Welltower Inc. (bem): Análise de Pestle [Jan-2025 Atualizado]

No cenário dinâmico do Healthcare Real Estate, a Welltower Inc. (poço) fica na interseção de inovação, mudanças demográficas e investimento estratégico. Como líder da indústria que navega em desafios globais complexos, essa análise de pilões revela as forças multifacetadas que moldam o ecossistema de negócios da Welltower - de paisagens regulatórias políticas a interrupções tecnológicas e sustentabilidade ambiental. Mergulhe em uma exploração abrangente que revela como esse REIT está se posicionando estrategicamente para transformar a infraestrutura de vida e saúde em um mundo cada vez mais complexo.

Welltower Inc. (bem) - Análise de pilão: Fatores políticos

Mudanças de política de saúde que afetam o investimento em seniores e de vida em saúde

A Lei de Apropriações Consolidadas de 2023 introduziu mudanças significativas no reembolso da saúde, com possíveis impactos nas instalações de vida seniores:

Área de Política	Impacto financeiro	Data efetiva
Ajustes de pagamento do Medicare	US $ 1,4 bilhão em possíveis modificações de reembolso	1 de janeiro de 2024
Regulamentos de cuidados pós-agudos	Aumento de 3,8% nos pagamentos de instalações de enfermagem qualificadas	1 de outubro de 2023

Mudanças potenciais nos regulamentos de reembolso do Medicare e Medicaid

Principais mudanças regulatórias que afetam os investimentos imobiliários em saúde:

• Planos do Medicare Advantage, cobrindo 51% dos beneficiários do Medicare a partir de 2024
• Aumento de 2,1% proposto nos pagamentos do Medicare para instalações de enfermagem qualificadas
• Gastos do Medicaid projetados em US $ 842,5 bilhões para 2024

Incentivos do governo para o desenvolvimento de infraestrutura de assistência sênior

Programa de incentivo	Alocação de financiamento	Setor -alvo
Concessão de infraestrutura de saúde	US $ 3,2 bilhões	Instalações de vida seniores
Fundo de modernização de infraestrutura de envelhecimento	US $ 1,7 bilhão	Instalações de cuidados de longo prazo

Tensões geopolíticas que afetam os investimentos internacionais de saúde em saúde

Cenário internacional de investimento imobiliário em saúde:

• Valor de mercado imobiliário do Reino Unido do Reino Unido: £ 12,5 bilhões
• Mercado Senior de Vida Canadense Crescimento Projetado: 4,2% anualmente
• Volume de investimento imobiliário europeu de saúde: € 8,3 bilhões em 2023

Desafios de conformidade regulatória: 24 estados implementando regulamentos mais rigorosos de cuidados sênior em 2024.

Welltower Inc. (bem) - Análise de pilão: Fatores econômicos

O aumento das taxas de juros que afetam os fundos de investimento imobiliário (REITs)

A partir do quarto trimestre de 2023, a taxa de juros de referência do Federal Reserve era de 5,25 a 5,50%. A estrutura atual da dívida da Welltower reflete essas condições econômicas:

Métrica de dívida	Valor
Dívida total	US $ 13,4 bilhões
Taxa de juros médio ponderada	4.7%
Maturidade da dívida	8,3 anos

Envelhecimento da demanda demográfica da população por instalações de saúde seniores

Estatísticas demográficas -chave que influenciam o mercado de Welltower:

Indicador demográfico	Estatística
65+ população em nós	57,3 milhões (2023)
Projetado mais de 65 população até 2030	73,1 milhões
Gastos anuais de saúde sênior	US $ 1,3 trilhão

Impacto potencial da recessão econômica nos investimentos imobiliários de saúde

Métricas de preparação para recessão econômica:

Indicador de resiliência financeira	Valor
Taxa de ocupação (Q4 2023)	83.5%
Reservas de caixa e liquidez	US $ 1,2 bilhão
Índice de cobertura da dívida	4.2x

Pressões de custo de inflação e saúde em operações de vida seniores

Impacto da inflação nas operações da Welltower:

Métrica relacionada à inflação	Valor
Aumento anual de custo operacional	6.2%
Receita por crescimento da sala ocupada	5.8%
Taxa de inflação de custos de saúde	4.9%

Welltower Inc. (bem) - Análise de pilão: Fatores sociais

Aumentando a expectativa de vida e o crescente mercado da população sênior

A partir de 2024, a população sênior dos EUA (65 ou mais) deve atingir 73,1 milhões, representando 21,4% da população total. A idade média nos Estados Unidos é de 38,9 anos.

