1) Strong Financial Performance
- Total revenue increased by 38% YoY, with adjusted EBITDA up 36%. - FFO per share grew by 23%, reaching a new midpoint guidance of $6.28 for the year. - Same-store net operating income (NOI) growth was 16.4%, the highest in company history, driven primarily by the senior housing operating portfolio, which now constitutes 74% of same-store NOI.

2) Operational Excellence and Growth Drivers
- The company achieved nearly 10% organic revenue growth in Q1, with occupancy in the U.S. increasing by nearly 400 basis points YoY. - The Welltower Business System is enhancing operational efficiency, contributing to a 320 basis point increase in operating margins. - The portfolio's NOI growth was particularly strong in communities with 95%+ occupancy, showing a 20% growth rate.

3) Investment Activity and Market Position
- Welltower completed $3.2 billion in investments during the quarter and has an additional $7.3 billion in the pipeline. - Disposition activity totaled nearly $3 billion, with a focus on rotating capital into higher growth opportunities. - The company is strategically positioned to capitalize on market volatility, with a strong balance sheet and reputation as a reliable counterparty.

4) Challenges and Strategic Focus
- The macroeconomic environment remains volatile, with rising interest rates and geopolitical tensions impacting capital markets. - The company is focused on maintaining operational excellence and leveraging technology to enhance customer and employee experiences. - There is a recognition of the need for continued investment in technology and data science to drive future growth.

5) Guidance and Future Outlook
- Welltower updated its full-year 2026 guidance for normalized FFO to a range of $6.21 to $6.35 per diluted share, reflecting ongoing strong performance and strategic initiatives. - The company anticipates continued growth in same-store NOI, particularly in senior housing operating segments, with a projected growth range of 16.5% to 21.5%.

Bottom line: Welltower is demonstrating robust financial growth and operational efficiency, positioning itself well for future expansion despite macroeconomic challenges. The focus on technology and strategic partnerships is expected to drive sustained long-term value for shareholders.