Welltower — full event log

Welltower focuses on reducing greenhouse gas emissions and energy consumption across its portfolio through targeted property improvement projects. The sustainability team is embedded within asset management, creating project scopes for energy-saving component replacements and upgrades aligned with normal replacement schedules. The company benchmarks its portfolio in ENERGY STAR Portfolio Manager and has been recognized as ENERGY STAR Partner of the Year for six consecutive years, maintaining Sustained Excellence status for four consecutive years. Review processes use actual meter readings and specialized equipment to estimate and track energy and water savings.

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Welltower is committed to implementing renewable energy technologies across its portfolio as part of its environmental stewardship strategy. The company has issued 'green' bonds in the past to fund green building development projects. The sustainability approach includes implementing energy efficiency, water efficiency and renewable energy technologies across the portfolio, with a focus on obtaining green building certifications and performing portfolio-wide physical and transition risk analyses.

sustainability_report p.25

As a REIT operating predominantly through RIDEA structures, Welltower works with 53 operating partners across its Seniors Housing Operating segment to drive energy and sustainability improvements within properties. The company's sustainability steering committee and cross-functional governance model oversees sustainability initiatives across the portfolio. Welltower works with stakeholders including employees, vendors, operators, residents and tenants to meet environmental objectives and encourage evolving practices of environmental sustainability.

sustainability_report p.25

Welltower pursues green building certifications across its portfolio as part of its sustainability strategy and maintains GRESB Green Star status (fourth consecutive year as of 2024). The company also maintained Prime status under ISS-ESG Corporate Rating for six consecutive years and achieved an MSCI ESG rating of AA. These certifications validate the company's sustainability approach and drive property-level improvements in energy and water efficiency.

sustainability_report p.25

Welltower performs portfolio-wide physical and transition risk analyses to identify opportunities to mitigate climate-related risks. The company acknowledges that changes in federal, state and local legislation relating to climate change could result in increased capital expenditures to improve energy efficiency and resiliency of existing properties. In 2024, the portfolio was impacted by Hurricanes Beryl, Debby, Helene and Milton as well as wildfires, highlighting the materiality of physical climate risk. The company monitors climate risk as part of enterprise risk management.

sustainability_report p.57

Welltower acquired all shares of Care UK Holdings Limited and related entities via share purchase agreement. Care UK operates 136 seniors housing properties. Total consideration net of cash acquired was $842,567,000. Transaction recognized $87,192,000 in goodwill. Revenue recognized from operations since acquisition: $188,308,000.

sustainability_report p.113

Welltower completed 251 property acquisitions and joint venture investments totaling $5,716,098,000 book amount in 2024 (SHO: 198 properties $4,542,752K, Triple-net: 52 properties $1,126,492K, OM: 1 property $46,854K). Additionally acquired remaining beneficial interest in 39 triple-net properties from existing JV for $205,029,000.

sustainability_report p.73

In February 2024, Welltower entered definitive agreement to acquire 25 Seniors Housing Operating properties under the Affinity brand. Closed on 22 properties for $807,954,000 via cash, 203,328 OP Units and assumption of $427,725,000 secured debt. Remaining 3 properties expected to close Q1 2025.

sustainability_report p.114

In July 2024, Welltower OP issued $1,035,000,000 aggregate principal amount of 3.125% exchangeable senior unsecured notes maturing July 15, 2029. Commercial paper program also increased to $2 billion.

sustainability_report p.72

In July 2024, closed on expanded $5,000,000,000 unsecured revolving credit facility replacing prior $4,000,000,000 facility. Comprised of $3B tranche maturing June 2028 and $2B tranche maturing June 2029. Bearing interest at 0.725% over adjusted SOFR.

sustainability_report p.72

During 2024/early 2025, Welltower received credit rating upgrades: A- from S&P and A3 from Moody's. This followed 1.5x deleveraging of the balance sheet, with net debt to Adjusted EBITDA improving from 5.5x in 2023 to 3.8x in 2024.

