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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
   
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
or
   
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                      
Commission file number: 1-8923
WELLTOWER INC.
 
(Exact name of registrant as specified in its charter
Delaware
34-1096634
(State or other jurisdiction
of Incorporation)
(IRS Employer
Identification No.)
4500 Dorr StreetToledo,Ohio43615
(Address of principal executive office)(Zip Code)
(419) -247-2800
(Registrant’s telephone number, including area code)  
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $1.00 par value per shareWELLNew York Stock Exchange
Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLCWELL/28New York Stock Exchange
Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLCWELL/34New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  þ  No  ¨
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ  No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 þ
 Accelerated filer
¨
 Non-accelerated filer
¨
 Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No  þ
As of October 27, 2023, Welltower Inc. had 535,969,121 shares of common stock outstanding.





TABLE OF CONTENTS
 
 
PART I. FINANCIAL INFORMATIONPage
  
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets
  
Consolidated Statements of Comprehensive Income
  
Consolidated Statements of Equity
  
Consolidated Statements of Cash Flows
  
Notes to Unaudited Consolidated Financial Statements
  
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
Item 4. Controls and Procedures
  
PART II. OTHER INFORMATION 
  
Item 1. Legal Proceedings
  
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  
Item 5. Other Information
  
Item 6. Exhibits
  
Signatures



PART I. FINANCIAL INFORMATION

CONSOLIDATED BALANCE SHEETS
WELLTOWER INC. AND SUBSIDIARIES
(In thousands) 
September 30, 2023 (Unaudited)December 31, 2022 (Note)
Assets:  
  
Real estate investments:  
  
Real property owned:  
Land and land improvements  $4,373,058 $4,249,834 
Buildings and improvements  35,010,855 33,651,336 
Acquired lease intangibles  1,961,799 1,945,458 
Real property held for sale, net of accumulated depreciation  355,380 133,058 
Construction in progress  1,338,076 1,021,080 
Less accumulated depreciation and amortization  (8,868,627)(8,075,733)
Net real property owned  34,170,541 32,925,033 
Right of use assets, net338,693 323,942 
Real estate loans receivable, net of credit allowance  1,181,265 890,844 
Net real estate investments  35,690,499 34,139,819 
Other assets:  
Investments in unconsolidated entities  1,568,096 1,499,790 
Goodwill  68,321 68,321 
Cash and cash equivalents  2,582,037 631,681 
Restricted cash  104,674 90,611 
Straight-line rent receivable405,154 322,173 
Receivables and other assets  1,235,921 1,140,838 
Total other assets  5,964,203 3,753,414 
Total assets  
$41,654,702 $37,893,233 
Liabilities and equity  
Liabilities:  
Unsecured credit facility and commercial paper$ $ 
Senior unsecured notes  13,453,985 12,437,273 
Secured debt  2,380,253 2,110,815 
Lease liabilities365,115 415,824 
Accrued expenses and other liabilities  1,636,730 1,535,325 
Total liabilities  
17,836,083 16,499,237 
Redeemable noncontrolling interests  
244,793 384,443 
Equity:  
Common stock  533,918 491,919 
Capital in excess of par value  30,056,076 26,742,750 
Treasury stock  (112,313)(111,001)
Cumulative net income  9,061,133 8,804,950 
Cumulative dividends  (16,435,416)(15,514,097)
Accumulated other comprehensive income (loss)  (149,362)(119,707)
Total Welltower Inc. stockholders’ equity  22,954,036 20,294,814 
Noncontrolling interests  619,790 714,739 
Total equity  
23,573,826 21,009,553 
Total liabilities and equity  
$41,654,702 $37,893,233 
Note: The consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.

