Second-Party Opinion Download

Sustainalytics is of the opinion that the Welltower Green Bond Framework is credible and impactful, and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:

USE OF PROCEEDS

The three eligible categories for the use of proceeds – (i) Green Buildings, (ii) Energy Efficiency, and (iii) Water Efficiency – are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that the eligible projects will lead to positive environmental impacts and advance the UN Sustainable Development Goals (SDG) 11, 7, and 6.

PROJECT EVALUATION/SELECTION

Welltower’s eligible projects are evaluated and selected by its dedicated Green Bond Committee based on the established eligibility criteria. The Green Bond Committee consists of members from cross-functional departments such as Welltower’s sustainability, capital markets and treasury functions. The process is aligned with market practices.

MANAGEMENT OF PROCEEDS

Welltower commits to record and track the green bond use of proceeds by Green Bond Register, which is managed by its Accounting Team. Pending full allocation, the unallocated proceeds will be invested in accordance with company’s cash investment policy. Allocated proceeds will be verified by an external auditor which is in line with market best practice.

REPORTING

Welltower intends to report allocation of proceeds on company’s website on an annual basis until fully allocated. Welltower is committed to reporting environmental performance indicators including energy saving, water use savings, GHG emissions avoided, and level of green building certification achieved. Sustainalytics views Welltower’s reporting as in line with market practice.