Item 16. Form 10-K Summary

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 12, 2026

			WELLTOWER INC.
						By:			/s/ Shankh Mitra
									Shankh Mitra,
									Chief Executive Officer and Director

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February 12, 2026 by the following persons on behalf of the Registrant and in the capacities indicated.

/s/ Kenneth J. Bacon **						/s/ Johnese M. Spisso **
Kenneth J. Bacon, Chairman and Director						Johnese M. Spisso, Director
/s/ Karen B. DeSalvo **						/s/ Kathryn M. Sullivan **
Karen B. DeSalvo, Director						Kathryn M. Sullivan, Director
/s/ Andrew Gundlach **						/s/ Shankh Mitra **
Andrew Gundlach, Director						Shankh Mitra, Chief Executive Officer and Director
						(Principal Executive Officer)
/s/ Dennis G. Lopez **						/s/ Timothy G. McHugh **
Dennis G. Lopez, Director						Timothy G. McHugh, Co-President & Chief Financial Officer
						(Chief Financial Officer)
/s/ Ade J. Patton **						/s/ Joshua T. Fieweger**
Ade J. Patton, Director						Joshua T. Fieweger, Chief Accounting Officer
						(Principal Accounting Officer)
/s/ Sergio D. Rivera **						**By: /s/ Shankh Mitra
Sergio D. Rivera, Director						Shankh Mitra, Attorney-in-Fact

Welltower Inc. and Subsidiaries
Schedule III
Real Estate and Accumulated Depreciation
December 31, 2025
(Dollars in thousands)
																		Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						No. of Properties						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation(1)						Year Acquired						Year Built
Seniors Housing Operating:
United States
Alabama						11						$	—					$	15,657					$	137,919					$	22,035					$	15,757					$	159,854					$	33,896					2010-2025						1987-2024
Arkansas						3						—						8,272						68,893						6,743						8,312						75,596						8,387						2021-2025						1996-2021
Arizona						12						14,200						20,595						251,418						200,072						52,956						419,129						84,971						1999-2025						1900-2025
California						112						166,877						434,680						3,703,354						1,202,040						478,885						4,861,189						1,434,684						2002-2025						1900-2024
Colorado						22						121,459						46,914						416,429						555,461						80,779						926,812						198,487						2012-2025						1974-2022
Connecticut						9						—						27,817						265,243						151,888						37,814						407,134						65,181						2003-2025						1968-2023
District Of Columbia						2						—						4,000						69,154						161,461						22,469						212,146						25,744						2013-2025						2004-2025
Delaware						3						—						2,750						73,498						17,353						3,072						90,529						34,683						2010-2013						1999-2008
Florida						46						32,270						167,310						1,340,787						424,173						197,666						1,734,604						342,786						2007-2025						1900-2023
Georgia						21						—						52,456						428,250						120,846						57,546						544,006						122,774						1997-2025						1900-2025
Hawaii						1						—						22,918						56,046						18,979						23,063						74,880						18,105						2021-2021						1998-1998
Iowa						10						—						14,032						113,669						26,148						14,553						139,296						37,638						2010-2022						1990-2018
Idaho						6						—						15,059						93,625						13,175						15,936						105,923						15,532						2019-2024						1900-2019
Illinois						37						17,010						59,550						687,210						205,460						71,710						880,510						313,721						2006-2023						1900-2018
Indiana						22						—						42,836						438,655						137,293						53,576						565,208						120,793						2010-2025						1991-2023
Kansas						9						9,700						9,465						153,784						28,524						12,686						179,087						69,533						2004-2022						1996-2020
Kentucky						10						13,650						23,583						146,153						59,156						26,170						202,722						37,354						2012-2025						1998-2023
Louisiana						9						27,130						15,525						202,619						25,624						16,753						227,015						58,825						1998-2023						1988-2020
Massachusetts						23						—						94,469						829,601						319,360						131,429						1,112,001						177,447						2003-2025						1900-2023
Maryland						12						—						23,352						346,777						448,070						61,177						757,022						146,489						2013-2025						1900-2021
Maine						1						—						2,700						30,204						11,920						3,800						41,024						20,715						2013-2013						2006-2006
Michigan						44						51,747						80,541						702,704						87,345						89,417						781,173						169,934						2013-2025						1900-2023
Minnesota						21						35,911						38,532						528,134						50,144						41,912						574,898						126,148						2011-2025						1989-2023
Missouri						13						13,981						27,248						294,173						193,815						44,391						470,845						69,042						2011-2025						1980-2025
Mississippi						4						—						7,546						69,701						15,409						7,547						85,109						20,519						2003-2023						1997-2013
Montana						3						19,128						4,226						56,169						6,410						4,248						62,557						13,921						2005-2024						1998-2014
North Carolina						17						25,123						79,825						639,927						226,199						102,915						843,036						120,898						2013-2025						1900-2023
North Dakota						1						—						1,050						13,147						246						1,067						13,376						2,303						2021-2021						2014-2014
Nebraska						8						11,160						6,942						97,386						14,500						7,285						111,543						28,122						2010-2022						1990-2014
New Hampshire						3						17,675						9,262						76,086						5,670						9,304						81,714						12,306						2022-2022						1965-2017
New Jersey						30						29,300						65,594						884,540						242,787						74,319						1,118,602						343,855						2010-2025						1900-2023
New Mexico						1						20,627						3,847						29,821						286						3,847						30,107						2,598						2022-2024						1984-2016
Nevada						7						—						14,588						130,161						25,073						14,790						155,032						52,839						1998-2022						1986-2009
New York						41						197,640						121,400						964,053						134,531						125,865						1,094,119						299,887						2010-2025						1900-2023
Ohio						60						203,131						96,367						1,088,755						322,986						116,767						1,391,127						214,035						2013-2025						1900-2024
Oklahoma						17						11,828						29,017						274,555						54,532						30,811						327,293						122,893						2007-2023						1984-2017
Oregon						13						—						20,165						137,285						49,832						20,223						175,791						36,381						2019-2025						1980-2006

