<SEC-DOCUMENT>0001193125-24-123759.txt : 20240430
<SEC-HEADER>0001193125-24-123759.hdr.sgml : 20240430
<ACCEPTANCE-DATETIME>20240430081749
ACCESSION NUMBER:		0001193125-24-123759
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240430
DATE AS OF CHANGE:		20240430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WELLTOWER INC.
		CENTRAL INDEX KEY:			0000766704
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				341096634
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08923
		FILM NUMBER:		24894128

	BUSINESS ADDRESS:	
		STREET 1:		4500 DORR STREET
		CITY:			TOLEDO
		STATE:			OH
		ZIP:			43615
		BUSINESS PHONE:		419-247-2800

	MAIL ADDRESS:	
		STREET 1:		4500 DORR STREET
		CITY:			TOLEDO
		STATE:			OH
		ZIP:			43615

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEALTH CARE REIT INC /DE/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d753446ddefa14a.htm
<DESCRIPTION>DEFA14A
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<TITLE>DEFA14A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy
Statement Pursuant to Section&nbsp;14(a) of </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>the Securities Exchange Act of 1934 (Amendment No. &#8195;) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the Registrant&#8195;&#9745;&#8195;&#8195;&#8195;&#8195; &#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195; Filed by a Party other than the
Registrant&#8195;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Preliminary Proxy Statement</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Confidential, for Use of the Commission Only (as permitted by Rule <FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></B></TD></TR>
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<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Definitive Proxy Statement</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom">&#9745;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Definitive Additional Materials</TD></TR>
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<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Soliciting Material Pursuant to <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Welltower Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman" ALIGN="center">(Name of Registrant as Specified In Its Charter) </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman" ALIGN="center">(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9.5pt; font-family:Times New Roman">Payment of Filing Fee (Check all boxes that apply): </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9.5pt" ALIGN="center">


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<TD VALIGN="bottom">&#9745;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No fee required.</TD></TR>
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<TD VALIGN="bottom">&#9744;</TD>
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<TD VALIGN="bottom">Fee paid previously with preliminary materials.</TD></TR>
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<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules <FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11.</FONT></TD></TR>
</TABLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Welltower Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>4500 Dorr Street </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Toledo,
Ohio 43615 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENT TO PROXY STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>RELATED TO ANNUAL MEETING OF SHAREHOLDERS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>TO BE HELD ON MAY&nbsp;23, 2024 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This proxy statement supplement, dated April&nbsp;30, 2024 (this &#147;<B><I>Supplement</I></B>&#148;), amends and supplements
the definitive proxy statement on Schedule 14A (the &#147;<B><I>Proxy Statement</I></B>&#148;) filed by Welltower Inc. (the &#147;<B><I>Company</I></B>&#148;) with the Securities and Exchange Commission (the &#147;<B><I>SEC</I></B>&#148;) on
April&nbsp;12, 2024 and made available to the Company&#146;s shareholders in connection with the Company&#146;s&nbsp;2024 Annual Meeting of Shareholders (the &#147;<B><I>Annual Meeting</I></B>&#148;) to be held virtually on May&nbsp;23, 2024, at
12:30 p.m. Eastern Time.&nbsp;This Supplement is being filed with the SEC and made available to shareholders on or about April&nbsp;30, 2024. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">We are providing this Supplement to update the voting standard for, and effects of abstentions and &#147;broker <FONT
STYLE="white-space:nowrap">non-votes&#148;</FONT> (if any) on, &#147;Proposal 5 &#150; Amendment to the Amended and Restated Certificate of Incorporation of Welltower to Increase the Number of Authorized Shares of Common Stock&#148;
