Welltower (WELL) 10-Q 7 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-8923
Entity Registrant Name	WELLTOWER INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	34-1096634
Entity Address, Address Line One	4500 Dorr Street
Entity Address, City or Town	Toledo,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43615
City Area Code	(419) -
Local Phone Number	247-2800
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		472,521,446
Entity Central Index Key	0000766704
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, $1.00 par value per share
Trading Symbol	WELL
Security Exchange Name	NYSE
4.800% Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLC
Trading Symbol	WELL/28
Security Exchange Name	NYSE
4.500% Notes due 2034
Document Information [Line Items]
Title of 12(b) Security	Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLC
Trading Symbol	WELL/34
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	[1]
Real property owned:
Land and land improvements	$ 4,156,985	$ 3,968,430
Buildings and improvements	33,018,251	31,062,203
Acquired lease intangibles	1,920,803	1,789,628
Real property held for sale, net of accumulated depreciation	175,657	134,097
Construction in progress	1,012,202	651,389
Less accumulated depreciation and amortization	(7,687,077)	(6,910,114)
Net real property owned	32,596,821	30,695,633
Right of use assets, net	323,230	522,796
Real estate loans receivable, net of credit allowance	916,639	1,068,681
Net real estate investments	33,836,690	32,287,110
Other assets:
Investments in unconsolidated entities	1,383,246	1,039,043
Goodwill	68,321	68,321
Cash and cash equivalents	343,446	269,265
Restricted cash	81,738	77,490
Straight-line rent receivable	430,173	365,643
Receivables and other assets	1,270,874	803,453
Total other assets	3,577,798	2,623,215
Total assets	37,414,488	34,910,325
Liabilities:
Unsecured credit facility and commercial paper	654,715	324,935
Senior unsecured notes	12,324,601	11,613,758
Secured debt	2,121,628	2,192,261
Lease liabilities	410,415	545,944
Accrued expenses and other liabilities	1,445,479	1,235,554
Total liabilities	16,956,838	15,912,452
Redeemable noncontrolling interests	400,965	401,294
Equity:
Common stock	473,930	448,605
Capital in excess of par value	25,289,432	23,133,641
Treasury stock	(111,772)	(107,750)
Cumulative net income	8,808,678	8,663,736
Cumulative dividends	(15,215,694)	(14,380,915)
Accumulated other comprehensive income (loss)	(75,267)	(121,316)
Total Welltower Inc. stockholders’ equity	19,169,307	17,636,001
Noncontrolling interests	887,378	960,578
Total equity	20,056,685	18,596,579
Total liabilities and equity	$ 37,414,488	$ 34,910,325
[1]The consolidated balance sheet at December 31, 2021 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.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Rental income		$ 361,983	$ 357,984	$ 1,079,784	$ 1,015,550
Total revenues		1,473,844	1,239,797	4,342,084	3,432,851
Expenses:
Property operating expenses		912,180	729,400	2,619,932	1,989,383
Depreciation and amortization		353,699	267,754	968,082	753,065
Interest expense		139,682	122,522	389,128	368,005
General and administrative expenses		34,811	32,256	109,071	93,618
Loss (gain) on derivatives and financial instruments, net		6,905	(8,078)	8,076	(6,503)
Loss (gain) on extinguishment of debt, net		2	(5)	593	50,964
Provision for loan losses, net		490	(271)	(149)	7,309
Impairment of assets		4,356	1,490	4,356	48,750
Other expenses		15,481	3,575	76,716	26,256
Total expenses		1,467,606	1,148,643	4,175,805	3,330,847
Income (loss) from continuing operations before income taxes and other items		6,238	91,154	166,279	102,004
Income tax (expense) benefit		(3,257)	(4,940)	(11,335)	(6,662)
Income (loss) from unconsolidated entities		(6,698)	(15,832)	(16,640)	(10,759)
Gain (loss) on real estate dispositions, net		1,064	119,954	20,466	223,702
Income (loss) from continuing operations		(2,653)	190,336	158,770	308,285
Net income (loss)		(2,653)	190,336	158,770	308,285
Less: Net income (loss) attributable to noncontrolling interests	[1]	4,114	10,673	13,828	30,819
Net income (loss) attributable to common stockholders		$ (6,767)	$ 179,663	$ 144,942	$ 277,466
Weighted average number of common shares outstanding:
Basic (in shares)		463,366	428,031	455,074	420,955
Diluted (in shares)		463,366	429,983	457,999	422,835
Basic:
Income (loss) from continuing operations (in dollars per share)		$ (0.01)	$ 0.44	$ 0.35	$ 0.73
Net income (loss) attributable to common stockholders (in dollars per share)		(0.01)	0.42	0.32	0.66
Diluted:
Income (loss) from continuing operations (in dollars per share)		(0.01)	0.44	0.35	0.73
Net income (loss) attributable to common stockholders (in dollars per share)	[2]	(0.01)	0.42	0.32	0.65
Dividends declared and paid per common share (in dollars per share)		$ 0.61	$ 0.61	$ 1.83	$ 1.83
Other comprehensive income (loss):
Foreign currency translation gain (loss)		$ (372,494)	$ (112,263)	$ (746,165)	$ (55,059)
Derivative and financial instruments designated as hedges gain (loss)		417,567	130,711	753,588	100,866
Total other comprehensive income (loss)		45,073	18,448	7,423	45,807
Total comprehensive income (loss)		42,420	208,784	166,193	354,092
Less: Total comprehensive income (loss) attributable to noncontrolling interests	[3]	(20,741)	4,350	(24,798)	31,299
Total comprehensive income (loss) attributable to common stockholders		63,161	204,434	190,991	322,793
Resident fees and services
Revenues:
Revenue from contract with customer		1,068,706	835,617	3,073,040	2,299,972
Interest income
Revenues:
Revenue from contract with customer		37,791	39,864	113,925	97,891
Other income
Revenues:
Revenue from contract with customer		$ 5,364	$ 6,332	$ 75,335	$ 19,438
[1]Includes amounts attributable to redeemable noncontrolling interests.[2]Includes adjustment to the numerator for income (loss) attributable to OP unitholders.[3] (1) Includes amounts attributable to redeemable noncontrolling interests.

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total		Common Stock	Capital in Excess of Par Value	Treasury Stock	Cumulative Net Income	Cumulative Dividends	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Balances at beginning of period at Dec. 31, 2020	$ 16,881,572		$ 418,691	$ 20,823,145	$ (104,490)	$ 8,327,598	$ (13,343,721)	$ (148,504)	$ 908,853
Comprehensive income:
Net income (loss)	71,369					71,546			(177)
Other comprehensive income (loss)	24,097							20,368	3,729
Total comprehensive income	95,466
Net change in noncontrolling interests	(34,516)			(14,250)					(20,266)
Amounts related to stock incentive plans, net of forfeitures	3,539		175	5,393	(2,029)
Net proceeds from issuance of common stock	(92)			(92)
Dividends paid:
Common stock dividends	(254,952)						(254,952)
Balances at end of period at Mar. 31, 2021	16,691,017		418,866	20,814,196	(106,519)	8,399,144	(13,598,673)	(128,136)	892,139
Comprehensive income:
Net income (loss)	45,952					26,257			19,695
Other comprehensive income (loss)	3,107							188	2,919
Total comprehensive income	49,059
Net change in noncontrolling interests	(1,747)			(17,377)					15,630
Amounts related to stock incentive plans, net of forfeitures	2,441		51	4,504	(2,114)
Net proceeds from issuance of common stock	365,531		5,016	360,515
Dividends paid:
Common stock dividends	(255,472)						(255,472)
Balances at end of period at Jun. 30, 2021	16,850,829		423,933	21,161,838	(108,633)	8,425,401	(13,854,145)	(127,948)	930,383
Comprehensive income:
Net income (loss)	190,133					179,663			10,470
Other comprehensive income (loss)	18,575							24,771	(6,196)
Total comprehensive income	208,708
Net change in noncontrolling interests	(18,957)			(4,013)					(14,944)
Amounts related to stock incentive plans, net of forfeitures	5,090		3	4,932	155
Net proceeds from issuance of common stock	998,806		12,704	986,102
Dividends paid:
Common stock dividends	(261,560)						(261,560)
Balances at end of period at Sep. 30, 2021	17,782,916		436,640	22,148,859	(108,478)	8,605,064	(14,115,705)	(103,177)	919,713
Balances at beginning of period at Dec. 31, 2021	18,596,579	[1]	448,605	23,133,641	(107,750)	8,663,736	(14,380,915)	(121,316)	960,578
Comprehensive income:
Net income (loss)	64,677					61,925			2,752
Other comprehensive income (loss)	(15,691)							(17,156)	1,465
Total comprehensive income	48,986
Net change in noncontrolling interests	(191,331)			(63,026)					(128,305)
Amounts related to stock incentive plans, net of forfeitures	2,677		166	7,279	(4,768)
Net proceeds from issuance of common stock	548,823		6,605	542,218
Dividends paid:
Common stock dividends	(273,668)						(273,668)
Balances at end of period at Mar. 31, 2022	18,732,066		455,376	23,620,112	(112,518)	8,725,661	(14,654,583)	(138,472)	836,490
Comprehensive income:
Net income (loss)	94,194					89,785			4,409
Other comprehensive income (loss)	(21,840)							(6,724)	(15,116)
Total comprehensive income	72,354
Net change in noncontrolling interests	112,033			(6,760)					118,793
Adjustment to members' interest from change in ownership in Welltower OP	0			46,861					(46,861)
Amounts related to stock incentive plans, net of forfeitures	7,398		20	6,551	827
Net proceeds from issuance of common stock	807,659		9,382	798,277
Dividends paid:
Common stock dividends	(277,615)						(277,615)
Balances at end of period at Jun. 30, 2022	19,453,895		464,778	24,465,041	(111,691)	8,815,446	(14,932,198)	(145,196)	897,715
Comprehensive income:
Net income (loss)	(3,892)					(6,768)			2,876
Other comprehensive income (loss)	46,900							69,929	(23,029)
Total comprehensive income	43,008
Net change in noncontrolling interests	10,401			(2,400)					12,801
Adjustment to members' interest from change in ownership in Welltower OP	0			2,779					(2,779)
Redemption of OP units	0		5	201					(206)
Amounts related to stock incentive plans, net of forfeitures	6,073		3	6,151	(81)
Net proceeds from issuance of common stock	826,804		9,144	817,660
Dividends paid:
Common stock dividends	(283,496)						(283,496)
Balances at end of period at Sep. 30, 2022	$ 20,056,685		$ 473,930	$ 25,289,432	$ (111,772)	$ 8,808,678	$ (15,215,694)	$ (75,267)	$ 887,378
[1]The consolidated balance sheet at December 31, 2021 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.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Operating activities:
Net income (loss)		$ 158,770	$ 308,285
Adjustments to reconcile net income to net cash provided from (used in) operating activities:
Depreciation and amortization		968,082	753,065
Other amortization expenses		20,643	13,951
Provision for loan losses, net		(149)	7,309
Impairment of assets		4,356	48,750
Stock-based compensation expense		19,456	14,868
Loss (gain) on derivatives and financial instruments, net		8,076	(6,503)
Loss (gain) on extinguishment of debt, net		593	50,964
Loss (income) from unconsolidated entities		16,640	10,759
Rental income less than (in excess of) cash received		(79,571)	(9,607)
Amortization related to above (below) market leases, net		(1,199)	(2,045)
Loss (gain) on real estate dispositions, net		(20,466)	(223,702)
Distributions by unconsolidated entities		8,648	11,783
Increase (decrease) in accrued expenses and other liabilities		96,250	97,924
Decrease (increase) in receivables and other assets		(124,807)	(83,806)
Net cash provided from (used in) operating activities		1,075,322	991,995
Investing activities:
Cash disbursed for acquisitions, net of cash acquired		(2,292,998)	(2,735,206)
Cash disbursed for capital improvements to existing properties		(315,835)	(165,691)
Cash disbursed for construction in progress		(463,465)	(263,325)
Capitalized interest		(20,729)	(14,027)
Investment in loans receivable		(133,179)	(953,006)
Principal collected on loans receivable		172,380	250,415
Other investments, net of payments		(62,625)	(10,885)
Contributions to unconsolidated entities		(390,493)	(278,833)
Distributions by unconsolidated entities		34,256	238,066
Proceeds from (payments on) derivatives		63,747	2,312
Proceeds from sales of real property		124,431	941,708
Net cash provided from (used in) investing activities		(3,284,510)	(2,988,472)
Financing activities:
Net increase (decrease) under unsecured credit facility and commercial paper		329,780	290,996
Net proceeds from issuance of senior unsecured notes		1,040,232	1,208,241
Payments to extinguish senior unsecured notes		0	(1,533,752)
Net proceeds from the issuance of secured debt		89,804	2,693
Payments on secured debt		(320,377)	(118,854)
Net proceeds from the issuance of common stock		2,184,953	1,366,464
Payments for deferred financing costs and prepayment penalties		(4,881)	(72,251)
Contributions by noncontrolling interests	[1]	47,503	84,073
Distributions to noncontrolling interests	[1]	(221,754)	(108,912)
Cash distributions to stockholders		(833,296)	(770,457)
Other financing activities		(7,730)	(9,322)
Net cash provided from (used in) financing activities		2,304,234	338,919
Effect of foreign currency translation on cash and cash equivalents and restricted cash		(16,617)	(840)
Increase (decrease) in cash, cash equivalents and restricted cash		78,429	(1,658,398)
Cash, cash equivalents and restricted cash at beginning of period		346,755	2,021,043
Cash, cash equivalents and restricted cash at end of period		425,184	362,645
Supplemental cash flow information:
Interest paid		364,345	341,134
Income taxes paid (received), net		$ 6,725	$ 1,288
[1] (1) Includes amounts attributable to redeemable noncontrolling interests.

Business

Business	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	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. For additional information on the UPREIT reorganization, please see our Current Reports on Form 8-K filed with the SEC on March 7, 2022, April 1, 2022 and May 25, 2022. 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 99.737% for the three months ended September 30, 2022. As of September 30, 2022, Welltower owned 99.742% of the issued and outstanding units of Welltower OP, with other investors owning the remaining 0.258% 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.

Accounting Policies and Related

Accounting Policies and Related Matters	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Accounting Policies and Related Matters	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, 2022 are not necessarily an indication of the results that may be expected for the year ending December 31, 2022. 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, 2021. Impact of COVID-19 Pandemic The extent to which the COVID-19 pandemic impacts our operations and those of our operators and tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, the direct and indirect economic effects of the pandemic and containment measures, the impact of new variants, the effectiveness of vaccines and the overall pace of recovery, among others. The COVID-19 pandemic could have material and adverse effects on our financial condition, results of operations and cash flows in the future. Our Seniors Housing Operating revenues are dependent on occupancy. As of September 30, 2022, nearly all communities are open for new admissions and allowing visitors, in-person tours and communal dining and activities. Average occupancy is as follows: Three Months Ended (1) March 31, June 30, September 30, December 31, 2021 72.7 % 73.0 % 74.9 % 76.3 % 2022 76.3 % 77.1 % 78.0 % (1) Average occupancy includes our minority ownership share related to unconsolidated properties and excludes the minority partners' noncontrolling ownership share related to consolidated properties. Also excludes land parcels and properties under development. Property-level operating expenses associated with the COVID-19 pandemic related to our Seniors Housing Operating portfolio totaled $8,134,000 and $28,152,000 for the three and nine ended September 30, 2022, respectively, as compared to $8,842,000 and $53,767,000 dur ing the three and nine ended September 30, 2021, respectively. These expenses were incurred as a result of public health measures and other regulations affecting our properties, as well as additional health and safety measures adopted by us and our operators related to the COVID-19 pandemic, including increases in labor and property cleaning expenses and expenditures related to our efforts to procure personal protective equipment and supplies. We expect total Seniors Housing Operating expenses to remain elevated during the pandemic and potentially beyond as these additional health and safety measures become standard practice. In 2021 and 2022, we received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the COVID-19 pandemic, as well as under similar programs in the U.K. and Canada. We recognized $5,573,000 and $33,137,000 during the three and nine months ended September 30, 2022, respectively, as compared to $10,965,000 and $78,670,000 duri ng the three and nine months ended September 30, 2021, respectively. These grants represent a reduction to property operating expenses in our Consolidated Statements of Comprehensive Income. Our Triple-net operators have experienced similar occupancy declines and operating costs as our Seniors Housing Operating properties. Additionally, long-term/post-acute care facilities have generally experienced a higher degree of occupancy declines. These factors may continue to impact the ability of our Triple-net operators to make contractual rent payments to us in the future. Many of our Triple-net operators received funds under the CARES Act Paycheck Protection Program and Provider Relief Fund. New Accounting Standards • In August 2020, the FASB issued ASU 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provides updated disclosure requirements. The ASU is effective for public business entities beginning after December 15, 2021 including interim periods within those fiscal years. The adoption of this standard did not have a significant impact on our consolidated financial statements. • 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. The guidance is optional and may be elected over time as reference rate reform activities occur. We are currently evaluating our options with regards to existing contracts and hedging relationships and the impact of adopting this update on our consolidated financial statements.

