share data (fully diluted):      
Net income attributable to common stockholders (1)
$0.78 $2.33 $(1.55)-67 %$3.05 $(0.72)-24 %$(2.27)-74 %
Funds from operations attributable to common stockholders$2.86 $2.64 $0.22 8 %$3.91 $(1.27)-32 %$(1.05)-27 %
Adjusted interest coverage ratio3.89x3.97x-0.08x-2 %4.14x-0.17x-4 %-0.25x-6 %
Adjusted fixed charge coverage ratio3.43x3.54x-0.11x-3 %3.78x-0.24x-6 %-0.35x-9 %
(1) Includes adjustment to the numerator for income (loss) attributable to OP unitholders.
The following table represents the changes in outstanding common stock for the period from January 1, 2019 to December 31, 2021 (in thousands):
 Year Ended 
 December 31, 2021December 31, 2020December 31, 2019Totals
Beginning balance$417,401 $410,257 $383,675 $383,675 
Dividend reinvestment plan issuances— 264 5,799 6,063 
Preferred stock conversions— — 12,712 12,712 
Option exercises338 — 11 11 
ATM Program issuances29,667 6,800 7,856 44,323 
Repurchase of common stock— (202)— (202)
Other, net171 282 204 657 
Ending balance$447,239 $417,401 $410,257 $447,239 
Weighted average number of shares outstanding:   
Basic424,976 415,451 401,845  
Diluted426,841 417,387 403,808  
During the past three years, inflation has not significantly affected our earnings because of the moderate inflation rate. Additionally, a portion of our earnings are derived primarily from long-term investments with predictable rates of return. These investments are mainly financed with a combination of equity, senior unsecured notes, secured debt and borrowings under our primary unsecured credit facility. During inflationary periods, which generally are accompanied by rising interest rates, our ability to grow may be adversely affected because the yield on new investments may increase at a slower rate than new borrowing costs.
Seniors Housing Operating 
The following is a summary of our SSNOI at Welltower's Share for the Seniors Housing Operating segment (dollars in thousands):
 QTD PoolYTD Pool
Three Months EndedChangeYear EndedChange
 December 31, 2021December 31, 2020$%December 31, 2021December 31, 2020$%
SSNOI(1)
$136,344 $144,197 $(7,853)-5.4 %$543,755 $652,823 $(109,068)-16.7 %
(1) Relates to 489 properties for the QTD Pool and 477 properties for the YTD Pool. Please see Non-GAAP Financial Measures for additional information and reconciliations.
The following is a summary of our results of operations for the Seniors Housing Operating segment for the years presented (dollars in thousands):
54
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  Year EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
  December 31,December 31,  December 31,    
  20212020$%2019$%$%
Revenues:         
 Resident fees and services$3,197,223 $3,074,022 $123,201 4 %$3,448,175 $(374,153)-11 %$(250,952)-7 %
 Interest income4,231 618 3,613 585 %36 582 n/a4,195 n/a
 Other income11,796 7,223 4,573 63 %8,658 (1,435)-17 %3,138 36 %
 Total revenues3,213,250 3,081,863 131,387 4 %3,456,869 (375,006)-11 %(243,619)-7 %
Property operating expenses2,529,344 2,326,311 203,033 9 %2,417,349 (91,038)-4 %111,995 5 %
 
NOI(1)
683,906 755,552 (71,646)-9 %1,039,520 (283,968)-27 %(355,614)-34 %
Other expenses:   n/a
 Depreciation and amortization593,565 544,462 49,103 9 %553,189 (8,727)-2 %40,376 7 %
 Interest expense39,327 54,901 (15,574)-28 %67,983 (13,082)-19 %(28,656)-42 %
 Loss (gain) on extinguishment of debt, net(2,628)12,659 (15,287)-121 %1,614 11,045 684 %(4,242)-263 %
Provision for loan losses, net394 671 (277)-41 %— 671 n/a394 n/a
 Impairment of assets22,317 100,741 (78,424)-78 %2,145 98,596 n/a20,172 940 %
 Other expenses27,132 14,265 12,867 90 %26,348 (12,083)-46 %784 3 %
 680,107 727,699 (47,592)-7 %651,279 76,420 12 %28,828 4 %
Income (loss) from continuing operations before income taxes and other items 3,799 27,853 (24,054)-86 %388,241 (360,388)-93 %(384,442)-99 %
Income (loss) from unconsolidated entities(39,225)(33,857)(5,368)-16 %12,388 (46,245)-373 %(51,613)-417 %
Gain (loss) on real estate dispositions, net6,146 328,249 (322,103)-98 %528,747 (200,498)-38 %(522,601)-99 %
Income from continuing operations(29,280)322,245 (351,525)-109 %929,376 (607,131)-65 %(958,656)-103 %
Net income (loss)(29,280)322,245 (351,525)-109 %929,376 (607,131)-65 %(958,656)-103 %
Less: Net income (loss) attributable to noncontrolling interests(2,224)20,301 (22,525)-111 %56,513 (36,212)-64 %(58,737)-104 %
Net income (loss) attributable to common stockholders$(27,056)$301,944 $(329,000)-109 %$872,863 $(570,919)-65 %$(899,919)-103 %
 (1) See Non-GAAP Financial Measures below.
Resident fees and services and property operating expenses for the year ended December 31, 2021 increased compared to the prior year primarily due to acquisitions, including the acquisition of the Holiday Retirement portfolio on July 30, 2021 for a total purchase price of $1.6 billion. The increases were partially offset by decreases in spot occupancy across the portfolio due to the COVID-19 pandemic and property dispositions. Spot occupancy remains below pre-pandemic levels but has steadily increased in recent months, with 94% of communities open for new admissions and nearly all communities allowing visitors, in-person tours and communal dining and activities as of December 31, 2021. Rapid distribution and a high acceptance rate of COVID-19 vaccinations by residents within assisted living and memory care facilities in the U.S. and U.K. have resulted in a significant decrease in total resident case counts across the portfolio from peak levels in mid-January 2021, however, resident case counts have increased in December 2021 as a result of highly transmissible variants. As of December 31, 2021, occupancy has increased approximately 510 bps to 77.7% since the pandemic-low of 72.6% on March 12, 2021. Quarterly spot occupancy rates through December 31, 2021 are as follows:
December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Spot occupancy (1)
74.9 %72.9 %74.8 %76.9 %77.7 %
Sequential occupancy change(2)
(1.9)%1.9 %2.1 %0.7 %
(1) Spot occupancy represents approximate month end occupancy at our share for 546 properties in operation as of December 31, 2020, including unconsolidated properties but excluding acquisitions, executed dispositions, development conversions and one property closed for redevelopment.
(2) Sequential occupancy changes are based on actual spot occupancy and may not recalculate due to rounding.
During the year ended December 31, 2021, the U.S. and U.K. portfolios reported spot occupancy gains of approximately 490 bps and 80 bps, respectively. Canada reported a spot occupancy decline of approximately 290 bps.
On March 27, 2020, the federal government enacted CARES Act to provide financial aid to individuals, businesses, and state and local governments. During the years ended December 31, 2021 and 2020, we received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the COVID-19 pandemic, as well as under similar programs in the U.K. and Canada. Grant income is recognized when there is reasonable assurance that the grant will be received and the Company will comply with all conditions attached to the grant. Additionally, grants are recognized over the periods in which the Company recognizes the increased expenses and lost revenue the grants are intended to defray. For the years ended December 31, 2021 and 2020 we recognized $97,933,000 and $31,927,000, respectively, of government grant income as a reduction to property operating expenses in our Consolidated Statements of Comprehensive Income. Additionally, for the years ended December 31, 2021 and 2020, we recognized $4,642,000 and $3,014,000, respectively, of government grant income in other income. The amount of qualifying expenditures and lost revenue exceeded grant income recognized and the Company believes it has complied and will continue to comply with all grant conditions.
55
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Property-level operating expenses associated with the COVID-19 pandemic relating to our Seniors Housing Operating portfolio totaled $63,681,000 and $110,719,000 for the years ended December 31, 2021 and 2020, respectively. These expenses were incurred as a result of the introduction of public health measures and other regulations affecting our properties, as well as additional health and safety measures adopted by us and our operators related to the COVID-19 pandemic, including increases in labor and property cleaning expenses and expenditures related to our efforts to procure personal protective equipment ("PPE") and supplies, net of reimbursements. Specifically in 2021, we incurred elevated labor expenses resulting from the increased utilization of contract labor due to the rise in occupancy and a challenging labor market.
During the year ended December 31, 2021, we recorded impairment charges of $22,317,000 related to two held for use properties in which the carrying value exceeded the estimated fair value. During the year ended December 31, 2020, we recorded impairment charges of $100,741,000 related to 15 held for sale or sold properties and six held for use properties. Transaction costs related to asset acquisitions are capitalized as a component of the purchase price. The fluctuation in other expenses is primarily due to the timing of noncapitalizable transaction costs associated with acquisitions and operator transitions. Changes in the gain on sales of properties are related to the volume and timing of property sales and the sales prices. During the year ended December 31, 2020, we recognized a gain on real estate disposition of $312,249,000 related to an 11 property U.S. portfolio.
Depreciation and amortization fluctuates as a result of acquisitions, disposition and transitions. To the extent we acquire or dispose of additional properties in the future, our provision for depreciation and amortization will change accordingly.
During the year ended December 31, 2021, we completed two Seniors Housing Operating construction projects representing $117,386,000 or $553,573 per unit. The following is a summary of our consolidated Seniors Housing Operating construction projects, excluding expansions, pending as of December 31, 2021 (dollars in thousands):
LocationUnits/BedsCommitmentBalanceEst. Completion
Hendon, UK102 $74,925 $68,823 1Q22
Barnet, UK100 69,930 60,722 1Q22
Georgetown, TX188 36,215 14,082 2Q22
New Rochelle, NY72 42,669 13,186 3Q22
Sachse, TX193 38,054 12,693 3Q22
Princeton, NJ80 29,780 25,167 3Q22
Pflugerville, TX196 39,500 10,543 4Q22
Denton, TX65 20,194 5,245 4Q22
Berea, OH120 14,934 10,714 4Q22
Painesville, OH119 14,462 8,912 4Q22
Beaver, PA116 14,184 7,706 4Q22
Lake Jackson, TX130 32,020 3,726 2Q23
White Marsh, MD188 78,610 7,620 3Q23
Weymouth, MA165 77,545 10,188 3Q23
Miami Twp, OH122 18,206 2,071 4Q23
Charlotte, NC328 96,416 31,520 1Q24
Gaithersburg, MD302 173,548 25,986 2Q24
Temple, TX245 65,569 5,290 4Q24
Kyle, TX225 62,700 4,457 1Q25
3,056 $999,461 328,651  
Boise, ID(1)
33,216 
Brookhaven, GA(1)
10,439 
Brookline, MA(1)
30,732 
Columbus, OH(1)
13,170 
Raleigh, NC(1)
3,508 
Toronto, ON(1)
49,901 
Washington, DC(1)
31,276 
Wellesley, MA(1)
9,132 
$510,025 
(1) Final units/beds, commitment amount and expected conversion date not yet known.
Interest expense represents secured debt interest expense, which fluctuates based on the net effect and timing of assumptions, segment transitions, fluctuations in foreign currency rates, extinguishments and principal amortizations. The fluctuations in loss (gain) on extinguishment of debt is primarily attributable to the volume of extinguishments and terms of the related secured debt. The following is a summary of our Seniors Housing Operating segment property secured debt principal activity (dollars in thousands):
56
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Year EndedYear EndedYear Ended
December 31, 2021December 31, 2020December 31, 2019
  Weighted Avg. Weighted Avg. Weighted Avg.
 AmountInterest RateAmountInterest RateAmountInterest Rate
Beginning balance$1,706,189 3.05%$2,115,037 3.54%$1,810,587 3.87%
Debt issued23,569 2.83%62,055 2.55%343,696 3.11%
Debt assumed— —%— —%183,061 4.58%
Debt extinguished(77,959)6.14%(441,208)2.18%(219,864)4.28%
Debt transferred out— —%— —%(12,072)3.89%
Principal payments(50,603)3.03%(48,498)3.30%(43,997)3.45%
Foreign currency(1,674)2.67%18,803 2.93%53,626 3.33%
Ending balance$1,599,522 2.81%$1,706,189 3.05%$2,115,037 3.54%
Monthly averages$1,649,485 2.88%$1,875,910 3.19%$1,966,892 3.70%
The majority of our Seniors Housing Operating properties are formed through partnership interests. Net income attributable to noncontrolling interests represents our partners’ share of net income (loss) related to joint ventures. The decrease compared to the year ended December 31, 2020 relates primarily to our partners' share of gains on real estate dispositions during that year.
Triple-net 
The following is a summary of our SSNOI at Welltower's Share for the Triple-net segment (dollars in thousands):
 QTD PoolYTD Pool
Three Months EndedChangeYear EndedChange
 December 31, 2021December 31, 2020$%December 31, 2021December 31, 2020$%
SSNOI(1)
$148,507 $144,131 $4,376 3.0 %$569,484 $570,796 $(1,312)-0.2 %
(1) Relates to 554 properties for the QTD Pool and 547 properties for the YTD Pool. Please see Non-GAAP Financial Measures for additional information and reconciliations.
The following is a summary of our results of operations for the Triple-net segment for the years presented (dollars in thousands):
  Year EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
  December 31,December 31,  December 31,    
  20212020$%2019$%$%
Revenues:         
 Rental income$761,441 $733,776 $27,665 4 %$903,798 $(170,022)-19 %$(142,357)-16 %
 Interest income124,540 62,625 61,915 99 %62,599 26 — %61,941 99 %
 Other income4,603 4,903 (300)-6 %6,246 (1,343)-22 %(1,643)-26 %
 Total revenues890,584 801,304 89,280 11 %972,643 (171,339)-18 %(82,059)-8 %
Property operating expenses49,462 53,183 (3,721)-7 %53,900 (717)-1 %(4,438)-8 %
 
NOI(1)
841,122 748,121 93,001 12 %918,743 (170,622)-19 %(77,621)-8 %
Other expenses:   
 Depreciation and amortization220,699 232,604 (11,905)-5 %232,626 (22)— %(11,927)-5 %
 Interest expense6,376 9,477 (3,101)-33 %12,892 (3,415)-26 %(6,516)-51 %
 Loss (gain) on derivatives and financial instruments, net(7,333)11,049 (18,382)-166 %(4,399)15,448 351 %(2,934)-67 %
 Provision for loan losses, net10,339 90,563 (80,224)-89 %18,690 71,873 385 %(8,351)-45 %
 Impairment of assets26,579 34,867 (8,288)-24 %11,926 22,941 192 %14,653 123 %
 Other expenses4,189 22,923 (18,734)-82 %13,771 9,152 66 %(9,582)-70 %
  260,849 401,483 (140,634)-35 %285,506 115,977 41 %(24,657)-9 %
Income from continuing operations before income taxes and other items580,273 346,638 233,635 67 %633,237 (286,599)-45 %(52,964)-8 %
Income (loss) from unconsolidated entities20,687 18,462 2,225 12 %22,985 (4,523)-20 %(2,298)-10 %
Gain (loss) on real estate dispositions, net135,881 64,288 71,593 111 %218,322 (154,034)-71 %(82,441)-38 %
Income from continuing operations736,841 429,388 307,453 72 %874,544 (445,156)-51 %(137,703)-16 %
Net income736,841 429,388 307,453 72 %874,544 (445,156)-51 %(137,703)-16 %
Less: Net income attributable to noncontrolling interests35,653 39,985 (4,332)-11 %36,271 3,714 10 %(618)-2 %
Net income attributable to common stockholders$701,188 $389,403 $311,785 80 %$838,273 $(448,870)-54 %$(137,085)-16 %
(1) See Non-GAAP Financial Measures below.
57
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Rental income has increased primarily due to the timing of the establishment of reserves for straight-line rent receivable balances relating to leases for which collection of substantially all contractual lease payments is no longer deemed probable. During the year ended December 31, 2021, we recorded reserves for previously recognized straight-line rent receivables of $49,241,000. During the year ended December 31, 2020, we recorded $146,508,000, which included $91,025,000 related to Genesis Healthcare ("Genesis") whom noted substantial doubt as to their ability to continue as a going concern.
Certain of our leases contain annual rental escalators that are contingent upon changes in the Consumer Price Index and/or changes in the gross operating revenues of the tenant’s properties. These escalators are not fixed, so no straight-line rent is recorded; however, rental income is recorded based on the contractual cash rental payments due for the period. If gross operating revenues at our facilities and/or the Consumer Price Index do not increase, a portion of our revenues may not continue to increase. For the three months ended December 31, 2021, we had ten leases with rental rate increasers ranging from 2.00% to 5.94% in our Triple-net portfolio. Our Triple-net operators are experiencing similar impacts on occupancy and operating costs due to the COVID-19 pandemic as described above with respect to our Seniors Housing Operating properties. However, long-term/post-acute facilities have generally experienced a higher degree of occupancy declines, which in some cases impacted the ability of our Triple-net operators to make contractual rent payments to us. However, many of our Triple-net operators received funds under the CARES Act Paycheck Protection Program and Provider Relief Fund. During the year ended December 31, 2021, we collected approximately 94% of rent due from operators under Triple-net lease agreements (primarily seniors housing and post-acute care facilities). No significant deferrals or rent concessions have been made. We evaluate leases individually and recognize rent on a cash basis if collectibility of substantially all contractual rent payments is not probable.
Depreciation and amortization fluctuate as a result of the acquisitions, dispositions and transitions of triple-net properties. To the extent we acquire or dispose of additional properties in the future, our provision for depreciation and amortization will change accordingly.
During the year ended December 31, 2021, we recognized a provision for loan losses under the current expected credit losses accounting standard, primarily related to the initial recognition of the £540 million of senior loan financings to affiliates of Safanad as part of the recapitalization of its investment in HC-One Group during the second quarter. The increase to interest income is primarily driven by interest recognized on this loan funding. Additionally, during the year ended December 31, 2020, we recognized a provision for loan losses of $90,563,000, of which $80,873,000 represents additional reserves as a result of the current collateral estimate related to the Genesis outstanding loans.
During the year ended December 31, 2021, we recorded impairment charges of $26,579,000 related to four held for sale or sold properties and two held for use properties. During the year ended December 31, 2020, we recorded impairment charges of $34,867,000 related to one held for sale and four held for use properties. Transaction costs related to asset acquisitions are capitalized as a component of purchase price. The fluctuation in other expenses is primarily due to noncapitalizable transaction costs from acquisitions and segment transitions. Changes in the gain on sales of properties are related to the volume and timing of property sales and the sales prices.
During the year ended December 31, 2021, we completed one Triple-net construction project representing $22,990,000 or $280,366 per unit. The following is a summary of our consolidated Triple-net construction projects, excluding expansions, pending as of December 31, 2021 (dollars in thousands):
LocationUnits/BedsCommitmentBalanceEst. Completion
Redhill, UK76 $21,465 $18,347 1Q22
London, UK82 43,559 22,981 2Q22
Wombourne, UK66 16,200 10,422 4Q22
Leicester, UK60 15,120 9,047 4Q22
Rugby, UK76 20,673 8,487 4Q22
Raleigh, NC191 154,256 4805000048,050 2Q23
Total551 $271,273 $117,334  
During the year ended December 31, 2021, loss (gain) on derivatives and financial instruments, net is primarily attributable to the mark-to-market of the equity warrants received as part of the Safanad/HC-One transaction that closed in the second quarter. In addition, the mark-to-market adjustment on our Genesis available-for-sale investment is reflected in all periods.
Interest expense represents secured debt interest expense and related fees. The change in secured debt interest expense is due to the net effect and timing of assumptions, segment transitions, fluctuations in foreign currency rates, extinguishments and principal amortizations. The following is a summary of our Triple-net secured debt principal activity for the periods presented (dollars in thousands):
58
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Year EndedYear EndedYear Ended
December 31, 2021December 31, 2020December 31, 2019
  Weighted Avg. Weighted Avg. Weighted Avg.
 AmountInterest RateAmountInterest RateAmountInterest Rate
Beginning balance$123,652 4.91%$306,038 3.60%$288,386 3.63%
Debt transferred in— —%— —%12,072 3.89%
Debt extinguished(46,402)5.43%(176,875)2.03%— —%
Principal payments(4,679)5.14%(4,376)5.16%(4,017)5.21%
Foreign currency(35)5.43%(1,135)2.97%9,597 2.99%
Ending balance$72,536 4.57%$123,652 4.91%$306,038 3.60%
Monthly averages$117,966 4.90%$215,796 3.85%$294,080 3.63%
A portion of our Triple-net properties were formed through partnerships. Income or loss from unconsolidated entities represents our share of net income or losses from partnerships where we are the noncontrolling partner. The increase in income from unconsolidated entities during the year ended December 31, 2021 is primarily related to the reserves established on straight-line rent receivable balances at unconsolidated Genesis entities in the prior year. Net income attributable to noncontrolling interests represents our partners’ share of net income relating to those partnerships where we are the controlling partner.

Outpatient Medical 
The following is a summary of our SSNOI at Welltower Share for the Outpatient Medical segment (dollars in thousands):
 QTD PoolYTD Pool
Three Months EndedChangeYear EndedChange
 December 31, 2021December 31, 2020$%December 31, 2021December 31, 2020$%
SSNOI(1)
$101,599 $100,185 $1,414 1.4 %$386,411 $375,497 $10,914 2.9 %

(1) Relates to 350 properties for the QTD Pool and 331 properties for the YTD Pool. Please see Non-GAAP Financial Measures for additional information and reconciliations.
The following is a summary of our results of operations for the Outpatient Medical segment for the periods presented (dollars in thousands): 
  Year EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
  December 31,December 31,  December 31,    
  20212020$%2019$%$%
Revenues:         
 Rental income$613,254 $709,584 $(96,330)-14 %$684,602 $24,982 4 %$(71,348)-10 %
 Interest income8,792 5,913 2,879 49 %1,195 4,718 395 %7,597 636 %
 Other income13,243 4,522 8,721 193 %2,031 2,491 123 %11,212 552 %
 Total revenues635,289 720,019 (84,730)-12 %687,828 32,191 5 %(52,539)-8 %
Property operating expenses186,939 214,948 (28,009)-13 %218,793 (3,845)-2 %(31,854)-15 %
 
NOI(1)
448,350 505,071 (56,721)-11 %469,035 36,036 8 %(20,685)-4 %
Other expenses:      
 Depreciation and amortization223,302 261,371 (38,069)-15 %241,258 20,113 8 %(17,956)-7 %
 Interest expense17,506 17,579 (73)— %13,411 4,168 31 %4,095 31 %
 Loss (gain) on extinguishment of debt, net(4)1,046 (1,050)-100 %— 1,046 n/a(4)n/a
 Provision for loan losses, net(3,463)3,202 (6,665)-208 %— 3,202 n/a(3,463)n/a
 Impairment of assets2,211 — 2,211 n/a14,062 (14,062)-100 %(11,851)-84 %
 Other expenses2,523 8,218 (5,695)-69 %1,788 6,430 360 %735 41 %
  242,075 291,416 (49,341)-17 %270,519 20,897 8 %(28,444)-11 %
Income from continuing operations before income taxes and other item206,275 213,655 (7,380)-3 %198,516 15,139 8 %7,759 4 %
Income (loss) from unconsolidated entities(4,395)7,312 (11,707)-160 %7,061 251 4 %(11,456)-162 %
Gain (loss) on real estate dispositions, net93,348 695,918 (602,570)-87 %972 694,946 n/a92,376 n/a
Income from continuing operations295,228 916,885 (621,657)-68 %206,549 710,336 344 %88,679 43 %
Net income (loss)295,228 916,885 (621,657)-68 %206,549 710,336 344 %88,679 43 %
Less: Net income (loss) attributable to noncontrolling interests4,916 (278)5,194 n/a5,194 (5,472)-105 %(278)-5 %
Net income (loss) attributable to common stockholders$290,312 $917,163 $(626,851)-68 %$201,355 $715,808 355 %$88,957 44 %
(1) See Non-GAAP Financial Measures below.
59
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Rental income has decreased due primarily to significant dispositions that closed during 2020. Certain of our leases contain annual rental escalators that are contingent upon changes in the Consumer Price Index. These escalators are not fixed, so no straight-line rent is recorded; however, rental income is recorded based on the contractual cash rental payments due for the period. If the Consumer Price Index does not increase, a portion of our revenues may not continue to increase. Our leases could renew above or below current rental rates, resulting in an increase or decrease in rental income. For the three months ended December 31, 2021, our consolidated Outpatient Medical portfolio signed 143,266 square feet of new leases and 203,285 square feet of renewals. The weighted-average term of these leases was seven years, with a rate of $36.65 per square foot and tenant improvement and lease commission costs of $51.78 per square foot. Substantially all of these leases contain an annual fixed or contingent escalation rent structure ranging from 1.0% to 10.0%.
We have collected virtually all rent due through the year ended December 31, 2021, with uncollected amounts primarily attributable to local jurisdictions with COVID-19 related ordinances providing temporary rent relief to tenants. We evaluate leases individually and recognize rent on a cash basis if collectibility of substantially all contractual rent payments is not probable.
The increase in interest income for the year ended December 31, 2021 is due primarily to a $178,207,000 first mortgage initiated in August 2020, which was subsequently repaid in full in June of 2021, resulting in the reversal of the previously established allowance for credit losses.
The fluctuation in property operating expenses and depreciation and amortization are primarily attributable to the significant dispositions that occurred in 2020. To the extent that we acquire or dispose of additional properties in the future, these amounts will change accordingly. During the year ended December 31, 2021, we recognized an impairment charge of $2,211,000 related to one held for sale property. Transaction costs related to asset acquisitions are capitalized as a component of purchase price. The fluctuation in other expenses is primarily due to noncapitalizable transaction costs. Changes in gains/losses on sales of properties are related to volume of property sales and the sales prices.
During the year ended December 31, 2021, we completed three Outpatient Medical construction projects representing $125,179,000 or $605 per square foot. The following is a summary of our consolidated Outpatient Medical construction projects, excluding expansions, pending as of December 31, 2021 (dollars in thousands):
LocationSquare FeetCommitmentBalanceEst. Completion
Tyler, TX85,214 $35,369 $14,534 4Q22
Stafford, TX36,788 18,031 4,249 4Q22
Total122,002 $53,400 $18,783  
Total interest expense represents secured debt interest expense. The change in secured debt interest expense is primarily due to the net effect and timing of assumptions, extinguishments and principal amortizations. The following is a summary of our Outpatient Medical secured debt principal activity for the periods presented (dollars in thousands):
Year EndedYear EndedYear Ended
December 31, 2021December 31, 2020December 31, 2019
  Weighted Avg. Weighted Avg. Weighted Avg.
 AmountInterest RateAmountInterest RateAmountInterest Rate
Beginning balance$548,229 3.55%$572,267 3.97%$386,738 4.20%
Debt assumed— —%— —%202,084 4.12%
Debt extinguished(7,670)5.64%(14,205)5.34%(10,244)5.75%
Principal payments(10,305)4.43%(9,833)4.60%(6,311)4.97%
Ending balance$530,254 3.49%$548,229 3.55%$572,267 3.97%
Monthly averages$540,947 3.52%$562,017 3.72%$397,756 4.15%
A portion of our Outpatient Medical properties were formed through partnerships. Income or loss from unconsolidated entities represents our share of net income or losses from partnerships where we are the noncontrolling partner. Net income attributable to noncontrolling interests represents our partners’ share of net income or loss relating to those partnerships where we are the controlling partner.






60
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Non-Segment/Corporate
The following is a summary of our results of operations for the Non-Segment/Corporate activities for the periods presented (dollars in thousands):
 Year EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
 December 31,December 31,  December 31,    
 20212020$%2019$%$%
Revenues:         
Other income$2,992 $2,781 $211 8 %$3,966 $(1,185)-30 %$(974)-25 %
Total revenues2,992 2,781 211 8 %3,966 (1,185)-30 %(974)-25 %
Property operating expenses8,817 3,381 5,436 161 %— 3,381 n/a8,817 n/a
NOI(1)
(5,825)(600)(5,225)-871 %3,966 (4,566)-115 %(9,791)-247 %
Other expenses:   
Interest expense426,644 432,431 (5,787)-1 %461,273 (28,842)-6 %(34,629)-8 %
General and administrative expenses126,727 128,394 (1,667)-1 %126,549 1,845 1 %178 — %
Loss (gain) on extinguishments of debt, net52,506 33,344 19,162 57 %82,541 (49,197)-60 %(30,035)-36 %
Other expenses7,895 24,929 (17,034)-68 %10,705 14,224 133 %(2,810)-26 %
Total expenses613,772 619,098 (5,326)-1 %681,068 (61,970)-9 %(67,296)-10 %
Loss from continuing operations before income taxes and other items(619,597)(619,698)101 — %(677,102)57,404 8 %57,505 8 %
Income tax benefit (expense)(8,713)(9,968)1,255 13 %(2,957)(7,011)-237 %(5,756)-195 %
Loss from continuing operations(628,310)(629,666)1,356 — %(680,059)50,393 7 %51,749 8 %
Net loss attributable to common stockholders$(628,310)$(629,666)$1,356 — %$(680,059)$50,393 7 %$51,749 8 %
(1) See Non-GAAP Financial Measures below.

Property operating expenses represent insurance costs related to our captive insurance company formed as of July 1, 2020, which acts as a direct insurer of property level insurance coverage for our portfolio.
The following is a summary of our Non-Segment/Corporate interest expense for the periods presented (dollars in thousands):
 Year EndedOne Year ChangeYear EndedOne Year ChangeTwo Year Change
 December 31,December 31,  December 31,    
 20212020$%2019$%$%
Senior unsecured notes$401,247 $400,014 $1,233 — %$402,133 $(2,119)-1 %$(886)— %
Unsecured credit facility and commercial paper program6,759 15,313 (8,554)-56 %43,861 (28,548)-65 %(37,102)-85 %
Loan expense18,638 17,104 1,534 9 %15,279 1,825 12 %3,359 22 %
Totals$426,644 $432,431 $(5,787)-1 %$461,273 $(28,842)-6 %$(34,629)-8 %
The change in interest expense on senior unsecured notes is due to the net effect of issuances and extinguishments, as well as the movement in foreign exchange rates and related hedge activity. Please refer to Note 11 to the consolidated financial statements for additional information. The change in interest expense on our unsecured revolving credit facility and commercial paper program is due primarily to the net effect and timing of draws, paydowns and variable interest rate changes. Please refer to Note 10 of our consolidated financial statements for additional information. Loan expenses represent the amortization of costs incurred in connection with senior unsecured notes issuances. The loss on extinguishment recognized during the year ended December 31, 2021 is due primarily to the early extinguishment of $339,128,000 of our 3.75% senior unsecured notes due March 2023 and $334,624,000 of our 3.95% senior unsecured notes due September 2023. The loss on extinguishment recognized during the year ended December 31, 2020 is due primarily to the early extinguishment of $160,872,000 of our 3.75% senior unsecured notes due March 2023 and $265,376,000 of our 3.95% senior unsecured notes due September 2023.
General and administrative expenses as a percentage of consolidated revenues for the years ended December 31, 2021, 2020 and 2019 were 2.67%, 2.79% and 2.47%, respectively. Other expenses for all years include severance-related costs associated with the departure of certain executive officers and key employees. The provision for income taxes primarily relates to state taxes, foreign taxes and taxes based on income generated by entities that are structured as TRSs.
Other
Non-GAAP Financial Measures
We believe that net income and net income attributable to common stockholders, as defined by U.S. GAAP, are the most appropriate earnings measurements. However, we consider FFO, NOI, SSNOI, EBITDA and Adjusted EBITDA to be useful supplemental measures of our operating performance. Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to
61
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
be insufficient. In response, the National Association of Real Estate Investment Trusts (“NAREIT”) created funds from operations attributable to common stockholders (“FFO”) as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO, as defined by NAREIT, means NICS, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate and impairment of depreciable assets, plus depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests.
NOI is used to evaluate the operating performance of our properties. We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to operators, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent costs unrelated to property operations. These expenses include, but are not limited to, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets. Same store NOI (“SSNOI”) is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. We believe the drivers of property level NOI for both consolidated properties and unconsolidated properties are generally the same and therefore, we evaluate SSNOI based on our ownership interest in each property ("Welltower Share"). To arrive at Welltower's Share, NOI is adjusted by adding our minority ownership share related to unconsolidated properties and by subtracting the minority partners' noncontrolling ownership interests for consolidated properties. We do not control investments in unconsolidated properties and while we consider disclosures at Welltower Share to be useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in SSNOI five full quarters or eight full quarters after acquisition or being placed into service for the QTD Pool and the YTD Pool, respectively. Land parcels, loans and sub-leases, as well as any properties sold or classified as held for sale during the respective periods are excluded from SSNOI. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from SSNOI until five full quarters or eight full quarters post completion of the redevelopment for the QTD Pool and YTD Pool, respectively. Properties undergoing operator transitions and/or segment transitions are also excluded from SSNOI until five full quarters or eight full quarters post completion of the transition for the QTD Pool and YTD Pool, respectively. In addition, properties significantly impacted by force majeure, acts of God, or other extraordinary adverse events are excluded from SSNOI until five full quarters or eight full quarters after the properties are placed back into service for the QTD Pool and YTD Pool, respectively. SSNOI excludes non-cash NOI and includes adjustments to present consistent ownership percentages and to translate Canadian properties and U.K. properties using a consistent exchange rate. We believe NOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our properties.
EBITDA is defined as earnings (net income) before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding unconsolidated entities and including adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/loss/impairments on properties, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments as deemed appropriate. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. We primarily use these measures to determine our interest coverage ratio, which represents EBITDA and Adjusted EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDA and Adjusted EBITDA divided by fixed charges. Fixed charges include total interest and secured debt principal amortization. Covenants in our unsecured senior notes and primary credit facility contain financial ratios based on a definition of EBITDA and Adjusted EBITDA that is specific to those agreements. Our leverage ratios are defined as the proportion of net debt to total capitalization and include book capitalization, undepreciated book capitalization and market capitalization. Book capitalization represents the sum of net debt (defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Market capitalization represents book capitalization adjusted for the fair market value of our common stock.
Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Management uses these financial measures to facilitate internal and external comparisons to our historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management. None of our supplemental measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies.
62
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The table below reflects the reconciliation of FFO to NICS, the most directly comparable U.S. GAAP measure, for the periods presented. Noncontrolling interest and unconsolidated entity amounts represent adjustments to reflect our share of depreciation and amortization, gains/loss on real estate dispositions and impairment of assets. Amounts are in thousands except for per share data.
 Year Ended December 31,
FFO Reconciliation:202120202019
Net income attributable to common stockholders$336,138 $978,844 $1,232,432 
Depreciation and amortization1,037,566 1,038,437 1,027,073 
Impairment of assets51,107 135,608 28,133 
Loss (gain) on real estate dispositions, net(235,375)(1,088,455)(748,041)
Noncontrolling interests(54,190)(23,968)(20,197)
Unconsolidated entities85,476 62,096 57,680 
Funds from operations attributable to common stockholders$1,220,722 $1,102,562 $1,577,080 
Average diluted shares outstanding:426,841 417,387 403,808 
Per diluted share data:   
Net income attributable to common stockholders(1)
$0.78 $2.33 $3.05 
Funds from operations attributable to common stockholders$2.86 $2.64 $3.91 
(1) Includes adjustment to the numerator for income (loss) attributable to OP unitholders.

The following tables reflect the reconciliation of consolidated NOI to net income, the most directly comparable U.S. GAAP measure, for the years presented. Dollar amounts are in thousands.

 Year Ended December 31,
NOI Reconciliation:202120202019
Net income (loss)$374,479 $1,038,852 $1,330,410 
Loss (gain) on real estate dispositions, net(235,375)(1,088,455)(748,041)
Loss (income) from unconsolidated entities22,933 8,083 (42,434)
Income tax expense (benefit)8,713 9,968 2,957 
Other expenses41,739 70,335 52,612 
Impairment of assets51,107 135,608 28,133 
Provision for loan losses, net7,270 94,436 18,690 
Loss (gain) on extinguishment of debt, net49,874 47,049 84,155 
Loss (gain) on derivatives and financial instruments, net(7,333)11,049 (4,399)
General and administrative expenses126,727 128,394 126,549 
Depreciation and amortization1,037,566 1,038,437 1,027,073 
Interest expense489,853 514,388 555,559 
Consolidated net operating income (NOI)$1,967,553 $2,008,144 $2,431,264 
NOI by segment:   
Seniors Housing Operating$683,906 $755,552 $1,039,520 
Triple-net841,122 748,121 918,743 
Outpatient Medical448,350 505,071 469,035 
Non-segment/corporate(5,825)(600)3,966 
Total NOI$1,967,553 $2,008,144 $2,431,264 

63
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Quarterly NOI by Segment:
(in thousands)Three Months EndedYear Ended
 March 31, June 30, September 30, December 31,December 31,
2021202020212020202120202021202020212020
Seniors Housing Operating:
Total revenues$726,402 $851,128 $742,549 $773,650 $839,519 $742,065 $904,780 $715,020 $3,213,250 $3,081,863 
Property operating expenses555,968 607,871 582,361 595,513 666,610 567,704 724,405 555,223 2,529,344 2,326,311 
Consolidated NOI$170,434 $243,257 $160,188 $178,137 $172,909 $174,361 $180,375 $159,797 $683,906 $755,552 
Triple-net:
Total revenues$168,482 $207,729 $238,941 $233,619 $239,985 $120,928 $243,176 $239,028 $890,584 $801,304 
Property operating expenses12,841 13,302 12,627 13,563 11,664 12,567 12,330 13,751 49,462 53,183 
Consolidated NOI$155,641 $194,427 $226,314 $220,056 $228,321 $108,361 $230,846 $225,277 $841,122 $748,121 
Outpatient Medical:
Total revenues$156,223 $199,329 $159,072 $180,831 $159,503 $172,704 $160,491 $167,155 $635,289 $720,019 
Property operating expenses46,863 60,608 45,495 51,688 48,072 52,728 46,509 49,924 186,939 214,948 
Consolidated NOI$109,360 $138,721 $113,577 $129,143 $111,431 $119,976 $113,982 $117,231 $448,350 $505,071 
Corporate:
Total revenues$955 $416 $430 $375 $790 $1,177 $817 $813 $2,992 $2,781 
Property operating expenses1,654— 2,174— 3,0541,718 1,9351,663 8,817 3,381 
Consolidated NOI$(699)$416 $(1,744)$375 $(2,264)$(541)$(1,118)$(850)$(5,825)$(600)

The following is a reconciliation of the properties included in our QTD Pool and YTD Pool for SSNOI:
QTD PoolYTD Pool
SSNOI Property Reconciliations:Seniors Housing OperatingTriple-netOutpatient MedicalTotalSeniors Housing OperatingTriple-netOutpatient MedicalTotal
Consolidated properties721 624 306 1,651 721 624 306 1,651 
Unconsolidated properties92 39 79 210 92 39 79 210 
Total properties813 663 385 1,861 813 663 385 1,861 
Recent acquisitions/development
    conversions(1)
(183)(48)(23)(254)(193)(50)(42)(285)
Under development(35)(5)(3)(43)(35)(5)(3)(43)
Under redevelopment(2)
(2)(1)(2)(5)(3)(1)(2)(6)
Current held for sale(2)(14)(1)(17)(2)(14)(1)(17)
Land parcels, loans and subleases(18)(19)(6)(43)(18)(19)(6)(43)
Transitions(3)
(82)(20)— (102)(83)(25)— (108)
Other(4)
(2)(2)— (4)(2)(2)— (4)
Same store properties489 554 350 1,393 477 547 331 1,355 
(1) Acquisitions and development conversions will enter the QTD Pool and YTD Pool five full quarters and eight full quarters after acquisition or certificate of occupancy, respectively.
(2) Redevelopment properties will enter the QTD Pool and YTD Pool after five full quarters and eight full quarters of operations post redevelopment completion, respectively.
(3) Transitioned properties will enter the QTD Pool and YTD Pool after five full quarters and eight full quarters of operations with the new operator in place or under the new structure, respectively.
(4) Represents properties that are either closed or being closed.

64
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following is a reconciliation of our consolidated NOI to same store NOI for the periods presented for the respective pools. Dollar amounts are in thousands.
QTD PoolYTD Pool
Three Months EndedTwelve Months Ended
SSNOI Reconciliations:December 31, 2021December 31, 2020December 31, 2021December 31, 2020
Seniors Housing Operating: 
Consolidated NOI$180,375 $159,797 $683,906 $755,552 
NOI attributable to unconsolidated investments10,713 13,182 44,470 53,736 
NOI attributable to noncontrolling interests(12,125)(9,405)(59,602)(49,070)
Non-cash NOI attributable to same store properties(35)(381)11,266 (3,390)
NOI attributable to non-same store properties(42,733)(20,058)(135,437)(109,345)
Currency and ownership adjustments (1)
149 1,062 (848)5,340 
SSNOI at Welltower Share136,344 144,197 543,755 652,823 
Triple-net:
Consolidated NOI230,846 225,277 841,122 748,121 
NOI attributable to unconsolidated investments4,893 4,818 19,559 13,796 
NOI attributable to noncontrolling interests(13,600)(14,563)(48,874)(58,245)
Non-cash NOI attributable to same store properties(6,854)(10,176)15,778 (16,453)
NOI attributable to non-same store properties(67,192)(62,498)(258,800)(122,851)
Currency and ownership adjustments (1)
414 1,273 6996,428
SSNOI at Welltower Share148,507 144,131 569,484 570,796 
Outpatient Medical:
Consolidated NOI113,982 117,231 448,350 505,071 
NOI attributable to unconsolidated investments4,682 3,609 18,998 10,139 
NOI attributable to noncontrolling interests(4,896)(4,392)(17,168)(15,070)
Non-cash NOI attributable to same store properties(2,483)(3,092)(8,140)(12,392)
NOI attributable to non-same store properties(9,446)(7,476)(54,490)(68,633)
Currency and ownership adjustments (1)
(240)(5,695)(1,139)(43,618)
SSNOI at Welltower Share101,599 100,185 386,411 375,497 
SSNOI at Welltower Share:
Seniors Housing Operating136,344 144,197 543,755 652,823 
Triple-net148,507 144,131 569,484 570,796 
Outpatient Medical101,599 100,185 386,411 375,497 
Total$386,450 $388,513 $1,499,650 $1,599,116 
(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2684 and to translate U.K. properties at a GBP/USD rate of 1.38.















65
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The table below reflects the reconciliation of EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure, for the periods presented. Dollars are in thousands.
 Year Ended December 31,
Adjusted EBITDA Reconciliation:202120202019
Net income (loss)$374,479 $1,038,852 $1,330,410 
Interest expense489,853 514,388 555,559 
Income tax expense (benefit)8,713 9,968 2,957 
Depreciation and amortization1,037,566 1,038,437 1,027,073 
EBITDA1,910,611 2,601,645 2,915,999 
Loss (income) from unconsolidated entities22,933 8,083 (42,434)
Stock-based compensation expense(1)
17,812 28,318 25,047 
Loss (gain) on extinguishment of debt, net49,874 47,049 84,155 
Loss (gain) on real estate dispositions, net(235,375)(1,088,455)(748,041)
Impairment of assets51,107 135,608 28,133 
Provision for loan losses, net7,270 94,436 18,690 
Loss (gain) on derivatives and financial instruments, net(7,333)11,049 (4,399)
Other expenses(1)
40,860 64,171 51,052 
Leasehold interest adjustment (2)
760 — — 
Casualty losses, net of recoveries (3)
5,786 — — 
Other impairment (4)
49,241 146,508 — 
Adjusted EBITDA$1,913,546 $2,048,412 $2,328,202 
Adjusted Interest Coverage Ratio:   
Interest expense$489,853 $514,388 $555,559 
Capitalized interest19,352 17,472 15,272 
Non-cash interest expense(17,506)(15,751)(8,645)
Total interest491,699 516,109 562,186 
Adjusted EBITDA$1,913,546 $2,048,412 $2,328,202 
Adjusted interest coverage ratio3.89x3.97x4.14x
Adjusted Fixed Charge Coverage Ratio:   
Total interest$491,699 $516,109 $562,186 
Secured debt principal payments65,587 62,707 54,325 
Total fixed charges557,286 578,816 616,511 
Adjusted EBITDA$1,913,546 $2,048,412 $2,328,202 
Adjusted fixed charge coverage ratio3.43x3.54x3.78x
(1) Certain severance-related costs are included in stock-based compensation and excluded from other expenses.
(2) Represents $27,988,000 of revenue and $28,748,000 of property operating expenses associated with a leasehold portfolio interest relating to 26 properties assumed by a wholly-owned affiliate in conjunction with the Holiday Retirement transaction. Subsequent to the initial transaction, we purchased eight of the leased properties and one of the properties was sold by the landlord and removed from the lease. No rent will be paid in excess of net cash flow relating to the leasehold properties and therefore, the net impact has been excluded from Adjusted EBITDA.
(3) Represents casualty losses, net of any insurance recoveries.
(4) Represents reserve for straight-line rent receivables balances relating to leases placed on cash recognition.