3


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands, except per share data) 
Three Months EndedNine Months Ended
September 30,September 30,
 2023202220232022
Revenues:  
Resident fees and services$1,199,808  $1,068,706 $3,490,942 $3,073,040 
Rental income  384,507 361,983 1,152,005 1,079,784 
Interest income42,220 37,791 117,335 113,925 
Other income35,478 5,364 127,938 75,335 
Total revenues1,662,013 1,473,844 4,888,220 4,342,084 
Expenses:
Property operating expenses995,273 912,180 2,911,698 2,619,932 
Depreciation and amortization339,314 353,699 1,020,371 968,082 
Interest expense156,532 139,682 453,272 389,128 
General and administrative expenses46,106 34,811 134,764 109,071 
Loss (gain) on derivatives and financial instruments, net2,885 6,905 5,095 8,076 
Loss (gain) on extinguishment of debt, net1 2 7 593 
Provision for loan losses, net4,059 490 7,292 (149)
Impairment of assets7,388 4,356 21,103 4,356 
Other expenses38,220 15,481 72,034 76,716 
Total expenses1,589,778 1,467,606 4,625,636 4,175,805 
Income (loss) from continuing operations before income taxes and other items72,235 6,238 262,584 166,279 
Income tax (expense) benefit(4,584)(3,257)(11,132)(11,335)
Income (loss) from unconsolidated entities(4,031)(6,698)(51,434)(16,640)
Gain (loss) on real estate dispositions, net71,102 1,064 69,681 20,466 
Income (loss) from continuing operations134,722 (2,653)269,699 158,770 
Net income (loss)134,722 (2,653)269,699 158,770 
Less: Net income (loss) attributable to noncontrolling interests(1)
7,252 4,114 13,516 13,828 
Net income (loss) attributable to common stockholders$127,470 $(6,767)$256,183 $144,942 
Weighted average number of common shares outstanding:
Basic521,848 463,366 504,420 455,074 
Diluted525,138 463,366 507,353 457,999 
Earnings per share:
Basic:
Income (loss) from continuing operations$0.26 $(0.01)$0.53 $0.35 
Net income (loss) attributable to common stockholders$0.24 $(0.01)$0.51 $0.32 
Diluted:
Income (loss) from continuing operations$0.26 $(0.01)$0.53 $0.35 
Net income (loss) attributable to common stockholders(2)
$0.24 $(0.01)$0.50 $0.32 
Dividends declared and paid per common share$0.61 $0.61 $1.83 $1.83 
(1) Includes amounts attributable to redeemable noncontrolling interests.
(2) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units.

4


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands) 
 Three Months EndedNine Months Ended
September 30,September 30,
 2023202220232022
Net income (loss)$134,722 $(2,653)$269,699 $158,770 
Other comprehensive income (loss):
Foreign currency translation gain (loss)(165,186)(372,494)35,098 (746,165)
Derivative and financial instruments designated as hedges gain (loss)106,449 417,567 (49,173)753,588 
Total other comprehensive income (loss)(58,737)45,073 (14,075)7,423 
Total comprehensive income (loss)75,985 42,420 255,624 166,193 
Less: Total comprehensive income (loss) attributable
to noncontrolling interests(1)
2,283 (20,741)16,410 (24,798)
Total comprehensive income (loss) attributable to common stockholders$73,702 $63,161 $239,214 $190,991 
(1) Includes amounts attributable to redeemable noncontrolling interests.