Real Property Acquisitions and

Real Property Acquisitions and Development	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Real Property Acquisitions and Development	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. The following is a summary of our real property investment activity by segment for the periods presented (in thousands): Nine Months Ended September 30, 2022 September 30, 2021 Seniors Housing Operating Triple-net Outpatient Totals Seniors Housing Operating Triple-net Outpatient Totals Land and land improvements $ 199,892 $ — $ 65,688 $ 265,580 $ 264,706 $ 48,099 $ 45,350 $ 358,155 Buildings and improvements 1,988,999 172 249,660 2,238,831 1,655,067 436,828 227,390 2,319,285 Acquired lease intangibles 109,049 — 33,978 143,027 142,439 — 17,333 159,772 Construction in progress 108,141 — — 108,141 — — — — Right of use assets, net 169 — 3,852 4,021 77,455 — — 77,455 Total net real estate assets 2,406,250 172 353,178 2,759,600 2,139,667 484,927 290,073 2,914,667 Receivables and other assets 10,410 — 460 10,870 6,041 — 3,534 9,575 Total assets acquired (1) 2,416,660 172 353,638 2,770,470 2,145,708 484,927 293,607 2,924,242 Secured debt (219,067) — — (219,067) — — — — Lease liabilities — — (3,852) (3,852) (138,126) — — (138,126) Accrued expenses and other liabilities (111,373) — (1,294) (112,667) (20,748) (8,703) (266) (29,717) Total liabilities acquired (330,440) — (5,146) (335,586) (158,874) (8,703) (266) (167,843) Noncontrolling interests (2) (115,112) (4) (975) (116,091) (2,597) (2,056) (16,540) (21,193) Non-cash acquisition related activity (3) (25,795) — — (25,795) — — — — Cash disbursed for acquisitions 1,945,313 168 347,517 2,292,998 1,984,237 474,168 276,801 2,735,206 Construction in progress additions 343,000 64,091 75,460 482,551 190,672 60,251 29,448 280,371 Less: Capitalized interest (16,464) (3,088) (1,177) (20,729) (9,658) (2,092) (2,277) (14,027) Accruals (4) (2,809) — 4,452 1,643 38 — (3,057) (3,019) Cash disbursed for construction in progress 323,727 61,003 78,735 463,465 181,052 58,159 24,114 263,325 Capital improvements to existing properties 232,618 39,526 43,691 315,835 115,115 26,496 24,080 165,691 Total cash invested in real property, net of cash acquired $ 2,501,658 $ 100,697 $ 469,943 $ 3,072,298 $ 2,280,404 $ 558,823 $ 324,995 $ 3,164,222 (1 ) Excludes $6,431,000 and $ 301,000 of unrestricted and restricted cash acquired during the nine months ended September 30, 2022 and September 30, 2021, respectively. (2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. For the nine months ended September 30, 2022 , 1,227,000 Welltower 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) R epresents 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 conjunction with the lease termination, during the three months ended June 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. 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, 2022 September 30, 2021 Development projects: Seniors Housing Operating $ 182,421 $ 58,844 Triple-net — 22,990 Outpatient Medical — 116,612 Total construction in progress conversions $ 182,421 $ 198,446

Real Estate Intangibles

Real Estate Intangibles	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Real Estate Intangibles	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, 2022 December 31, 2021 Assets: In place lease intangibles $ 1,801,657 $ 1,681,533 Above market tenant leases 56,844 53,964 Lease commissions 62,302 54,131 Gross historical cost 1,920,803 1,789,628 Accumulated amortization (1,416,849) (1,286,259) Net book value $ 503,954 $ 503,369 Weighted-average amortization period in years 7.4 5.5 Liabilities: Below market tenant leases $ 77,071 $ 74,909 Accumulated amortization (50,642) (45,291) Net book value $ 26,429 $ 29,618 Weighted-average amortization period in years 8.5 8.2 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, 2022 2021 2022 2021 Rental income related to (above)/below market tenant leases, net $ 358 $ 384 $ 1,094 $ 1,241 Amortization related to in place lease intangibles and lease commissions (60,176) (32,872) (158,364) (76,083) The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands): Assets Liabilities 2022 $ 48,478 $ 2,458 2023 161,778 5,106 2024 85,462 3,554 2025 35,610 2,911 2026 28,159 2,430 Thereafter 144,467 9,970 Total $ 503,954 $ 26,429

Dispositions, Real Property Hel

Dispositions, Real Property Held for Sale and Impairment	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Dispositions, Real Property Held for Sale and Impairment	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, 2022, two Seniors Housing Operating, 11 Triple-net and one Outpatient Medical properties with an aggregate real estate balance of $175,657,000 were classified as held for sale. In addition to the real property balances, lease liabilities of $66,890,000 and net other assets and (liabilities) of $1,877,000 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 $236,919,000. 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 in which the carrying value exceeded the estimated fair value. During the nine months ended September 30, 2021, we recorded $19,567,000 of impairment charges related to four Triple-net properties and one Outpatient Medical property classified as held for sale for which the carrying value exceeded the estimated fair value less costs to sell. Additionally, during the nine months ended September 30, 2021, we recorded $29,183,000 of impairment charges related to two Seniors Housing Operating properties and two Triple-net properties that were held for use in which the carrying value exceeded the estimated fair value. The following is a summary of our real property disposition activity for the periods presented (in thousands): Nine Months Ended September 30, 2022 September 30, 2021 Real estate dispositions: Seniors Housing Operating $ 13,470 $ 112,837 Triple-net 89,827 439,974 Outpatient Medical 393 159,000 Total dispositions 103,690 711,811 Gain (loss) on real estate dispositions, net 20,466 223,702 Net other assets/(liabilities) disposed 275 6,195 Proceeds from real estate dispositions $ 124,431 $ 941,708 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. The following represents the activity related to these properties for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues: Total revenues $ 4,299 $ 14,813 $ 13,331 $ 69,018 Expenses: Interest expense 867 803 2,545 2,813 Property operating expenses 1,941 2,457 5,946 11,874 Provision for depreciation 218 4,583 233 22,124 Total expenses 3,026 7,843 8,724 36,811 Income (loss) from real estate dispositions, net $ 1,273 $ 6,970 $ 4,607 $ 32,207

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	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 Classification September 30, 2022 September 30, 2021 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 16,767 $ 16,430 Non-real estate investment lease expense General and administrative expenses 4,174 3,461 Finance lease cost: Amortization of leased assets Property operating expenses 4,927 6,120 Interest on lease liabilities Interest expense 4,584 4,950 Sublease income Rental income (8,537) (5,972) Total $ 21,915 $ 24,989 (1) Includes short-term leases which are immaterial. Supplemental balance sheet information related to leases is as follows (in thousands): Classification September 30, 2022 December 31, 2021 Right of use assets: Operating leases - real estate Right of use assets, net $ 290,133 $ 367,068 Finance leases - real estate Right of use assets, net 33,097 155,728 Real estate right of use assets, net 323,230 522,796 Operating leases - non-real estate investments Receivables and other assets 8,088 9,627 Finance leases - held for sale (1) Real property held for sale, net of accumulated depreciation 116,577 — Total right of use assets, net $ 447,895 $ 532,423 Lease liabilities: Operating leases $ 301,001 $ 434,261 Financing leases 109,414 111,683 Total $ 410,415 $ 545,944 (1) At September 30, 2022, finance leases at seven properties were classified as held for sale. Substantially all of our operating leases in which we are the lessor contain escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. During the nine months ended September 30, 2021, we reserved for previously recognized straight-line rent receivable balances of $49,241,000 through rental income, relating to leases for which collection of substantially all contractual lease payments was no longer deemed probable. Leases in our Triple-net and Outpatient Medical portfolios recognized under ASC 842, "Leases" (ASC 842), typically include some form of operating expense reimbursement by the tenant. For the nine months ended September 30, 2022, we recognized $1,079,784,000 of rental income related to operating leases, of which $145,541,000 was for variable lease payments that primarily represents the reimbursement of operating costs such as common area maintenance expenses, utilities, insurance and real estate taxes. For the nine months ended September 30, 2021, we recognized $1,015,550,000 of rental income related to operating leases, of which $134,632,000 was for variable lease payments. For the majority of our Seniors Housing Operating segment, revenue from resident fees and services is predominantly service-based, and as such, resident agreements are accounted for under ASC 606, "Revenue from Contracts with Customers." Within that reportable segment, we also recognize revenue from residential seniors apartment leases in accordance with ASC 842. The amount of revenue related to these leases was $304,338,000 and $100,328,000 for the nine months ended September 30, 2022 and 2021, respectively.
Leases	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 Classification September 30, 2022 September 30, 2021 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 16,767 $ 16,430 Non-real estate investment lease expense General and administrative expenses 4,174 3,461 Finance lease cost: Amortization of leased assets Property operating expenses 4,927 6,120 Interest on lease liabilities Interest expense 4,584 4,950 Sublease income Rental income (8,537) (5,972) Total $ 21,915 $ 24,989 (1) Includes short-term leases which are immaterial. Supplemental balance sheet information related to leases is as follows (in thousands): Classification September 30, 2022 December 31, 2021 Right of use assets: Operating leases - real estate Right of use assets, net $ 290,133 $ 367,068 Finance leases - real estate Right of use assets, net 33,097 155,728 Real estate right of use assets, net 323,230 522,796 Operating leases - non-real estate investments Receivables and other assets 8,088 9,627 Finance leases - held for sale (1) Real property held for sale, net of accumulated depreciation 116,577 — Total right of use assets, net $ 447,895 $ 532,423 Lease liabilities: Operating leases $ 301,001 $ 434,261 Financing leases 109,414 111,683 Total $ 410,415 $ 545,944 (1) At September 30, 2022, finance leases at seven properties were classified as held for sale. Substantially all of our operating leases in which we are the lessor contain escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. During the nine months ended September 30, 2021, we reserved for previously recognized straight-line rent receivable balances of $49,241,000 through rental income, relating to leases for which collection of substantially all contractual lease payments was no longer deemed probable. Leases in our Triple-net and Outpatient Medical portfolios recognized under ASC 842, "Leases" (ASC 842), typically include some form of operating expense reimbursement by the tenant. For the nine months ended September 30, 2022, we recognized $1,079,784,000 of rental income related to operating leases, of which $145,541,000 was for variable lease payments that primarily represents the reimbursement of operating costs such as common area maintenance expenses, utilities, insurance and real estate taxes. For the nine months ended September 30, 2021, we recognized $1,015,550,000 of rental income related to operating leases, of which $134,632,000 was for variable lease payments. For the majority of our Seniors Housing Operating segment, revenue from resident fees and services is predominantly service-based, and as such, resident agreements are accounted for under ASC 606, "Revenue from Contracts with Customers." Within that reportable segment, we also recognize revenue from residential seniors apartment leases in accordance with ASC 842. The amount of revenue related to these leases was $304,338,000 and $100,328,000 for the nine months ended September 30, 2022 and 2021, respectively.
Leases	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 Classification September 30, 2022 September 30, 2021 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 16,767 $ 16,430 Non-real estate investment lease expense General and administrative expenses 4,174 3,461 Finance lease cost: Amortization of leased assets Property operating expenses 4,927 6,120 Interest on lease liabilities Interest expense 4,584 4,950 Sublease income Rental income (8,537) (5,972) Total $ 21,915 $ 24,989 (1) Includes short-term leases which are immaterial. Supplemental balance sheet information related to leases is as follows (in thousands): Classification September 30, 2022 December 31, 2021 Right of use assets: Operating leases - real estate Right of use assets, net $ 290,133 $ 367,068 Finance leases - real estate Right of use assets, net 33,097 155,728 Real estate right of use assets, net 323,230 522,796 Operating leases - non-real estate investments Receivables and other assets 8,088 9,627 Finance leases - held for sale (1) Real property held for sale, net of accumulated depreciation 116,577 — Total right of use assets, net $ 447,895 $ 532,423 Lease liabilities: Operating leases $ 301,001 $ 434,261 Financing leases 109,414 111,683 Total $ 410,415 $ 545,944 (1) At September 30, 2022, finance leases at seven properties were classified as held for sale. Substantially all of our operating leases in which we are the lessor contain escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. During the nine months ended September 30, 2021, we reserved for previously recognized straight-line rent receivable balances of $49,241,000 through rental income, relating to leases for which collection of substantially all contractual lease payments was no longer deemed probable. Leases in our Triple-net and Outpatient Medical portfolios recognized under ASC 842, "Leases" (ASC 842), typically include some form of operating expense reimbursement by the tenant. For the nine months ended September 30, 2022, we recognized $1,079,784,000 of rental income related to operating leases, of which $145,541,000 was for variable lease payments that primarily represents the reimbursement of operating costs such as common area maintenance expenses, utilities, insurance and real estate taxes. For the nine months ended September 30, 2021, we recognized $1,015,550,000 of rental income related to operating leases, of which $134,632,000 was for variable lease payments. For the majority of our Seniors Housing Operating segment, revenue from resident fees and services is predominantly service-based, and as such, resident agreements are accounted for under ASC 606, "Revenue from Contracts with Customers." Within that reportable segment, we also recognize revenue from residential seniors apartment leases in accordance with ASC 842. The amount of revenue related to these leases was $304,338,000 and $100,328,000 for the nine months ended September 30, 2022 and 2021, respectively.

Loans Receivable

Loans Receivable	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Loans Receivable	Loans Receivable Loans receivable are recorded on our Consolidated Balance Sheets in real estate loans receivable, net of allowance for credit losses, or for non-real estate loans receivable, in receivables and other assets. Real estate loans receivable consists of mortgage loans and other real estate loans which are primarily collateralized by a first, second or third mortgage lien, a leasehold mortgage on, or an assignment of the partnership interest in, the related properties, as well as corporate guarantees and/or personal guarantees. Non-real estate loans are generally corporate loans with no real estate backing. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of the risk of credit loss. Accrued interest receivable was $25,142,000 and $26,659,000 as of September 30, 2022 and December 31, 2021, respectively, and is included in receivables and other assets on the Consolidated Balance Sheets. The following is a summary of our loans receivable (in thousands): September 30, 2022 December 31, 2021 Mortgage loans $ 709,120 $ 889,556 Other real estate loans 220,484 194,477 Allowance for credit losses on real estate loans receivable (12,965) (15,352) Real estate loans receivable, net of credit allowance 916,639 1,068,681 Non-real estate loans 409,796 375,060 Allowance for credit losses on non-real estate loans receivable (151,800) (151,433) Non-real estate loans receivable, net of credit allowance 257,996 223,627 Total loans receivable, net of credit allowance $ 1,174,635 $ 1,292,308 The following is a summary of our loan activity for the periods presented (in thousands): Nine Months Ended September 30, 2022 September 30, 2021 Advances on loans receivable $ 133,179 $ 953,006 Receipts on loans receivable (172,380) (250,415) Net cash advances (receipts) on loans receivable $ (39,201) $ 702,591 The allowance for credit losses on loans receivable is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the credit allowance is based on a quarterly evaluation of each of these loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of credit quality indicators, including, but not limited to, payment status, historical loan charge-offs, financial strength of the borrower and guarantors, and nature, extent, and value of the underlying collateral. A loan is considered to have deteriorated credit quality when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreement. For those loans we identified as having deteriorated credit quality, we determine the amount of credit loss on an individual basis. Placement on non-accrual status may be required. Consistent with this definition, all loans on non-accrual are deemed to have deteriorated credit quality. To the extent circumstances improve and the risk of collectability is diminished, we will return these loans to income accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance. For the remaining loans we assess credit loss on a collective pool basis and use our historical loss experience for similar loans to determine the reserve for credit losses. The following is a summary of our loans by credit loss category (in thousands): September 30, 2022 Loan category Years of Origination Loan Carrying Value Allowance for Credit Loss Net Loan Balance No. of Loans Deteriorated loans 2007 - 2018 $ 172,265 $ (148,436) $ 23,829 3 Collective loan pool 2007-2017 214,598 (3,012) 211,586 13 Collective loan pool 2018 19,778 (278) 19,500 2 Collective loan pool 2019 22,839 (321) 22,518 4 Collective loan pool 2020 51,954 (729) 51,225 6 Collective loan pool 2021 748,653 (10,456) 738,197 18 Collective loan pool 2022 109,313 (1,533) 107,780 15 Total loans $ 1,339,400 $ (164,765) $ 1,174,635 61 The total allowance for credit losses balance is deemed sufficient to absorb expected losses relating to our loan portfolio. The following is a summary of the allowance for credit losses on loans receivable for the periods presented (in thousands): Nine Months Ended September 30, 2022 September 30, 2021 Balance at beginning of period $ 166,785 $ 224,036 Provision for loan losses, net (149) 7,309 Loan write-offs — (64,075) Foreign currency translation (1,871) (468) Balance at end of period $ 164,765 $ 166,802 The following is a summary of our deteriorated loans (in thousands): Nine Months Ended September 30, 2022 September 30, 2021 Balance of deteriorated loans at end of period $ 172,265 $ 178,301 Allowance for credit losses (148,436) (148,438) Balance of deteriorated loans not reserved $ 23,829 $ 29,863 Interest recognized on deteriorated loans (1) $ — $ 3,171 (1) Represents cash interest recognized in the period.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities We participate in a number of joint ventures, which generally invest in seniors housing and health care real estate. Our share of the results of operations for these properties has been included in our consolidated results of operations from the date of acquisition by the joint ventures and are reflected in our Consolidated Statements of Comprehensive Income as income or loss from unconsolidated entities. The following is a summary of our investments in unconsolidated entities (dollars in thousands): Percentage Ownership (1) September 30, 2022 December 31, 2021 Seniors Housing Operating 10% to 65% $ 1,082,217 $ 830,647 Triple-net 10% to 88% 102,168 44,814 Outpatient Medical 15% to 50% 198,861 163,582 Total $ 1,383,246 $ 1,039,043 (1) Includes ownership of investments classified as liabilities and excludes ownership of in substance real estate. At September 30, 2022, the aggregate unamortized basis difference of our joint venture investments of $132,437,000 is primarily attributable to the difference between the amount for which we purchased our interest in the entity, including transaction costs, and the historical carrying value of the net assets of the joint venture. This difference is being amortized over the remaining useful life of the related properties and included in the reported amount of income from unconsolidated entities. We have made loans related to 21 p roperties as of September 30, 2022 for the development and construction of certain properties which are classified as in substance real estate investments and have a carrying value of $593,376,000. We believe that such borrowers typically represent variable interest entities ("VIE" or "VIEs") in accordance with ASC 810, "Consolidation." VIEs are required to be consolidated by their primary beneficiary which is the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impacts the entity's economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We have concluded that we are not the primary beneficiary of such borrowers, therefore, the loan arrangements were assessed based on among other factors, the amount and timing of expected residual profits, the estimated fair value of the collateral and the significance of the borrower's equity in the project. Based on these assessments, the arrangements have been classified as in substance real estate investments. We expect to fund an additio nal $236,458,000 rel ated to these investments.

Credit Concentration

Credit Concentration	9 Months Ended
	Sep. 30, 2022
Risks and Uncertainties [Abstract]
Credit Concentration	Credit Concentration We use consolidated net operating income (“NOI”) as our credit concentration metric. See Note 18 for additional information and reconciliation. The following table summarizes certain information about our credit concentration for the nine months ended September 30, 2022, excluding our share of NOI in unconsolidated entities (dollars in thousands): Concentration by relationship: (1) Number of Properties Total NOI Percent of NOI (2) ProMedica (3) 205 $ 183,506 11% Atria Senior Living (4) 98 125,933 8% Sunrise Senior Living 109 116,647 7% HC-One Group (5) 1 66,547 4% Cogir Management Corporation 48 56,065 4% Remaining portfolio 1,273 1,173,454 66% Totals 1,734 $ 1,722,152 100% (1) ProMedica and HC-One Group are in our Triple-net segment. Sunrise Senior Living, Atria Senior Living, and Cogir Management Corporation are in our Seniors Housing Operating segment. (2) NOI with our top five relationships comprised 34% of total NOI for the year ended December 31, 2021. (3) During the quarter ended March 31, 2022, we purchased an additional 5% ownership interest in the consolidated ProMedica joint ventures for $137,437,000. (4) Inclusive of $58,621,000 of income recognized upon termination of lease. See Note 3 for further details. (5) In addition to the one property, HC-One Group is the borrower on a £532,904,000 loan as of September 30, 2022 which is included in NOI .

