Welltower (WELL) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		497,031,161
Entity Central Index Key	0000766704
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Common stock, $1.00 par value per share
Document Information [Line Items]
Title of 12(b) Security	Common stock, $1.00 par value per share
Trading Symbol	WELL
Security Exchange Name	NYSE
Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLC
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
Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLC
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	Mar. 31, 2023	Dec. 31, 2022	[1]
Real property owned:
Land and land improvements	$ 4,324,541	$ 4,249,834
Buildings and improvements	34,161,466	33,651,336
Acquired lease intangibles	1,990,830	1,945,458
Real property held for sale, net of accumulated depreciation	215,583	133,058
Construction in progress	1,121,446	1,021,080
Less accumulated depreciation and amortization	(8,417,151)	(8,075,733)
Net real property owned	33,396,715	32,925,033
Right of use assets, net	322,896	323,942
Real estate loans receivable, net of credit allowance	954,156	890,844
Net real estate investments	34,673,767	34,139,819
Other assets:
Investments in unconsolidated entities	1,596,413	1,499,790
Goodwill	68,321	68,321
Cash and cash equivalents	571,902	631,681
Restricted cash	66,894	90,611
Straight-line rent receivable	357,359	322,173
Receivables and other assets	1,159,233	1,140,838
Total other assets	3,820,122	3,753,414
Total assets	38,493,889	37,893,233
Liabilities:
Unsecured credit facility and commercial paper	0	0
Senior unsecured notes	12,486,229	12,437,273
Secured debt	2,474,837	2,110,815
Lease liabilities	415,169	415,824
Accrued expenses and other liabilities	1,521,499	1,535,325
Total liabilities	16,897,734	16,499,237
Redeemable noncontrolling interests	392,195	384,443
Equity:
Common stock	497,928	491,919
Capital in excess of par value	27,160,014	26,742,750
Treasury stock	(112,925)	(111,001)
Cumulative net income	8,830,623	8,804,950
Cumulative dividends	(15,815,926)	(15,514,097)
Accumulated other comprehensive income (loss)	(111,559)	(119,707)
Total Welltower Inc. stockholders’ equity	20,448,155	20,294,814
Noncontrolling interests	755,805	714,739
Total equity	21,203,960	21,009,553
Total liabilities and equity	$ 38,493,889	$ 37,893,233
[1]The consolidated balance sheet at December 31, 2022 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
		Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental income		$ 384,059	$ 356,390
Total revenues		1,560,729	1,395,704
Expenses:
Property operating expenses		957,753	853,669
Depreciation and amortization		339,112	304,088
Interest expense		144,403	121,696
General and administrative expenses		44,371	37,706
Loss (gain) on derivatives and financial instruments, net		930	2,578
Loss (gain) on extinguishment of debt, net		5	(12)
Provision for loan losses, net		777	(804)
Impairment of assets		12,629	0
Other expenses		22,745	26,069
Total expenses		1,522,725	1,344,990
Income (loss) from continuing operations before income taxes and other items		38,004	50,714
Income tax (expense) benefit		(3,045)	(5,013)
Income (loss) from unconsolidated entities		(7,071)	(2,884)
Gain (loss) on real estate dispositions, net		747	22,934
Income (loss) from continuing operations		28,635	65,751
Net income (loss)		28,635	65,751
Less: Net income (loss) attributable to noncontrolling interests	[1]	2,962	3,826
Net income (loss) attributable to common stockholders		$ 25,673	$ 61,925
Weighted average number of common shares outstanding:
Basic (in shares)		492,061	447,379
Diluted (in shares)		494,494	449,802
Basic:
Income (loss) from continuing operations (in dollars per share)		$ 0.06	$ 0.15
Net income (loss) attributable to common stockholders (in dollars per share)		0.05	0.14
Diluted:
Income (loss) from continuing operations (in dollars per share)		0.06	0.15
Net income (loss) attributable to common stockholders (in dollars per share)	[2]	0.05	0.14
Dividends declared and paid per common share (in dollars per share)		$ 0.61	$ 0.61
Other comprehensive income (loss):
Foreign currency translation gain (loss)		$ 80,765	$ (66,948)
Derivative and financial instruments designated as hedges gain (loss)		(69,738)	51,940
Total other comprehensive income (loss)		11,027	(15,008)
Total comprehensive income (loss)		39,662	50,743
Less: Total comprehensive income (loss) attributable to noncontrolling interests	[3]	5,841	5,974
Total comprehensive income (loss) attributable to common stockholders		33,821	44,769
Resident fees and services