(&#147;<B><I>Proposal 5</I></B>&#148;) in accordance with Section&nbsp;242(d)(2) of the Delaware General Corporation Law. <I>Except as described in this Supplement, none of the items or information presented in the Proxy Statement is affected by
this Supplement. This Supplement does not provide all of the information that is important to your voting decisions at the Annual Meeting. The Proxy Statement contains other important additional information. We encourage you to carefully read this
Supplement together with the Proxy Statement.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Effective August&nbsp;1, 2023, Section&nbsp;242(d)(2) was added to the
Delaware General Corporation Law (the &#147;<B><I>DGCL Amendment</I></B>&#148;), which changed the voting standard to amend a Delaware corporation&#146;s certificate of incorporation to increase the number of authorized shares of a class of stock
listed on a national securities exchange immediately before and after the amendment becomes effective from a majority of the outstanding shares entitled to vote thereon to a majority of the votes cast for the amendment by stockholders entitled to
vote thereon. In light of the DGCL Amendment, this Supplement updates the disclosure included on pages 67, 71 and 73 of the Proxy Statement relating to the applicable voting standard and effects of abstentions and &#147;broker <FONT
STYLE="white-space:nowrap">non-votes&#148;</FONT> (if any) on Proposal 5. The affirmative vote of the majority of votes cast thereon will be required for the approval of Proposal 5. Shareholders may vote &#147;FOR&#148; or &#147;AGAINST&#148;
Proposal 5, or shareholders may abstain from voting. If you elect to abstain on Proposal 5 the abstention will have no effect on the vote on Proposal 5, as abstentions are not votes cast. We expect Proposal 5 to be a proposal with respect to which
brokerage firms may be able to exercise discretionary voting authority. As such, we expect there to be no broker <FONT STYLE="white-space:nowrap">non-votes</FONT> with respect to Proposal 5. Broker <FONT STYLE="white-space:nowrap">non-votes,</FONT>
if any, with respect to Proposal 5 would have no effect on the results because a broker <FONT STYLE="white-space:nowrap">non-vote</FONT> is not a vote cast. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Accordingly, the following proposals will be voted on at the Annual Meeting,
and the vote required to approve each of the proposals, the Board&#146;s related recommendations and the effects of abstentions and broker <FONT STYLE="white-space:nowrap">non-votes</FONT> are summarized below: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #004987">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #004987"><FONT COLOR="#0091b3"><B>Proposal</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #004987">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #004987"><FONT COLOR="#0091b3"><B>Required Approval</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #004987">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #004987"><FONT COLOR="#0091b3"><B>Board&#146;s<BR>Recommendation</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #004987">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #004987"><FONT COLOR="#0091b3"><B>Effect of<BR>Abstentions</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #004987">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #004987"><FONT COLOR="#0091b3"><B>Effect&nbsp;of&nbsp;Broker<BR><FONT STYLE="white-space:nowrap">Non-Votes</FONT></B></FONT></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" BGCOLOR="#eaf0f5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">1</P></TD>
<TD VALIGN="bottom" BGCOLOR="#eaf0f5">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP BGCOLOR="#eaf0f5">Election of nine director nominees</TD>
<TD VALIGN="bottom" BGCOLOR="#eaf0f5">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" BGCOLOR="#eaf0f5">Majority of votes cast</TD>
<TD VALIGN="bottom" BGCOLOR="#eaf0f5">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" BGCOLOR="#eaf0f5"><FONT COLOR="#0091b3"><B>FOR</B></FONT>&nbsp;each nominee</TD>
<TD VALIGN="bottom" BGCOLOR="#eaf0f5">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" BGCOLOR="#eaf0f5">None</TD>
<TD VALIGN="bottom" BGCOLOR="#eaf0f5">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" BGCOLOR="#eaf0f5">No effect</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ratification of the appointment of Ernst&nbsp;&amp; Young LLP as Welltower&#146;s independent registered public accounting firm for the year ending December&nbsp;31, 2024</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Majority of shares present and entitled to vote thereon</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#0091b3"><B>FOR</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Same as &#147;AGAINST&#148;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">N/A (No Broker <FONT STYLE="white-space:nowrap">Non-Votes</FONT> expected)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" BGCOLOR="#eaf0f5"></TD>