Borrowings Under Credit Facilit

Borrowings Under Credit Facilities and Commercial Paper Program	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Borrowings Under Credit Facilities and Commercial Paper Program	Borrowings Under Credit Facilities and Commercial Paper Program At September 30, 2022, we had a primary unsecured credit facility with a consortium of 31 banks that included a $4,000,000,000 unsecured revolving credit facility, a $1,000,000,000 unsecured term credit facility and a $250,000,000 Canadian-denominated unsecured term credit facility. The unsecured revolving credit facility is comprised of a $1,000,000,000 tranche that matures on June 4, 2026 (none outstanding at September 30, 2022) and a $3,000,000,000 tranche that matures on June 4, 2025 ($40,000,000 outstanding at September 30, 2022). The term credit facilities mature on July 19, 2026. Each tranche of the revolving facility and term loans may be extended for two successive terms of six months at our option. We have an option, through an accordion feature, to upsize the unsecured revolving credit facility and the $1,000,000,000 unsecured term credit facility by up to an additional $1,250,000,000, in the aggregate, and the $250,000,000 Canadian-denominated unsecured term credit facility by up to an additional $250,000,000. The primary unsecured credit facility also allows us to borrow up to $1,000,000,000 in alternate currencies (none outstanding at September 30, 2022). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over SOFR interest rate. Based on our current credit ratings, the loans under the unsecured revolving credit facility currently bear interest at 0.775% over the adjusted SOFR rate. In addition, we pay a facility fee quarterly to each bank based on the bank’s commitment amount. The facility fee depends on our debt ratings and was 0.15% at September 30, 2022. Under the terms of our commercial paper program, we may issue unsecured commercial paper notes with maturities that vary, but do not exceed 397 days from the date of issue, up to a maximum aggregate face or principal amount outstanding at any time of $1,000,000,000. As of September 30, 2022, there was a balance of $614,715,000 outstanding on the commercial paper program ($615,000,000 in principal outstanding, net of an unamortized discount of $285,000), which reduces the borrowing capacity of the unsecured revolving credit facility. The notes bear interest at various floating rates with a weighted average of 3.43% as of September 30, 2022 and a weighted average maturity of six days as of September 30, 2022. The following information relates to aggregate borrowings under the unsecured revolving credit facility and commercial paper program for the periods presented (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance outstanding at quarter end $ 655,000 $ 291,000 $ 655,000 $ 291,000 Maximum amount outstanding at any month end $ 1,565,000 $ 990,000 $ 1,565,000 $ 990,000 Average amount outstanding (total of daily principal balances divided by days in period) $ 1,047,631 $ 470,935 $ 937,045 $ 255,114 Weighted average interest rate (actual interest expense divided by average borrowings outstanding) 2.76 % 0.21 % 1.58 % 0.42 %

Senior Unsecured Notes and Secu

Senior Unsecured Notes and Secured Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Senior Unsecured Notes and Secured Debt	Senior Unsecured Notes and Secured Debt We may repurchase, redeem or refinance senior unsecured notes from time to time, taking advantage of favorable market conditions when available. We may purchase senior notes for cash through open market purchases, privately negotiated transactions, a tender offer or, in some cases, through the early redemption of such securities pursuant to their terms. The senior unsecured notes are redeemable at our option, at any time in whole or from time to time in part, at a redemption price equal to the sum of: (i) the principal amount of the notes (or portion of such notes) being redeemed plus accrued and unpaid interest thereon up to the redemption date and (ii) any “make-whole” amount due under the terms of the notes in connection with early redemptions. Redemptions and repurchases of debt, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. At September 30, 2022, the annual principal payments due on these debt obligations were as follows (in thousands): Senior Unsecured Notes (1,2,3) Secured Debt (1,4) Totals 2022 $ — $ 268,769 $ 268,769 2023 — 494,352 494,352 2024 1,350,000 318,176 1,668,176 2025 1,260,000 224,036 1,484,036 2026 700,000 124,195 824,195 Thereafter (5, 6, 7, 8) 9,169,012 691,793 9,860,805 Totals $ 12,479,012 $ 2,121,321 $ 14,600,333 (1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the Consolidated Balance Sheets. (2) Annual interest rates range from 2.05% to 6.50%. (3) All senior unsecured notes with the exception of the $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 have been issued by Welltower OP and are fully and unconditionally guaranteed by Welltower. The $300,000,000 Canadian-denominate d 2.95% senior unsecured notes due 2027 have been issued through private placement by a wholly owned subsidiary of Welltower OP and are fully and unconditionally guaranteed by Welltower OP. (4) Annual interest rates range from 1.25% to 6.67%. Carrying value of the properties securing the debt totaled $4,921,860,000 at September 30, 2022. (5) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $181,792,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2022). Both term loans mature on July 19, 2026 and may be extended for two successive terms of six months at our option. The loans bear interest at adjusted SOFR plus 0.85% (3.76% at September 30, 2022) and Canadian Dealer Offered Rate plus 0.85% (4.57% at September 30, 2022), respectively. (6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $218,150,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2022). (7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $612,370,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 30, 2022). (8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $556,700,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 30, 2022). Welltower, the parent entity that consolidates Welltower OP and all other subsidiaries, fully and unconditionally guarantees to each holder of all series of senior unsecured notes issued by Welltower OP that the principal of and premium, if any, and interest on the notes will be promptly paid in full when due, whether at the applicable maturity date, by acceleration or redemption or otherwise, and interest on the overdue principal of and interest on the notes, if any, if lawful, and all other obligations of Welltower OP to the holders of the notes will be promptly paid in full or performed. Welltower’s guarantees of such notes are its senior unsecured obligation and rank equally with all of Welltower’s other future unsecured senior indebtedness and guarantees from time to time outstanding. Welltower’s guarantees of such notes are effectively subordinated to all liabilities of its subsidiaries and to its secured indebtedness to the extent of the assets securing such indebtedness. Because Welltower conducts substantially all of its business through its subsidiaries, Welltower's ability to make required payments with respect to the guarantees depends on the financial results and condition of its subsidiaries and its ability to receive funds from its subsidiaries, whether by dividends, loans, distributions or other payments. The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands): Nine Months Ended September 30, 2022 September 30, 2021 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 11,707,961 3.67% $ 11,509,533 3.67% Debt issued 1,050,000 3.08% 1,250,000 2.50% Debt extinguished — —% (1,533,752) 2.42% Foreign currency (278,949) 4.51% (17,437) 4.37% Ending balance $ 12,479,012 3.86% $ 11,208,344 3.71% The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): Nine Months Ended September 30, 2022 September 30, 2021 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 2,202,312 3.03% $ 2,378,073 3.27% Debt issued 89,804 4.57% 2,693 3.75% Debt assumed 221,159 4.32% — —% Debt extinguished (276,252) 4.28% (70,144) 6.02% Principal payments (44,125) 3.36% (48,710) 3.39% Foreign currency (71,577) 3.17% 7,869 2.97% Ending balance $ 2,121,321 3.91% $ 2,269,781 3.10%

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments We are exposed to, among other risks, the impact of changes in foreign currency exchange rates as a result of our non-U.S. investments and interest rate risk related to our capital structure. Our risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes foreign currency forward contracts, cross currency swap contracts, interest rate swaps, interest rate locks and debt issued in foreign currencies to offset a portion of these risks. Foreign Currency Forward Contracts Designated as Cash Flow Hedges For instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is deferred as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods, during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in earnings. Cash Flow Hedges and Fair Value Hedges of Interest Rate Risk We enter into interest rate swaps in order to maintain a capital structure containing targeted amounts of fixed and floating-rate debt and manage interest rate risk. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our fixed-rate payments. These interest rate swap agreements are used to hedge the variable cash flows associated with variable-rate debt. Interest rate swaps designated as fair value hedges involve the receipt of fixed amounts from a counterparty in exchange for our variable-rate payments. These interest rate swap agreements hedge the exposure to changes in the fair value of fixed-rate debt attributable to changes in the designated benchmark interest rate. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in earnings. We record the gain or loss on the hedged items in interest expense, the same line item as the offsetting loss or gain on the related interest rate swaps. In March 2022, we entered into a $550,000,000 fixed to floating swap in connection with our March senior note issuance. The carrying amount of the notes, exclusive of the hedge, is $545,259,000. The fair value of the swap as of September 30, 2022 was ($59,709,000) and was recorded as a derivative liability with an offset to senior unsecured notes on our Consolidated Balance Sheets. Periodically, we enter into and designate interest rate locks to partially hedge the risk of changes in interest payments attributable to increases in the benchmark interest rate during the period leading up to the probable issuance of fixed-rate debt. We designate our interest rate locks as cash flow hedges. Gains and losses when we settle our interest rate locks are amortized into earnings over the life of the related debt, except where a material amount is deemed to be ineffective, which would be immediately recognized in the Consolidated Statements of Comprehensive Income. Approximately $2,562,000 of losses, which are included in OCI, are expected to be reclassified into earnings in the next 12 months. Foreign Currency Forward Contracts and Cross Currency Swap Contracts Designated as Net Investment Hedges We use foreign currency forward and cross currency forward swap contracts to hedge a portion of the net investment in foreign subsidiaries against fluctuations in foreign exchange rates. For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to U.S. Dollar of the instrument is recorded as a cumulative translation adjustment component of OCI. During the nine months ended September 30, 2022 and 2021, we settled certain net investment hedges generating cash proceeds of $61,853,000 and $8,879,000, respectively. The balance of the cumulative translation adjustment will be reclassified to earnings if the hedged investment is sold or substantially liquidated. Derivative Contracts Undesignated We use foreign currency exchange contracts to manage existing exposures to foreign currency exchange risk. Gains and losses resulting from the changes in fair value of these instruments are recorded in interest expense on the Consolidated Statements of Comprehensive Income and are substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures. In addition, we have several interest rate cap contracts related to variable rate secured debt agreements. Gains and losses resulting from the changes in fair values of these instruments are also recorded in interest expense. Equity Warrants We received equity warrants through our lending activities, which were accounted for as loan origination fees. The warrants provide us the right to participate in the capital appreciation of the underlying HC-One Group real estate portfolio above a designated price upon liquidation and contain net settlement terms qualifying as derivatives under ASC Topic 815. The warrants are classified within receivables and other assets on our Consolidated Balance Sheets. These warrants are measured at fair value with changes in fair value being recognized within gain (loss) on derivatives and financial instruments in our Consolidated Statements of Comprehensive Income. The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands): September 30, 2022 December 31, 2021 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 1,075,000 $ 675,000 Denominated in Pound Sterling £ 1,890,708 £ 1,904,708 Financial instruments designated as net investment hedges: Denominated in Canadian Dollars $ 250,000 $ 250,000 Denominated in Pound Sterling £ 1,050,000 £ 1,050,000 Interest rate swaps designated as cash flow hedges: Denominated in U.S Dollars (1) $ 25,000 $ 25,000 Interest rate swaps designated as fair value hedges: Denominated in U.S Dollars $ 550,000 $ — Derivative instruments not designated: Interest rate caps denominated in U.S. Dollars $ 26,137 $ 26,137 Forward sales contracts denominated in Canadian Dollars $ 80,000 $ 80,000 (1) At September 30, 2022 the maximum maturity date was November 1, 2023. The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Description Location 2022 2021 2022 2021 Gain (loss) on derivative instruments designated as hedges recognized in income Interest expense $ 8,236 $ 5,849 $ 23,262 $ 17,416 Gain (loss) on derivative instruments not designated as hedges recognized in income Interest expense $ 4,215 $ 241 $ 5,349 $ (1,415) Gain (loss) on equity warrants recognized in income Gain (loss) on derivatives and financial instruments $ (6,083) $ 9,216 $ (6,604) $ 9,216 Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI OCI $ 417,567 $ 130,711 $ 753,588 $ 100,866

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At September 30, 2022, we had 21 outstanding letter of credit obligations totaling $68,143,000 and expiring between 2022 and 2023. At September 30, 2022, we had outstanding construction in progress of $1,012,202,000 and committed to providing additional funds of approximately $1,860,122,000 to complete construction. Additionally, at September 30, 2022, we had outstanding investments classified as in substance real estate of $593,376,000 and committed to provide additional funds of $236,458,000 (see Note 8 for additional information). Purchase obligations include $58,370,000 of contingent purchase obligations to fund capital improvements. Rents due from the tenants are increased to reflect the additional investment in the property.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The following is a summary of our stockholders’ equity capital accounts as of the dates indicated: September 30, 2022 December 31, 2021 Preferred Stock, $1.00 par value: Authorized shares 50,000,000 50,000,000 Issued shares — — Outstanding shares — — Common Stock, $1.00 par value: Authorized shares 700,000,000 700,000,000 Issued shares 474,312,155 448,998,438 Outstanding shares 472,516,526 447,239,477 Common Stock In April 2022, we entered into an amended and restated equity distribution agreement whereby we can offer and sell up to $3,000,000,000 aggregate amount of our common stock ("ATM Program"). The ATM Program also allows us to enter into forward sale agreements. As of September 30, 2022, we had $2,571,105,000 of remaining capacity under the ATM Program, which excludes forward sales agreements outstanding for the sale of 17,204,668 shares or approximately $1,420,902,000 with maturity dates in 2023. In addition, we have forward sale agreements for the sale of 759,935 shares or approximately $74,045,000 with maturity dates in 2023 under the July 30, 2021 ATM Program. The following is a summary of our common stock issuances during the nine months ended September 30, 2022 and 2021 (dollars in thousands, except shares and average price amounts): Shares Issued Average Price Gross Proceeds Net Proceeds 2021 ATM Program issuances 17,720,008 $ 77.91 $ 1,380,519 $ 1,366,464 2021 Stock incentive plans, net of forfeitures 153,275 — — 2021 Totals 17,873,283 $ 1,380,519 $ 1,366,464 2022 Option exercises 2,433 $ 67.00 $ 163 $ 163 2022 ATM Program issuances 25,128,285 88.39 2,221,023 2,184,790 2022 Redemption of OP units 5,498 — — 2022 Stock incentive plans, net of forfeitures 140,833 — — 2022 Totals 25,277,049 $ 2,221,186 $ 2,184,953 Dividends The following is a summary of our dividend payments (in thousands, except per share amounts): Nine Months Ended September 30, 2022 September 30, 2021 Per Share Amount Per Share Amount Common stock $ 1.83 $ 834,779 $ 1.83 $ 771,984 Accumulated Other Comprehensive Income The following is a summary of accumulated other comprehensive income (loss) for the periods presented (in thousands): September 30, 2022 December 31, 2021 Foreign currency translation $ (1,381,845) $ (674,306) Derivative and financial instruments designated as hedges 1,306,578 552,990 Total accumulated other comprehensive income (loss) $ (75,267) $ (121,316)

Stock Incentive Plans

Stock Incentive Plans	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plans	Stock Incentive PlansIn March 2022, our Board of Directors approved the 2022 Long-Term Plan ("2022 Plan"), which authorizes up to 10,000,000 shares of common stock to be issued at the discretion of the Compensation Committee of the Board of Directors. Awards granted after March 28, 2022 will be issued out of the 2022 Plan. The awards granted under the 2016 Long-Term Incentive Plan continue to vest and options expire ten years from the date of grant. Our non-employee directors, officers and key employees are eligible to participate in the 2022 Plan. The 2022 Plan allows for the issuance of, among other things, stock options, stock appreciation rights, restricted stock, deferred stock units, performance units and dividend equivalent rights. Vesting periods for options, deferred stock units and restricted shares generally range from three

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator for basic earnings per share - net income (loss) attributable to common stockholders $ (6,767) $ 179,663 $ 144,942 $ 277,466 Adjustment for net income (loss) attributable to OP units (1) (7) (473) 99 (2,699) Numerator for diluted earnings per share $ (6,774) $ 179,190 $ 145,041 $ 274,767 Denominator for basic earnings per share - weighted average shares 463,366 428,031 455,074 420,955 Effect of dilutive securities: Employee stock options 7 — 26 — Non-vested restricted shares 1,238 537 1,127 465 OP units (1) 2,316 1,396 1,749 1,396 Employee stock purchase program 23 19 23 19 Dilutive potential common shares 3,584 1,952 2,925 1,880 Denominator for diluted earnings per share - adjusted weighted average shares 463,366 429,983 457,999 422,835 Basic earnings per share $ (0.01) $ 0.42 $ 0.32 $ 0.66 Diluted earnings per share $ (0.01) $ 0.42 $ 0.32 $ 0.65 (1) OP units include both Welltower OP units owned by outside investors as well as OP units owned by outside investors in certain consolidated DownREIT subsidiaries. The diluted earnings per share calculation for the three months ended September 30, 2022 excludes the dilutive effect of all common stock equivalents as they are anti-dilutive due to the net loss attributable to common stockholders. As of September 30, 2022, and September 30, 2021, outstanding forward sales agreements for the sale of 17,964,603 shares and 11,798,154 shares, respectively, were not included in the computation of diluted earnings per share because such forward sales were anti-dilutive for the periods.