sustainability_report p.3

In April 2024, closed Canadian portion of Revera JV dissolution: acquired remaining 25% interest in 71 properties and disposed of 14 properties to Revera. Gain of $137,641,000 recognized. Operations for 71 retained properties previously transitioned to Cogir (53), Levante (12), Optima (6).

sustainability_report p.117

During 2024, Welltower reclassified loans receivable balances, related interest income, provision for loan losses, and equity warrant fair value changes from three operating segments to Non-segment/Corporate to better align with CODM review. All prior periods restated.

sustainability_report p.78

Welltower's environmental strategy focuses on reducing greenhouse gas emissions, energy consumption, water usage, and waste production across its portfolio. The company benchmarks properties in ENERGY STAR Portfolio Manager, obtains green building certifications, and implements green technologies. Net proceeds from two green bond issuances ($500M in 2019 and $550M in 2022, totaling $1.05B) have been fully deployed into energy efficiency, water conservation, and green building projects as of September 30, 2023.

sustainability_report p.26

Welltower improved its GRESB score and maintained GRESB Green Star status for the third consecutive year. Also maintained MSCI ESG rating of AA, top 30% ISS Quality Score for Environment and Social, and Prime status under ISS-ESG Corporate Rating for fifth consecutive year.

sustainability_report p.25

Water conservation is explicitly cited as one of three categories of eligible projects for Welltower's green bond framework. Both green bonds ($500M issued 2019 and $550M issued 2022) funded energy efficiency, water conservation, and green building projects. As of September 30, 2023, all $1.05 billion of proceeds have been fully utilized. Water usage reduction is also stated as a key environmental goal alongside GHG emissions and energy consumption reduction.

sustainability_report p.26

Welltower performs portfolio-wide physical and transition risk analysis to identify opportunities to help mitigate climate risks across its seniors housing and outpatient medical portfolio. The company recognizes that changes in federal, state and local legislation relating to climate change could result in increased capital expenditures to improve energy efficiency and resiliency of existing properties, and acknowledges the risk of increased costs on new development properties without a corresponding increase in revenue.

sustainability_report p.26

Welltower was recognized by the U.S. EPA and U.S. Department of Energy as an ENERGY STAR Partner of the Year for the fifth consecutive year and maintained the level of Sustained Excellence (EPA's highest recognition) for the third consecutive year. Also achieved Executive Member level in EPA's Certification Nation program.

sustainability_report p.25

Welltower has modernized nearly all operator contracts under RIDEA 3.0/4.0 structures that align operators on bottom-line performance metrics and data sharing, which supports sustainability improvements through operators. The company's data science platform monitors property performance and transitions underperforming operators - indirectly enabling energy and operational efficiency improvements across the Seniors Housing Operating segment (72% of total revenues in 2023).

sustainability_report p.26

Welltower deployed a record $6 billion of capital in 2023 (book amount $4.23 billion for acquisitions), completing over 50 transactions with a median check size of $54 million, adding nearly 10,000 units (approximately 10% expansion of asset base). Segments: SHO 52 properties $2.66B, Triple-net 66 properties $1.10B, Outpatient Medical 35 properties $0.47B.

sustainability_report p.72

During 2023, Welltower entered into definitive agreements to dissolve existing Revera joint venture relationships across the U.S., U.K. and Canada. Transactions include acquiring remaining interests in 110 properties from Revera while simultaneously selling interests in 31 properties to Revera. UK portion closed June 2023, US portion closed Q3 2023. Canadian portfolio (85 properties) expected to close first half 2024.

sustainability_report p.112

Welltower's sustainability strategy explicitly includes implementing renewable energy technologies across its portfolio. The company works with operators, residents, and tenants to encourage evolving practices of environmental sustainability including renewable energy. This is part of a broader goal of prudent environmental stewardship focused on reducing greenhouse gas emissions and energy consumption, though specific renewable energy targets or percentage figures are not disclosed in this annual report (detailed metrics are in the separate ESG report).