5


CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
Nine Months Ended September 30, 2023
Common StockCapital in
Excess of
Par Value
Treasury
Stock
Cumulative
Net Income
Cumulative
Dividends
Accumulated Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Balances at January 1, 2023$491,919 $26,742,750 $(111,001)$8,804,950 $(15,514,097)$(119,707)$714,739 $21,009,553 
Comprehensive income:
Net income (loss)   25,673   2,688 28,361 
Other comprehensive income (loss)    8,148 3,023 11,171 
Total comprehensive income       39,532 
Net change in noncontrolling interests (8,304)    29,648 21,344 
Adjustment to members' interest from change in ownership in Welltower OP (6,139)    6,139  
Redemption of OP Units and DownREIT Units272 17,515    (432)17,355 
Amounts related to stock incentive plans, net of forfeitures134 9,330 (1,924)    7,540 
Net proceeds from issuance of common stock5,603 404,862      410,465 
Dividends paid:
Common stock dividends    (301,829)  (301,829)
Balances at March 31, 2023$497,928 $27,160,014 $(112,925)$8,830,623 $(15,815,926)$(111,559)$755,805 $21,203,960 
Comprehensive income:
Net income (loss)103,040 3,505 106,545 
Other comprehensive income (loss)28,651 4,410 33,061 
Total comprehensive income139,606 
Net change in noncontrolling interests8,579 (12,686)(149,013)(153,120)
Adjustment to members' interest from change in ownership in Welltower OP(4,794)4,794  
Redemption of OP Units and DownREIT Units1 18 (19) 
Amounts related to stock incentive plans, net of forfeitures43 11,088 893 12,024 
Net proceeds from issuance of common stock11,833 910,392 922,225 
Dividends paid:
Common stock dividends(300,772)(300,772)
Balances at June 30, 2023$509,805 $28,085,297 $(112,032)$8,933,663 $(16,116,698)$(95,594)$619,482 $21,823,923 
Comprehensive income:
Net income (loss)127,470 6,586 134,056 
Other comprehensive income (loss)(53,768)(4,330)(58,098)
Total comprehensive income75,958 
Net change in noncontrolling interests56,824 (2,829)53,995 
Adjustment to members' interest from change in ownership in Welltower OP(3,431)3,431  
Redemption of OP Units and DownREIT Units62 2,488 (2,550) 
Amounts related to stock incentive plans, net of forfeitures8 8,810 (281)8,537 
Net proceeds from issuance of common stock24,043 1,906,088 1,930,131 
Dividends paid:
Common stock dividends(318,718)(318,718)
Balances at September 30, 2023$533,918 $30,056,076 $(112,313)$9,061,133 $(16,435,416)$(149,362)$619,790 $23,573,826 









6


CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)

 Nine Months Ended September 30, 2022
 Common StockCapital in
Excess of
Par Value
Treasury
Stock
Cumulative
Net Income
Cumulative
Dividends
Accumulated Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Balances at January 1, 2022$448,605 $23,133,641 $(107,750)$8,663,736 $(14,380,915)$(121,316)$960,578 $18,596,579 
Comprehensive income:
Net income (loss)61,925 2,752 64,677 
Other comprehensive income (loss)(17,156)1,465 (15,691)
Total comprehensive income48,986 
Net change in noncontrolling interests(63,026)(128,305)(191,331)
Amounts related to stock incentive plans, net of forfeitures166 7,279 (4,768)2,677 
Net proceeds from issuance of common stock6,605 542,218 548,823 
Dividends paid:
Common stock dividends(273,668)(273,668)
Balances at March 31, 2022$455,376 $23,620,112 $(112,518)$8,725,661 $(14,654,583)$(138,472)$836,490 $18,732,066 
Comprehensive income:
Net income (loss)89,785 4,409 94,194 
Other comprehensive income (loss)(6,724)(15,116)(21,840)
Total comprehensive income72,354 
Net change in noncontrolling interests(6,760)118,793 112,033 
Adjustment to members' interest from change in ownership in Welltower OP46,861 (46,861) 
Amounts related to stock incentive plans, net of forfeitures20 6,551 827 7,398 
Net proceeds from issuance of common stock9,382 798,277 807,659 
Dividends paid:
Common stock dividends(277,615)(277,615)
Balances at June 30, 2022$464,778 $24,465,041 $(111,691)$8,815,446 $(14,932,198)$(145,196)$897,715 $19,453,895 
Comprehensive income:
Net income (loss)(6,768)2,876 (3,892)
Other comprehensive income (loss)69,929 (23,029)46,900 
Total comprehensive income43,008 
Net change in noncontrolling interests(2,400)12,801 10,401 
Adjustment to members' interest from change in ownership in Welltower OP2,779 (2,779) 
Redemption of OP Units and DownREIT Units5 201 (206) 
Amounts related to stock incentive plans, net of forfeitures3 6,151 (81)6,073 
Net proceeds from issuance of common stock9,144 817,660 826,804 
Dividends paid:
Common stock dividends(283,496)(283,496)
Balances at September 30, 2022$473,930 $25,289,432 $(111,772)$8,808,678 $(15,215,694)$(75,267)$887,378 $20,056,685 