Disclosure about Fair Value of

Disclosure about Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Disclosure about Fair Value of Financial Instruments	Disclosure about Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level valuation hierarchy exists for disclosures of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Please see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 for additional information. The three levels are defined below: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. Mortgage Loans, Other Real Estate Loans and Non-real Estate Loans Receivable — The fair value of mortgage loans, other real estate loans and non-real estate loans receivable is generally estimated by using Level 2 and Level 3 inputs such as discounting the estimated future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Cash and Cash Equivalents and Restricted Cash — The carrying amount approximates fair value. Equity Securities — Equity securities are recorded at their fair value based on Level 1 publicly available trading prices. Equity Warrants — The fair value of equity warrants is estimated using Level 3 inputs and includes data points such as enterprise value of the underlying HC-One Group real estate portfolio, marketability discount for private company warrants, dividend yield, volatility and risk-free rate. The enterprise value is driven by projected cash flows, weighted average cost of capital and a terminal capitalization rate. Borrowings Under Primary Unsecured Credit Facility and Commercial Paper Program — The carrying amount of the primary unsecured credit facility and commercial paper program approximates fair value because the borrowings are interest rate adjustable. Senior Unsecured Notes — The fair value of the senior unsecured notes payable was estimated based on Level 1 publicly available trading prices. The carrying amount of the variable rate senior unsecured notes approximates fair value because they are interest rate adjustable. Secured Debt — The fair value of fixed rate secured debt is estimated using Level 2 inputs by discounting the estimated future cash flows using the current rates at which similar loans would be made with similar credit ratings and for the same remaining maturities. The carrying amount of variable rate secured debt approximates fair value because the borrowings are interest rate adjustable. Foreign Currency Forward Contracts, Interest Rate Swaps and Cross Currency Swaps — Foreign currency forward contracts, interest rate swaps and cross currency swaps are recorded in other assets or other liabilities on the balance sheet at fair value that is derived from observable market data, including yield curves and foreign exchange rates. Redeemable OP Unitholder Interests — Our redeemable OP unitholder interests are recorded on the balance sheet at fair value using Level 2 inputs unless the fair value is below the initial amount in which case the redeemable OP unitholder interests are recorded at the initial amount adjusted for distributions to the unitholders and income or loss attributable to the unitholders. The fair value is measured using the closing price of our common stock, as units may be redeemed at the election of the holder for cash or, at our option, one share of our common stock per unit, subject to adjustment in certain circumstances. The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands): September 30, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Mortgage loans receivable $ 699,219 $ 748,216 $ 877,102 $ 932,552 Other real estate loans receivable 217,420 217,088 191,579 193,999 Equity securities 136 136 1,608 1,608 Cash and cash equivalents 343,446 343,446 269,265 269,265 Restricted cash 81,738 81,738 77,490 77,490 Non-real estate loans receivable 257,996 251,926 223,627 241,544 Foreign currency forward contracts, interest rate swaps and cross currency swaps 401,428 401,428 7,205 7,205 Equity warrants 28,272 28,272 41,909 41,909 Financial liabilities: Borrowings under unsecured credit facility and commercial paper program $ 654,715 $ 654,715 $ 324,935 $ 324,935 Senior unsecured notes 12,324,601 11,207,285 11,613,758 13,139,748 Secured debt 2,121,628 2,053,767 2,192,261 2,252,107 Foreign currency forward contracts, interest rate swaps and cross currency swaps 59,709 59,709 39,296 39,296 Redeemable OP unitholder interests $ 95,513 $ 95,513 $ 153,098 $ 153,098 Items Measured at Fair Value on a Recurring Basis The market approach is utilized to measure fair value for our financial assets and liabilities reported at fair value on a recurring basis. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The following summarizes items measured at fair value on a recurring basis (in thousands): Fair Value Measurements as of September 30, 2022 Total Level 1 Level 2 Level 3 Equity securities $ 136 $ 136 $ — $ — Equity warrants 28,272 — — 28,272 Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1) 341,718 — 341,718 — Totals $ 370,126 $ 136 $ 341,718 $ 28,272 (1) Please see Note 12 for additional information. The following table summarizes the change in fair value for equity warrants using unobservable Level 3 inputs for the periods presented (in thousands): Nine Months Ended September 30, 2022 September 30, 2021 Beginning balance $ 41,909 $ — Warrants acquired — 32,419 Mark-to-market adjustment (6,604) 9,216 Foreign currency (7,033) (977) Ending balance $ 28,272 $ 40,658 The most significant assumptions utilized in the valuation of the equity warrants are the cash flows of the underlying HC-One Group enterprise, as well as the terminal capitalization rate of 10.5%. Items Measured at Fair Value on a Nonrecurring Basis

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We invest in seniors housing and health care real estate. We evaluate our business and make resource allocations on our three operating segments: Seniors Housing Operating, Triple-net and Outpatient Medical. Our Seniors Housing Operating properties include assisted living, independent living/continuing care retirement communities, independent supportive living communities (Canada), care homes with and without nursing (U.K.) and combinations thereof that are owned and/or operated through RIDEA structures (see Note 19). In addition, Seniors Housing Operating properties include seniors apartments. Our Triple-net properties include the property types described above as well as long-term/post-acute care facilities. Under the Triple-net segment, we invest in seniors housing and health care real estate through acquisition and financing of primarily single tenant properties. Properties acquired are primarily leased under triple-net leases and we are not involved in the management of the property. Our Outpatient Medical properties are typically leased to multiple tenants and generally require a certain level of property management by us. We evaluate performance based upon consolidated NOI of each segment. We define NOI as total revenues, including tenant reimbursements, less property operating expenses. We believe NOI provides investors relevant and useful information as it measures the operating performance of our properties at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties. Non-segment revenue consists mainly of interest income on cash investments recorded in other income. Non-segment assets consist of corporate assets including cash, deferred loan expenses and corporate offices and equipment among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021). The results of operations for all acquisitions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. All inter-segment transactions are eliminated. Summary information for the reportable segments (which excludes unconsolidated entities) is as follows (in thousands): Three Months Ended September 30, 2022: Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 1,068,706 $ — $ — $ — $ 1,068,706 Rental income — 191,443 170,540 — 361,983 Interest income 2,155 35,556 80 — 37,791 Other income 1,739 1,820 1,558 247 5,364 Total revenues 1,072,600 228,819 172,178 247 1,473,844 Property operating expenses 841,914 11,495 52,921 5,850 912,180 Consolidated net operating income (loss) 230,686 217,324 119,257 (5,603) 561,664 Depreciation and amortization 235,984 57,338 60,377 — 353,699 Interest expense 9,022 196 4,343 126,121 139,682 General and administrative expenses — — — 34,811 34,811 Loss (gain) on derivatives and financial instruments, net — 6,905 — — 6,905 Loss (gain) on extinguishment of debt, net — — 2 — 2 Provision for loan losses, net 198 290 2 — 490 Impairment of assets — 3,595 761 — 4,356 Other expenses 8,341 820 366 5,954 15,481 Income (loss) from continuing operations before income taxes and other items (22,859) 148,180 53,406 (172,489) 6,238 Income tax (expense) benefit — — — (3,257) (3,257) Income (loss) from unconsolidated entities (8,788) 3,167 (1,077) — (6,698) Gain (loss) on real estate dispositions, net 1,146 674 (606) (150) 1,064 Income (loss) from continuing operations (30,501) 152,021 51,723 (175,896) (2,653) Net income (loss) $ (30,501) $ 152,021 $ 51,723 $ (175,896) $ (2,653) Total assets $ 21,560,096 $ 8,700,199 $ 6,569,005 $ 585,188 $ 37,414,488 Three Months Ended September 30, 2021: Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 835,617 $ — $ — $ — $ 835,617 Rental income — 200,641 157,343 — 357,984 Interest income 1,135 38,257 472 — 39,864 Other income 2,767 1,087 1,688 790 6,332 Total revenues 839,519 239,985 159,503 790 1,239,797 Property operating expenses 666,610 11,664 48,072 3,054 729,400 Consolidated net operating income (loss) 172,909 228,321 111,431 (2,264) 510,397 Depreciation and amortization 157,176 54,226 56,352 — 267,754 Interest expense 9,360 1,548 4,811 106,803 122,522 General and administrative expenses — — — 32,256 32,256 Loss (gain) on derivatives and financial instruments, net — (8,078) — — (8,078) Loss (gain) on extinguishment of debt, net — — (5) — (5) Provision for loan losses, net 152 (323) (100) — (271) Impairment of assets — 1,490 — — 1,490 Other expenses 5,449 (4,248) 640 1,734 3,575 Income (loss) from continuing operations before income taxes and other items 772 183,706 49,733 (143,057) 91,154 Income tax (expense) benefit — — — (4,940) (4,940) Income (loss) from unconsolidated entities (15,810) 5,038 (5,060) — (15,832) Gain (loss) on real estate dispositions, net (615) 81,712 38,857 — 119,954 Income (loss) from continuing operations (15,653) 270,456 83,530 (147,997) 190,336 Net income (loss) $ (15,653) $ 270,456 $ 83,530 $ (147,997) $ 190,336 Nine Months Ended September 30, 2022 Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 3,073,040 $ — $ — $ — $ 3,073,040 Rental income — 584,626 495,158 — 1,079,784 Interest income 5,255 108,454 216 — 113,925 Other income 62,127 5,262 6,449 1,497 75,335 Total revenues 3,140,422 698,342 501,823 1,497 4,342,084 Property operating expenses 2,421,141 34,197 153,484 11,110 2,619,932 Consolidated net operating income 719,281 664,145 348,339 (9,613) 1,722,152 Depreciation and amortization 629,955 160,403 177,724 — 968,082 Interest expense 24,153 830 13,441 350,704 389,128 General and administrative expenses — — — 109,071 109,071 Loss (gain) on derivatives and financial instruments, net — 8,076 — — 8,076 Loss (gain) on extinguishment of debt, net 385 — 9 199 593 Provision for loan losses, net 807 (951) (5) — (149) Impairment of assets — 3,595 761 — 4,356 Other expenses 45,781 12,327 1,362 17,246 76,716 Income (loss) from continuing operations before income taxes and other items 18,200 479,865 155,047 (486,833) 166,279 Income tax (expense) benefit — — — (11,335) (11,335) Income (loss) from unconsolidated entities (39,239) 24,584 (1,985) — (16,640) Gain (loss) on real estate dispositions, net 2,623 18,994 (1,001) (150) 20,466 Income (loss) from continuing operations (18,416) 523,443 152,061 (498,318) 158,770 Net income (loss) $ (18,416) $ 523,443 $ 152,061 $ (498,318) $ 158,770 Nine Months Ended September 30, 2021 Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 2,299,972 $ — $ — $ — $ 2,299,972 Rental income — 557,829 457,721 — 1,015,550 Interest income 3,110 86,040 8,741 — 97,891 Other income 5,388 3,539 8,336 2,175 19,438 Total revenues 2,308,470 647,408 474,798 2,175 3,432,851 Property operating expenses 1,804,939 37,132 140,430 6,882 1,989,383 Consolidated net operating income 503,531 610,276 334,368 (4,707) 1,443,468 Depreciation and amortization 420,797 165,299 166,969 — 753,065 Interest expense 31,331 5,134 12,733 318,807 368,005 General and administrative expenses — — — 93,618 93,618 Loss (gain) on derivatives and financial — (6,503) — — (6,503) Loss (gain) on extinguishment of debt, net (1,537) — (5) 52,506 50,964 Provision for loan losses, net 222 10,549 (3,462) — 7,309 Impairment of assets 22,317 24,222 2,211 — 48,750 Other expenses 12,617 4,845 2,450 6,344 26,256 Income (loss) from continuing operations before income taxes and other items 17,784 406,730 153,472 (475,982) 102,004 Income tax (expense) benefit — — — (6,662) (6,662) Income (loss) from unconsolidated entities (23,514) 14,822 (2,067) — (10,759) Gain (loss) on real estate dispositions, net 4,552 126,463 92,687 — 223,702 Income (loss) from continuing operations (1,178) 548,015 244,092 (482,644) 308,285 Net income (loss) $ (1,178) $ 548,015 $ 244,092 $ (482,644) $ 308,285 Our portfolio of properties and other investments are located in the United States, the United Kingdom and Canada. Revenues and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for the periods presented (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Revenues: Amount (1) % Amount % Amount (1) % Amount % United States $ 1,276,927 86.6 % $ 990,034 79.9 % $ 3,799,621 87.5 % $ 2,709,354 78.9 % United Kingdom 95,914 6.5 % 146,308 11.8 % 246,226 5.7 % 405,938 11.8 % Canada 101,003 6.9 % 103,455 8.3 % 296,237 6.8 % 317,559 9.3 % Total $ 1,473,844 100.0 % $ 1,239,797 100.0 % $ 4,342,084 100.0 % $ 3,432,851 100.0 % As of September 30, 2022 December 31, 2021 Assets: Amount % Amount % United States $ 31,604,241 84.5 % $ 28,595,703 81.9 % United Kingdom 3,195,747 8.5 % 3,938,258 11.3 % Canada 2,614,500 7.0 % 2,376,364 6.8 % Total $ 37,414,488 100.0 % $ 34,910,325 100.0 % (1) The United States, United Kingdom and Canada represent 80%, 9%, and 11% of our resident fees and services revenue for the three month periods ended September 30, 2022, respectively, and 79%, 10% and 11% of our resident fees and services revenue for the nine month periods ended September 30, 2022, respectively.

Income Taxes and Distributions

Income Taxes and Distributions	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes And Distributions	Income Taxes and Distributions We elected to be taxed as a REIT commencing with our first taxable year. To qualify as a REIT for federal income tax purposes, at least 90% of taxable income (excluding 100% of net capital gains) must be distributed to stockholders. REITs that do not distribute a certain amount of taxable income in the current year are also subject to a 4% federal excise tax. The main differences between undistributed net income for federal income tax purposes and financial statement purposes are the recognition of straight-line rent for reporting purposes, basis differences in acquisitions, recording of impairments, differing useful lives and depreciation and amortization methods for real property and the provision for loan losses for reporting purposes versus bad debt expense for tax purposes. Under the provisions of the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”), for taxable years beginning after July 30, 2008, a REIT may lease “qualified health care properties” on an arm’s-length basis to a taxable REIT subsidiary (“TRS”) if the property is operated on behalf of such TRS by a person who qualifies as an “eligible independent contractor.” Generally, the rent received from the TRS will meet the related party rent exception and will be treated as “rents from real property”. A “qualified health care property” includes real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility which extends medical or nursing or ancillary services to patients. We have entered into various joint ventures that were structured under RIDEA. Resident level rents and related operating expenses for these facilities are reported in the unaudited consolidated financial statements and are subject to federal and state income taxes as the operations of such facilities are included in TRS entities. Certain net operating loss carryforwards could be utilized to offset taxable income in future years. Income taxes reflected in the financial statements primarily represents U.S. federal, state and local income taxes as well as non-U.S. income based or withholding taxes on certain investments located in jurisdictions outside the U.S. The provision for income taxes for the nine months ended September 30, 2022 and 2021, was primarily due to operating income or losses, offset by certain discrete items at our TRS entities. In 2014, we established certain wholly-owned direct and indirect subsidiaries in Luxembourg and Jersey and transferred interests in certain foreign investments into this holding company structure. The structure includes a property holding company that is tax resident in the United Kingdom. No material adverse current tax consequences in Luxembourg, Jersey or the United Kingdom resulted from the creation of this holding company structure and most of the subsidiary entities in the structure are treated as disregarded entities of the company for U.S. federal income tax purposes. Subsequent to 2014 we transferred certain subsidiaries to the United Kingdom, while some wholly-owned direct and indirect subsidiaries remain in Luxembourg and Jersey. The company reflects current and deferred tax liabilities for any such withholding taxes incurred from this holding company structure in its consolidated financial statements. Generally, given current statutes of limitations, we are subject to audit by the foreign, federal, state and local taxing authorities under applicable local laws.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities We have entered into joint ventures to own certain seniors housing and outpatient medical assets which are deemed to be VIEs. We have concluded that we are the primary beneficiary of these VIEs based on a combination of operational control of the joint venture and the rights to receive residual returns or the obligation to absorb losses arising from the joint ventures. Except for capital contributions associated with the initial joint venture formations, the joint ventures have been and are expected to be funded from the ongoing operations of the underlying properties. Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs in the aggregate (in thousands): September 30, 2022 December 31, 2021 Assets: Net real estate investments $ 444,485 $ 445,776 Cash and cash equivalents 12,186 9,964 Receivables and other assets 8,588 7,617 Total assets (1) $ 465,259 $ 463,357 Liabilities and equity: Secured debt $ 162,072 $ 163,519 Lease liabilities 1,329 1,324 Accrued expenses and other liabilities 15,138 12,394 Total equity 286,720 286,120 Total liabilities and equity $ 465,259 $ 463,357 (1) Note that assets of the consolidated VIEs can only be used to settle obligations relating to such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn November 2022, we entered into definitive agreements to effectuate the transition of 147 skilled nursing facilities currently operated by ProMedica. As part of the agreement between Welltower and ProMedica, ProMedica will surrender its 15% interest in the skilled nursing facilities currently owned by the existing joint venture and provide significant working capital support for the new operators to ensure a smooth transition of patient care and operations. In exchange, we will release ProMedica from its skilled nursing lease obligation. The 58 private-pay assisted living and memory care assets in the ProMedica joint venture will continue to be operated by ProMedica under a lease backed by the existing guaranty. Concurrently, we entered into a definitive agreement to sell the 147 skilled nursing facilities to a newly formed joint venture owned 85% by Welltower and 15% by Integra Health (“Integra”). Welltower and Integra will enter into a master lease agreement for the portfolio with plans to bring in select regional operators across various states that will operate the facilities upon receiving regulatory approvals.

Accounting Policies and Relat_2

Accounting Policies and Related Matters (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	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, 2022 are not necessarily an indication of the results that may be expected for the year ending December 31, 2022. 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, 2021.
New Accounting Standards	New Accounting Standards • In August 2020, the FASB issued ASU 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provides updated disclosure requirements. The ASU is effective for public business entities beginning after December 15, 2021 including interim periods within those fiscal years. The adoption of this standard did not have a significant impact on our consolidated financial statements. • 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. The guidance is optional and may be elected over time as reference rate reform activities occur. We are currently evaluating our options with regards to existing contracts and hedging relationships and the impact of adopting this update on our consolidated financial statements.

Accounting Policies and Relat_3

Accounting Policies and Related Matters (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedule of Seniors Housing Operating portfolio	Average occupancy is as follows: Three Months Ended (1) March 31, June 30, September 30, December 31, 2021 72.7 % 73.0 % 74.9 % 76.3 % 2022 76.3 % 77.1 % 78.0 % (1) Average occupancy includes our minority ownership share related to unconsolidated properties and excludes the minority partners' noncontrolling ownership share related to consolidated properties. Also excludes land parcels and properties under development.