Our leverage ratios include book capitalization, undepreciated book capitalization and market capitalization. Book capitalization represents the sum of net debt (defined as total long-term debt less cash and cash equivalents and restricted cash), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Market capitalization represents book capitalization adjusted for the fair market value of our common stock. Our leverage ratios are defined as the proportion of net debt to total capitalization. The table below reflects the reconciliation of our leverage ratios to our balance sheets for the periods presented. Amounts are in thousands, except share price.

66
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  Year Ended December 31,
  202120202019
Book capitalization:   
Unsecured credit facility and commercial paper$324,935 $— $1,587,597 
Long-term debt obligations(1)
13,917,702 13,905,822 13,436,365 
Cash and cash equivalents and restricted cash(346,755)(2,021,043)(385,766)
Total net debt13,895,882 11,884,779 14,638,196 
Total equity and noncontrolling interests(2)
18,997,873 17,225,062 16,982,504 
Book capitalization$32,893,755 $29,109,841 $31,620,700 
 Net debt to book capitalization ratio42.2 %40.8 %46.3 %
Undepreciated book capitalization:
Total net debt$13,895,882 $11,884,779 $14,638,196 
Accumulated depreciation and amortization6,910,114 6,104,297 5,715,459 
Total equity and noncontrolling interests(2)
18,997,873 17,225,062 16,982,504 
Undepreciated book capitalization$39,803,869 $35,214,138 $37,336,159 
 Net debt to undepreciated book capitalization ratio34.9 %33.8 %39.2 %
Market capitalization:
Common shares outstanding447,239 417,401 410,257 
Period end share price$85.77 $64.62 $81.78 
Common equity market capitalization$38,359,689 $26,972,453 $33,550,817 
Total net debt13,895,882 11,884,779 14,638,196 
Noncontrolling interests(2)
1,361,872 1,252,343 1,442,060 
Market capitalization:$53,617,443 $40,109,575 $49,631,073 
 Net debt to market capitalization ratio25.9 %29.6 %29.5 %
(1) Amounts include senior unsecured notes, secured debt and lease liabilities related to finance leases, as reflected on our Consolidated Balance Sheets. Operating lease liabilities related to the ASC 842 adoption are excluded.
(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests as reflected on our Consolidated Balance Sheets.
Critical Accounting Policies & Estimates
Our consolidated financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions. Management considers an accounting estimate or assumption critical if:
•the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change; and
•the impact of the estimates and assumptions on financial condition or operating performance is material.
Management has discussed the development and selection of its critical accounting policies and estimates with the Audit Committee of the Board of Directors. Management believes the current assumptions and other considerations used to estimate amounts reflected in our consolidated financial statements are appropriate and are not reasonably likely to change in the future. However, since these estimates require assumptions to be made that were uncertain at the time the estimate was made, they bear the risk of change. If actual experience differs from the assumptions and other considerations used in estimating amounts reflected in our consolidated financial statements, the resulting changes could have a material adverse effect on our consolidated results of operations, liquidity and/or financial condition. Please refer to Note 2 to our consolidated financial statements for further information on significant accounting policies that impact us and for the impact of new accounting standards, including accounting pronouncements that were issued but not yet adopted by us.













67
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following table presents information about our critical accounting policies and estimates:
Nature of Critical
Accounting Estimate		Assumptions/Approach
Used
Impairment of Real Property

Assessing impairment of real property involves subjectivity in determining if indicators of impairment are present and in estimating the future undiscounted cash flows or estimated fair value of an asset. In estimating the undiscounted cash flows or fair value, key assumptions that would be made are the estimation of future rental revenues, operating expenses, capitalization rates and the ability and intent to hold the respective asset, all of which are affected by our expectations of future market or economic conditions. These estimates can have a significant impact on the undiscounted cash flows or estimated fair value of an asset.


Quarterly, we evaluate our real estate investments on a property by property basis to determine if there are indicators of impairment. These indicators may include expected operational performance, the tenant's ability to make rent payments, a decision to dispose of an asset before the end of its estimated useful life and changes in the market that may permanently reduce the value of the property. If indicators of impairment exist, an undiscounted cash flow analysis will be prepared and the results of such analysis will be compared to the current net book value to determine if an impairment charge is necessary. This analysis requires us to use judgment in determining whether indicators of impairment exist and to estimate the expected future undiscounted cash flows or estimated fair values of the property. Properties that meet the held for sale criteria are recorded at the lesser of the fair value less costs to sell or carrying value.

At December 31, 2021, our net real property owned was approximately $30,695,633,000. During the year ended December 31, 2021, we recorded impairment charges of $19,567,000 related to four Triple-net properties and one Outpatient Medical property which were disposed of or classified as held for sale for which the carrying values exceeded the fair values. Additionally, we recorded $31,540,000 of impairment charges related to two Seniors Housing Operating properties and two Triple-net properties that were held for use in which the carrying values exceeded the estimated fair values.
Real Estate Acquisitions

We believe that substantially all of our real estate acquisitions are considered asset acquisitions for which we record the related real estate acquired (tangible assets and identifiable intangible assets and liabilities) at cost on a relative fair value basis. Liabilities assumed and any associated noncontrolling interests are reflected at fair value. Tangible assets consist primarily of land, building and improvements. Identifiable intangible assets and liabilities primarily consist of the above or below market component of in-place leases and the value of in-place leases. The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship values based on management's evaluation of the specific characteristics of each tenant's lease and our overall relationship with respect to that tenant.
 

The allocation of the purchase price to the related real estate acquired (tangible assets and intangible assets and liabilities) involves subjectivity as such allocations are based on a relative fair value analysis. In determining the fair values that drive such analysis, we estimate the fair value of each component of the real estate acquired which generally includes land, buildings and improvements, the above or below market component of in-place leases and the value of in-place leases. Significant assumptions used to determine such fair values include comparable land sales, capitalization rates, discount rates, market rental rates and property operating data, all of which can be impacted by expectations about future market or economic conditions. Our estimates of the values of these components affect the amount of depreciation and amortization we record over the estimated useful life of the property or the term of the lease.

During the year ended December 31, 2021, we completed $4,084,174,000 of real estate acquisitions. These transactions were accounted for as asset acquisitions and the purchase price of each was allocated based on the relative fair values of the assets acquired and liabilities assumed.
68
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Nature of Critical
Accounting Estimate		Assumptions/Approach
Used
Principles of Consolidation

The consolidated financial statements include our accounts, the accounts of our wholly-owned subsidiaries, and the accounts of joint venture entities in which we own a majority voting interest with the ability to control operations and where no substantive participating rights or substantive kick out rights have been granted to the noncontrolling interests. In addition, we consolidate those entities deemed to be variable interest entities (“VIEs”) in which we are determined to be the primary beneficiary. All material intercompany transactions and balances have been eliminated in consolidation.


We make judgments about which entities are VIEs based on an assessment of whether (i) the equity investors as a group, if any, do not have a controlling financial interest, or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We make judgments with respect to our level of influence or control of an entity and whether we are (or are not) the primary beneficiary of a VIE. Consideration of various factors includes, but is not limited to, our ability to direct the activities that most significantly impact the entity's economic performance, our form of ownership interest, our representation on the entity's governing body, the size and seniority of our investment, our ability and the rights of other investors to participate in policy making decisions, replace the manager and/or liquidate the entity, if applicable. Our ability to correctly assess our influence or control over an entity at inception of our involvement or on a continuous basis when determining the primary beneficiary of a VIE affects the presentation of these entities in our consolidated financial statements. If we perform a primary beneficiary analysis at a date other than at inception of the VIE, our assumptions may be different and may result in the identification of a different primary beneficiary.
Allowance for Credit Losses on Loans Receivable

The allowance for credit losses is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the credit allowance is based on a quarterly evaluation of all outstanding loans, including general economic conditions and estimated collectability of loan payments. 


The determination of the allowance for credit losses is based on a quarterly evaluation of all outstanding loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of factors, including, but not limited to, payment status, historical loan charge-offs, financial strength of the borrower and guarantors, and nature, extent and value of the underlying collateral. A loan is considered to have deteriorated credit quality when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreement. For those loans we identified as having deteriorated credit quality, we determine the amount of credit loss on an individual basis. Placement on non-accrual status may be required. Consistent with this definition, all loans on non-accrual are deemed to have deteriorated credit quality. To the extent circumstances improve and the risk of collectability is diminished, we may return these loans to income accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance. For the remaining loans, we assess credit loss on a collective pool basis and use our historical loss experience for similar loans to determine the reserve for credit losses.

During the year ended December 31, 2021, we recognized provision for loan losses of $7,270,000 based on our historical loss experience.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to various market risks, including the potential loss arising from adverse changes in interest rates and foreign currency exchange rates. We seek to mitigate the underlying foreign currency exposures with gains and losses on derivative contracts hedging these exposures. We seek to mitigate the effects of fluctuations in interest rates by matching the terms of new investments with new long-term fixed rate borrowings to the extent possible. We may or may not elect to use financial derivative instruments to hedge interest rate exposure. These decisions are principally based on our policy to match our variable rate investments with comparable borrowings, but are also based on the general trend in interest rates at the applicable dates and our perception of the future volatility of interest rates. This section is presented to provide a discussion of the risks associated with potential fluctuations in interest rates and foreign currency exchange rates. For more information, see Notes 12 and 17 to our consolidated financial statements.
We historically borrow on our unsecured revolving credit facility and commercial paper program to acquire, construct or make loans relating to health care and seniors housing properties. Then, as market conditions dictate, we will issue equity or long-term fixed rate debt to repay the borrowings under our unsecured revolving credit facility and commercial paper program. We are subject to risks associated with debt financing, including the risk that existing indebtedness may not be refinanced or that the terms of refinancing may not be as favorable as the terms of current indebtedness. The majority of our borrowings were completed under indentures or contractual agreements that limit the amount of indebtedness we may incur. Accordingly, in the event that we are unable to raise additional equity or borrow money because of these limitations, our ability to acquire additional properties may be limited.
A change in interest rates will not affect the interest expense associated with our fixed rate debt. Interest rate changes, however, will affect the fair value of our fixed rate debt. Changes in the interest rate environment upon maturity of this fixed rate debt could have an effect on our future cash flows and earnings, depending on whether the debt is replaced with other fixed rate debt, variable rate debt or equity or repaid by the sale of assets. To illustrate the impact of changes in the interest rate markets, we performed a sensitivity analysis on our fixed rate debt instruments whereby we modeled the change in net present values arising from a hypothetical 1% increase in interest rates to determine the instruments’ change in fair value. The following table summarizes the analysis performed as of the dates indicated (in thousands):
 December 31, 2021December 31, 2020
 Principal balanceChange in fair valuePrincipal balanceChange in fair value
Senior unsecured notes$11,002,297 $(1,059,031)$9,943,501 $(761,581)
Secured debt1,490,708 (44,222)1,702,196 (57,756)
Totals$12,493,005 $(1,103,253)$11,645,697 $(819,337)
Our variable rate debt, including our unsecured revolving credit facility and commercial paper program, is reflected at fair value. At December 31, 2021, we had $1,742,268,000 outstanding related to our variable rate debt. Assuming no changes in outstanding balances, a 1% increase in interest rates would result in increased annual interest expense of $17,423,000. At December 31, 2020, we had $2,241,909,000 outstanding under our variable rate debt. Assuming no changes in outstanding balances, a 1% increase in interest rates would have resulted in increased annual interest expense of $22,420,000.
We are subject to currency fluctuations that may, from time to time, affect our financial condition and results of operations. Increases or decreases in the value of the Canadian Dollar or British Pounds Sterling relative to the U.S. Dollar impact the amount of net income we earn from our investments in Canada and the United Kingdom. Based solely on our results for the year ended December 31, 2021, including the impact of existing hedging arrangements, if these exchange rates were to increase or decrease by 10%, our net income from these investments would increase or decrease, as applicable, by less than $11,000,000. We will continue to mitigate these underlying foreign currency exposures with non-U.S. denominated borrowings and gains and losses on derivative contracts. If we increase our international presence through investments in, or acquisitions or development of, seniors housing and health care properties outside the U.S., we may also decide to transact additional business or borrow funds in currencies other than U.S. Dollars, Canadian Dollars or British Pounds Sterling. To illustrate the impact of changes in foreign currency markets, we performed a sensitivity analysis on our derivative portfolio whereby we modeled the change in net present values arising from a hypothetical 1% increase in foreign currency exchange rates to determine the instruments’ change in fair value. The following table summarizes the results of the analysis performed (dollars in thousands):
 December 31, 2021December 31, 2020
 Carrying valueChange in fair valueCarrying valueChange in fair value
Foreign currency exchange contracts$32,280 $19,740 $61,851 $12,731 
Debt designated as hedges1,613,164 16,132 1,630,542 16,305 
Totals$1,645,444 $35,872 $1,692,393 $29,036 
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Item 8.  Financial Statements and Supplementary Data
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the Shareholders and the Board of Directors of Welltower Inc. 
Opinion on the Financial Statements 
We have audited the accompanying consolidated balance sheets of Welltower Inc. and subsidiaries (the Company) as of December 31, 2021 and 2020, the related consolidated statements of comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2021, and the related notes and financial statement schedules listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2021 and 2020 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, in conformity with U.S. generally accepted accounting principles. 
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 16, 2022 expressed an unqualified opinion thereon.
Basis for Opinion 
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
    Impairment of Real Property
Description of the Matter    At December 31, 2021, the Company’s net real property owned was approximately $30.7 billion. As discussed in Note 2 to the consolidated financial statements, the Company reviews its real property quarterly on a property-by-property basis to determine if facts and circumstances suggest that the real property may be impaired. If the undiscounted cash flows indicate that the real property will not be recoverable, the carrying value of the real property is reduced to its estimated fair value and an impairment charge is recognized for the difference between the carrying value and the fair value.
Auditing the Company’s process to evaluate real property owned for impairment was complex due to the high degree of subjectivity in determining whether indicators of impairment were present for certain properties, and in determining the future undiscounted cash flows and estimated fair values, if necessary, of properties where indicators of impairment were determined to be present. In particular, the undiscounted cash flows and fair value estimates were sensitive to significant assumptions, including future rental revenues and operating expenses, capitalization rates, and anticipated hold period, which are affected by expectations about future market or economic conditions.


71

HowWeAddressed the
Matter in Our Audit

        We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s process to evaluate real property owned for impairment. This included testing controls over the Company’s review of impairment indicators by property and management's review and approval of the significant assumptions described above.
To test the Company's evaluation of real property for impairment, we performed audit procedures that included, among others, assessing the methodologies used by management, evaluating the significant assumptions discussed above and testing the completeness and accuracy of the underlying data used by the Company in its analyses. We compared the significant assumptions used by management to current industry and economic trends and evaluated whether changes to the Company’s business and other relevant factors would affect the significant assumptions. In addition, we assessed the historical accuracy of the Company’s estimates and performed sensitivity analyses of the significant assumptions to evaluate the changes in the undiscounted future cash flows and estimated fair values of the property that would result from changes in the significant assumptions.

    Real Estate Acquisitions
Description of the Matter    During the year ended December 31, 2021, the Company completed approximately $4.1 billion of real estate acquisitions. As disclosed in Note 3 of the consolidated financial statements, the total purchase price for all properties acquired has been allocated to the related real estate acquired (tangible assets and identifiable intangible assets and liabilities) based upon their relative fair values.
Auditing the fair values allocated by management to the real estate acquired was complex because the fair value estimates were sensitive to significant assumptions, including comparable land sales, capitalization rates, discount rates, market rental rates and property operating data, which can be impacted by expectations about future market or economic conditions.
HowWeAddressed the
Matter in Our Audit
    We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s process to account for real estate acquisitions, including controls over the Company’s review of the significant assumptions discussed above.
To test the fair values allocated to the real estate acquired, we performed audit procedures that included, among others, assessing the methodologies used by management and evaluating the significant assumptions used by the Company discussed above. We compared certain of management’s assumptions to external market data for similar properties and tested the clerical accuracy of the valuation models. We involved our valuation specialist in our evaluation of the significant assumptions used by the Company and the review of the valuation models.

/s/  Ernst & Young LLP

We have served as the Company’s auditor since 1970.
Toledo, Ohio
February 16, 2022
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CONSOLIDATED BALANCE SHEETS
WELLTOWER INC. AND SUBSIDIARIES
(in thousands)
December 31, 2021December 31, 2020
Assets 
Real estate investments:  
Real property owned:  
Land and land improvements$3,968,430 $3,440,650 
Buildings and improvements31,062,203 28,024,971 
Acquired lease intangibles1,789,628 1,500,030 
Real property held for sale, net of accumulated depreciation134,097 216,613 
Construction in progress651,389 487,742 
Less accumulated depreciation and amortization(6,910,114)(6,104,297)
Net real property owned30,695,633 27,565,709 
Right of use assets, net522,796 465,866 
Real estate loans receivable, net of credit allowance1,068,681 443,372 
Net real estate investments32,287,110 28,474,947 
Other assets:
Investments in unconsolidated entities1,039,043 946,234 
Goodwill68,321 68,321 
Cash and cash equivalents269,265 1,545,046 
Restricted cash77,490 475,997 
Straight-line rent receivable365,643 344,066 
Receivables and other assets803,453 629,031 
Total other assets2,623,215 4,008,695 
Total assets$34,910,325 $32,483,642 
Liabilities and equity
Liabilities:
Unsecured credit facility and commercial paper$324,935 $— 
Senior unsecured notes11,613,758 11,420,790 
Secured debt2,192,261 2,377,930 
Lease liabilities545,944 418,266 
Accrued expenses and other liabilities1,235,554 1,041,594 
Total liabilities15,912,452 15,258,580 
Redeemable noncontrolling interests401,294 343,490 
Equity:
Common stock448,605 418,691 
Capital in excess of par value23,133,641 20,823,145 
Treasury stock(107,750)(104,490)
Cumulative net income8,663,736 8,327,598 
Cumulative dividends(14,380,915)(13,343,721)
Accumulated other comprehensive income (loss)(121,316)(148,504)
Total Welltower Inc. stockholders’ equity17,636,001 15,972,719 
Noncontrolling interests960,578 908,853 
Total equity18,596,579 16,881,572 
Total liabilities and equity$34,910,325 $32,483,642 
See accompanying notes
73

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
WELLTOWER INC. AND SUBSIDIARIES
(In thousands, except per share data)
 Year Ended December 31,
 202120202019
Revenues:
Resident fees and services$3,197,223 $3,074,022 $3,448,175 
Rental income1,374,695 1,443,360 1,588,400 
Interest income137,563 69,156 63,830 
Other income32,634 19,429 20,901 
Total revenues4,742,115 4,605,967 5,121,306 
Expenses:
Property operating expenses2,774,562 2,597,823 2,690,042 
Depreciation and amortization1,037,566 1,038,437 1,027,073 
Interest expense489,853 514,388 555,559 
General and administrative expenses126,727 128,394 126,549 
Loss (gain) on derivatives and financial instruments, net(7,333)11,049 (4,399)
Loss (gain) on extinguishment of debt, net49,874 47,049 84,155 
Provision for loan losses7,270 94,436 18,690 
Impairment of assets51,107 135,608 28,133 
Other expenses41,739 70,335 52,612 
Total expenses4,571,365 4,637,519 4,578,414 
Income (loss) from continuing operations before income taxes and other items170,750 (31,552)542,892 
Income tax (expense) benefit(8,713)(9,968)(2,957)
Income (loss) from unconsolidated entities(22,933)(8,083)42,434 
Gain (loss) on real estate dispositions, net235,375 1,088,455 748,041 
Income (loss) from continuing operations374,479 1,038,852 1,330,410 
Net income374,479 1,038,852 1,330,410 
Less:  Net income (loss) attributable to noncontrolling interests(1)
38,341 60,008 97,978 
Net income (loss) attributable to common stockholders$336,138 $978,844 $1,232,432 
Weighted average number of common shares outstanding:
Basic424,976 415,451 401,845 
Diluted426,841 417,387 403,808 
Earnings per share:
Basic:
Income (loss) from continuing operations$0.88 $2.50 $3.31 
Net income (loss) attributable to common stockholders$0.79 $2.36 $3.07 
Diluted:
Income (loss) from continuing operations$0.88 $2.49 $3.29 
Net income (loss) attributable to common stockholders(2)
$0.78 $2.33 $3.05 
(1) Includes amounts attributable to redeemable noncontrolling interests
(2) Includes adjustment to the numerator for income (loss) attributable to OP unitholders.

See accompanying notes
74

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
 Year Ended December 31,
 202120202019
Net income$374,479 $1,038,852 $1,330,410 
Other comprehensive income (loss):
Unrecognized actuarial gain (loss)
— — 540 
Foreign currency translation gain (loss)
(52,826)103,612 161,915 
Derivative and financial instruments designated as hedges gain (loss)
79,702 (134,369)(131,120)
Total other comprehensive income (loss)26,876 (30,757)31,335 
Total comprehensive income (loss)401,355 1,008,095 1,361,745 
Less: Total comprehensive income (loss) attributable to
noncontrolling interests(1)
38,029 65,598 111,701 
Total comprehensive income (loss) attributable to common stockholders$363,326 $942,497 $1,250,044 
(1) Includes amounts attributable to redeemable noncontrolling interests.
See accompanying notes
75

CONSOLIDATED STATEMENTS OF EQUITY
WELLTOWER INC. AND SUBSIDIARIES
(in thousands)Preferred StockCommon StockCapital in Excess of Par ValueTreasury StockCumulative Net IncomeCumulative DividendsAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal
Balances at December 31, 2018$718,498 $384,465 $18,424,662 $(68,499)$6,121,534 $(10,818,557)$(129,769)$954,265 $15,586,599 
Comprehensive income:
Net income (loss)1,232,432 67,365 1,299,797 
Other comprehensive income (loss)17,612 13,440 31,052 
Total comprehensive income1,330,849 
Net change in noncontrolling interests3,583 (68,887)(65,304)
Amounts related to stock incentive plans, net of forfeitures162 25,163 (10,456)14,869 
Net proceeds from issuance of common stock13,666 1,030,925 1,044,591 
Conversion of preferred stock(718,498)12,712 705,786 — 
Dividends paid:
Common stock dividends(1,404,977)(1,404,977)
Balances at December 31, 2019— 411,005 20,190,119 (78,955)7,353,966 (12,223,534)(112,157)966,183 16,506,627 
Cumulative change in accounting principle (Note 2)(5,212)(5,212)
Balances at January 1, 2020 (as adjusted for change in accounting principle)— 411,005 20,190,119 (78,955)7,348,754 (12,223,534)(112,157)966,183 16,501,415 
Comprehensive income:
Net income (loss)978,844 98,910 1,077,754 
Other comprehensive income (loss)(36,347)5,493 (30,854)
Total comprehensive income1,046,900 
Net change in noncontrolling interests18,158 (161,733)(143,575)
Amounts related to stock incentive plans, net of forfeitures622 27,666 (17,879)10,409 
Net proceeds from issuance of common stock7,064 587,202 594,266 
Conversion of preferred stock(7,656)(7,656)
Dividends paid:
Common stock dividends(1,120,187)(1,120,187)
Balances at December 31, 2020— 418,691 20,823,145 (104,490)8,327,598 (13,343,721)(148,504)908,853 16,881,572 
Comprehensive income:
Net income (loss)336,138 36,795 372,933 
Other comprehensive income (loss)27,188 (366)26,822 
Total comprehensive income399,755 
Net change in noncontrolling interests(23,743)15,296 (8,447)
Amounts related to stock incentive plans, net of forfeitures246 18,087 (3,260)15,073 
Net proceeds from issuance of common stock29,668 2,316,152 2,345,820 
Dividends paid:
Common stock dividends(1,037,194)(1,037,194)
Balances at December 31, 2021$— $448,605 $23,133,641 $(107,750)$8,663,736 $(14,380,915)$(121,316)$960,578 $18,596,579 
See accompanying notes
76

CONSOLIDATED STATEMENTS OF CASH FLOWS
WELLTOWER INC. AND SUBSIDIARIES
(in thousands)
Year Ended December 31,
 202120202019
Operating activities:
Net income$374,479 $1,038,852 $1,330,410 
Adjustments to reconcile net income to net cash provided from (used in) operating
activities:
Depreciation and amortization1,037,566 1,038,437 1,027,073 
Other amortization expenses19,148 13,213 16,827 
Provision for loan losses7,270 94,436 18,690 
Impairment of assets51,107 135,608 28,133 
Stock-based compensation expense17,812 28,318 25,047 
Loss (gain) on derivatives and financial instruments, net(7,333)11,049 (4,399)
Loss (gain) on extinguishment of debt, net49,874 47,049 84,155 
Loss (income) from unconsolidated entities22,933 8,083 (42,434)
Rental income less than (in excess of) cash received(30,820)60,254 (106,331)
Amortization related to above (below) market leases, net(3,536)(1,870)(676)
Loss (gain) on real estate dispositions, net(235,375)(1,088,455)(748,041)
Distributions by unconsolidated entities16,763 11,601 — 
Increase (decrease) in accrued expenses and other liabilities77,554 22,764 (29,068)
Decrease (increase) in receivables and other assets(122,117)(54,583)(63,418)
Net cash provided from (used in) operating activities1,275,325 1,364,756 1,535,968 
Investing activities:
Cash disbursed for acquisitions, net of cash acquired(4,084,174)(903,756)(3,959,683)
Cash disbursed for capital improvements to existing properties(282,588)(244,989)(328,824)
Cash disbursed for construction in progress(417,963)(201,336)(323,488)
Capitalized interest(19,352)(17,472)(15,272)
Investment in loans receivable(997,449)(247,543)(119,699)
Principal collected on loans receivable343,260 31,548 127,706 
Other investments, net of payments(26,595)7,726 (8,282)
Contributions to unconsolidated entities(396,020)(411,154)(279,631)
Distributions by unconsolidated entities286,772 48,195 216,231 
Proceeds from (payments on) derivatives7,519 (13,319)(8,499)
Proceeds from sales of real property1,070,322 4,300,028 2,650,650 
Net cash provided from (used in) investing activities(4,516,268)2,347,928 (2,048,791)
Financing activities:
Net increase (decrease) under unsecured credit facility and commercial paper324,935 (1,587,597)440,597 
Proceeds from issuance of senior unsecured notes1,703,626 1,588,549 3,974,559 
Payments to extinguish senior unsecured notes(1,533,752)(566,248)(3,335,290)
Net proceeds from the issuance of secured debt23,569 62,055 343,696 
Payments on secured debt(197,618)(694,995)(284,433)
Net proceeds from the issuance of common stock2,348,201 595,313 1,056,125 
Repurchase of common stock— (7,656)— 
Payments for deferred financing costs and prepayment penalties(73,735)(39,087)(84,142)
Contributions by noncontrolling interests(1)
156,318 44,023 55,365 
Distributions to noncontrolling interests(1)
(138,756)(333,489)(172,940)
Cash distributions to stockholders(1,035,906)(1,119,232)(1,400,712)
Other financing activities(9,218)(22,494)(15,675)
Net cash provided from (used in) financing activities1,567,664 (2,080,858)577,150 
Effect of foreign currency translation on cash and cash equivalents and restricted cash(1,009)3,451 5,310 
Increase (decrease) in cash, cash equivalents and restricted cash(1,674,288)1,635,277 69,637 
Cash, cash equivalents and restricted cash at beginning of period2,021,043 385,766 316,129 
Cash, cash equivalents and restricted cash at end of period$346,755 $2,021,043 $385,766 
Supplemental cash flow information:
Interest paid$492,742 $508,454 $574,536 
Income taxes paid (received)(4,812)13,671 14,338 
(1) Includes amounts attributable to redeemable noncontrolling interests.
See accompanying notes.


77
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Business 
Welltower Inc., (the "Company") an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower™, a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), consisting of seniors housing and post-acute communities and outpatient medical properties. 
2. Accounting Policies and Related Matters
Use of Estimates
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Principles of Consolidation
The consolidated financial statements include the accounts of our wholly-owned subsidiaries and joint venture (“JV”) entities that we control, through voting rights or other means. All material intercompany transactions and balances have been eliminated in consolidation. At inception of JV transactions, we identify entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and determine which business enterprise is the primary beneficiary of its operations. A VIE is broadly defined as an entity where either (i) the equity investors as a group, if any, do not have a controlling financial interest, or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We consolidate investments in VIEs when we are determined to be the primary beneficiary. Accounting Standards Codification Topic 810, Consolidations (“ASC 810”), requires enterprises to perform a qualitative approach to determining whether or not a VIE will need to be consolidated. This evaluation is based on an enterprise’s ability to direct and influence the activities of a VIE that most significantly impact that entity’s economic performance. For investments in JVs, U.S. GAAP may preclude consolidation by the sole general partner in certain circumstances based on the type of rights held by the limited partner(s). We assess the limited partners’ rights and their impact on our consolidation conclusions, and we reassess if there is a change to the terms or in the exercisability of the rights of the limited partners, the sole general partner increases or decreases its ownership of limited partnership interests, or there is an increase or decrease in the number of outstanding limited partnership interests. We similarly evaluate the rights of managing members of limited liability companies.
Revenue Recognition
For our Triple-net and Outpatient Medical segments, a significant source of our revenue is generated through leasing arrangements. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Leases in our Outpatient Medical portfolio typically include some form of operating expense reimbursement by the tenant. Certain payments made to operators are treated as lease incentives and amortized as a reduction of revenue over the lease term. 
For our Seniors Housing Operating segment, revenue from resident fees and services is predominantly service-based, and generally is recognized monthly as services are provided. Agreements with residents generally have varying terms and are cancellable by the resident with 30 days’ notice. Management contracts are present in some of our joint venture agreements to provide asset and property management, leasing, marketing and other services.
Our Seniors Housing Operating segment contains continuing care retirement communities which operate as entrance fee communities. The entrance fee communities offer different contracts which vary in terms of how much of the entrance fee is considered to be refundable upon move-out, temporarily refundable until a period of time has passed, or nonrefundable. Refundable entrance fees are recorded as a payable within the accrued expenses and other liabilities line item of our Consolidated Balance Sheets. Nonrefundable entrance fees are recorded as deferred revenue within the same line item and are recognized into revenue over the estimated remaining stay of the resident. We use a third party actuarial expert to determine the estimated remaining stay of each resident based on demographic data.
Interest income on loans is recognized as earned based upon the principal amount outstanding, subject to an evaluation of collectability risk.
We recognize gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred and we no longer have substantial continuing involvement with the real estate sold. We recognize losses from disposition of real estate when known.
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WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Cash and Cash Equivalents
Cash and cash equivalents consist of all highly liquid investments with an original maturity of three months or less.
Restricted Cash
Restricted cash primarily consists of amounts held by lenders to provide future payments for real estate taxes, insurance, tenant and capital improvements, amounts held in escrow relating to transactions we are entitled to receive over a period of time as outlined in the escrow agreement and net proceeds from property sales that were executed as tax-deferred dispositions under Internal Revenue Code (“IRC”) Section 1031.
Deferred Loan Expenses
Deferred loan expenses are costs incurred by us in connection with the issuance, assumption and amendments of debt arrangements. Deferred loan expenses related to debt instruments, excluding the primary unsecured credit facility, are recorded as a reduction of the related debt liability. Deferred loan expenses related to the primary unsecured credit facility are included in other assets. We amortize these costs over the term of the debt using the straight-line method, which approximates the effective interest method.
Investments in Unconsolidated Entities
Investments in entities that we do not consolidate but have the ability to exercise significant influence over operating and financial policies are reported under the equity method of accounting. Under the equity method, our share of the investee’s earnings or losses is included in our consolidated results of operations. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the entity interest inclusive of transaction costs. To the extent that our cost basis is different from the basis reflected at the entity level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in our share of equity in earnings of the entity. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded.
Equity Securities
Equity securities are measured at fair value with gains and losses recognized in loss (gain) on derivatives and financial instruments, net in the Consolidated Statements of Comprehensive Income.
Redeemable Noncontrolling Interests
Certain noncontrolling interests are redeemable at fair value. Accordingly, we record the carrying amount of the noncontrolling interests at the greater of (i) the initial carrying amount, increased or decreased for the noncontrolling interest’s share of net income or loss and its share of other comprehensive income or loss, and dividends or (ii) the redemption value. If the interests are redeemable in the future, we accrete the carrying value to the redemption value over the period until expected redemption, currently a weighted-average period of approximately five years. In accordance with ASC 810, the redeemable noncontrolling interests are classified outside of permanent equity, as a mezzanine item, on the balance sheet. At December 31, 2021, the current redemption value of redeemable noncontrolling interests exceeded the carrying value of $401,294,000 by $40,212,000.
We entered into certain DownREIT partnerships which give a real estate seller the ability to exchange its property on a tax deferred basis for equity membership interests (“OP units”). The OP units may be redeemed any time following the first anniversary of the date of issuance at the election of the holders for one share of our common stock per unit or, at our option, cash.
Real Property Owned
Real estate acquisitions are generally classified as asset acquisitions for which we record tangible assets and identifiable intangible assets and liabilities at cost on a relative fair value basis. Liabilities assumed and any associated noncontrolling interests are reflected at fair value. Tangible assets primarily consist of land, buildings and improvements.
Identifiable intangible assets and liabilities consist primarily of the above or below market component of in-place leases and the value associated with the presence of in-place leases. The value allocable to the above or below market component of the acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above market leases are included in acquired lease intangibles and below market leases are included in other liabilities on the balance sheet and are amortized to rental income over the remaining terms of the respective leases or lease-up period.
79
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship values for in-place tenants based on management’s evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics considered by management in allocating these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The total amount of other intangible assets acquired is further allocated to in-place lease values for in-place residents with such value representing (i) value associated with lost revenue related to tenant reimbursable operating costs that would be incurred in an assumed re-leasing period, and (ii) value associated with lost rental revenue from existing leases during an assumed re-leasing period. This intangible asset is amortized over the remaining life of the lease or the assumed re-leasing period.
Real property developed by us is recorded at cost, including the capitalization of construction period interest. These properties are depreciated on a straight-line basis over their estimated useful lives which range from 15 to 40 years for buildings and 5 to 15 years for improvements. We consider costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and, accordingly, such costs are reflected as investment activities in our Consolidated Statement of Cash Flows.
The net book value of long-lived assets is reviewed quarterly on a property by property basis to determine if facts and circumstances suggest that the assets may be impaired or that the depreciable life may need to be changed. We consider external factors relating to each asset and the existence of a master lease which may link the cash flows of an individual asset to a larger portfolio of assets leased to the same tenant. If these factors and the projected undiscounted cash flows of the assets over the remaining depreciation period indicate that the assets will not be recoverable, the carrying value is reduced to the estimated fair market value. In addition, we are exposed to the risks inherent in concentrating investments in real estate, and in particular, the seniors housing and health care industries. A downturn in the real estate industry could adversely affect the value of our properties and our ability to sell properties for a price or on terms acceptable to us. Additionally, properties that meet the held for sale criteria are recorded at the lesser of fair value less costs to sell or the carrying value.
Expenditures for repairs and maintenance are expensed as incurred.
Capitalization of Construction Period Interest
We capitalize interest costs associated with funds used for the construction of properties owned by us. The amount capitalized is based upon the balance outstanding during the construction period using the rate of interest which approximates our company-wide cost of financing. Our interest expense reflected in the Consolidated Statements of Comprehensive Income has been reduced by the amounts capitalized.
Loans Receivable
Loans receivable are recorded on our Consolidated Balance Sheets in real estate loans receivable, net of credit allowance, or for non-real estate loans receivable, in receivables and other assets. Real estate loans receivable consists of mortgage loans and other real estate loans which are primarily collateralized by a first, second or third mortgage lien, a leasehold mortgage on, or an assignment or pledge of the membership interest in, the related properties, corporate guarantees and/or personal guarantees. Non-real estate loans are generally corporate loans with no real estate backing. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of the risk of credit loss.
In Substance Real Estate Investments
We provide loans to third parties for the acquisition, development and construction of real estate. Under these arrangements, it is possible that we will participate in the expected residual profits of the project through the sale, refinancing or acquisition of the property. We evaluate the characteristics of each arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. Arrangements with characteristics implying loan classification are presented as real estate loans receivable and result in the recognition of interest income. Arrangements with characteristics implying real estate joint ventures are treated as in substance real estate investments and presented as investments in unconsolidated entities and are accounted for using the equity method. The classification of each arrangement as either a real estate loan receivable or investment in unconsolidated entity involves judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guarantees, estimated fair value of the collateral, and significance of borrower equity in the project, among others. The classification of such arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above.



80
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Allowance for Credit Losses on Loans Receivable
The allowance for credit losses on loans receivable is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the credit allowance is based on a quarterly evaluation of all outstanding loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of credit quality indicators, including, but not limited to, payment status, historical loan charge-offs, financial strength of the borrower and guarantors, and nature, extent, and value of the underlying collateral. A loan is considered to have deteriorated credit quality when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreement. For those loans we identified as having deteriorated credit quality, we determine the amount of credit loss on an individual basis. Placement on non-accrual status may be required. Consistent with this definition, all loans on non-accrual status are deemed to have deteriorated credit quality. To the extent circumstances improve and the risk of collectability is diminished, we may return these loans to income accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance. For the remaining loans we assess credit loss on a collective pool basis and use our historical loss experience for similar loans to determine the reserve for credit losses.
Goodwill
Goodwill is tested annually for impairment and is tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount, including goodwill, exceeds the reporting unit’s fair value and the implied fair value of goodwill is less than the carrying amount of that goodwill. We have not had any goodwill impairments.
 Fair Value of Derivative Instruments
Derivatives are recorded at fair value on the balance sheet as assets or liabilities. The valuation of derivative instruments requires us to make estimates and judgments that affect the fair value of the instruments. Fair values of our derivatives are estimated by pricing models that consider the forward yield curves and discount rates. The fair value of our forward exchange contracts are estimated by pricing models that consider foreign currency spot rates, forward trade rates and discount rates. Such amounts and the recognition of such amounts are subject to estimates that may change in the future. See Note 12 for additional information.
Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following (in thousands):
 Year Ended December 31,
 20212020
Accounts payable$174,799 $101,592 
Accrued interest111,157 112,202 
Other accrued expenses238,931 193,631 
Unearned revenues307,316 115,411 
Taxes payable117,013 99,916 
Other liabilities286,338 418,842 
Total$1,235,554 $1,041,594 
Federal Income Tax
We have elected to be treated as a REIT under the applicable provisions of the IRC, commencing with our first taxable year, and made no provision for U.S. federal income tax purposes prior to our acquisition of our taxable REIT subsidiaries (“TRSs”). As a result of these as well as subsequent acquisitions, we now record income tax expense or benefit with respect to certain of our entities that are taxed as TRSs under provisions similar to those applicable to regular corporations and not under the REIT provisions. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our consolidated financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes a change in our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes a change in our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. See Note 19 for additional information.
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WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Foreign Currency
Certain of our subsidiaries’ functional currencies are the local currencies of their respective countries. We translate the results of operations of our foreign subsidiaries into U.S. Dollars using average rates of exchange in effect during the period, and we translate balance sheet accounts using exchange rates in effect at the end of the period. We record resulting currency translation adjustments in accumulated other comprehensive income, a component of stockholders’ equity, on our Consolidated Balance Sheets.
Earnings Per Share
Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding for the period adjusted for non-vested shares of restricted stock. The computation of diluted earnings per share is similar to basic earnings per share, except that the number of shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. Additionally, net income (loss) allocated to OP units (discussed above) has been included in the numerator and redeemable common stock related to the OP units have been included in the denominator for the purpose of computing diluted earnings per share.
Reclassifications
Certain amounts in prior years have been reclassified to conform to current year presentation.
Impact of COVID-19 Pandemic
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, 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. Spot occupancy has steadily increased in recent months, with 94% (unaudited) of communities open for new admissions and nearly all communities allowing visitors, in-person tours and communal dining and activities as of December 31, 2021. Rapid distribution and a high acceptance rate of COVID-19 vaccinations by residents within assisted living and memory care facilities in the U.S. and U.K. have resulted in a significant decrease in total resident case counts across the portfolio from peak levels in mid-January 2021, however, resident case counts have increased in December 2021 as a result of highly transmissible variants. As of December 31, 2021, occupancy has increased approximately 510 basis points ("bps") to 77.7% since the pandemic-low of 72.6% on March 12, 2021 (unaudited). Quarterly spot occupancy rates through December 31, 2021 are as follows (unaudited):

December 31, 2020March 31, 2021June 30, 2021September 30, 2021December 31, 2021
Spot occupancy (1)
74.9 %72.9 %74.8 %76.9 %77.7 %
Sequential occupancy change (2)
(1.9)%1.9 %2.1 %0.7 %
(1) Spot occupancy represents approximate month end occupancy at our share for 546 properties in operation as of December 31, 2020, including unconsolidated properties but excluding acquisitions, executed dispositions, development conversions since this date as well as one property closed for redevelopment.
(2) Sequential occupancy changes are based on actual spot occupancy and may not recalculate due to rounding.

During the year ended December 31, 2021, the U.S. and U.K. portfolios reported spot occupancy gains of approximately 490 bps and 80 bps, respectively. Canada reported a spot occupancy gain of approximately 290 bps (unaudited).
On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the twelve months ended December 31, 2021 and 2020, we received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the COVID-19 pandemic, as well as under similar programs in the U.K. and Canada. Grant income is recognized when there is reasonable assurance that the grant will be received and the Company will comply with all conditions attached to the grant. Additionally, grants are recognized over the periods in which the Company recognizes the increased expenses and lost revenue the grants are intended to defray. For the years ended December 31, 2021 and 2020 we recognized $97,933,000 and $31,927,000, respectively, of government grant income as a reduction to property operating expenses in our Consolidated Statements of Comprehensive Income. Additionally, for the years ended December 31, 2021 and 2020, we recognized $4,642,000 and $3,014,000, respectively, of government grant income in other income in our Consolidated Statements of Comprehensive Income. The amount of qualifying expenditures and lost revenue exceeded grant income recognized and we believe we have complied and will continue to comply with all grant conditions.
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WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Property-level operating expenses associated with the COVID-19 pandemic relating to our Seniors Housing Operating portfolio totaled $63,681,000 and $110,719,000 for the years ended December 31, 2021 and 2020, respectively. These expenses were incurred as a result of the introduction of public health measures and other regulations affecting our properties, as well as additional health and safety measures adopted by us and our operators related to the COVID-19 pandemic, including increases in labor and property cleaning expenses and expenditures related to our efforts to procure personal protective equipment ("PPE") and supplies. Certain new expenses incurred since the start of the pandemic may continue on an ongoing basis as part of new health and safety protocols.
Our Triple-net operators have experienced similar occupancy declines and operating costs as described above with respect to 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.
During the year ended December 31, 2021, we collected approximately 94% of rent due from operators under Triple-net lease agreements (primarily seniors housing and post-acute care facilities). No significant rent deferrals or rent concessions have been made. We evaluate leases individually and recognize rent on a cash basis if collectibility of substantially all contractual rent payments is not probable. To the extent the prolonged impact of the COVID-19 pandemic causes operators or tenants to seek further modifications of their lease agreements, we may recognize reductions in revenue and increases in uncollectible receivables.
During the year ended December 31, 2021, we have collected virtually all rent due from tenants in our Outpatient Medical portfolio, with uncollected amounts primarily attributable to local jurisdictions with COVID-19 related ordinances providing temporary rent relief to tenants. We evaluate leases individually and recognize rent on a cash basis if collectibility of substantially all contractual rent payments is not probable.
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. Early adoption is permitted. The adoption of this standard will 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.