sustainability_report p.26

Welltower pursues LEED, BREEAM, IREM, WELL and Fitwel certifications for new developments and existing properties. As of end-2022, the portfolio includes 58 ENERGY STAR certified, 8 LEED certified, 1 WELL certified, and 19 IREM Certified Sustainable Properties. New development projects are guided by Sustainability Guidelines developed with Arup in 2022. Example projects include Wandsworth Common (UK, CHP + PV + motion-sensor lighting, 35% regulated CO2 savings) and The Apsley NYC (24% embodied carbon savings vs baseline). The Balfour at Brookline development targets LEED Gold.

sustainability_report p.30

Because the bulk of emissions sit in tenant-operated seniors-housing space (downstream leased assets — Scope 3 Cat 13 = ~190k tCO2e electricity alone in 2022), Welltower drives reductions via the Seniors Housing 'Performance Playbook' (launched 2019), green leases (95% of new MOB leases include cost-recovery clauses for efficiency capex covering 3M sq ft), tenant newsletters, and ENERGY STAR Portfolio Manager benchmarking across 1,400+ properties (75% portfolio coverage, 83 operators).

sustainability_report p.16

Water intensity reduced 8.7% within control boundary from 2018 baseline. Pilots include wireless underground soil sensors at an Atlanta-area MOB for smart irrigation, and leak-detection systems deployed at nine properties. Standard practices include low-flow fixtures, drought-tolerant landscaping, and cooling-tower water management upgrades.

sustainability_report p.19

Welltower's Scope 3 inventory covers Categories 5 (waste), 6 (business travel air), 7 (employee commuting), and 13 (downstream leased assets — triple-net SHO properties), with LRQA limited assurance.

sustainability_report p.63

LRQA provided limited assurance over Welltower's CY2022 Scope 1, 2 and 3 GHG emissions, energy, water, waste, workforce diversity and safety metrics.

sustainability_report p.62

Received ENERGY STAR Partner of the Year, Sustained Excellence Award for the second consecutive year; 58 ENERGY STAR certified properties (+14 from 2021).

sustainability_report p.15

Welltower issued its second green bond offering ($550M) in 2022, taking total outstanding green bonds to $1.05B; net proceeds fund energy efficiency, water efficiency and green building projects.

sustainability_report p.4

Formed a cross-functional ESG Steering Committee led by the CEO and AVP Capital Markets & ESG to coordinate ESG strategy across divisions.

sustainability_report p.4

Released refreshed Vendor Code of Conduct covering business ethics, human rights, ethical labor, environmental sustainability, DEI, health, safety and data privacy.

sustainability_report p.30

Data coverage in ENERGY STAR Portfolio Manager improved by over 10% to 75%+, after operator engagement and QAQC of property profiles.

sustainability_report p.19

In 2022 Welltower used 51,600,000 kilowatt-hours of green power, more than doubling 2021 usage, and offset over 51,000 MWh of electricity with 100% renewable energy credits. The firm procures renewables through green power contracts negotiated with national/local providers and on-site solar generation (526,900 kWh live solar in 2022). New-development guidelines set baseline recommendations that annual building energy use should come from renewable sources.

sustainability_report p.14

Welltower's largest emissions footprint sits with tenants and seniors-housing operators (downstream leased assets — Scope 3 cat 13 = 260,257 tCO2e in 2022). The firm engages through the Seniors Housing 'Performance Playbook,' green leases in 95% of new MOB leases, ENERGY STAR Portfolio Manager benchmarking across 1,400+ properties (75% coverage), and one-on-one operator support to drive energy, water and waste reductions.

sustainability_report p.13

Welltower has executed 391 LED retrofit projects to date with partner Greenleaf Energy Solutions, investing $1M+ in 2022 and $37M+ cumulative with a payback period of <5 years. The program is a core lever for reducing electricity demand in the MOB portfolio within the firm's control boundary.