Real Property Acquisitions an_2

Real Property Acquisitions and Development (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities	The following is a summary of our real property investment activity by segment for the periods presented (in thousands): Nine Months Ended September 30, 2022 September 30, 2021 Seniors Housing Operating Triple-net Outpatient Totals Seniors Housing Operating Triple-net Outpatient Totals Land and land improvements $ 199,892 $ — $ 65,688 $ 265,580 $ 264,706 $ 48,099 $ 45,350 $ 358,155 Buildings and improvements 1,988,999 172 249,660 2,238,831 1,655,067 436,828 227,390 2,319,285 Acquired lease intangibles 109,049 — 33,978 143,027 142,439 — 17,333 159,772 Construction in progress 108,141 — — 108,141 — — — — Right of use assets, net 169 — 3,852 4,021 77,455 — — 77,455 Total net real estate assets 2,406,250 172 353,178 2,759,600 2,139,667 484,927 290,073 2,914,667 Receivables and other assets 10,410 — 460 10,870 6,041 — 3,534 9,575 Total assets acquired (1) 2,416,660 172 353,638 2,770,470 2,145,708 484,927 293,607 2,924,242 Secured debt (219,067) — — (219,067) — — — — Lease liabilities — — (3,852) (3,852) (138,126) — — (138,126) Accrued expenses and other liabilities (111,373) — (1,294) (112,667) (20,748) (8,703) (266) (29,717) Total liabilities acquired (330,440) — (5,146) (335,586) (158,874) (8,703) (266) (167,843) Noncontrolling interests (2) (115,112) (4) (975) (116,091) (2,597) (2,056) (16,540) (21,193) Non-cash acquisition related activity (3) (25,795) — — (25,795) — — — — Cash disbursed for acquisitions 1,945,313 168 347,517 2,292,998 1,984,237 474,168 276,801 2,735,206 Construction in progress additions 343,000 64,091 75,460 482,551 190,672 60,251 29,448 280,371 Less: Capitalized interest (16,464) (3,088) (1,177) (20,729) (9,658) (2,092) (2,277) (14,027) Accruals (4) (2,809) — 4,452 1,643 38 — (3,057) (3,019) Cash disbursed for construction in progress 323,727 61,003 78,735 463,465 181,052 58,159 24,114 263,325 Capital improvements to existing properties 232,618 39,526 43,691 315,835 115,115 26,496 24,080 165,691 Total cash invested in real property, net of cash acquired $ 2,501,658 $ 100,697 $ 469,943 $ 3,072,298 $ 2,280,404 $ 558,823 $ 324,995 $ 3,164,222 (1 ) Excludes $6,431,000 and $ 301,000 of unrestricted and restricted cash acquired during the nine months ended September 30, 2022 and September 30, 2021, respectively. (2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. For the nine months ended September 30, 2022 , 1,227,000 Welltower 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) R epresents 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, 2022 September 30, 2021 Development projects: Seniors Housing Operating $ 182,421 $ 58,844 Triple-net — 22,990 Outpatient Medical — 116,612 Total construction in progress conversions $ 182,421 $ 198,446

Real Estate Intangibles (Tables

Real Estate Intangibles (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Real Estate Intangibles Excluding Those Related to Ground Lease or Classified as Held For Sale	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, 2022 December 31, 2021 Assets: In place lease intangibles $ 1,801,657 $ 1,681,533 Above market tenant leases 56,844 53,964 Lease commissions 62,302 54,131 Gross historical cost 1,920,803 1,789,628 Accumulated amortization (1,416,849) (1,286,259) Net book value $ 503,954 $ 503,369 Weighted-average amortization period in years 7.4 5.5 Liabilities: Below market tenant leases $ 77,071 $ 74,909 Accumulated amortization (50,642) (45,291) Net book value $ 26,429 $ 29,618 Weighted-average amortization period in years 8.5 8.2
Summary of Real Estate Intangible Amortization	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, 2022 2021 2022 2021 Rental income related to (above)/below market tenant leases, net $ 358 $ 384 $ 1,094 $ 1,241 Amortization related to in place lease intangibles and lease commissions (60,176) (32,872) (158,364) (76,083)
Schedule of Future Estimated Aggregate Amortization of Intangible Assets and Liabilities	The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands): Assets Liabilities 2022 $ 48,478 $ 2,458 2023 161,778 5,106 2024 85,462 3,554 2025 35,610 2,911 2026 28,159 2,430 Thereafter 144,467 9,970 Total $ 503,954 $ 26,429

Dispositions, Real Property H_2

Dispositions, Real Property Held for Sale and Impairment (Tables)	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Summary of Real Property Disposition Activity	The following is a summary of our real property disposition activity for the periods presented (in thousands): Nine Months Ended September 30, 2022 September 30, 2021 Real estate dispositions: Seniors Housing Operating $ 13,470 $ 112,837 Triple-net 89,827 439,974 Outpatient Medical 393 159,000 Total dispositions 103,690 711,811 Gain (loss) on real estate dispositions, net 20,466 223,702 Net other assets/(liabilities) disposed 275 6,195 Proceeds from real estate dispositions $ 124,431 $ 941,708
Dispositions and Assets Held for Sale	The following represents the activity related to these properties for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues: Total revenues $ 4,299 $ 14,813 $ 13,331 $ 69,018 Expenses: Interest expense 867 803 2,545 2,813 Property operating expenses 1,941 2,457 5,946 11,874 Provision for depreciation 218 4,583 233 22,124 Total expenses 3,026 7,843 8,724 36,811 Income (loss) from real estate dispositions, net $ 1,273 $ 6,970 $ 4,607 $ 32,207

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Components of Lease Expense, Lease Terms and Discount Rate, and Supplemental Cash Flow Information	The components of lease expense were as follows for the periods presented (in thousands): Nine Months Ended Classification September 30, 2022 September 30, 2021 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 16,767 $ 16,430 Non-real estate investment lease expense General and administrative expenses 4,174 3,461 Finance lease cost: Amortization of leased assets Property operating expenses 4,927 6,120 Interest on lease liabilities Interest expense 4,584 4,950 Sublease income Rental income (8,537) (5,972) Total $ 21,915 $ 24,989 (1) Includes short-term leases which are immaterial.
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases is as follows (in thousands): Classification September 30, 2022 December 31, 2021 Right of use assets: Operating leases - real estate Right of use assets, net $ 290,133 $ 367,068 Finance leases - real estate Right of use assets, net 33,097 155,728 Real estate right of use assets, net 323,230 522,796 Operating leases - non-real estate investments Receivables and other assets 8,088 9,627 Finance leases - held for sale (1) Real property held for sale, net of accumulated depreciation 116,577 — Total right of use assets, net $ 447,895 $ 532,423 Lease liabilities: Operating leases $ 301,001 $ 434,261 Financing leases 109,414 111,683 Total $ 410,415 $ 545,944 (1) At September 30, 2022, finance leases at seven properties were classified as held for sale.

Loans Receivable (Tables)

Loans Receivable (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Summary of Loans Receivable	The following is a summary of our loans receivable (in thousands): September 30, 2022 December 31, 2021 Mortgage loans $ 709,120 $ 889,556 Other real estate loans 220,484 194,477 Allowance for credit losses on real estate loans receivable (12,965) (15,352) Real estate loans receivable, net of credit allowance 916,639 1,068,681 Non-real estate loans 409,796 375,060 Allowance for credit losses on non-real estate loans receivable (151,800) (151,433) Non-real estate loans receivable, net of credit allowance 257,996 223,627 Total loans receivable, net of credit allowance $ 1,174,635 $ 1,292,308
Summary of Loan Activity	The following is a summary of our loan activity for the periods presented (in thousands): Nine Months Ended September 30, 2022 September 30, 2021 Advances on loans receivable $ 133,179 $ 953,006 Receipts on loans receivable (172,380) (250,415) Net cash advances (receipts) on loans receivable $ (39,201) $ 702,591
Schedule of Credit Loss	The following is a summary of our loans by credit loss category (in thousands): September 30, 2022 Loan category Years of Origination Loan Carrying Value Allowance for Credit Loss Net Loan Balance No. of Loans Deteriorated loans 2007 - 2018 $ 172,265 $ (148,436) $ 23,829 3 Collective loan pool 2007-2017 214,598 (3,012) 211,586 13 Collective loan pool 2018 19,778 (278) 19,500 2 Collective loan pool 2019 22,839 (321) 22,518 4 Collective loan pool 2020 51,954 (729) 51,225 6 Collective loan pool 2021 748,653 (10,456) 738,197 18 Collective loan pool 2022 109,313 (1,533) 107,780 15 Total loans $ 1,339,400 $ (164,765) $ 1,174,635 61 Nine Months Ended September 30, 2022 September 30, 2021 Balance at beginning of period $ 166,785 $ 224,036 Provision for loan losses, net (149) 7,309 Loan write-offs — (64,075) Foreign currency translation (1,871) (468) Balance at end of period $ 164,765 $ 166,802
Summary of Impaired Loans	The following is a summary of our deteriorated loans (in thousands): Nine Months Ended September 30, 2022 September 30, 2021 Balance of deteriorated loans at end of period $ 172,265 $ 178,301 Allowance for credit losses (148,436) (148,438) Balance of deteriorated loans not reserved $ 23,829 $ 29,863 Interest recognized on deteriorated loans (1) $ — $ 3,171 (1) Represents cash interest recognized in the period.

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Summary of Seniors Housing Operating portfolio	The following is a summary of our investments in unconsolidated entities (dollars in thousands): Percentage Ownership (1) September 30, 2022 December 31, 2021 Seniors Housing Operating 10% to 65% $ 1,082,217 $ 830,647 Triple-net 10% to 88% 102,168 44,814 Outpatient Medical 15% to 50% 198,861 163,582 Total $ 1,383,246 $ 1,039,043 (1) Includes ownership of investments classified as liabilities and excludes ownership of in substance real estate.

Credit Concentration (Tables)

Credit Concentration (Tables)	9 Months Ended
	Sep. 30, 2022
Risks and Uncertainties [Abstract]
Summary of Credit Concentration	The following table summarizes certain information about our credit concentration for the nine months ended September 30, 2022, excluding our share of NOI in unconsolidated entities (dollars in thousands): Concentration by relationship: (1) Number of Properties Total NOI Percent of NOI (2) ProMedica (3) 205 $ 183,506 11% Atria Senior Living (4) 98 125,933 8% Sunrise Senior Living 109 116,647 7% HC-One Group (5) 1 66,547 4% Cogir Management Corporation 48 56,065 4% Remaining portfolio 1,273 1,173,454 66% Totals 1,734 $ 1,722,152 100% (1) ProMedica and HC-One Group are in our Triple-net segment. Sunrise Senior Living, Atria Senior Living, and Cogir Management Corporation are in our Seniors Housing Operating segment. (2) NOI with our top five relationships comprised 34% of total NOI for the year ended December 31, 2021. (3) During the quarter ended March 31, 2022, we purchased an additional 5% ownership interest in the consolidated ProMedica joint ventures for $137,437,000. (4) Inclusive of $58,621,000 of income recognized upon termination of lease. See Note 3 for further details. (5) In addition to the one property, HC-One Group is the borrower on a £532,904,000 loan as of September 30, 2022 which is included in NOI .

Borrowings Under Credit Facil_2

Borrowings Under Credit Facilities and Commercial Paper Program (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Aggregate Borrowings Under Unsecured Revolving Credit Facility and Commercial Paper	The following information relates to aggregate borrowings under the unsecured revolving credit facility and commercial paper program for the periods presented (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Balance outstanding at quarter end $ 655,000 $ 291,000 $ 655,000 $ 291,000 Maximum amount outstanding at any month end $ 1,565,000 $ 990,000 $ 1,565,000 $ 990,000 Average amount outstanding (total of daily principal balances divided by days in period) $ 1,047,631 $ 470,935 $ 937,045 $ 255,114 Weighted average interest rate (actual interest expense divided by average borrowings outstanding) 2.76 % 0.21 % 1.58 % 0.42 %

Senior Unsecured Notes and Se_2

Senior Unsecured Notes and Secured Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Annual Principal Payments Due on Debt Obligations	At September 30, 2022, the annual principal payments due on these debt obligations were as follows (in thousands): Senior Unsecured Notes (1,2,3) Secured Debt (1,4) Totals 2022 $ — $ 268,769 $ 268,769 2023 — 494,352 494,352 2024 1,350,000 318,176 1,668,176 2025 1,260,000 224,036 1,484,036 2026 700,000 124,195 824,195 Thereafter (5, 6, 7, 8) 9,169,012 691,793 9,860,805 Totals $ 12,479,012 $ 2,121,321 $ 14,600,333 (1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the Consolidated Balance Sheets. (2) Annual interest rates range from 2.05% to 6.50%. (3) All senior unsecured notes with the exception of the $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 have been issued by Welltower OP and are fully and unconditionally guaranteed by Welltower. The $300,000,000 Canadian-denominate d 2.95% senior unsecured notes due 2027 have been issued through private placement by a wholly owned subsidiary of Welltower OP and are fully and unconditionally guaranteed by Welltower OP. (4) Annual interest rates range from 1.25% to 6.67%. Carrying value of the properties securing the debt totaled $4,921,860,000 at September 30, 2022. (5) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $181,792,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2022). Both term loans mature on July 19, 2026 and may be extended for two successive terms of six months at our option. The loans bear interest at adjusted SOFR plus 0.85% (3.76% at September 30, 2022) and Canadian Dealer Offered Rate plus 0.85% (4.57% at September 30, 2022), respectively. (6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $218,150,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2022). (7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $612,370,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 30, 2022). (8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $556,700,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 30, 2022).
Summary of Principal Activity	The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands): Nine Months Ended September 30, 2022 September 30, 2021 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 11,707,961 3.67% $ 11,509,533 3.67% Debt issued 1,050,000 3.08% 1,250,000 2.50% Debt extinguished — —% (1,533,752) 2.42% Foreign currency (278,949) 4.51% (17,437) 4.37% Ending balance $ 12,479,012 3.86% $ 11,208,344 3.71% The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): Nine Months Ended September 30, 2022 September 30, 2021 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 2,202,312 3.03% $ 2,378,073 3.27% Debt issued 89,804 4.57% 2,693 3.75% Debt assumed 221,159 4.32% — —% Debt extinguished (276,252) 4.28% (70,144) 6.02% Principal payments (44,125) 3.36% (48,710) 3.39% Foreign currency (71,577) 3.17% 7,869 2.97% Ending balance $ 2,121,321 3.91% $ 2,269,781 3.10%

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Amount of Derivatives and Other Financial Instruments	The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands): September 30, 2022 December 31, 2021 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 1,075,000 $ 675,000 Denominated in Pound Sterling £ 1,890,708 £ 1,904,708 Financial instruments designated as net investment hedges: Denominated in Canadian Dollars $ 250,000 $ 250,000 Denominated in Pound Sterling £ 1,050,000 £ 1,050,000 Interest rate swaps designated as cash flow hedges: Denominated in U.S Dollars (1) $ 25,000 $ 25,000 Interest rate swaps designated as fair value hedges: Denominated in U.S Dollars $ 550,000 $ — Derivative instruments not designated: Interest rate caps denominated in U.S. Dollars $ 26,137 $ 26,137 Forward sales contracts denominated in Canadian Dollars $ 80,000 $ 80,000
Impact of Derivative Instruments on the Consolidated Statements of Comprehensive Income	The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Description Location 2022 2021 2022 2021 Gain (loss) on derivative instruments designated as hedges recognized in income Interest expense $ 8,236 $ 5,849 $ 23,262 $ 17,416 Gain (loss) on derivative instruments not designated as hedges recognized in income Interest expense $ 4,215 $ 241 $ 5,349 $ (1,415) Gain (loss) on equity warrants recognized in income Gain (loss) on derivatives and financial instruments $ (6,083) $ 9,216 $ (6,604) $ 9,216 Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI OCI $ 417,567 $ 130,711 $ 753,588 $ 100,866

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Summary of Stockholders' Equity Capital Accounts	The following is a summary of our stockholders’ equity capital accounts as of the dates indicated: September 30, 2022 December 31, 2021 Preferred Stock, $1.00 par value: Authorized shares 50,000,000 50,000,000 Issued shares — — Outstanding shares — — Common Stock, $1.00 par value: Authorized shares 700,000,000 700,000,000 Issued shares 474,312,155 448,998,438 Outstanding shares 472,516,526 447,239,477 The following is a summary of our common stock issuances during the nine months ended September 30, 2022 and 2021 (dollars in thousands, except shares and average price amounts): Shares Issued Average Price Gross Proceeds Net Proceeds 2021 ATM Program issuances 17,720,008 $ 77.91 $ 1,380,519 $ 1,366,464 2021 Stock incentive plans, net of forfeitures 153,275 — — 2021 Totals 17,873,283 $ 1,380,519 $ 1,366,464 2022 Option exercises 2,433 $ 67.00 $ 163 $ 163 2022 ATM Program issuances 25,128,285 88.39 2,221,023 2,184,790 2022 Redemption of OP units 5,498 — — 2022 Stock incentive plans, net of forfeitures 140,833 — — 2022 Totals 25,277,049 $ 2,221,186 $ 2,184,953
Summary of Dividend Payments	The following is a summary of our dividend payments (in thousands, except per share amounts): Nine Months Ended September 30, 2022 September 30, 2021 Per Share Amount Per Share Amount Common stock $ 1.83 $ 834,779 $ 1.83 $ 771,984
Summary of Accumulated Other Comprehensive Income (Loss)	The following is a summary of accumulated other comprehensive income (loss) for the periods presented (in thousands): September 30, 2022 December 31, 2021 Foreign currency translation $ (1,381,845) $ (674,306) Derivative and financial instruments designated as hedges 1,306,578 552,990 Total accumulated other comprehensive income (loss) $ (75,267) $ (121,316)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator for basic earnings per share - net income (loss) attributable to common stockholders $ (6,767) $ 179,663 $ 144,942 $ 277,466 Adjustment for net income (loss) attributable to OP units (1) (7) (473) 99 (2,699) Numerator for diluted earnings per share $ (6,774) $ 179,190 $ 145,041 $ 274,767 Denominator for basic earnings per share - weighted average shares 463,366 428,031 455,074 420,955 Effect of dilutive securities: Employee stock options 7 — 26 — Non-vested restricted shares 1,238 537 1,127 465 OP units (1) 2,316 1,396 1,749 1,396 Employee stock purchase program 23 19 23 19 Dilutive potential common shares 3,584 1,952 2,925 1,880 Denominator for diluted earnings per share - adjusted weighted average shares 463,366 429,983 457,999 422,835 Basic earnings per share $ (0.01) $ 0.42 $ 0.32 $ 0.66 Diluted earnings per share $ (0.01) $ 0.42 $ 0.32 $ 0.65 (1) OP units include both Welltower OP units owned by outside investors as well as OP units owned by outside investors in certain consolidated DownREIT subsidiaries.