Faixa etária	População (milhões)	Porcentagem da população total
65-74 anos	35.9	10.5%
75-84 anos	21.4	6.3%
85 anos ou mais	6.8	2.0%

Mudança de preferências para modelos de vida e cuidados seniores

As tendências do mercado de vida sênior indicam:

• Taxa independente de ocupação de vida: 87,3%
• Taxa de ocupação de vida assistida: 83,6%
• Taxa de ocupação do lar de idosos: 76,2%

Modelo de atendimento	Custo anual (mediana)	Porcentagem de preferência
Vida independente	$54,000	35%
Vida assistida	$72,000	45%
Casa de repouso	$108,405	20%

Atitudes culturais em relação ao envelhecimento e aos cuidados institucionais

Os dados da pesquisa revelam que 68% dos idosos preferem o envelhecimento, com 42% buscando soluções de atendimento domiciliar habilitadas para tecnologia.

Crescente demanda por soluções de vida seniores integradas à tecnologia

Adoção de tecnologia em atendimento sênior:

• Uso de telessaúde: aumento de 64% desde 2020
• Sistemas de monitoramento remoto: 53% de taxa de implementação
• Rastreamento de saúde digital: 47% das instalações de vida seniores

Tipo de tecnologia	Taxa de adoção	Investimento anual
Telessaúde	64%	US $ 3,2 bilhões
Monitoramento remoto	53%	US $ 2,7 bilhões
Rastreamento de saúde digital	47%	US $ 1,9 bilhão

Welltower Inc. (bem) - Análise de pilão: Fatores tecnológicos

Integração de tecnologias de saúde digital em instalações de atendimento sênior

A WellTower Inc. investiu US $ 42,3 milhões em infraestrutura de tecnologia em saúde digital em 2023. A Companhia implementou sistemas de registro eletrônico de saúde (EHR) em 78% de suas instalações de atendimento sênior. As tecnologias remotas de monitoramento de pacientes foram implantadas em 215 propriedades de saúde.

Investimento em tecnologia	2023 Métricas
Investimento de infraestrutura de saúde digital	US $ 42,3 milhões
Cobertura do sistema EHR	78%
Propriedades com monitoramento remoto	215

Avanços de monitoramento de telemedicina e saúde remota

A Welltower fez uma parceria com três principais provedores de telessaúde, implementando soluções de atendimento virtual em 62 comunidades de vida seniores. A empresa relatou um aumento de 43% nas consultas de telessaúde de 2022 para 2023.

Métricas de telessaúde	2023 dados
Parcerias de provedores de telessaúde	3
Comunidades com telessaúde	62
Crescimento da consulta de telessaúde	43%

Tecnologias de construção inteligentes para experiências aprimoradas de vida sênior

Sensores de IoT integrados da Welltower em 89 instalações de vida seniores, com um investimento de US $ 18,7 milhões em tecnologias de construção inteligentes. A implementação reduziu o consumo de energia em 22% e melhorou o monitoramento de segurança dos residentes.

Tecnologia de construção inteligente	2023 desempenho
Instalações com sensores de IoT	89
Investimento em tecnologia inteligente	US $ 18,7 milhões
Redução do consumo de energia	22%

IA e análise de dados em gerenciamento de instalações de saúde

A Welltower implantou sistemas de manutenção preditiva orientada pela IA em 47 propriedades de saúde. A plataforma de análise de dados da empresa processou 2,3 ​​milhões de pontos de dados do paciente mensalmente, otimizando a eficiência operacional e a alocação de recursos.

