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Real Property Acquisitions and Development (Tables)
 3 Months Ended
Mar. 31, 2026
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):
 Three Months Ended
 March 31, 2026March 31, 2025
Seniors Housing OperatingTriple-netOutpatient
Medical		TotalsSeniors Housing OperatingTriple-netOutpatient
Medical		Totals
Land and land improvements$104,860 $20,880 $40 $125,780 $176,983 $88,247 $19,320 $284,550 
Buildings and improvements822,593 170,184 87,242 1,080,019 1,095,050 1,182,642 1,606 2,279,298 
Acquired lease intangibles38,966 — 10,576 49,542 139,005 7,084 656 146,745 
Construction in progress24,143 — — 24,143 — — — — 
Real property held for sale452 — — 452 — — — — 
Right of use assets, net2,794 — 1,222 4,016 3,032 18,389 2,783 24,204 
Total net real estate assets993,808 191,064 99,080 1,283,952 1,414,070 1,296,362 24,365 2,734,797 
Receivables and other assets4,811 — 18 4,829 15,237 — 59 15,296 
Total assets acquired(1)
998,619 191,064 99,098 1,288,781 1,429,307 1,296,362 24,424 2,750,093 
Secured debt— — — — (289,721)— — (289,721)
Lease liabilities— — (1,081)(1,081)(3,032)— (1,699)(4,731)
Accrued expenses and other liabilities(18,047)— (440)(18,487)(28,507)(10,233)(1,589)(40,329)
Total liabilities acquired(18,047)— (1,521)(19,568)(321,260)(10,233)(3,288)(334,781)
Noncontrolling interests(782)— — (782)(2,545)— — (2,545)
Non-cash acquisition related activity(2)
(13,879)(52,966)(91,637)(158,482)(163,627)(240,075)(20,107)(423,809)
Cash disbursed for acquisitions965,911 138,098 5,940 1,109,949 941,875 1,046,054 1,029 1,988,958 
Construction in progress additions103,303 — 354 103,657 100,242 — 31,328 131,570 
Less: Capitalized interest(8,165)— (284)(8,449)(9,595)— (1,925)(11,520)
Accruals(3)
365 — 9,199 9,564 1,145 80 4,912 6,137 
Cash disbursed for construction in progress95,503 — 9,269 104,772 91,792 80 34,315 126,187 
Capital improvements to existing properties246,498 11,184 12,150 269,832 219,244 5,639 15,467 240,350 
Total cash invested in real property, net of cash acquired$1,307,912 $149,282 $27,359 $1,484,553 $1,252,911 $1,051,773 $50,811 $2,355,495 
(1) Excludes $2,303,000 and $4,502,000 of unrestricted and restricted cash acquired during the three months ended March 31, 2026 and 2025, respectively.
(2) For the three months ended March 31, 2026, relates to the acquisition of assets previously recognized as investments in unconsolidated entities and two properties reclassified from sales-type lease to operating lease (see Note 6 for further details). 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.
(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, 2026March 31, 2025
Development projects:
Seniors Housing Operating
$78,014 $132,210 
Outpatient Medical
— 175,046 
Total development projects
78,014 307,256 
Expansion projects
— 106 
Total construction in progress conversions$78,014 $307,362 
Summary of Business Combination, Pro Forma Information The following unaudited pro forma information is not indicative of future operations (in thousands):
Three Months Ended
March 31, 2025
Pro forma revenues$2,889,227 
Pro forma net income attributable to common stockholders$151,566 
Per share data (diluted)
Net income attributable to common stockholders (as reported)$0.40 
Net income attributable to common stockholders (pro forma)$0.23