7


CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
Nine Months Ended
September 30,
 20232022
Operating activities:    
Net income  $269,699 $158,770 
Adjustments to reconcile net income to net cash provided from (used in) operating activities:  
Depreciation and amortization  
1,020,371 968,082 
Other amortization expenses  
31,002 20,643 
Provision for loan losses, net7,292 (149)
Impairment of assets  
21,103 4,356 
Stock-based compensation expense  
28,781 19,456 
Loss (gain) on derivatives and financial instruments, net  
5,095 8,076 
Loss (gain) on extinguishment of debt, net  
7 593 
Loss (income) from unconsolidated entities
51,434 16,640 
Rental income less than (in excess of) cash received  
(96,345)(79,571)
Amortization related to above (below) market leases, net  
(436)(1,199)
Loss (gain) on real estate dispositions, net  
(69,681)(20,466)
Loss (gain) on loss of control of subsidiary(65,485) 
Distributions by unconsolidated entities
9,055 8,648 
Increase (decrease) in accrued expenses and other liabilities  
95,695 96,250 
Decrease (increase) in receivables and other assets  
(76,228)(124,807)
Net cash provided from (used in) operating activities  1,231,359 1,075,322 
 
Investing activities:  
Cash disbursed for acquisitions, net of cash acquired
(1,073,627)(2,292,998)
Cash disbursed for capital improvements to existing properties
(334,090)(315,835)
Cash disbursed for construction in progress
(730,712)(463,465)
Capitalized interest  
(36,152)(20,729)
Investment in loans receivable
(328,554)(133,179)
Principal collected on loans receivable  
68,404 172,380 
Other investments, net of payments  
(95,366)(62,625)
Contributions to unconsolidated entities  
(267,359)(390,493)
Distributions by unconsolidated entities  
145,985 34,256 
Proceeds from (payments on) derivatives  
3,933 63,747 
Proceeds from sales of real property  
83,984 124,431 
Net cash provided from (used in) investing activities  (2,563,554)(3,284,510)
Financing activities:  
Net increase (decrease) under unsecured credit facility and commercial paper
 329,780 
Net proceeds from issuance of senior unsecured notes1,011,780 1,040,232 
Net proceeds from the issuance of secured debt  
381,369 89,804 
Payments on secured debt  
(439,027)(320,377)
Net proceeds from the issuance of common stock  
3,265,056 2,184,953 
Payments for deferred financing costs and prepayment penalties  
(7,619)(4,881)
Contributions by noncontrolling interests(1)
211,071 47,503 
Distributions to noncontrolling interests(1)
(179,476)(221,754)
Cash distributions to stockholders  
(922,288)(833,296)
Other financing activities
(9,763)(7,730)
Net cash provided from (used in) financing activities  3,311,103 2,304,234 
Effect of foreign currency translation on cash and cash equivalents and restricted cash(14,489)(16,617)
Increase (decrease) in cash, cash equivalents and restricted cash  1,964,419 78,429 
Cash, cash equivalents and restricted cash at beginning of period  722,292 346,755 
Cash, cash equivalents and restricted cash at end of period  $2,686,711 $425,184 
Supplemental cash flow information:
Interest paid$422,327 $364,345 
Income taxes paid (received), net4,092 6,725 
(1) Includes amounts attributable to redeemable noncontrolling interests.