(Dollars in thousands)
																		Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						No. of Properties						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation(1)						Year Acquired						Year Built
Seniors Housing Operating:
Pennsylvania						33						69,415						70,910						650,151						119,078						76,609						763,530						163,420						2010-2025						1900-2023
South Carolina						10						—						39,489						309,786						27,984						40,002						337,257						40,438						2021-2025						1986-2023
Tennessee						10						—						24,684						163,372						89,073						27,209						249,920						67,085						2012-2021						1981-2020
Texas						113						65,410						281,169						2,222,934						827,850						387,859						2,940,016						636,024						1999-2025						1900-2025
Utah						2						—						6,041						51,480						10,530						6,133						61,918						15,198						2004-2021						1986-2015
Virginia						15						—						95,360						634,893						229,321						108,336						851,238						154,549						2013-2025						1972-2024
Vermont						3						—						10,881						96,277						5,139						10,950						101,347						15,879						2022-2024						1988-2016
Washington						44						225,347						138,097						1,263,006						294,008						153,871						1,541,240						355,061						2003-2025						1900-2022
Wisconsin						6						—						6,777						101,222						24,739						7,041						123,727						34,572						2006-2021						2007-2016
United Kingdom
United Kingdom						738						260,027						1,480,199						7,845,456						1,757,553						1,633,516						9,440,242						1,028,684						2012-2025						1900-2025
Canada
Canada						128						845,015						401,621						2,963,224						804,408						432,063						3,737,189						891,567						2012-2025						1900-2022
Seniors Housing Operating Total						$	1,766					$	2,504,761					$	4,265,318					$	32,141,686					$	9,775,229					$	4,964,406					41,179,633						$	8,405,903