Disclosure about Fair Value o_2

Disclosure about Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands): September 30, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Mortgage loans receivable $ 699,219 $ 748,216 $ 877,102 $ 932,552 Other real estate loans receivable 217,420 217,088 191,579 193,999 Equity securities 136 136 1,608 1,608 Cash and cash equivalents 343,446 343,446 269,265 269,265 Restricted cash 81,738 81,738 77,490 77,490 Non-real estate loans receivable 257,996 251,926 223,627 241,544 Foreign currency forward contracts, interest rate swaps and cross currency swaps 401,428 401,428 7,205 7,205 Equity warrants 28,272 28,272 41,909 41,909 Financial liabilities: Borrowings under unsecured credit facility and commercial paper program $ 654,715 $ 654,715 $ 324,935 $ 324,935 Senior unsecured notes 12,324,601 11,207,285 11,613,758 13,139,748 Secured debt 2,121,628 2,053,767 2,192,261 2,252,107 Foreign currency forward contracts, interest rate swaps and cross currency swaps 59,709 59,709 39,296 39,296 Redeemable OP unitholder interests $ 95,513 $ 95,513 $ 153,098 $ 153,098
Summary of Items Measured at Fair Value on a Recurring Basis	The following summarizes items measured at fair value on a recurring basis (in thousands): Fair Value Measurements as of September 30, 2022 Total Level 1 Level 2 Level 3 Equity securities $ 136 $ 136 $ — $ — Equity warrants 28,272 — — 28,272 Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1) 341,718 — 341,718 — Totals $ 370,126 $ 136 $ 341,718 $ 28,272 (1) Please see Note 12 for additional information.
Schedule of Level 3 Reconciliation	The following table summarizes the change in fair value for equity warrants using unobservable Level 3 inputs for the periods presented (in thousands): Nine Months Ended September 30, 2022 September 30, 2021 Beginning balance $ 41,909 $ — Warrants acquired — 32,419 Mark-to-market adjustment (6,604) 9,216 Foreign currency (7,033) (977) Ending balance $ 28,272 $ 40,658

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Summary Information for Reportable Segments	Summary information for the reportable segments (which excludes unconsolidated entities) is as follows (in thousands): Three Months Ended September 30, 2022: Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 1,068,706 $ — $ — $ — $ 1,068,706 Rental income — 191,443 170,540 — 361,983 Interest income 2,155 35,556 80 — 37,791 Other income 1,739 1,820 1,558 247 5,364 Total revenues 1,072,600 228,819 172,178 247 1,473,844 Property operating expenses 841,914 11,495 52,921 5,850 912,180 Consolidated net operating income (loss) 230,686 217,324 119,257 (5,603) 561,664 Depreciation and amortization 235,984 57,338 60,377 — 353,699 Interest expense 9,022 196 4,343 126,121 139,682 General and administrative expenses — — — 34,811 34,811 Loss (gain) on derivatives and financial instruments, net — 6,905 — — 6,905 Loss (gain) on extinguishment of debt, net — — 2 — 2 Provision for loan losses, net 198 290 2 — 490 Impairment of assets — 3,595 761 — 4,356 Other expenses 8,341 820 366 5,954 15,481 Income (loss) from continuing operations before income taxes and other items (22,859) 148,180 53,406 (172,489) 6,238 Income tax (expense) benefit — — — (3,257) (3,257) Income (loss) from unconsolidated entities (8,788) 3,167 (1,077) — (6,698) Gain (loss) on real estate dispositions, net 1,146 674 (606) (150) 1,064 Income (loss) from continuing operations (30,501) 152,021 51,723 (175,896) (2,653) Net income (loss) $ (30,501) $ 152,021 $ 51,723 $ (175,896) $ (2,653) Total assets $ 21,560,096 $ 8,700,199 $ 6,569,005 $ 585,188 $ 37,414,488 Three Months Ended September 30, 2021: Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 835,617 $ — $ — $ — $ 835,617 Rental income — 200,641 157,343 — 357,984 Interest income 1,135 38,257 472 — 39,864 Other income 2,767 1,087 1,688 790 6,332 Total revenues 839,519 239,985 159,503 790 1,239,797 Property operating expenses 666,610 11,664 48,072 3,054 729,400 Consolidated net operating income (loss) 172,909 228,321 111,431 (2,264) 510,397 Depreciation and amortization 157,176 54,226 56,352 — 267,754 Interest expense 9,360 1,548 4,811 106,803 122,522 General and administrative expenses — — — 32,256 32,256 Loss (gain) on derivatives and financial instruments, net — (8,078) — — (8,078) Loss (gain) on extinguishment of debt, net — — (5) — (5) Provision for loan losses, net 152 (323) (100) — (271) Impairment of assets — 1,490 — — 1,490 Other expenses 5,449 (4,248) 640 1,734 3,575 Income (loss) from continuing operations before income taxes and other items 772 183,706 49,733 (143,057) 91,154 Income tax (expense) benefit — — — (4,940) (4,940) Income (loss) from unconsolidated entities (15,810) 5,038 (5,060) — (15,832) Gain (loss) on real estate dispositions, net (615) 81,712 38,857 — 119,954 Income (loss) from continuing operations (15,653) 270,456 83,530 (147,997) 190,336 Net income (loss) $ (15,653) $ 270,456 $ 83,530 $ (147,997) $ 190,336 Nine Months Ended September 30, 2022 Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 3,073,040 $ — $ — $ — $ 3,073,040 Rental income — 584,626 495,158 — 1,079,784 Interest income 5,255 108,454 216 — 113,925 Other income 62,127 5,262 6,449 1,497 75,335 Total revenues 3,140,422 698,342 501,823 1,497 4,342,084 Property operating expenses 2,421,141 34,197 153,484 11,110 2,619,932 Consolidated net operating income 719,281 664,145 348,339 (9,613) 1,722,152 Depreciation and amortization 629,955 160,403 177,724 — 968,082 Interest expense 24,153 830 13,441 350,704 389,128 General and administrative expenses — — — 109,071 109,071 Loss (gain) on derivatives and financial instruments, net — 8,076 — — 8,076 Loss (gain) on extinguishment of debt, net 385 — 9 199 593 Provision for loan losses, net 807 (951) (5) — (149) Impairment of assets — 3,595 761 — 4,356 Other expenses 45,781 12,327 1,362 17,246 76,716 Income (loss) from continuing operations before income taxes and other items 18,200 479,865 155,047 (486,833) 166,279 Income tax (expense) benefit — — — (11,335) (11,335) Income (loss) from unconsolidated entities (39,239) 24,584 (1,985) — (16,640) Gain (loss) on real estate dispositions, net 2,623 18,994 (1,001) (150) 20,466 Income (loss) from continuing operations (18,416) 523,443 152,061 (498,318) 158,770 Net income (loss) $ (18,416) $ 523,443 $ 152,061 $ (498,318) $ 158,770 Nine Months Ended September 30, 2021 Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 2,299,972 $ — $ — $ — $ 2,299,972 Rental income — 557,829 457,721 — 1,015,550 Interest income 3,110 86,040 8,741 — 97,891 Other income 5,388 3,539 8,336 2,175 19,438 Total revenues 2,308,470 647,408 474,798 2,175 3,432,851 Property operating expenses 1,804,939 37,132 140,430 6,882 1,989,383 Consolidated net operating income 503,531 610,276 334,368 (4,707) 1,443,468 Depreciation and amortization 420,797 165,299 166,969 — 753,065 Interest expense 31,331 5,134 12,733 318,807 368,005 General and administrative expenses — — — 93,618 93,618 Loss (gain) on derivatives and financial — (6,503) — — (6,503) Loss (gain) on extinguishment of debt, net (1,537) — (5) 52,506 50,964 Provision for loan losses, net 222 10,549 (3,462) — 7,309 Impairment of assets 22,317 24,222 2,211 — 48,750 Other expenses 12,617 4,845 2,450 6,344 26,256 Income (loss) from continuing operations before income taxes and other items 17,784 406,730 153,472 (475,982) 102,004 Income tax (expense) benefit — — — (6,662) (6,662) Income (loss) from unconsolidated entities (23,514) 14,822 (2,067) — (10,759) Gain (loss) on real estate dispositions, net 4,552 126,463 92,687 — 223,702 Income (loss) from continuing operations (1,178) 548,015 244,092 (482,644) 308,285 Net income (loss) $ (1,178) $ 548,015 $ 244,092 $ (482,644) $ 308,285
Summary of Geographic Information	The following is a summary of geographic information for the periods presented (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Revenues: Amount (1) % Amount % Amount (1) % Amount % United States $ 1,276,927 86.6 % $ 990,034 79.9 % $ 3,799,621 87.5 % $ 2,709,354 78.9 % United Kingdom 95,914 6.5 % 146,308 11.8 % 246,226 5.7 % 405,938 11.8 % Canada 101,003 6.9 % 103,455 8.3 % 296,237 6.8 % 317,559 9.3 % Total $ 1,473,844 100.0 % $ 1,239,797 100.0 % $ 4,342,084 100.0 % $ 3,432,851 100.0 % As of September 30, 2022 December 31, 2021 Assets: Amount % Amount % United States $ 31,604,241 84.5 % $ 28,595,703 81.9 % United Kingdom 3,195,747 8.5 % 3,938,258 11.3 % Canada 2,614,500 7.0 % 2,376,364 6.8 % Total $ 37,414,488 100.0 % $ 34,910,325 100.0 % (1) The United States, United Kingdom and Canada represent 80%, 9%, and 11% of our resident fees and services revenue for the three month periods ended September 30, 2022, respectively, and 79%, 10% and 11% of our resident fees and services revenue for the nine month periods ended September 30, 2022, respectively.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs in the aggregate (in thousands): September 30, 2022 December 31, 2021 Assets: Net real estate investments $ 444,485 $ 445,776 Cash and cash equivalents 12,186 9,964 Receivables and other assets 8,588 7,617 Total assets (1) $ 465,259 $ 463,357 Liabilities and equity: Secured debt $ 162,072 $ 163,519 Lease liabilities 1,329 1,324 Accrued expenses and other liabilities 15,138 12,394 Total equity 286,720 286,120 Total liabilities and equity $ 465,259 $ 463,357 (1) Note that assets of the consolidated VIEs can only be used to settle obligations relating to such VIEs. Liabilities of the consolidated VIEs represent claims against the specific assets of the VIEs.

Business (Details)

Business (Details) - Welltower OP Inc	3 Months Ended
	Sep. 30, 2022
Noncontrolling Interest [Line Items]
Weighted average ownership percentage	99.737%
Ownership percentage by parent	99.742%
Other Investors
Noncontrolling Interest [Line Items]
Ownership interest	0.258%

Accounting Policies and Relat_4

Accounting Policies and Related Matters - Average Occupancy (Details)	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Seniors Housing Operating | COVID-19
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Spot occupancy	78%	77.10%	76.30%	76.30%	74.90%	73%	72.70%

Accounting Policies and Relat_5

Accounting Policies and Related Matters - Narrative (Details) - COVID-19 - Seniors Housing Operating - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Spot occupancy	78%	74.90%	78%	74.90%	77.10%	76.30%	76.30%	73%	72.70%
Increase in operational cost	$ 8,134	$ 8,842	$ 28,152	$ 53,767
Cost of property operating expense	$ 5,573	$ 10,965	$ 33,137	$ 78,670

Real Property Acquisitions an_3

Real Property Acquisitions and Development - Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities (Details) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Land and land improvements	$ 265,580	$ 358,155
Buildings and improvements	2,238,831	2,319,285
Acquired lease intangibles	143,027	159,772
Construction in progress	108,141	0
Right of use assets, net	4,021	77,455
Total net real estate assets	2,759,600	2,914,667
Receivables and other assets	10,870	9,575
Total assets acquired	2,770,470	2,924,242
Secured debt	(219,067)	0
Lease liabilities	(3,852)	(138,126)
Accrued expenses and other liabilities	(112,667)	(29,717)
Total liabilities acquired	(335,586)	(167,843)
Noncontrolling interests	(116,091)	(21,193)
Non-cash acquisition related activity	(25,795)	0
Cash disbursed for acquisitions	2,292,998	2,735,206
Construction in progress additions	482,551	280,371
Less: Capitalized interest	(20,729)	(14,027)
Accruals	1,643	(3,019)
Cash disbursed for construction in progress	463,465	263,325
Capital improvements to existing properties	315,835	165,691
Total cash invested in real property, net of cash acquired	3,072,298	3,164,222
Cash acquired from acquisition	$ 6,431	301
New issues (in shares)	1,227,000
Seniors Housing Operating
Business Acquisition [Line Items]
Land and land improvements	$ 199,892	264,706
Buildings and improvements	1,988,999	1,655,067
Acquired lease intangibles	109,049	142,439
Construction in progress	108,141	0
Right of use assets, net	169	77,455
Total net real estate assets	2,406,250	2,139,667
Receivables and other assets	10,410	6,041
Total assets acquired	2,416,660	2,145,708
Secured debt	(219,067)	0
Lease liabilities	0	(138,126)
Accrued expenses and other liabilities	(111,373)	(20,748)
Total liabilities acquired	(330,440)	(158,874)
Noncontrolling interests	(115,112)	(2,597)
Non-cash acquisition related activity	(25,795)	0
Cash disbursed for acquisitions	1,945,313	1,984,237
Construction in progress additions	343,000	190,672
Less: Capitalized interest	(16,464)	(9,658)
Accruals	(2,809)	38
Cash disbursed for construction in progress	323,727	181,052
Capital improvements to existing properties	232,618	115,115
Total cash invested in real property, net of cash acquired	2,501,658	2,280,404
Triple-net
Business Acquisition [Line Items]
Land and land improvements	0	48,099
Buildings and improvements	172	436,828
Acquired lease intangibles	0	0
Construction in progress	0	0
Right of use assets, net	0	0
Total net real estate assets	172	484,927
Receivables and other assets	0	0
Total assets acquired	172	484,927
Secured debt	0	0
Lease liabilities	0	0
Accrued expenses and other liabilities	0	(8,703)
Total liabilities acquired	0	(8,703)
Noncontrolling interests	(4)	(2,056)
Non-cash acquisition related activity	0	0
Cash disbursed for acquisitions	168	474,168
Construction in progress additions	64,091	60,251
Less: Capitalized interest	(3,088)	(2,092)
Accruals	0	0
Cash disbursed for construction in progress	61,003	58,159
Capital improvements to existing properties	39,526	26,496
Total cash invested in real property, net of cash acquired	100,697	558,823
Outpatient Medical
Business Acquisition [Line Items]
Land and land improvements	65,688	45,350
Buildings and improvements	249,660	227,390
Acquired lease intangibles	33,978	17,333
Construction in progress	0	0
Right of use assets, net	3,852	0
Total net real estate assets	353,178	290,073
Receivables and other assets	460	3,534
Total assets acquired	353,638	293,607
Secured debt	0	0
Lease liabilities	(3,852)	0
Accrued expenses and other liabilities	(1,294)	(266)
Total liabilities acquired	(5,146)	(266)
Noncontrolling interests	(975)	(16,540)
Non-cash acquisition related activity	0	0
Cash disbursed for acquisitions	347,517	276,801
Construction in progress additions	75,460	29,448
Less: Capitalized interest	(1,177)	(2,277)
Accruals	4,452	(3,057)
Cash disbursed for construction in progress	78,735	24,114
Capital improvements to existing properties	43,691	24,080
Total cash invested in real property, net of cash acquired	$ 469,943	$ 324,995

Real Property Acquisitions an_4

Real Property Acquisitions and Development - Narrative (Details) $ in Thousands		3 Months Ended
	Apr. 01, 2022 USD ($) property	Jun. 30, 2022 USD ($)
Business Acquisition [Line Items]
Release of cash in contract termination	$ 6,883
Other Income
Business Acquisition [Line Items]
Gain (loss) from derecognition of the ROU asset and lease liability		$ 58,621
Holiday Retirement
Business Acquisition [Line Items]
Number of properties | property	17

Real Property Acquisitions an_5

Real Property Acquisitions and Development - Construction Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total construction in progress conversions	$ 182,421	$ 198,446
Seniors Housing Operating
Segment Reporting Information [Line Items]
Total development projects	182,421	58,844
Triple-net
Segment Reporting Information [Line Items]
Total development projects	0	22,990
Outpatient Medical
Segment Reporting Information [Line Items]
Total development projects	$ 0	$ 116,612

Real Estate Intangibles - Summa

Real Estate Intangibles - Summary of Real Estate Intangibles Excluding Those Classified as Held For Sale (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Assets:
Gross historical cost	$ 1,920,803	$ 1,789,628
Accumulated amortization	(1,416,849)	(1,286,259)
Net book value	$ 503,954	$ 503,369
Weighted-average amortization period in years	7 years 4 months 24 days	5 years 6 months
Liabilities:
Below market tenant leases	$ 77,071	$ 74,909
Accumulated amortization	(50,642)	(45,291)
Net book value	$ 26,429	$ 29,618
Weighted-average amortization period in years	8 years 6 months	8 years 2 months 12 days
In place lease intangibles
Assets:
Gross historical cost	$ 1,801,657	$ 1,681,533
Above market tenant leases
Assets:
Gross historical cost	56,844	53,964
Lease commissions
Assets:
Gross historical cost	$ 62,302	$ 54,131

Real Estate Intangibles - Sum_2

Real Estate Intangibles - Summary of Real Estate Intangible Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Rental income related to (above)/below market tenant leases, net	$ 358	$ 384	$ 1,094	$ 1,241
Amortization related to in place lease intangibles and lease commissions	$ (60,176)	$ (32,872)	$ (158,364)	$ (76,083)

Real Estate Intangibles - Sched

Real Estate Intangibles - Schedule of Future Estimated Aggregate Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
2022	$ 48,478
2023	161,778
2025	85,462
2025	35,610
2026	28,159
Thereafter	144,467
Net book value	503,954	$ 503,369
Liabilities
2022	2,458
2023	5,106
2024	3,554
2025	2,911
2026	2,430
Thereafter	9,970
Net book value	$ 26,429	$ 29,618

Dispositions, Real Property H_3

Dispositions, Real Property Held for Sale and Impairment - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($) property	Dec. 31, 2021 USD ($)	[1]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real property held for sale | $	$ 175,657		$ 134,097
Expected proceeds from properties held for sale | $	236,919
Impairment of assets held for use | $	4,356	$ 29,183
Impairment of assets held for sale | $		$ 19,567
Held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lease liabilities | $	66,890
Other assets and liabilities, net | $	$ 1,877
Triple-net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property	11	4
Number of properties held for use | property	2	2
Outpatient Medical
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property	1	1
Number of properties held for use | property	1
Seniors Housing Operating
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property	2
Number of properties held for use | property		2
[1]The consolidated balance sheet at December 31, 2021 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.

Dispositions, Real Property H_4

Dispositions, Real Property Held for Sale and Impairment - Summary of Real Property Disposition Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Real estate dispositions:
Total dispositions			$ 103,690	$ 711,811
Gain (loss) on real estate dispositions, net	$ 1,064	$ 119,954	20,466	223,702
Net other assets/(liabilities) disposed			275	6,195
Proceeds from real estate dispositions			124,431	941,708
Seniors Housing Operating
Real estate dispositions:
Total dispositions			13,470	112,837
Triple-net
Real estate dispositions:
Total dispositions			89,827	439,974
Outpatient Medical
Real estate dispositions:
Total dispositions			$ 393	$ 159,000

Dispositions, Real Property H_5

Dispositions, Real Property Held for Sale and Impairment - Dispositions and Assets Held for Sale (Details) - Disposal group, disposed of by sale, not discontinued operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Total revenues	$ 4,299	$ 14,813	$ 13,331	$ 69,018
Expenses:
Interest expense	867	803	2,545	2,813
Property operating expenses	1,941	2,457	5,946	11,874
Provision for depreciation	218	4,583	233	22,124
Total expenses	3,026	7,843	8,724	36,811
Income (loss) from real estate dispositions, net	$ 1,273	$ 6,970	$ 4,607	$ 32,207

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lessee, Lease, Description [Line Items]
Straight line rent adjustment				$ 49,241
Rental and other revenues related to operating lease payments	$ 361,983	$ 357,984	$ 1,079,784	1,015,550
Rental and other revenues related to operating lease payments, variable leases			145,541	134,632
Seniors Housing Operating
Lessee, Lease, Description [Line Items]
Rental and other revenues related to operating lease payments			304,338	100,328
Resident fees and services
Lessee, Lease, Description [Line Items]
Revenue from contract with customer	$ 1,068,706	$ 835,617	$ 3,073,040	$ 2,299,972
Minimum
Lessee, Lease, Description [Line Items]
Lease term extension period			1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term extension period			25 years

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Finance lease cost:
Amortization of leased assets	$ 4,927	$ 6,120
Interest on lease liabilities	4,584	4,950
Sublease income	(8,537)	(5,972)
Total	21,915	24,989
Property operating expenses
Operating lease cost:
Lease expense	16,767	16,430
General and administrative expenses
Operating lease cost:
Lease expense	$ 4,174	$ 3,461

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Details) $ in Thousands	Sep. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Right of use assets:
Total right of use assets, net	$ 323,230	$ 522,796	[1]
Lease liabilities:
Operating leases	301,001	434,261
Financing leases	109,414	111,683
Total	$ 410,415	$ 545,944	[1]
Number of finance leases, classified as held for sale | property	7
Operating lease, right-of-use asset, statement of financial position	Total right of use assets, net	Total right of use assets, net
Finance lease, right-of-use asset, statement of financial position	Total right of use assets, net	Total right of use assets, net
Real estate
Right of use assets:
Operating leases	$ 290,133	$ 367,068
Finance leases	33,097	155,728
Corporate
Right of use assets:
Operating leases	8,088	9,627
Finance leases	$ 116,577	$ 0
Lease liabilities:
Operating lease, right-of-use asset, statement of financial position	Receivables and other assets	Receivables and other assets
Finance lease, right-of-use asset, statement of financial position	Real property held for sale	Real property held for sale
Real estate and Corporate
Right of use assets:
Total right of use assets, net	$ 447,895	$ 532,423
[1]The consolidated balance sheet at December 31, 2021 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.