sustainability_report p.15

In 2022 Welltower issued a $550M green bond (second offering; $1.05B cumulative). Per the 2022 Allocation Report, $572M+ of net proceeds has been allocated to eligible green building projects (LEED Gold+, BREEAM Very Good+, ENERGY STAR) and an additional $215M is committed; future projects must demonstrate ≥25% energy or water efficiency gains.

sustainability_report p.19

Welltower deployed wireless underground soil sensors connected to irrigation systems at a pilot MOB near Atlanta, identified nine properties for leak-detection pilots, and continues low-flow fixture rollouts, cooling tower water management and drought-tolerant landscaping. Control-boundary water intensity is down 8.7% vs 2018 baseline.

sustainability_report p.16

In July 2022, Welltower set a new SBTi-approved absolute Scope 1+2 GHG emissions target: 28% reduction by 2030 from a 2019 base year (506,216 tCO2e baseline). Target validated as Well-below 2°C via SME streamlined route. Also commits to measure and reduce Scope 3.

sustainability_report p.32

Welltower received the 2023 ENERGY STAR Partner of the Year Award at the level of 'Sustained Excellence', recognizing ongoing energy efficiency efforts across the portfolio. Award held since 2021.

sustainability_report p.1

Welltower launched the ESG Steering Committee co-headed by the CEO and the AVP, Capital Markets & ESG, as a cross-functional committee to set and implement ESG strategy, identify risks and opportunities, and make recommendations.

sustainability_report p.3

Welltower obtained annual limited assurance (ISO14064-3) from Lloyd's covering 100% of Scope 1, Scope 2 (both location- and market-based), and Scope 3 categories: waste, business travel, employee commuting, and downstream leased assets. Energy data also verified per ISAE 3000/3410.

sustainability_report p.79

Welltower procures unbundled US-RECs (wind) to cover electricity consumption at 17 properties, accounting for 13,923.61 MWh in 2022 and contributing to a 19,059 tCO2e reduction in market-based Scope 1+2 emissions. On-site solar PV generates 526.9 MWh of self-generated renewable electricity. A proposal under investigation would lease roof space at 12 California properties to install 5,297 kW of solar PV, producing 8,450 MWh/year and saving ~1,927 tCO2e annually. Welltower also issued a second green bond ($550M) in March 2022 to fund renewable energy and efficiency projects.

sustainability_report p.39

Welltower partners with Greenleaf Energy Solutions to implement LED lighting retrofits across the portfolio. As of 12/31/2022, 391 LED projects have been completed with >$37M invested, delivering savings of 432 tCO2e annually (9 properties in 2022) with an average ROI of <5 years. A further 3 properties commenced implementation in 2022 (342 tCO2e estimated annual saving). The programme directly reduces Scope 2 (location- and market-based) emissions and is one of the key levers listed for achieving both the intensity and SBTi absolute targets.

sustainability_report p.49

Welltower applies energy and water efficiency assessments portfolio-wide and supports tenants to implement upgrades. Initiatives include HVAC/chiller replacements, cool roof retrofits to reduce heat transfer and HVAC run-times, benchmarking and monitoring of energy usage across 78% of properties in the control boundary, and municipal benchmarking compliance for 194 properties. The company achieved a 12.2% Scope 1+2 intensity reduction vs a 10% target by 2025, partly driven by these measures. A life cycle cost analysis (LCCA) with Arup evaluating 12 low-carbon technologies was completed in 2022 to guide future capital allocation.

sustainability_report p.14

Welltower's largest Scope 3 category is downstream leased assets (260,256 tCO2e in 2022), comprising seniors housing operating properties managed by third-party operators under RIDEA contracts. Welltower cannot directly control these operations but engages operators through the annual 'Performance Playbook' covering energy, water, and waste efficiency best practices, Green Lease Leaders-aligned requirements for MOB tenant improvements, and annual utility data collection covering 82% of estimated Cat 13 emissions. Welltower also uses average intensity factors for the remaining 18%.