Welltower Inc. and Subsidiaries
Schedule III
Real Estate and Accumulated Depreciation
December 31, 2025
(Dollars in thousands)																		Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						No. of Properties						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation(1)						Year Acquired						Year Built
Triple-net:
United States
California						23						$	—					$	70,348					$	394,771					$	38,072					$	70,349					$	432,798					$	148,787					1998-2021						1923-2021
Colorado						7						—						20,093						240,734						759						20,094						241,474						63,546						2014-2022						1965-2016
Connecticut						5						—						15,430						85,343						—						15,430						85,337						6,591						2018-2025						1959-2015
Delaware						6						27,402						7,829						95,101						7,020						8,697						91,425						26,006						2004-2022						1905-1998
Florida						80						—						138,734						1,074,927						2,011						138,738						1,076,860						125,692						1996-2025						1966-2014
Georgia						3						—						4,349						38,553						1,397						4,349						39,941						9,594						2011-2018						1977-2006
Illinois						9						—						12,984						86,193						143						12,984						86,284						17,489						2006-2022						1900-2013
Indiana						18						—						14,130						260,432						6,072						14,130						254,392						86,631						2001-2021						1976-2015
Kansas						4						—						4,790						74,064						1,232						4,790						75,296						22,996						2011-2022						1988-2015
Massachusetts						9						—						29,428						276,045						6,039						29,428						282,084						53,505						1996-2025						1961-2018
Maryland						9						—						24,004						96,292						1,761						24,004						98,011						24,175						2011-2021						1960-2002
Michigan						10						—						10,152						106,997						39						10,151						106,994						9,343						2018-2025						1960-2013
Missouri						1						—						1,309						11,507						1,776						1,309						13,283						2,488						2021-2022						1963-2010
North Carolina						49						—						38,944						553,499						46,505						38,943						600,005						203,231						1997-2017						1988-2023
New Hampshire						8						82,424						9,359						102,499						16,808						12,474						116,192						10,497						2011-2025						1926-2016
New Jersey						27						53,360						59,453						648,064						75,296						61,643						721,148						183,187						2001-2024						1962-2021
New York						3						—						8,690						36,241						5,312						8,690						41,553						17,570						2001-2022						1963-2002
Ohio						30						—						32,513						217,281						39,588						35,079						254,247						69,978						1997-2021						1971-2020
Oklahoma						7						—						1,505						17,849						3,795						1,505						16,620						9,027						1995-2022						1900-1996
Oregon						1						—						449						5,171						119						449						5,290						3,571						1999-1999						1998-1998
Rhode Island						3						22,090						5,429						19,638						22,596						7,472						24,773						3,484						2011-2011						1963-1975
Pennsylvania						43						5,040						45,388						478,396						5,138						45,600						483,322						121,732						1999-2022						1907-2018
South Carolina						6						—						6,971						22,221						784						6,970						23,006						8,228						1999-2021						1966-1998
Tennessee						3						—						2,171						14,530						767						2,171						15,297						7,010						1998-2022						1998-2007
Texas						138						—						144,536						2,430,547						6,946						144,538						2,437,487						78,678						1996-2025						1950-2024
Utah						1						—						2,150						24,107						—						2,150						24,107						6,378						2015-2015						2014-2014
Virginia						25						26,733						24,765						284,248						14,378						25,643						297,721						90,501						2003-2021						1900-2015
Vermont						2						19,638						402						20,205						4,004						1,153						23,458						2,638						2011-2011						1967-1968
Washington						7						—						16,964						82,433						1,855						16,959						84,265						19,261						1999-2018						1984-2012
Wisconsin						1						—						420						4,006						884						420						4,890						2,753						2001-2001						1991-1991
West Virginia						7						91,659						2,828						191,460						19,009						5,759						207,538						21,505						2011-2022						1979-2007
United Kingdom
United Kingdom						227						—						693,444						3,538,197						385,331						739,011						3,877,961						228,613						2012-2025						1900-2024
Canada
Canada						6						—						14,114						115,924						28,713						17,211						141,540						41,542						2014-2014						1971-2006
Triple-net Total						778						$	328,346					$	1,464,075					$	11,647,475					$	744,149					$	1,528,293					$	12,284,599					$	1,726,227

Welltower Inc. and Subsidiaries
Schedule III
Real Estate and Accumulated Depreciation
December 31, 2025
(Dollars in thousands)
																		Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						No. of Properties						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation(1)						Year Acquired						Year Built
Outpatient Medical:
United States
California						—						$	—					$	3,800					$	—					$	—					$	3,800					$	—					$	—					2006-2024						1900-2019
Florida						—						—						—						—						—						—						1,640						—						2006-2022						1974-2006
Georgia						1						—						1,862						—						—						1,862						—						—						2006-2023						1900-2016
North Carolina						2						—						—						22,949						151,531						27,461						147,019						25,693						2018-2022						1971-2021
Nevada						1						—						7,372						22,172						3,597						7,372						25,769						7,005						2006-2020						1991-2017
New York						6						—						36,701						161,861						25,753						36,702						185,533						36,894						2007-2019						1962-2021
Oklahoma						1						—						1,207						18,909						1,459						1,207						20,368						690						2013-2025						1985-2022
Pennsylvania						1						—						3,981						31,706						644						3,981						32,350						9,777						2018-2023						1979-2020
Texas						33						—						65,173						446,344						621,656						106,047						1,026,874						138,432						2006-2025						1900-2025
Outpatient Medical Total						45						$	—					$	120,096					$	703,941					$	804,640					$	188,432					$	1,439,553					$	218,491

Welltower Inc. and Subsidiaries
Schedule III
Real Estate and Accumulated Depreciation
December 31, 2025
(Dollars in thousands)
																		Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
Description						No. of Properties						Encumbrances						Land & Land Improvements						Building & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Building & Improvements						Accumulated Depreciation(1)						Year Acquired						Year Built
Assets Held For Sale:
Seniors Housing Operating:						13						$	—					$	3,096					$	50,312					$	19,987					$	—					$	87,740					$	—					2010-2025						1900-2009
Triple-Net:						3						—						2,979						35,459						—						—						8,871						—						2010-2018						1988-2000
Outpatient Medical:						81						—						225,548						1,599,606						14						—						1,353,526						—						2006-2025						1900-2025
Assets Held For Sale Total						97						$	—					$	231,623					$	1,685,377					$	20,001					$	—					$	1,450,137					$	—