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Interest receivable	$ 25,142,000	$ 26,659,000

Loans Receivable - Summary of R

Loans Receivable - Summary of Real Estate Loans Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021		Sep. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Carrying Value	$ 1,339,400
Allowance for credit losses on real estate loans receivable	(164,765)	$ (166,785)		$ (166,802)	$ (224,036)
Real estate loans receivable, net of credit allowance	916,639	1,068,681	[1]
Non-real estate loans	409,796	375,060
Allowance for credit losses on non-real estate loans receivable	(151,800)	(151,433)
Non-real estate loans receivable, net of credit allowance	257,996	223,627
Total loans receivable, net of credit allowance	1,174,635	1,292,308
Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Carrying Value	709,120	889,556
Other real estate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Carrying Value	220,484	194,477
Allowance for credit losses on real estate loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on real estate loans receivable	(12,965)	$ (15,352)
Real estate loans receivable, net of credit allowance	$ 916,639
[1]The consolidated balance sheet at December 31, 2021 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.

Loans Receivable - Summary of_2

Loans Receivable - Summary of Real Estate Loan Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Advances on loans receivable	$ 133,179	$ 953,006
Receipts on loans receivable	(172,380)	(250,415)
Net cash advances (receipts) on loans receivable	$ (39,201)	$ 702,591

Loans Receivable - Collective P

Loans Receivable - Collective Pool Basis (Details) $ in Thousands	Sep. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 1,339,400
Allowance for Credit Loss	(164,765)	$ (166,785)	$ (166,802)	$ (224,036)
Total loans receivable, net of credit allowance	$ 1,174,635	$ 1,292,308
No. of Loans | loan	61
Deteriorated loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 172,265
Allowance for Credit Loss	(148,436)
Total loans receivable, net of credit allowance	$ 23,829
No. of Loans | loan	3
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 214,598
Allowance for Credit Loss	(3,012)
Total loans receivable, net of credit allowance	$ 211,586
No. of Loans | loan	13
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 19,778
Allowance for Credit Loss	(278)
Total loans receivable, net of credit allowance	$ 19,500
No. of Loans | loan	2
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 22,839
Allowance for Credit Loss	(321)
Total loans receivable, net of credit allowance	$ 22,518
No. of Loans | loan	4
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 51,954
Allowance for Credit Loss	(729)
Total loans receivable, net of credit allowance	$ 51,225
No. of Loans | loan	6
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 748,653
Allowance for Credit Loss	(10,456)
Total loans receivable, net of credit allowance	$ 738,197
No. of Loans | loan	18
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 109,313
Allowance for Credit Loss	(1,533)
Total loans receivable, net of credit allowance	$ 107,780
No. of Loans | loan	15

Loans Receivable - Credit Loss

Loans Receivable - Credit Loss Roll Forward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period			$ 166,785	$ 224,036
Provision for loan losses, net	$ 490	$ (271)	(149)	7,309
Loan write-offs			0	(64,075)
Foreign currency translation			(1,871)	(468)
Balance at end of period	$ 164,765	$ 166,802	$ 164,765	$ 166,802

Loans Receivable - Summary of I

Loans Receivable - Summary of Impaired Loans (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Receivables [Abstract]
Balance of impaired loans at end of period	$ 172,265	$ 178,301
Allowance for credit losses	(148,436)	(148,438)
Balance of deteriorated loans not reserved	23,829	29,863
Interest recognized on deteriorated loans	$ 0	$ 3,171

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 1,383,246	$ 1,039,043
Seniors Housing Operating
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 1,082,217	830,647
Seniors Housing Operating | Minimum
Schedule of Equity Method Investments [Line Items]
Percentage ownership	10%
Seniors Housing Operating | Maximum
Schedule of Equity Method Investments [Line Items]
Percentage ownership	65%
Triple-net
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 102,168	44,814
Triple-net | Minimum
Schedule of Equity Method Investments [Line Items]
Percentage ownership	10%
Triple-net | Maximum
Schedule of Equity Method Investments [Line Items]
Percentage ownership	88%
Outpatient Medical
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 198,861	$ 163,582
Outpatient Medical | Minimum
Schedule of Equity Method Investments [Line Items]
Percentage ownership	15%
Outpatient Medical | Maximum
Schedule of Equity Method Investments [Line Items]
Percentage ownership	50%

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) properties
Schedule of Equity Method Investments [Line Items]
Aggregate unamortized basis difference of joint venture investments	$ 132,437,000
Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Number of properties | properties	21
Total loans made	$ 593,376,000
Expected additional funding for investments	$ 236,458,000

Credit Concentration - Summary

Credit Concentration - Summary of Credit Concentration (Details) £ in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022 USD ($) property	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($)	Sep. 30, 2022 GBP (£) property	Dec. 31, 2021 USD ($)
Concentration Risk [Line Items]
Total NOI	$ 561,664		$ 510,397	$ 1,722,152	$ 1,443,468
Percentage total investments with top five customers							34%
Payment to acquire interest in joint venture				390,493	$ 278,833
Gain on termination of lease				58,621
Real estate loans receivable, net of credit allowance	$ 916,639			$ 916,639			$ 1,068,681	[1]
Promedica Joint Ventures
Concentration Risk [Line Items]
Ownership interest		5%
Payment to acquire interest in joint venture		$ 137,437
HC-One Group
Concentration Risk [Line Items]
Real estate loans receivable, net of credit allowance   | £						£ 532,904
Net operating income | Credit Concentration Risk
Concentration Risk [Line Items]
Number of Properties | property	1,734			1,734		1,734
Total NOI				$ 1,722,152
Percent of NOI				100%
Net operating income | Credit Concentration Risk | ProMedica
Concentration Risk [Line Items]
Number of Properties | property	205			205		205
Total NOI				$ 183,506
Percent of NOI				11%
Net operating income | Credit Concentration Risk | Atria Senior Living
Concentration Risk [Line Items]
Number of Properties | property	98			98		98
Total NOI				$ 125,933
Percent of NOI				8%
Net operating income | Credit Concentration Risk | Sunrise Senior Living
Concentration Risk [Line Items]
Number of Properties | property	109			109		109
Total NOI				$ 116,647
Percent of NOI				7%
Net operating income | Credit Concentration Risk | HC-One Group
Concentration Risk [Line Items]
Number of Properties | property	1			1		1
Total NOI				$ 66,547
Percent of NOI				4%
Net operating income | Credit Concentration Risk | Cogir Management Corporation
Concentration Risk [Line Items]
Number of Properties | property	48			48		48
Total NOI				$ 56,065
Percent of NOI				4%
Net operating income | Credit Concentration Risk | Remaining portfolio
Concentration Risk [Line Items]
Number of Properties | property	1,273			1,273		1,273
Total NOI				$ 1,173,454
Percent of NOI				66%
[1]The consolidated balance sheet at December 31, 2021 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.

Borrowings Under Credit Facil_3

Borrowings Under Credit Facilities and Commercial Paper Program - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) term bank	Sep. 30, 2022 CAD ($) term bank	Dec. 31, 2021 USD ($)	[1]
Line of Credit Facility [Line Items]
Number of banks in consortium | bank	31	31
Borrowings outstanding	$ 654,715,000		$ 324,935,000
Outstanding balance	14,600,333,000
Unsecured revolving credit facility
Line of Credit Facility [Line Items]
Unsecured line of credit arrangement	4,000,000,000
Borrowings outstanding	$ 0
Number of successive terms | term	2	2
Successive term	6 months
Available to borrow in alternate currencies	$ 1,000,000,000
Facility fee	0.15%
Unsecured revolving credit facility | Credit Facility, Tranche Due 2026
Line of Credit Facility [Line Items]
Unsecured line of credit arrangement	$ 1,000,000,000
Borrowings outstanding	0
Unsecured revolving credit facility | Credit Facility, Tranche Due 2025
Line of Credit Facility [Line Items]
Unsecured line of credit arrangement	3,000,000,000
Borrowings outstanding	$ 40,000,000
Unsecured revolving credit facility | SOFR
Line of Credit Facility [Line Items]
Interest rate margin	0.775%
Unsecured revolving credit facility | Accordion feature
Line of Credit Facility [Line Items]
Unsecured line of credit arrangement	$ 1,250,000,000
Term credit facility
Line of Credit Facility [Line Items]
Unsecured line of credit arrangement	1,000,000,000
Term credit facility, CAD denominated
Line of Credit Facility [Line Items]
Unsecured line of credit arrangement		$ 250,000,000
Term credit facility, CAD denominated | Accordion feature
Line of Credit Facility [Line Items]
Unsecured line of credit arrangement		$ 250,000,000
Commercial paper note program
Line of Credit Facility [Line Items]
Unsecured line of credit arrangement	$ 1,000,000,000
Commercial paper note program | Maximum
Line of Credit Facility [Line Items]
Debt instrument, term	397 days
Commercial paper note program | Line of Credit
Line of Credit Facility [Line Items]
Outstanding balance	$ 614,715,000
Principal outstanding	615,000,000
Unamortized discount	$ 285,000
Weighted average interest rate	3.43%	3.43%
Commercial paper note program | Line of Credit | Weighted Average
Line of Credit Facility [Line Items]
Debt instrument, term	6 days
[1]The consolidated balance sheet at December 31, 2021 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.

Borrowings Under Credit Facil_4

Borrowings Under Credit Facilities and Commercial Paper Program - Aggregate Borrowings Under Unsecured Revolving Credit Facility and Commercial Paper (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Disclosure [Abstract]
Balance outstanding at quarter end	$ 655,000	$ 291,000	$ 655,000	$ 291,000
Maximum amount outstanding at any month end	1,565,000	990,000	1,565,000	990,000
Average amount outstanding (total of daily principal balances divided by days in period)	$ 1,047,631	$ 470,935	$ 937,045	$ 255,114
Weighted average interest rate (actual interest expense divided by average borrowings outstanding)	2.76%	0.21%	1.58%	0.42%

Senior Unsecured Notes and Se_3

Senior Unsecured Notes and Secured Debt - Annual Principal Payments Due on Debt Obligations (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) term	Sep. 30, 2022 CAD ($) term	Sep. 30, 2022 GBP (£) term	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Annual principal payments due
2022	$ 268,769,000
2023	494,352,000
2024	1,668,176,000
2025	1,484,036,000
2026	824,195,000
Thereafter	9,860,805,000
Totals	14,600,333,000
Senior unsecured notes
Annual principal payments due
2022	0
2023	0
2024	1,350,000,000
2025	1,260,000,000
2026	700,000,000
Thereafter	9,169,012,000
Totals	$ 12,479,012,000			$ 11,707,961,000	$ 11,208,344,000	$ 11,509,533,000
Senior unsecured notes | Minimum
Annual principal payments due
Interest rate	2.05%	2.05%	2.05%
Senior unsecured notes | Maximum
Annual principal payments due
Interest rate	6.50%	6.50%	6.50%
Senior unsecured notes | Canadian-denominated unsecured term credit facility
Annual principal payments due
Face amount	$ 181,792,000	$ 250,000,000
Number of successive terms | term	2	2	2
Successive term	6 months
Senior unsecured notes | Canadian-denominated unsecured term credit facility | SOFR
Annual principal payments due
Interest rate margin	0.85%
Senior unsecured notes | Canadian-denominated unsecured term credit facility | Canadian dealer offered rate
Annual principal payments due
Interest rate margin	0.85%
Effective rate	4.57%	4.57%	4.57%
Senior unsecured notes | Unsecured term credit facility
Annual principal payments due
Face amount	$ 1,000,000,000
Senior unsecured notes | Unsecured term credit facility | SOFR
Annual principal payments due
Effective rate	3.76%	3.76%	3.76%
Senior unsecured notes | 2.95% Senior unsecured notes due 2023
Annual principal payments due
Interest rate	2.95%	2.95%	2.95%
Face amount	$ 218,150,000	$ 300,000,000
Senior unsecured notes | Senior unsecured notes due 2028
Annual principal payments due
Interest rate	4.80%	4.80%	4.80%
Face amount	$ 612,370,000		£ 550,000,000
Senior unsecured notes | 4.50% Senior unsecured notes due 2034
Annual principal payments due
Interest rate	4.50%	4.50%	4.50%
Face amount	$ 556,700,000		£ 500,000,000
Secured debt
Annual principal payments due
2022	268,769,000
2023	494,352,000
2024	318,176,000
2025	224,036,000
2026	124,195,000
Thereafter	691,793,000
Totals	2,121,321,000			$ 2,202,312,000	$ 2,269,781,000	$ 2,378,073,000
Carrying values of properties securing the debt	$ 4,921,860,000
Secured debt | Minimum
Annual principal payments due
Interest rate	1.25%	1.25%	1.25%
Secured debt | Maximum
Annual principal payments due
Interest rate	6.67%	6.67%	6.67%

Senior Unsecured Notes and Se_4

Senior Unsecured Notes and Secured Debt - Summary of Principal Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Amount
Ending balance	$ 14,600,333
Senior unsecured notes
Amount
Beginning balance	11,707,961	$ 11,509,533
Debt issued	1,050,000	1,250,000
Debt extinguished	0	(1,533,752)
Foreign currency	(278,949)	(17,437)
Ending balance	$ 12,479,012	$ 11,208,344
Weighted Avg. Interest Rate
Beginning balance	3.67%	3.67%
Debt issued	0.0308	0.0250
Debt extinguished	0	0.0242
Foreign currency	0.0451	0.0437
Ending balance	3.86%	3.71%
Secured debt
Amount
Beginning balance	$ 2,202,312	$ 2,378,073
Debt issued	89,804	2,693
Debt assumed	221,159	0
Debt extinguished	(276,252)	(70,144)
Principal payments	(44,125)	(48,710)
Foreign currency	(71,577)	7,869
Ending balance	$ 2,121,321	$ 2,269,781
Weighted Avg. Interest Rate
Beginning balance	3.03%	3.27%
Debt issued	0.0457	0.0375
Debt assumed	0.0432	0
Debt extinguished	0.0428	0.0602
Principal payments	0.0336	0.0339
Foreign currency	0.0317	0.0297
Ending balance	3.91%	3.10%

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Senior loans	$ 545,259,000
Derivative liability	59,709,000
Cash flow hedges to be reclassified within the next twelve months	2,562,000
Proceeds from hedge	$ 61,853,000	$ 8,879,000
Fair Value Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount			$ 550,000,000

Derivative Instruments - Notion

Derivative Instruments - Notional Amount of Derivatives and Other Financial Instruments (Details) £ in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022 CAD ($)	Mar. 31, 2022 GBP (£)	Sep. 30, 2022 CAD ($)	Sep. 30, 2022 GBP (£)	Sep. 30, 2022 GBP (£)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 GBP (£)	Dec. 31, 2021 USD ($)
Denominated in Canadian Dollars | Designated as Hedging Instrument | Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivative asset			$ 1,075,000				$ 675,000
Net investment hedges	$ 250,000		250,000
Denominated in Canadian Dollars | Derivative Instruments Not Designated | Sales Contracts
Derivatives, Fair Value [Line Items]
Derivative asset			$ 80,000				$ 80,000
Denominated in U.S Dollars | Designated as Hedging Instrument | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Derivative asset						$ 25,000,000			$ 25,000,000
Denominated in U.S Dollars | Designated as Hedging Instrument | Fair Value Hedging
Derivatives, Fair Value [Line Items]
Derivative asset						550,000,000			0
Denominated in U.S Dollars | Derivative Instruments Not Designated
Derivatives, Fair Value [Line Items]
Derivative asset						$ 26,137,000			$ 26,137,000
Denominated in Pound Sterling | Designated as Hedging Instrument | Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivative asset | £					£ 1,890,708			£ 1,904,708
Net investment hedges | £		£ 1,050,000		£ 1,050,000

Derivative Instruments - Impact

Derivative Instruments - Impact of Derivative Instruments on the Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative [Line Items]
Gain (loss) on derivative instruments hedges recognized in income	$ (6,905)	$ 8,078	$ (8,076)	$ 6,503
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI	417,567	130,711	753,588	100,866
Warrant
Derivative [Line Items]
Gain (loss) on derivative instruments hedges recognized in income	(6,083)	9,216	(6,604)	9,216
Designated as Hedging Instrument
Derivative [Line Items]
Gain (loss) on derivative instruments hedges recognized in income	8,236	5,849	23,262	17,416
Designated as Hedging Instrument | OCI
Derivative [Line Items]
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI	417,567	130,711	753,588	100,866
Derivative Instruments Not Designated
Derivative [Line Items]
Gain (loss) on derivative instruments hedges recognized in income	$ 4,215	$ 241	$ 5,349	$ (1,415)

Commitments and Contingencies (

Commitments and Contingencies (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) obligation	Dec. 31, 2021 USD ($)	[1]
Other Commitments [Line Items]
Number of outstanding credit obligations | obligation	21
Letter of credit obligation	$ 68,143,000
Outstanding construction financings for leased properties	1,012,202,000	$ 651,389,000
Additional financing to complete construction	1,860,122,000
Not Primary Beneficiary
Other Commitments [Line Items]
Total loans made	593,376,000
Expected additional funding for investments	236,458,000
Capital Improvements
Other Commitments [Line Items]
Total contingent purchase obligations	$ 58,370,000
[1]The consolidated balance sheet at December 31, 2021 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.