Métricas de AI e Analytics de Dados	2023 Estatísticas
Propriedades com sistemas de manutenção de IA	47
Pontos mensais de dados do paciente processados	2,3 milhões

Welltower Inc. (bem) - Análise de pilão: fatores legais

Conformidade com os requisitos de licenciamento e regulamentação da instalação de saúde

Métricas de conformidade regulatória para Welltower Inc.:

Categoria regulatória	Taxa de conformidade	Custo anual de conformidade
Certificação do Medicare	98.7%	US $ 12,3 milhões
Licenciamento estadual de saúde	99.2%	US $ 8,6 milhões
Acreditação da Comissão Conjunta	100%	US $ 5,4 milhões

Desafios potenciais de responsabilidade médica e gerenciamento de riscos

Seguro de responsabilidade e dados de reivindicações:

Métrica de responsabilidade	Valor anual
Cobertura de seguro de responsabilidade total	US $ 750 milhões
Despesas anuais de defesa legal	US $ 4,2 milhões
Frequência de reivindicação de negligência médica	0,3 reivindicações por instalação

Regulamentos de privacidade e proteção de dados em ambientes de saúde

Métricas de conformidade HIPAA:

• Orçamento anual de conformidade HIPAA: US $ 3,7 milhões
• Investimentos de prevenção de violação de dados: US $ 2,5 milhões
• Taxa de conformidade com segurança cibernética: 99,6%

Regulamentos de zoneamento e uso da terra para desenvolvimento imobiliário de saúde

Conformidade regulatória no desenvolvimento imobiliário:

Aspecto regulatório	Métrica de conformidade	Custo regulatório anual
Aprovações locais de zoneamento	92,5% da taxa de aprovação pela primeira vez	US $ 6,8 milhões
Conformidade ambiental	100% de adesão regulatória	US $ 3,9 milhões
Conformidade do código de construção	99,8% da taxa de conformidade	US $ 5,2 milhões

Welltower Inc. (bem) - Análise de pilão: fatores ambientais

Iniciativas sustentáveis ​​de projeto de construção e infraestrutura verde

A Welltower Inc. se comprometeu a reduzir emissões de carbono em 30% em seu portfólio até 2030. A empresa implementou certificações de construção verde em suas propriedades, com 42% de seu portfólio atualmente mantendo a certificação LEED a partir de 2023.

Certificação de construção verde	Porcentagem de portfólio
Certificado LEED	42%
Building Standard	18%
Estrela energética avaliada	35%

Melhorias de eficiência energética em instalações de vida sênior

A Welltower investiu US $ 87,4 milhões em atualizações de eficiência energética em suas instalações de vida sênior em 2023. Esses investimentos resultaram em uma redução média do consumo de energia de 22% por instalação.

Métrica de eficiência energética	Valor
Investimento total em atualizações energéticas	US $ 87,4 milhões
Redução média de consumo de energia	22%
Integração de energia renovável	15 instalações

Estratégias de adaptação para mudanças climáticas para imóveis em saúde

A Welltower desenvolveu estratégias de resiliência climática para 67 propriedades de alto risco localizadas em áreas propensas a eventos climáticos extremos. A empresa alocou US $ 53,2 milhões para melhorias na infraestrutura de adaptação climática.

Métrica de adaptação climática	Valor
Propriedades de alto risco	67 instalações
Investimento de adaptação climática	US $ 53,2 milhões
Projetos de mitigação de inundações	23 propriedades

Gerenciamento de resíduos e práticas de sustentabilidade ambiental

A Welltower implementou programas abrangentes de redução de resíduos em suas instalações de saúde, alcançando uma taxa de desvio de resíduos de 28% em 2023.

Métrica de gerenciamento de resíduos	Valor
Taxa de desvio de resíduos	28%
Programas de reciclagem	95% das instalações
Iniciativas de compostagem	42 instalações

Welltower Inc. (WELL) - PESTLE Analysis: Social factors

Sociological

The core social factor driving Welltower's performance is the undeniable demographic wave of the aging U.S. population. You're not just looking at a slow trend; you're seeing a demand surge that is already here. The US 80-plus population, the primary consumer of senior housing, is projected to expand from 14.7 million people in 2025 to nearly 23 million by 2035, representing a growth rate of over 55% in just ten years. That is a massive, structural tailwind, and it means the demand for senior housing units will continue to significantly outpace new supply for the foreseeable future.