Revenues:
Revenue from contract with customer		1,131,685	994,335
Interest income
Revenues:
Revenue from contract with customer		36,405	38,994
Other income
Revenues:
Revenue from contract with customer		$ 8,580	$ 5,985
[1]Includes amounts attributable to redeemable noncontrolling interests.[2]Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units.[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, 2021	$ 18,596,579		$ 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
Balances at beginning of period at Dec. 31, 2022	21,009,553	[1]	491,919	26,742,750	(111,001)	8,804,950	(15,514,097)	(119,707)	714,739
Comprehensive income:
Net income (loss)	28,361					25,673			2,688
Other comprehensive income (loss)	11,171							8,148	3,023
Total comprehensive income	39,532
Net change in noncontrolling interests	21,344			(8,304)					29,648
Adjustment to members' interest from change in ownership in Welltower OP	0			(6,139)					6,139
Redemption of OP Units and DownREIT Units	17,355		272	17,515					(432)
Amounts related to stock incentive plans, net of forfeitures	7,540		134	9,330	(1,924)
Net proceeds from issuance of common stock	410,465		5,603	404,862
Dividends paid:
Common stock dividends	(301,829)						(301,829)
Balances at end of period at Mar. 31, 2023	$ 21,203,960		$ 497,928	$ 27,160,014	$ (112,925)	$ 8,830,623	$ (15,815,926)	$ (111,559)	$ 755,805
[1]The consolidated balance sheet at December 31, 2022 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		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net income		$ 28,635	$ 65,751
Adjustments to reconcile net income to net cash provided from (used in) operating activities:
Depreciation and amortization		339,112	304,088
Other amortization expenses		9,792	5,592
Provision for loan losses, net		777	(804)
Impairment of assets		12,629	0
Stock-based compensation expense		9,456	7,445
Loss (gain) on derivatives and financial instruments, net		930	2,578
Loss (gain) on extinguishment of debt, net		5	(12)
Loss (income) from unconsolidated entities		7,071	2,884
Rental income less than (in excess of) cash received		(36,827)	(22,215)
Amortization related to above (below) market leases, net		(82)	(419)
Loss (gain) on real estate dispositions, net		(747)	(22,934)
Distributions by unconsolidated entities		3,418	6,982
Increase (decrease) in accrued expenses and other liabilities		(4,503)	(23,416)
Decrease (increase) in receivables and other assets		6,392	(1,000)
Net cash provided from (used in) operating activities		376,058	324,520
Investing activities:
Cash disbursed for acquisitions, net of cash acquired		(402,719)	(601,410)
Cash disbursed for capital improvements to existing properties		(91,339)	(90,229)
Cash disbursed for construction in progress		(226,226)	(138,141)
Capitalized interest		(10,335)	(5,479)
Investment in loans receivable		(54,831)	(39,201)
Principal collected on loans receivable		15,592	89,207
Other investments, net of payments			2,401
Other investments, net of payments		(80,548)
Contributions to unconsolidated entities		(112,822)	(115,249)
Distributions by unconsolidated entities		4,800	5,882
Proceeds from (payments on) derivatives		3,933	10,104
Proceeds from sales of real property		21,658	73,568
Net cash provided from (used in) investing activities		(932,837)	(808,547)
Financing activities:
Net increase (decrease) under unsecured credit facility and commercial paper		0	(24,967)
Net proceeds from issuance of senior unsecured notes		0	545,082
Net proceeds from the issuance of secured debt		362,900	5,385
Payments on secured debt		(39,573)	(116,789)
Net proceeds from the issuance of common stock		411,032	549,346
Payments for deferred financing costs and prepayment penalties		(6,444)	(69)
Contributions by noncontrolling interests	[1]	83,480	4,101
Distributions to noncontrolling interests	[1]	(35,664)	(177,979)
Cash distributions to stockholders		(300,195)	(273,045)
Other financing activities		(5,066)	(5,960)
Net cash provided from (used in) financing activities		470,470	505,105
Effect of foreign currency translation on cash and cash equivalents and restricted cash		2,813	(790)
Increase (decrease) in cash, cash equivalents and restricted cash		(83,496)	20,288
Cash, cash equivalents and restricted cash at beginning of period		722,292	346,755
Cash, cash equivalents and restricted cash at end of period		638,796	367,043
Supplemental cash flow information:
Interest paid		148,399	123,012
Income taxes paid (received), net		$ 325	$ 631
[1] (1) Includes amounts attributable to redeemable noncontrolling interests.

