Real Property Acquisitions and Development (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Real Property Investment Activity by Segment

The following is a summary of our real property investment activity by segment for the periods presented (in thousands):


	Three Months Ended
	March 31, 2025								March 31, 2024
	Seniors Housing Operating		Triple-net		Outpatient Medical		Totals		Seniors Housing Operating		Triple-net		Outpatient Medical		Totals
Land and land improvements	$	176,983	$	88,247	$	19,320	$	284,550	$	26,691	$	710	$	—	$	27,401
Buildings and improvements	1,095,050		1,182,642		1,606		2,279,298		48,615		253		—		48,868
Acquired lease intangibles	139,005		7,084		656		146,745		5,861		—		—		5,861


Right of use assets, net	3,032		18,389		2,783		24,204		—		—		—		—
Total net real estate assets	1,414,070		1,296,362		24,365		2,734,797		81,167		963		—		82,130
Receivables and other assets	15,237		—		59		15,296		24		—		—		24
Total assets acquired(1)	1,429,307		1,296,362		24,424		2,750,093		81,191		963		—		82,154
Secured debt	(289,721)		—		—		(289,721)		—		—		—		—
Lease liabilities	(3,032)		—		(1,699)		(4,731)		—		—		—		—
Accrued expenses and other liabilities	(28,507)		(10,233)		(1,589)		(40,329)		(532)		—		—		(532)
Total liabilities acquired	(321,260)		(10,233)		(3,288)		(334,781)		(532)		—		—		(532)
Noncontrolling interests	(2,545)		—		—		(2,545)		—		—		—		—
Non-cash acquisition related activity(2)	(163,627)		(240,075)		(20,107)		(423,809)		(18,141)		(710)		—		(18,851)
Cash disbursed for acquisitions	941,875		1,046,054		1,029		1,988,958		62,518		253		—		62,771
Construction in progress additions	100,242		—		31,328		131,570		165,140		28		83,529		248,697
Less: Capitalized interest	(9,595)		—		(1,925)		(11,520)		(11,660)		—		(2,149)		(13,809)
Accruals(3)	1,145		80		4,912		6,137		2,248		72		(5,445)		(3,125)
Cash disbursed for construction in progress	91,792		80		34,315		126,187		155,728		100		75,935		231,763
Capital improvements to existing properties	219,244		5,639		15,467		240,350		104,812		6,064		21,633		132,509
Total cash invested in real property, net of cash acquired	$	1,252,911	$	1,051,773	$	50,811	$	2,355,495	$	323,058	$	6,417	$	97,568	$	427,043

(1) Excludes $4,502,000 of unrestricted and restricted cash acquired during the three months ended March 31, 2025.

(2) For the three months ended March 31, 2025, relates to the acquisition of assets previously recognized as investments in unconsolidated entities and the re-issuance of Welltower Inc. treasury shares in lieu of cash consideration. For the three months ended March 31, 2024, primarily relates to the acquisition of assets previously financed as real estate loans receivable.

(3) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, offset by amounts paid in the current period.

The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented (in thousands):


	Three Months Ended
	March 31, 2025		March 31, 2024
Development projects:
Seniors Housing Operating	$	132,210	$	88,680

Outpatient Medical	175,046		91,248
Total development projects	307,256		179,928
Expansion projects	106		3,083
Total construction in progress conversions	$	307,362	$	183,011

Business Acquisition, Pro Forma Information

The following unaudited pro forma information is not indicative of future operations (in thousands):


	Three Months Ended
	March 31, 2024
Pro forma revenues	$	2,028,367
Pro forma net income attributable to common stockholders	$	115,491

Per share data (diluted)
Net income attributable to common stockholders (as reported)	$	0.22
Net income attributable to common stockholders (pro forma)	$	0.20