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stockholders' Equity Capital Accounts (Details) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Preferred Stock, $1.00 par value:
Preferred stock, par value (in dollars per share)	$ 1
Authorized shares (in shares)	50,000,000	50,000,000
Issued shares (in shares)	0	0
Outstanding shares (in shares)	0	0
Common Stock, $1.00 par value:
Common stock, par value (in dollars per share)	$ 1
Authorized shares (in shares)	700,000,000	700,000,000
Issued shares (in shares)	474,312,155	448,998,438
Outstanding shares (in shares)	472,516,526	447,239,477

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Jul. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Apr. 30, 2022
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)		25,128,285	17,720,008
Proceeds from sale of stock		$ 2,184,953	$ 1,366,464
At The Market Program
Class of Stock [Line Items]
Authorized amount to sell				$ 3,000,000
Remaining amount authorized to sell		$ 2,571,105
Number of shares issued in transaction (in shares)	759,935	17,204,668
Proceeds from sale of stock	$ 74,045	$ 1,420,902

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Shares Issued
ATM Program issuances (in shares)	25,128,285	17,720,008
Stock incentive plans, net of forfeitures (in shares)	140,833	153,275
Option exercises (in shares)	2,433
Redemption of OP units (in shares)	5,498
Totals (in shares)	25,277,049	17,873,283
Average Price
ATM Program issuances (in dollars per share)	$ 88.39	$ 77.91
Option exercises (in dollars per share)	$ 67
Gross Proceeds
ATM Program Issuances	$ 2,221,023	$ 1,380,519
Option exercises	163
Totals	2,221,186	1,380,519
Net Proceeds
ATM Program issuances	2,184,790	1,366,464
Option exercises	163
Total	$ 2,184,953	$ 1,366,464

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Per Share
Common Stock (in dollars per share)	$ 0.61	$ 0.61	$ 1.83	$ 1.83
Amount
Common stock			$ 834,779	$ 771,984

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021		Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Summary of accumulated other comprehensive income/(loss) [Line Items]
Total accumulated other comprehensive income (loss)	$ 20,056,685	$ 19,453,895	$ 18,732,066	$ 18,596,579	[1]	$ 17,782,916	$ 16,850,829	$ 16,691,017	$ 16,881,572
Foreign currency translation
Summary of accumulated other comprehensive income/(loss) [Line Items]
Total accumulated other comprehensive income (loss)	(1,381,845)			(674,306)
Derivative and financial instruments designated as hedges
Summary of accumulated other comprehensive income/(loss) [Line Items]
Total accumulated other comprehensive income (loss)	1,306,578			552,990
Total accumulated other comprehensive income (loss)
Summary of accumulated other comprehensive income/(loss) [Line Items]
Total accumulated other comprehensive income (loss)	$ (75,267)	$ (145,196)	$ (138,472)	$ (121,316)		$ (103,177)	$ (127,948)	$ (128,136)	$ (148,504)
[1]The consolidated balance sheet at December 31, 2021 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.

Stock Incentive Plans (Details)

Stock Incentive Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock authorized (in shares)					10,000,000
Option expiration period			10 years
Stock-based compensation expense	$ 6,115	$ 4,535	$ 19,456	$ 14,868
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Numerator for basic and diluted earnings per share - net income (loss) attributable to common stockholders		$ (6,767)	$ 179,663	$ 144,942	$ 277,466
Adjustment for net income (loss) attributable to OP units		(7)	(473)	99	(2,699)
Numerator for diluted earnings per share		$ (6,774)	$ 179,190	$ 145,041	$ 274,767
Denominator for basic earnings per share - weighted average shares (in shares)		463,366,000	428,031,000	455,074,000	420,955,000
Effect of dilutive securities:
Employee stock options (in shares)		7,000	0	26,000	0
Non-vested restricted shares (in shares)		1,238,000	537,000	1,127,000	465,000
OP units (in shares)		2,316,000	1,396,000	1,749,000	1,396,000
Employee stock purchase program (in shares)		23,000	19,000	23,000	19,000
Dilutive potential common shares (in shares)		3,584,000	1,952,000	2,925,000	1,880,000
Denominator for diluted earnings per share - adjusted weighted average shares (in shares)		463,366,000	429,983,000	457,999,000	422,835,000
Basic earnings per share (in dollars per share)		$ (0.01)	$ 0.42	$ 0.32	$ 0.66
Diluted earnings per share (in dollars per share)	[1]	$ (0.01)	$ 0.42	$ 0.32	$ 0.65
Forward sales agreement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)				17,964,603	11,798,154
[1]Includes adjustment to the numerator for income (loss) attributable to OP unitholders.

Disclosure about Fair Value o_3

Disclosure about Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financial assets:
Equity securities	$ 136
Restricted cash	81,738	$ 77,490	[1]
Foreign currency forward contracts, interest rate swaps and cross currency swaps	341,718
Equity warrants	28,272
Carrying Amount
Financial assets:
Equity securities		1,608
Cash and cash equivalents	343,446	269,265
Restricted cash	81,738	77,490
Foreign currency forward contracts, interest rate swaps and cross currency swaps	401,428	7,205
Equity warrants	28,272	41,909
Financial liabilities:
Unsecured credit facility and commercial paper	654,715	324,935
Senior unsecured notes	12,324,601	11,613,758
Secured debt	2,121,628	2,192,261
Foreign currency forward contracts, interest rate swaps and cross currency swaps	59,709	39,296
Redeemable OP unitholder interests	95,513	153,098
Carrying Amount | Mortgage loans receivable
Financial assets:
Loans receivable	699,219	877,102
Carrying Amount | Other real estate loans receivable
Financial assets:
Loans receivable	217,420	191,579
Carrying Amount | Non-real estate loans receivable
Financial assets:
Loans receivable	257,996	223,627
Fair Value
Financial assets:
Equity securities	136	1,608
Cash and cash equivalents	343,446	269,265
Restricted cash	81,738	77,490
Foreign currency forward contracts, interest rate swaps and cross currency swaps	401,428	7,205
Equity warrants	28,272	41,909
Financial liabilities:
Unsecured credit facility and commercial paper	654,715	324,935
Senior unsecured notes	11,207,285	13,139,748
Secured debt	2,053,767	2,252,107
Foreign currency forward contracts, interest rate swaps and cross currency swaps	59,709	39,296
Redeemable OP unitholder interests	95,513	153,098
Fair Value | Mortgage loans receivable
Financial assets:
Loans receivable	748,216	932,552
Fair Value | Other real estate loans receivable
Financial assets:
Loans receivable	217,088	193,999
Fair Value | Non-real estate loans receivable
Financial assets:
Loans receivable	$ 251,926	$ 241,544
[1]The consolidated balance sheet at December 31, 2021 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.

Disclosure about Fair Value o_4

Disclosure about Fair Value of Financial Instruments - Summary of Items Measured at Fair Value on a Recurring Basis (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 136
Equity warrants	28,272
Foreign currency forward contracts, interest rate swaps and cross currency swaps	341,718
Totals	370,126
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	136
Equity warrants	0
Foreign currency forward contracts, interest rate swaps and cross currency swaps	0
Totals	136
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0
Equity warrants	0
Foreign currency forward contracts, interest rate swaps and cross currency swaps	341,718
Totals	341,718
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0
Equity warrants	28,272
Foreign currency forward contracts, interest rate swaps and cross currency swaps	0
Totals	$ 28,272

Disclosure about Fair Value o_5

Disclosure about Fair Value of Financial Instruments - Schedule of Change in Fair Value for Equity Warrants (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Terminal Capitalization Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Measurement input	0.105
Warrant
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 41,909	$ 0
Warrants acquired	0	32,419
Mark-to-market adjustment	(6,604)	9,216
Foreign currency	(7,033)	(977)
Ending balance	$ 28,272	$ 40,658

Segment Reporting - Summary Inf

Segment Reporting - Summary Information for Reportable Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	[1]
Segment Reporting [Abstract]
Number of operating segments | segment			3
Segment Reporting Information [Line Items]
Rental income	$ 361,983	$ 357,984	$ 1,079,784	$ 1,015,550
Total revenues	1,473,844	1,239,797	4,342,084	3,432,851
Property operating expenses	912,180	729,400	2,619,932	1,989,383
Consolidated net operating income (loss)	561,664	510,397	1,722,152	1,443,468
Depreciation and amortization	353,699	267,754	968,082	753,065
Interest expense	139,682	122,522	389,128	368,005
General and administrative expenses	34,811	32,256	109,071	93,618
Loss (gain) on derivatives and financial instruments, net	6,905	(8,078)	8,076	(6,503)
Loss (gain) on extinguishment of debt, net	2	(5)	593	50,964
Provision for loan losses, net	490	(271)	(149)	7,309
Impairment of assets	4,356	1,490	4,356	48,750
Other expenses	15,481	3,575	76,716	26,256
Income (loss) from continuing operations before income taxes and other items	6,238	91,154	166,279	102,004
Income tax (expense) benefit	(3,257)	(4,940)	(11,335)	(6,662)
Income (loss) from unconsolidated entities	(6,698)	(15,832)	(16,640)	(10,759)
Gain (loss) on real estate dispositions, net	1,064	119,954	20,466	223,702
Income (loss) from continuing operations	(2,653)	190,336	158,770	308,285
Net income (loss)	(2,653)	190,336	158,770	308,285
Total assets	37,414,488		37,414,488		$ 34,910,325
Resident fees and services
Segment Reporting Information [Line Items]
Revenue from contract with customer	1,068,706	835,617	3,073,040	2,299,972
Interest income
Segment Reporting Information [Line Items]
Revenue from contract with customer	37,791	39,864	113,925	97,891
Other income
Segment Reporting Information [Line Items]
Revenue from contract with customer	5,364	6,332	75,335	19,438
Seniors Housing Operating
Segment Reporting Information [Line Items]
Rental income			304,338	100,328
Operating Segments | Seniors Housing Operating
Segment Reporting Information [Line Items]
Rental income	0	0	0	0
Total revenues	1,072,600	839,519	3,140,422	2,308,470
Property operating expenses	841,914	666,610	2,421,141	1,804,939
Consolidated net operating income (loss)	230,686	172,909	719,281	503,531
Depreciation and amortization	235,984	157,176	629,955	420,797
Interest expense	9,022	9,360	24,153	31,331
General and administrative expenses	0	0	0	0
Loss (gain) on derivatives and financial instruments, net	0	0	0	0
Loss (gain) on extinguishment of debt, net	0	0	385	(1,537)
Provision for loan losses, net	198	152	807	222
Impairment of assets	0	0	0	22,317
Other expenses	8,341	5,449	45,781	12,617
Income (loss) from continuing operations before income taxes and other items	(22,859)	772	18,200	17,784
Income tax (expense) benefit	0	0	0	0
Income (loss) from unconsolidated entities	(8,788)	(15,810)	(39,239)	(23,514)
Gain (loss) on real estate dispositions, net	1,146	(615)	2,623	4,552
Income (loss) from continuing operations	(30,501)	(15,653)	(18,416)	(1,178)
Net income (loss)	(30,501)	(15,653)	(18,416)	(1,178)
Total assets	21,560,096		21,560,096
Operating Segments | Seniors Housing Operating | Resident fees and services
Segment Reporting Information [Line Items]
Revenue from contract with customer	1,068,706	835,617	3,073,040	2,299,972
Operating Segments | Seniors Housing Operating | Interest income
Segment Reporting Information [Line Items]
Revenue from contract with customer	2,155	1,135	5,255	3,110
Operating Segments | Seniors Housing Operating | Other income
Segment Reporting Information [Line Items]
Revenue from contract with customer	1,739	2,767	62,127	5,388
Operating Segments | Triple-net
Segment Reporting Information [Line Items]
Rental income	191,443	200,641	584,626	557,829
Total revenues	228,819	239,985	698,342	647,408
Property operating expenses	11,495	11,664	34,197	37,132
Consolidated net operating income (loss)	217,324	228,321	664,145	610,276
Depreciation and amortization	57,338	54,226	160,403	165,299
Interest expense	196	1,548	830	5,134
General and administrative expenses	0	0	0	0
Loss (gain) on derivatives and financial instruments, net	6,905	(8,078)	8,076	(6,503)
Loss (gain) on extinguishment of debt, net	0	0	0	0
Provision for loan losses, net	290	(323)	(951)	10,549
Impairment of assets	3,595	1,490	3,595	24,222
Other expenses	820	(4,248)	12,327	4,845
Income (loss) from continuing operations before income taxes and other items	148,180	183,706	479,865	406,730
Income tax (expense) benefit	0	0	0	0
Income (loss) from unconsolidated entities	3,167	5,038	24,584	14,822
Gain (loss) on real estate dispositions, net	674	81,712	18,994	126,463
Income (loss) from continuing operations	152,021	270,456	523,443	548,015
Net income (loss)	152,021	270,456	523,443	548,015
Total assets	8,700,199		8,700,199
Operating Segments | Triple-net | Resident fees and services
Segment Reporting Information [Line Items]
Revenue from contract with customer	0	0	0	0
Operating Segments | Triple-net | Interest income
Segment Reporting Information [Line Items]
Revenue from contract with customer	35,556	38,257	108,454	86,040
Operating Segments | Triple-net | Other income
Segment Reporting Information [Line Items]
Revenue from contract with customer	1,820	1,087	5,262	3,539
Operating Segments | Outpatient Medical
Segment Reporting Information [Line Items]
Rental income	170,540	157,343	495,158	457,721
Total revenues	172,178	159,503	501,823	474,798
Property operating expenses	52,921	48,072	153,484	140,430
Consolidated net operating income (loss)	119,257	111,431	348,339	334,368
Depreciation and amortization	60,377	56,352	177,724	166,969
Interest expense	4,343	4,811	13,441	12,733
General and administrative expenses	0	0	0	0
Loss (gain) on derivatives and financial instruments, net	0	0	0	0
Loss (gain) on extinguishment of debt, net	2	(5)	9	(5)
Provision for loan losses, net	2	(100)	(5)	(3,462)
Impairment of assets	761	0	761	2,211
Other expenses	366	640	1,362	2,450
Income (loss) from continuing operations before income taxes and other items	53,406	49,733	155,047	153,472
Income tax (expense) benefit	0	0	0	0
Income (loss) from unconsolidated entities	(1,077)	(5,060)	(1,985)	(2,067)
Gain (loss) on real estate dispositions, net	(606)	38,857	(1,001)	92,687
Income (loss) from continuing operations	51,723	83,530	152,061	244,092
Net income (loss)	51,723	83,530	152,061	244,092
Total assets	6,569,005		6,569,005
Operating Segments | Outpatient Medical | Resident fees and services
Segment Reporting Information [Line Items]
Revenue from contract with customer	0	0	0	0
Operating Segments | Outpatient Medical | Interest income
Segment Reporting Information [Line Items]
Revenue from contract with customer	80	472	216	8,741
Operating Segments | Outpatient Medical | Other income
Segment Reporting Information [Line Items]
Revenue from contract with customer	1,558	1,688	6,449	8,336
Non-segment / Corporate
Segment Reporting Information [Line Items]
Rental income	0	0	0	0
Total revenues	247	790	1,497	2,175
Property operating expenses	5,850	3,054	11,110	6,882
Consolidated net operating income (loss)	(5,603)	(2,264)	(9,613)	(4,707)
Depreciation and amortization	0	0	0	0
Interest expense	126,121	106,803	350,704	318,807
General and administrative expenses	34,811	32,256	109,071	93,618
Loss (gain) on derivatives and financial instruments, net	0	0	0	0
Loss (gain) on extinguishment of debt, net	0	0	199	52,506
Provision for loan losses, net	0	0	0	0
Impairment of assets	0	0	0	0
Other expenses	5,954	1,734	17,246	6,344
Income (loss) from continuing operations before income taxes and other items	(172,489)	(143,057)	(486,833)	(475,982)
Income tax (expense) benefit	(3,257)	(4,940)	(11,335)	(6,662)
Income (loss) from unconsolidated entities	0	0	0	0
Gain (loss) on real estate dispositions, net	(150)	0	(150)	0
Income (loss) from continuing operations	(175,896)	(147,997)	(498,318)	(482,644)
Net income (loss)	(175,896)	(147,997)	(498,318)	(482,644)
Total assets	585,188		585,188
Non-segment / Corporate | Resident fees and services
Segment Reporting Information [Line Items]
Revenue from contract with customer	0	0	0	0
Non-segment / Corporate | Interest income
Segment Reporting Information [Line Items]
Revenue from contract with customer	0	0	0	0
Non-segment / Corporate | Other income
Segment Reporting Information [Line Items]
Revenue from contract with customer	$ 247	$ 790	$ 1,497	$ 2,175
[1]The consolidated balance sheet at December 31, 2021 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.

Segment Reporting - Summary of

Segment Reporting - Summary of Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 1,473,844		$ 1,239,797	$ 4,342,084	$ 3,432,851
Total assets	37,414,488			37,414,488		$ 34,910,325	[1]
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	1,276,927		990,034	3,799,621	2,709,354
Total assets	31,604,241			31,604,241		28,595,703
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	95,914		146,308	246,226	405,938
Total assets	3,195,747			3,195,747		3,938,258
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	101,003		$ 103,455	296,237	$ 317,559
Total assets	$ 2,614,500			$ 2,614,500		$ 2,376,364
Revenue | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage	100%		100%	100%	100%
Revenue | United States | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage	86.60%		79.90%	87.50%	78.90%
Revenue | United Kingdom | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage	6.50%		11.80%	5.70%	11.80%
Revenue | Canada | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage	6.90%		8.30%	6.80%	9.30%
Assets | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage		100%		100%
Assets | United States | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage		81.90%		84.50%
Assets | United Kingdom | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage		11.30%		8.50%
Assets | Canada | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage		6.80%		7%
Resident fees and services | Revenue | United States | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage	80%			79%
Resident fees and services | Revenue | United Kingdom | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage	9%			10%
Resident fees and services | Revenue | Canada | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage	11%			11%
[1]The consolidated balance sheet at December 31, 2021 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.

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021		Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Assets:
Net real estate investments	$ 33,836,690			$ 32,287,110	[1]
Cash and cash equivalents	343,446			269,265	[1]
Receivables and other assets	1,270,874			803,453	[1]
Total assets	37,414,488			34,910,325	[1]
Liabilities and equity:
Secured debt	2,121,628			2,192,261	[1]
Lease liabilities	410,415			545,944	[1]
Total equity	20,056,685	$ 19,453,895	$ 18,732,066	18,596,579	[1]	$ 17,782,916	$ 16,850,829	$ 16,691,017	$ 16,881,572
Total liabilities and equity	37,414,488			34,910,325	[1]
VIE, Primary Beneficiary
Assets:
Net real estate investments	444,485			445,776
Cash and cash equivalents	12,186			9,964
Receivables and other assets	8,588			7,617
Total assets	465,259			463,357
Liabilities and equity:
Secured debt	162,072			163,519
Lease liabilities	1,329			1,324
Accrued expenses and other liabilities	15,138			12,394
Total equity	286,720			286,120
Total liabilities and equity	$ 465,259			$ 463,357
[1]The consolidated balance sheet at December 31, 2021 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.

Subsequent Events (Details)

Subsequent Events (Details) - property	Nov. 07, 2022	Mar. 31, 2022
Promedica Joint Ventures
Subsequent Event [Line Items]
Ownership interest		5%
Subsequent event | Integra Joint Venture
Subsequent Event [Line Items]
Ownership percentage by parent	85%
Subsequent event | ProMedica | Promedica Joint Ventures
Subsequent Event [Line Items]
Ownership interest	15%
Subsequent event | Integra Health | Integra Joint Venture
Subsequent Event [Line Items]
Ownership interest	15%
Skilled Nursing Care Facilities | Subsequent event
Subsequent Event [Line Items]
Number of properties sold	147
Skilled Nursing Care Facilities | Subsequent event | ProMedica
Subsequent Event [Line Items]
Number of properties sold	147
Assisted Living And Memory Care | Subsequent event | ProMedica
Subsequent Event [Line Items]
Number of properties	58