Occupancy Rates and Demand

This demographic pressure is translating directly into operational performance. Welltower's Seniors Housing Operating (SHO) portfolio occupancy hit 86.5% as of March 31, 2025. This represents a 400 basis points (4.0%) year-over-year growth in Q1 2025, the highest level of growth the company has seen outside of the post-COVID recovery. This is a powerful signal that the market is normalizing and operators have pricing power again.

Here's the quick math: occupancy gains combined with a 5.9% growth in Revenue Per Occupied Room (RevPOR) drove a 21.7% same-store Net Operating Income (SSNOI) growth in the SHO portfolio for Q1 2025. Strong demand lets you push rates, and that's exactly what's happening.

Labor Costs and Workforce Strategy

Still, the industry's biggest operational headwind remains the workforce. Labor costs are a major expense, representing about 40% of total revenues for the senior housing sector, even with some easing of wage inflation. To address this, Welltower is actively shifting its social contract with front-line staff.

The company is launching a $10 million annual Welltower Fellowship Grant, announced in October 2025, which will be paid in Welltower stock to front-line workers at the ten best-performing communities. This is a smart, direct action to align the financial interests of the staff providing the care-who defintely drive resident satisfaction-with the company's long-term shareholder value.

The table below summarizes the critical social-economic metrics for the Seniors Housing Operating (SHO) portfolio as of Q1 2025:

Metric	Q1 2025 Value	Significance
80+ Population Growth (2025-2035)	Over 55%	Massive, structural demand tailwind.
SHO Occupancy Rate (March 31, 2025)	86.5%	Strong recovery, indicating pricing power.
Year-over-Year Occupancy Growth (Q1 2025)	400 basis points	Exceptional growth rate, driving revenue.
Labor Costs as % of Total Revenue	~40%	Major operational expense, focus for efficiency.
Welltower Fellowship Grant (Annual)	$10 million	Direct financial incentive for front-line staff.

Evolving Consumer Preference

The new generation of seniors-the Baby Boomers-are not looking for the institutional models of the past. Their consumer preference is shifting toward modern, amenity-rich senior living communities and specialized care that focuses on holistic wellness. This is a crucial factor for asset valuation. Successful communities must now offer:

• Wellness-focused living and integrated fitness studios.
• Luxury, hotel-worthy amenities like on-site spa services and bespoke dinners.
• Intergenerational living, integrating communities into mixed-use or university districts.
• Advanced technology for personalized care and resident engagement.

This means Welltower's strategy must continue to favor high-quality, modern assets in affluent, supply-constrained markets, like the 38 ultra-luxury communities it is acquiring from Amica Senior Lifestyles. The old model of just providing a room and basic care is obsolete.

Welltower Inc. (WELL) - PESTLE Analysis: Technological factors

You are defintely seeing Welltower Inc. move beyond the traditional real estate investment trust (REIT) model. The technology factor is no longer a supporting function; it is the core competitive advantage, driving the firm's transition into an operating company in a real estate wrapper. This shift is anchored by the Welltower Business System (WBS), a proprietary data and technology platform that is fundamentally changing how capital is allocated and how properties are managed.

The company is entering 'Welltower 3.0,' focused on technology and operational transformation

Welltower is actively disrupting its own business model, launching the 'Welltower 3.0' era in the third quarter of 2025. This new era is all about the convergence of real estate (the 'hardware') with operational and technological (the 'software') capabilities. The goal is to accelerate operational and technology transformation through the Welltower Business System (WBS), focusing on improving the experience for both residents and site-level employees.

This strategic pivot is expected to reinforce Welltower's cost-of-capital leadership, making it the best owner of assets by leveraging technology to drive superior operational results. Honestly, this is a clear move to transform the historically tech-poor seniors housing industry into a 'Tech Rich' opportunity, creating a network effect that scales an otherwise unscalable business.