												Initial Cost to Company																		Gross Amount at Which Carried at Close of Period
						Encumbrances						Land & Land Improvements						Buildings & Improvements						Cost Capitalized Subsequent to Acquisition						Land & Land Improvements						Buildings & Improvements						Accumulated Depreciation (1)
Summary:
Seniors Housing Operating						$	2,504,761					$	4,265,318					$	32,141,686					$	9,775,229					$	4,964,406					$	41,179,633					$	8,405,903
Triple-net						328,346						1,464,075						11,647,475						744,149						1,528,293						12,284,599						1,726,227
Outpatient Medical						—						120,096						703,941						804,640						188,432						1,439,553						218,491
Construction in progress						—						—						738,859						—						—						738,859						—
Total continuing operating properties						2,833,107						5,849,489						45,231,961						11,324,018						6,681,131						55,642,644						10,350,621
Assets held for sale						—						231,623						1,685,377						20,001						—						1,450,137						—
Total investments in real property owned						$	2,833,107					$	6,081,112					$	46,917,338					$	11,344,019					$	6,681,131					$	57,092,781					$	10,350,621

(1) Please see Note 2 to our consolidated financial statements for information regarding lives used for depreciation and amortization.

						Year Ended December 31,
						2025						2024						2023
												(in thousands)
Investment in real estate:
Beginning balance						$	51,299,505					$	46,338,171					$	41,000,766
Acquisitions and development						18,596,306						5,695,978						5,296,051
Improvements						1,050,263						857,546						517,682
Impairment of assets						(121,283)						(92,793)						(36,097)
Dispositions(1)						(7,694,080)						(1,170,195)						(688,370)
Foreign currency translation and other						643,201						(329,202)						248,139
Ending balance(2)						$	63,773,912					$	51,299,505					$	46,338,171
Accumulated depreciation:
Beginning balance						$	10,626,263					$	9,274,814					$	8,075,733
Depreciation and amortization expenses						2,084,868						1,632,093						1,401,101
Amortization of above market leases						3,432						4,922						5,658
Dispositions and other (1)						(2,469,113)						(316,685)						(237,280)
Foreign currency translation						105,171						31,119						29,602
Ending balance						$	10,350,621					$	10,626,263					$	9,274,814

(1) Includes property dispositions and dispositions of leasehold improvements which are generally fully depreciated. Also includes real properties derecognized upon the reclassification from operating to sales-type leases. During the year ended December 31, 2023, we executed a series of transactions that included the assignment of the leasehold interests in the properties to a newly formed tri-party unconsolidated joint venture and culminated in the closing of the purchase option by the joint venture. The transactions resulted in a gain from the loss of control and derecognition of the leasehold interests.

(2) The unaudited aggregate cost for tax purposes for real property equals $52,251,958,000 at December 31, 2025.

Welltower Inc. and Subsidiaries
Schedule IV - Mortgage Loans on Real Estate
December 31, 2025
																		(in thousands)
Location						Interest Rate						Final Maturity Date						Periodic Payment Terms						Prior Liens						Face Amount of Mortgages						Carrying Amount of Mortgages						Principal Amount of Loans Subject to Delinquent Principal or Interest
First mortgages related to multiple properties located in:
United States - AZ, CA, SC						10.00%						2027						Interest until maturity; Interest paid-in-kind until maturity						$	—					$	459,945					$	454,391					$	—
United States - MT, NV, OR, SD, WA, WY						13.65%						2026						Interest only until maturity						—						170,000						168,260						—
United States - MD						9.00%						2026						Interest only until maturity						—						96,000						95,036						—
United Kingdom						7.50%						2027						Interest only until maturity						—						90,754						89,983						—
United States - NJ						9.00%						2027						Interest only until maturity						—						60,263						59,603						—
United States - MT, NV, OR, SD, WA, WY						8.00%						2026						Interest only until maturity						—						40,000						39,590
First mortgages less than three percent of total:
United States - AZ, GA, KS, NC, NJ, NV, NY, TX						6.00% - 15.54%						2026 - 2034						N/A						N/A						N/A						105,822						—
Totals																								$	—					$	916,962					$	1,012,685					$	—

						Year Ended December 31,
						2025						2024						2023
Reconciliation of mortgage loans:						(in thousands)
Balance at beginning of year						$	1,520,503					$	1,043,252					$	697,906
Additions:
Advances on loans						289,342						513,380						313,877
Other additions (1)						70,764						84,886						39,768
Total additions						360,106						598,266						353,645
Deductions:
Collection of principal						(67,040)						(84,824)						(42,415)
Other deductions (2)						(868,039)						(15,608)						—
Change in allowance for credit losses and charge-offs						11,943						(5,858)						(4,706)
Total deductions						(923,136)						(106,290)						(47,121)
Change in balance due to foreign currency translation						55,212						(14,725)						38,822
Balance at end of year						$	1,012,685					$	1,520,503					$	1,043,252

(1) Includes interest added to principal. The year ended December 31, 2024 also includes existing loans for which a first mortgage interest was obtained.

(2) Includes loans satisfied by a conversion to real property owned.