Welltower (WELL) investor relations material

Opening remarks and business overview

• Focuses on senior housing across the U.S., U.K., and Canada, emphasizing housing over healthcare.

• Highlights a market bias where REITs are often valued on short-term horizons, missing long-term compounding potential.

• Encourages investors to assess multi-year earnings power rather than just 12-18 months out.

Data science and AI strategy

• Announced a strategic data science partnership with Public Storage and a private equity group, generating licensing fees and leveraging proprietary technology.

• The data science platform, developed over 11 years, is now being commercialized and has attracted interest from sovereign wealth funds.

• Internal AI and machine learning tools have enabled rapid capital allocation and increased transaction volume without expanding the investment team.

• The platform is being tested for broader commercial real estate applications, with proven predictive capabilities in multifamily rents.

• All technology has been built in-house, not sourced externally.

Impact of technology and digitization

• Digitization aims to free up employee time, reduce turnover, and improve resident experience by streamlining property-level operations.

• The Welltower Business System is in early stages, with about 250 properties onboarded, and is expected to drive future operational improvements.

• The system enables seamless integration for new acquisitions but requires more change management for existing properties.

• Technology is seen as an enabler, but process, discipline, and mindset remain key differentiators among operators.