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The following is a summary of our real property investment activity by segment for the periods presented (in thousands):
Year Ended December 31, 2021
 Seniors Housing OperatingTriple-netOutpatient MedicalTotal
Land and land improvements  $449,335 $88,839 $64,843 $603,017 
Buildings and improvements  2,347,609 809,328 313,864 3,470,801 
Acquired lease intangibles  264,589 — 24,751 289,340 
Right of use assets, net77,455 — — 77,455 
Total net real estate assets3,138,988 898,167 403,458 4,440,613 
Receivables and other assets6,096 411 3,534 10,041 
Total assets acquired(1)
3,145,084 898,578 406,992 4,450,654 
Lease liabilities(138,126)— — (138,126)
Accrued expenses and other liabilities(191,454)(8,703)(266)(200,423)
Total liabilities acquired(329,580)(8,703)(266)(338,549)
Noncontrolling interests(2)
(4,942)(6,449)(16,540)(27,931)
 Cash disbursed for acquisitions2,810,562 883,426 390,186 4,084,174 
Construction in progress additions322,050 77,412 42,464 441,926 
Less: Capitalized interest(13,834)(3,078)(2,440)(19,352)
Accruals(3)
35 — (4,646)(4,611)
Cash disbursed for construction in progress308,251 74,334 35,378 417,963 
Capital improvements to existing properties197,829 37,345 47,414 282,588 
Total cash invested in real property, net of cash acquired  
$3,316,642 $995,105 $472,978 $4,784,725 
(1) Excludes $4,201,000 of unrestricted and restricted cash acquired.
(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests.
(3) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period.
Year Ended December 31, 2020
 Seniors Housing OperatingTriple-netOutpatient MedicalTotal
Land and land improvements  $55,000 $16,876 $45,590 $117,466 
Buildings and improvements  527,189 73,855 179,004 780,048 
Acquired lease intangibles  28,668 — 24,718 53,386 
Total net real estate assets610,857 90,731 249,312 950,900 
Receivables and other assets  746 — 268 1,014 
Total assets acquired(1)
611,603 90,731 249,580 951,914 
Accrued expenses and other liabilities(1,650)— (962)(2,612)
Total liabilities acquired(1,650)— (962)(2,612)
Noncontrolling interests(2)
(45,546)— — (45,546)
Cash disbursed for acquisitions564,407 90,731 248,618 903,756 
Construction in progress additions134,945 45,256 39,833 220,034 
Less: Capitalized interest(10,389)(3,209)(3,874)(17,472)
Accruals (3)
(1,226)— — (1,226)
Cash disbursed for construction in progress123,330 42,047 35,959 201,336 
Capital improvements to existing properties107,379 76,625 60,985 244,989 
Total cash invested in real property, net of cash acquired$795,116 $209,403 $345,562 $1,350,081 
(1) Excludes $580,000 of unrestricted and restricted cash acquired.
(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests.
(3) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period.
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Year Ended December 31, 2019
 Seniors Housing OperatingTriple-netOutpatient MedicalTotal
Land and land improvements  $154,470 $24,097 $293,933 $472,500 
Buildings and improvements  1,518,748 203,282 1,954,928 3,676,958 
Acquired lease intangibles  76,009 — 183,921 259,930 
Real property held for sale17,435 — — 17,435 
Construction in progress36,174 — — 36,174 
Right of use assets, net— — 58,377 58,377 
Total net real estate assets1,802,836 227,379 2,491,159 4,521,374 
Receivables and other assets  15,634 — 1,586 17,220 
Total assets acquired(1)
1,818,470 227,379 2,492,745 4,538,594 
Secured debt  (194,408)— (206,754)(401,162)
Lease liabilities— — (47,740)(47,740)
Accrued expenses and other liabilities(12,024)— (32,893)(44,917)
Total liabilities acquired(206,432)— (287,387)(493,819)
Noncontrolling interests(2)
(67,987)(4,015)(1,201)(73,203)
Non-cash acquisition related activity (3)
(11,889)— — (11,889)
Cash disbursed for acquisitions1,532,162 223,364 2,204,157 3,959,683 
Construction in progress additions227,018 61,414 60,884 349,316 
Less: Capitalized interest(8,889)(2,385)(3,998)(15,272)
Accruals(4)
— — (1,035)(1,035)
Cash disbursed for construction in progress218,129 59,029 55,851 333,009 
Capital improvements to existing properties260,413 17,426 50,985 328,824 
Total cash invested in real property, net of cash acquired$2,010,704 $299,819 $2,310,993 $4,621,516 
(1) Excludes $2,090,000 of unrestricted and restricted cash acquired.
(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests.
(3) Relates to the acquisition of assets previously recognized as investments in unconsolidated entities.
(4) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period.
Holiday Retirement Acquisition
On July 30, 2021, we acquired a portfolio of 85 seniors housing properties owned by Holiday Retirement for $1,576,600,000, which are included in our Seniors Housing Operating segment and in the table above for the year ended December 31, 2021. Atria Senior Living assumed operations of the portfolio following its acquisition of the Holiday Retirement management company pursuant to an incentive-based management agreement. As part of this transaction, a wholly owned subsidiary assumed the leasehold interest in a 26 property portfolio and subsequently purchased eight of the leased properties from the landlord. The lease, identified as an operating lease, expires in 2035 and was recognized as a right of use asset, net of above market lease intangibles, and lease liability.
Construction Activity 
The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented (in thousands):
 Year Ended
 December 31, 2021December 31, 2020December 31, 2019
Development projects:
Seniors Housing Operating$117,386 $93,188 $28,117 
Triple-net22,990 75,149 — 
Outpatient Medical125,179 43,493 21,006 
Total development projects265,555 211,830 49,123 
Expansion projects5,292 48,600 — 
Total construction in progress conversions$270,847 $260,430 $49,123 

 
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4. Real Estate Intangibles 
The following is a summary of our real estate intangibles, excluding those related to ground leases or classified as held for sale, as of the dates indicated (dollars in thousands):
December 31, 2021December 31, 2020
Assets:
In place lease intangibles$1,681,533 $1,406,705 
Above market tenant leases53,964 52,621 
Lease commissions54,131 40,704 
Gross historical cost1,789,628 1,500,030 
Accumulated amortization(1,286,259)(1,177,513)
Net book value$503,369 $322,517 
Weighted-average amortization period in years5.510.5
Liabilities:
Below market tenant leases$74,909 $77,851 
Accumulated amortization(45,291)(40,871)
Net book value$29,618 $36,980 
Weighted-average amortization period in years8.28.3
The following is a summary of real estate intangible amortization income (expense) for the periods presented (in thousands):
 Year Ended December 31,
 202120202019
Rental income related to (above)/below market tenant leases, net$1,680 $1,710 $508 
Amortization related to in place lease intangibles and lease commissions(115,579)(121,004)(135,047)
The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands):
 AssetsLiabilities
2022$168,534 $7,374 
2023113,105 5,253 
202456,699 3,118 
202522,706 2,588 
202623,009 2,075 
Thereafter119,316 9,210 
Totals$503,369 $29,618 
5. Dispositions, Real Property Held for Sale and Impairment
We periodically sell properties for various reasons, including favorable market conditions, the exercise of tenant purchase options or reduction of concentrations (e.g. property type, relationship or geography). At December 31, 2021, two Seniors Housing Operating, 14 Triple-net and one Outpatient Medical properties, with an aggregate net real estate balance of $134,097,000, were classified as held for sale. In addition to the real property balances held for sale, net other assets and (liabilities) of $9,876,000 were included in the Consolidated Balance Sheets related to the held for sale properties. Expected gross sales proceeds related to the held for sale properties are approximately $171,184,000.
During the year ended December 31, 2021, we recorded impairment charges of $19,567,000 related to four Triple-net properties and one Outpatient Medical property, which were disposed of or classified as held for sale for which the carrying value exceeded the fair values, less estimated costs to sell. Additionally, we recorded $31,540,000 of impairment charges related to two Seniors Housing Operating properties and two Triple-net properties that were held for use in which the carrying value exceed the estimated fair value. During the year ended December 31, 2020, we recorded impairment charges of $87,873,000 related to 15 Seniors Housing Operating and one Triple-net properties, which were disposed of or classified as held for sale as the carrying value exceeded the fair values, less estimated costs to sell. Additionally, during the year ended December 31, 2020, we recorded $47,735,000 of impairment charges related to six Seniors Housing Operating and four Triple-net properties that were held for use in which the carrying value exceed the fair value. The following is a summary of our real property disposition activity for the periods presented (in thousands):
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 Year Ended
 December 31, 2021December 31, 2020December 31, 2019
Real estate dispositions:
Seniors Housing Operating$112,837 $1,289,769 $1,232,816 
Triple-net486,369 51,666 667,632 
Outpatient Medical229,660 1,755,864 482 
Total dispositions828,866 3,097,299 1,900,930 
Gain (loss) on real estate dispositions, net235,375 1,088,455 748,041 
Net other assets (liabilities) disposed6,081 114,274 1,679 
Proceeds from real estate dispositions$1,070,322 $4,300,028 $2,650,650 
Operating results attributable to properties sold or classified as held for sale which do not meet the definition of discontinued operations, are not reclassified on our Consolidated Statements of Comprehensive Income. The following represents the activity related to these properties for the periods presented (in thousands):
Year Ended December 31,
 202120202019
Revenues:
Total revenues$63,114 $303,791 $827,961 
Expenses:
Interest expense1,479 11,241 23,186 
Property operating expenses8,490 163,800 403,010 
Provision for depreciation8,665 82,330 162,761 
Total expenses18,634 257,371 588,957 
Income (loss) from real estate dispositions, net$44,480 $46,420 $239,004 
6. Leases
We lease land, buildings, office space and certain equipment. Many of our leases include a renewal option to extend the term from one to 25 years or more. Renewal options that we are reasonably certain to exercise are recognized in our right-of-use assets and lease liabilities. As most of our leases do not provide a rate implicit in the lease agreement, we generally use our incremental borrowing rate available at lease commencement, underlying collateral for the lease and the ability to borrow against that collateral on a secured basis to determine the present value of lease payments. The incremental borrowing rates were determined using our longer term borrowing rates (actual pricing through 30 years, as well as other longer-term market rates).
We sublease certain real estate to a third party. Our sublease portfolio consists of a finance lease for seven buildings which are subleased to a long-term/ post-acute care operator.
The components of lease expense were as follows for the periods presented (in thousands):
Year Ended December 31,
 Classification202120202019
Operating lease cost: (1)
Real estate lease expenseProperty operating expenses$22,642 $23,472 $25,166 
Non-real estate investment lease expenseGeneral and administrative expenses4,596 4,745 1,654 
Finance lease cost:
Amortization of leased assetsProperty operating expenses8,105 8,203 7,795 
Interest on lease liabilitiesInterest expense6,574 6,411 4,748 
Sublease incomeRental income(8,687)(4,173)(4,173)
Total $33,230 $38,658 $35,190 
(1) Includes short-term leases which are immaterial.







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Maturities of lease liabilities as of December 31, 2021 are as follows (in thousands):
Operating LeasesFinance Leases
2022$45,151 $8,698 
202345,994 69,774 
202445,856 1,860 
202543,612 1,658 
202643,689 1,696 
Thereafter1,159,048 127,171 
Total lease payments1,383,350 210,857 
Less: Imputed interest(949,089)(99,174)
Total present value of lease liabilities$434,261 $111,683 
Supplemental balance sheet information related to leases was as follows for the periods presented (in thousands, except lease terms and discount rate):
 ClassificationDecember 31, 2021December 31, 2020
Right of use assets:
Operating leases - real estateRight of use assets, net$367,068 $310,017 
Finance leases - real estateRight of use assets, net155,728 155,849 
Real estate right of use assets, net522,796 465,866 
Operating leases - non-real estate investmentsReceivables and other assets9,627 9,624 
Total right of use assets, net$532,423 $475,490 
Lease liabilities:
Operating leases$434,261 $311,164 
Finance leases111,683 107,102 
Total lease liabilities$545,944 $418,266 
Weighted average remaining lease term (years):
Operating leases36.646.9
Finance leases19.817.7
Weighted average discount rate:
Operating leases9.72 %5.02 %
Finance leases5.06 %5.16 %
Supplemental cash flow information related to leases was as follows for the periods indicated (in thousands):
Year Ended December 31,
 Classification202120202019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leasesDecrease (increase) in receivables and other assets$9,081 $9,323 $6,397 
Operating cash flows from operating leasesIncrease (decrease) in accrued expenses and other liabilities(6,008)(3,918)(5,489)
Operating cash flows from finance leasesDecrease (increase) in receivables and other assets8,336 8,263 10,732 
Financing cash flows from finance leasesOther financing activities(3,578)(3,568)(3,401)
Substantially all of our operating leases in which we are the lessor contain escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. During the years ended December 31, 2021 and 2020, we reserved for previously recognized straight-line rent receivable balances of $49,241,000 and $146,508,000 through rental income, relating to leases for which collection of substantially all contractual lease payments was no longer deemed probable. Included in the 2020 amount
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was $91,025,000 related to Genesis Healthcare ("Genesis") whom noted substantial doubt as to their ability to continue as a going concern.
Leases in our Triple-net and Outpatient Medical portfolios typically include some form of operating expense reimbursement by the tenant. Rental income related to operating leases and the corresponding variable lease payments, which primarily represents the reimbursement of operating costs such as common area maintenance expenses, utilities, insurance and real estate taxes for the periods indicated were as follows (in thousands):
Year Ended December 31,
202120202019
Fixed income from operating leases$1,193,837 $1,240,012 $1,387,836 
Variable lease payments180,858 203,348 200,564 
The following table sets forth the future minimum lease payments receivable for leases in effect at December 31, 2021 (excluding properties in our Seniors Housing Operating portfolio and excluding any operating expense reimbursements) (in thousands):
2022$1,136,024 
20231,132,184
20241,117,953
20251,109,530
20261,097,517
Thereafter6,701,274
Totals$12,294,482 
7. Loans Receivable
Loans receivable are recorded on our Consolidated Balance Sheets in real estate loans receivable, net of allowance for credit losses, or for non-real estate loans receivable, in receivables and other assets, net of allowance for credit losses.
Accrued interest receivable was $26,659,000 and $15,615,000 as of December 31, 2021 and December 31, 2020, respectively, and is included in receivables and other assets on the Consolidated Balance Sheets. The following is a summary of our loans receivable (in thousands):
 Year Ended December 31,
 20212020
Mortgage loans$889,556 $299,430 
Other real estate loans194,477 152,739 
Allowance for credit losses on real estate loans receivable(15,352)(8,797)
Real estate loans receivable, net of credit allowance1,068,681 443,372 
Non-real estate loans375,060 455,508 
Allowance for credit losses on non-real estate loans receivable(151,433)(215,239)
Non-real estate loans receivable, net of credit allowance(1)
223,627 240,269 
Total loans receivable, net of credit allowance$1,292,308 $683,641 
 (1) Included in receivables and other assets on the Consolidated Balance Sheets.
During the year ended December 31, 2020, the real estate collateral associated with one loan was released, therefore, the principal balance of $86,411,000 and related allowance for credit losses of $42,376,000 was reclassified to non-real estate loans.







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The following is a summary of our loan activity for the periods presented (in thousands):
 Year Ended
 December 31, 2021December 31, 2020December 31, 2019
Advances on loans receivable:   
Investments in new loans$975,018 $224,078 $46,824 
Draws on existing loans22,431 23,465 72,875 
Net cash advances on loans receivable997,449 247,543 119,699 
Receipts on loans receivable:
Loan payoffs266,822 15,677 118,703 
Principal payments on loans76,438 15,871 9,003 
Net cash receipts on loans receivable343,260 31,548 127,706 
Net cash advances (receipts) on loans receivable$654,189 $215,995 $(8,007)

During the year ended December 31, 2021, we provided £540 million (approximately $750,330,000 based on the Sterling/ U.S. Dollar exchange rate as of the date of funding) of senior loan financing and a £30 million delayed facility for working capital and capital expenditures to affiliates of Safanad, a global real estate and private equity firm, as part of the recapitalization of its investment in HC-One Group. The loan has a five-year term and is fully collateralized by the shares and assets of the HC-One Group, including its underlying portfolio of owned assets across the U.K. As part of the transaction, we received equity warrants which provide us the right to participate in the capital appreciation of HC-One Group above a designated price upon liquidation. See Note 12 for additional details.
The following is a summary of our loans by credit loss category (in thousands):
December 31, 2021
Loan categoryYears of OriginationLoan Carrying ValueAllowance for Credit LossNet Loan BalanceNo. of Loans
Deteriorated loans 2007 - 2018 $178,369 $(148,438)$29,931 3
Collective loan pool 2007 - 2016 205,380 (3,097)202,283 17
Collective loan pool 2017 34,397 (519)33,878 7
Collective loan pool 2018 23,322 (351)22,971 2
Collective loan pool 201922,083 (333)21,750 4
Collective loan pool 202048,712 (734)47,978 6
Collective loan pool2021946,830 (13,313)933,517 22
Total loans$1,459,093 $(166,785)$1,292,308 61 

In 2019, we recognized a provision for loan losses of $18,690,000 to fully reserve for and eventually wrote off certain Triple-net real estate loans receivable that were no longer deemed collectible. During the year ended December 31, 2020, we recognized additional provision for loan losses of $88,201,000 as a result of the current collateral estimates for loans with deteriorated credit, primarily relating to our outstanding Genesis loans. As of December 31, 2021, the total allowance for credit losses balance of $166,785,000 is deemed to be sufficient to absorb expected losses relating to our loan portfolio. The following is a summary of the allowance for credit losses on loans receivable for the periods presented (in thousands):
 Year Ended December 31,
 202120202019
Balance at beginning of year$224,036 $68,372 $68,372 
Adoption of ASU 2016-13— 5,212 — 
Provision for loan losses7,270 94,436 18,690 
Loan write-offs(1)
(64,075)(7,000)(18,690)
Foreign currency translation(446)197 — 
Reclassification of deferred gain as credit loss(2)
— 62,819 — 
Balance at end of year$166,785 $224,036 $68,372 
(1) Includes $64,075,000 related to the Genesis lease terminations for the twelve months ended December 31, 2021. See Note 9 for further details.
(2) During the year ended December 31, 2020, two loans receivable originated in 2016 to Genesis with an aggregate carrying value of $62,753,000 were transferred to the deteriorated loan pool. In addition, deferred gains of $62,819,000 previously recorded in accrued expenses and other liabilities were reclassified to the allowance for credit losses.
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The following is a summary of our deteriorated loans (in thousands):
 Year Ended December 31,
 202120202019
Balance of deteriorated loans at end of year(1)
$178,369 $242,319 $188,018 
Allowance for credit losses(148,438)(212,514)(68,372)
Balance of deteriorated loans not reserved$29,931 $29,805 $119,646 
Interest recognized on deteriorated loans(2)
$3,185 $18,937 $16,235 
(1) Balances include $2,157,000, $3,623,000 and $2,534,000 of loans on non-accrual as of December 31, 2021, 2020 and 2019, respectively.
(2) Represents cash interest recognized in the period.
8. Investments in Unconsolidated Entities 
We participate in a number of joint ventures, which generally invest in seniors housing and health care real estate. Our share of the results of operations for these properties has been included in our consolidated results of operations from the date of acquisition by the joint ventures and are reflected in our Consolidated Statements of Comprehensive Income as income or loss from unconsolidated entities. The following is a summary of our investments in unconsolidated entities (dollars in thousands):
Percentage Ownership(1)
December 31, 2021December 31, 2020
Seniors Housing Operating
10% to 65%
$830,647 $653,057 
Triple-net
10% to 25%
44,814 5,629 
Outpatient Medical
15% to 50%
163,582 287,548 
Total$1,039,043 $946,234 
(1) Includes ownership of investments classified as liabilities and excludes ownership of in-substance real estate.
We own 34% of Sunrise Senior Living Management, Inc. ("Sunrise"), who provides comprehensive property management and accounting services with respect to certain of our Seniors Housing Operating properties that Sunrise operates. We pay Sunrise annual management fees pursuant to long-term management agreements. The majority of our management agreements have initial terms expiring in 2028, plus, if applicable, optional renewal periods ranging from an additional 3 to 15 years depending on the property. The management fees payable to Sunrise under the management agreements include a fee based on a percentage of revenues generated by the applicable properties plus, if applicable, positive or negative adjustments based on specified performance targets. For the years ended December 31, 2021, 2020 and 2019, we recognized fees to Sunrise of $37,052,000, $37,569,000 and $41,200,000, respectively, which are reflected within property operating expenses in our Consolidated Statements of Comprehensive Income. 
During the year ended December 31, 2019, we sold our interest in a Seniors Housing Operating joint venture and recognized a gain of $38,681,000 in income (loss) from unconsolidated entities in our Consolidated Statements of Comprehensive Income.
At December 31, 2021, the aggregate unamortized basis difference of our joint venture investments of $140,187,000 is primarily attributable to the difference between the amount for which we purchased our interest in the entity, including transaction costs, and the historical carrying value of the net assets of the joint venture. This difference is being amortized over the remaining useful life of the related properties and included in the reported amount of income from unconsolidated entities.
We have made loans related to 12 properties as of December 31, 2021 for the development and construction of certain properties which are classified as in substance real estate investments and have a carrying value of $317,647,000. We believe that such borrowers typically represent VIEs in accordance with ASC 810. VIEs are required to be consolidated by their primary beneficiary which is the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impacts the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We have concluded that we are not the primary beneficiary of such borrowers, therefore, the loan arrangements were assessed based on among other factors, the amount and timing of expected residual profits, the estimated fair value of the collateral and the significance of the borrower’s equity in the project. Based on these assessments the arrangements have been classified as in substance real estate investments. We expect to fund an additional $86,644,000 related to these investments.
9. Credit Concentration
We use consolidated net operating income (“NOI”) as our credit concentration metric. See Note 18 for additional information and reconciliation. The following table summarizes certain information about our credit concentration for the year ended December 31, 2021, excluding our share of NOI in unconsolidated entities (dollars in thousands):
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Number ofTotalPercent of
Concentration by relationship:(1)
PropertiesNOI
NOI(2)
ProMedica205 $228,052 12%
Sunrise Senior Living(3)
110 195,148 10%
Revera(3)
85 90,015 5%
Avery Healthcare61 84,552 4%
HC-One Group (4)
1 65,942 3%
Remaining portfolio1,189 1,303,844 66%
Totals1,651 $1,967,553 100%
(1) Sunrise and Revera are in our Seniors Housing Operating segment. ProMedica and HC-One Group are in our Triple-net segment. Avery Healthcare is in both the Triple-net and Seniors Housing Operating segments.
(2) NOI with our top five relationships comprised 36% of total NOI for the year ending December 31, 2020.
(3) Revera owns a controlling interest in Sunrise. For the year ended December 31, 2021, we recognized $1,051,094,000 of revenue from properties managed by Sunrise.
(4) In addition to the one property, HC-One Group is the borrower on a £540,000,000 loan. See Note 7 for further detail.
During the quarter ended March 31, 2021, we entered into definitive agreements to substantially exit our operating relationship with Genesis. The status of these transactions as of December 31, 2021 is as follows:
•We contributed nine Triple-net properties operated by Genesis into an 80/20 joint venture with ProMedica and such properties were added to the existing master lease with ProMedica.
•Operations have transitioned to regional operators for 39 of the remaining 42 properties, with the three remaining properties expected to be transitioned at a later date.
•We entered into definitive agreements to sell the 42 former Genesis properties to either a joint venture with Aurora Health Network, the new operator and us, or to sell outright. We have closed on the sale of 25 of these properties. An additional ten properties are classified as held for sale and the remaining seven properties are expected to close simultaneously with our purchase option exercise in April 2023.
•To effectuate the transition of all 51 properties, we agreed to provide Genesis a lease termination fee of $86 million upon successful transition of all properties, which will be used to immediately repay indebtedness to us. The debt reduction associated with the lease termination fee was previously reserved as an allowance for credit losses on loans receivable.
•Additionally, upon achievement of certain restructuring milestones, we will reduce Genesis' indebtedness by an additional $170 million in exchange for an equity interest in Genesis. Upon conclusion of the aforementioned loan transactions, Genesis will have $167 million of indebtedness to us, exclusive of additional paid in kind interest, which will carry a maturity date of January 1, 2024. As of December 31, 2021, our total carrying value of Genesis loans receivable, net of allowances for credit losses, was $154,476,000.
10. Borrowings Under Credit Facilities and Commercial Paper Program
At December 31, 2021, we had a primary unsecured credit facility with a consortium of 34 banks that included a $4,000,000,000 unsecured revolving credit facility, a $500,000,000 unsecured term credit facility and a $250,000,000 Canadian-denominated unsecured term credit facility. The unsecured revolving credit facility is comprised of a $1,000,000,000 tranche that matures on June 4, 2023 (none outstanding at December 31, 2021) and a $3,000,000,000 tranche that matures on June 4, 2025 (none outstanding at December 31, 2021). Both tranches may be extended for two successive terms of six months at our option. The term credit facilities mature on July 19, 2023. We have an option, through an accordion feature, to upsize the unsecured revolving credit facility and the $500,000,000 unsecured term credit facility by up to an additional $1,250,000,000, in the aggregate, and the $250,000,000 Canadian-denominated unsecured term credit facility by up to an additional $250,000,000. The primary unsecured credit facility also allows us to borrow up to $1,000,000,000 in alternate currencies (none outstanding at December 31, 2021). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over LIBOR interest rate. The applicable margin is based on our debt ratings and was 0.775% at December 31, 2021. In addition, we pay a facility fee quarterly to each bank based on the bank’s commitment amount. The facility fee depends on our debt ratings and was 0.15% at December 31, 2021. 
In January 2019, we established an unsecured commercial paper program. Under the terms of the program, we may issue unsecured commercial paper notes with maturities that vary, but do not exceed 397 days from the date of issue, up to a maximum aggregate face or principal amount outstanding at any time of $1,000,000,000. As of December 31, 2021, there was a balance of $324,935,000 outstanding on the commercial paper program ($325,000,000 in principal outstanding, net of an unamortized discount of $65,000), which reduces the borrowing capacity of the unsecured revolving credit facility. The notes bear interest at floating rates with a weighted average of 0.41% as of December 31, 2021 and a weighted average maturity of 18 days as of December 31, 2021.
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The following information relates to aggregate borrowings under the unsecured revolving credit facility and commercial paper program for the periods presented (dollars in thousands):
 Year Ended December 31,
 202120202019
Balance outstanding at year end$325,000 $— $1,588,600 
Maximum amount outstanding at any month end$994,000 $2,100,000 $2,880,000 
Average amount outstanding (total of daily principal balances
divided by days in period)$384,418 $497,014 $1,376,813 
Weighted-average interest rate (actual interest expense divided
by average borrowings outstanding)0.33 %2.09 %2.84 %
 
11. Senior Unsecured Notes and Secured Debt
We may repurchase, redeem or refinance senior unsecured notes from time to time, taking advantage of favorable market conditions when available. We may purchase senior notes for cash through open market purchases, privately negotiated transactions, a tender offer or, in some cases, through the early redemption of such securities pursuant to their terms. The senior unsecured notes are redeemable at our option, at any time in whole or from time to time in part, at a redemption price equal to the sum of (i) the principal amount of the notes (or portion of such notes) being redeemed plus accrued and unpaid interest thereon up to the redemption date and (ii) any “make-whole” amount due under the terms of the notes in connection with early redemptions. Redemptions and repurchases of debt, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. At December 31, 2021, the annual principal payments due on these debt obligations were as follows (in thousands):
Senior Unsecured Notes(1,2)
Secured Debt (1,3)
Totals
2022$— $582,884 $582,884 
2023(4,5)
695,664 551,716 1,247,380 
20241,350,000 181,710 1,531,710 
20251,260,000 160,427 1,420,427 
2026700,000 107,327 807,327 
Thereafter(6,7,8)
7,702,297 618,248 8,320,545 
Totals$11,707,961 $2,202,312 $13,910,273 
(1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the Consolidated Balance Sheets.
(2) Annual interest rates range from 0.80% to 6.50%.
(3) Annual interest rates range from 0.08% to 6.67%. Carrying value of the properties securing the debt totaled $5,062,000,000 at December 31, 2021.
(4) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $195,664,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2021). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9% (1.34% at December 31, 2021).
(5) Includes a $500,000,000 unsecured term credit facility. The loan matures on July 19, 2023 and bears interest at LIBOR plus 0.9% (1.00% at December 31, 2021).
(6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $234,797,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2021).
(7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $742,500,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2021).
(8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $675,000,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2021).
The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands):
 Year Ended
 December 31, 2021December 31, 2020December 31, 2019
  Weighted Avg. Weighted Avg. Weighted Avg.
 AmountInterest RateAmountInterest RateAmountInterest Rate
Beginning balance$11,509,533 3.67%$10,427,562 4.03%$9,699,984 4.48%
Debt issued1,750,000 2.57%1,600,000 1.89%3,987,790 3.34%
Debt extinguished(1,533,752)2.42%(566,248)3.26%(3,335,290)4.39%
Foreign currency(17,820)4.55%48,219 4.35%75,078 4.22%
Ending balance$11,707,961 3.67%$11,509,533 3.67%$10,427,562 4.03%

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The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands):
 Year Ended
 December 31, 2021December 31, 2020December 31, 2019
  Weighted Avg. Weighted Avg. Weighted Avg.
 AmountInterest RateAmountInterest RateAmountInterest Rate
Beginning balance$2,378,073 3.27%$2,993,342 3.63%$2,485,711 3.90%
Debt issued23,569 2.83%62,055 2.55%343,696 3.11%
Debt assumed— —%— —%385,145 4.34%
Debt extinguished(132,031)5.86%(632,288)2.21%(230,108)4.35%
Principal payments(65,587)3.40%(62,707)3.63%(54,325)3.75%
Foreign currency(1,712)2.72%17,671 2.93%63,223 3.28%
Ending balance$2,202,312 3.03%$2,378,073 3.27%$2,993,342 3.63%
Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of December 31, 2021, we were in compliance in all material respects with all of the covenants under our debt agreements.
12. Derivative Instruments
We are exposed to, among other risks, the impact of changes in foreign currency exchange rates as a result of our non-U.S. investments and interest rate risk related to our capital structure. Our risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes foreign currency forward contracts, cross currency swap contracts, interest rate swaps, interest rate locks and debt issued in foreign currencies to offset a portion of these risks.
Foreign Currency Forward Contracts Designated as Cash Flow Hedges
For instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is deferred as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods, during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in earnings. 
Cash Flow Hedges of Interest Rate Risk
We enter into interest rate swaps in order to maintain a capital structure containing targeted amounts of fixed and floating-rate debt and manage interest rate risk. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our fixed-rate payments. These interest rate swap agreements were used to hedge the variable cash flows associated with variable-rate debt.
Periodically, we enter into and designate interest rate locks to partially hedge the risk of changes in interest payments attributable to increases in the benchmark interest rate during the period leading up to the probable issuance of fixed-rate debt. We designate our interest rate locks as cash flow hedges. Gains and losses when we settle our interest rate locks are amortized into income over the life of the related debt, except where a material amount is deemed to be ineffective, which would be immediately reclassified to the Consolidated Statements of Comprehensive Income. Approximately $2,562,000 of losses, which are included in OCI, are expected to be reclassified into earnings in the next 12 months.
Foreign Currency Forward Contracts and Cross Currency Swap Contracts Designated as Net Investment Hedges
We use foreign currency forward and cross currency forward swap contracts to hedge a portion of the net investment in foreign subsidiaries against fluctuations in foreign exchange rates. For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to U.S. Dollar of the instrument is recorded as a cumulative translation adjustment component of OCI. 
During the years ended December 31, 2021, 2020, and 2019 we settled certain net investment hedges generating cash proceeds of $14,505,000, necessitating cash payments of $1,988,000, and generating cash proceeds of $6,716,000, respectively. The balance of the cumulative translation adjustment will be reclassified to earnings if the hedged investment is sold or substantially liquidated.
Derivative Contracts Undesignated
We use foreign currency exchange contracts to manage existing exposures to foreign currency exchange risk. Gains and losses resulting from the changes in fair value of these instruments are recorded in interest expense on the Consolidated Statements of Comprehensive Income, and are substantially offset by net revaluation impacts on foreign currency denominated
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

balance sheet exposures. In addition, we have several interest rate cap contracts related to variable rate secured debt agreements. Gains and losses resulting from the changes in fair values of these instruments are also recorded in interest expense.
Equity Warrants
We received equity warrants through our lending activities further described in Note 7, which were accounted for as loan origination fees. The warrants provide us the right to participate in the capital appreciation of the underlying company above a designated price upon liquidation and contain net settlement terms qualifying as derivatives under ASC Topic 815. The warrants are classified within receivables and other assets on our Consolidated Balance Sheets. These warrants are measured at fair value with changes in fair value being recognized within gain (loss) on derivatives and financial instruments in our Consolidated Statements of Comprehensive Income.
The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands):
December 31, 2021December 31, 2020
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars$675,000 $625,000 
Denominated in Pound Sterling£1,904,708 £1,340,708 
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars$250,000 $250,000 
Denominated in Pound Sterling£1,050,000 £1,050,000 
Interest rate swaps designated as cash flow hedges:
Denominated in U.S. Dollars(1)
$25,000 $450,000 
Derivative instruments not designated:
Interest rate caps denominated in U.S. Dollars$26,137 $26,137 
Forward sales contracts denominated in Canadian Dollars$80,000 $80,000 
(1) At December 31, 2021 the maximum maturity date was November 1, 2023.
The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands):
  Year Ended
DescriptionLocationDecember 31, 2021December 31, 2020December 31, 2019
Gain (loss) on derivative instruments designated as hedges recognized in income
Interest expense$23,133 $22,698 $26,419 
Gain (loss) on derivative instruments not designated as hedges recognized in incomeInterest expense$(433)$(5,982)$(2,310)
Gain (loss) on equity warrants recognized in incomeGain (loss) on derivatives and financial instruments, net$10,361 $— $— 
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI
OCI$79,702 $(134,369)$(131,120)
13. Commitments and Contingencies
At December 31, 2021, we had 15 outstanding letter of credit obligations totaling $34,744,000 and expiring during 2022. At December 31, 2021, we had outstanding construction in progress of $651,389,000 and were committed to providing additional funds of approximately $1,208,913,000 to complete construction. Additionally, at December 31, 2021, we had outstanding investments classified as in substance real estate of $317,647,000 and were committed to provide additional funds of $86,644,000 (see Note 8 for additional information). Purchase obligations include $83,363,000 of contingent purchase obligations to fund capital improvements. Rents due from the tenant are increased to reflect the additional investment in the property.
14. Stockholders’ Equity 
The following is a summary of our stockholders’ equity capital accounts as of the dates indicated:
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2021December 31, 2020
Preferred Stock, $1.00 par value:
Authorized shares50,000,000 50,000,000
Issued shares— — 
Outstanding shares— — 
Common Stock, $1.00 par value:
Authorized shares700,000,000 700,000,000 
Issued shares448,998,438 419,124,469 
Outstanding shares447,239,477 417,400,602 
Preferred Stock
The following is a summary of our preferred stock activity during the periods presented:
 Year Ended
 December 31, 2021December 31, 2020December 31, 2019
  Weighted Avg. Weighted Avg. Weighted Avg.
 SharesDividend RateSharesDividend RateSharesDividend Rate
Beginning balance— —%— —%14,369,965 6.50%
Shares converted— —%— —%(14,369,965)6.50%
Ending balance— —%— —%— —%
During the year ended December 31, 2019, we converted all of the outstanding Series I Preferred Stock. Each share was converted into 0.8857 shares of common stock.
Common Stock
In July 2021, we entered into an amended and restated equity distribution agreement whereby we can offer and sell up to $2,500,000,000 aggregate amount of our common stock ("ATM Program"). The ATM Program also allows us to enter into forward sale agreements. As of December 31, 2021, we had $1,876,085,000 of remaining capacity under the ATM Program, which excludes forward sales agreements outstanding for the sale of 5,187,250 shares with maturity dates in 2022 which we expect to physically settle for cash proceeds of $435,172,000.
On May 1, 2020, our Board of Directors authorized a share repurchase program whereby we may repurchase up to $1 billion of common stock through December 31, 2021 (the "Repurchase Program"). Under this authorization, we are not required to purchase shares but may choose to do so in the open market or through private transactions at times and amounts based on our evaluation of market conditions and other factors. We expect to finance any share repurchases under the Repurchase Program using available cash and may use proceeds from borrowings or debt offerings. During the year ended December 31, 2020, we repurchased 201,947 shares at an average price of $37.89 per share. We did not repurchase any shares of our common stock during the year ended December 31, 2021.
The following is a summary of our common stock issuances during the periods indicated (dollars in thousands, except shares and average price amounts):
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Shares IssuedAverage PriceGross ProceedsNet Proceeds
2019 Dividend reinvestment plan issuances5,798,979 $77.18 $447,559 $443,929 
2019 Option exercises10,736 51.32 551 551 
2019 ATM Program issuances7,855,956 78.15 613,948 611,645 
2019 Preferred stock conversions12,712,452 — — 
2019 Stock incentive plans, net of forfeitures203,889 — — 
2019 Totals26,582,012 $1,062,058 $1,056,125 
2020 Dividend reinvestment plan issuances264,153 $72.33 $19,105 $19,105 
2020 Option exercises251 47.81 12 12 
2020 ATM Program issuances6,799,978 86.48 588,072 576,196 
2020 Stock incentive plans, net of forfeitures281,552 — — 
2020 Totals7,345,934 $607,189 $595,313 
2021 Option exercises338$56.21 $19 $19 
2021 ATM Program issuances29,667,34880.412,385,683 2,348,182 
2021 Stock incentive plans, net of forfeitures171,189— — 
2021 Totals29,838,875 $2,385,702 $2,348,201 
Dividends 
During the year ended December 31, 2020, we declared a reduced cash dividend beginning with the quarter ended March 31, 2020. Please refer to Note 19 for information related to federal income tax of dividends. The following is a summary of our dividend payments (in thousands, except per share amounts):
 Year Ended
 December 31, 2021December 31, 2020December 31, 2019
  Per ShareAmountPer ShareAmountPer ShareAmount
Common Stock$2.44 $1,037,194 $2.70 $1,120,187 $3.48 $1,404,977 
Accumulated Other Comprehensive Income
The following is a summary of accumulated other comprehensive income/(loss) for the periods presented (in thousands):
 December 31, 2021December 31, 2020
Foreign currency translation$(674,306)$(621,792)
Derivative and financial instruments designated as hedges552,990 473,288 
Total accumulated other comprehensive income (loss)$(121,316)$(148,504)
15. Stock Incentive Plans
Our 2016 Long-Term Incentive Plan (“2016 Plan”) authorizes up to 10,000,000 shares of common stock to be issued at the discretion of the Compensation Committee of the Board of Directors. Our non-employee directors, officers and key employees are eligible to participate in the 2016 Plan. The 2016 Plan allows for the issuance of, among other things, stock options, stock appreciation rights, restricted stock, deferred stock units, performance units, and dividend equivalent rights. Vesting periods for options, deferred stock units and restricted shares generally range from three to five years. Options expire ten years from the date of grant.
Under our long-term incentive plan, certain restricted stock awards are market, performance and time-based. For market and performance based awards, we will grant a target number of restricted stock units, with the ultimate award determined by the total shareholder return and operating performance metrics, measured in each case over a measurement period of three years. These awards vest after the end of the performance periods. The expected term represents the period from the grant date to the end of the performance period. Compensation expense for these performance grants is measured based on the probability of achievement of certain performance goals and is recognized over the performance period. For the portion of the grant for which the award is determined by the operating performance metrics, the compensation cost is based on the grant date closing price and management’s estimate of corporate achievement of the financial metrics. If the estimated number of performance based restricted stock to be earned changes, an adjustment will be recorded to recognize the accumulated difference between the revised and previous estimates. For the portion of the grant determined by the total shareholder return, management used a Monte Carlo model to assess the fair value and compensation cost. Forfeitures are accounted for as they occur.
The following table summarizes compensation expense recognized for the periods presented (in thousands):
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 Year Ended December 31,
 202120202019
Stock options$1,088 $— $— 
Restricted stock16,724 28,318 25,047 
Total compensation expense$17,812 $28,318 $25,047 
Stock Options
During the year ended December 31, 2021, we granted 311,306 time-based stock options at a weighted average exercise price of $67.17, all of which were outstanding and non-vested at December 31, 2021. The grant date fair value of $14.64 was estimated on the date of grant using the Black-Scholes option pricing model. As of December 31, 2021, there was $3,470,000 of total unrecognized compensation expense related to unvested time-based stock options that is expected to be recognized over a weighted-average period of 3 years. Time-based stock options outstanding at December 31, 2021 have an aggregate intrinsic value of $2,763,000.
During the year ended December 31, 2021, we granted 832,356 performance-based stock options at a weighted average exercise price of $83.44, all of which were outstanding and non-vested at December 31, 2021. The grant date fair value of $20.31 was estimated on the date of grant using the Black-Scholes option pricing model. These options have a performance condition based on a Funds From Operations goal measured over the performance period of January 1, 2022 to December 31, 2024. These awards vest over two years after the end of the performance period, with a portion vesting immediately at the end of the performance period. Compensation expense is measured based on the probability of achievement of the performance goal and is recognized over both the performance period and vesting period. At December 31, 2021, the performance goal is not probable of being achieved.
Restricted Stock
The fair value of the restricted stock is equal to the market price of the Company’s common stock on the date of grant and is amortized over the vesting periods. As of December 31, 2021, there was $22,055,000 of total unrecognized compensation expense related to unvested restricted stock that is expected to be recognized over a weighted-average period of two years. The following table summarizes information about non-vested restricted stock incentive awards as of and for the year ended December 31, 2021: 
 Restricted Stock
 Number of Shares (000's)Weighted-Average
Grant Date Fair Value
Non-vested at December 31, 2020
405 $69.35 
Vested(208)63.21 
Granted470 71.41 
Forfeited or expired(101)79.92 
Non-vested at December 31, 2021
566 $76.28 
Defined Contribution Plan
We sponsor a 401(k) plan which is available to substantially all U.S. employees. We match a percentage of employee contributions up to 5% of an employee's wages and provide a discretionary profit sharing contribution calculated as a percentage of eligible compensation. We recognized expense of $3,477,000, $3,323,000 and $2,975,000 during the years ended December 31, 2021, 2020 and 2019, respectively, related to this plan.
16. Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):
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 Year Ended December 31,
 202120202019
Numerator for basic earnings per share - net income attributable
 to common stockholders$336,138 $978,844 $1,232,432 
Adjustment for net income (loss) attributable to OP units(3,020)(6,146)806
Numerator for diluted earnings per share$333,118 $972,698 $1,233,238 
Denominator for basic earnings per share - weighted average shares424,976 415,451 401,845 
Effect of dilutive securities:
Non-vested restricted shares447 519 835 
Redeemable OP units1,396 1,396 1,112 
Employee stock purchase program22 21 16 
Dilutive potential common shares1,865 1,936 1,963 
Denominator for diluted earnings per share - adjusted weighted average shares426,841 417,387 403,808 
Basic earnings per share$0.79 $2.36 $3.07 
Diluted earnings per share$0.78 $2.33 $3.05 

As of December 31, 2021, and December 31, 2019, outstanding forward sales agreements for the sale of 5,187,250 shares and 4,935,804 shares, respectively, were not included in the computation of diluted earnings per share because such forward sales were anti-dilutive for the period. Employee stock options were anti-dilutive for the periods presented.