Business

Business	3 Months Ended
	Mar. 31, 2023
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. 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 99.735% for the three months ended March 31, 2023. As of March 31, 2023, Welltower owned 99.721% of the issued and outstanding units of Welltower OP, with other investors owning the remaining 0.279% 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	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023 are not necessarily an indication of the results that may be expected for the year ending December 31, 2023. 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, 2022. Impact of COVID-19 Pandemic & Government Grants The extent to which the COVID-19 pandemic impacts our operations and those of our operators and tenants in the future is uncertain and cannot be predicted with confidence. We have received government grants under the CARES Act, as well as under similar programs in the U.K. and Canada, primarily to cover increased expenses and lost revenue during the COVID-19 pandemic. We recognized $4,136,000 and $5,760,000 during the three months ended March 31, 2023 and 2022, respectively. These grants represent a reduction to property operating expenses in our Consolidated Statements of Comprehensive Income. The amount of qualifying expenditures and lost revenue exceeded grant income recognized and we believe we have complied and will continue to comply with all grant conditions. In the event of non-compliance, all such amounts are subject to recapture. New Accounting Standards 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. In December 2022, the FASB extended the date for which this guidance can be applied from December 31, 2022 to December 31, 2024. We continue to monitor developments related to the LIBOR transition and identification of an alternative, market-accepted rate.

Real Property Acquisitions and

Real Property Acquisitions and Development	3 Months Ended
	Mar. 31, 2023
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): Three Months Ended March 31, 2023 March 31, 2022 Seniors Housing Operating Triple-net Outpatient Totals Seniors Housing Operating Triple-net Outpatient Totals Land and land improvements $ 2,517 $ 7,370 $ 60,527 $ 70,414 $ 43,897 $ — $ 240 $ 44,137 Buildings and improvements 16,434 74,289 255,706 346,429 402,342 171 131,412 533,925 Acquired lease intangibles 865 — 39,090 39,955 31,366 — 16,978 48,344 Right of use assets, net — — 927 927 — — 3,852 3,852 Total net real estate assets 19,816 81,659 356,250 457,725 477,605 171 152,482 630,258 Receivables and other assets 234 — 358 592 1,630 — — 1,630 Total assets acquired 20,050 81,659 356,608 458,317 479,235 171 152,482 631,888 Secured debt (5,501) — (40,953) (46,454) — — — — Lease liabilities — — (953) (953) — — (3,852) (3,852) Accrued expenses and other liabilities (120) — (8,071) (8,191) (4,154) — — (4,154) Total liabilities acquired (5,621) — (49,977) (55,598) (4,154) — (3,852) (8,006) Noncontrolling interests (1) — — — — (20,348) (4) — (20,352) Non-cash acquisition related activity (2) — — — — (2,120) — — (2,120) Cash disbursed for acquisitions 14,429 81,659 306,631 402,719 452,613 167 148,630 601,410 Construction in progress additions 131,944 4,995 101,609 238,548 113,407 20,756 9,642 143,805 Less: Capitalized interest (7,950) (1,248) (1,137) (10,335) (4,179) (1,089) (211) (5,479) Accruals (3) 2,303 — (4,290) (1,987) (1,963) — 1,778 (185) Cash disbursed for construction in progress 126,297 3,747 96,182 226,226 107,265 19,667 11,209 138,141 Capital improvements to existing properties 69,783 4,427 17,129 91,339 68,612 8,294 13,323 90,229 Total cash invested in real property, net of cash acquired $ 210,509 $ 89,833 $ 419,942 $ 720,284 $ 628,490 $ 28,128 $ 173,162 $ 829,780 (1) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. (2) Relates to the acquisition of assets recognized as investments in unconsolidated entities. (3) 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 connection 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): Three Months Ended March 31, 2023 March 31, 2022 Development projects: Seniors Housing Operating $ 26,712 $ 73,458 Outpatient Medical 9,351 — Total development projects 36,063 73,458 Expansion projects 17,245 — Total construction in progress conversions $ 53,308 $ 73,458

Real Estate Intangibles

Real Estate Intangibles	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Assets: In place lease intangibles $ 1,846,945 $ 1,817,580 Above market tenant leases 66,354 57,203 Lease commissions 77,531 70,675 Gross historical cost 1,990,830 1,945,458 Accumulated amortization (1,543,457) (1,484,048) Net book value $ 447,373 $ 461,410 Liabilities: Below market tenant leases $ 82,084 $ 77,985 Accumulated amortization (54,872) (52,701) Net book value $ 27,212 $ 25,284 The following is a summary of real estate intangible amortization income (expense) for the periods presented (in thousands): Three Months Ended March 31, 2023 2022 Rental income related to (above)/below market tenant leases, net $ 45 $ 385 Amortization related to in place lease intangibles and lease commissions (56,151) (47,994)