8

WELLTOWER INC.
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. Business
Welltower Inc., an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. We invest with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower Inc., a real estate investment trust (“REIT”), owns interests in properties concentrated in major, high-growth markets in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), consisting of seniors housing and post-acute communities and outpatient medical properties. 
As of May 24, 2022, we are structured as an umbrella partnership REIT under which substantially all of our business is conducted through Welltower OP LLC, the day-to-day management of which is exclusively controlled by Welltower Inc. Unless stated otherwise or the context otherwise requires, references to "Welltower" mean Welltower Inc. and references to "Welltower OP" mean Welltower OP LLC. References to "we," "us" and "our" mean collectively Welltower, Welltower OP and those entities/subsidiaries owned or controlled by Welltower and/or Welltower OP. Welltower's weighted average ownership in Welltower OP was 99.733% for the nine months ended September 30, 2023. As of September 30, 2023, Welltower owned 99.751% of the issued and outstanding units of Welltower OP, with other investors owning the remaining 0.249% of outstanding units. We adjust the noncontrolling members' interest at the end of each period to reflect their interest in the net assets of Welltower OP.
2. Accounting Policies and Related Matters
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (such as normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2023 are not necessarily an indication of the results that may be expected for the year ending December 31, 2023. For further information, refer to the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022.
Impact of COVID-19 Pandemic & Government Grants
The extent to which the COVID-19 pandemic impacts our operations and those of our operators and tenants in the future is uncertain and cannot be predicted with confidence. We have received government grants under the CARES Act, as well as under similar programs in the U.K. and Canada, primarily to cover increased expenses and lost revenue during the COVID-19 pandemic. We recognized $4,912,000 and $20,067,000 during the three and nine months ended September 30, 2023, respectively, as compared to $5,573,000 and $33,137,000 during the three and nine months ended September 30, 2022, respectively. These grants represent a reduction to property operating expenses in our Consolidated Statements of Comprehensive Income. The amount of qualifying expenditures and lost revenue exceeded grant income recognized and we believe we have complied and will continue to comply with all grant conditions. In the event of non-compliance, all such amounts are subject to recapture.
New Accounting Standards   
In March 2020, the FASB issued an amendment to the reference rate reform standard, which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. An example of such reform is the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. In December 2022, the FASB extended the date for which this guidance can be applied from December 31, 2022 to December 31, 2024. We continue to monitor developments related to the LIBOR transition and identification of an alternative, market-accepted rate.
3. Real Property Acquisitions and Development 
The total purchase price for all properties acquired has been allocated to the tangible and identifiable intangible assets and liabilities at cost on a relative fair value basis. Liabilities assumed and any associated noncontrolling interests are reflected at fair value. The results of operations for these acquisitions have been included in our consolidated results of operations since the date of acquisition and are a component of the appropriate segments. Transaction costs primarily represent costs incurred with acquisitions, including due diligence costs, fees for legal and valuation services, termination of pre-existing relationships computed based on the fair value of the assets acquired, lease termination fees and other acquisition-related costs. Transaction costs related to asset acquisitions are capitalized as a component of purchase price and all other non-capitalizable costs are reflected in other expenses on our Consolidated Statements of Comprehensive Income.
9