17. Disclosure about Fair Value of Financial Instruments 
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level valuation hierarchy exists for disclosures of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined below:
•Level 1 - Quoted prices in active markets for identical assets or liabilities.
•Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 
•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. 
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: 
Mortgage Loans, Other Real Estate Loans and Non-real Estate Loans Receivable — The fair value of mortgage loans, other real estate loans and non-real estate loans receivable is generally estimated by using Level 2 and Level 3 inputs such as discounting the estimated future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. 
Cash and Cash Equivalents and Restricted Cash — The carrying amount approximates fair value. 
Equity Securities — Equity securities are recorded at their fair value based on Level 1 publicly available trading prices. 
Equity Warrants — The fair value of equity warrants is estimated using Level 3 inputs and includes data points such as enterprise value of the underlying HC-One Group real estate portfolio, marketability discount for private company warrants, dividend yield, volatility and risk-free rate. The enterprise value is driven by projected cash flows, weighted average cost of capital and a terminal capitalization rate.
Borrowings Under Primary Unsecured Credit Facility and Commercial Paper Program — The carrying amount of the primary unsecured credit facility and commercial paper program approximates fair value because the borrowings are interest rate adjustable. 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Senior Unsecured Notes — The fair value of the senior unsecured notes payable was estimated based on Level 1 publicly available trading prices. The carrying amount of the variable rate senior unsecured notes approximates fair value because they are interest rate adjustable. 
Secured Debt — The fair value of fixed rate secured debt is estimated using Level 2 inputs by discounting the estimated future cash flows using the current rates at which similar loans would be made with similar credit ratings and for the same remaining maturities. The carrying amount of variable rate secured debt approximates fair value because the borrowings are interest rate adjustable. 
Foreign Currency Forward Contracts, Interest Rate Swaps and Cross Currency Swaps — Foreign currency forward contracts, interest rate swaps and cross currency swaps are recorded in other assets or other liabilities on the balance sheet at fair value that is derived from observable market data, including yield curves and foreign exchange rates.
Redeemable OP Unitholder Interests — Our redeemable OP unitholder interests are recorded on the balance sheet at fair value using Level 2 inputs unless the fair value is below the initial amount, in which case the redeemable OP unitholder interests are recorded at the initial amount adjusted for distributions to the unitholders and income or loss attributable to the unitholders. The fair value is measured using the closing price of our common stock, as units may be redeemed at the election of the holder for cash or, at our option, one share of our common stock per unit, subject to adjustment in certain circumstances. 
The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands):
 December 31, 2021December 31, 2020
 CarryingFairCarryingFair
 AmountValueAmountValue
Financial assets:    
Mortgage loans receivable$877,102 $932,552 $293,752 $297,207 
Other real estate loans receivable191,579 193,999 149,620 152,211 
Equity securities1,608 1,608 4,636 4,636 
Cash and cash equivalents269,265 269,265 1,545,046 1,545,046 
Restricted cash77,490 77,490 475,997 475,997 
Non-real estate loans receivable223,627 241,544 240,269 255,724 
Foreign currency forward contracts, interest rate swaps and cross currency swaps7,205 7,205 4,668 4,668 
Equity warrants41,909 41,909 — — 
Financial liabilities:
Borrowings under unsecured credit facility and commercial paper program$324,935 $324,935 $— $— 
Senior unsecured notes11,613,758 13,139,748 11,420,790 13,093,926 
Secured debt2,192,261 2,252,107 2,377,930 2,451,782 
Foreign currency forward contracts, interest rate swaps and cross currency swaps39,296 39,296 118,054 118,054 
Redeemable OP unitholder interests$153,098 $153,098 $116,240 $115,346 
Items Measured at Fair Value on a Recurring Basis 
The market approach is utilized to measure fair value for our financial assets and liabilities reported at fair value on a recurring basis. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The following summarizes items measured at fair value on a recurring basis (in thousands):
 
Fair Value Measurements as of December 31, 2021
 TotalLevel 1Level 2Level 3
Equity securities$1,608 $1,608 $— $— 
Equity warrants41,909 — — 41,909 
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)
(32,091)— (32,091)— 
Totals $11,426 $1,608 $(32,091)$41,909 
(1) Please see Note 12 for additional information.
The following table summarizes the change in fair value for equity warrants using unobservable Level 3 inputs for the year ended December 31, 2021 (in thousands):
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Year Ended
 December 31, 2021
Beginning balance$— 
Warrants acquired32,419 
Mark-to-market adjustment10,361 
Foreign currency(871)
Ending balance$41,909 
The most significant assumptions utilized in the valuation of the equity warrants are the cash flows of the underlying HC-One Group enterprise, as well as the terminal capitalization rate of 9.5%.
Items Measured at Fair Value on a Nonrecurring Basis 
In addition to items that are measured at fair value on a recurring basis, we also have assets and liabilities in our balance sheet that are measured at fair value on a nonrecurring basis that are not included in the tables above. Assets, liabilities and noncontrolling interests that are measured at fair value on a nonrecurring basis include those acquired or assumed. Asset impairments (if applicable, see Note 5 for impairments of real property and Note 7 for impairments of loans receivable) are also measured at fair value on a nonrecurring basis. We have determined that the fair value measurements included in each of these assets and liabilities rely primarily on company-specific inputs and our assumptions about the use of the assets and settlement of liabilities, as observable inputs are not available. As such, we have determined that each of these fair value measurements generally resides within Level 3 of the fair value hierarchy. We estimate the fair value of real estate and related intangibles using the income approach and unobservable data such as net operating income and estimated capitalization and discount rates. We also consider local and national industry market data including comparable sales, and commonly engage an external real estate appraiser to assist us in our estimation of fair value. We estimate the fair value of assets held for sale based on current sales price expectations or, in the absence of such price expectations, Level 3 inputs described above. We estimate the fair value of loans receivable using projected payoff valuations based on the expected future cash flows and/or the estimated fair value of collateral, net of sales costs, if the repayment of the loan is expected to be provided solely by the collateral. We estimate the fair value of secured debt assumed in asset acquisitions using current interest rates at which similar borrowings could be obtained on the transaction date. 
18. Segment Reporting
We invest in seniors housing and health care real estate. We evaluate our business and make resource allocations on our three operating segments: Seniors Housing Operating, Triple-net and Outpatient Medical. Our Seniors Housing Operating properties include seniors apartments, assisted living, independent living/continuing care retirement communities, independent supportive living communities (Canada), care homes with and without nursing (U.K.) and combinations thereof that are owned and/or operated through RIDEA structures (see Note 19). Our Triple-net properties include the property types described above as well as long-term/post-acute care facilities. Under the Triple-net segment, we invest in seniors housing and health care real estate through acquisition and financing of primarily single tenant properties. Properties acquired are primarily leased under triple-net leases and we are not involved in the management of the property. Our Outpatient Medical properties are typically leased to multiple tenants and generally require a certain level of property management by us.
We evaluate performance based upon consolidated NOI of each segment. We define NOI as total revenues, including tenant reimbursements, less property operating expenses. We believe NOI provides investors relevant and useful information as it measures the operating performance of our properties at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties.
Non-segment revenue consists mainly of interest income on cash investments recorded in other income. Non-segment assets consist of corporate assets including cash, deferred loan expenses and corporate offices and equipment among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The results of operations for all acquisitions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. All inter-segment transactions are eliminated.
Summary information for the reportable segments (which excludes unconsolidated entities) during the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands):
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31, 2021:Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment / CorporateTotal
Resident fees and services$3,197,223 $— $— $— $3,197,223 
Rental income— 761,441 613,254 — 1,374,695 
Interest income4,231 124,540 8,792 — 137,563 
Other income11,796 4,603 13,243 2,992 32,634 
Total revenues3,213,250 890,584 635,289 2,992 4,742,115 
Property operating expenses2,529,344 49,462 186,939 8,817 2,774,562 
Consolidated net operating income (loss)683,906 841,122 448,350 (5,825)1,967,553 
Depreciation and amortization593,565 220,699 223,302 — 1,037,566 
Interest expense39,327 6,376 17,506 426,644 489,853 
General and administrative expenses— — — 126,727 126,727 
Loss (gain) on derivatives and financial instruments, net— (7,333)— — (7,333)
Loss (gain) on extinguishment of debt, net(2,628)— (4)52,506 49,874 
Provision for loan losses, net394 10,339 (3,463)— 7,270 
Impairment of assets22,317 26,579 2,211 — 51,107 
Other expenses27,132 4,189 2,523 7,895 41,739 
Income (loss) from continuing operations before income taxes and other items3,799 580,273 206,275 (619,597)170,750 
Income tax (expense) benefit— — — (8,713)(8,713)
Income (loss) from unconsolidated entities(39,225)20,687 (4,395)— (22,933)
Gain (loss) on real estate dispositions, net6,146 135,881 93,348 — 235,375 
Income (loss) from continuing operations(29,280)736,841 295,228 (628,310)374,479 
Net income (loss)$(29,280)$736,841 $295,228 $(628,310)$374,479 
Total assets$18,851,999 $9,710,194 $6,204,064 $144,068 $34,910,325 
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WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31, 2020:Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment / CorporateTotal
Resident fees and services$3,074,022 $— $— $— $3,074,022 
Rental income— 733,776 709,584 — 1,443,360 
Interest income618 62,625 5,913 — 69,156 
Other income7,223 4,903 4,522 2,781 19,429 
Total revenues3,081,863 801,304 720,019 2,781 4,605,967 
Property operating expenses2,326,311 53,183 214,948 3,381 2,597,823 
Consolidated net operating income (loss)755,552 748,121 505,071 (600)2,008,144 
Depreciation and amortization544,462 232,604 261,371 — 1,038,437 
Interest expense54,901 9,477 17,579 432,431 514,388 
General and administrative expenses— — — 128,394 128,394 
Loss (gain) on derivatives and financial instruments, net— 11,049 — — 11,049 
Loss (gain) on extinguishment of debt, net12,659 — 1,046 33,344 47,049 
Provision for loan losses, net671 90,563 3,202 — 94,436 
Impairment of assets100,741 34,867 — — 135,608 
Other expenses14,265 22,923 8,218 24,929 70,335 
Income (loss) from continuing operations before income taxes and other items27,853 346,638 213,655 (619,698)(31,552)
Income tax (expense) benefit— — — (9,968)(9,968)
Income (loss) from unconsolidated entities(33,857)18,462 7,312 — (8,083)
Gain (loss) on real estate dispositions, net328,249 64,288 695,918 — 1,088,455 
Income (loss) from continuing operations322,245 429,388 916,885 (629,666)1,038,852 
Net income (loss)$322,245 $429,388 $916,885 $(629,666)$1,038,852 
Total assets$16,044,153 $8,547,482 $6,522,880 $1,369,127 $32,483,642 
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WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Year Ended December 31, 2019:Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment / CorporateTotal
Resident fees and services$3,448,175 $— $— $— $3,448,175 
Rental income— 903,798 684,602 — 1,588,400 
Interest income36 62,599 1,195 — 63,830 
Other income8,658 6,246 2,031 3,966 20,901 
Total revenues3,456,869 972,643 687,828 3,966 5,121,306 
Property operating expenses2,417,349 53,900 218,793 — 2,690,042 
Consolidated net operating income (loss)1,039,520 918,743 469,035 3,966 2,431,264 
Depreciation and amortization553,189 232,626 241,258 — 1,027,073 
Interest expense67,983 12,892 13,411 461,273 555,559 
General and administrative expenses— — — 126,549 126,549 
Loss (gain) on derivatives and financial instruments, net— (4,399)— — (4,399)
Loss (gain) on extinguishment of debt, net1,614 — — 82,541 84,155 
Provision for loan losses, net— 18,690 — — 18,690 
Impairment of assets2,145 11,926 14,062 — 28,133 
Other expenses26,348 13,771 1,788 10,705 52,612 
Income (loss) from continuing operations before income taxes and other items388,241 633,237 198,516 (677,102)542,892 
Income tax (expense) benefit— — — (2,957)(2,957)
Income (loss) from unconsolidated entities12,388 22,985 7,061 — 42,434 
Gain (loss) on real estate dispositions, net528,747 218,322 972 — 748,041 
Income (loss) from continuing operations929,376 874,544 206,549 (680,059)1,330,410 
Net income (loss)$929,376 $874,544 $206,549 $(680,059)$1,330,410 

Our portfolio of properties and other investments are located in the United States, the United Kingdom and Canada. Revenues and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for the periods presented (dollars in thousands):
 Year Ended
 December 31, 2021December 31, 2020December 31, 2019
Revenues:
Amount(1)
%Amount%Amount%
United States$3,766,707 79.4 %$3,720,155 80.8 %$4,205,492 82.1 %
United Kingdom552,650 11.7 %451,399 9.8 %452,698 8.8 %
Canada422,758 8.9 %434,413 9.4 %463,116 9.1 %
Total$4,742,115 100.0 %$4,605,967 100.0 %$5,121,306 100.0 %
 As of  
 December 31, 2021December 31, 2020  
Assets:Amount%Amount%  
United States$28,595,703 81.9 %$26,658,659 82.1 %  
United Kingdom3,938,258 11.3 %3,352,549 10.3 %  
Canada2,376,364 6.8 %2,472,434 7.6 %  
Total$34,910,325 100.0 %$32,483,642 100.0 %  
(1) The United States, United Kingdom and Canada represent 75%, 12% and 13%, respectively, of our resident fees and services revenue for the year ended December 31, 2021.
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WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19. Income Taxes and Distributions 
We elected to be taxed as a REIT commencing with our first taxable year. To qualify as a REIT for federal income tax purposes, at least 90% of taxable income (excluding 100% of net capital gains) must be distributed to stockholders. REITs that do not distribute a certain amount of taxable income in the current year are also subject to a 4% federal excise tax. The main differences between undistributed net income for federal income tax purposes and financial statement purposes are the recognition of straight-line rent for reporting purposes, basis differences in acquisitions, recording of impairments, differing useful lives and depreciation and amortization methods for real property and the provision for loan losses for reporting purposes versus bad debt expense for tax purposes. 
Cash distributions paid to common stockholders, for federal income tax purposes, are as follows for the periods presented:
 Year Ended December 31,
 202120202019
Per share:
Ordinary dividend(1)
$1.4828 $1.6389 $2.6937 
Long-term capital gain/(loss)(2)
0.8371 1.0611 0.7863 
Return of capital0.1201 — — 
Totals$2.4400 $2.7000 $3.4800 
(1) For the years ended December 31, 2021, 2020 and 2019, includes Section 199A dividends of $1.4828, $1.6389 and $2.6937 respectively.
(2) For the years ended December 31, 2021, 2020 and 2019, includes Unrecaptured Section 1250 Gains of $0.4523, $0.3458 and $0.2835, respectively.

Our consolidated provision for income tax expense (benefit) is as follows for the periods presented (in thousands):
 Year Ended December 31,
 202120202019
Current tax expense$10,199 $11,358 $12,594 
Deferred tax benefit(1,486)(1,390)(9,637)
Income tax expense (benefit)$8,713 $9,968 $2,957 
REITs generally are not subject to U.S. federal income taxes on that portion of REIT taxable income or capital gain that is distributed to stockholders. For the tax year ended December 31, 2021, as a result of ownership of investments in Canada and the U.K., we were subject to foreign income taxes under the respective tax laws of these jurisdictions. 
The provision for income taxes for the year ended December 31, 2021 primarily relates to state taxes, foreign taxes, and taxes based on income generated by entities that are structured as TRSs. For the tax years ended December 31, 2021, 2020 and 2019, the foreign tax provision/(benefit) amount included in the consolidated provision for income taxes was $6,787,000, $5,777,000 and $(3,892,000), respectively.
A reconciliation of income taxes, which is computed by applying the federal corporate tax rate for the years ended December 31, 2021, 2020 and 2019, to the income tax expense/(benefit) is as follows for the periods presented (in thousands):
 Year Ended December 31,
 202120202019
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interests and income taxes$80,470 $220,252 $280,005 
Increase (decrease) in valuation allowance(1)
19,383 85,881 3,465 
Tax at statutory rate on earnings not subject to federal income taxes(117,931)(300,196)(311,224)
Foreign permanent depreciation1,449 1,504 9,260 
Other differences25,342 2,527 21,451 
Totals$8,713 $9,968 $2,957 
(1) Excluding purchase price accounting.
Each TRS and foreign entity subject to income taxes is a tax paying component for purposes of classifying deferred tax assets and liabilities. The tax effects of taxable and deductible temporary differences, as well as tax asset/(liability) attributes, are summarized as follows for the periods presented (in thousands):
105
WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 Year Ended December 31,
 202120202019
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets and the treatment of interests and certain costs$(32,616)$(24,085)$(13,064)
Operating loss and interest deduction carryforwards247,015 196,634 127,525 
Expense accruals and other53,367 72,459 43,056 
Valuation allowances(264,321)(244,938)(159,057)
Net deferred tax assets (liabilities)$3,445 $70 $(1,540)
On the basis of the evaluations performed as required by the codification, valuation allowances totaling $264,321,000 were recorded on U.S. taxable REIT subsidiaries as well as entities in other jurisdictions to limit the deferred tax assets to the amount that we believe is more likely than not realizable. However, the amount of the deferred tax asset considered realizable could be adjusted if (i) estimates of future taxable income during the carryforward period are reduced or increased or (ii) objective negative evidence in the form of cumulative losses is no longer present (and additional weight may be given to subjective evidence such as our projections for growth). The valuation allowance rollforward is summarized as follows for the periods presented (in thousands):
 Year Ended December 31,
 202120202019
Beginning balance$244,938 $159,057 $155,592 
Expense (benefit)19,383 85,881 3,465 
Ending balance$264,321 $244,938 $159,057 
As a result of certain acquisitions, we are subject to corporate level taxes for any related asset dispositions that may occur during the five-year period immediately after such assets were owned by a C corporation (“built-in gains tax”). The amount of income potentially subject to this special corporate level tax is generally equal to the lesser of (i) the excess of the fair value of the asset over its adjusted tax basis as of the date it became a REIT asset, or (ii) the actual amount of gain. Some but not all gains recognized during this period of time could be offset by available net operating losses and capital loss carryforwards. During the year ended December 31, 2017, we acquired certain additional assets with built-in gains as of the date of acquisition that could be subject to the built-in gains tax if disposed of prior to the expiration of the applicable five-year period. We have not recorded a deferred tax liability as a result of the potential built-in gains tax based on our intentions with respect to such properties and available tax planning strategies.
Given the applicable statute of limitations, we generally are subject to audit by the Internal Revenue Service (“IRS”) for the year ended December 31, 2018 and subsequent years. The statute of limitations may vary in the states in which we own properties or conduct business. We do not expect to be subject to audit by state taxing authorities for any year prior to the year ended December 31, 2017. We are also subject to audit by the Canada Revenue Agency and provincial authorities generally for periods subsequent to May 2017 related to entities acquired or formed in connection with acquisitions, and by the U.K.’s HM Revenue & Customs for periods subsequent to August 2015 related to entities acquired or formed in connection with acquisitions. 
At December 31, 2021, we had a net operating loss (“NOL”) carryforward related to the REIT of $340,827,000. In addition, we completed the acquisition of Holiday Retirement, which included NOLs of $382,399,000. Due to our uncertainty regarding the realization of certain deferred tax assets, we have not recorded a deferred tax asset related to NOLs generated by the REIT. These amounts can be used to offset future taxable income (and/or taxable income for prior years if an audit determines that tax is owed), if any. The REIT will be entitled to utilize NOLs and tax credit carryforwards only to the extent that REIT taxable income exceeds our deduction for dividends paid. The NOL carryforwards generated through December 31, 2017 will expire through 2037. Beginning with the tax years after December 31, 2017, the law eliminates the NOL carryback period for REITs, replaces the 20-year NOL carryforward period with an indefinite carryforward period and, with respect to tax years beginning after 2020, limits the use of NOLs to 80% of taxable income.
At December 31, 2021 and 2020, we had an NOL carryforward related to Canadian entities of $316,821,000 and $262,345,000 respectively. These Canadian losses have a 20-year carryforward period. At December 31, 2021 and 2020, we had an NOL carryforward related to U.K. entities of $193,998,000 and $207,085,000 respectively. These U.K. losses do not have a finite carryforward period. 



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WELLTOWER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

20. Variable Interest Entities 
We have entered into joint ventures to own certain seniors housing and outpatient medical assets which are deemed to be VIEs. We have concluded that we are the primary beneficiary of these VIEs based on a combination of operational control of the joint venture and the rights to receive residual returns or the obligation to absorb losses arising from the joint ventures. Except for capital contributions associated with the initial joint venture formations, the joint ventures have been and are expected to be funded from the ongoing operations of the underlying properties. Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs in the aggregate (in thousands):
 December 31, 2021December 31, 2020
Assets:
Net real estate investments$445,776 $454,333 
Cash and cash equivalents9,964 15,547 
Receivables and other assets7,617 11,171 
Total assets(1)
$463,357 $481,051 
Liabilities and equity:
Secured debt$163,519 $165,671 
Lease liabilities1,324 1,325 
Accrued expenses and other liabilities12,394 14,997 
Total equity286,120 299,058 
Total liabilities and equity$463,357 $481,051 
(1) Note that assets of the consolidated VIEs can only be used to settle obligations relating to such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs.
107

Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.
Item 9A.  Controls and Procedures
Disclosure Controls and Procedures
An evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report.
Management’s Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934, as amended). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. The Company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management has assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2021 based on the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) in a report entitled Internal Control — Integrated Framework.
Based on this assessment, using the criteria above, management concluded that the Company’s system of internal control over financial reporting was effective as of December 31, 2021.
The independent registered public accounting firm of Ernst & Young LLP, as auditors of the Company’s consolidated financial statements, has issued an attestation report on the Company’s internal control over financial reporting.
Changes in Internal Control over Financial Reporting
No change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934, as amended) occurred during the fourth quarter of the one-year period covered by this report that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
108

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the Shareholders and the Board of Directors of Welltower Inc. 
Opinion on Internal Control over Financial Reporting
We have audited Welltower Inc. and subsidiaries’ internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Welltower Inc. and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Welltower Inc. and subsidiaries as of December 31, 2021 and 2020, the related consolidated statements of comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2021, and the related notes and financial statement schedules listed in the index at Item 15(a) and our report dated February 16, 2022 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting 
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 
/s/  Ernst & Young LLP
 
Toledo, Ohio
February 16, 2022
109

Item 9B. Other Information
None.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
None.
PART III 
Item 10. Directors, Executive Officers and Corporate Governance 
The information required by this Item is incorporated herein by reference to the information under the headings “Election of Directors,” “Corporate Governance,” “Executive Officers,” and “Security Ownership of Directors and Management and Certain Beneficial Owners — Section 16(a) Beneficial Ownership Reporting Compliance” in our definitive proxy statement, which will be filed with the Securities and Exchange Commission (the “Commission”) prior to April 30, 2022. 
We have adopted a Code of Business Conduct and Ethics that applies to our directors, officers and employees. The code is posted on the Internet at www.welltower.com/investors/governance. Any amendment to, or waivers from, the code that relate to any officer or director of the company will be promptly disclosed on the Internet at www.welltower.com. 
In addition, the Board has adopted charters for the Audit, Compensation and Nominating/Corporate Governance Committees. These charters are posted on the Internet at www.welltower.com/investors/governance. Please refer to “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Executive Summary – Corporate Governance” in the Annual Report on Form 10-K for further discussion of corporate governance. 
The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only. 
Item 11. Executive Compensation 
The information required by this Item is incorporated herein by reference to the information under the headings “Executive Compensation” and “Director Compensation” in our definitive proxy statement, which will be filed with the Commission prior to April 30, 2022.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 
The information required by this Item is incorporated herein by reference to the information under the headings “Security Ownership of Directors and Management and Certain Beneficial Owners” and “Equity Compensation Plan Information” in our definitive proxy statement, which will be filed with the Commission prior to April 30, 2022.
Item 13. Certain Relationships and Related Transactions and Director Independence
The information required by this Item is incorporated herein by reference to the information under the headings “Corporate Governance — Independence and Meetings” and “Security Ownership of Directors and Management and Certain Beneficial Owners — Certain Relationships and Related Transactions” in our definitive proxy statement, which will be filed with the Commission prior to April 30, 2022.
Item 14. Principal Accounting Fees and Services
The information required by this Item is incorporated herein by reference to the information under the heading “Ratification of the Appointment of the Independent Registered Public Accounting Firm” in our definitive proxy statement, which will be filed with the Commission prior to April 30, 2022.
110

PART IV
Item 15. Exhibits and Financial Statement Schedules
(a)     1. Our Consolidated Financial Statements are included in Part II, Item 8:  
Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)
71
Consolidated Balance Sheets – December 31, 2021 and 2020
73
Consolidated Statements of Comprehensive Income — Years ended December 31, 2021, 2020 and 2019
74
Consolidated Statements of Equity — Years ended December 31, 2021, 2020 and 2019
76
Consolidated Statements of Cash Flows — Years ended December 31, 2021, 2020 and 2019
77
Notes to Consolidated Financial Statements
78
2. The following Financial Statement Schedules are included beginning on page 119
III – Real Estate and Accumulated Depreciation
IV – Mortgage Loans on Real Estate 
All other schedules have been omitted because they are inapplicable or not required or the information is included elsewhere in the Consolidated Financial Statements or notes thereto.
3.     Exhibits:
The exhibits listed below are either filed with this Form 10-K or incorporated by reference in accordance with Rule 12b-32 of the Securities Exchange Act of 1934.




















111

2.1    Agreement and Plan of Merger, dated as of April 25, 2018, by and among the Company, Potomac Acquisition LLC, Quality Care Properties, Inc. and certain subsidiaries of Quality Care Properties, Inc. (filed with the Commission as Exhibit 2.1 to the Company’s Form 8-K filed April 26, 2018 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(a)  Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 10-K filed March 20, 2000 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(b)     Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 10-K filed March 20, 2000 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(c)     Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed June 13, 2003 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(d)     Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.9 to the Company’s Form 10-Q filed August 9, 2007 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(e)   Certificate of Change of Location of Registered Office and of Registered Agent of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 10-Q filed August 6, 2010 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(f)     Certificate of Designation of 6.50% Series I Cumulative Convertible Perpetual Preferred Stock of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed March 7, 2011 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(g)     Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed May 10, 2011 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(h)     Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed May 6, 2014 (File No. 001-08923), and incorporated herein by reference thereto).
3.1(i)      Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed September 30, 2015 (File No. 001-08923), and incorporated herein by reference thereto).
3.2     Seventh Amended and Restated By-laws of the Company (filed with the Commission as Exhibit 3.1 to the Company’s Form 8-K filed May 6, 2019 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(a)    Indenture, dated as of March 15, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.1 to the Company’s Form 8-K filed March 15, 2010 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(b)     Supplemental Indenture No. 1, dated as of March 15, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed March 15, 2010 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(c)    Amendment No. 1 to Supplemental Indenture No. 1, dated as of June 18, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.3 to the Company’s Form 8-K filed June 18, 2010 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(d)    Supplemental Indenture No. 2, dated as of April 7, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed April 7, 2010 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(e)     Amendment No. 1 to Supplemental Indenture No. 2, dated as of June 8, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.3 to the Company’s Form 8-K filed June 8, 2010 (File No. 001-08923), and incorporated herein by reference thereto).
112

4.1(f)    Supplemental Indenture No. 3, dated as of September 10, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed September 13, 2010 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(g)   Supplemental Indenture No. 4, dated as of November 16, 2010, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed November 16, 2010 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(h)     Supplemental Indenture No. 5, dated as of March 14, 2011, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed March 14, 2011 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(i)     Supplemental Indenture No. 6, dated as of April 3, 2012, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed April 4, 2012 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(j)    Supplemental Indenture No. 7, dated as of December 6, 2012, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed December 11, 2012 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(k)     Supplemental Indenture No. 8, dated as of October 7, 2013, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed October 9, 2013 (File No. 001-08923), and incorporated herein by reference thereto).  
4.1(l)     Supplemental Indenture No. 9, dated as of November 20, 2013, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed November 20, 2013 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(m)   Supplemental Indenture No. 10, dated as of November 25, 2014, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed November 25, 2014 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(n)     Supplemental Indenture No. 11, dated as of May 26, 2015, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed May 27, 2015 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(o)    Amendment No. 1 to Supplemental Indenture No. 11, dated as of October 19, 2015, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.3 to the Company’s Form 8-K filed October 20, 2015 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(p)     Supplemental Indenture No. 12, dated as of March 1, 2016, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed March 3, 2016 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(q)    Supplemental Indenture No. 13, dated as of April 10, 2018, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company’s Form 8-K filed April 10, 2018 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(r)    Supplemental Indenture No. 14, dated as of August 16, 2018, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.3 to the Company’s Form 8-K filed August 16, 2018 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(s)    Supplemental Indenture No. 15, dated as of February 15, 2019 between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company's Form 8-K filed February 15, 2019 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(t)     Supplemental Indenture No. 16, dated as of August 19, 2019, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.3 to the Company's Form 8-K filed August 19, 2019 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(u)     Supplemental Indenture No. 17, dated as of December 16, 2019, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company's Form 8-K filed December 16, 2019 (File No. 001-08923), and incorporated herein by reference thereto).
113

4.1(v)    Supplemental Indenture No. 18, dated as of June 30, 2020, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Company's Form 8-K filed June 30, 2020 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(w)    Supplemental Indenture No. 19, dated as of March 25, 2021, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.1 to the Company's Form 8-K filed on March 25, 2021 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(x)    Supplemental Indenture No. 20, dated as of June 28, 2021, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.1 to the Company's Form 8-K filed on June 28, 2021 (File No. 001-08923), and incorporated herein by reference thereto).
4.1(y)    Supplemental Indenture No. 21, dated as of November 19, 2021, between the Company and The Bank of New York Mellon Trust Company, N.A. (filed with the Commission as Exhibit 4.1 to the Company's Form 8-K filed on November 19, 2021 (File No. 001-08923), and incorporated herein by reference thereto).
4.2    Form of Indenture for Senior Subordinated Debt Securities (filed with the Commission as Exhibit 4.2 to the Company’s Form S-3 (File No. 333-2250004) filed May 17, 2018, and incorporated herein by reference thereto).
4.3    Form of Indenture for Junior Subordinated Debt Securities (filed with the Commission as Exhibit 4.3 to the Company’s Form S-3 (File No. 333-2250004) filed May 17, 2018, and incorporated herein by reference thereto).
4.4(a)      Indenture, dated as of November 25, 2015, by and among HCN Canadian Holdings-1 LP, the Company and BNY Trust Company of Canada (filed with the Commission as Exhibit 4.5(a) to the Company’s Form 10-K filed February 18, 2016 (File No. 001-08923), and incorporated herein by reference thereto).
4.4(b)   First Supplemental Indenture, dated as of November 25, 2015, by and among HCN Canadian Holdings-1 LP, the Company and BNY Trust Company of Canada (filed with the Commission as Exhibit 4.5(b) to the Company’s Form 10-K filed February 18, 2016 (File No. 001-08923), and incorporated herein by reference thereto).
4.4(c)    Second Supplemental Indenture, dated as of December 20, 2019, by and among HCN Canadian Holdings-1 LP, the Company and BNY Trust Company of Canada (filed with the Commission as Exhibit 4.4(c) to the Company's Form 10-K filed February 14, 2020 (File No. 001-08923), and incorporated herein by reference thereto).
4.5    Description of Securities of the Registrant (filed with the Commission as Exhibit 4.5 to the Company's Form 10-K filed February 14, 2020 (File No. 001-08923), and incorporated herein by reference thereto).
10.1(a)    Credit Agreement dated as of July 19, 2018 by and among the Company; the lenders listed therein; KeyBank National Association, as administrative agent, L/C issuer and a swingline lender; Bank of America, N.A. and JPMorgan Chase Bank, N.A., as co-syndication agents; Deutsche Bank Securities Inc., as documentation agent; Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and Deutsche Bank Securities Inc., as U.S. joint lead arrangers; Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and RBC Capital Markets, as Canadian joint lead arrangers; and Merrill Lynch, Pierce, Fenner & Smith Incorporated and JPMorgan Chase Bank, N.A., as joint book runners (filed with the Commission as Exhibit 10.1 to the Company’s Form 8-K filed July 24, 2018 (File No. 001-08923), and incorporated herein by reference thereto).
10.1(b)    First Amendment, dated April 26, 2019, to the Credit Agreement, dated as of July 19, 2018, by and among the Company; the lenders listed therein; KeyBank National Association, as administrative agent, L/C issuer and a swingline lender; Bank of America, N.A. and JPMorgan Chase Bank, N.A., as co-syndication agents; Deutsche Bank Securities Inc., as documentation agent; Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and Deutsche Bank Securities Inc., as U.S. joint lead arrangers; Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and RBC Capital Markets, as Canadian joint lead arrangers; and Merrill Lynch, Pierce, Fenner & Smith Incorporated and JPMorgan Chase Bank, N.A., as joint book runners (filed with the Commission as Exhibit 10.1 to the Company’s Form 10-Q filed April 30, 2019 (File No. 001-08923), and incorporated herein by reference thereto).
10.1(c)    Credit Agreement, dated as of June 4, 2021, by and among the Company; the lenders listed therein; KeyBank National Association, as administrative agent and L/C issuer; BofA Securities, Inc. and JPMorgan Chase Bank, N.A., as joint book runners; BofA Securities, Inc., JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and Wells Fargo Securities LLC, as U.S. joint lead arrangers; BofA Securities, Inc., JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. and RBC Capital Markets, as Canadian joint lead arrangers; Bank of America, N.A. and JPMorgan Chase Bank, N.A., as co-syndication agents; Wells Fargo Bank, N.A., MUFG Bank, Ltd., Barclays Bank PLC, Citibank,
114

N.A., Credit Agricole Corporate and Investment Bank, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Mizuho Bank, Ltd., Morgan Stanley Bank, N.A., PNC Bank, National Association and Royal Bank of Canada, as co-documentation agents; BNP Paribas, Capital One, National Association, Citizens Bank, N.A., Fifth Third Bank, National Association, The Huntington National Bank, Regions Bank, The Bank of Nova Scotia, Sumitomo Mitsui Banking Corporation, TD Bank, NA, Truist Bank and Bank of Montreal, as co-senior managing agents and Credit Agricole Corporate and Investment Bank, as sustainability structuring agent. (filed with the Commission as Exhibit 10.1 to the Company’s 8-K filed June 8, 2021 (File No. 001-08923) and incorporated by reference herein).
10.2    Settlement Agreement by and between Thomas J. DeRosa and Welltower Inc. (filed with the Commission as Exhibit 10.1 to the Company’s Form 10-Q filed October 29, 2020 (File No. 001-08923), and incorporated herein by reference thereto).*
10.3     Form of Indemnification Agreement between the Company and each director, executive officer and officer of the Company (filed with the Commission as Exhibit 10.1 to the Company’s Form 8-K filed February 18, 2005 (File No. 001-08923), and incorporated herein by reference thereto).*
10.4    Summary of Director Compensation (filed with the Commission as Exhibit 10.2 to the Company's Form 10-Q filed August 1, 2019 (File No. 001-08923), and incorporated by reference thereto).*
10.5(a)     Welltower Inc. 2016 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.1 to the Company’s Form 8-K filed May 10, 2016 (File No. 001-08923), and incorporated herein by reference thereto).*
10.5(b)    Form of Restricted Stock Grant Notice for Executive Officers under the 2016 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.14(b) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.5(c)    Form of Restricted Stock Grant Notice for Senior Vice Presidents under the 2016 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.14(c) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.5(d)    Form of Deferred Stock Unit Grant Agreement for Non-Employee Directors under the 2016 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.14(d) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.6(a) Welltower Inc. 2016-2018 Long-Term Incentive Program (filed with the Commission as Exhibit 10.3 to the Company’s Form 10-Q filed August 2, 2016 (File No. 001-08923), and incorporated herein by reference thereto).*
10.6(b)     Form of Performance Restricted Stock Unit Award Agreement under the 2016-2018 Long-Term Incentive Program (filed with the Commission as Exhibit 10.15(b) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.7(a) Welltower Inc. 2017-2019 Long-Term Incentive Program (filed with the Commission as Exhibit 10.4 to the Company’s Form 10-Q filed May 5, 2017 (File No. 001-08923), and incorporated herein by reference thereto).*
10.7(b) Form of Award Notice under the 2017-2019 Long-Term Incentive Program (filed with the Commission as Exhibit 10.16(b) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.7(c) Welltower Inc. 2017-2019 Long-Term Incentive Program – Bridge 1 (filed with the Commission as Exhibit 10.2 to the Company’s Form 10-Q filed November 7, 2017 (File No. 001-08923), and incorporated herein by reference thereto).*
10.7(d) Form of Award Notice under the 2017-2019 Long Term Incentive Program - Bridge 1 (filed with the Commission as Exhibit 10.16(d) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.7(e) Welltower Inc. 2017-2019 Long-Term Incentive Program – Bridge 2 (filed with the Commission as Exhibit 10.3 to the Company’s Form 10-Q filed November 7, 2017 (File No. 001-08923), and incorporated herein by reference thereto).*
10.7(f)     Form of Award Notice under the 2017-2019 Long Term Incentive Program - Bridge 2 (filed with the Commission as Exhibit 10.16(f) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.8(a) Welltower Inc. 2018-2020 Long-Term Incentive Program (filed with the Commission as Exhibit 10.17(a) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
115

10.8(b) Form of Restricted Stock Unit Award Agreement under the 2018-2020 Long-Term Incentive Program (filed with the Commission as Exhibit 10.17(b) to the Company’s Form 10-K filed February 28, 2018 (File No. 001-08923), and incorporated herein by reference thereto).*
10.9(a) Welltower Inc. 2019-2021 Long-Term Incentive Program (filed with the Commission as Exhibit 10.14(a) to the Company's Form 10-K filed February 25, 2019 (File No. 001-08923), and incorporated herein by reference thereto).*
10.9(b) Form of Restricted Stock Unit Award Agreement under the 2019-2021 Long-Term Incentive Program (filed with the Commission as Exhibit 10.14(b) to the Company's Form 10-K filed February 25, 2019 (File No. 001-08923), and incorporated herein by reference thereto).*
10.10     2019 Non-Qualified Deferred Compensation Plan (filed with the Commission as Exhibit 10.2 to the Company's Form 10-Q filed October 30, 2019 (File No. 001-08923), and incorporated herein by reference thereto).*
10.11(a)    Welltower Inc. 2020-2022 Long-Term Incentive Program (filed with the Commission as Exhibit 10.14(a) to the Company's Form 10-K filed February 14, 2020 (File No. 001-08923), and incorporated herein by reference thereto).*
10.11(b) Form of Restricted Stock Unit Award Agreement under the 2020-2022 Long-Term Incentive Program (filed with the Commission as Exhibit 10.14(b) to the Company's Form 10-K filed February 14, 2020 (File No. 001-08923), and incorporated herein by reference thereto).*
10.12    Executive Employment Agreement, dated May 19, 2021, between Welltower Inc. and Shankh Mitra (filed with the Commission as Exhibit 99.1 to the Company's Form 8-K filed May 19, 2021 (File No. 001-08923), and incorporated herein by reference thereto).*
10.13    Employment Offer Letter, dated May 20, 2021, between Welltower Inc. and John F. Burkhart (filed with the Commission as Exhibit 10.3 to the Company's Form 10-Q filed July 30, 2021 (File No. 001-08923), and incorporated herein by reference thereto).*
10.14    Welltower Inc. Nonqualified Deferred Compensation Plan Amended and Restated Effective January 1, 2022 (filed with the Commission as Exhibit 10.1 to the Company's Form 10-Q filed November 5, 2021 (File No. 001-08923), and incorporated herein by reference thereto).*
10.15    Equity Distribution Agreement, dated as of May 4, 2021, between Welltower Inc. and the sales agent and forward sellers named therein and the related forward purchasers (filed with the Commission as Exhibit 1.1 to the Company's Form 8-K filed May 4, 2021 (File No. 001-08923) and incorporated herein by reference thereto).
10.16    Form of Master Forward Sale Confirmation (filed with the Commission as Exhibit 1.2 to the Company's Form 8-K filed May 4, 2021 (File No. 001-08923) and incorporated herein by reference thereto).
10.17(a)    Welltower Inc. 2021-2023 Long-Term Incentive Program.*
10.17(b) Form of Long-Term Incentive Program Award Agreement under the 2021-2023 Long-Term Incentive Program.*
10.18(a)    Welltower Inc. 2022-2024 Long-Term Incentive Program.*
10.18(b)    Form of Long-Term Incentive Program Award Agreement under the 2022-2024 Long-Term Incentive Program.*
10.19(a)    2022 Outperformance Program.*
10.19(b)    Form of Outperformance Program Award Agreement under the 2022 Outperformance Program.*
21           Subsidiaries of the Company.
23           Consent of Ernst & Young LLP, independent registered public accounting firm.
24           Powers of Attorney.
31.1        Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.
31.2        Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.
32.1        Certification pursuant to 18 U.S.C. Section 1350 by Chief Executive Officer.
32.2        Certification pursuant to 18 U.S.C. Section 1350 by Chief Financial Officer.
116

101.INS   Inline XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH   Inline XBRL Taxonomy Extension Schema Document
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE    Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF    Inline XBRL Taxonomy Extension Definition Linkbase Document
104    The cover page from the Company's Annual Report on Form 10-K for the year ended December 31, 2021, formatted in Inline XBRL (included in Exhibit 101)
                  
* Management Contract or Compensatory Plan or Arrangement.