Dispositions, Real Property Hel

Dispositions, Real Property Held for Sale and Impairment	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, five Seniors Housing Operating properties, seven Triple-net properties and one Outpatient Medical property with an aggregate real estate balance of $215,583,000 were classified as held for sale. In addition to the real property balances, lease liabilities of $66,530,000 and net other assets and (liabilities) of $6,095,000 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 $292,623,000. During the three months ended March 31, 2023, we recorded $12,629,000 of impairment charges related to three Seniors Housing Operating properties classified as held for sale for which the carrying value exceeded the estimated fair value less costs to sell and one Seniors Housing Operating property classified as held for use for which the carrying value exceeded the estimated fair value. We did not record any impairment charges during the three months ended March 31, 2022. The following is a summary of our real property disposition activity for the periods presented (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Real estate dispositions: Seniors Housing Operating $ 18,572 $ — Triple-net 2,028 52,661 Total dispositions 20,600 52,661 Gain (loss) on real estate dispositions, net 747 22,934 Net other assets/(liabilities) disposed 311 (2,027) Proceeds from real estate dispositions $ 21,658 $ 73,568 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. We recognized income (loss) from continuing operations before income taxes and other items from properties sold or classified as held for sale as of March 31, 2023 of $(11,733,000) and $1,337,000 for the three month periods ended March 31, 2023 and 2022, respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
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): Three Months Ended Classification March 31, 2023 March 31, 2022 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 5,520 $ 5,816 Non-real estate investment lease expense General and administrative expenses 1,863 978 Finance lease cost: Amortization of leased assets Property operating expenses 2,284 1,156 Interest on lease liabilities Interest expense 1,427 1,618 Sublease income Rental income (2,950) (2,715) Total $ 8,144 $ 6,853 (1) Includes short-term leases which are immaterial. Supplemental balance sheet information related to leases in which we are the lessee is as follows (in thousands): Classification March 31, 2023 December 31, 2022 Right of use assets: Operating leases - real estate Right of use assets, net $ 287,275 $ 287,984 Finance leases - real estate Right of use assets, net 35,621 35,958 Real estate right of use assets, net 322,896 323,942 Operating leases - non-real estate investments Receivables and other assets 9,281 10,119 Finance leases - held for sale (1) Real property held for sale, net of accumulated depreciation 115,359 116,453 Total right of use assets, net $ 447,536 $ 450,514 Lease liabilities: Operating leases $ 301,915 $ 302,360 Financing leases 113,254 113,464 Total $ 415,169 $ 415,824 (1) At March 31, 2023, 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. 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 three months ended March 31, 2023 , we recognized $384,059,000 of rental income related to operating leases, of which $53,794,000 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 three months ended March 31, 2022, we recognized $356,390,000 of rental income related to operating leases, of which $48,074,000 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 $108,915,000 and $94,827,000 for the three months ended March 31, 2023 and 2022, 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): Three Months Ended Classification March 31, 2023 March 31, 2022 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 5,520 $ 5,816 Non-real estate investment lease expense General and administrative expenses 1,863 978 Finance lease cost: Amortization of leased assets Property operating expenses 2,284 1,156 Interest on lease liabilities Interest expense 1,427 1,618 Sublease income Rental income (2,950) (2,715) Total $ 8,144 $ 6,853 (1) Includes short-term leases which are immaterial. Supplemental balance sheet information related to leases in which we are the lessee is as follows (in thousands): Classification March 31, 2023 December 31, 2022 Right of use assets: Operating leases - real estate Right of use assets, net $ 287,275 $ 287,984 Finance leases - real estate Right of use assets, net 35,621 35,958 Real estate right of use assets, net 322,896 323,942 Operating leases - non-real estate investments Receivables and other assets 9,281 10,119 Finance leases - held for sale (1) Real property held for sale, net of accumulated depreciation 115,359 116,453 Total right of use assets, net $ 447,536 $ 450,514 Lease liabilities: Operating leases $ 301,915 $ 302,360 Financing leases 113,254 113,464 Total $ 415,169 $ 415,824 (1) At March 31, 2023, 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. 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 three months ended March 31, 2023 , we recognized $384,059,000 of rental income related to operating leases, of which $53,794,000 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 three months ended March 31, 2022, we recognized $356,390,000 of rental income related to operating leases, of which $48,074,000 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 $108,915,000 and $94,827,000 for the three months ended March 31, 2023 and 2022, 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): Three Months Ended Classification March 31, 2023 March 31, 2022 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 5,520 $ 5,816 Non-real estate investment lease expense General and administrative expenses 1,863 978 Finance lease cost: Amortization of leased assets Property operating expenses 2,284 1,156 Interest on lease liabilities Interest expense 1,427 1,618 Sublease income Rental income (2,950) (2,715) Total $ 8,144 $ 6,853 (1) Includes short-term leases which are immaterial. Supplemental balance sheet information related to leases in which we are the lessee is as follows (in thousands): Classification March 31, 2023 December 31, 2022 Right of use assets: Operating leases - real estate Right of use assets, net $ 287,275 $ 287,984 Finance leases - real estate Right of use assets, net 35,621 35,958 Real estate right of use assets, net 322,896 323,942 Operating leases - non-real estate investments Receivables and other assets 9,281 10,119 Finance leases - held for sale (1) Real property held for sale, net of accumulated depreciation 115,359 116,453 Total right of use assets, net $ 447,536 $ 450,514 Lease liabilities: Operating leases $ 301,915 $ 302,360 Financing leases 113,254 113,464 Total $ 415,169 $ 415,824 (1) At March 31, 2023, 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. 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 three months ended March 31, 2023 , we recognized $384,059,000 of rental income related to operating leases, of which $53,794,000 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 three months ended March 31, 2022, we recognized $356,390,000 of rental income related to operating leases, of which $48,074,000 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 $108,915,000 and $94,827,000 for the three months ended March 31, 2023 and 2022, respectively.