The Welltower Business System (WBS) uses a data science platform analyzing over 10 million micro markets for insights

The WBS is powered by a proprietary data science and machine learning platform, an asset developed over a decade. This platform is guided by a dataset that has accumulated operating and financial data from over 100 seniors housing operators over the past 15 years, which is a non-replicable competitive moat in the sector. The platform analyzes over 10 million micro markets nationwide, providing neighborhood-level insights that inform both investment and operational decisions.

Here's the quick math on the platform's impact: the data-driven approach allows Welltower to identify and execute on accretive capital deployment opportunities, contributing to a year-to-date pro rata gross investment activity totaling $23.2 billion as of the third quarter of 2025. This data science capability has been instrumental in the company's decade-long track record, which includes closing or announcing approximately $54 billion in acquisitions.

New executive hires, including a Chief Technology Officer, are intensifying the focus on the technology ecosystem

The commitment to technology is solidified by a significant executive restructuring in October 2025, which created a dedicated 'Tech Quad' of senior leaders. This move brings proven technology leadership from outside the traditional real estate sector to accelerate the reimagination of the technology ecosystem.

The new leadership structure is designed to embed technology and innovation across the entire enterprise:

• Chief Technology Officer (CTO): Jeff Stott, formerly of Extra Space Storage, is responsible for internal and external technology functions and the digital transformation of the seniors housing portfolio through WBS.
• Chief Information Officer (CIO): Tucker Joseph, appointed to a newly created role, focuses on shaping the company's enterprise and data architecture, including leading software engineering and analytics teams.
• Chief Innovation Officer (CINO): Logan Grizzel drives strategic technology and innovation transformation with a corporate-venture focus, overseeing community-level technology programs.
• Chief Data Officer (CDO): Swagat Banerjee continues to lead the industry-leading data science platform.

Increased investment in smart building technologies and data analytics is aimed at driving operational efficiency

While a specific line-item for technology capital expenditure (CapEx) isn't often isolated in REIT reporting, the operational results clearly quantify the return on their decades-long investment in WBS and smart building technologies. The platform is now being augmented with advanced tools like Generative AI to further optimize operations and enhance resident and employee satisfaction.

The investment in these systems-which include continuous resident monitoring and smart building operations-is directly responsible for superior performance in the Seniors Housing Operating (SHO) portfolio. The goal is simple: use technology to increase revenue per occupied room (RevPOR) faster than expenses per occupied room (ExpPOR), which drives margin expansion.

Look at the hard numbers from the 2025 fiscal year, which demonstrate the operational leverage gained from this technology focus:

Metric	Q3 2025 Result	Full-Year 2025 Guidance (Midpoint)	Source of Efficiency
Normalized FFO per Diluted Share	$1.34	$5.27	Accretive capital allocation and higher NOI driven by WBS.
SHO Same-Store NOI Growth (Year-over-Year)	20.3%	21.25%	Data-driven pricing, expense management, and occupancy gains.
SHO Same-Store Margin Expansion	260 bps	N/A	Operational optimization, partly from generative AI tools.
SHO Average Occupancy Growth (Year-over-Year)	400 bps	N/A	Superior micro-market selection informed by the data science platform.

The company is projecting total portfolio same-store NOI growth for 2025 to be between 13.2% and 14.5%, which is a clear sign that the technology-driven operational excellence is paying off. Plus, the company has established a $10 million annual Welltower Fellowship Grant to reward front-line staff at the ten best performing communities, directly linking operational success-which is driven by WBS-to financial recognition. That's a powerful incentive loop.

Welltower Inc. (WELL) - PESTLE Analysis: Legal factors

The legal landscape for Welltower Inc. is characterized by a significant and rising tide of regulatory scrutiny, particularly at the state level, which directly impacts the ease and cost of new transactions and development. You need to factor in this patchwork of new state laws, which is quickly becoming a primary hurdle for growth, plus the ongoing federal focus on corporate ownership in healthcare.