Item 16. Form 10-K Summary
None.
117

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 
Date:  February 16, 2022
WELLTOWER INC. 
By: /s/  Shankh Mitra                                             
Shankh Mitra,
Chief Executive Officer, Chief Investment Officer and Director
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February 16, 2022 by the following persons on behalf of the Registrant and in the capacities indicated. 
/s/  Kenneth J. Bacon **/s/  Johnese M. Spisso **
Kenneth J. Bacon, Chairman and DirectorJohnese M. Spisso, Director
  
/s/  Karen B. DeSalvo **/s/  Kathryn M. Sullivan **
Karen B. DeSalvo, DirectorKathryn M. Sullivan, Director
  
/s/  Jeffrey H. Donahue **/s/  Shankh Mitra **
Jeffrey H. Donahue, DirectorShankh Mitra, Chief Executive Officer, Chief Investment Officer and Director
 (Principal Executive Officer)
/s/  Philip L. Hawkins **/s/  Timothy G. McHugh **
Philip L. Hawkins, DirectorTimothy G. McHugh, Executive Vice President - Chief
            Financial Officer (Principal Financial Officer)
/s/  Dennis G. Lopez **/s/  Joshua T. Fieweger**
Dennis G. Lopez, DirectorJoshua T. Fieweger, Chief Accounting Officer
 (Principal Accounting Officer)
/s/  Ade J. Patton **
Ade J. Patton, Director
/s/  Diana W. Reid ****By:     /s/  Shankh Mitra          
Diana W. Reid, Director                          Shankh Mitra, Attorney-in-Fact
/s/  Sergio D. Rivera **
Sergio D. Rivera, Director
118

Welltower Inc. 
Schedule III 
Real Estate and Accumulated Depreciation 
December 31, 2021 
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Adderbury, UK$— $2,144 $12,549 $1,003 $2,269 $13,427 $1,874 20152017Banbury Road
Albertville, AL— 170 6,203 1,246 176 7,443 2,506 20101999151 Woodham Dr.
Alexandria, VA— 8,294 49,673 — 8,294 49,673 5,132 201620185550 Cardinal Place
Alexandria, VA— 12,225 11,823 9,485 12,225 21,308 375 202119725100 Fillmore Avenue
Altrincham, UK— 4,244 25,187 3,867 4,644 28,654 8,737 20122009295 Hale Road
Amarillo, TX— 719 10,378 1,213 719 11,591 434 202119854707 Bell Street
Amherst, NY— 1,182 11,413 — 1,182 11,413 1,701 201920131880 Sweet Home Road
Amherstview, ON— 473 4,446 799 526 5,192 1,362 201519744567 Bath Road
Anderson, SC— 710 6,290 1,474 712 7,762 4,528 20031986311 Simpson Rd.
Ankeny, IA— 1,129 10,270 322 1,164 10,557 1,809 201620121275 SW State Street
Apple Valley, CA— 480 16,639 2,328 486 18,961 6,306 2010199911825 Apple Valley Rd.
Arlington, TX— 1,660 37,395 4,524 1,660 41,919 13,543 201220001250 West Pioneer Parkway
Arlington, TX— 894 12,351 652 894 13,003 488 202119962315 Little Road
Arlington, VA— 8,385 31,198 16,488 8,393 47,678 19,621 20171992900 N Taylor Street
Arlington, VA— — 2,338 2,529 77 4,790 987 20181992900 N Taylor Street
Arnprior, ON— 788 6,283 1,111 862 7,320 2,197 2013199115 Arthur Street
Athens, GA— — 76 — — 76 4 20212000755 Epps Bridge Parkway
Atlanta, GA— 2,058 14,914 4,249 2,080 19,141 13,216 199719991460 S Johnson Ferry Rd.
Atlanta, GA— 2,100 20,603 2,349 2,206 22,846 6,261 201420001000 Lenox Park Blvd NE
Austin, TX— 880 9,520 3,188 885 12,703 7,012 1999199812429 Scofield Farms Dr.
Austin, TX— 1,560 21,413 877 1,574 22,276 4,897 2014201311330 Farrah Lane
Austin, TX— 4,200 74,850 2,231 4,200 77,081 14,607 201520144310 Bee Caves Road
Austin, TX— 4,832 18,499 2,132 4,832 20,631 514 2021198911279 Taylor Draper Ln
Bagshot, UK— 4,960 29,881 8,287 5,446 37,682 11,738 2012200914 - 16 London Road
Bakersfield, CA— 1,127 14,334 792 1,127 15,126 468 202119883201 Columbus
Ballston Spa, NY— 5,540 17,901 173 5,540 18,074 794 202020192000 Carlton Hollow Way
Banstead, UK— 6,695 55,113 13,277 7,380 67,705 20,911 20122005Croydon Lane
Bartlesville, OK— 2,339 10,608 1,393 2,339 12,001 486 202120002633 Mission Drive SE
Basingstoke, UK— 3,420 18,853 2,581 3,742 21,112 4,602 20142012Grove Road
Basking Ridge, NJ— 2,356 37,710 2,657 2,395 40,328 11,280 20132002404 King George Road
Bassett, UK— 4,874 32,304 10,624 5,347 42,455 14,635 20132006111 Burgess Road
Bath, UK— 2,696 11,876 1,160 2,854 12,878 1,802 20152017Clarks Way, Rush Hill
Baton Rouge, LA12,930 790 29,436 1,648 939 30,935 8,675 201320099351 Siegen Lane
Baton Rouge, LA— 1,605 6,356 361 1,605 6,717 270 202119898680 Jefferson Highway
Beaconsfield, UK— 5,566 50,952 6,169 6,102 56,585 15,534 2013200930-34 Station Road
Beaconsfield, QC— 1,149 17,484 2,222 1,308 19,547 6,705 20132008505 Elm Avenue
Beaver, PA2,020 — — — — — — 202019001225 Western Ave

(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Beavercreek, OH— 981 11,210 — 981 11,210 761 201920202475 Lillian Lane
Beckenham, UK— 21,888 36,713 — 21,888 36,713 202 201920212 Roman Way
Bee Cave, TX— 1,820 21,084 883 1,832 21,955 3,900 2016201414058 A Bee Cave Parkway
Bellevue, WA— 2,800 19,004 3,034 2,816 22,022 7,552 2013199815928 NE 8th Street
Bellevue, WA— 6,307 9,036 596 6,307 9,632 270 2021190513350 SE 26th Street
Bellevue, WA— 46,352 31,794 10,913 46,352 42,707 418 20211986919 109th Avenue North East
Bellingham, WA— 1,500 19,861 2,351 1,507 22,205 7,338 201019964415 Columbine Dr.
Bellingham, WA— 1,290 16,292 1,261 1,290 17,553 1,842 20201999848 W Orchard Dr
Belmont, CA— — 35,300 2,685 178 37,807 11,319 201320021010 Alameda de Las Pulgas
Berea, OH5,205 — — — — — — 2020190045 Sheldon Road
Bethel Park, PA— 1,643 12,965 — 1,643 12,965 1,294 20192019631 McMurray Road
Bethel Park, PA— 3,476 11,635 1,152 3,476 12,787 442 202119982960 Bethel Church Road
Bethesda, MD— — 45,309 1,607 3 46,913 13,229 201320098300 Burdett Road
Bethesda, MD— — — 69,731 3,513 66,218 4,943 201620184925 Battery Lane
Bethesda, MD— — 45 1,161 — 1,206 472 201320098300 Burdett Road
Bethesda, MD— — 212 926 — 1,138 803 201320098300 Burdett Road
Birmingham, UK— 151 19,858 — 151 19,858 5,322 201320065 Church Road, Edgbaston
Birmingham, UK— 1,480 13,014 1,739 1,620 14,613 2,069 2015201647 Bristol Road South
Blainville, QC— 2,077 8,902 1,796 2,335 10,440 3,913 2013200850 des Chateaux Boulevard
Bloomfield Hills, MI— 2,000 35,662 1,550 2,133 37,079 10,468 201320096790 Telegraph Road
Boca Raton, FL32,270 6,565 111,247 28,777 6,991 139,598 32,618 201819946343 Via De Sonrise Del Sur
Boise, ID— 1,391 16,067 5,535 2,220 20,773 3,535 2019199910250 W Smoke Ranch Drive
Boise, ID— 1,625 9,547 921 1,625 10,468 305 202119057250 Poplar Street
Borehamwood, UK— 5,367 41,937 5,435 5,912 46,827 13,810 20122003Edgwarebury Lane
Bothell, WA— 1,350 13,439 7,063 1,350 20,502 5,500 2015198810605 NE 185th Street
Boulder, CO— 2,994 27,458 3,010 3,150 30,312 10,239 201320033955 28th Street
Bournemouth, UK— 5,527 42,547 6,007 6,070 48,011 13,670 2013200842 Belle Vue Road
Bradenton, FL— 4,664 10,136 1,066 4,664 11,202 254 202119871055 301 Blvd E
Braintree, MA— — 41,290 1,614 100 42,804 12,364 20132007618 Granite Street
Brampton, ON46,020 10,196 59,989 5,546 10,885 64,846 16,071 20152009100 Ken Whillans Drive
Brandon, MS— 1,220 10,241 2,118 1,220 12,359 3,360 20101999140 Castlewoods Blvd
Bremerton, WA— 2,417 22,627 1,825 2,417 24,452 2,226 20201999966 Oyster Bay Ct
Bremerton, WA— 2,145 6,200 1,088 2,145 7,288 493 202119852707 Clare Ave
Brentwood, UK— 8,537 45,869 6,303 9,342 51,367 7,297 20162013London Road
Brick, NJ— 1,170 17,372 1,957 1,218 19,281 5,996 20101998515 Jack Martin Blvd
Brick, NJ— 690 17,125 6,200 695 23,320 6,055 201019991594 Route 88
Bridgewater, NJ— 1,730 48,201 3,108 1,774 51,265 14,647 201019992005 Route 22 West
Brockport, NY— 1,500 23,496 621 1,642 23,975 5,765 2015199990 West Avenue
Brockville, ON4,142 484 7,445 1,312 532 8,709 1,982 201519961026 Bridlewood Drive
Broken Arrow, OK— — 39 — — 39 2 202120022601 S Elm Place
Brookfield, WI— 1,300 12,830 361 1,300 13,191 2,904 201220131105 Davidson Road
Broomfield, CO— 4,140 44,547 15,299 10,140 53,846 23,208 20132009400 Summit Blvd
Brossard, QC9,674 5,499 31,854 3,788 5,802 35,339 9,920 201519892455 Boulevard Rome
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Buckingham, UK— 2,979 13,880 2,361 3,302 15,918 3,555 20141883Church Street
Buffalo Grove, IL— 2,850 49,129 4,771 2,850 53,900 15,467 20122003500 McHenry Road
Burbank, CA— 4,940 43,466 5,651 4,940 49,117 14,714 20122002455 E. Angeleno Avenue
Burbank, CA18,070 3,610 50,817 4,423 3,610 55,240 9,995 201619852721 Willow Street
Burke, VA— — — 52,686 2,616 50,070 3,810 201620189617 Burke Lake Road
Burleson, TX— 3,150 10,437 723 3,150 11,160 2,305 20122014621 Old Highway 1187
Burlingame, CA— — 62,786 231 — 63,017 10,427 201620151818 Trousdale Avenue
Burlington, ON16,974 1,309 19,311 2,801 1,431 21,990 6,253 20131990500 Appleby Line
Burlington, MA— 2,443 34,354 1,730 2,578 35,949 10,975 2013200524 Mall Road
Burlington, WA— 877 15,986 — 877 15,986 2,359 20191999410 S Norris St
Burlington, WA— 768 8,268 — 768 8,268 1,391 20191996112 / 210 North Skagit Street
Bushey, UK— 12,690 36,482 3,196 13,433 38,935 4,088 20152018Elton House, Elton Way
Calgary, AB10,339 2,252 37,415 4,627 2,477 41,817 12,235 2013200320 Promenade Way SE
Calgary, AB11,644 2,793 41,179 4,708 3,044 45,636 13,164 2013199880 Edenwold Drive NW
Calgary, AB9,301 3,122 38,971 5,127 3,446 43,774 12,411 20131998150 Scotia Landing NW
Calgary, AB20,268 3,431 28,983 4,473 3,711 33,176 8,833 201319899229 16th Street SW
Calgary, AB23,968 2,385 36,776 5,797 2,590 42,368 8,723 201520062220-162nd Avenue SW
Camberley, UK— 9,974 39,168 3,242 10,557 41,827 5,253 20162017Pembroke Broadway
Camberley, UK— 2,654 5,736 19,840 5,877 22,353 3,301 20142016Fernhill Road
Camillus, NY— 1,249 7,360 5,401 2,082 11,928 1,830 201920163877 Milton Avenue
Cardiff, UK— 3,191 12,566 4,153 3,668 16,242 5,267 20132007127 Cyncoed Road
Cardiff by the Sea, CA34,123 5,880 64,711 6,249 5,880 70,960 22,681 201120093535 Manchester Avenue
Carmel, IN— 2,766 50,326 3,093 2,766 53,419 225 20212017689 Pro-Med Ln
Carmichael, CA23,708 739 7,698 37,589 2,440 43,586 4,385 201920144717 Engle Road
Carol Stream, IL— 1,730 55,048 4,951 1,730 59,999 17,754 20122001545 Belmont Lane
Carrollton, TX— 4,280 31,444 1,658 4,280 33,102 6,998 201320102105 North Josey Lane
Carrollton, GA— 2,537 8,183 976 2,537 9,159 548 20211996150 Cottage Landing
Carson City, NV— 1,601 22,159 1,383 1,601 23,542 615 202119862120 E Long
Cary, NC— 740 45,240 1,168 742 46,406 11,968 201320091206 West Chatham Street
Cary, NC— 6,112 70,008 10,589 6,155 80,554 16,202 20181999300 Kildaire Woods Drive
Cedar Falls, IA— 1,259 9,188 742 1,259 9,930 344 202119972603 Orchard Drive
Cedar Hill, TX— 1,971 24,590 — 1,971 24,590 855 202020201240 East Pleasant Run
Cedar Park, TX— 1,750 15,664 950 1,750 16,614 2,534 20162015800 C-Bar Ranch Trail
Cerritos, CA— — 27,494 7,263 — 34,757 9,712 2016200211000 New Falcon Way
Charleston, IL— 552 740 70 552 810 120 20212001300 Lincoln Highway Road
Charleston, SC— 2,912 18,935 882 2,912 19,817 498 202120051451 Tobias Gadson Blvd.
Charlotte, NC— 5,279 17,582 1,743 5,279 19,325 681 202119875512 Carmel Road
Charlottesville, VA— 4,651 91,468 21,158 4,831 112,446 21,386 201819912610 Barracks Road
Chatham, ON77 1,098 12,462 4,327 1,270 16,617 4,259 2015196525 Keil Drive North
Chattanooga, TN— 3,373 14,108 1,683 3,373 15,791 598 202119987511 Shallowford Road
Chelmsford, MA— 1,040 10,951 6,221 1,131 17,081 5,975 200319974 Technology Dr.
Chelmsford, MA— 2,364 31,460 1,683 2,364 33,143 840 2021199520 Summer Street
Chertsey, UK— 9,566 25,886 3,954 10,125 29,281 3,624 20152018Bittams Lane
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Chesapeake, VA— 2,214 20,472 2,094 2,214 22,566 760 20212004933 Cedar Road
Chesterfield, MO— 1,857 48,366 2,023 1,917 50,329 13,645 201320011880 Clarkson Road
Chesterton, IN— 2,980 37,614 1,246 2,980 38,860 2,603 20202019700 Dickinson Rd
Chico, CA— 1,780 13,201 1,553 1,780 14,754 557 202119842801 Cohasset
Chorleywood, UK— 5,636 43,191 7,738 6,194 50,371 16,297 20132007High View, Rickmansworth Road
Chula Vista, CA— 2,072 22,163 1,650 2,186 23,699 6,973 201320033302 Bonita Road
Chula Vista, CA— 4,217 29,986 1,880 4,217 31,866 1,350 202120181290 Santa Rosa Dr
Church Crookham, UK— 2,591 14,215 2,307 2,855 16,258 4,334 201420142 Bourley Road
Cincinnati, OH— 1,750 11,366 — 1,750 11,366 1,091 20192019732 Clough Pike Road
Cincinnati, OH— 1,606 2,958 1,036 1,606 3,994 579 202119984650 East Galbraith Road
Cincinnati, OH— 3,345 46,717 6,150 3,345 52,867 953 202119868135 Beechmont Ave
Citrus Heights, CA— 2,300 31,876 3,193 2,300 35,069 11,820 201019977418 Stock Ranch Rd.
Clackamas, OR— 1,240 3,581 339 1,240 3,920 502 2021199914370 SE Oregon Trail Dr
Claremont, CA— 2,430 9,928 2,230 2,553 12,035 4,104 201320012053 North Towne Avenue
Clay, NY— 1,371 11,471 — 1,371 11,471 1,724 201920148547 Morgan Road
Clearwater, FL— 1,727 4,542 361 1,727 4,903 230 202119851100 Ponce de Leon Blvd.
Cleburne, TX— 520 5,369 319 520 5,688 2,119 20062007402 S Colonial Drive
Cohasset, MA— 2,485 26,147 2,421 2,500 28,553 8,639 20131998125 King Street (Rt 3A)
Colleyville, TX— 1,050 17,082 84 1,050 17,166 2,313 201620138100 Precinct Line Road
Colorado Springs, CO— 800 14,756 2,269 1,034 16,791 5,352 201320012105 University Park Boulevard
Colorado Springs, CO— 1,142 14,147 1,363 1,142 15,510 521 202119855820 Flintridge Drive
Colts Neck, NJ— 780 14,733 3,594 1,463 17,644 5,481 201020023 Meridian Circle
Columbus, IN— 610 3,190 209 610 3,399 1,048 201019982564 Foxpointe Dr.
Columbus, IN— 1,593 10,953 1,233 1,593 12,186 453 202120003660 Central Avenue
Columbus, GA— (3)36 — (3)36 2 202119986850 River Road
Conroe, TX— 980 7,771 408 980 8,179 2,670 20092010903 Longmire Road
Coos Bay, OR— 864 7,971 719 864 8,690 1,073 20201996192 Norman Ave.
Coos Bay, OR— 1,792 9,852 1,004 1,792 10,856 1,346 202020061855 Ocean Blvd SE
Coquitlam, BC8,163 3,047 24,567 3,447 3,337 27,724 9,074 201319901142 Dufferin Street
Crystal Lake, IL— 875 12,461 2,284 971 14,649 4,855 20132001751 E Terra Cotta Avenue
Crystal Lake, IL— 7,678 31,875 7,996 7,678 39,871 314 20211988965 N. Brighton Circle W
Dallas, TX— 6,330 114,794 3,420 6,330 118,214 23,567 201520133535 N Hall Street
Dana Point, CA— 5,508 51,522 2,844 5,508 54,366 268 2021199425411 Sea Bluffs Drive
Danville, IN— 2,236 28,738 19 2,236 28,757 73 20212021200 S Arbor Ln
Dardenne Prairie, MO— 1,309 11,271 236 1,309 11,507 292 202120101030 Barathaven Blvd.
Decatur, GA— 1,098 13,067 2,235 1,098 15,302 548 20211987341 Winn Way
Decatur, GA— — — 31,583 1,946 29,637 9,096 20131998920 Clairemont Avenue
Denver, CO— 1,450 19,389 5,386 1,450 24,775 6,526 201219974901 South Monaco Street
Denver, CO— 2,910 35,838 8,036 2,910 43,874 12,921 201220078101 E Mississippi Avenue
Denver, CO— 1,533 9,221 108,783 5,402 114,135 15,517 201920141500 Little Raven St
Denver, CO— 1,989 21,556 1,039 1,989 22,595 1,782 202020172979 Uinta Street
Des Moines, IA— 1,196 8,847 782 1,196 9,629 329 202119904610 Douglas Avenue
Dix Hills, NY— 3,808 39,014 2,592 4,092 41,322 12,177 20132003337 Deer Park Road
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Dollard-Des-Ormeaux, QC— 1,957 14,431 2,186 2,181 16,393 6,357 201320084377 St. Jean Blvd
Dresher, PA8,380 1,900 10,664 1,575 1,914 12,225 4,779 201320061650 Susquehanna Road
Dublin, OH— 1,169 25,345 173 1,169 25,518 4,560 201620154175 Stoneridge Lane
Durham, NC— 3,212 22,108 1,242 3,212 23,350 638 20211998205 Emerald Pond Lane
East Amherst, NY— 1,638 11,677 — 1,638 11,677 1,871 201920158040 Roll Road
East Lansing, MI— 3,919 17,509 1,864 3,919 19,373 712 202120005968 Pakr Lake Road
East Meadow, NY— 69 45,991 2,184 127 48,117 13,856 201320021555 Glen Curtiss Boulevard
East Setauket, NY— 4,920 37,354 2,274 4,986 39,562 11,527 201320021 Sunrise Drive
Eastbourne, UK— 4,145 33,744 4,369 4,549 37,709 11,167 201320086 Upper Kings Drive
Edgbaston, UK— 2,720 13,969 1,959 2,977 15,671 2,248 20142015Speedwell Road
Edgewater, NJ— 4,561 25,047 2,452 4,564 27,496 8,235 20132000351 River Road
Edison, NJ— 1,892 32,314 4,007 1,993 36,220 12,648 201319961801 Oak Tree Road
Edmonds, WA— 1,650 24,449 10,016 1,650 34,465 7,191 2015197621500 72nd Avenue West
Edmonds, WA— 2,891 26,413 1,775 2,891 28,188 2,254 20202000180 2nd Ave S
Edmonton, AB7,373 1,589 29,819 4,145 1,778 33,775 10,131 20131999103 Rabbit Hill Court NW
Edmonton, AB9,717 2,063 37,293 5,066 2,253 42,169 14,233 2013196810015 103rd Avenue NW
Effingham, IL— 606 3,437 262 606 3,699 327 202119971101 North Maple Street
Effingham, IL— 105 336 124 105 460 77 20211996505 West Temple Avenue
El Dorado Hills, CA— — — 57,020 5,190 51,830 3,348 201720192020 Town Center West Way
Encino, CA— 5,040 46,255 6,801 5,040 53,056 15,509 2012200315451 Ventura Boulevard
Englishtown, NJ— 690 12,520 2,488 860 14,838 4,933 2010199749 Lasatta Ave
Epsom, UK— 20,159 34,803 6,407 22,059 39,310 5,692 20162014450-458 Reigate Road
Erie, PA— 1,460 9,162 — 1,460 9,162 1,596 201920134400 East Lake Road
Esher, UK— 5,783 48,361 9,596 6,350 57,390 16,445 2013200642 Copsem Lane
Evans, GA— 3,211 17,217 3,286 3,211 20,503 783 20211999100 Washington Commons Dr
Evansville, IN— 1,038 10,570 1,413 1,038 11,983 475 202119915050 Lincoln Avenue
Everett, WA— 638 8,708 697 638 9,405 1,025 20201998524 75th St SE
Everett, WA— 1,912 14,773 1,874 1,912 16,647 549 202119893915 Colby Avenue N
Fairfield, NJ— 3,120 43,868 2,514 3,255 46,247 13,407 2013199847 Greenbrook Road
Fairfield, IL— 561 3,773 222 561 3,995 319 20211997315 Market Street
Fairfield, CA— 1,460 14,040 7,062 1,460 21,102 8,669 200219983350 Cherry Hills St.
Fairfield, OH— 1,416 12,933 — 1,416 12,933 1,393 20192018520 Patterson Boulevard
Fareham, UK— 3,408 17,970 2,634 3,755 20,257 4,952 20142012Redlands Lane
Florence, AL— 353 13,049 1,628 385 14,645 4,839 201019993275 County Road 47
Flossmoor, IL— 1,292 9,496 3,054 1,362 12,480 4,425 2013200019715 Governors Highway
Folsom, CA— 1,490 32,754 185 1,490 32,939 7,011 201520141574 Creekside Drive
Folsom, CA— 2,306 10,159 789 2,306 10,948 580 202120101801 E. Natoma St.
Fort Smith, AR— — 74 — — 74 2 202119978420 Phoenix Ave
Fort Wayne, IN— 3,637 42,242 729 3,637 42,971 2,188 202020183715 Union Chapel Rd
Fort Worth, TX— 4,179 40,328 17,804 7,131 55,180 6,998 201920173401 Amador Drive
Fort Worth, TX— 2,538 18,909 — 2,538 18,909 1,157 202020203401 Amador Drive
Fort Worth, TX— 2,080 27,888 6,373 2,080 34,261 11,106 201220012151 Green Oaks Road
Fort Worth, TX— 1,740 19,799 857 1,740 20,656 3,605 201620147001 Bryant Irvin Road
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Franklin, TN— 5,733 13,653 1,784 5,733 15,437 553 20211999314 Cool Springs Blvd.
Fremont, CA— 3,400 25,300 6,354 3,456 31,598 12,971 200519872860 Country Dr.
Fresno, CA22,982 896 10,591 25,532 2,459 34,560 3,827 201920145605 North Gates Avenue
Fresno, CA— — 25 — — 25 1 202119886035 N Marks Avenue
Frome, UK— 2,720 14,813 2,415 2,977 16,971 3,828 20142012Welshmill Lane
Fullerton, CA— 1,964 19,989 1,696 1,998 21,651 6,517 201320082226 North Euclid Street
Fullerton, CA— 1,801 5,878 317 1,801 6,195 349 202119871510 East Commonwealth Avenue
Gahanna, OH— 772 11,214 2,117 847 13,256 4,166 20131998775 East Johnstown Road
Gahanna, OH— — 26 — — 26 2 202120051201 Riva Ridge Ct.
Gainesville, GA— 1,908 25,082 1,954 1,908 27,036 797 20212000940 South Enota Drive
Garden Grove, CA— 2,107 3,990 559 2,107 4,549 409 2021199911848 Valley View Street
Gardnerville, NV— 1,143 10,831 3,137 1,164 13,947 9,630 199819991565-A Virginia Ranch Rd.
Gig Harbor, WA— 1,560 15,947 3,537 1,583 19,461 5,978 201019943213 45th St. Court NW
Gilbert, AZ14,200 2,160 28,246 2,405 2,206 30,605 10,990 20132008580 S. Gilbert Road
Glen Cove, NY— 4,594 35,236 2,634 4,688 37,776 12,588 2013199839 Forest Avenue
Glendale, AZ— 3,114 24,668 — 3,114 24,668 424 202120188847 W. Glendale Ave
Glenview, IL— 2,090 69,288 5,809 2,090 75,097 22,200 201220012200 Golf Road
Golden Valley, MN3,600 1,520 33,513 1,771 1,634 35,170 9,968 201320054950 Olson Memorial Highway
Granbury, TX— 2,040 30,670 784 2,040 31,454 8,936 20112009100 Watermark Boulevard
Grand Forks, ND— 1,050 12,463 684 1,050 13,147 476 202120143783 S 16th St #112
Grand Prairie, TX— 1,880 23,827 — 1,880 23,827 371 202120213013 Doryn Drive
Grand Rapids, MI— 2,179 14,693 1,052 2,179 15,745 486 202120033121 Lake Michigan Dr NW
Grants Pass, OR— 561 8,603 271 561 8,874 243 202119851001 NE A Street
Greenville, SC— 893 21,242 1,553 893 22,795 659 202119891180 Haywood Road
Greenville, SC— — 41 — — 41 1 2021199711 East August Place
Gresham, OR— 1,966 6,255 311 1,966 6,566 178 202119852895 SE Powell Valley Rd.
Grimsby, ON— 636 5,617 997 693 6,557 1,630 2015199184 Main Street East
Grosse Pointe Woods, MI— 950 13,662 1,010 950 14,672 4,137 201320061850 Vernier Road
Grosse Pointe Woods, MI— 1,430 31,777 1,391 1,435 33,163 9,273 2013200521260 Mack Avenue
Grove City, OH— 3,575 85,764 1,889 3,509 87,719 8,921 201820173717 Orders Road
Grove City, OH— 1,099 4,781 465 1,099 5,246 431 202119902320 Sonora Drive
Guildford, UK— 5,361 56,494 6,478 5,870 62,463 17,299 20132006Astolat Way, Peasmarsh
Gurnee, IL— 890 27,931 2,750 945 30,626 8,578 20132002500 North Hunt Club Road
Haddonfield, NJ— 520 16,363 709 527 17,065 3,385 20112015132 Warwick Road
Hamburg, NY— 971 10,909 — 971 10,909 1,687 201920094600 Southwestern Blvd
Hamilton, OH— 1,128 10,940 1,067 1,163 11,972 1,446 201920191740 Eden Park Drive
Hampshire, UK— 4,172 26,035 3,420 4,577 29,050 8,434 2013200622-26 Church Road
Happy Valley, OR— 721 10,369 — 721 10,369 1,398 201919988915 S.E. Monterey
Harrisburg, IL— 858 4,623 317 858 4,940 462 20212005165 Ron Morse Drive
Haverford, PA— 1,880 33,993 2,934 1,907 36,900 10,476 20102000731 Old Buck Lane
Helena, MT— 1,850 17,091 1,954 1,850 19,045 842 202119982801 Colonial Drive
Hemet, CA— 1,877 8,946 542 1,877 9,488 335 20211905800 W Oakland Ave
Henderson, NV— 1,190 11,600 1,311 1,298 12,803 4,887 201320081555 West Horizon Ridge Parkway
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Hermitage, PA— 1,084 14,196 1,253 1,084 15,449 497 20212001260 S. Buhl Farm Dr.
Hickory, NC— 1,600 26,405 2,014 1,600 28,419 842 20212002915 29th Avenue NE
High Point, NC— 1,355 19,751 1,984 1,355 21,735 736 202120021573 Skeet Club Rd.
High Wycombe, UK— 3,567 13,422 1,566 3,776 14,779 2,024 20152017The Row Lane End
Highland Park, IL— 2,820 15,832 1,149 2,820 16,981 4,093 201120121651 Richfield Avenue
Highland Park, IL— 2,250 25,313 1,677 2,271 26,969 8,746 201320051601 Green Bay Road
Hindhead, UK— 17,852 48,645 7,655 19,535 54,617 7,751 20162012Portsmouth Road
Hingham, MA— 1,440 32,292 506 1,444 32,794 7,071 201520121 Sgt. William B Terry Drive
Holbrook, NY— 3,957 35,337 2,843 4,219 37,918 10,892 20132001320 Patchogue Holbrook Road
Honolulu, HI— 22,918 49,662 6,384 22,918 56,046 1,602 20211998428 Kawaihae St
Hoover, AL— 2,165 16,059 1,984 2,165 18,043 605 202120043517 Lorna Road
Horley, UK— 2,332 12,144 2,243 2,560 14,159 3,820 20142014Court Lodge Road
Houston, TX— 3,830 55,674 10,039 3,830 65,713 20,771 201219982929 West Holcombe Boulevard
Houston, TX— 1,040 31,965 6,984 1,040 38,949 10,763 20121999505 Bering Drive
Houston, TX— 1,750 15,603 1,707 1,750 17,310 2,851 2016201410120 Louetta Road
Houston, TX— 960 15,550 — 960 15,550 9,286 2011199510225 Cypresswood Dr
Howell, NJ— 1,066 21,577 1,685 1,154 23,174 6,879 20102007100 Meridian Place
Huntington Beach, CA— 3,808 31,172 3,194 3,931 34,243 11,450 201320047401 Yorktown Avenue
Independence, MO— 1,562 14,452 — 1,562 14,452 1,558 2019201919301 East Eastland Ctr Ct
Independence, MO— 3,230 20,425 4,157 3,230 24,582 184 202119902100 Swope Drive
Iowa City, IA— 891 5,680 331 891 6,011 197 202119912423 Walden Road
Jackson, TN— 1,370 11,317 1,173 1,370 12,490 401 2021199625 Max Lane Drive
Jacksonville, FL— 1,205 11,991 22,939 6,550 29,585 2,704 2019201910520 Validus Drive
Johns Creek, GA— 1,580 23,285 1,624 1,588 24,901 7,211 2013200911405 Medlock Bridge Road
Johnson City, NY— 1,440 11,675 1,124 1,421 12,818 1,959 201920131035 Anna Maria Drive
Kalamazoo, MI— 7,531 37,252 8,794 7,531 46,046 412 202119891700 Bronson Way
Kanata, ON— 1,689 28,670 2,574 1,775 31,158 9,271 2012200570 Stonehaven Drive
Kelowna, BC4,654 2,688 13,647 2,781 2,939 16,177 5,285 20131999863 Leon Avenue
Kennebunk, ME— 2,700 30,204 6,063 3,394 35,573 15,813 20132006One Huntington Common Drive
Kenner, LA— 1,100 10,036 3,889 1,100 13,925 10,932 199820001600 Joe Yenni Blvd
Kenner, LA— 809 11,820 524 809 12,344 298 202119051101 Sunset Boulevard
Kennett Square, PA— 1,050 22,946 981 1,104 23,873 6,811 20102008301 Victoria Gardens Dr.
Kingston, ON11,587 1,030 11,416 2,424 1,445 13,425 2,877 20151983181 Ontario Street
Kingston upon Thames, UK— 33,063 46,696 8,683 36,180 52,262 7,315 20162014Coombe Lane West
Kingwood, TX— 480 9,777 1,086 480 10,863 3,485 2011199922955 Eastex Freeway
Kingwood, TX— 1,683 24,207 2,500 1,683 26,707 5,262 2017201224025 Kingwood Place
Kirkland, WA— 1,880 4,315 2,404 1,880 6,719 2,656 200319966505 Lakeview Dr.
Kitchener, ON9,360 1,341 13,939 5,281 1,495 19,066 4,706 201620031250 Weber Street E
Klamath Falls, OR— 1,335 10,174 1,500 1,335 11,674 1,530 20202000615 Washburn Way
La Palma, CA— 2,950 16,591 1,422 2,996 17,967 5,494 201320035321 La Palma Avenue
Lackawanna, NY— 1,029 5,815 — 1,029 5,815 1,033 20192002133 Orchard Place
Lafayette Hill, PA— 1,750 11,848 2,542 1,867 14,273 5,548 20131998429 Ridge Pike
Laguna Hills, CA— 12,820 75,926 20,060 12,820 95,986 24,934 2016198824903 Moulton Parkway
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Laguna Woods, CA— 11,280 76,485 13,614 11,280 90,099 21,498 2016198724441 Calle Sonora
Laguna Woods, CA— 9,150 57,842 12,772 9,150 70,614 17,105 2016198624962 Calle Aragon
Lake Havasu City, AZ— 364 1,599 225 364 1,824 355 20202009320 Lake Havasu Ave. N,
Lake Zurich, IL— 1,470 9,830 3,045 1,470 12,875 5,205 20112007550 America Court
Lakeland, FL— 2,416 18,028 1,763 2,416 19,791 667 202119991325 Grasslands Boulevard
Lancaster, CA— 700 15,295 2,532 712 17,815 6,340 2010199943051 15th St. West
Lancaster, OH— 289 1,975 102 289 2,077 140 20211996800 Becks Knob Road
Lancaster, OH— 1,029 7,069 630 1,029 7,699 507 202119812750 West Fair Avenue
Lancaster, NY— 1,262 12,181 — 1,262 12,181 1,999 2019201118 Pavement Road
Las Vegas, NV— 5,908 36,955 4,213 5,908 41,168 5,193 202019991600 S Valley View Road
Las Vegas, NV— 1,274 13,748 540 1,274 14,288 1,357 202020013300 Winterhaven Street
Las Vegas, NV— 2,412 22,045 1,424 2,412 23,469 2,750 202019973210 S Sandhill Road
Laval, QC21,048 2,105 32,161 6,585 2,246 38,605 6,850 20182005269, boulevard Ste. Rose
Laval, QC3,943 2,383 5,968 1,932 2,544 7,739 1,306 20181989263, boulevard Ste. Rose
Lawrenceville, GA— 1,500 29,003 1,031 1,529 30,005 8,828 201320081375 Webb Gin House Road
Lawrenceville, GA— 3,513 23,081 1,092 3,513 24,173 596 202120072899 Five Forks Trickum Road
Leatherhead, UK— 4,682 17,835 2,292 4,956 19,853 2,579 20152017Rectory Lane
Leawood, KS— 2,490 32,493 7,318 5,610 36,691 11,196 201219994400 West 115th Street
Lenexa, KS9,700 826 26,251 1,652 927 27,802 8,758 2013200615055 West 87th Street Parkway
Lexington, SC— 1,843 14,519 782 1,843 15,301 428 20212001203 Old Chapin Rd.
Lincoln, NE— 390 13,807 393 390 14,200 4,263 201020007208 Van Dorn St.
Lincoln, NE— 884 9,915 722 884 10,637 329 202119901111 S 70th
Lincroft, NJ— 9 19,958 1,976 148 21,795 6,656 20132002734 Newman Springs Road
Linwood, NJ— 800 21,984 2,382 870 24,296 7,152 20101997432 Central Ave
Litchfield, CT— 1,240 17,908 12,051 1,308 29,891 7,354 2010199819 Constitution Way
Little Neck, NY— 3,350 38,461 3,921 3,358 42,374 12,068 201020005515 Little Neck Pkwy.
Livingston, NJ— 8,000 44,424 1,776 8,040 46,160 6,676 20152017369 E Mt Pleasant Avenue
Lombard, IL17,010 2,130 59,943 2,055 2,218 61,910 17,480 201320092210 Fountain Square Dr
London, UK— 3,121 10,027 2,367 3,430 12,085 2,940 2014201271 Hatch Lane
London, UK— 7,691 16,797 2,106 8,141 18,453 2,850 201520166 Victoria Drive
London, UK— — — 77,131 24,542 52,589 2,600 2017202039-41 East Hill, Wandsworth
London, ON10,558 1,969 16,985 3,292 2,137 20,109 4,742 201519531486 Richmond Street North
London, ON— 1,445 13,631 2,391 1,694 15,773 3,529 2015195081 Grand Avenue
Longmont, CO— 1,756 10,572 1,253 1,756 11,825 465 202119862210 Main Street
Longueuil, QC8,405 3,992 23,711 5,233 4,403 28,533 7,153 2015198970 Rue Levis
Longview, TX— 610 5,520 446 610 5,966 2,187 20062007311 E Hawkins Pkwy
Lorain, OH— 1,397 13,005 — 1,397 13,005 1,190 201920185401 North Pointe Pkwy
Los Angeles, CA55,314 — 114,438 9,535 — 123,973 38,324 2011200910475 Wilshire Boulevard
Los Angeles, CA— 3,540 19,007 4,337 3,540 23,344 7,657 201220012051 N. Highland Avenue
Los Angeles, CA— — 28,050 6,125 71 34,104 6,837 201620064061 Grand View Boulevard
Louisville, KY— 1,588 8,552 702 1,588 9,254 271 20212000620 Valley Coillege Drive
Louisville, KY— 2,274 9,766 1,002 2,274 10,768 322 202119988021 Christian Court
Louisville, KY— 2,420 20,816 3,432 2,420 24,248 7,719 201219994600 Bowling Boulevard
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Louisville, KY13,650 1,600 20,326 1,331 1,600 21,657 6,796 201320106700 Overlook Drive
Louisville, CO— 2,266 13,002 21,470 1,939 34,799 4,254 201920081336 E Hecla Drive
Louisville, CO— 1,042 8,396 18,912 1,156 27,194 2,011 201920191800 Plaza Drive
Louisville, CO— 1,432 6,684 53,555 2,584 59,087 10,262 201919991855 Plaza Drive
Louisville, CO— 1,323 7,547 9,270 1,391 16,749 1,969 20191999282 McCaslin Blvd
Louisville, CO— 1,630 12,001 36,522 2,332 47,821 5,970 201920041331 E Hecla Drive
Lynnfield, MA— 3,165 45,200 2,944 3,774 47,535 14,223 2013200655 Salem Street
Madison, TN— 2,093 7,764 542 2,093 8,306 266 20211986200 East Webster
Mahwah, NJ— 1,605 27,249 1,187 1,608 28,433 4,835 2012201515 Edison Road
Malvern, PA— 1,651 17,194 2,975 1,804 20,016 7,370 20131998324 Lancaster Avenue
Manassas, VA— 2,946 15,196 1,413 2,946 16,609 542 202119949852 Fairmont Avenue
Mansfield, TX— 660 5,251 362 660 5,613 2,105 200620072281 Country Club Dr
Manteca, CA— 1,300 12,125 5,149 1,312 17,262 7,092 20051986430 N. Union Rd.
Maple Ridge, BC9,431 2,875 11,922 3,241 3,325 14,713 2,479 2015200912241 224th Street
Marieville, QC5,805 1,278 12,113 1,470 1,412 13,449 3,022 20152002425 rue Claude de Ramezay
Markham, ON48,212 3,727 48,939 5,741 4,003 54,404 18,826 201319817700 Bayview Avenue
Marlboro, NJ— 2,222 14,888 1,778 2,268 16,620 5,362 201320023A South Main Street
Marlow, UK— 9,068 39,720 3,511 9,599 42,700 6,664 20132014210 Little Marlow Road
Marysville, WA— 620 4,780 2,873 620 7,653 3,085 200319989802 48th Dr. N.E.
Marysville, OH— 408 764 94 408 858 136 20211990715 South Walnut Street
Mattoon, IL— 791 1,702 203 791 1,905 246 202119992008 South 9th Street
Mattoon, IL— 505 2,054 204 505 2,258 237 202120011920 Brookstone Lane
McKinney, TX— 1,570 7,389 281 1,570 7,670 2,546 200920102701 Alma Rd.
Medicine Hat, AB9,834 1,432 14,141 1,228 1,559 15,242 4,367 20151999223 Park Meadows Drive SE
Medina, OH— 1,309 10,540 2,413 1,731 12,531 1,580 20192017699 North Huntington St
Melbourne, FL— 7,070 48,257 45,093 7,070 93,350 31,049 200720097300 Watersong Lane
Melville, NY— 4,280 73,283 8,032 4,332 81,263 23,012 2010200170 Pinelawn Rd
Memphis, TN— 1,800 17,744 3,383 1,800 21,127 7,718 201219996605 Quail Hollow Road
Memphis, TX— 2,794 3,093 881 2,794 3,974 419 202119811645 Massey Road
Memphis, TN— 1,578 9,368 565 1,578 9,933 436 202120188722 Winchester Rd
Menomonee Falls, WI— 1,020 6,984 2,579 1,020 9,563 3,217 20062007W128 N6900 Northfield Drive
Merced, CA— 2,806 12,444 848 2,806 13,292 347 202119053460 R Street
Mesa, AZ— 950 9,087 4,647 950 13,734 6,613 199920007231 E. Broadway
Metairie, LA14,200 725 27,708 1,873 759 29,547 7,955 201320093732 West Esplanade Ave. S
Mill Creek, WA— 10,150 60,274 4,529 10,179 64,774 23,660 2010199814905 Bothell-Everett Hwy
Millbrook, NY— 12,708 7,671 4,777 12,708 12,448 251 2021198579 Flint Road
Milton, ON18,806 4,542 25,321 7,974 4,957 32,880 5,599 20152012611 Farmstead Drive
Milwaukie, OR— 2,391 17,777 2,485 2,391 20,262 654 202119964017 SE Vineyard Road
Minnetonka, MN— 920 29,344 1,533 964 30,833 8,530 2013200618605 Old Excelsior Blvd.
Mission Viejo, CA12,977 6,600 52,118 8,717 6,600 60,835 12,471 2016199827783 Center Drive
Mississauga, ON7,971 1,602 17,996 2,278 1,739 20,137 5,918 201319841130 Bough Beeches Boulevard
Mississauga, ON25,740 3,649 35,137 5,020 3,997 39,809 11,575 201519881490 Rathburn Road East
Mississauga, ON5,814 2,548 15,158 4,452 2,762 19,396 4,893 2015198985 King Street East
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Missoula, MT— 550 7,490 1,267 553 8,754 3,529 200519983620 American Way
Mobberley, UK— 5,146 26,665 4,043 5,660 30,194 10,516 20132007Barclay Park, Hall Lane
Mobile, AL— 737 9,072 1,133 737 10,205 400 20211995650 University Boulevard South
Modesto, CA— — 293 — — 293 8 202119873420 Shawnee Drive
Molalla, OR— 1,210 3,903 436 1,210 4,339 674 20201998835 E Main St
Monterey, CA— 6,440 29,101 3,319 6,443 32,417 9,580 201320091110 Cass St.
Montgomery, AL— 524 9,760 1,163 524 10,923 422 202119915801 EastdaleDrive
Montgomery, MD— 6,482 83,642 14,743 6,709 98,158 19,891 201819923701 International Dr
Montgomery Village, MD— 3,530 18,246 7,432 4,291 24,917 12,188 2013199319310 Club House Road
Montreal-Nord, QC10,733 4,407 23,719 10,585 4,704 34,007 6,448 201819886700, boulevard Gouin Est
Moorestown, NJ— 2,060 51,628 7,644 2,095 59,237 15,647 201020001205 N. Church St
Moose Jaw, SK1,556 582 12,973 2,229 630 15,154 4,257 20132001425 4th Avenue NW
Morton Grove, IL— 1,900 15,724 — 1,900 15,724 5,374 201020115520 N. Lincoln Ave.
Murphy, TX— 1,950 19,182 818 1,950 20,000 3,490 20152012304 West FM 544
Myrtle Beach, SC— — 69 — — 69 3 202120053736 Robert M. Grissom Pkwy
Nacogdoches, TX— 390 5,754 291 390 6,045 2,279 200620075902 North St
Naperville, IL— 1,550 12,237 2,388 1,550 14,625 4,625 201220131936 Brookdale Road
Naperville, IL— 1,540 28,204 1,975 1,593 30,126 9,007 20132002535 West Ogden Avenue
Nashville, TN— 3,900 35,788 4,850 3,900 40,638 14,081 201219994206 Stammer Place
New Braunfels, TX— 1,200 19,800 10,508 2,729 28,779 7,250 201120092294 East Common Street
New Palestine, IN— 2,259 20,626 1,384 2,259 22,010 124 202120174400 Terrace Drive
Newberg, OR— 2,806 14,781 479 2,806 15,260 404 202119053801 Hayes St.
Newbury, UK— 2,850 12,796 1,963 3,119 14,490 2,135 20152016370 London Road
Newmarket, UK— 4,071 11,902 2,966 4,476 14,463 3,871 20142011Jeddah Way
Newtown Square, PA— 1,930 14,420 1,933 1,962 16,321 5,984 20132004333 S. Newtown Street Rd.
North Tonawanda, NY— 1,249 7,360 600 1,249 7,960 1,286 20192005705 Sandra Lane
North Tustin, CA— 2,880 18,059 1,195 3,044 19,090 5,188 2013200012291 Newport Avenue
North Wales, PA— 1,968 17,439 917 1,968 18,356 1,004 202120131419 Horsham Rd
Oak Harbor, WA— 739 7,698 448 739 8,146 1,242 20191998171 SW 6th Ave
Oak Park, IL— 1,250 40,383 3,812 1,250 44,195 13,444 201220041035 Madison Street
Oakdale, PA— 1,917 11,954 880 1,917 12,834 2,017 201920177420 Steubenville Pike
Oakland, CA— 3,877 47,508 3,897 4,117 51,165 15,459 2013199911889 Skyline Boulevard
Oakton, VA— 2,250 37,576 3,951 2,393 41,384 11,982 201319972863 Hunter Mill Road
Oakville, ON5,339 1,252 7,382 1,239 1,412 8,461 2,640 20131982289 and 299 Randall Street
Oakville, ON8,365 2,134 29,963 4,805 2,320 34,582 10,270 2013199425 Lakeshore Road West
Oakville, ON4,388 1,271 13,754 2,433 1,388 16,070 4,306 20131988345 Church Street
Odessa, TX— 346 3,406 100 346 3,506 126 20211954311 W 4th St
Ogden, UT— 360 6,700 1,376 360 8,076 3,392 200419981340 N. Washington Blv.
Oklahoma City, OK— 5,962 22,911 6,708 5,962 29,619 379 202119841404 North West 122nd Street
Okotoks, AB19,097 714 20,943 2,522 791 23,388 5,575 2015201051 Riverside Gate
Olney, IL— 897 4,543 262 897 4,805 400 202119991110 North East Street
Olney, IL— 534 2,053 181 534 2,234 266 202119981301 North East Street
Omaha, NE— 370 10,230 139 379 10,360 3,198 2010199811909 Miracle Hills Dr.
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Omaha, NE— 380 8,769 236 384 9,001 2,902 201019995728 South 108th St.
Orange, CA35,157 8,021 64,689 3,238 8,021 67,927 6,994 20192018630 The City Drive South
Orem, UT— 1,395 7,983 792 1,395 8,775 326 20211987325 W Center
Ormond Beach, FL— 3,428 15,702 1,239 3,428 16,941 354 20211984101 Clyde Morris Blvd
Ottawa, ON13,109 1,341 15,425 4,399 1,484 19,681 3,562 20152001110 Berrigan Drive
Ottawa, ON17,163 3,454 23,309 4,423 3,799 27,387 10,015 201519662370 Carling Avenue
Ottawa, ON19,571 4,256 39,141 3,518 4,552 42,363 8,147 20152005751 Peter Morand Crescent
Ottawa, ON6,812 2,327 7,817 — 2,327 7,817 4,123 201519891 Eaton Street
Ottawa, ON12,969 2,963 26,424 4,585 3,257 30,715 5,891 20152008691 Valin Street
Ottawa, ON9,789 1,561 18,170 3,959 1,766 21,924 4,142 2015200622 Barnstone Drive
Ottawa, ON12,754 3,403 31,090 5,033 3,723 35,803 6,510 20152009990 Hunt Club Road
Ottawa, ON16,129 3,411 28,335 7,446 3,760 35,432 7,849 201520092 Valley Stream Drive
Ottawa, ON8,637 2,809 27,299 4,570 3,024 31,654 10,593 2013199843 Aylmer Avenue
Ottawa, ON4,248 1,156 9,758 1,383 1,281 11,016 3,220 201319981351 Hunt Club Road
Ottawa, ON5,534 746 7,800 1,629 847 9,328 2,645 20131999140 Darlington Private
Ottawa, ON8,413 1,176 12,764 1,827 1,313 14,454 2,827 2015198710 Vaughan Street
Outremont, QC16,862 6,746 45,981 13,725 7,200 59,252 12,055 201819761000, avenue Rockland
Overland Park, KS— 1,540 16,269 2,834 1,670 18,973 5,275 201219989201 Foster
Oviedo, FL— 3,350 28,252 2,895 3,350 31,147 1,042 202120027015 Red Bug Lake Rd.
Painesville, OH3,314 — — — — — — 202019001504 Jackson Street
Palestine, TX— 180 4,320 1,723 180 6,043 2,239 200620051625 W. Spring St.
Palm Desert, CA— 13,674 52,153 6,490 13,674 58,643 495 2021198541-505 Carlotta Drive
Palo Alto, CA25,050 — 39,639 3,719 24 43,334 12,722 201320072701 El Camino Real
Paramus, NJ— 2,840 35,728 2,061 2,986 37,643 10,951 20131998567 Paramus Road
Paris, IL— 688 5,948 255 688 6,203 386 20212001146 Brookstone Lane
Paris, TX— 490 5,452 360 490 5,812 5,468 20052006750 N Collegiate Dr
Parma, OH— 1,533 9,221 701 1,533 9,922 1,575 2019201611500 Huffman Road
Paso Robles, CA— 1,770 8,630 4,096 1,770 12,726 5,206 200219981919 Creston Rd.
Peabody, MA5,634 2,250 16,071 1,408 2,380 17,349 4,386 2013199473 Margin Street
Pella, IA— 870 6,716 417 938 7,065 1,695 201220022602 Fifield Road
Pembroke, ON— 1,931 9,427 1,445 2,029 10,774 3,274 201219991111 Pembroke Street West
Pennington, NJ— 1,380 27,620 2,061 1,507 29,554 8,087 20112000143 West Franklin Avenue
Peoria, AZ— 766 21,796 1,572 766 23,368 4,013 2018201413391 N 94th Drive
Peoria, AZ— 2,006 10,959 1,132 2,006 12,091 452 2021199713619 N 94th Drive
Pinole, CA— — 62 — — 62 1 202119892621 Appian Way
Pittsburgh, PA— 1,580 18,017 11,193 1,610 29,180 6,638 20132009900 Lincoln Club Dr.
Placentia, CA— 8,480 17,076 6,245 8,519 23,282 6,365 201619871180 N Bradford Avenue
Plainview, NY— 3,066 19,901 1,595 3,182 21,380 5,988 201320011231 Old Country Road
Plano, TX28,960 3,120 59,950 4,846 3,231 64,685 21,960 201320064800 West Parker Road
Plano, TX— 1,750 15,390 1,649 1,750 17,039 2,942 201620143690 Mapleshade Lane
Plattsmouth, NE— 250 5,650 91 250 5,741 1,860 201019991913 E. Highway 34
Playa Vista, CA— 1,580 40,531 3,871 1,708 44,274 12,709 201320065555 Playa Vista Drive
Pleasanton, CA— — — 52,086 3,676 48,410 4,093 201620175700 Pleasant Hill Road