Loans Receivable

Loans Receivable	3 Months Ended
	Mar. 31, 2023
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 $24,556,000 and $22,878,000 as of March 31, 2023 and December 31, 2022, 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): March 31, 2023 December 31, 2022 Mortgage loans $ 728,796 $ 707,464 Other real estate loans 238,400 195,566 Allowance for credit losses on real estate loans receivable (13,040) (12,186) Real estate loans receivable, net of credit allowance 954,156 890,844 Non-real estate loans 468,791 441,231 Allowance for credit losses on non-real estate loans receivable (171,278) (152,063) Non-real estate loans receivable, net of credit allowance 297,513 289,168 Total loans receivable, net of credit allowance $ 1,251,669 $ 1,180,012 The following is a summary of our loan activity for the periods presented (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Advances on loans receivable $ 54,831 $ 39,201 Less: Receipts on loans receivable 15,592 89,207 Net cash advances (receipts) on loans receivable $ 39,239 $ (50,006) 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. No interest was recognized on deteriorated loans for the periods presented. 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): March 31, 2023 Loan category Years of Origination Loan Carrying Value Allowance for Credit Loss Net Loan Balance No. of Loans Deteriorated loans 2007 - 2023 $ 193,918 $ (167,515) $ 26,403 4 Collective loan pool 2007 - 2018 211,004 (2,866) 208,138 12 Collective loan pool 2019 23,333 (317) 23,016 4 Collective loan pool 2020 43,067 (585) 42,482 6 Collective loan pool 2021 777,173 (10,493) 766,680 18 Collective loan pool 2022 135,004 (1,833) 133,171 29 Collective loan pool 2023 52,488 (709) 51,779 3 Total loans $ 1,435,987 $ (184,318) $ 1,251,669 76 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): Three Months Ended March 31, 2023 March 31, 2022 Balance at beginning of period $ 164,249 $ 166,785 Provision for loan losses, net 777 (804) Purchased deteriorated loan 19,077 — Foreign currency translation 215 (288) Balance at end of period $ 184,318 $ 165,693

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2023
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) March 31, 2023 December 31, 2022 Seniors Housing Operating 10% to 65% $ 1,232,487 $ 1,171,307 Triple-net 10% to 88% 138,852 111,812 Outpatient Medical 15% to 50% 225,074 216,671 Total $ 1,596,413 $ 1,499,790 (1) As of March 31, 2023 and includes ownership of investments classified as liabilities and excludes ownership of in substance real estate. At March 31, 2023, the aggregate unamortized basis difference of our joint venture investments of $143,616,000 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 22 p roperties as of March 31, 2023 for the development and construction of certain properties which are classified as in substance real estate investments and have a carrying value of $713,342,000. 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 $140,641,000 rel ated to these investments.