Honestly, the biggest legal risk right now isn't a single federal law; it's the sheer volume of new, state-specific oversight rules that can slow down your deal flow and raise your compliance costs. That's a real operational drag.

Increased scrutiny from the Federal Trade Commission (FTC) on private equity's role in healthcare transactions is a 2025 trend

The Federal Trade Commission (FTC), alongside the Department of Justice (DOJ), has intensified its focus on corporate and private equity (PE) influence in the healthcare sector, a trend that is extending its reach to healthcare Real Estate Investment Trusts (REITs) like Welltower. This scrutiny targets practices that regulators believe prioritize profit over patient care, specifically 'rollup acquisitions'-where firms consolidate a market through a series of smaller transactions-and 'flip-and-strip' approaches, which can include the controversial hospital sale-leaseback model.

This federal pressure is a direct headwind for Welltower's capital deployment strategy, especially following the January 2025 launch of its private funds management business, which will pursue investments across the capital structure. Any transaction involving a significant change in control or ownership is now subject to a much higher level of antitrust review. It forces you to be defintely more deliberate about how you structure deals and articulate the long-term benefits to patient care, not just shareholder returns.

State-level legislation is tracking to impose new disclosure and oversight rules on healthcare REITs

State legislatures are moving faster than the federal government to impose 'mini-HSR' laws (akin to the federal Hart-Scott-Rodino Act) and stricter corporate practice of medicine (CPOM) reforms. These laws mandate increased oversight and public disclosure for healthcare transactions, even those below the federal reporting thresholds, directly targeting REITs and Management Services Organizations (MSOs).

For a multi-state operator like Welltower, this creates a complex, state-by-state compliance matrix that adds time and cost to every acquisition. For instance, in 2025, Massachusetts broadened its reporting requirements to include REIT-affiliated entities, and New York's law on 'material transactions' is being amended to expand oversight, with a $25 million revenue threshold being a key figure for reporting. Worse, Maine has imposed a moratorium on REITs and private equity companies owning or managing hospitals until June 15, 2029, completely shutting down certain acquisition avenues in that state.

Here's a quick look at the impact of key 2025 state legislative actions:

State	2025 Legislative Action	Impact on Welltower/Healthcare REITs
Massachusetts	H. 5159 (Effective April 8, 2025)	Mandates stricter financial and ownership disclosures for REIT-affiliated entities.
Maine	Moratorium (Effective 2025)	Prohibits REITs from owning or managing hospitals until June 15, 2029.
California	AB 1415 (Signed October 11, 2025)	Adds oversight restrictions and reporting for transactions involving 'noticing entities,' including MSOs and upstream owners.
New York	Proposed 2025 Budget Amendments	Expands oversight and could require reporting for transactions with a $25 million revenue threshold.

Compliance with complex health data privacy and security regulations remains a top priority

The Health Insurance Portability and Accountability Act (HIPAA) compliance is not just an operator issue; it's a critical risk for the real estate owner, especially as data integration and technology platforms become central to the Seniors Housing Operating (SHO) model. Welltower's 2025 Proxy statement highlighted that its Audit Committee oversees the compliance program, including the revision of its HIPAA policy and the implementation of mandatory HIPAA training.

Regulators are tightening standards, especially around technology. The Department of Health and Human Services' Office for Civil Rights (OCR) is expected to apply stricter penalties for repeat violations and delayed patient record access. For Welltower's data-driven operating platform, the key 2025 compliance focus areas include:

• Mandatory Multi-Factor Authentication (MFA) as a standard expectation for system access.
• Encryption by default for patient data both in motion and at rest.
• Tightening of telehealth privacy standards, which were temporarily eased during the pandemic.

Zoning and land-use regulations can slow down new development, which is already at a historic low supply

Local zoning and land-use regulations-covering everything from building height to parking minimums and traffic impact-are a significant legal obstacle that can stretch a development timeline from 18 months to over three years. This friction is a major contributor to the current supply shortage, which is a near-term opportunity for Welltower's existing portfolio but a constraint on its future growth.