(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:          
Port Perry, ON11,261 3,685 26,788 4,753 4,008 31,218 5,743 2015200915987 Simcoe Street
Port St. Lucie, FL— 8,700 47,230 21,390 8,700 68,620 22,796 2008201010685 SW Stony Creek Way
Portage, MI41,415 2,880 59,764 2,569 2,880 62,333 7,718 201920173951 W. Milham Ave.
Porterville, CA— 1,739 14,248 942 1,739 15,190 543 202119992500 W Henderson Avenue
Potomac, MD— 6,500 53,379 — 6,500 53,379 1,174 2018202110800 Potomac Tennis Lane
Princeton, NJ— 1,730 30,888 2,424 1,814 33,228 9,526 20112001155 Raymond Road
Purley, UK— 7,365 35,161 5,554 8,121 39,959 12,742 2012200521 Russell Hill Road
Puyallup, WA— 1,150 20,776 4,277 1,156 25,047 7,826 20101985123 Fourth Ave. NW
Quebec City, QC7,084 2,420 21,977 4,902 2,583 26,716 4,468 20182000795, rue Alain
Quebec City, QC11,614 3,300 28,325 6,797 3,522 34,900 5,771 20181987650 and 700, avenue Murray
Queensbury, NY— 1,260 21,744 1,842 1,273 23,573 4,658 2015199927 Woodvale Road
Quincy, IL— 2,328 15,242 1,012 2,328 16,254 479 20212005823 S 36th St.
Rancho Cucamonga, CA— 1,480 10,055 2,413 2,084 11,864 4,330 201320019519 Baseline Road
Rancho Palos Verdes, CA— 5,450 60,034 7,220 5,450 67,254 19,773 201220045701 Crestridge Road
Randolph, NJ29,300 1,540 46,934 2,635 1,718 49,391 13,945 20132006648 Route 10 West
Rantoul, IL— 579 4,310 266 579 4,576 331 20212002300 Twin Lakes Drive
Red Deer, AB11,913 1,247 19,283 3,188 1,366 22,352 4,861 201520043100 - 22 Street
Red Deer, AB14,013 1,199 22,339 3,981 1,278 26,241 5,875 2015200410 Inglewood Drive
Redding, CA25,984 4,474 36,557 2,161 4,474 38,718 4,583 201920172150 Bechelli Lane
Redding, CA— 2,639 9,188 1,102 2,639 10,290 394 20211985451 Hilltop Drive
Redlands, CA— 1,966 38,192 2,233 1,966 40,425 849 2021198810 Terracina Blvd
Regina, SK5,611 1,485 21,148 2,851 1,728 23,756 7,399 201319993651 Albert Street
Regina, SK5,608 1,244 21,036 2,652 1,362 23,570 6,713 201320043105 Hillsdale Street
Regina, SK14,657 1,539 24,053 5,468 1,697 29,363 5,893 201519921801 McIntyre Street
Rehoboth Beach, DE— 960 24,248 9,441 993 33,656 8,874 2010199936101 Seaside Blvd
Reno, NV— 1,060 11,440 2,796 1,060 14,236 5,589 200419985165 Summit Ridge Court
Richmond, VA— 6,501 21,623 2,074 6,501 23,697 801 2021200710300 Three Chopt Rd.
Ridgeland, MS— 520 7,675 2,496 520 10,171 4,139 20031997410 Orchard Park
Riviere-du-Loup, QC2,540 592 7,601 1,780 693 9,280 2,146 2015195635 des Cedres
Riviere-du-Loup, QC11,618 1,454 16,848 6,096 1,857 22,541 5,829 20151993230-235 rue Des Chenes
Robinson, IL— 660 3,385 282 660 3,667 342 202119991101 North Monroe Street
Rockford, IL— 1,006 4,728 391 1,006 5,119 382 202120033495 McFarland Road
Rocky Hill, CT— 1,090 6,710 5,638 42 13,396 4,093 2003199660 Cold Spring Rd.
Rogers, AR— — 39 — — 39 2 202120122501 N 22nd St.
Rohnert Park, CA— 6,500 18,700 5,057 6,546 23,711 9,769 200519864855 Snyder Lane
Romeoville, IL— 854 12,646 62,306 6,197 69,609 22,775 20062010605 S Edward Dr.
Roseburg, OR— 979 12,388 2,065 979 14,453 499 202119841800 Hughwood
Roseville, MN— 1,540 35,877 1,628 1,648 37,397 10,212 201320022555 Snelling Avenue, North
Roseville, CA— 16 23 — 16 23 2 202120031275 Pleasant Grove Blvd.
Roseville, CA— 3,300 41,652 7,069 3,300 48,721 10,866 201620005161 Foothills Boulevard
Roswell, GA— 1,107 9,627 3,764 1,114 13,384 9,130 19971999655 Mansell Rd.
Roswell, GA— 2,080 6,486 3,773 2,380 9,959 2,921 2012199775 Magnolia Street
Round Rock, TX— 2,358 14,856 621 2,358 15,477 528 20212007310 Chisholm Trail
(Dollars in thousands)
Initial Cost to CompanyGross Amount at Which Carried at Close of Period
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:
Rowlett, TX— 1,612 21,319 223 1,612 21,542 941 202020194205-4209 Dalrock Rd
Sabre Springs, CA— — — 46,970 3,726 43,244 3,455 2016201712515 Springhurst Drive
Sacramento, CA— 940 14,781 2,273 952 17,042 5,562 201019786350 Riverside Blvd
Sacramento, CA— 1,300 23,394 2,395 1,369 25,720 7,335 20132004345 Munroe Street
Saginaw, MI— 1,483 16,182 1,733 1,483 17,915 643 202119974141 McCarty Road
Saint-Lambert, QC32,254 10,259 61,903 11,500 11,308 72,354 21,029 201519891705 Avenue Victoria
Salem, OR— 918 9,659 878 918 10,537 1,140 202019994452 Lancaster Dr NE
Salem, OR— 1,227 8,632 800 1,227 9,432 1,033 202019974050 12th Street Cutoff SE
Salem, OR— 2,876 18,100 1,724 2,876 19,824 690 20211980707 Madrona Avenue SE
Salinas, CA— 5,110 41,424 11,316 5,150 52,700 12,470 201619901320 Padre Drive
Salisbury, UK— 2,720 15,269 2,228 2,977 17,240 3,676 20142013Shapland Close
Salt Lake City, UT— 1,360 19,691 1,145 1,396 20,800 7,855 201119861430 E. 4500 S.
San Antonio, TX— 6,120 28,169 2,694 6,120 30,863 8,709 201020112702 Cembalo Blvd
San Antonio, TX— 5,045 58,048 3,286 5,045 61,334 9,718 2017201511300 Wild Pine
San Antonio, TX— 11,686 69,930 3,634 11,686 73,564 10,157 201920166870 Heuermann Road
San Diego, CA— 5,810 63,078 7,420 5,810 70,498 22,850 2012200113075 Evening Creek Drive S
San Diego, CA— 3,000 27,164 2,213 3,016 29,361 7,917 20132003810 Turquoise Street
San Diego, CA28,852 4,179 40,328 1,920 4,179 42,248 4,241 20192017955 Grand Ave
San Francisco, CA— 5,920 91,639 13,980 5,920 105,619 23,392 201619981550 Sutter Street
San Francisco, CA— 11,800 77,214 10,905 11,800 88,119 19,413 201619231601 19th Avenue
San Gabriel, CA— 3,120 15,566 1,519 3,170 17,035 5,232 201320058332 Huntington Drive
San Jose, CA— 3,280 46,823 5,656 3,280 52,479 15,796 20122002500 S Winchester Boulevard
San Jose, CA— 11,900 27,647 5,559 11,966 33,140 7,834 201620024855 San Felipe Road
San Rafael, CA— 1,620 27,392 4,284 1,620 31,676 6,424 20162001111 Merrydale Road
San Ramon, CA— 8,700 72,223 10,336 8,779 82,480 18,062 201619929199 Fircrest Lane
Sandy Springs, GA— 2,214 8,360 1,595 2,220 9,949 3,969 201219975455 Glenridge Drive NE
Santa Ana, CA— 2,077 2,690 455 2,077 3,145 315 202119923730 South Greenville Street
Santa Monica, CA15,820 5,250 28,340 1,412 5,266 29,736 8,523 201320041312 15th Street
Santa Rosa, CA— 2,250 26,273 3,930 2,292 30,161 6,371 201620014225 Wayvern Drive
Sarasota, FL— 19,660 93,373 3,416 19,660 96,789 520 202119853260 Lake Pointe Boulevard
Saskatoon, SK3,462 981 13,905 2,049 1,062 15,873 3,993 20131999220 24th Street East
Saskatoon, SK12,645 1,382 17,609 2,690 1,636 20,045 5,376 201320041622 Acadia Drive
Savannah, GA— 1,733 15,089 1,129 1,733 16,218 419 202119056206 Waters Avenue
Schaumburg, IL— 2,460 22,863 1,628 2,497 24,454 7,817 20132001790 North Plum Grove Road
Scottsdale, AZ— 2,500 3,890 1,591 2,500 5,481 1,961 200819989410 East Thunderbird Road
Scranton, PA— 896 10,591 695 896 11,286 1,642 201920141651 Dickson Avenue
Seal Beach, CA— 6,204 72,954 3,417 6,271 76,304 25,077 201320043850 Lampson Avenue
Seattle, WA— 5,190 9,350 2,410 5,199 11,751 4,659 2010196211501 15th Ave NE
Seattle, WA27,180 10,670 37,291 2,043 10,700 39,304 15,468 20102005805 4th Ave N
Seattle, WA— 1,150 19,887 2,855 1,150 22,742 4,902 2015199511039 17th Avenue
Selbyville, DE— 750 25,912 1,118 769 27,011 7,811 2010200821111 Arrington Dr
Sevenoaks, UK— 6,181 40,240 7,500 6,763 47,158 15,831 2012200964 - 70 Westerham Road
Severna Park, MD— — 67,623 6,273 44 73,852 14,781 2016199743 W McKinsey Road
Shelby Township, MI13,180 1,040 26,344 1,520 1,110 27,794 8,080 2013200646471 Hayes Road
Sherman, TX— 700 5,221 293 700 5,514 2,130 200520061011 E. Pecan Grove Rd.
Sherman, TX— 1,712 20,304 2,263 1,712 22,567 376 202119863701 N Loy Lake Rd
(Dollars in thousands)
Initial Cost to CompanyGross Amount at Which Carried at Close of Period
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:
Shrewsbury, NJ— 2,120 38,116 3,292 2,160 41,368 11,780 201020005 Meridian Way
Sidcup, UK— 7,446 56,570 10,866 8,181 66,701 21,397 20122000Frognal Avenue
Silver Spring, MD— — — 64,547 3,436 61,111 4,841 201620182201 Colston Drive
Simi Valley, CA— 3,200 16,664 2,481 3,340 19,005 6,573 20132009190 Tierra Rejada Road
Simi Valley, CA— 5,510 51,406 8,663 5,510 60,069 14,220 201620035300 E Los Angeles Avenue
Solihull, UK— 5,070 43,297 8,755 5,549 51,573 16,606 201220091270 Warwick Road
Solihull, UK— 3,571 26,053 3,738 3,962 29,400 9,045 201320071 Worcester Way
Solihull, UK— 1,851 10,585 1,885 2,025 12,296 1,900 20152016Warwick Road
Sonning, UK— 5,644 42,155 5,849 6,206 47,442 13,924 20132009Old Bath Rd.
Sonoma, CA— 1,100 18,400 5,509 1,109 23,900 9,583 20051988800 Oregon St.
Sonoma, CA— 2,820 21,890 3,808 2,819 25,699 5,465 2016200591 Napa Road
South Jordan, UT— 4,646 42,705 4,011 4,646 46,716 5,973 2020201511289 Oakmond Rd
Southlake, TX— 6,207 56,805 7,624 6,207 64,429 12,416 20192008101 Watermere Drive
Spokane, WA— 3,200 25,064 3,156 3,200 28,220 9,240 201320013117 E. Chaser Lane
Spokane, WA— 2,580 25,342 3,701 2,580 29,043 8,273 201319991110 E. Westview Ct.
Spokane, WA— 1,334 11,155 842 1,334 11,997 374 202119851616 E 30th Avenue
Springdale, AR— 2,950 24,851 3,386 2,950 28,237 861 202119965000 Arkanshire Circle
Springfield, IL— 1,166 17,675 1,092 1,166 18,767 513 202119902601 Montvale Drive
Springfield, MO— 1,667 17,030 942 1,667 17,972 477 202119872900 S Jefferson
St. Albert, AB8,248 1,145 17,863 2,361 1,282 20,087 6,723 2014200578C McKenney Avenue
St. John's, NL4,893 706 11,765 909 759 12,621 2,437 2015200564 Portugal Cove Road
St. Petersburg, FL— 9,261 25,205 14,862 9,261 40,067 534 202119731255 Pasadena Ave South
Stephenville, TX— 1,072 3,234 230 1,072 3,464 251 202119902305 Lingleville Highway
Stittsville, ON3,814 1,175 17,397 2,295 1,344 19,523 5,366 201319961340 - 1354 Main Street
Stockport, UK— 4,369 25,018 3,677 4,802 28,262 9,195 201320081 Dairyground Road
Stockton, CA— 2,280 5,983 2,442 2,372 8,333 2,868 201019886725 Inglewood
Strongsville, OH— 1,128 10,940 656 1,128 11,596 1,914 2019201715100 Howe Road
Strongsville, OH— 2,577 12,180 1,283 2,577 13,463 497 2021200219205 Pearl Rd.
Stuart, FL— 5,276 24,182 730 5,276 24,912 2,746 201920192625 SE Cove Road
Studio City, CA— 4,006 25,307 1,800 4,124 26,989 8,577 201320044610 Coldwater Canyon Avenue
Suffield, CT— 4,439 31,660 2,392 4,439 34,052 4,866 201919987 Canal Road
Sugar Land, TX— 960 31,423 1,298 960 32,721 10,642 201119961221 Seventh St
Sugar Land, TX— 4,272 60,493 6,575 4,272 67,068 13,303 20172015744 Brooks Street
Summerville, SC— 2,175 17,273 744 2,175 18,017 228 202120174015 2nd Ave
Summit, NJ— 3,080 14,152 182 3,080 14,334 4,232 2011200141 Springfield Avenue
Sun City West, AZ— 1,250 21,778 2,999 1,250 24,777 6,565 2012199813810 West Sandridge Drive
Sunninghill, UK— 11,632 42,233 3,532 12,312 45,085 5,582 20142017Bagshot Road
Sunnyvale, CA— 5,420 41,682 3,652 5,420 45,334 14,120 201220021039 East El Camino Real
Surrey, BC5,700 3,605 18,818 3,255 3,899 21,779 7,749 2013200016028 83rd Avenue
Surrey, BC14,459 4,552 22,338 4,431 4,943 26,378 9,715 2013198715501 16th Avenue
Sutton, UK— 4,096 14,532 3,016 4,485 17,159 2,435 20152016123 Westmead Road
Sutton Coldfield, UK— 2,807 11,313 2,057 3,071 13,106 1,858 20152016134 Jockey Road
Suwanee, GA— 1,560 11,538 1,754 1,560 13,292 4,702 201220004315 Johns Creek Parkway
Sway, UK— 4,145 15,508 3,148 4,595 18,206 5,004 20142008Sway Place
Swift Current, SK— 492 10,119 1,444 539 11,516 3,495 20132001301 Macoun Drive
Sycamore, IL— 1,033 10,666 735 1,033 11,401 599 202120031440 Somonauk Street


(Dollars in thousands)
Initial Cost to CompanyGross Amount at Which Carried at Close of Period
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:
Sylvania, OH— 1,205 11,991 — 1,205 11,991 1,189 201920194120 King Road
Syracuse, NY— 1,440 11,675 863 1,440 12,538 1,947 201920116715 Buckley Road
Tacoma, WA— 4,170 73,377 18,249 4,170 91,626 23,675 201619878201 6th Avenue
Tarboro, NC— 1,651 3,151 8,024 1,651 11,175 284 20211983200 Trade Street
Taylor, PA— 1,942 12,011 — 1,942 12,011 910 20192020512 Oak St
Texarkana, TX— 1,403 7,111 401 1,403 7,512 256 202119995415 Cowhorn Creek Road
The Woodlands, TX— 480 12,379 956 480 13,335 4,182 201119997950 Bay Branch Dr
Toms River, NJ— 1,610 34,627 1,636 1,695 36,178 10,593 201020051587 Old Freehold Rd
Tonawanda, NY— 1,554 13,332 1,252 1,554 14,584 2,416 20192011300 Fries Road
Tonawanda, NY— 2,460 12,564 1,428 2,460 13,992 2,520 20192009285 Crestmount Avenue
Toronto, ON18,236 2,927 20,713 5,064 3,203 25,501 5,045 2015190054 Foxbar Road
Toronto, ON6,790 5,082 25,493 4,239 5,562 29,252 7,893 20151988645 Castlefield Avenue
Toronto, ON12,122 2,008 19,620 4,312 2,119 23,821 4,935 201519994251 Dundas Street West
Toronto, ON34,959 5,132 41,657 7,465 5,581 48,673 14,584 2015196410 William Morgan Drive
Toronto, ON7,360 2,480 7,571 2,553 2,688 9,916 2,598 20151971123 Spadina Road
Toronto, ON4,489 1,079 5,364 955 1,133 6,265 1,887 2013198225 Centennial Park Road
Toronto, ON6,853 2,513 19,695 2,687 2,757 22,138 5,712 20132002305 Balliol Street
Toronto, ON16,761 3,400 32,757 4,532 3,820 36,869 11,157 201319731055 and 1057 Don Mills Road
Toronto, ON5,521 1,447 3,918 950 1,595 4,720 1,701 201319871340 York Mills Road
Toronto, ON29,541 5,304 53,488 6,699 5,785 59,706 20,655 201319888 The Donway East
Torrance, CA— 3,497 73,138 373 3,504 73,504 10,171 2016201625535 Hawthorne Boulevard
Traverse City, MI— 1,042 24,393 1,934 1,042 26,327 785 202120013950 Sumac Dr.
Troy, NY— 1,787 13,682 441 1,787 14,123 362 2021199759 Harris Road
Tuckahoe, NY— 9,341 28,084 2,994 9,341 31,078 201 202119991 Rivervue Place
Tucson, AZ— 830 6,179 6,685 830 12,864 3,083 201219975660 N. Kolb Road
Tucson, AZ— 7,010 61,480 17,814 7,010 79,294 681 202119872001 West Rudasill Road
Tulsa, OK— 1,330 21,285 2,261 1,408 23,468 10,094 201019868887 South Lewis Ave
Tulsa, OK— 1,500 20,861 14 1,614 20,761 9,723 201019849524 East 71st St
Tulsa, OK— 3,161 12,886 1,333 3,161 14,219 507 202120057401 Riverside Drive
Turlock, CA— 2,266 13,002 1,122 2,266 14,124 2,302 201920013791 Crowell Road
Tuscola, IL— 477 5,305 277 477 5,582 357 202120041106 East Northline Road
Twinsburg, OH— 1,042 8,396 543 1,042 8,939 1,536 201920163092 Kendal Lane
Tyler, TX— 650 5,268 328 650 5,596 2,097 200620075550 Old Jacksonville Hwy.
Tyler, TX— 1,306 9,934 581 1,306 10,515 436 20211998506 Rice Road
Upland, CA— 3,160 42,596 217 3,160 42,813 8,631 201520142419 North Euclid Avenue
Upper Providence, PA— 1,900 28,195 584 1,908 28,771 5,040 201320151133 Black Rock Road
Upper St Claire, PA— 1,102 13,455 1,828 1,153 15,232 5,232 20132005500 Village Drive
Urbandale, IA— 1,758 4,764 750 1,758 5,514 448 202120128525 Urbandale Ave
Vacaville, CA— 900 17,100 4,956 900 22,056 8,984 20051987799 Yellowstone Dr.
Vallejo, CA— 4,000 18,000 5,875 4,030 23,845 9,773 20051989350 Locust Dr.
Vallejo, CA— 2,330 15,407 2,362 2,330 17,769 5,907 201019902261 Tuolumne
Vancouver, WA— 1,820 19,042 1,474 1,821 20,515 6,956 2010200610011 NE 118th Ave
Vancouver, WA— 1,406 14,328 991 1,406 15,319 1,401 20202001201 NW 78th St
Vancouver, BC— 7,282 6,572 2,501 7,772 8,583 6,074 201519742803 West 41st Avenue
Vancouver, WA— — 98 — — 98 4 2021199713303 SE McGillvray Blvd.
Vancouver, WA— — 48 — — 48 3 202119681000 NE 82nd Ave.


(Dollars in thousands)
Initial Cost to CompanyGross Amount at Which Carried at Close of Period
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Seniors Housing Operating:
Vandalia, IL— 800 4,959 375 800 5,334 417 202120031607 West Fillmore Street
Vankleek Hill, ON— 389 2,960 691 425 3,615 1,201 2013198748 Wall Street
Vaudreuil, QC7,614 1,852 14,214 2,529 1,952 16,643 3,973 20151975333 rue Querbes
Venice, FL— 13,646 96,673 5,553 13,646 102,226 1,765 2021201919600 Floridian Club Drive
Vero Beach, FL— 2,930 40,070 26,757 2,930 66,827 29,929 200720037955 16th Manor
Vero Beach, FL— — 722 — — 722 15 202119891700 Waterford Drive
Victoria, BC6,210 2,856 18,038 2,324 3,115 20,103 6,547 201319743000 Shelbourne Street
Victoria, BC18,295 3,681 15,774 2,194 3,990 17,659 5,961 201319883051 Shelbourne Street
Victoria, BC17,001 2,476 15,379 2,715 2,713 17,857 3,714 201519903965 Shelbourne Street
Virginia Water, UK— 7,106 29,937 8,715 5,958 39,800 15,258 20122002Christ Church Road
Visalia, CA— 868 15,643 1,212 868 16,855 521 202119874119 W Walnut Avenue
Voorhees, NJ— 3,700 24,312 2,902 3,862 27,052 6,621 20122013311 Route 73
Voorhees, NJ— 6 69 — 6 69 5 20211905209 Laurel Rd.
Waco, TX— 1,383 10,519 501 1,383 11,020 410 202119973209 Village Green Driver
Wall, NJ— 1,650 25,350 3,804 1,694 29,110 7,859 201120032021 Highway 35
Walla Walla, WA— 1,414 2,309 90 1,414 2,399 105 202119871400 Dalles Military Road
Walnut Creek, CA— 3,700 12,467 3,785 3,826 16,126 5,818 201319982175 Ygnacio Valley Road
Walnut Creek, CA— 10,320 100,890 18,671 10,320 119,561 28,158 201619881580 Geary Road
Washington, DC— 4,000 69,154 3,549 4,021 72,682 20,498 201320045111 Connecticut Avenue NW
Washington Court House, OH— 228 2,301 107 228 2,408 152 20211995500 Glenn Avenue
Watchung, NJ— 1,920 24,880 2,394 2,080 27,114 7,583 20112000680 Mountain Boulevard
Waterford, MI— 988 12,384 822 988 13,206 385 20211999900 N. Cass Lake Road
Waterville, OH— 2,574 44,647 1,050 2,574 45,697 2,619 202020181470 Pray Blvd
Waukee, IA— 1,870 31,878 1,323 1,900 33,171 7,878 201220071650 SE Holiday Crest Circle
Waxahachie, TX— 650 5,763 356 650 6,119 2,168 200720081329 Brown St.
Wayland, MA— 1,207 27,462 2,549 1,364 29,854 9,351 20131997285 Commonwealth Road
Weatherford, TX— 660 5,261 402 660 5,663 2,110 200620071818 Martin Drive
Webster Groves, MO— 1,790 15,425 2,894 1,812 18,297 6,092 2011201245 E Lockwood Avenue
Wellesley, MA— 4,690 77,462 916 4,690 78,378 17,602 2015201223 & 27 Washington Street
West Babylon, NY— 3,960 47,085 2,822 4,062 49,805 14,009 20132003580 Montauk Highway
West Bloomfield, MI— 1,040 12,300 1,035 1,100 13,275 4,119 201320007005 Pontiac Trail
West Chester Township, OH— 2,319 47,857 1,288 2,319 49,145 2,954 202020197129 Gilmore Rd
West Covina, CA— 111277— 1112773202119853601 Holt Avenue
West Hills, CA— 2,600 7,521 1,990 2,658 9,453 3,732 201320029012 Topanga Canyon Road
West Seneca, NY— 1,432 6,684 634 1,432 7,318 1,348 201920001187 Orchard Park Drive
West Seneca, NY— 1,323 7,547 604 1,323 8,151 1,297 201920072341 Union Road
West Vancouver, BC16,805 7,059 28,155 7,637 7,703 35,148 10,353 201319872095 Marine Drive
Westbourne, UK— 5,441 41,420 10,339 5,956 51,244 14,279 2013200616-18 Poole Road
Westford, MA— 1,440 32,607 562 1,468 33,141 6,852 20152013108 Littleton Road
Weston, MA— 1,160 3,018 — 1,160 3,018 1,398 20131998135 North Avenue
Westworth Village, TX— 2,060 31,296 103 2,060 31,399 5,821 2014201425 Leonard Trail
Weybridge, UK— 7,899 48,240 6,189 8,680 53,648 17,135 20132008Ellesmere Road
Weymouth, UK— 2,591 16,551 2,357 2,873 18,626 3,954 20142013Cross Road
White Oak, MD— 2,304 24,768 3,224 2,463 27,833 8,036 2013200211621 New Hampshire Avenue
Whitesboro, NY— 1,630 12,001 789 1,630 12,790 1,905 201920154770 Clinton Road
Willoughby, OH— 1,309 10,540 662 1,309 11,202 1,637 2019201635100 Chardon Road
Wilmington, DE— 1,040 23,338 2,540 1,244 25,674 7,606 201320042215 Shipley Street
Wilmington, NC— 1,538 26,208 1,994 1,538 28,202 831 202119911402 Hospital Plaza Drive
Winchester, UK— 6,009 29,405 4,135 6,595 32,954 10,155 20122010Stockbridge Road
(Dollars in thousands)
Initial Cost to CompanyGross Amount at Which Carried at Close of Period
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & ImprovementsAccumulated Depreciation(1)Year AcquiredYear BuiltAddress
Seniors Housing Operating:
Winnipeg, MB10,577 1,960 38,612 7,230 2,242 45,560 16,190 20131999857 Wilkes Avenue
Winnipeg, MB24,100 1,276 21,732 3,534 1,661 24,881 7,039 201319883161 Grant Avenue
Winnipeg, MB11,605 1,317 15,609 3,955 1,448 19,433 4,752 20151999125 Portsmouth Boulevard
Woking, UK— 2,990 12,523 1,444 3,172 13,785 1,646 2016201712 Streets Heath, West End
Wolverhampton, UK— 2,941 8,922 1,709 3,225 10,347 4,322 2013200873 Wergs Road
Woodland Hills, CA— 3,400 20,478 1,551 3,456 21,973 7,130 2013200520461 Ventura Boulevard
Wyoming, MI— 3,373 23,195 2,124 3,373 25,319 859 202119992380 Aurora Pond Dr. SW
Yakima, WA— 1,104 10,030 677 1,104 10,707 334 20211905620 North 34th Avenue
Yonkers, NY— 3,962 50,107 2,705 4,074 52,700 15,297 2013200565 Crisfield Street
Yorkton, SK2,808 463 8,760 1,096 503 9,816 2,912 2013200194 Russell Drive
Seniors Housing Operating Total$1,599,522 $1,958,208 $15,959,072 $2,969,135 $2,110,813 $18,775,602 $4,123,782 


119

Welltower Inc. 
Schedule III 
Real Estate and Accumulated Depreciation 
December 31, 2021 
(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Abilene, TX$— $950 $20,987 $11,660 $950 $32,647 $5,156 201419986565 Central Park Boulevard
Abilene, TX— 990 8,187 1,089 990 9,276 1,784 201419851250 East N 10th Street
Agawam, MA— 880 13,130 — 880 13,130 9,152 200219931200 Suffield St.
Akron, OH— 633 3,002 — 633 3,002 291 20181999171 North Cleveland Massillon Road
Alexandria, VA— 2,452 6,826 — 2,452 6,826 639 201819641510 Collingwood Road
Alhambra, CA— 600 6,305 8,847 600 15,152 3,181 201119231118 N. Stoneman Ave.
Allen Park, MI— 1,767 5,025 — 1,767 5,025 476 201819609150 Allen Road
Allentown, PA— 494 11,845 — 494 11,845 1,094 201819955151 Hamilton Boulevard
Allentown, PA— 1,491 4,822 — 1,491 4,822 467 201819881265 Cedar Crest Boulevard
Alma, MI— 1,267 6,543 — 1,267 6,543 326 202020091320 Pine Ave
Ames, IA— 330 8,870 758 330 9,628 2,799 201019991325 Coconino Rd.
Ann Arbor, MI— 2,172 11,123 — 2,172 11,123 1,109 201819974701 East Huron River Drive
Annandale, VA— 1,687 18,974 — 1,687 18,974 1,714 201820027104 Braddock Road
Arlington, VA— 4,016 8,801 — 4,016 8,801 811 20181976550 South Carlin Southprings Road
Asheboro, NC— 290 5,032 312 290 5,344 2,511 20031998514 Vision Dr.
Asheville, NC— 204 3,489 — 204 3,489 2,099 199919994 Walden Ridge Dr.
Asheville, NC— 280 1,955 671 280 2,626 1,188 20031992308 Overlook Rd.
Atchison, KS— 140 5,610 23 140 5,633 951 201520011301 N 4th St.
Austin, TX— 1,691 5,005 — 1,691 5,005 616 2018200011630 Four Iron Drive
Avon, IN— 1,830 14,470 1,201 1,830 15,671 4,763 20102004182 S Country RD. 550E
Avon, IN— 900 19,444 — 900 19,444 4,031 2014201310307 E. CR 100 N
Avon, CT— 2,132 7,624 — 2,132 7,624 861 20182000100 Fisher Drive
Azusa, CA— 570 3,141 7,430 570 10,571 4,041 19981953125 W. Sierra Madre Ave.
Bad Axe, MI— 1,317 5,972 — 1,317 5,972 333 20202010150 Meadow Lane
Baldwin City, KS— 190 4,810 55 190 4,865 842 20152000321 Crimson Ave
Baltimore, MD— 4,306 4,303 — 4,306 4,303 434 201819786600 Ridge Road
Baltimore, MD— 3,069 3,148 — 3,069 3,148 338 201819964669 Falls Road
Barberton, OH— 1,307 9,310 — 1,307 9,310 853 2018197985 Third Street
Bartlesville, OK— 100 1,380 — 100 1,380 924 199619955420 S.E. Adams Blvd.
Bay City, MI— 633 2,619 — 633 2,619 274 20181968800 Mulholland Street
Bedford, PA— 637 4,432 — 637 4,432 481 20181965136 Donahoe Manor Road
Belmont, CA— 3,000 23,526 1,728 3,000 25,254 8,439 201119711301 Ralston Avenue
Belvidere, NJ— 2,001 26,191 — 2,001 26,191 2,457 201920091 Brookfield Ct
Benbrook, TX— 1,550 13,553 2,747 1,550 16,300 4,093 201119844242 Bryant Irvin Road
Berkeley, CA11,421 3,050 32,677 5,008 3,050 37,685 8,017 201619662235 Sacramento Street
Bethel Park, PA— 1,700 16,007 — 1,700 16,007 5,546 200720095785 Baptist Road
Bethel Park, PA— 1,008 6,740 — 1,008 6,740 662 2018198660 Highland Road
Bethesda, MD— 2,218 6,869 — 2,218 6,869 621 201819746530 Democracy Boulevard
Bethlehem, PA— 1,191 16,887 — 1,191 16,887 1,485 201819792021 Westgate Drive
Bethlehem, PA— 1,143 13,588 — 1,143 13,588 1,202 201819822029 Westgate Drive

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Beverly, MA— 5,879 10,378 — 5,879 10,378 — 202118743 Essex Street
Beverly Hills, CA— 6,000 13,385 203 6,000 13,588 2,442 20142000220 N Clark Drive
Bexleyheath, UK— 3,750 10,807 1,373 4,104 11,826 2,222 2014199635 West Street
Bingham Farms, MI— 781 15,671 — 781 15,671 1,429 2018199924005 West 13 Mile Road
Birmingham, UK— 1,647 14,853 1,555 1,802 16,253 2,839 20152010Clinton Street, Winson Green
Birmingham, UK— 1,591 19,092 1,951 1,742 20,892 3,596 20152010Braymoor Road, Tile Cross
Birmingham, UK— 1,462 9,056 992 1,600 9,910 1,757 20152010Clinton Street, Winson Green
Birmingham, UK— 1,184 10,085 1,063 1,296 11,036 1,914 20151997122 Tile Cross Road, Garretts Green
Bloomington, IN— 670 17,423 — 670 17,423 3,136 20152015363 S. Fieldstone Boulevard
Boca Raton, FL— 2,200 4,974 — 2,200 4,974 591 201819947225 Boca Del Mar Drive
Boca Raton, FL— 2,826 4,061 — 2,826 4,061 431 20181984375 Northwest 51st Street
Bossier City, LA— 2,009 31,198 — 2,009 31,198 — 202120182000 Blake Blvd
Boulder, CO— 3,601 21,364 — 3,601 21,364 2,084 201819902800 Palo Parkway
Bournemouth, UK— 2,636 18,273 — 2,636 18,273 1,198 20192017Poole Lane
Boynton Beach, FL— 2,138 10,201 — 2,138 10,201 1,018 201819913600 Old Boynton Road
Boynton Beach, FL— 2,804 14,222 — 2,804 14,222 1,296 201819843001 South Congress Avenue
Bracknell, UK— 4,081 11,470 491 4,320 11,722 1,347 20142017Crowthorne Road North
Bradenton, FL— 252 3,298 — 252 3,298 2,221 199619956101 Pointe W. Blvd.
Bradenton, FL— 480 9,953 157 480 10,110 2,511 201220002800 60th Avenue West
Braintree, UK— — 13,296 1,254 — 14,550 2,812 20142009Meadow Park Tortoiseshell Way
Braintree, MA— 170 7,157 1,290 170 8,447 8,447 199719681102 Washington St.
Brecksville, OH— 990 19,353 451 990 19,804 3,977 201420118757 Brecksville Road
Brick, NJ— 1,290 25,247 1,330 1,290 26,577 7,402 20112000458 Jack Martin Blvd.
Bridgewater, NJ— 1,800 31,810 1,678 1,800 33,488 9,305 20112001680 US-202/206 North
Bristol, UK— — — 22,605 4,330 18,275 2,414 20152017339 Badminton Road
Bristol, UK— — — 15,566 2,309 13,257 1,077 20172019Avon Valley Care Home, Tenniscourt Road
Brooks, AB— 376 4,951 453 407 5,373 1,079 20142000951 Cassils Road West
Broomfield, CO— — — 28,980 2,566 26,414 — 2016201812600 Lowell Boulevard
Bucyrus, OH— 1,119 2,611 — 1,119 2,611 293 201819761170 West Mansfield Street
Burleson, TX— 670 13,985 2,457 670 16,442 4,365 20111988300 Huguley Boulevard
Burlington, NC— 280 4,297 849 280 5,146 2,397 200320003619 S. Mebane St.
Burlington, NC— 460 5,467 110 460 5,577 2,659 200319973615 S. Mebane St.
Burnaby, BC— 7,623 13,844 1,796 8,257 15,006 3,054 201420067195 Canada Way
Calgary, AB— 2,341 42,768 3,820 2,536 46,393 8,976 201419711729-90th Avenue SW
Calgary, AB— 4,569 70,199 6,224 4,948 76,044 14,586 20142001500 Midpark Way SE
Camp Hill, PA— 517 3,596 — 517 3,596 339 201819701700 Market Street
Canonsburg, PA— 911 4,828 — 911 4,828 497 20181986113 West McMurray Road
Canton, OH— 300 2,098 — 300 2,098 1,264 199819981119 Perry Dr., N.W.
Canton, MI— 1,399 16,966 — 1,399 16,966 1,542 201820057025 Lilley Road
Cape Coral, FL— 530 3,281 — 530 3,281 1,707 20022000911 Santa Barbara Blvd.
Cape Coral, FL7,706 760 18,868 400 760 19,268 4,808 20122009831 Santa Barbara Boulevard
Carlisle, PA— 978 8,204 — 978 8,204 793 20181987940 Walnut Bottom Road
Carmel, IN— 2,222 31,004 — 2,222 31,004 647 2021201813390 N. Illinois St
Carmel, IN— 1,700 19,491 1 1,700 19,492 3,620 2015201512315 Pennsylvania Street
Carrollton, TX— 2,010 19,549 — 2,010 19,549 2,784 201420162645 East Trinity Mills Road