sustainability_report p.65

Welltower became the first U.S. healthcare REIT to issue a public green bond ($500M at 2.7%, December 2019) and issued a second green bond ($550M at 3.85%, March 2022). Proceeds fund eligible green projects including LEED/BREEAM/ENERGY STAR building certifications and energy/water efficiency upgrades achieving ≥25% efficiency gains (LED lighting, HVAC replacements, irrigation systems, low-flow fixtures). As of 9/30/2022, $572,090 had been allocated to eligible projects. The annual interest expense on both bonds is ~$34.7M.

sustainability_report p.25

On April 1, 2022, Welltower completed its UPREIT reorganization. Old Welltower became Welltower OP Inc. (later converted to Welltower OP LLC on May 24, 2022), and WELL Merger Holdco Inc. became the new Welltower Inc. All debt is incurred by Welltower OP; Welltower Inc. guarantees senior unsecured notes. Welltower Inc. owns approximately 99.765% of Welltower OP as of December 31, 2023.

sustainability_report p.21

Welltower achieved its 10% Scope 1 & 2 emissions intensity reduction target (over 2018 baseline) two years ahead of the 2025 schedule, reaching -12.2% in 2022.

sustainability_report p.17

Welltower received the ENERGY STAR Partner of the Year Sustained Excellence Award for the second consecutive year, and certified 58 buildings in 2022.

sustainability_report p.18

Welltower aligned ESG strategy to nine UN SDGs across People, Prosperity, Planet and Partnership pillars.

sustainability_report p.8

Welltower more than doubled green power purchasing year-over-year, using 51,600,000 kWh of green power in 2022 (offsetting over 51,000 MWh with 100% renewable energy credits) plus on-site solar generation of 526,900 kWh. Procurement strategy combines green power contracts negotiated with national/local providers, RECs, and on-site solar. New Sustainability Guidelines for New Development set baseline recommendations that annual building energy come from renewables.

sustainability_report p.17

Welltower set a science-based target approved by SBTi to reduce absolute Scope 1 & 2 GHG emissions 28% by 2030 over a 2019 baseline, aligned with the well-below 2°C scenario.

sustainability_report p.15

LRQA provided limited assurance on Welltower's 2022 GHG emissions (Scope 1, 2 location and market, Scope 3 cats 5/6/7/13), energy, water, waste, workforce and safety metrics.

sustainability_report p.62

Welltower issued its second green bond offering of $550 million in 2022, bringing total green bond issuance to $1.05B, with proceeds funding energy efficiency, water efficiency and eligible green building projects.

sustainability_report p.4

Welltower used Moody's RMS Climate on Demand platform to conduct a portfolio-wide climate change scenario analysis (RCP8.5, 2030 horizon) covering water stress, wildfire, flood, heat stress, hurricanes and sea level rise.

sustainability_report p.41

Welltower's LED Retrofit Program with Greenleaf Energy Solutions has completed 391 projects to date with $37M+ invested (>$1M in 2022) and <5-year payback. Energy intensity within control boundary fell 11.0% from 2018 baseline. Investments target HVAC optimisation, cool roofing and efficiency upgrades in outpatient medical facilities.

sustainability_report p.18

Welltower issued its second green bond ($550M) in 2022, bringing total to $1.05B. Per the 2022 Green Bond Allocation Report, $572M+ of net proceeds have been allocated to eligible green building projects (LEED Gold+, BREEAM Very Good+, ENERGY STAR), with $215M in unfunded commitments. Future eligible projects include energy/water efficiency upgrades expected to deliver ≥25% efficiency gains.

sustainability_report p.22

For 2022, Welltower disclosed Scope 3 Category 13 downstream leased assets emissions in detail (electricity, natural gas, propane, fuel oil) — material category for REIT.