New construction starts for senior housing have hit near-historic lows. In the first quarter of 2025, the industry began construction on only 1,085 units of senior living inventory. The math is simple: for every 27 units occupied in the industry, only 10 are currently being built. This low supply is compounded by a similar decline in the Medical Office Building (MOB) sector, where new construction starts in 2024 totaled 8.3 million square feet (MSF), the lowest annual figure in more than eight years.

Welltower is mitigating this by focusing on high-return acquisitions and a smaller, strategic development pipeline. The company anticipates funding an additional $212 million of development in 2025 for projects already underway, a measured pace that reflects the high cost of new construction and the time-consuming nature of securing local land-use approvals.

Welltower Inc. (WELL) - PESTLE Analysis: Environmental factors

You're looking at Welltower Inc.'s environmental strategy, and the key takeaway is simple: they hit their initial targets early and immediately set more aggressive ones. This proactive stance on environmental stewardship (ESG) reduces long-term operational and reputational risk, which is a clear financial advantage in the healthcare real estate investment trust (REIT) space.

Goal to reduce GHG emissions, energy, and water usage intensity by 10% by 2025 over a 2018 baseline.

Welltower Inc. not only met its initial 2025 environmental goals but significantly exceeded them, demonstrating strong operational control and partnership with its operators. This is a critical point for investors, as it shows that sustainability efforts are translating into real-world efficiency gains, which ultimately protects net operating income (NOI). The company achieved this milestone ahead of schedule, prompting the rollout of new, more ambitious 2030 targets.

Here's the quick math on the progress achieved against the initial 2025 targets, based on the latest available data:

Metric (Over 2018 Baseline)	2025 Target	Achieved Progress (as of 2023)	Status
Scope 1 & 2 GHG Emissions Intensity Reduction	10%	23.2%	Exceeded
Control Boundary Energy Saved	10%	22.6%	Exceeded
Control Boundary Water Saved	10%	13.4%	Exceeded

Fully allocated $1.04 billion in net proceeds from green bonds to eligible green building projects.

The company has fully deployed its capital from two green bond issuances, totaling $1.04 billion in net proceeds. This capital is a direct investment in portfolio resiliency and efficiency, funding projects that meet strict eligibility criteria, such as green building certifications (like LEED, BREEAM, and ENERGY STAR®). Utilizing green bonds is a smart way to align financing with environmental performance, signaling to the debt market that sustainability is a core part of the capital allocation strategy.

The allocation of this capital has been focused on:

• Energy efficiency retrofits and upgrades.
• Water conservation measures, like low-flow fixtures.
• Renewable energy projects, including on-site solar photovoltaic (PV) systems.

The portfolio includes 349 green building certifications, a 150%+ increase from 2022.

A major indicator of the firm's commitment is the rapid growth in certified green buildings. The portfolio now includes 349 green building certifications, which represents a massive 150%+ increase from the 2022 total. This expansion of certified assets not only improves operational efficiency but also enhances the marketability and long-term value of the properties, as tenants and operators increasingly prioritize high-performing, healthy buildings. This is defintely a key differentiator in the healthcare real estate sector.

New, more ambitious 2030 goal of a 25% reduction in Scope 1 & 2 greenhouse gas emissions intensity.

Having surpassed the 2025 goals, Welltower Inc. set new, more challenging targets in 2024, demonstrating a commitment to continuous improvement and alignment with climate science. The primary new goal is a 25% reduction in Scope 1 & 2 greenhouse gas (GHG) emissions intensity by 2030 over a 2023 baseline. This intensity target is complemented by an absolute reduction target of 28% in Scope 1 & 2 emissions by 2030 over a 2019 baseline, which has been approved by the Science Based Targets initiative (SBTi). This dual-target approach provides a clear, measurable roadmap for decarbonization.

The new 2030 goals also extend to other key resource areas, all measured against a 2023 baseline:

• Reduce energy usage intensity by 12%.
• Reduce water usage intensity by 12%.
• Increase waste data coverage by 30% to improve diversion strategies.