WELLTOWER INC.
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The following is a summary of our real property investment activity by segment for the periods presented (in thousands):
 Nine Months Ended
 September 30, 2023September 30, 2022
Seniors Housing OperatingTriple-netOutpatient
Medical
TotalsSeniors Housing OperatingTriple-netOutpatient
Medical
Totals
Land and land improvements$58,049 $58,797 $72,992 $189,838 $199,892 $ $65,688 $265,580 
Buildings and improvements411,273 430,041 314,892 1,156,206 1,988,999 172 249,660 2,238,831 
Acquired lease intangibles25,617  45,936 71,553 109,049  33,978 143,027 
Construction in progress165,934   165,934 108,141   108,141 
Right of use assets, net16,539  927 17,466 169  3,852 4,021 
Total net real estate assets677,412 488,838 434,747 1,600,997 2,406,250 172 353,178 2,759,600 
Receivables and other assets16,789  545 17,334 10,410  460 10,870 
Total assets acquired(1)
694,201 488,838 435,292 1,618,331 2,416,660 172 353,638 2,770,470 
Secured debt(292,160) (40,953)(333,113)(219,067)  (219,067)
Lease liabilities(16,539) (953)(17,492)  (3,852)(3,852)
Accrued expenses and other liabilities(10,825) (10,832)(21,657)(111,373) (1,294)(112,667)
Total liabilities acquired(319,524) (52,738)(372,262)(330,440) (5,146)(335,586)
Noncontrolling interests (2)
  (775)(775)(115,112)(4)(975)(116,091)
Non-cash acquisition related activity(3)
(171,667)  (171,667)(25,795)  (25,795)
Cash disbursed for acquisitions203,010 488,838 381,779 1,073,627 1,945,313 168 347,517 2,292,998 
Construction in progress additions450,205 25,646 297,862 773,713 343,000 64,091 75,460 482,551 
Less: Capitalized interest(28,289)(2,416)(5,447)(36,152)(16,464)(3,088)(1,177)(20,729)
Accruals (4)
3,447 (2,692)(7,604)(6,849)(2,809) 4,452 1,643 
Cash disbursed for construction in progress425,363 20,538 284,811 730,712 323,727 61,003 78,735 463,465 
Capital improvements to existing properties261,935 17,933 54,222 334,090 232,618 39,526 43,691 315,835 
Total cash invested in real property, net of cash acquired$890,308 $527,309 $720,812 $2,138,429 $2,501,658 $100,697 $469,943 $3,072,298 
(1) Excludes $6,431,000 of unrestricted and restricted cash acquired during the nine months ended September 30, 2022.
(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. For the nine months ended September 30, 2022, 1,227,000 OP Units were issued as a component of funding for certain transactions.
(3) Relates to the acquisition of assets recognized as investments in unconsolidated entities.
(4) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, offset by amounts paid in the current period.
Effective on April 1, 2022, our leasehold interest relating to the master lease with National Health Investors, Inc. ("NHI") for 17 properties assumed in conjunction with the Holiday Retirement acquisition was terminated as a result of the transition or sale of the properties by NHI. The lease termination was part of an agreement to resolve outstanding litigation with NHI. In conjunction with the agreement, a wholly-owned subsidiary and the lessee on the master lease agreed to release $6,883,000 of cash to the landlord, which represents the net cash flow generated from the properties since we assumed the leasehold interest. Additionally, in connection with the lease termination, during the nine months ended September 30, 2022, we recognized $58,621,000 in other income on our Consolidated Statements of Comprehensive Income from the derecognition of the right of use asset and related lease liability.
During the three months ended September 30, 2023, we paid $69,606,000 to acquire the 45% redeemable noncontrolling ownership interest in two consolidated joint ventures with the Canadian Pension Plan Investment Board, which owned interests in ten medical office buildings. In conjunction with the transaction $118,256,000 was removed from redeemable noncontrolling interests with the difference recorded to capital in excess of par value on our Consolidated Balance Sheets. The transaction is excluded from the table above.
In October 2023, we purchased 12 Seniors Housing Operating properties in Canada for a total purchase price of $678 million through a 95% owned and consolidated partnership with Cogir Management Corporation owning the remaining 5%. In conjunction with this transaction, we assumed $59 million of secured debt.
10

