Real Property Acquisitions and Development (Tables)

9 Months Ended

Sep. 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):

	Nine Months Ended
	September 30, 2025								September 30, 2024
	Seniors Housing Operating		Triple-net		Outpatient Medical		Totals		Seniors Housing Operating		Triple-net		Outpatient Medical		Totals
Land and land improvements	$	359,679	$	148,088	$	19,337	$	527,104	$	208,219	$	63,075	$	10,160	$	281,454
Buildings and improvements	2,221,761		2,052,242		1,343		4,275,346		1,446,475		621,378		34,481		2,102,334
Acquired lease intangibles	222,250		7,084		656		229,990		89,460		33,232		2,193		124,885
Construction in progress	—		—		—		—		45,983		—		—		45,983
Real property held for sale	175,262		48,753		—		224,015		—		297,000		—		297,000
Right of use assets, net	3,032		18,389		2,783		24,204		—		—		—		—
Total net real estate assets	2,981,984		2,274,556		24,119		5,280,659		1,790,137		1,014,685		46,834		2,851,656
Receivables and other assets	22,536		13,556		59		36,151		9,592		1,118		112		10,822
Total assets acquired(1)	3,004,520		2,288,112		24,178		5,316,810		1,799,729		1,015,803		46,946		2,862,478
Secured debt	(441,983)		—		—		(441,983)		(350,978)		(465,820)		—		(816,798)
Lease liabilities	(3,032)		—		(1,699)		(4,731)		—		—		—		—
Accrued expenses and other liabilities	(63,171)		(10,442)		(1,589)		(75,202)		(19,752)		(20,309)		(182)		(40,243)
Total liabilities acquired	(508,186)		(10,442)		(3,288)		(521,916)		(370,730)		(486,129)		(182)		(857,041)
Noncontrolling interests	(5,620)		—		—		(5,620)		(25,787)		—		—		(25,787)
Non-cash acquisition related activity(2)	(196,950)		(531,281)		(20,107)		(748,338)		(119,012)		(191,532)		—		(310,544)
Cash disbursed for acquisitions	2,293,764		1,746,389		783		4,040,936		1,284,200		338,142		46,764		1,669,106
Construction in progress additions	289,195		153		73,145		362,493		424,827		28		269,840		694,695
Less: Capitalized interest	(22,609)		—		(3,713)		(26,322)		(36,247)		—		(7,708)		(43,955)
Accruals(3)	3,511		1,094		(6,795)		(2,190)		1,217		126		(19,572)		(18,229)
Cash disbursed for construction in progress	270,097		1,247		62,637		333,981		389,797		154		242,560		632,511
Capital improvements to existing properties	634,959		30,233		71,096		736,288		448,144		19,870		70,738		538,752
Total cash invested in real property, net of cash acquired	$	3,198,820	$	1,777,869	$	134,516	$	5,111,205	$	2,122,141	$	358,166	$	360,062	$	2,840,369

(1) Excludes $5,239,000 and $33,577,000 of unrestricted and restricted cash acquired during the nine months ended September 30, 2025 and 2024, respectively.

(2) For the nine months ended September 30, 2025, relates to the acquisition of assets previously recognized as investments in unconsolidated entities, the re-issuance of Welltower Inc. treasury shares, the issuance of Welltower Inc. Class A common stock, acquired assets classified as held for sale and sold contemporaneously with the acquisition and deferred consideration in lieu of cash consideration. For the nine months ended September 30, 2024, primarily relates to the acquisition of assets previously financed as real estate loans receivable, the acquisition of assets previously recognized as investments in unconsolidated entities, the acquisition of assets only partially funded at close and the $179,770,000 gain on acquisition of controlling interests described below.

(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):

	Nine Months Ended
	September 30, 2025		September 30, 2024
Development projects:
Seniors Housing Operating	$	742,491	$	462,246
Outpatient Medical	336,863		162,699
Total development projects	1,079,354		624,945
Expansion projects	—		20,229
Total construction in progress conversions	$	1,079,354	$	645,174

Business Combination, Pro Forma Information

The following unaudited pro forma information is not indicative of future operations (in thousands, except per share amounts):

	Nine Months Ended
	September 30, 2024
Pro forma revenues	$	6,281,432
Pro forma net income attributable to common stockholders	$	809,081
Per share data (diluted)
Net income attributable to common stockholders (as reported)	$	1.39
Net income attributable to common stockholders (pro forma)	$	1.35