sustainability_report p.63

Welltower launched a cross-functional ESG Steering Committee led by the CEO to assist and advise leadership on ESG matters including climate-related risks.

sustainability_report p.4

Welltower formally released an updated Vendor Code of Conduct in March 2022 with provisions on business ethics, human rights, DEI, environmental sustainability and data privacy.

sustainability_report p.33

Welltower does not disclose a removals strategy (no DAC, BECCS, biochar, or afforestation programs mentioned). Climate strategy is centred on operational emissions reductions, renewable energy procurement via RECs/green power contracts, and energy/water efficiency rather than negative-emissions technologies.

sustainability_report p.17

140 valid green building certifications (33 new in 2022) covering 8.5M sq ft: 58 ENERGY STAR, 8 LEED, 8 BREEAM, 1 WELL, 19 IREM, 45 EPC grade B+. New Sustainability Guidelines for New Development built on three pillars: Climate (low emissions, energy efficiency, certified building), Environment (responsible site selection, biodiversity, water reduction), Experience (health and wellness).

sustainability_report p.21

Partnership with CircleIT (carbon-neutral logistics) repurposes laptops with remaining useful life, with data erased to DoD standards and devices donated or sold. Construction projects with >50% demolition area must include waste management plans diverting 75% of construction waste from landfill. Total diversion rate reached 19.3% in 2022 (10,025 tons recycled).

sustainability_report p.20

Welltower set a science-based target approved by the SBTi to reduce absolute Scope 1 and Scope 2 market-based GHG emissions 28% by 2030 from a 2019 baseline, aligned with well-below 2°C scenario.

sustainability_report p.12

As of publication (2022), Welltower launched an ESG Steering Committee, issued its second Green Bond, introduced an updated Vendor Code of Conduct with broader reach, and launched a portfolio-wide Climate Change Scenario Analysis.

sustainability_report p.7

Welltower had 140 valid green building certifications by end-2022 (+33 in 2022), including 58 ENERGY STAR, 8 LEED, 8 BREEAM, 1 WELL, 19 IREM and 45 EPC-rated buildings, covering 8.5M sq ft. New Sustainability Guidelines for New Development structure projects around Climate, Environment and Experience pillars to lock in lower operating energy and embodied carbon at design.

sustainability_report p.18

Welltower procures renewable energy where feasible through green power contracts and on-site solar generation. In 2021 the company used 24,700,000 kilowatt-hours of green power (24,565,804 kWh via green power purchases and 172,669 kWh via live solar generation). Welltower participates in the Clean Energy Buyers Association and negotiates energy rates with local and national energy companies across the portfolio to support expansion of renewable energy procurement. Renewable energy represented 4% of Medical Office Building energy consumption.

sustainability_report p.14

Welltower utilizes ENERGY STAR Portfolio Manager to benchmark 741 properties (40% of portfolio) for GHG, energy, water and waste performance. The company targets a 10% reduction in Scope 1 and 2 GHG emissions intensity by 2025 over a 2018 baseline and had achieved 5.9% reduction as of 2021. Welltower's Sustainability Management System is aligned with ISO 14001 and 50001 and uses a Plan-Do-Check-Act approach for continuous improvement. 382 total efficiency projects have been implemented to date.

sustainability_report p.12

On July 30, 2021, Welltower acquired a portfolio of 85 seniors housing properties owned by Holiday Retirement for $1,576,600,000. Atria Senior Living assumed operations pursuant to an incentive-based management agreement. Subsequently, leasehold interests were terminated effective April 1, 2022 following agreement with NHI.

sustainability_report p.110

Welltower has an ongoing LED Retrofit Program conducted in partnership with Greenleaf Energy Solutions. As of 2021, 382 LED retrofit projects have been completed with a total investment of $36M, generating $7.4M in operational cost savings with a return on investment under 5 years. 15 new projects were completed in 2021. This is the primary operational energy reduction lever for the directly managed outpatient medical portfolio.

