WELLTOWER INC. (WELL) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that WELLTOWER INC. surfaced in its latest filing.

• The OBBBA contains a provision that, starting in 2028, will require state Medicaid programs to reduce reimbursement rates by 10 percentage points each year until they reach 100% or 110% of what Medicare pays.2028
• California SB-525, effective June 2024, requires certain healthcare facility employers to pay wages higher than other state-mandated minimum wages.June 2024
• The largest component of the transactions we announced in 2025 is the acquisition of a real estate portfolio of seniors housing communities in the U.K. for £5.2 billion.2025
• During the year ended December 31, 2025, we entered into a definitive agreement to sell an outpatient medical portfolio for a sales price of approximately $7.2 billion.December 31, 2025
• As of December 2025, more than 80% of states have implemented Medicaid expansion under the Health Reform Laws.December 2025
• Welltower holds an approximate 98.378% ownership interest in Welltower OP as of December 31, 2025.December 31, 2025
• The Inflation Reduction Act of 2022 imposes a 15% Corporate Alternative Minimum Tax on certain U.S. corporations with average adjusted financial statement income in excess of $1 billion.2022
• The IRS issued proposed regulations on September 13, 2024 that do not include an exception for taxable REIT subsidiaries.September 13, 2024