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Cary, NC— 1,500 4,350 1,366 1,500 5,716 3,084 19981996111 MacArthur
Castleton, IN— 920 15,137 — 920 15,137 3,259 201420138405 Clearvista Lake
Cedar Rapids, IA— 596 9,354 16 614 9,352 835 201819651940 1st Avenue Northeast
Centerville, OH— 920 3,958 — 920 3,958 547 201819971001 E. Alex Bell Road
Chagrin Falls, OH— 832 10,837 — 832 10,837 1,032 201819998100 East Washington Street
Chambersburg, PA— 1,373 8,862 — 1,373 8,862 887 201819761070 Stouffer Avenue
Chapel Hill, NC— 354 2,646 1,617 354 4,263 1,747 20021997100 Lanark Rd.
Charlottesville, VA— 2,542 40,746 — 2,542 40,746 — 20212019250 Nichols Ct.
Chatham, VA— 320 14,039 69 320 14,108 2,968 20142009100 Rorer Street
Chattanooga, TN— 2,085 11,837 — 2,085 11,837 554 202119991148 Mountain Creek Road
Cherry Hill, NJ— 1,416 9,871 — 1,416 9,871 978 201819972700 Chapel Avenue West
Chester, VA— 1,320 18,127 147 1,320 18,274 3,792 2014200912001 Iron Bridge Road
Chevy Chase, MD— 4,515 8,685 — 4,515 8,685 810 201819648700 Jones Mill Road
Chickasha, OK— 85 1,395 — 85 1,395 929 19961996801 Country Club Rd.
Chillicothe, OH— 1,145 8,994 — 1,145 8,994 833 201819771058 Columbus Street
Cincinnati, OH— 912 14,010 — 912 14,010 1,318 201820006870 Clough Pike
Citrus Heights, CA— 5,207 31,715 — 5,207 31,715 2,807 201819887807 Upland Way
Claremore, OK— 155 1,427 6,130 155 7,557 2,157 199619961605 N. Hwy. 88
Clarksville, TN— 330 2,292 — 330 2,292 1,376 199819982183 Memorial Dr.
Clayton, NC— 520 15,733 72 520 15,805 3,069 2014201384 Johnson Estate Road
Clevedon, UK— 2,838 16,927 1,863 3,105 18,523 3,578 2014199418/19 Elton Road
Clifton, NJ— 3,881 34,941 — 3,881 34,941 935 20212021782 Valley Road
Cloquet, MN— 340 4,660 120 340 4,780 1,374 20112006705 Horizon Circle
Cobham, UK— 9,808 24,991 3,275 10,727 27,347 6,015 20132013Redhill Road
Colorado Springs, CO— 4,280 62,168 — 4,280 62,168 10,121 201520081605 Elm Creek View
Colorado Springs, CO— 1,730 25,493 693 1,730 26,186 4,336 201620162818 Grand Vista Circle
Columbia, TN— 341 2,295 — 341 2,295 1,377 199919995011 Trotwood Ave.
Columbia, SC— 1,699 2,319 — 1,699 2,319 240 201819682601 Forest Drive
Columbia Heights, MN— 825 14,175 163 825 14,338 3,875 201120093807 Hart Boulevard
Concord, NC— 550 3,921 683 550 4,604 2,048 200319972452 Rock Hill Church Rd.
Congleton, UK— 2,036 5,120 675 2,228 5,603 1,055 20141994Rood Hill
Coppell, TX— 1,550 8,386 376 1,550 8,762 2,137 201220131530 East Sandy Lake Road
Corby, UK— 1,228 5,144 794 1,225 5,941 751 2017199725 Rockingham Road
Costa Mesa, CA— 2,050 19,969 969 2,050 20,938 7,087 20111965350 West Bay St
Coventry, UK— 1,962 13,830 1,489 2,147 15,134 2,724 201520141 Glendale Way
Crawfordsville, IN— 720 17,239 1,426 720 18,665 3,894 20142013517 Concord Road
Dallastown, PA— 1,377 16,797 — 1,377 16,797 1,582 20181979100 West Queen Street
Danville, VA— 410 3,954 1,073 410 5,027 2,291 20031998149 Executive Ct.
Danville, VA— 240 8,436 653 240 9,089 1,801 20141996508 Rison Street
Daphne, AL— 2,880 8,670 384 2,880 9,054 2,402 2012200127440 County Road 13
Davenport, IA— 566 2,017 — 566 2,017 195 20181966815 East Locust Street
Davenport, IA— 910 20,038 — 910 20,038 1,835 201820083800 Commerce Blvd.
Dayton, OH— 1,188 5,412 — 1,188 5,412 544 201819771974 North Fairfield Road
Dearborn Heights, MI— 1,197 3,394 — 1,197 3,394 375 2018196426001 Ford Road
Decatur, GA— 1,413 13,796 — 1,413 13,796 1,209 201819772722 North Decatur Road
(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Delray Beach, FL— 1,158 13,572 — 1,158 13,572 1,286 2018199816150 Jog Road
Delray Beach, FL— 2,125 11,840 — 2,125 11,840 1,154 2018199816200 Jog Road
Denton, TX— 1,760 8,305 412 1,760 8,717 2,584 201020112125 Brinker Rd
Denver, CO— 3,222 24,804 — 3,222 24,804 2,183 20181988290 South Monaco Parkway
Derby, UK— 2,359 8,539 638 2,498 9,038 1,431 20142015Rykneld Road
Dowagiac, MI— 825 1,778 — 825 1,778 149 2020200629601 Amerihost Dr
Droitwich, UK— — — 16,185 3,848 12,337 372 20182020Former Spring Meadows PH, Mulberry Tree Hill
Dublin, OH— 1,393 2,911 — 1,393 2,911 334 201820144075 W. Dublin-Granville Road
Dubuque, IA— 568 8,902 — 568 8,902 796 20181971901 West Third Street
Dunedin, FL— 1,883 13,325 — 1,883 13,325 1,199 20181983870 Patricia Avenue
Durham, NC— 1,476 10,659 3,168 1,476 13,827 12,675 199719994434 Ben Franklin Blvd.
Eagan, MN15,580 2,260 31,643 300 2,260 31,943 5,222 201520043810 Alder Avenue
East Brunswick, NJ— 1,380 34,229 1,093 1,380 35,322 9,607 20111998606 Cranbury Rd.
Eastbourne, UK— 4,071 24,438 2,688 4,455 26,742 5,100 20141999Carew Road
Easton, PA— 1,109 7,500 — 1,109 7,500 919 201820154100 Freemansburg Avenue
Easton, PA— 1,430 13,396 — 1,430 13,396 1,268 201819812600 Northampton Street
Easton, PA— 1,620 10,049 — 1,620 10,049 1,123 201820004100 Freemansburg Avenue
Eden, NC— 390 4,877 141 390 5,018 2,392 20031998314 W. Kings Hwy.
Edmond, OK— 1,810 14,849 3,260 1,810 18,109 3,437 201419851225 Lakeshore Drive
Edmond, OK— 1,650 25,167 1,700 1,650 26,867 3,545 201420172709 East Danforth Road
Edmond, OK— 410 8,388 226 410 8,614 2,214 2012200115401 North Pennsylvania Avenue
Elizabeth City, NC— 200 2,760 2,837 200 5,597 2,599 19981999400 Hastings Lane
Elk Grove Village, IL— 1,344 7,073 — 1,344 7,073 700 201819951940 Nerge Road Elk
Elk Grove Village, IL— 3,733 18,745 — 3,733 18,745 1,642 201819881920 Nerge Road
Encinitas, CA— 1,460 7,721 1,987 1,460 9,708 5,117 20001988335 Saxony Rd.
Escondido, CA— 1,520 24,024 785 1,520 24,809 8,286 201119871500 Borden Rd
Eureka, KS— 50 3,950 71 50 4,021 682 201519941820 E River St
Everett, WA— 1,400 5,476 — 1,400 5,476 3,210 199919992015 Lake Heights Dr.
Exton, PA— 3,600 27,267 342 3,600 27,609 3,009 20172018501 Thomas Jones Way
Fairfax, VA— 1,827 17,304 — 1,827 17,304 1,652 2018199712469 Lee Jackson Mem Highway
Fairfax, VA— 4,099 17,614 — 4,099 17,614 1,645 2018199012475 Lee Jackson Memorial Highway
Fairhope, AL— 570 9,119 112 570 9,231 2,418 2012198750 Spring Run Road
Fall River, MA— 620 5,829 4,856 620 10,685 6,218 199619731748 Highland Ave.
Fanwood, NJ— 2,850 55,175 1,467 2,850 56,642 15,165 20111982295 South Ave.
Faribault, MN— 780 11,539 300 780 11,839 1,887 20152003828 1st Street NE
Farmington, CT— 1,693 10,455 — 1,693 10,455 1,018 2018199745 South Road
Farnborough, UK— 2,036 5,737 733 2,228 6,278 1,149 20141980Bruntile Close, Reading Road
Fayetteville, NY— 410 3,962 500 410 4,462 2,293 200119975125 Highbridge St.
Fayetteville, PA— 2,150 20,221 — 2,150 20,221 5,122 201519916375 Chambersburg Road
Findlay, OH— 200 1,800 — 200 1,800 1,147 19971997725 Fox Run Rd.
Fishers, IN— 1,500 14,500 1,001 1,500 15,501 4,766 201020009745 Olympia Dr.
Fishers, IN— 2,314 33,731 — 2,314 33,731 705 2021201812950 Tablick St
Fishersville, VA— 788 2,101 3 788 2,104 1,143 2018199883 Crossroad Lane
Flint, MI— 1,271 18,050 — 1,271 18,050 1,601 201819693011 North Center Road
Florence, NJ— 300 2,978 — 300 2,978 1,545 20021999901 Broad St.

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Flower Mound, TX— 1,800 8,414 375 1,800 8,789 2,331 201120124141 Long Prairie Road
Floyd, VA— 680 3,618 4 680 3,622 894 20181979237 Franklin Pike Rd SE
Forest City, NC— 320 4,497 226 320 4,723 2,218 20031999493 Piney Ridge Rd.
Fort Collins, CO— 3,680 58,608 — 3,680 58,608 9,511 201520074750 Pleasant Oak Drive
Fort Wayne, IN— 1,770 19,930 1,652 1,770 21,582 6,308 20102008611 W County Line Rd South
Fort Worth, TX— 450 13,615 5,086 450 18,701 6,010 20102011425 Alabama Ave.
Fort Worth, TX— 2,781 23,053 — 2,781 23,053 — 202120158600 N Riverside Dr
Fredericksburg, VA— 1,000 20,000 2,161 1,000 22,161 8,991 200519993500 Meekins Dr.
Fredericksburg, VA— 1,130 23,202 182 1,130 23,384 4,681 20142010140 Brimley Drive
Ft. Myers, FL— 1,110 10,559 — 1,110 10,559 1,011 2018199915950 McGregor Boulevard
Ft. Myers, FL— 2,139 18,235 — 2,139 18,235 1,708 201819901600 Matthew Drive
Ft. Myers, FL— 2,502 9,741 — 2,502 9,741 1,104 2018200013881 Eagle Ridge Drive
Gahanna, OH— 2,432 34,645 — 2,432 34,645 375 202120175435 Morse Road
Gainesville, FL— 972 8,809 — 972 8,809 299 202120001415 Fort Clarke Blvd
Gainesville, FL— — — 31,503 2,374 29,129 1,853 201620183605 NW 83rd Street
Galesburg, IL— 1,708 3,839 — 1,708 3,839 364 20181964280 East Losey Street
Gardner, KS— 200 2,800 93 200 2,893 520 20152000869 Juniper Terrace
Gastonia, NC— 470 6,129 77 470 6,206 2,971 200319981680 S. New Hope Rd.
Gastonia, NC— 310 3,096 113 310 3,209 1,568 200319941717 Union Rd.
Gastonia, NC— 400 5,029 807 400 5,836 2,506 200319961750 Robinwood Rd.
Geneva, IL— 1,502 16,193 — 1,502 16,193 1,511 201820002388 Bricher Road
Georgetown, TX— 200 2,100 — 200 2,100 1,328 199719972600 University Dr., E.
Glen Ellyn, IL— 1,496 6,634 — 1,496 6,634 689 201820012S706 Park Boulevard
Granbury, TX— 2,550 2,940 777 2,550 3,717 1,155 20121996916 East Highway 377
Granger, IN— 1,670 21,280 2,455 1,670 23,735 6,867 201020096330 North Fir Rd
Grapevine, TX— 2,220 17,648 261 2,220 17,909 2,902 201320144545 Merlot Drive
Greeley, CO— 1,077 18,051 310 1,077 18,361 2,413 201720095300 West 29th Street
Greensboro, NC— 330 2,970 662 330 3,632 1,750 200319965809 Old Oak Ridge Rd.
Greensboro, NC— 560 5,507 1,813 560 7,320 3,224 200319974400 Lawndale Dr.
Greenville, NC— 290 4,393 353 290 4,746 2,205 200319982715 Dickinson Ave.
Greenville, SC— 310 4,750 394 310 5,144 2,253 2004199723 Southpointe Dr.
Greenville, MI— 1,490 4,341 — 1,490 4,341 285 202020161515 Meijer Dr
Greenville, SC— 1,751 8,771 — 1,751 8,771 840 20181966600 Sulphur Springs Road
Greenville, SC— 947 1,445 — 947 1,445 232 20181976601 Sulphur Springs Road
Greenwood, IN— 1,550 22,770 166 1,550 22,936 6,726 201020072339 South SR 135
Grosse Pointe, MI— 867 2,385 — 867 2,385 240 2018196421401 Mack Avenue
Hamilton, NJ— 440 4,469 — 440 4,469 2,313 200119981645 Whitehorse-Mercerville Rd.
Hanford, UK— 1,382 9,829 1,056 1,512 10,755 2,390 20132012Bankhouse Road
Harahan, LA— 2,628 38,864 — 2,628 38,864 — 202120207904 Jefferson Hwy
Harrisburg, PA— 569 12,822 — 569 12,822 1,191 201820002625 Ailanthus Lane
Harrow, UK— 7,402 8,266 1,477 8,100 9,045 1,769 20142001177 Preston Hill
Hastings, MI— 1,603 6,519 — 1,603 6,519 358 202020021821 N. East St
Hatboro, PA— — 28,112 1,771 — 29,883 8,489 201119963485 Davisville Road
Hatboro, PA— 1,192 7,608 — 1,192 7,608 964 20182000779 West County Line Road
Hatfield, UK— 2,924 7,527 985 3,200 8,236 1,844 20132012St Albans Road East

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Hattiesburg, MS— 450 13,469 — 450 13,469 3,834 20102009217 Methodist Hospital Blvd
Haverhill, MA— 5,519 19,554 — 5,519 19,554 — 2021201810 Residences Way
Hermitage, TN— 1,500 9,943 540 1,500 10,483 2,742 201120064131 Andrew Jackson Parkway
Herne Bay, UK— 1,900 24,353 3,231 2,079 27,405 6,451 20132011165 Reculver Road
Hiawatha, KS— 40 4,210 29 40 4,239 743 20151996400 Kansas Ave
Hickory, NC— 290 987 392 290 1,379 719 200319942530 16th St. N.E.
High Point, NC— 560 4,443 1,406 560 5,849 2,572 200320001568 Skeet Club Rd.
High Point, NC— 370 2,185 994 370 3,179 1,324 200319991564 Skeet Club Rd.
High Point, NC— 330 3,395 142 330 3,537 1,689 20031994201 Hartley Dr.
High Point, NC— 430 4,143 1,001 430 5,144 2,034 200319981560 Skeet Club Rd.
Highlands Ranch, CO— 940 3,721 4,983 940 8,704 2,941 200219999160 S. University Blvd.
Hillsboro, OH— 1,792 6,339 — 1,792 6,339 830 201819831141 Northview Drive
Hinckley, UK— 2,159 4,194 599 2,363 4,589 1,125 20132013Tudor Road
Hinsdale, IL— 4,033 24,280 — 4,033 24,280 2,141 20181971600 W Ogden Avenue
Holton, KS— 40 7,460 13 40 7,473 1,222 20151996410 Juniper Dr
Homewood, IL— 2,395 7,649 — 2,395 7,649 690 20181989940 Maple Avenue
Howard, WI— 579 32,122 5,943 684 37,960 4,653 201720162790 Elm Tree Hill
Huntingdon Valley, PA— 1,150 3,728 — 1,150 3,728 501 201819933430 Huntingdon Pike
Huntsville, AL— 1,382 14,286 — 1,382 14,286 437 202120014801 Whitesport Cir SW
Hutchinson, KS— 600 10,590 774 600 11,364 4,843 200419972416 Brentwood
Independence, VA— 1,082 6,767 7 1,082 6,774 1,612 20181998400 S Independence Ave
Indianapolis, IN— 870 14,688 — 870 14,688 3,175 201420141635 N Arlington Avenue
Jackson, NJ— 6,500 26,405 4,240 6,500 30,645 6,848 201220012 Kathleen Drive
Jacksonville, FL— 2,932 14,269 — 2,932 14,269 465 202119993455 San Pablo Rd S
Jacksonville, FL— 750 25,231 163 750 25,394 3,623 201320145939 Roosevelt Boulevard
Jacksonville, FL— — 26,381 1,911 1,691 26,601 3,782 201320144000 San Pablo Parkway
Jefferson Hills, PA— 2,265 13,614 — 2,265 13,614 1,847 20181997380 Wray Large Road
Jersey Shore, PA— 600 8,104 — 600 8,104 704 201819731008 Thompson Street
Kansas City, KS— 700 20,115 — 700 20,115 3,458 201520158900 Parallel Parkway
Katy, TX— 1,778 22,622 — 1,778 22,622 3,026 2017201524802 Kingsland Boulevard
Kensington, MD— 1,753 18,621 — 1,753 18,621 1,674 201820024301 Knowles Avenue
Kenwood, OH— 821 11,040 — 821 11,040 1,026 201820004580 East Galbraith Road
Kettering, OH— 1,229 4,701 — 1,229 4,701 497 201819773313 Wilmington Pike
King of Prussia, PA— 720 14,776 — 720 14,776 1,423 20181995620 West Valley Forge Road
King of Prussia, PA— 1,205 4,725 — 1,205 4,725 538 20181990600 West Valley Forge Road
Kingsford, MI— 1,362 10,594 — 1,362 10,594 1,025 201819681225 Woodward Avenue
Kingsport, TN— 2,123 33,130 — 2,123 33,130 — 20212019915 Holston Hills Dr.
Kirkstall, UK— 2,437 9,414 1,117 2,666 10,302 2,295 2013200929 Broad Lane
Knoxville, TN— 2,207 12,849 — 2,207 12,849 606 202120018501 S. Northshore Drive
Kokomo, IN— 710 16,044 — 710 16,044 3,461 201420142200 S. Dixon Rd
Lacey, WA— 2,582 18,175 — 2,582 18,175 1,657 201820124524 Intelco Loop SE
Lafayette, IN— 670 16,833 1 670 16,834 3,364 201520142402 South Street
Lafayette, CO— 1,420 20,192 — 1,420 20,192 3,714 20152015329 Exempla Circle
Lakeway, TX— 5,142 23,203 — 5,142 23,203 5,439 200720112000 Medical Dr
Lakewood, CO— 2,160 28,091 62 2,160 28,153 5,775 201420107395 West Eastman Place

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Lakewood Ranch, FL— 650 6,714 2,010 650 8,724 2,153 201120128230 Nature's Way
Lakewood Ranch, FL— 1,000 22,388 314 1,000 22,702 5,594 201220058220 Natures Way
Lancaster, PA— 1,680 14,039 — 1,680 14,039 1,954 2015201731 Millersville Road
Lancaster, PA— 1,011 7,502 — 1,011 7,502 708 20181966100 Abbeyville Road
Lapeer, MI— 1,827 8,794 — 1,827 8,794 453 20202004101 Devonshire Dr
Largo, FL— 1,166 3,426 — 1,166 3,426 418 20181997300 Highland Avenue Northeast
Laureldale, PA— 1,171 14,420 — 1,171 14,420 1,314 201819802125 Elizabeth Avenue
Lawrence, KS— 250 8,716 64 250 8,780 2,150 201219963220 Peterson Road
Lebanon, PA— 728 10,367 — 728 10,367 1,035 20181998100 Tuck Court
Lebanon, PA— 1,214 5,960 — 1,214 5,960 667 20181980900 Tuck Street
Lee, MA— 290 18,135 926 290 19,061 9,773 20021998600 & 620 Laurel St.
Leeds, UK— 1,974 13,239 1,434 2,160 14,487 2,511 20152013100 Grove Lane
Leicester, UK— 3,060 24,410 2,589 3,348 26,711 6,276 20122010307 London Road
Lenoir, NC— 190 3,748 920 190 4,668 2,150 200319981145 Powell Rd., N.E.
Lethbridge, AB— 1,214 2,750 340 1,315 2,989 771 20142003785 Columbia Boulevard West
Lexana, KS— 480 1,770 152 480 1,922 375 201519948710 Caenen Lake Rd
Lexington, NC— 200 3,900 1,153 200 5,053 2,475 20021997161 Young Dr.
Libertyville, IL— 6,500 40,024 2,612 6,500 42,636 11,807 20112001901 Florsheim Dr
Libertyville, IL— 2,993 11,546 — 2,993 11,546 1,033 201819881500 South Milwaukee
Lichfield, UK— 1,382 30,324 2,989 1,512 33,183 5,751 20152012Wissage Road
Lillington, NC— 500 16,451 184 500 16,635 3,211 201419992041 NC-210 N
Lillington, NC— 470 17,579 600 470 18,179 3,654 2014201354 Red Mulberry Way
Lititz, PA— 1,200 13,836 — 1,200 13,836 1,929 2015201680 West Millport Road
Livermore, CA— 4,100 24,996 79 4,100 25,075 4,544 2014197435 Fenton Street
Livonia, MI— 985 13,555 — 985 13,555 1,304 2018199932500 Seven Mile Road
Longwood, FL— 1,260 6,445 — 1,260 6,445 1,932 20112011425 South Ronald Reagan Boulevard
Los Angeles, CA— — 11,430 1,058 — 12,488 4,196 20081971330 North Hayworth Avenue
Louisburg, KS— 280 4,320 44 280 4,364 721 20151996202 Rogers St
Loxley, UK— 1,369 15,668 2,404 1,499 17,942 3,965 20132008Loxley Road
Lutherville, MD— 1,100 19,786 1,744 1,100 21,530 6,259 20111988515 Brightfield Road
Lynchburg, VA— 340 16,114 66 340 16,180 3,403 20142013189 Monica Blvd
Lynchburg, VA— 2,904 3,696 — 2,904 3,696 345 201819782200 Landover Place
Lynnwood, WA— 2,302 5,632 — 2,302 5,632 533 201819873701 188th Street
Macungie, PA— — — 27,041 2,558 24,483 — 201720186043 Lower Macungie Road
Manalapan, NJ— 900 22,624 760 900 23,384 6,395 20112001445 Route 9 South
Manassas, VA— 750 7,446 1,103 750 8,549 3,691 200319968341 Barrett Dr.
Mankato, MN— 1,460 32,104 300 1,460 32,404 5,119 20152006100 Dublin Road
Mansfield, TX— — — 21,163 2,807 18,356 — 201720192500 N. Walnut Creek
Marietta, PA— 1,050 13,633 562 1,050 14,195 2,302 201519992760 Maytown Road
Marietta, OH— 1,149 9,373 — 1,149 9,373 867 201819775001 State Route 60
Marietta, GA— 2,406 12,229 — 2,406 12,229 1,106 201819804360 Johnson Ferry Place
Marion, IN— 720 9,604 — 720 9,604 2,750 20142012614 W. 14th Street
Marion, IN— 990 9,190 824 990 10,014 3,048 20141976505 N. Bradner Avenue
Marion, OH— 2,768 17,415 — 2,768 17,415 2,050 20182004400 Barks Road West
Marlborough, UK— 2,677 6,822 897 2,930 7,466 1,426 20141999The Common

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Martinsville, VA— 349 — — 349 — — 20031900Rolling Hills Rd. & US Hwy. 58
Matthews, NC— 560 4,738 152 560 4,890 2,362 200319982404 Plantation Center Dr.
McHenry, IL— 1,576 — — 1,576 — — 200619005200 Block of Bull Valley Road
McKinney, TX— 4,314 23,777 — 4,314 23,777 — 20212018220 S Crutcher Crossing
McMurray, PA— 1,440 15,805 3,894 1,440 19,699 5,287 20102011240 Cedar Hill Dr
Medicine Hat, AB— 932 5,566 551 1,010 6,039 1,246 2014199965 Valleyview Drive SW
Mentor, OH— 1,827 9,938 — 1,827 9,938 931 201819858200 Mentor Hills Drive
Mequon, WI— 2,238 17,761 — 2,238 17,761 159 202120156751 West Mequon Road
Miamisburg, OH— 786 3,232 — 786 3,232 427 20181983450 Oak Ridge Boulevard
Middleburg Heights, OH— 960 7,780 472 960 8,252 3,526 2004199815435 Bagley Rd.
Middleton, WI— 420 4,006 600 420 4,606 2,254 200119916701 Stonefield Rd.
Midlothian, VA— 2,015 8,602 — 2,015 8,602 268 2021201513800 Bon Secours Drive
Milton Keynes, UK— 1,826 18,654 1,930 1,998 20,412 3,643 20152007Tunbridge Grove, Kents Hill
Minnetonka, MN— 2,080 24,360 2,935 2,080 27,295 7,688 20121999500 Carlson Parkway
Mishawaka, IN— 740 10,698 — 740 10,698 3,337 2014201360257 Bodnar Blvd
Moline, IL— 2,946 18,672 — 2,946 18,672 1,634 20181964833 Sixteenth Avenue
Monroe, NC— 470 3,681 839 470 4,520 2,150 20032001918 Fitzgerald St.
Monroe, NC— 310 4,799 922 310 5,721 2,720 20032000919 Fitzgerald St.
Monroe, NC— 450 4,021 417 450 4,438 2,050 200319971316 Patterson Ave.
Monroe Township, NJ— 3,250 27,771 765 3,250 28,536 4,568 20151996319 Forsgate Drive
Monroeville, PA— 1,216 12,749 — 1,216 12,749 1,420 20181997120 Wyngate Drive
Monroeville, PA— 1,237 3,641 — 1,237 3,641 540 20181996885 MacBeth Drive
Montgomeryville, PA— 1,176 9,824 — 1,176 9,824 967 20181989640 Bethlehem Pike
Montville, NJ— 3,500 31,002 1,699 3,500 32,701 9,078 20111988165 Changebridge Rd.
Moorestown, NJ— 4,143 23,902 — 4,143 23,902 5,363 20122014250 Marter Avenue
Morehead City, NC— 200 3,104 2,039 200 5,143 2,594 19991999107 Bryan St.
Moulton, UK— 1,695 12,510 1,886 1,691 14,400 1,726 20171995Northampton Lane North
Mountainside, NJ— 3,097 7,807 — 3,097 7,807 741 201819881180 Route 22
Mt. Pleasant, MI— 1,863 6,467 — 1,863 6,467 399 202020132378 S. Lincoln Rd
Naperville, IL— 3,470 29,547 3,457 3,470 33,004 8,883 20112001504 North River Road
Naples, FL— 1,222 10,639 — 1,222 10,639 1,057 201819986125 Rattlesnake Hammock Road
Naples, FL— 1,672 23,119 — 1,672 23,119 2,558 201819931000 Lely Palms Drive
Naples, FL— 1,854 12,398 — 1,854 12,398 1,109 201819873601 Lakewood Boulevard
Nashville, TN— 4,910 29,590 — 4,910 29,590 10,698 2008200715 Burton Hills Boulevard
Needham, MA— 1,610 12,667 — 1,610 12,667 6,277 20021994100 West St.
Needham, MA— 3,957 71,163 — 3,957 71,163 — 20212013235 Gould St.
New Lenox, IL— 1,225 21,575 — 1,225 21,575 1,706 201920071023 South Cedar Rd
New Moston, UK— 1,480 4,378 553 1,620 4,791 1,111 2013201090a Broadway
Newark, DE— 560 21,220 2,442 560 23,662 9,771 20041998200 E. Village Rd.
Newcastle Under Lyme, UK— 1,110 5,655 638 1,215 6,188 1,371 20132010Hempstalls Lane
Newcastle-under-Lyme, UK— 1,125 5,537 628 1,231 6,059 1,158 20141999Silverdale Road
Newport News, VA— 839 6,077 6 839 6,083 1,402 2018199812997 Nettles Dr
Norman, OK— 55 1,484 — 55 1,484 1,031 199519951701 Alameda Dr.
Norman, OK— 1,480 33,330 604 1,480 33,934 8,152 20121985800 Canadian Trails Drive
North Augusta, SC— 332 2,558 — 332 2,558 1,527 19991998105 North Hills Dr.

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Northampton, UK— 5,182 17,348 2,124 5,670 18,984 4,373 20132011Cliftonville Road
Northampton, UK— 2,013 6,257 780 2,203 6,847 1,227 20142014Cliftonville Road
Northbrook, IL— 1,298 13,337 — 1,298 13,337 1,222 201819993240 Milwaukee Avenue
Nottingham, UK— 1,628 6,263 744 1,782 6,853 1,214 20142014172A Nottingham Road
Nuneaton, UK— 3,325 8,983 1,159 3,638 9,829 2,180 20132011132 Coventry Road
Nuthall, UK— 2,498 10,436 1,220 2,734 11,420 2,559 20132011172 Nottingham Road
Oak Lawn, IL— 2,418 5,426 — 2,418 5,426 494 201819779401 South Kostner Avenue
Oak Lawn, IL— 3,876 7,985 — 3,876 7,985 754 201819606300 W 95th Street
Oakland, CA— 4,760 16,143 282 4,760 16,425 3,244 20142002468 Perkins Street
Ocala, FL— 1,340 10,564 206 1,340 10,770 3,659 200820092650 SE 18TH Avenue
Oklahoma City, OK— 590 7,513 39 590 7,552 2,796 2007200813200 S. May Ave
Oklahoma City, OK— 760 7,017 98 760 7,115 2,575 2007200911320 N. Council Road
Oklahoma City, OK— — — 18,198 1,590 16,608 1,090 201420162800 SW 131st Street
Olathe, KS— 1,930 19,765 553 1,930 20,318 3,619 2016201521250 W 151 Street
Ona, WV— 950 7,558 — 950 7,558 2,215 20152007100 Weatherholt Drive
Oneonta, NY— 80 5,020 — 80 5,020 1,824 200719961846 County Highway 48
Orem, UT— 2,150 24,107 — 2,150 24,107 3,885 20152014250 East Center Street
Osage City, KS— 50 1,700 142 50 1,842 375 201519961403 Laing St
Osawatomie, KS— 130 2,970 136 130 3,106 574 201520031520 Parker Ave
Ottawa, KS— 160 6,590 44 160 6,634 1,114 201520072250 S Elm St
Overland Park, KS— — — 31,146 3,730 27,416 9,289 2008200912000 Lamar Avenue
Overland Park, KS— 4,500 29,105 7,295 4,500 36,400 11,615 201019886101 W 119th St
Overland Park, KS— 410 2,840 92 410 2,932 564 2015200414430 Metcalf Ave
Overland Park, KS— 1,300 25,311 677 1,300 25,988 4,526 201620157600 Antioch Road
Owasso, OK— 215 1,380 — 215 1,380 898 1996199612807 E. 86th Place N.
Palm Beach Gardens, FL— 2,082 6,622 — 2,082 6,622 692 2018199111375 Prosperity Farms Road
Palm Coast, FL— 870 10,957 233 870 11,190 3,663 2008201050 Town Ct.
Palm Harbor, FL— 2,490 23,901 — 2,490 23,901 692 202119962960 Tampa Rd
Palm Harbor, FL— 1,306 13,807 — 1,306 13,807 1,357 201819972895 Tampa Road
Palm Harbor, FL— 3,281 22,450 — 3,281 22,450 2,166 201819902851 Tampa Road
Palos Heights, IL— 1,225 12,453 — 1,225 12,453 1,121 201819997880 West College Drive
Palos Heights, IL— 3,431 28,803 — 3,431 28,803 2,506 201819877850 West College Drive
Palos Heights, IL— 2,590 7,644 — 2,590 7,644 691 2018199611860 Southwest Hwy
Panama City Beach, FL— 900 6,402 734 900 7,136 1,715 201120056012 Magnolia Beach Road
Paola, KS— 190 5,610 59 190 5,669 972 20152000601 N. East Street
Parma, OH— 960 12,718 — 960 12,718 1,227 201819989205 Sprague Road
Parma, OH— 1,833 10,314 — 1,833 10,314 1,120 201820069055 West Sprague Road
Paulsboro, NJ— 3,264 8,023 — 3,264 8,023 784 20181987550 Jessup Road
Paw Paw, MI— 1,687 5,602 — 1,687 5,602 360 20202012677 Hazen
Perrysburg, OH— 1,456 5,431 — 1,456 5,431 535 2018197310540 Fremont Pike
Perrysburg, OH— 1,213 7,108 — 1,213 7,108 649 2018197810542 Fremont Pike
Philadelphia, PA— 2,930 10,433 3,536 2,930 13,969 4,529 201119521526 Lombard Street
Pickerington, OH— 2,072 27,651 — 2,072 27,651 296 20212017611 Windmiller Drive
Pikesville, MD— — 2,487 — — 2,487 213 201819988911 Reisterstown Road
Pikesville, MD— 4,247 8,379 — 4,247 8,379 854 201819968909 Reisterstown Road

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Pinehurst, NC— 290 2,690 718 290 3,408 1,607 2003199817 Regional Dr.
Piqua, OH— 204 1,885 — 204 1,885 1,158 199719971744 W. High St.
Piscataway, NJ— 3,100 33,351 — 3,100 33,351 4,257 2013201710 Sterling Drive
Pittsburgh, PA— 1,750 8,572 6,320 1,750 14,892 4,421 20051998100 Knoedler Rd.
Pittsburgh, PA— 603 11,354 — 603 11,354 1,089 201819981125 Perry Highway
Pittsburgh, PA— 1,005 15,160 — 1,005 15,160 1,400 20181997505 Weyman Road
Pittsburgh, PA— 1,140 3,164 — 1,140 3,164 295 20181962550 South Negley Avenue
Pittsburgh, PA— 761 4,213 — 761 4,213 376 201819655609 Fifth Avenue
Pittsburgh, PA— 1,480 9,712 — 1,480 9,712 1,013 201819861105 Perry Highway
Pittsburgh, PA— 1,139 5,844 — 1,139 5,844 597 201819861848 Greentree Road
Plainview, NY— 3,990 11,969 1,713 3,990 13,682 4,203 20111963150 Sunnyside Blvd
Plano, TX— 1,840 20,152 560 1,840 20,712 3,413 201620163325 W Plano Parkway
Poole, UK— 3,478 17,481 — 3,478 17,481 1,238 20192019Kingsmill Road
Potomac, MD— 1,448 14,622 — 1,448 14,622 1,325 2018199410718 Potomac Tennis Lane
Potomac, MD— 4,119 14,916 — 4,119 14,916 1,396 2018198810714 Potomac Tennis Lane
Pottstown, PA— 984 4,563 — 984 4,563 458 20181907724 North Charlotte Street
Powell, OH— 1,910 18,008 — 1,910 18,008 224 202120183872 Attucks Drive
Powell, OH— 2,300 26,198 — 2,300 26,198 281 2021201710351 Sawmill Parkway
Prior Lake, MN13,058 1,870 29,849 300 1,870 30,149 4,759 201520034685 Park Nicollet Avenue
Prospect, KY— 2,533 9,963 — 2,533 9,963 359 202120176901 Carslaw Ct.
Raleigh, NC— 7,598 88,870 900 7,598 89,770 11,050 200820174030 Cardinal at North Hills St
Raleigh, NC— 3,530 59,589 — 3,530 59,589 14,540 201220025301 Creedmoor Road
Raleigh, NC— 2,580 16,837 — 2,580 16,837 4,370 201219887900 Creedmoor Road
Red Bank, NJ— 1,050 21,275 1,158 1,050 22,433 6,077 20111997One Hartford Dr.
Redondo Beach, CA— — 9,557 709 — 10,266 8,658 20111957514 North Prospect Ave
Reidsville, NC— 170 3,830 1,473 170 5,303 2,375 200219982931 Vance St.
Richardson, TX— 1,468 12,975 — 1,468 12,975 1,223 20181999410 Buckingham Road
Richmond, IN— 700 14,222 393 700 14,615 2,585 20162015400 Industries Road
Richmond, VA— 3,261 17,974 — 3,261 17,974 1,610 201819901719 Bellevue Avenue
Richmond, VA— 1,046 8,233 — 1,046 8,233 789 201819662125 Hilliard Road
Roanoke, VA— 748 4,483 5 748 4,488 1,277 201819974355 Pheasant Ridge Rd
Rock Hill, SC— 1,825 7,676 — 1,825 7,676 327 202119951611 Constitution Blvd
Rockford, MI— 2,386 13,546 — 2,386 13,546 594 202020146070 Northland Dr
Rockville Centre, NY— 4,290 20,310 1,379 4,290 21,689 6,215 20112002260 Maple Ave
Rockwall, TX— 2,220 17,650 230 2,220 17,880 2,969 20122014720 E Ralph Hall Parkway
Romeoville, IL— 1,895 — — 1,895 — — 20061900Grand Haven Circle
Roseville, MN— 2,140 24,679 100 2,140 24,779 3,960 201519892750 North Victoria Street
Rugeley, UK— 1,900 10,262 1,146 2,079 11,229 2,636 20132010Horse Fair
Ruston, LA— 710 9,790 — 710 9,790 3,006 201119881401 Ezelle St
S Holland, IL— 1,423 8,907 — 1,423 8,907 859 201819972045 East 170th Street
Salem, OR— 449 5,171 1 449 5,172 3,071 199919981355 Boone Rd. S.E.
Salisbury, NC— 370 5,697 390 370 6,087 2,838 200319972201 Statesville Blvd.
San Angelo, TX— 260 8,800 425 260 9,225 4,022 200419972695 Valleyview Blvd.
San Angelo, TX— 1,050 24,689 1,361 1,050 26,050 5,066 201419996101 Grand Court Road
San Antonio, TX— 1,499 12,658 — 1,499 12,658 1,180 2018200015290 Huebner Road

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
San Diego, CA— — 22,003 1,845 — 23,848 7,856 20081992555 Washington St.
San Juan Capistrano, CA— 1,390 6,942 1,506 1,390 8,448 4,256 2000200130311 Camino Capistrano
Sand Springs, OK— 910 19,654 238 910 19,892 4,895 201220024402 South 129th Avenue West
Sandusky, MI— 967 6,738 — 967 6,738 314 2020200870 W. Argyle Ave
Sarasota, FL— 475 3,175 — 475 3,175 2,138 199619958450 McIntosh Rd.
Sarasota, FL— 4,101 11,204 — 4,101 11,204 1,679 201819935401 Sawyer Road
Sarasota, FL— 1,370 4,082 — 1,370 4,082 392 201819683250 12th Street
Sarasota, FL— 2,792 11,173 — 2,792 11,173 1,040 201819935511 Swift Road
Sarasota, FL— 443 8,892 — 443 8,892 915 201819985509 Swift Road
Scranton, PA— 320 12,144 3 320 12,147 2,422 201420132751 Boulevard Ave
Scranton, PA— 440 17,609 375 440 17,984 3,527 201420052741 Blvd. Ave
Seminole, FL— 1,165 8,975 — 1,165 8,975 894 201819989300 Antilles Drive
Seven Fields, PA— 484 4,663 59 484 4,722 2,805 19991999500 Seven Fields Blvd.
Sewell, NJ— 3,127 14,090 — 3,127 14,090 1,494 20182010378 Fries Mill Road
Shawnee, OK— 80 1,400 — 80 1,400 936 199619953947 Kickapoo
Silver Spring, MD— 1,469 10,392 — 1,469 10,392 969 201819952505 Musgrove Road
Silver Spring, MD— 4,678 11,679 — 4,678 11,679 1,161 201819902501 Musgrove Road
Silvis, IL— 880 16,420 139 880 16,559 5,024 201020051900 10th St.
Sinking Spring, PA— 1,393 19,842 — 1,393 19,842 1,829 201819823000 Windmill Road
Sittingbourne, UK— 1,357 6,539 744 1,485 7,155 1,313 20141997200 London Road
Smithfield, NC— 290 5,680 844 290 6,524 2,767 20031998830 Berkshire Rd.
Smithfield, NC— 360 8,216 179 360 8,395 1,640 20141999250 Highway 210 West
South Bend, IN— 670 17,770 — 670 17,770 3,700 2014201452565 State Road 933
South Point, OH— 1,135 9,387 — 1,135 9,387 867 201819847743 County Road 1
Southampton, UK— 1,519 16,041 1,027 1,608 16,979 1,946 20172013Botley Road, Park Gate
Southbury, CT— 1,860 23,613 1,088 1,860 24,701 6,859 20112001655 Main St
Spokane, WA— 2,649 11,699 — 2,649 11,699 1,092 201819856025 North Assembly Street
Springfield, IL— 990 13,378 1,085 990 14,463 2,951 201420133089 Old Jacksonville Road
St. Paul, MN— 2,100 33,019 100 2,100 33,119 5,245 20151996750 Mississippi River
Stafford, UK— 2,009 8,238 599 2,126 8,720 1,232 20142016Stone Road
Stamford, UK— 1,820 3,238 477 1,991 3,544 694 20141998Priory Road
Statesville, NC— 150 1,447 377 150 1,824 866 200319902441 E. Broad St.
Statesville, NC— 310 6,183 693 310 6,876 2,960 200319962806 Peachtree Place
Statesville, NC— 140 3,627 53 140 3,680 1,763 200319992814 Peachtree Rd.
Staunton, VA— 899 6,391 6 899 6,397 1,513 201819991410 N Augusta St
Sterling Heights, MI— 790 10,784 — 790 10,784 1,013 2018199611095 East Fourteen Mile Road
Sterling Heights, MI— 1,583 15,634 — 1,583 15,634 1,491 2018201338200 Schoenherr Road
Stillwater, OK— 80 1,400 — 80 1,400 937 199519951616 McElroy Rd.
Stratford-upon-Avon, UK— 790 14,508 1,442 864 15,876 2,749 20152012Scholars Lane
Stroudsburg, PA— 340 16,313 56 340 16,369 3,666 20142011370 Whitestone Corner Road
Sunbury, PA— 695 7,244 — 695 7,244 653 20181981800 Court Street Circle
Sunnyvale, CA— 4,946 22,123 — 4,946 22,123 1,986 201819901150 Tilton Drive
Superior, WI— 1,020 13,735 6,159 1,020 19,894 4,553 200920101915 North 34th Street
Tacoma, WA— 2,522 8,573 — 2,522 8,573 787 201819845601 South Orchard Southtreet
Tallahassee, FL— 1,264 9,652 — 1,264 9,652 337 20211999100 John Knox Rd

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Tampa, FL— 1,315 6,911 — 1,315 6,911 749 2018199914950 Casey Road
Telford, UK— 1,048 11,250 — 1,048 11,250 61 20212021Shifnal Road
Terre Haute, IN— 1,370 18,016 — 1,370 18,016 3,517 20152015395 8th Avenue
Texarkana, TX— 192 1,403 — 192 1,403 912 199619964204 Moores Lane
The Villages, FL— 1,035 7,446 — 1,035 7,446 1,776 201320142450 Parr Drive
Thomasville, GA— 530 12,520 1,347 530 13,867 3,129 20112006423 Covington Avenue
Thousand Oaks, CA— 3,425 19,573 — 3,425 19,573 643 20192021980 Warwick Avenue
Three Rivers, MI— 1,255 2,760 — 1,255 2,760 340 20181976517 South Erie Southtreet
Tomball, TX— 1,050 13,300 840 1,050 14,140 3,904 201120011221 Graham Dr
Toms River, NJ— 3,466 23,311 — 3,466 23,311 2,651 201920061657 Silverton Rd
Tonganoxie, KS— 310 3,690 76 310 3,766 712 20152009120 W 8th St
Topeka, KS— 260 12,712 101 260 12,813 3,267 201220111931 Southwest Arvonia Place
Towson, MD— 1,715 13,111 — 1,715 13,111 1,221 201820008101 Bellona Avenue
Towson, MD— 3,100 6,465 — 3,100 6,465 576 20181960509 East Joppa Road
Towson, MD— 4,527 3,126 — 4,527 3,126 352 201819707001 North Charles Street
Troy, OH— 200 2,000 4,254 200 6,254 2,681 1997199781 S. Stanfield Rd.
Troy, MI— 1,381 24,445 — 1,381 24,445 2,178 20182006925 West South Boulevard
Trumbull, CT— 4,440 43,384 570 4,440 43,954 12,332 201120016949 Main Street
Tulsa, OK— 1,100 27,007 2,233 1,100 29,240 4,029 2015201718001 East 51st Street
Tulsa, OK— 890 9,410 — 890 9,410 1,101 201720097210 South Yale Avenue
Tulsa, OK— 1,390 7,110 1,102 1,390 8,212 2,819 201019987220 S. Yale Ave.
Tulsa, OK— 1,320 10,087 70 1,320 10,157 2,713 201120127902 South Mingo Road East
Tulsa, OK12,733 1,752 28,421 94 1,752 28,515 3,639 20172014701 W 71st Street South
Tustin, CA— 840 15,299 537 840 15,836 4,910 20111965240 East 3rd St
Twinsburg, OH— 1,446 5,919 — 1,446 5,919 610 201820148551 Darrow Road
Union, KY— — — 33,927 2,242 31,685 1,524 201820209255 US-42
Union, SC— 1,932 2,372 — 1,932 2,372 341 20181981709 Rice Avenue
Valparaiso, IN— 112 2,558 — 112 2,558 1,386 200119982601 Valparaiso St.
Valparaiso, IN— 108 2,962 — 108 2,962 1,589 200119992501 Valparaiso St.
Vancouver, WA— 2,503 28,393 — 2,503 28,393 2,507 201820112811 N.E. 139th Street
Venice, FL— 1,150 10,674 215 1,150 10,889 3,629 200820091600 Center Rd.
Venice, FL— 2,246 10,094 — 2,246 10,094 1,001 201819971450 East Venice Avenue
Vero Beach, FL— 263 3,187 — 263 3,187 1,702 20011999420 4th Ct.
Vero Beach, FL— 297 3,263 — 297 3,263 1,750 20011996410 4th Ct.
Vero Beach, FL— 3,580 31,735 — 3,580 31,735 956 20212005910 Regency Square
Vero Beach, FL— 1,256 11,204 — 1,256 11,204 384 202120074150 Indian River Blvd
Virginia Beach, VA— 1,540 22,593 204 1,540 22,797 4,568 201419935520 Indian River Rd
Virginia Beach, VA— 2,004 19,634 — 2,004 19,634 263 202120081853 Old Donation Parkway
Voorhees, NJ— 3,100 25,950 26 3,100 25,976 6,764 20112013113 South Route 73
Voorhees, NJ— 2,193 6,990 — 2,193 6,990 722 201820061086 Dumont Circle
W Palm Beach, FL— 1,175 8,294 — 1,175 8,294 839 201819962330 Village Boulevard
W Palm Beach, FL— 1,921 5,731 — 1,921 5,731 560 201819962300 Village Boulevard
Wabash, IN— 670 14,588 1 670 14,589 3,157 2014201320 John Kissinger Drive
Waconia, MN— 890 14,726 4,495 890 19,221 5,098 20112005500 Cherry Street
Wake Forest, NC— 200 3,003 2,621 200 5,624 2,642 19981999611 S. Brooks St.