WELLTOWER INC.
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Construction Activity 
The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented (in thousands):
 Nine Months Ended
 September 30, 2023September 30, 2022
Development projects:
Seniors Housing Operating
$280,333 $182,421 
Triple-net
141,142  
Outpatient Medical
30,071  
Total development projects
451,546 182,421 
Expansion projects
62,292  
Total construction in progress conversions$513,838 $182,421 
4. Real Estate Intangibles 
The following is a summary of our real estate intangibles, excluding those related to ground leases or classified as held for sale, as of the dates indicated (dollars in thousands):
 September 30, 2023December 31, 2022
Assets:
In place lease intangibles$1,805,745 $1,817,580 
Above market tenant leases66,707 57,203 
Lease commissions89,347 70,675 
Gross historical cost1,961,799 1,945,458 
Accumulated amortization(1,575,962)(1,484,048)
Net book value$385,837 $461,410 
Liabilities:
Below market tenant leases$71,087 $77,985 
Accumulated amortization(47,171)(52,701)
Net book value$23,916 $25,284 
The following is a summary of real estate intangible amortization income (expense) for the periods presented (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Rental income related to (above)/below market tenant leases, net$152 $358 $327 $1,094 
Amortization related to in place lease intangibles and lease commissions(47,556)(60,176)(157,481)(158,364)
5. Dispositions, Real Property Held for Sale and Impairment
We periodically sell properties for various reasons, including favorable market conditions, the exercise of tenant purchase options or reduction of concentrations (i.e., property type, relationship or geography). At September 30, 2023, 18 Seniors Housing Operating properties and two Outpatient Medical properties with an aggregate real estate balance of $355,380,000 were classified as held for sale. In addition to the real property balances, secured debt balances of $166,312,000 and net other assets and (liabilities) of $37,072,000 are included in the Consolidated Balance Sheets related to the held for sale properties. Expected gross sales proceeds related to the held for sale properties are approximately $518,443,000, which includes non-cash consideration relating to 14 Canadian Revera properties discussed below.
During the nine months ended September 30, 2023, we recorded $15,401,000 of impairment charges related to four Seniors Housing Operating properties and one Triple-net property classified as held for sale for which the carrying value exceeded the estimated fair value less costs to sell, as well as $5,702,000 of impairment charges related to two Seniors Housing Operating properties and one Triple-net property classified as held for use for which the carrying value exceeded the estimated fair value. During the nine months ended September 30, 2022, we recorded $4,356,000 of impairment charges related to two Triple-net properties and one Outpatient Medical property classified as held for use for which the carrying value exceeded the estimated fair value.
Operating results attributable to properties sold or classified as held for sale which do not meet the definition of discontinued operations are not reclassified on our Consolidated Statements of Comprehensive Income. We recognized income (loss) from continuing operations before income taxes and other items from properties sold or classified as held for sale as of September
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WELLTOWER INC.
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
30, 2023 of $1,482,000 and $53,479,000 for the three and nine months ended September 30, 2023 and $(633,000) and $990,000 for the same periods in 2022, respectively.
The following is a summary of our real property disposition activity for the periods presented (in thousands):
 Nine Months Ended
 September 30, 2023September 30, 2022
Real estate dispositions:
Seniors Housing Operating(1)
$371,143 $13,470 
Triple-net
6,391 89,827 
Outpatient Medical
 393 
Total dispositions
377,534 103,690 
Gain (loss) on real estate dispositions, net69,681 20,466 
Net other assets/(liabilities) disposed(1,401)275 
 Non-cash consideration (361,830) 
Cash proceeds from real estate dispositions$83,984 $124,431 
(1) Dispositions occurring in the nine months ended September 30, 2023 include the disposition of unconsolidated equity method investments related to Revera. See discussion below for further information.
Strategic Dissolution of Revera Joint Ventures
During the quarter ended June 30, 2023, we entered into definitive agreements to dissolve our existing Revera joint venture relationships across the U.S., U.K. and Canada. The transactions include acquiring the remaining interests in 110 properties from Revera, while simultaneously selling interests in 31 properties to Revera.
In June 2023, we closed the U.K. portfolio portion of the transaction through the acquisition of the remaining ownership interest in 29 properties previously held in two separate consolidated joint venture structures in which we owned 75% and 90% of the interests in exchange for the disposition to Revera of our interests in four properties. In addition, we received cash from Revera of $107,341,000 relating to the net settlement of loans previously made to the joint ventures. Operations for the 29 retained properties were transitioned to Avery Healthcare.