sustainability_report p.14

In 2021, Welltower launched a portfolio-wide climate change scenario analysis using Moody's ESG Solutions Physical Climate Risk Application to identify heat stress, water stress, wildfire risk, flood risk, hurricanes, typhoons, regulatory and reputational risks.

sustainability_report p.38

Welltower pursues development opportunities in large metro areas to leverage existing infrastructure and minimise biodiversity impact. All new developments incorporate energy and water efficient equipment (high-efficiency lighting, low-flow fixtures) and low-emitting materials for indoor air quality. As of 2021, the portfolio holds 94 valid green building certifications including 44 ENERGY STAR, 7 LEED, 1 WELL, 5 BREEAM and 21 IREM Certified Sustainable Properties. Approximately $728 million in new development projects were anticipated to be funded in 2022.

sustainability_report p.18

Welltower's LRQA assurance scope for CY2021 explicitly covered Scope 3 categories: downstream leased assets, business travel, employee commuting, and waste generated in operations for approximately 20% of properties by sq ft. This represents explicit disaggregation of Scope 3 categories.

sustainability_report p.62

Welltower utilized $277.7 million in Green Bond proceeds as of 9/30/21, supporting energy and water efficiency upgrades, LED lighting retrofits, HVAC replacements and properties pursuing top-tier green building certifications.

sustainability_report p.7

Welltower's largest Scope 3 category is downstream leased assets (Category 13), totalling approximately 311,219 tCO2e in 2021 (market-based). The company uses standard green leases across its outpatient medical portfolio (Gold-level Green Lease Leader since 2020) requiring data sharing and ENERGY STAR benchmarking. The Seniors Housing Efficiency Playbook, launched in 2019, guides operators on energy, water and waste reduction. Tenant Improvement Guidelines encourage ENERGY STAR labelled products. Green Bond proceeds fund energy and water efficiency upgrades with 25%+ efficiency gain targets.

sustainability_report p.47

Welltower targets a 10% water usage intensity reduction by 2025 over a 2018 baseline; as of 2021 the control boundary showed 9.5% reduction. Mitigation strategies include low-flow and high-efficiency fixtures, leak detection technology, drip irrigation systems, drought-tolerant landscaping, and active monitoring of domestic water usage trends. Total water withdrawal with data coverage was 7,687 thousand cubic metres in 2021.

sustainability_report p.15

LRQA provided independent limited assurance of Welltower's GHG emissions inventory and sustainability data for CY2021 per ISAE 3000/3410 and ISO 14064-3. Scope 3 coverage limited to business travel, employee commuting, downstream leased assets, and waste generated in operations for ~20% of properties.

sustainability_report p.62

Lloyd's Register Quality Assurance provided independent limited assurance on Welltower's GHG emissions inventory and sustainability data for CY2020, covering Scope 1, 2, 3 (limited categories), energy, water, waste, and workforce diversity data.

sustainability_report p.57

In 2020, Welltower increased data coverage across the portfolio by working with seniors housing operators and medical office teams, achieving 100% data coverage for Scope 1&2 and Scope 3 property categories.

sustainability_report p.12

In 2020, Welltower expanded ESG goals to extend to executive leadership team performance and increased ESG team staffing with a full-time ESG Analyst, creating organization-wide ESG engagement.

sustainability_report p.10

Welltower manages water use across its portfolio through benchmarking, high-efficiency fixtures, low-flow plumbing, drought-tolerant landscaping, drip irrigation, and leak detection technology. The control boundary water intensity fell 12.1% vs the 2018 baseline in 2020, exceeding the halfway point to the 2025 target of 10% reduction. Water performance covers 49% of portfolio floor area by sq ft.

sustainability_report p.15

Welltower's most significant efficiency programme is its LED retrofit initiative, with 367 projects completed to date totalling over $35M in investment and generating an estimated $7.2M in operational cost savings with a return on investment under five years. The company uses ENERGY STAR Portfolio Manager to benchmark outpatient medical properties and tracks performance against a 10% energy reduction target by 2025 vs 2018 baseline. Total portfolio energy intensity was 84.32 kBtu/sqft in 2020; control boundary energy intensity fell 3.5% vs 2018 baseline.