Credit Concentration

Credit Concentration	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023, excluding our share of NOI in unconsolidated entities (dollars in thousands): Concentration by relationship: (1) Number of Properties Total NOI Percent of NOI (2) Integra Healthcare Properties 147 $ 53,885 9% Sunrise Senior Living 109 36,885 6% Cogir Management Corporation 48 21,911 4% StoryPoint Senior Living 74 21,769 4% HC-One Group (3) 1 20,389 3% Remaining portfolio 1,406 448,137 74% Totals 1,785 $ 602,976 100% (1) Integra Healthcare Properties and HC-One Group are in our Triple-net segment. Sunrise Senior Living and Cogir Management Corporation are in our Seniors Housing Operating segment. StoryPoint Senior Living operates assets in both our Seniors Housing Operating and Triple-net segments. (2) NOI with our top five relationships comprised 30% of total NOI for the year ended December 31, 2022. (3) In addition to the one property, HC-One Group is the borrower on a £520,854,000 loan as of March 31, 2023, which is included in NOI.

Borrowings Under Credit Facilit

Borrowings Under Credit Facilities and Commercial Paper Program	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Borrowings Under Credit Facilities and Commercial Paper Program	Borrowings Under Credit Facilities and Commercial Paper Program At March 31, 2023, 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 March 31, 2023) and a $3,000,000,000 tranche that matures on June 4, 2025 (none outstanding at March 31, 2023). 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 March 31, 2023). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over the secured overnight financing rate ("SOFR") inte rest 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 at March 31, 2023. 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 March 31, 2023. 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 (none outstanding at March 31, 2023). 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 March 31, 2023 2022 Balance outstanding at quarter end $ — $ 300,000 Maximum amount outstanding at any month end $ 205,000 $ 995,660 Average amount outstanding (total of daily principal balances divided by days in period) $ 65,833 $ 961,463 Weighted average interest rate (actual interest expense divided by average borrowings outstanding) 5.05 % 0.53 %

Senior Unsecured Notes and Secu

Senior Unsecured Notes and Secured Debt	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, 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 2023 $ — $ 550,304 $ 550,304 2024 1,350,000 376,620 1,726,620 2025 1,260,000 287,203 1,547,203 2026 700,000 139,870 839,870 2027 (5, 6) 1,906,654 186,449 2,093,103 Thereafter (7, 8) 7,398,745 966,362 8,365,107 Totals $ 12,615,399 $ 2,506,808 $ 15,122,207 (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-denominated 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 7.75%. Gross real property value of the properties securing the debt totaled $5,800,377,000 at March 31, 2023. (5) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $184,843,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2023). 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% (5.78% at March 31, 2023) and Canadian Dealer Offered Rate plus 0.85% (5.79% at March 31, 2023), respectively. (6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $221,811,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2023). (7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $680,295,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 31, 2023). (8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $618,450,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 31, 2023). 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): Three Months Ended March 31, 2023 March 31, 2022 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 12,584,529 4.06% $ 11,707,961 3.67% Debt issued — —% 550,000 3.85% Foreign currency 30,870 4.65% (26,366) 4.14% Ending balance $ 12,615,399 4.06% $ 12,231,595 3.69% The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): Three Months Ended March 31, 2023 March 31, 2022 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 2,129,954 4.33% $ 2,202,312 3.03% Debt issued 362,900 4.97% 5,385 3.08% Debt assumed 53,223 3.62% — —% Debt extinguished (24,631) 4.53% (100,821) 4.21% Principal payments (14,942) 3.91% (15,968) 3.19% Foreign currency 304 4.39% 24,733 2.73% Ending balance $ 2,506,808 4.55% $ 2,115,641 3.02%

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative InstrumentsWe 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. 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 $545,504,000. The fair value of the swap as of March 31, 2023 was ($40,829,000) 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 other comprehensive income ("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 three months ended March 31, 2023 and 2022, we settled certain net investment hedges generating cash proceeds of $1,994,000 and $10,169,000, 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): March 31, 2023 December 31, 2022 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 1,075,000 $ 1,075,000 Denominated in Pound Sterling £ 1,890,708 £ 1,890,708 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) $ 375,000 $ 25,000 Interest rate swaps designated as fair value hedges: Denominated in U.S Dollars $ 550,000 $ 550,000 Derivative instruments not designated: Interest rate caps denominated in U.S. Dollars $ 26,137 $ 26,137 Foreign currency exchange contracts denominated in Canadian Dollars $ 80,000 $ 80,000 (1) At March 31, 2023 the maximum maturity date was March 31, 2024. The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands): Three Months Ended March 31, Description Location 2023 2022 Gain (loss) on derivative instruments designated as hedges recognized in income Interest expense $ 4,619 $ 5,984 Gain (loss) on derivative instruments not designated as hedges recognized in income Interest expense $ (254) $ (693) Gain (loss) on equity warrants recognized in income Gain (loss) on derivatives and financial instruments $ (885) $ (2,423) Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI OCI $ (69,738) $ 51,940