Total proceeds related to the four properties disposed were $222,521,000, which included non-cash consideration from Revera of $241,728,000, comprised of the fair value of interests received by us of $198,837,000 and an allocation of Revera's noncontrolling interests of $42,891,000, partially offset by $9,049,000 of transaction-related expenses as well as the $10,158,000 of cash paid to equalize the value exchanged between the parties. We disposed of net real property owned of $224,208,000, resulting in a loss of $1,687,000 recognized within gain (loss) on real estate dispositions, net within our Consolidated Statements of Comprehensive Income. Consideration transferred to acquire the additional interests in the 29 properties was comprised of the fair value of interests transferred by us of $198,837,000 and $5,776,000 of cash paid for transaction-related expenses. We derecognized $180,497,000 of noncontrolling interests and $22,270,000 of liabilities previously due to Revera with an adjustment of $1,846,000 recognized in capital in excess of par value. The non-cash investing activity with respect to the sale of the four properties and non-cash financing activity with respect to the acquisition of Revera's interests in the 29 properties has been excluded from our Consolidated Statement of Cash Flows.
We closed the portion of the transactions predominantly related to the U.S. portfolio during the third quarter of 2023 through (i) the acquisition of the remaining interests in ten properties currently under development or recently developed by Sunrise Senior Living that were previously held within an equity method joint venture owned 34% by us and 66% by Revera, (ii) the disposition of our minority interests in 12 U.S. properties and one Canadian development project and (iii) the disposition of our 34% interest in the Sunrise Senior Living management company. We recorded net real estate investments of $479,525,000 related to the ten acquired and now consolidated properties, which was comprised of $31,456,000 of cash consideration and $448,069,000 of non-cash consideration. Non-cash consideration primarily includes $270,486,000 of assumed mortgage debt secured by the acquired properties, which was subsequently repaid in full by us immediately following the transaction, $47,734,000 of carryover investment from our prior 34% equity method ownership interest and $119,258,000 of fair value interests in the 13 properties transferred by us to Revera. We also derecognized $56,905,000 of equity method investments related to the 13 properties retained by Revera and recorded a gain on real estate dispositions of $62,075,000. In conjunction with this transaction, operations for two of the now wholly-owned properties, along with operations for 26 existing wholly-owned properties, transitioned to Oakmont Management Group. The non-cash investing activity with respect to the fair value of interests exchanged in the transaction, non-cash investing activity with respect to the carrying value of prior equity method interests now included in the basis of the acquired properties and non-cash financing activity with respect to the assumption of the secured mortgage debt have been excluded from our Consolidated Statements of Cash Flows. During the three months ended June 30, 2023, we also recognized an impairment charge of $28,708,000 in income from unconsolidated entities on our Consolidated Statements of Comprehensive Income calculated as the excess of the carrying value of our investment in the Sunrise Senior Living management company and compared to estimated sales proceeds for its sale, which were subsequently received when the transaction closed in July.
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WELLTOWER INC.
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The Canadian portfolio consists of 85 properties in a joint venture owned 75% by us and 25% by Revera. As a part of the transaction, we intend to acquire Revera's interest in 71 properties and sell our interests in the remaining 14 properties. To date, operations for 18 of the 71 retained properties have transitioned to new operators. We anticipate closing the remainder of the operator transitions and the real estate transaction at year end subject to customary closing conditions.
Genesis HealthCare
As part of the substantial exit of the Genesis HealthCare operating relationship, which we disclosed on March 2, 2021, we transitioned the sublease of a portfolio of seven facilities from Genesis HealthCare to Complete Care Management in the second quarter of 2021. As part of the March 2021 transaction, we entered into a forward sale agreement for the seven properties valued at $182,618,000, which was expected to close when the Welltower-held purchase option became exercisable. As of March 31, 2023, the right of use assets related to the properties were $115,359,000 and were reflected as held for sale with the corresponding lease liabilities of $66,530,000 on our Consolidated Balance Sheet.
On May 1, 2023, we executed a series of transactions that included the assignment of the leasehold interest to a newly formed tri-party unconsolidated joint venture with Aurora Health Network, Peace Capital (an affiliate of Complete Care Management) and us, and culminated with the closing of the purchase option by the joint venture. The transactions resulted in net cash proceeds to us of $104,240,000 (excluded from the dispositions table above) after our retained interest of $11,571,000 in the joint venture and a gain from the loss of control and derecognition of the leasehold interest of $65,485,000, which we recorded in other income within our Consolidated Statements of Comprehensive Income.
6. Leases
We lease land, buildings, office space and certain equipment. Many of our leases include a renewal option to extend the term from one to 25 years or more. Renewal options that we are reasonably certain to exercise are recognized in our right-of-use assets and lease liabilities.
The components of lease expense were as follows for the periods presented (in thousands):
Nine Months Ended
 ClassificationSeptember 30, 2023September 30, 2022
Operating lease cost: (1)
Real estate lease expenseProperty operating expenses$16,663 $16,767 
Non-real estate investment lease expenseGeneral and administrative expenses5,392 4,174 
Finance lease cost:
Amortization of leased assetsProperty operating expenses4,774 4,927 
Interest on lease liabilitiesInterest expense3,008 4,584 
Sublease incomeRental income(3,933)(8,537)
Total $25,904 $21,915 
(1) Includes short-term leases which are immaterial.

Supplemental balance sheet information related to leases in which we are the lessee is as follows (in thousands):