sustainability_report p.13

Welltower treats energy as a controllable expense and actively procures renewable energy through green power contracts and on-site solar generation, using over 33 million kWh of green power in 2020. The company is an EPA Green Power Partner and in 2020 joined the Renewable Energy Buyers Alliance (REBA), committing to support the transition to a zero-carbon energy system. Renewable energy represented 1.1% of total portfolio energy consumption. The company's new development pipeline also incorporates solar-ready rooftop design.

sustainability_report p.14

Welltower tracks Scope 1, 2, and Scope 3 GHG emissions across its entire portfolio (1,698 buildings, 129M sqft), estimating usage where direct collection is not feasible. Scope 1&2 intensity fell 4.9% against the 2018 baseline to 6.08 MTCO2e/1,000 sqft in 2020. The 2025 target requires a 10% reduction in GHG emissions over the 2018 baseline; Welltower is approximately halfway to the target.

sustainability_report p.16

Welltower was the first US health care REIT to complete a public green bond offering, with $104.5M in proceeds allocated to eligible projects including financing of properties targeting high-level green building certification and energy/water efficiency upgrades designed to achieve 25%+ efficiency gains (LED lighting, HVAC/chiller replacements, irrigation systems, low-flow fixtures). Projects are selected by the Green Bond Committee in compliance with the third-party reviewed Green Bond Framework.

sustainability_report p.15

Welltower set a goal to reduce greenhouse gas emissions, energy, and water usage 10% by 2025 over a 2018 baseline. Reporting boundary uses financial control method covering outpatient medical properties and seniors housing JV communities.

sustainability_report p.12

Welltower engages senior housing operators and medical office tenants through its Performance Playbook (a guide for efficiency and excellence) and a standard green lease requiring data sharing and ENERGY STAR benchmarking. By 2020, 580 green leases had been executed covering 1.66M sqft of medical office space. The Welltower Advisory Services programme extends sustainable vendor partnerships to operating partners at preferred pricing, driving sustainability outcomes beyond direct operational control (Scope 3 boundary).

sustainability_report p.43

Welltower joined REBA in 2020, the largest group of corporate renewable energy buyers in the United States, committed to driving the transition to a zero-carbon energy system and bringing 60+ GW of renewables online in the US by 2025.

sustainability_report p.14

Welltower was named a 2020 Green Lease Leader at the Gold level by the Institute for Market Transformation and US DOE Better Buildings Alliance. Executed 580 green leases representing over 1.66 million sq ft of medical office space.

sustainability_report p.18

Set in 2019, Welltower committed to a 10% reduction in Scope 1+2 GHG emissions intensity (tCO2e/sqft) by 2025 vs 2018 baseline. This target was achieved as of end of 2022 (12.2% reduction). Intensity went from 6.4 to 5.62 tCO2e per unit.

sustainability_report p.39

Welltower set short-term environmental goals in 2019: 10% reduction in greenhouse gas emissions, energy and water usage intensity by 2025 over a 2018 baseline. Progress as of 2021: 5.9% Scope 1&2 GHG reduction, 1.3% energy reduction, 9.5% water reduction.

sustainability_report p.11

In December 2019, Welltower issued an inaugural green bond of $500M of 2.700% senior unsecured notes due 2027. In March 2022, an additional green bond of $550M of 3.85% notes due 2032 was issued. Net proceeds used to fund energy efficiency, water conservation and green building projects. As of September 30, 2023, all proceeds from both issuances have been fully utilized.

sustainability_report p.26

Welltower achieved its original 10% Scope 1+2 emissions intensity reduction goal (vs. 2018 baseline) two years ahead of the 2025 schedule, posting a 12.2% intensity reduction in 2022.

sustainability_report p.14