(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Wallingford, PA— 1,356 6,487 — 1,356 6,487 682 20181930115 South Providence Road
Walnut Creek, CA— 4,358 18,407 — 4,358 18,407 1,696 201819971975 Tice Valley Boulevard
Walnut Creek, CA— 5,394 39,084 — 5,394 39,084 3,423 201819901226 Rossmoor Parkway
Walsall, UK— 1,184 8,562 919 1,296 9,369 1,718 20152015Little Aston Road
Wamego, KS— 40 2,510 57 40 2,567 447 201519961607 4th St
Wareham, MA— 875 7,906 — 875 7,906 6,281 2002198950 Indian Neck Rd.
Warren, NJ— 2,000 30,810 1,337 2,000 32,147 8,691 20111999274 King George Rd
Waterloo, IA— 605 3,030 — 605 3,030 308 20181964201 West Ridgeway Avenue
Wayne, NJ— 1,427 15,674 — 1,427 15,674 1,835 20181998800 Hamburg Turnpike
Wellingborough, UK— 1,480 5,724 679 1,620 6,263 1,273 20152015159 Northampton
West Bend, WI— 620 17,790 38 620 17,828 4,729 201020112130 Continental Dr
West Des Moines, IA— 828 5,103 — 828 5,103 525 201820065010 Grand Ridge Drive
West Milford, NJ— 1,960 24,614 — 1,960 24,614 2,140 20192000197 Cahill Cross Road
West Orange, NJ— 1,347 19,389 — 1,347 19,389 2,126 20181998510 Prospect Avenue
West Reading, PA— 890 12,118 — 890 12,118 1,057 20181975425 Buttonwood Street
Westerville, OH— 740 8,287 4,146 740 12,433 11,082 19982001690 Cooper Rd.
Westerville, OH— — — 26,086 2,566 23,520 980 20172020702 Polaris Parkway
Westerville, OH— 1,420 5,371 — 1,420 5,371 521 201819821060 Eastwind Drive
Westerville, OH— 1,582 10,279 — 1,582 10,279 1,014 20181980215 Huber Village Boulevard
Westfield, IN— 890 15,964 1 890 15,965 3,424 20142013937 E. 186th Street
Westlake, OH— 855 11,963 — 855 11,963 1,136 2018199728400 Center Ridge Road
Weston Super Mare, UK— 2,517 7,054 902 2,754 7,719 1,721 20132011141b Milton Road
Wheaton, MD— 3,864 3,788 — 3,864 3,788 382 2018196111901 Georgia Avenue
Whippany, NJ— 1,571 14,977 — 1,571 14,977 1,430 2018200018 Eden Lane
Whitehall, MI— 1,645 6,789 — 1,645 6,789 375 202020126827 Whitehall Rd
Wichita, KS— 260 2,240 129 260 2,369 416 20151992900 N Bayshore Dr
Wichita, KS— 1,400 11,000 456 1,400 11,456 6,185 20061997505 North Maize Road
Wichita, KS12,038 630 19,747 315 630 20,062 4,867 201220092050 North Webb Road
Wichita, KS— 900 10,134 123 900 10,257 2,791 2011201210600 E 13th Street North
Wichita, KS— 860 8,873 — 860 8,873 2,589 2011201210604 E 13th Street North
Williamsburg, VA— 1,187 5,728 6 1,187 5,734 1,416 201820001811 Jamestown Rd
Willoughby, OH— 1,774 8,653 — 1,774 8,653 835 2018197437603 Euclid Avenue
Wilmington, NC— 210 2,991 — 210 2,991 1,771 199919993501 Converse Dr.
Wilmington, NC— 400 15,355 207 400 15,562 3,212 201420123828 Independence Blvd
Wilmington, DE— 1,376 13,450 — 1,376 13,450 1,259 20181998700 1/2 Foulk Road
Wilmington, DE— 2,843 36,948 — 2,843 36,948 3,324 201819885651 Limestone Road
Wilmington, DE— 2,266 9,500 — 2,266 9,500 913 20181984700 Foulk Road
Windsor, VA— 1,148 6,514 7 1,148 6,521 1,599 2018199923352 Courthouse Hwy
Winston-Salem, NC— 360 2,514 595 360 3,109 1,475 200319962980 Reynolda Rd.
Winter Garden, FL— 1,110 7,937 — 1,110 7,937 2,091 20122013720 Roper Road
Winter Springs, FL— 1,152 14,822 — 1,152 14,822 1,372 201819991057 Willa Springs Drive
Witherwack, UK— 944 6,915 741 1,033 7,567 1,688 20132009Whitchurch Road
Wolverhampton, UK— 1,573 6,678 778 1,721 7,308 1,645 20132011378 Prestonwood Road
Woodbury, MN— 1,317 20,935 298 1,317 21,233 2,886 201720152195 Century Avenue South
Woodstock, VA— 594 5,108 5 594 5,113 1,105 20182001803 S Main St


(Dollars in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Triple-net:        
Worcester, MA— 3,500 54,099 4 3,500 54,103 17,379 20072009101 Barry Road
Yardley, PA— 773 14,914 — 773 14,914 1,460 20181995493 Stony Hill Road
Yardley, PA— 1,561 9,439 — 1,561 9,439 1,099 201819901480 Oxford Valley Road
York, UK— 2,961 8,266 1,058 3,240 9,045 1,736 20142006Rosetta Way, Boroughbridge Road
York, PA— 976 9,354 — 976 9,354 890 20181972200 Pauline Drive
York, PA— 1,050 4,210 — 1,050 4,210 474 201819832400 Kingston Court
York, PA— 1,121 7,584 — 1,121 7,584 771 201819791770 Barley Road
Youngsville, NC— 380 10,689 115 380 10,804 2,177 20142013100 Sunset Drive
Zephyrhills, FL— 2,131 6,669 — 2,131 6,669 712 2018198738220 Henry Drive
Zionsville, IN— 1,610 22,400 1,790 1,610 24,190 7,039 2010200911755 N Michigan Rd
Zionsville, IN— 2,162 33,238 — 2,162 33,238 721 202120186800 Central Blvd
Triple-net Total$72,536 $911,678 $7,485,316 $592,881 $955,620 $8,034,255 $1,459,518 

120

Welltower Inc. 
Schedule III 
Real Estate and Accumulated Depreciation 
December 31, 2021 
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Outpatient Medical:        
Addison, IL$5,130 $102 $19,060 $— $102 $19,060 $1,749 20182012303 West Lake Street
Agawam, MA— 1,072 4,544 624 1,072 5,168 591 20192005230-232 Main Street
Allen, TX— 726 14,196 1,661 726 15,857 6,466 201220061105 N Central Expressway
Alpharetta, GA— — — 20,406 773 19,633 8,562 201119933400-A Old Milton Parkway
Alpharetta, GA— — — 38,575 1,769 36,806 17,816 201119993400-C Old Milton Parkway
Alpharetta, GA— 476 13,378 — 476 13,378 4,593 2011200311975 Morris Road
Alpharetta, GA— 548 17,103 1,112 548 18,215 7,735 201120073300 Old Milton Parkway
Alpharetta, GA— 1,862 — — 1,862 — — 20111900940 North Point Parkway
Ann Arbor, MI— 4,234 27,623 2,462 4,234 30,085 — 202120164350 Jackson Road
Ann Arbor, MI— 4,044 14,610 1,305 4,044 15,915 — 202120144200 Whitehall Dr.
Appleton, WI6,728 1,881 7,540 1,333 1,881 8,873 797 201920045330 W Michael Drive
Appleton, WI11,848 3,782 18,003 2,452 3,782 20,455 1,777 201920052323 N Casaloma Drive
Arcadia, CA— — — 34,254 5,618 28,636 13,948 20061984301 W. Huntington Drive
Arlington, TX— 82 18,243 743 82 18,986 5,827 20122012902 W. Randol Mill Road
Arlington Heights, IL— 1,233 2,826 623 1,233 3,449 508 202019971632 W. Central Road
Atlanta, GA— — — 28,778 2,172 26,606 10,728 20121984975 Johnson Ferry Road
Atlanta, GA— — — 45,361 — 45,361 16,567 201220065670 Peachtree-Dunwoody Road
Atlanta, GA— 4,931 18,720 7,972 5,387 26,236 14,420 20061991755 Mt. Vernon Hwy.
Austin, TX— 1,066 10,112 — 1,066 10,112 1,781 201720175301-B Davis Lane
Austin, TX— 1,688 5,865 919 1,688 6,784 946 201920155301-A Davis Lane
Baltimore, MD— 4,490 28,667 2,577 4,490 31,244 2,338 201920141420 Key Highway
Bellevue, NE— — — 16,691 — 16,691 6,861 201020102510 Bellevue Medical Center Drive
Bend, OR— 16,516 28,429 1,912 16,516 30,341 3,666 201920011501 Northeast Medical Center Drive
Berkeley Heights, NJ— 49,555 79,091 13,760 49,555 92,851 7,797 201919781 Diamond Hill Road
Beverly Hills, CA— 20,766 40,730 3,712 20,766 44,442 10,489 201519469675 Brighton Way
Beverly Hills, CA— 18,863 1,192 492 18,885 1,662 922 20151955415 North Bedford
Beverly Hills, CA— 19,863 31,690 2,338 19,863 34,028 7,624 20151946416 North Bedford
Beverly Hills, CA33,729 32,603 28,639 1,617 32,603 30,256 7,967 20151950435 North Bedford
Beverly Hills, CA78,271 52,772 87,366 2,567 52,772 89,933 18,817 20151989436 North Bedford
Boca Raton, FL— 109 34,002 4,754 214 38,651 17,356 200619959970 S. Central Park Blvd.
Boca Raton, FL— 31 12,312 703 251 12,795 4,907 201219939960 S. Central Park Boulevard
Bridgeton, MO— — — 22,840 450 22,390 9,415 2010200612266 DePaul Dr
Bridgeton, MO— 1,701 6,228 302 1,501 6,730 1,736 201720083440 De Paul Ln.
Brooklyn, NY— — 101,887 — — 101,887 1,664 20152021NE Corner of 9th & 49th Street
Burleson, TX— — — 14,078 10 14,068 5,581 2011200712001 South Freeway
Burnsville, MN— — — 33,992 — 33,992 11,387 2013201414101 Fairview Dr
Canton, MI— 1,168 13,399 1,162 1,168 14,561 — 2021200449650 Cherry Hill Road

(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLandBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLandBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Outpatient Medical:        
Cape Coral, FL— 2,273 10,727 1,442 2,273 12,169 636 202119952721 Del Prado Blvd
Cary, NC— 2,816 10,645 1,239 2,816 11,884 2,095 20192007540 Waverly Place
Cedar Park, TX— — — 29,938 132 29,806 6,827 201720141401 Medical Parkway, Building 2
Chapel Hill, NC— 488 2,242 149 488 2,391 268 20192010100 Perkins Drive
Chapel Hill, NC4,936 1,970 8,874 84 1,970 8,958 1,233 201820076011 Farrington Road
Chapel Hill, NC4,936 1,970 8,925 5 1,970 8,930 1,385 201820076013 Farrington Road
Chapel Hill, NC14,030 5,681 25,035 17 5,681 25,052 3,579 201820062226 North Carolina Highway 54
Charlotte, NC— 10 23,265 1,939 10 25,204 4,156 201919711900 Randolph Road
Charlotte, NC— 30 59,039 6,321 30 65,360 9,591 201919941918 Randolph Road
Charlotte, NC— 40 40,533 3,297 40 43,830 6,315 201919891718 East Fourth Street
Charlotte, NC— 1,746 8,378 1,278 1,746 9,656 1,742 20191998309 South Sharon Amity Road
Charlotte, NC— 15,678 74,500 3,334 15,678 77,834 2,158 201820211237 Harding Place
Charlotte, NC— — 22,949 — — 22,949 385 20212021830 Kenilworth Avenue
Charlotte, NC— 11,783 44,717 1,523 11,783 46,240 1,134 201820211225 Harding Place
Chicopee, MA— 6,078 13,793 2,151 6,078 15,944 1,949 20192005444 Montgomery Street
Chula Vista, CA— 1,045 21,387 1,798 1,045 23,185 3,151 20191973480 4th Avenue
Chula Vista, CA— 826 6,106 709 826 6,815 903 20191985450 4th Avenue
Chula Vista, CA— 1,114 14,902 558 1,114 15,460 1,573 20192008971 Lane Ave
Chula Vista, CA— 1,075 6,828 338 1,075 7,166 737 20192006959 Lane Ave
Cincinnati, OH— 537 9,719 590 537 10,309 1,387 201920014850 Red Bank Expressway
Cincinnati, OH— — 17,880 287 2 18,165 5,646 201220133301 Mercy Health Boulevard
Clarkson Valley, MO— — — 35,592 — 35,592 17,076 2009201015945 Clayton Rd
Clear Lake, TX— — 13,882 20 2,319 11,583 2,126 201320141010 South Ponds Drive
Clinton, MI— 1,138 616 208 1,138 824 — 2021198711775 Tecumseh-Clinton Hwy.
Clyde, NC— 1,433 21,099 967 1,433 22,066 1,772 20192012581 Leroy George Drive
College Station, TX— 1,111 7,456 — 1,111 7,456 31 202120211204 Copperfield Pkwy
Columbia, MO— 438 12,426 733 438 13,159 1,961 201919941601 E. Broadway
Columbia, MO— 488 15,702 1,218 488 16,920 2,455 201919991605 E. Broadway
Columbia, MO— 199 22,289 1,366 199 23,655 2,971 201920071705 E. Broadway
Columbia, MD— 23 33,885 4,142 9,353 28,697 11,740 201519825450 & 5500 Knoll N Dr.
Columbia, MD— 2,333 19,232 1,878 2,333 21,110 7,589 2012200210700 Charter Drive
Columbia, MD— 12,159 72,636 782 12,159 73,418 9,125 2018200910710 Charter Drive
Coon Rapids, MN— — 26,679 1,853 — 28,532 8,923 2013201411850 Blackfoot Street NW
Costa Mesa, CA19,523 22,033 24,332 1,367 22,033 25,699 6,919 201720071640 Newport Boulevard
Dade City, FL— 1,211 5,511 — 1,211 5,511 2,047 2011199813413 US Hwy 301
Dallas, TX— 122 15,418 10 122 15,428 3,529 201320148196 Walnut Hill Lane
Dallas, TX— 6,086 18,007 4,480 6,542 22,031 3,690 2018201010740 North Central Expressway
Danbury, CT— 2,382 23,204 2,199 2,382 25,403 355 2021201940 Old Ridgebury Rd
Danbury, CT— 914 9,612 1,232 914 10,844 155 20212010226 White St
Danbury, CT— 4,209 20,102 2,638 4,209 22,740 417 202120172 Riverview Dr
Deerfield Beach, FL— — — 11,097 2,540 8,557 4,102 201120011192 East Newport Center Drive
Delray Beach, FL— 1,882 34,767 2,757 2,449 36,957 20,488 200619855130-5150 Linton Blvd.
Dunkirk, MD— 259 2,263 291 259 2,554 488 2019199710845 Town Center Blvd

(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLandBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLandBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Outpatient Medical:        
Durham, NC— 1,403 23,788 1,377 1,403 25,165 2,434 20192000120 William Penn Plaza
Durham, NC— 1,751 42,391 2,037 1,751 44,428 3,532 201920043916 Ben Fanklin Boulevard
El Paso, TX— — — 19,435 677 18,758 9,854 200619972400 Trawood Dr.
Elgin, IL— 1,634 9,443 1,423 1,634 10,866 1,174 20202004745 Fletcher Drive
Elmhurst, IL— 41 39,562 374 41 39,936 4,878 20182011133 E Brush Hill Road
Elyria, OH— 3,263 27,163 1,056 3,263 28,219 2,889 20192008303 Chestnut Commons Drive
Escondido, CA— 2,278 19,724 1,245 2,278 20,969 2,362 20191994225 East 2nd Avenue
Everett, WA— — — 31,004 4,842 26,162 10,724 2010201113020 Meridian Ave. S.
Fenton, MO— 958 27,485 387 958 27,872 10,027 201320091011 Bowles Avenue
Fenton, MO— — — 14,478 369 14,109 4,444 201320091055 Bowles Avenue
Florham Park, NJ— 8,578 61,779 — 8,578 61,779 7,811 20172017150 Park Avenue
Flower Mound, TX— 737 9,276 552 737 9,828 2,715 201520142560 Central Park Avenue
Flower Mound, TX— 4,164 27,027 1,988 4,164 29,015 8,581 201420124370 Medical Arts Drive
Flower Mound, TX— 4,620 — — 4,620 — — 20141900Medical Arts Drive
Fort Washington, PA— 2,015 16,104 2,435 2,015 18,539 1,579 20201980467 Pennsylvania Avenue
Fort Worth, TX— 401 6,099 2,278 2,805 5,973 2,092 201420077200 Oakmont Boulevard
Fort Worth, TX— 462 26,020 702 462 26,722 8,127 2012201210840 Texas Health Trail
Fort Worth, TX— 1,790 4,522 560 1,790 5,082 — 202119832001 West Rosedale Street
Frederick, MD— 1,065 6,817 613 1,065 7,430 1,175 20191979194 Thomas Johnson Drive
Frederick, MD— 1,930 18,311 1,400 1,930 19,711 2,532 2019200645 Thomas Johnson Drive
Fresno, CA— 1,497 11,896 902 1,497 12,798 1,201 201920041105 E Spruce Ave
Gardendale, AL— 1,150 8,162 335 1,150 8,497 1,271 201820052217 Decatur Highway
Garland, TX— 4,952 30,151 2,567 4,952 32,718 3,902 201920187217 Telecome Parkway
Gastonia, NC— 569 1,638 55 569 1,693 203 20192000934 Cox Road
Gig Harbor, WA— 80 30,810 1,314 80 32,124 7,162 2010200911511 Canterwood Blvd. NW
Glendale, CA— 70 41,837 2,683 70 44,520 4,473 201920081500 E Chevy Chase Drive
Gloucester, VA— 2,128 9,169 62 2,128 9,231 1,425 201820085659 Parkway Drive
Grand Prairie, TX— 981 6,086 318 981 6,404 2,968 201220092740 N State Hwy 360
Grapevine, TX— — — 10,721 2,081 8,640 2,806 201420022040 W State Hwy 114
Grapevine, TX— — — 22,877 3,365 19,512 6,156 201420022020 W State Hwy 114
Greenville, SC— 1,790 4,421 1,446 1,790 5,867 1,800 2019198710 Enterprise Boulevard
Harrisburg, NC— 1,347 2,652 511 1,347 3,163 628 201920129550 Rocky River Road
Hattiesburg, MS17,231 3,155 31,155 3,581 3,155 34,736 2,944 201920123688 Veterans Memorial Drive
Haymarket, VA— 1,250 26,621 2,772 1,250 29,393 3,170 2019200815195 Heathcote Blvd
Henderson, NV1 2,587 5,376 279 2,587 5,655 621 201920022825 Siena Heights Drive
Henderson, NV— 7,372 22,172 1,908 7,372 24,080 3,101 201920052845 Siena Heights Drive
Henderson, NV— 5,492 18,448 1,131 5,492 19,579 2,088 201920052865 Siena Heights Drive
Highland, IL— — 8,834 50 — 8,884 2,500 2012201312860 Troxler Avenue
Hopewell Junction, NY— 2,164 4,659 692 2,164 5,351 461 2019199910 Cranberry Drive
Hopewell Junction, NY— 2,316 4,525 812 2,316 5,337 418 201920151955 NY-52
Houston, TX— — — 21,373 2,988 18,385 958 2016201913105 Wortham Center Drive
Houston, TX— 5,837 33,128 1,518 5,837 34,646 15,141 2012200515655 Cypress Woods Medical Dr.
Houston, TX— — — 17,133 3,688 13,445 5,071 2012200710701 Vintage Preserve Parkway

(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Outpatient Medical:        
Houston, TX— — — 84,300 12,815 71,485 22,476 201219982727 W Holcombe Boulevard
Houston, TX— 377 13,726 680 377 14,406 2,106 2018201120207 Chasewood Park Drive
Houston, TX— 2,351 7,980 900 2,351 8,880 510 2020201311476 Space Center Blvd
Houston, TX— 9,943 — — 9,943 — 11 20111900F.M. 1960 & Northgate Forest Dr.
Howell, MI— 2,000 13,928 588 2,000 14,516 2,653 201620171225 South Latson Road
Howell, MI— 579 4,109 319 579 4,428 — 20212019202 W. Highland Rd.
Humble, TX— — 9,941 — 1,702 8,239 1,476 201320148233 N. Sam Houston Parkway E.
Huntersville, NC— — 41,055 2,916 — 43,971 4,817 2019200410030 Gilead Road
Independence, MO— 762 3,480 380 762 3,860 330 2020200719401 East 37th Terrace Court South
Jackson, MI— — — 17,990 668 17,322 5,964 201320091201 E Michigan Avenue
Jacksonville, FL— 3,562 24,379 3,141 3,562 27,520 3,559 2019200610475 Centurion Parkway North
Jacksonville, FL— 1,113 10,970 1,051 1,113 12,021 1,130 202020005742 Booth Road
Jefferson City, TN— 109 16,035 851 109 16,886 1,975 20192001120 Hospital Drive
Jonesboro, GA— 567 15,146 1,267 567 16,413 2,133 201920097813 Spivey Station Boulevard
Jonesboro, GA— 627 15,844 805 627 16,649 2,006 201920077823 Spivey Station Boulevard
Jupiter, FL— — — 18,721 2,639 16,082 7,778 20062001550 Heritage Dr.
Jupiter, FL— — — 10,050 3,036 7,014 3,836 20072004600 Heritage Dr.
Kalamazoo, MI— — 14,746 — — 14,746 190 202020212520 Robert Jones Way
Katy, TX— — 11,219 — — 11,219 421 201920200 Grand Parkway & Morton Ranch Road
Katy, TX— 2,025 7,557 1,255 2,025 8,812 680 2020201621502 Merchants Way
Katy, TX— 3,699 12,701 2,305 3,699 15,006 1,880 202020061331 West Grand Parkway North
Knoxville, TN— 199 43,771 2,221 199 45,992 4,423 201920121926 Alcoa Highway
La Jolla, CA— 12,855 32,658 2,022 12,869 34,666 9,804 201519894150 Regents Park Row
La Jolla, CA— 9,425 26,525 1,027 9,440 27,537 7,044 201519884120 & 4130 La Jolla Village Drive
Lacey, WA6,207 1,751 10,345 — 1,751 10,345 1,591 201819712555 Marvin Road Northeast
Lake St Louis, MO— — — 14,826 240 14,586 6,243 20102008400 Medical Dr
Lakeway, TX— — — 2,801 2,801 — — 20071900Lohmans Crossing Road
Las Vegas, NV— — — 5,547 433 5,114 2,360 200719971776 E. Warm Springs Rd.
Las Vegas, NV— — — 9,643 2,319 7,324 3,372 200619912870 S. Maryland Pkwy.
Las Vegas, NV— 4,180 20,064 2,913 4,180 22,977 1,722 202020179880 West Flamingo Road
Las Vegas, NV— 5,864 22,502 3,070 5,864 25,572 1,796 202020174980 West Sahara Ave
Little Rock, AR— 3,021 20,095 1,907 3,021 22,002 2,503 201920146119 Midtown Avenue
Los Alamitos, CA— — — 19,276 39 19,237 8,072 200720033771 Katella Ave.
Lowell, MA— 3,016 9,663 510 3,016 10,173 991 20112020839 Merrimack Street
Loxahatchee, FL— — — 7,964 1,719 6,245 3,271 2006199712977 Southern Blvd.
Loxahatchee, FL— — — 9,437 1,440 7,997 4,097 2006199312989 Southern Blvd.
Loxahatchee, FL— — — 8,284 1,650 6,634 3,401 2006199412983 Southern Blvd.
Lubbock, TX41,449 2,286 66,022 6,917 2,286 72,939 4,914 201920064515 Marsha Sharp Freeway
Lynbrook, NY25,936 10,028 37,319 1,657 10,028 38,976 4,827 20181962444 Merrick Road
Madison, WI— 3,670 24,615 3,816 3,670 28,431 2,745 201920121102 South Park Street
Margate, FL— 219 8,743 555 219 9,298 1,365 201920042960 N. State Rd 7
Marietta, GA— 2,682 20,053 1,738 2,703 21,770 6,001 201620164800 Olde Towne Parkway
Mars, PA— 1,925 8,307 1,412 1,925 9,719 998 202020066998 Crider Road

(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Outpatient Medical:        
Matthews, NC— 10 32,108 1,611 10 33,719 3,918 201919941450 Matthews Township Parkway
Menasha, WI— — — 18,500 1,345 17,155 4,355 201619941550 Midway Place
Merced, CA— — — 14,904 — 14,904 6,326 20092010315 Mercy Ave.
Meridian, ID— 3,206 23,619 3,506 3,206 27,125 3,175 201920093277 E Louise Drive
Mesa, AZ— 3,158 5,588 1,122 3,158 6,710 457 202020161910 S. Gilbert Road
Mesa, AZ— 3,889 5,816 1,257 3,889 7,073 518 202020161833 N. Power Road
Milan, MI— 1,216 6,082 405 1,216 6,487 — 20212008870 E. Arkona Rd
Mission Hills, CA22,245 — 42,276 7,119 4,791 44,604 13,679 2014198611550 Indian Hills Road
Missouri City, TX— 1,360 7,143 — 1,360 7,143 953 201520167010 Highway 6
Mobile, AL15,123 2,759 25,180 14 2,759 25,194 2,971 201820036144 Airport Boulevard
Monroeville, PA— 1,544 10,012 1,087 1,544 11,099 1,457 202019792550 Mosside Blvd
Moorestown, NJ— 6 50,896 1,030 362 51,570 19,095 20112012401 Young Avenue
Mount Juliet, TN— — — 15,131 1,601 13,530 6,846 200720055002 Crossings Circle
Mount Kisco, NY— 12,632 46,294 5,124 12,627 51,423 3,756 2019199690 - 110 South Bedford Road
Mount Vernon, IL— — 24,892 144 — 25,036 9,398 201120122 Good Samaritan Way
Murrieta, CA— — 47,190 1,164 — 48,354 24,004 2010201128078 Baxter Rd.
Murrieta, CA— 3,800 — — 3,800 — — 2014190028078 Baxter Rd.
Myrtle Beach, SC— 1,357 3,131 612 1,357 3,743 1,027 201919968170 Rourk Street
Nampa, ID15,500 3,439 18,648 2,933 3,439 21,581 1,665 201920171510 12th Avenue
New Milford, CT— 1,006 3,031 510 1,006 3,541 82 20211995131 Kent Rd
New Milford, CT— 2,033 5,924 895 2,033 6,819 162 20211995131 Kent Rd
Newburgh, NY— 9,213 28,300 4,079 9,213 32,379 2,082 201920151200 NY-300
Newburyport, MA— 3,104 18,492 999 3,104 19,491 2,312 20192008One Wallace Bashaw Jr. Way
Newtown, CT— 2,176 7,355 1,785 2,176 9,140 174 20212015164 Mount Pleasant
Newtown, CT— 3,039 7,375 1,989 3,039 9,364 219 20212016170 Mt Pleasant Rd
Niagara Falls, NY— — — 12,805 1,721 11,084 6,921 200719956932 - 6934 Williams Rd
Niagara Falls, NY— — — 8,959 454 8,505 4,072 200720046930 Williams Rd
Norfolk, VA— 1,138 23,416 3,667 1,138 27,083 3,678 20192014155 Kingsley Lane
North Canton, OH12,699 2,518 21,523 2,946 2,518 24,469 1,739 201920147442 Frank Avenue
North Easton, MA— 2,336 17,936 2,035 2,336 19,971 1,880 2019200715 Roche Brothers Way
North Easton, MA— 2,882 14,463 1,573 2,882 16,036 1,503 2019200831 Roche Brothers Way
Norwood, OH— 1,017 5,642 1,025 1,017 6,667 897 201920064685 Forest Avenue
Novi, MI— 895 34,573 2,367 895 36,940 4,288 2019200826750 Providence Parkway
Oklahoma City, OK— 216 18,949 — 216 18,949 6,537 20132008535 NW 9th Street
Oxford, NC— 478 4,724 247 478 4,971 552 20192011107 East McClanahan Street
Pasadena, TX— 1,700 8,009 5,862 1,700 13,871 1,736 201220135001 E Sam Houston Parkway S
Pearland, TX— — — 12,759 1,500 11,259 2,303 201220132515 Business Center Drive
Pearland, TX— — — 42,538 9,807 32,731 8,729 2014201311511 Shadow Creek Parkway
Phoenix, AZ— 199 3,967 257 199 4,224 521 201919809225 N 3rd Street
Phoenix, AZ— 109 2,134 133 109 2,267 290 201919869327 North 3rd Street
Phoenix, AZ— 229 5,442 451 229 5,893 1,026 201919949100 N 2nd Street
Phoenix, AZ— — — 63,386 1,149 62,237 31,376 200619982222 E. Highland Ave.
Pinckney, MI— 1,708 3,397 419 1,708 3,816 — 2021202010200 Dexter-Pinckney Rd.

(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Outpatient Medical:        
Plano, TX— 793 83,209 5,657 793 88,866 29,367 201220056020 West Parker Road
Plantation, FL— — — 25,483 8,575 16,908 9,728 20061997851-865 SW 78th Ave.
Port Orchard, WA9,553 2,810 22,716 483 2,810 23,199 2,864 20181995450 South Kitsap Boulevard
Porter, TX— 3,746 15,119 — 3,746 15,119 724 2018201925553 US Highway 59
Poughkeepsie, NY— 2,144 32,820 4,312 2,144 37,132 2,362 201920082507 South Road
Poughkeepsie, NY— 4,035 26,001 4,479 4,035 30,480 1,745 2019201030 Columbia Street
Poughkeepsie, NY— 6,513 23,787 4,097 6,513 27,884 1,802 20192006600 Westage Drive
Poughkeepsie, NY18,433 5,128 18,080 2,704 5,128 20,784 1,373 201920121910 South Road
Prince Frederick, MD— 229 25,905 1,212 229 27,117 2,789 20192009130 Hospital Road
Prince Frederick, MD— 179 12,243 834 179 13,077 1,691 20191991110 Hospital Road
Rancho Mirage, CA— 7,292 13,214 1,941 7,292 15,155 1,656 2019200572780 Country Club Drive
Redmond, WA— — — 32,841 5,015 27,826 11,744 2010201118100 NE Union Hill Rd.
Richmond, TX— 2,000 9,118 4 2,000 9,122 1,312 2015201622121 FM 1093 Road
Richmond, VA— 2,969 26,697 1,973 3,090 28,549 11,648 201220087001 Forest Avenue
Rockwall, TX— 132 17,197 392 132 17,589 5,869 201220083142 Horizon Road
Rolla, MO— 1,931 47,639 1 1,931 47,640 18,457 201120091605 Martin Spring Drive
Rome, GA— 99 29,846 2,107 99 31,953 4,226 20192005330 Turner McCall Boulevard
Roseville, MN— 2,963 18,785 2,234 2,963 21,019 2,143 201919941835 W County Road C
Roxboro, NC— 368 2,327 150 368 2,477 279 20192000799 Doctors Court
San Antonio, TX— 3,050 12,073 97 3,050 12,170 1,706 201620175206 Research Drive
San Antonio, TX— 2,915 11,473 1,313 2,915 12,786 1,696 20192006150 E Sonterra Blvd
Santa Clarita, CA— — 2,338 20,619 5,304 17,653 5,158 2014197623861 McBean Parkway
Santa Clarita, CA— — 28,384 2,924 5,277 26,031 6,867 2014199823929 McBean Parkway
Santa Clarita, CA— 278 185 11,594 11,872 185 235 2014199623871 McBean Parkway
Santa Clarita, CA25,000 295 39,359 — 295 39,359 8,738 2014201323803 McBean Parkway
Santa Clarita, CA— — 20,618 1,413 4,407 17,624 4,730 2014198924355 Lyons Avenue
Seattle, WA— 4,410 38,428 869 4,410 39,297 20,452 201020105350 Tallman Ave
Sewell, NJ— 1,242 11,616 6 1,242 11,622 1,921 20182007556 Egg Harbor Road
Shakopee, MN4,821 508 11,398 1 509 11,398 5,321 201019961515 St Francis Ave
Shakopee, MN8,113 707 18,089 125 773 18,148 6,646 201020071601 St Francis Ave
Shenandoah, TX— — 21,135 62 4,574 16,623 2,925 20132014106 Vision Park Boulevard
Sherman Oaks, CA— — 32,186 4,143 3,121 33,208 9,490 201419694955 Van Nuys Boulevard
Silverdale, WA12,564 3,451 21,176 12 3,451 21,188 2,757 201820042200 NW Myhre Road
Southlake, TX— 2,875 14,126 1,345 2,875 15,471 2,020 20192017925 E. Southlake Boulevard
Southlake, TX— — — 18,641 592 18,049 7,188 201220041545 East Southlake Boulevard
Southlake, TX— — — 31,295 698 30,597 10,682 201220041545 East Southlake Boulevard
Southlake, TX— 3,000 — — 3,000 — — 20141900Central Avenue
Springfield, MA— 2,721 5,698 923 2,721 6,621 857 20192012305 Bicentennial Highway
St Paul, MN— — — 38,177 49 38,128 8,866 20142006225 Smith Avenue N.
St. Louis, MO— 336 17,247 3,186 336 20,433 9,422 200720012325 Dougherty Ferry Rd.
St. Paul, MN— 2,706 39,507 489 2,701 40,001 16,504 20112007435 Phalen Boulevard
Stockton, CA11,205 4,966 14,412 2,445 4,966 16,857 1,594 201920092388 - 2488 N California Street
Suffern, NY— 653 37,255 211 696 37,423 16,351 20112007257 Lafayette Avenue


(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuilding & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuilding & Improvements
Accumulated Depreciation(1)
Year AcquiredYear BuiltAddress
Outpatient Medical:        
Suffolk, VA— 1,566 11,511 173 1,620 11,630 5,771 201020075838 Harbour View Blvd.
Sugar Land, TX— — — 19,075 3,543 15,532 7,391 2012200511555 University Boulevard
Sycamore, IL— 1,113 12,910 2,473 1,113 15,383 1,119 202020021630 Gateway Drive
Tacoma, WA— — — 64,307 — 64,307 26,409 201120131608 South J Street
Tampa, FL— 4,319 12,234 — 4,319 12,234 3,906 2011200314547 Bruce B Downs Blvd
Tarzana, CA— 6,115 15,510 2,065 6,115 17,575 2,195 202019865620 Wilbur Ave
Timonium, MD— — — 21,644 8,850 12,794 2,416 201520172118 Greenspring Drive
Tustin, CA— 3,345 541 297 3,345 838 445 2015197614591 Newport Ave
Tustin, CA— 3,361 12,039 3,633 3,361 15,672 4,531 2015198514642 Newport Ave
Tyler, TX58,863 2,903 104,300 10,625 2,903 114,925 7,590 201920131814 Roseland Boulevard
Van Nuys, CA— — — 36,187 — 36,187 13,123 200919916815 Noble Ave.
Voorhees, NJ— — — 32,517 6,477 26,040 12,099 20061997900 Centennial Blvd.
Voorhees, NJ— 6 96,075 2,347 99 98,329 37,017 20102012200 Bowman Drive
Waco, TX— — — 289 125 164 12 201819626612 Fish Pond Road
Waco, TX— — — 148 35 113 9 201819616620 Fish Pond Rd
Waco, TX13,577 2,250 28,632 352 2,250 28,984 3,685 20181981601 Highway 6 West
Waco, TX— 601 2,594 1,125 468 3,852 797 201820006600 Fish Pond Rd
Washington, PA18,243 3,981 31,706 17 3,981 31,723 4,166 20182010100 Trich Drive
Wausau, WI— — — 14,225 2,050 12,175 2,009 201520171901 Westwood Center Boulevard
Waxahachie, TX— — 18,068 303 303 18,068 4,205 201620142460 N I-35 East
Wellington, FL— — — 19,718 326 19,392 8,973 2006200010115 Forest Hill Blvd.
Wellington, FL— — — 11,661 580 11,081 5,681 200720031395 State Rd. 7
Westlake Village, CA8,000 2,553 15,851 246 2,553 16,097 2,762 201819751250 La Venta Drive
Westlake Village, CA6,360 2,487 9,776 169 2,487 9,945 1,540 201819891220 La Venta Drive
Winston-Salem, NC— 2,006 6,542 1,226 2,006 7,768 1,620 201919982025 Frontis Plaza
Woodbridge, VA— 346 16,629 15 346 16,644 1,856 2018201212825 Minnieville Road
Wyandotte, MI— 581 8,023 773 581 8,796 652 202020021700 Biddle Ave
Ypsilanti, MI— 3,615 12,117 579 3,615 12,696 — 202119894918, 4936, 4940, 4972, and 4990 W. Clark Road
Yuma, AZ— 1,592 9,589 837 1,592 10,426 1,647 201920042270 South Ridgeview Drive
Zephyrhills, FL— 3,875 27,269 — 3,875 27,269 9,588 2011197438135 Market Square Dr
Outpatient Medical Total$530,254 $728,837 $4,612,615 $1,602,519 $901,997 $6,041,974 $1,326,814 

121

Welltower Inc. 
Schedule III 
Real Estate and Accumulated Depreciation 
December 31, 2021 
(Dollars in thousands) 
  Initial Cost to Company Gross Amount at Which Carried at Close of Period   
DescriptionEncumbrancesLand & Land ImprovementsBuildings & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuildings & ImprovementsAccumulated DepreciationYear AcquiredYear BuiltAddress
Assets Held For Sale: 
Brookline, MA$— $— $3,799 $— $— $3,799 $— 20191900125 Holland Road
Concord, NH— 720 3,041 — — 2,974 — 20111926227 Pleasant Street
Concord, NH— 1,760 43,179 — — 21,811 — 20111994239 Pleasant Street
Fort Collins, CO— 890 4,532 — — 4,478 — 201819651005 East Elizabeth
Fountain Valley, CA— 5,259 9,379 — — 13,952 — 2018198811680 Warner Avenue
Franconia, NH— 360 8,609 — — 8,609 — 2011197193 Main Street
Gig Harbor, WA— 3,000 4,463 — — 7,062 — 201819903309 45th Street Court Northwest
Hemet, CA— 6,224 8,414 — — 14,001 — 201819891717 West Stetson Avenue
Irving, TX— 1,030 6,823 — — 2,785 — 200719998855 West Valley Ranch Parkway
Las Vegas, NV— — — 2,945 — 2,945 — 20071900SW corner of Deer Springs Way and Riley Street
Louisville, KY— 490 10,010 — — 7,780 — 200519784604 Lowe Rd
Morrison, CO— 2,720 16,261 — — 13,433 — 20181974150 Spring Street
Owensboro, KY— 225 13,275 — — 7,687 — 200519641205 Leitchfield Rd.
Owenton, KY— 100 2,400 — — 1,282 — 20051979905 Hwy. 127 N.
Palm Desert, CA— 6,195 8,922 — — 14,451 — 2018198974350 Country Club Drive
Rexburg, ID— 1,267 3,213 — — 67 — 20181988660 South 2nd West
Shelbyville, KY— 630 3,870 — — 3,315 — 200519651871 Midland Trail
Williamstown, KY— 70 6,430 — — 3,666 — 20051987201 Kimberly Lane
Assets Held For Sale Total$— $30,940 $156,620 $2,945 $— $134,097 $— 
122

  Initial Cost to Company Gross Amount at Which Carried at Close of Period
EncumbrancesLand & Land ImprovementsBuildings & ImprovementsCost Capitalized Subsequent to AcquisitionLand & Land ImprovementsBuildings & ImprovementsAccumulated Depreciation
Summary:       
Seniors Housing Operating$1,599,522 $1,958,208 $15,959,072 $2,969,135 $2,110,813 $18,775,602 $4,123,782 
Triple-net72,536 911,678 7,485,316 592,881 955,620 8,034,255 1,459,518 
Outpatient Medical530,254 728,837 4,612,615 1,602,519 901,997 6,041,974 1,326,814 
Construction in progress— — 651,389 — — 651,389 — 
Total continuing operating properties2,202,312 3,598,723 28,708,392 5,164,535 3,968,430 33,503,220 6,910,114 
Assets held for sale— 30,940 156,620 2,945 — 134,097 — 
Total investments in real property owned$2,202,312 $3,629,663 $28,865,012 $5,167,480 $3,968,430 $33,637,317 $6,910,114 
(1) Please see Note 2 to our consolidated financial statements for information regarding lives used for depreciation and amortization.

 Year Ended December 31,
 202120202019
 (in thousands) 
Investment in real estate:   
Beginning balance$33,670,006 $36,027,915 $33,590,388 
Acquisitions and development4,805,086 1,174,148 4,807,418 
Improvements282,834 242,147 328,824 
Impairment of assets(51,107)(135,608)(28,074)
Dispositions(1)
(1,063,990)(3,782,120)(2,673,203)
Foreign currency translation(37,082)143,524 187,853 
Other(2)
— — (185,291)
Ending balance(3)
$37,605,747 $33,670,006 $36,027,915 
Accumulated depreciation:
Beginning balance$6,104,297 $5,715,459 $5,499,958 
Depreciation and amortization expenses1,037,566 1,038,437 1,027,073 
Amortization of above market leases4,036 5,217 5,752 
Disposition and other (1)
(234,397)(684,395)(772,273)
Foreign currency translation(1,388)29,579 (45,051)
Ending balance$6,910,114 $6,104,297 $5,715,459 
(1) Includes property dispositions and dispositions of leasehold improvements which are generally fully depreciated.
(2) Primarily relates to the adoption of ASC 842.
(3) The unaudited aggregate cost for tax purposes for real property equals $31,381,486,000 at December 31, 2021.

123

Welltower Inc.
Schedule IV - Mortgage Loans on Real Estate
December 31, 2021
    (in thousands)
LocationSegmentInterest RateFinal Maturity DateMonthly Payment TermsPrior LiensFace Amount of MortgagesCarrying Amount of MortgagesPrincipal Amount of Loans Subject to Delinquent Principal or Interest
First mortgages relating to 1 property located in:    
North CarolinaTriple-net8.00%12/18/2023$220 $— $32,783 $32,171 $— 
— 32,783 32,171 — 
First mortgages relating to multiple properties located in:
United KingdomTriple-net12.00%4/20/20263,848 — 769,500 708,242 — 
— 769,500 708,242 — 
First mortgages less than three percent of total:    
United Kingdom - 2Triple-net9.00%2022 - 2024N/AN/AN/A39,862 — 
United States - 10Various4% - 8%2020 - 2026N/AN/AN/A96,827 19,865 
— — 136,689 19,865 
Totals    $— $802,283 $877,102 $19,865 
 
 Year Ended December 31,
 202120202019
Reconciliation of mortgage loans:(in thousands)
Balance at beginning of year$293,752 $145,686 $249,071 
Additions:
New mortgage loans842,912 193,505 — 
Draws on existing loans337 20,844 45,961 
Interest added11,815 — — 
            Total additions855,064 214,349 45,961 
Deductions:
Collections of principal(214,132)(17,019)(87,249)
Loan balance transferred to non-real estate loans receivable(9,142)(53,071)(64,040)
Change in allowance for credit losses and charge-offs(6,984)(5,645)— 
Other(29,619)(329)— 
Total deductions(259,877)(76,064)(151,289)
Change in balance due to foreign currency translation(11,837)9,781 1,944 
Balance at end of year$877,102 $293,752 $145,686 

124

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