<TD HEIGHT="4" COLSPAN="2" BGCOLOR="#eaf0f5"></TD>
<TD HEIGHT="4" COLSPAN="2" BGCOLOR="#eaf0f5"></TD>
<TD HEIGHT="4" COLSPAN="2" BGCOLOR="#eaf0f5"></TD>
<TD HEIGHT="4" COLSPAN="2" BGCOLOR="#eaf0f5"></TD>
<TD HEIGHT="4" COLSPAN="2" BGCOLOR="#eaf0f5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" BGCOLOR="#eaf0f5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">3</P></TD>
<TD VALIGN="bottom" BGCOLOR="#eaf0f5">&nbsp;&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#eaf0f5">Approval, on an advisory basis, of the compensation of the named executive officers</TD>
<TD VALIGN="bottom" BGCOLOR="#eaf0f5">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" BGCOLOR="#eaf0f5">Majority of shares present and entitled to vote thereon</TD>
<TD VALIGN="bottom" BGCOLOR="#eaf0f5">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" BGCOLOR="#eaf0f5"><FONT COLOR="#0091b3"><B>FOR</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#eaf0f5">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" BGCOLOR="#eaf0f5">Same as &#147;AGAINST&#148;</TD>
<TD VALIGN="bottom" BGCOLOR="#eaf0f5">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" BGCOLOR="#eaf0f5">No effect</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Approval of an amendment to the Amended and Restated Certificate of Incorporation of Welltower to limit the liability of certain officers as permitted by Delaware law</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Majority of shares outstanding</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#0091b3"><B>FOR</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Same as &#147;AGAINST&#148;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Same as &#147;AGAINST&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" BGCOLOR="#eaf0f5"></TD>
<TD HEIGHT="4" COLSPAN="2" BGCOLOR="#eaf0f5"></TD>
<TD HEIGHT="4" COLSPAN="2" BGCOLOR="#eaf0f5"></TD>
<TD HEIGHT="4" COLSPAN="2" BGCOLOR="#eaf0f5"></TD>
<TD HEIGHT="4" COLSPAN="2" BGCOLOR="#eaf0f5"></TD>
<TD HEIGHT="4" COLSPAN="2" BGCOLOR="#eaf0f5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" BGCOLOR="#eaf0f5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">5</P></TD>
<TD VALIGN="bottom" BGCOLOR="#eaf0f5">&nbsp;&nbsp;</TD>
<TD VALIGN="top" BGCOLOR="#eaf0f5">Approval of an amendment to the Amended and Restated Certificate of Incorporation of Welltower to increase the number of authorized shares of common stock</TD>
<TD VALIGN="bottom" BGCOLOR="#eaf0f5">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" BGCOLOR="#eaf0f5">Majority of votes cast by stockholders entitled to vote thereon</TD>
<TD VALIGN="bottom" BGCOLOR="#eaf0f5">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" BGCOLOR="#eaf0f5"><FONT COLOR="#0091b3"><B>FOR</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#eaf0f5">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" BGCOLOR="#eaf0f5">None</TD>
<TD VALIGN="bottom" BGCOLOR="#eaf0f5">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" BGCOLOR="#eaf0f5">N/A (No Broker <FONT STYLE="white-space:nowrap">Non-Votes</FONT> expected)</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>If you have already returned your proxy or voting instruction card or provided voting
instructions, you do not need to take any action unless you wish to change your vote. You do not need to submit a new proxy card or vote again unless you wish to change your vote.</I> Proxy voting instructions already returned by shareholders will
remain valid and will be voted at the Annual Meeting unless revoked. Shares represented by all validly executed proxy voting forms or proxies submitted over the Internet or by telephone at any time (either prior to or after the date hereof) returned
before the annual meeting will be voted as instructed with respect to Proposal&nbsp;5. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Your Board of Directors
unanimously recommends that you vote FOR each nominee named in Proposal 1 and FOR Proposals 2, 3, 4, and 5, each as described in the Proxy Statement.</B> If you have not submitted a proxy to have your shares voted, please submit your proxy as soon
as possible. You can submit your proxy by Internet, by telephone or by mail using the instructions included on the proxy card or the Notice previously sent to you. If you have already submitted your proxy with respect to your shares and you wish to
change how your shares will be voted on any matter, you may revoke your proxy before it is voted at the Annual Meeting by (1)&nbsp;sending in another signed proxy card with a later date or otherwise submitting a later dated proxy by Internet or
telephone, (2)&nbsp;notifying our Secretary in writing before the meeting that you have revoked your proxy or (3)&nbsp;voting in person at the meeting or through Internet or telephone voting. Your latest telephone or Internet proxy is the one that
is counted. </P>
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