• Welltower average gross margin for 2023 was 39.54%, a 1.17% increase from 2022.
• Welltower average gross margin for 2022 was 40.01%, a 1.48% decline from 2021.
• Welltower average gross margin for 2021 was 40.61%, a 9.25% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.