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Real Property Acquisitions and Development (Tables)
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
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):
 Six Months Ended
 June 30, 2025June 30, 2024
Seniors Housing OperatingTriple-netOutpatient
Medical		TotalsSeniors Housing OperatingTriple-netOutpatient
Medical		Totals
Land and land improvements$295,923 $94,165 $19,340 $409,428 $68,662 $14,193 $10,160 $93,015 
Buildings and improvements1,840,711 1,229,242 1,619 3,071,572 422,488 61,914 33,064 517,466 
Acquired lease intangibles179,372 7,084 656 187,112 34,827 — 2,193 37,020 
Construction in progress— — — — 19,397 — — 19,397 
Real property held for sale174,639 — — 174,639 — — — — 
Right of use assets, net3,032 18,389 2,783 24,204 — — — — 
Total net real estate assets2,493,677 1,348,880 24,398 3,866,955 545,374 76,107 45,417 666,898 
Receivables and other assets15,920 5 59 15,984 1,403 34 112 1,549 
Total assets acquired(1)
2,509,597 1,348,885 24,457 3,882,939 546,777 76,141 45,529 668,447 
Secured debt(441,983)— — (441,983)— — — — 
Lease liabilities(3,032)— (1,699)(4,731)— — — — 
Accrued expenses and other liabilities(36,813)(10,442)(1,589)(48,844)(11,905)— (182)(12,087)
Total liabilities acquired(481,828)(10,442)(3,288)(495,558)(11,905)— (182)(12,087)
Noncontrolling interests(5,620)— — (5,620)(1,149)— — (1,149)
Non-cash acquisition related activity(2)
(184,761)(240,075)(20,107)(444,943)(46,974)(710)— (47,684)
Cash disbursed for acquisitions1,837,388 1,098,368 1,062 2,936,818 486,749 75,431 45,347 607,527 
Construction in progress additions208,822 — 47,840 256,662 317,468 28 182,290 499,786 
Less: Capitalized interest(17,094)— (3,079)(20,173)(23,712)— (4,575)(28,287)
Accruals(3)
(4,470)1,094 5,448 2,072 474 126 (12,977)(12,377)
Cash disbursed for construction in progress187,258 1,094 50,209 238,561 294,230 154 164,738 459,122 
Capital improvements to existing properties415,638 19,874 37,717 473,229 239,484 11,706 46,412 297,602 
Total cash invested in real property, net of cash acquired$2,440,284 $1,119,336 $88,988 $3,648,608 $1,020,463 $87,291 $256,497 $1,364,251 
(1) Excludes $4,548,000 and $0 of unrestricted and restricted cash acquired during the six months ended June 30, 2025 and June 30, 2024, respectively.
(2) For the six months ended June 30, 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 six months ended June 30, 2024, primarily relates to the acquisition of assets previously financed as real estate loans receivable and the acquisition of assets previously recognized as investments in unconsolidated entities.
(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):
 Six Months Ended
 June 30, 2025June 30, 2024
Development projects:
Seniors Housing Operating
$506,732 $194,012 
Outpatient Medical
267,916 106,596 
Total development projects
774,648 300,608 
Expansion projects
— 20,229 
Total construction in progress conversions$774,648 $320,837 
Business Combination, Pro Forma Information The following unaudited pro forma information is not indicative of future operations (in thousands, except per share amounts):
Six Months Ended
June 30, 2024
Pro forma revenues$4,033,401 
Pro forma net income attributable to common stockholders$363,269 
Per share data (diluted)
Net income attributable to common stockholders (as reported)$0.65 
Net income attributable to common stockholders (pro forma)$0.63