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At March 31, 2023, we had 22 outstanding letter of credit obligations totaling $51,447,000 and expiring between 2023 and 2024. At March 31, 2023, we had outstanding construction in progress of $1,121,446,000 and committed to providing additional funds of approximately $2,057,726,000 to complete construction. Additionally, at March 31, 2023, we had outstanding investments classified as in substance real estate of $713,342,000 and committed to provide additional funds of $140,641,000 (see Note 8 for additional information). Purchase obligations also include $38,729,000 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	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The following is a summary of our stockholders’ equity capital accounts as of the dates indicated: March 31, 2023 December 31, 2022 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 498,095,420 492,283,488 Outstanding shares 496,294,516 490,508,937 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 (none outstanding at March 31, 2023) . As of March 31, 2023, we had $737,046,000 of remaining capacity under the ATM Program. The following is a summary of our common stock issuances during the three months ended March 31, 2023 and 2022 (dollars in thousands, except shares and average price amounts): Shares Issued Average Price Gross Proceeds Net Proceeds 2022 Option exercises 299 $ 66.89 $ 20 $ 20 2022 ATM Program issuances 6,605,191 84.60 558,790 549,326 2022 Stock incentive plans, net of forfeitures 103,079 — — 2022 Totals 6,708,569 $ 558,810 $ 549,346 2023 ATM Program issuances 5,603,161 $ 73.74 $ 413,157 $ 411,032 2023 Redemption of OP Units and DownREIT Units 271,997 — — 2023 Stock incentive plans, net of forfeitures (89,579) — — 2023 Totals 5,785,579 $ 413,157 $ 411,032 Dividends The following is a summary of our dividend payments (in thousands, except per share amounts): Three Months Ended March 31, 2023 March 31, 2022 Per Share Amount Per Share Amount Common stock $ 0.61 $ 301,829 $ 0.61 $ 273,668 Accumulated Other Comprehensive Income The following is a summary of accumulated other comprehensive income (loss) for the periods presented (in thousands): March 31, 2023 December 31, 2022 Foreign currency translation $ (1,037,431) $ (1,115,317) Derivative and financial instruments designated as hedges 925,872 995,610 Total accumulated other comprehensive income (loss) $ (111,559) $ (119,707)

Stock Incentive Plans

Stock Incentive Plans	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plans	Stock Incentive Plans In March 2022, our Board of Directors approved the 2022 Long-Term Incentive Plan ("2022 Plan"), which authorizes up to 10,000,000 shares of common stock or units 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 units, deferred stock units, performance units and dividend equivalent rights. Vesting periods for options, deferred stock units and restricted stock units generally range from three led $9,456,000 a

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Numerator for basic earnings per share - net income (loss) attributable to common stockholders $ 25,673 $ 61,925 Adjustment for net income (loss) attributable to OP Units and DownREIT Units (10) (145) Numerator for diluted earnings per share $ 25,663 $ 61,780 Denominator for basic earnings per share - weighted average shares 492,061 447,379 Effect of dilutive securities: Employee stock options 4 31 Non-vested restricted shares and units 613 974 OP Units and DownREIT Units 1,786 1,396 Employee stock purchase program 30 22 Dilutive potential common shares 2,433 2,423 Denominator for diluted earnings per share - adjusted weighted average shares 494,494 449,802 Basic earnings per share $ 0.05 $ 0.14 Diluted earnings per share $ 0.05 $ 0.14 As of March 31, 2022 , outstanding forward sales agreements for the sale of 14,297,958 shares were not included in the computation of diluted earnings per share because such forward sales were anti-dilutive for the period. There were no outstanding forward sales agreements a s of March 31, 2023.

Disclosure about Fair Value of

Disclosure about Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
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, 2022 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 is 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 DownREIT Unitholder Interests — Our redeemable DownREIT 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 DownREIT 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): March 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Mortgage loans receivable $ 718,961 $ 759,712 $ 697,906 $ 739,159 Other real estate loans receivable 235,195 235,573 192,938 190,977 Equity securities 66 66 111 111 Cash and cash equivalents 571,902 571,902 631,681 631,681 Restricted cash 66,894 66,894 90,611 90,611 Non-real estate loans receivable 297,513 285,404 289,168 277,601 Foreign currency forward contracts, interest rate swaps and cross currency swaps 148,206 148,206 191,357 191,357 Equity warrants 30,269 30,269 30,436 30,436 Financial liabilities: Senior unsecured notes $ 12,486,229 $ 11,629,220 $ 12,437,273 $ 11,381,873 Secured debt 2,474,837 2,451,673 2,110,815 2,054,889 Foreign currency forward contracts, interest rate swaps and cross currency swaps 40,829 40,829 55,727 55,727 Redeemable DownREIT Unitholder interests $ 61,957 $ 61,957 $ 75,355 $ 75,355 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 March 31, 2023 Total Level 1 Level 2 Level 3 Equity securities $ 66 $ 66 $ — $ — Equity warrants 30,269 — — 30,269 Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1) 107,377 — 107,377 — Totals $ 137,712 $ 66 $ 107,377 $ 30,269 (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): Three Months Ended March 31, 2023 March 31, 2022 Beginning balance $ 30,436 $ 41,909 Mark-to-market adjustment (885) (2,425) Foreign currency 718 (1,068) Ending balance $ 30,269 $ 38,416 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	3 Months Ended
	Mar. 31, 2023
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 seniors apartments, 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). 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, 2022). 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 March 31, 2023: Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 1,131,685 $ — $ — $ — $ 1,131,685 Rental income — 202,419 181,640 — 384,059 Interest income 2,551 33,763 91 — 36,405 Other income 2,445 1,883 3,100 1,152 8,580 Total revenues 1,136,681 238,065 184,831 1,152 1,560,729 Property operating expenses 883,784 11,723 58,365 3,881 957,753 Consolidated net operating income (loss) 252,897 226,342 126,466 (2,729) 602,976 Depreciation and amortization 220,407 54,528 64,177 — 339,112 Interest expense 11,487 (15) 4,104 128,827 144,403 General and administrative expenses — — — 44,371 44,371 Loss (gain) on derivatives and financial instruments, net — 930 — — 930 Loss (gain) on extinguishment of debt, net — — 5 — 5 Provision for loan losses, net (73) 850 — — 777 Impairment of assets 12,629 — — — 12,629 Other expenses 17,579 2,467 547 2,152 22,745 Income (loss) from continuing operations before income taxes and other items (9,132) 167,582 57,633 (178,079) 38,004 Income tax (expense) benefit — — — (3,045) (3,045) Income (loss) from unconsolidated entities (15,589) 8,432 86 — (7,071) Gain (loss) on real estate dispositions, net 833 520 (606) — 747 Income (loss) from continuing operations (23,888) 176,534 57,113 (181,124) 28,635 Net income (loss) $ (23,888) $ 176,534 $ 57,113 $ (181,124) $ 28,635 Total assets $ 22,201,219 $ 8,776,956 $ 7,007,092 $ 508,622 $ 38,493,889 Three Months Ended March 31, 2022: Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 994,335 $ — $ — $ — $ 994,335 Rental income — 196,001 160,389 — 356,390 Interest income 1,417 37,506 71 — 38,994 Other income 860 1,656 2,863 606 5,985 Total revenues 996,612 235,163 163,323 606 1,395,704 Property operating expenses 789,928 11,211 49,915 2,615 853,669 Consolidated net operating income (loss) 206,684 223,952 113,408 (2,009) 542,035 Depreciation and amortization 192,793 53,504 57,791 — 304,088 Interest expense 7,650 314 4,567 109,165 121,696 General and administrative expenses — — — 37,706 37,706 Loss (gain) on derivatives and financial instruments, net — 2,578 — — 2,578 Loss (gain) on extinguishment of debt, net (15) — 3 — (12) Provision for loan losses, net 267 (1,065) (6) — (804) Other expenses 8,191 11,044 789 6,045 26,069 Income (loss) from continuing operations before income taxes and other items (2,202) 157,577 50,264 (154,925) 50,714 Income tax (expense) benefit — — — (5,013) (5,013) Income (loss) from unconsolidated entities (17,782) 15,543 (645) — (2,884) Gain (loss) on real estate dispositions, net 2,701 20,449 (216) — 22,934 Income (loss) from continuing operations (17,283) 193,569 49,403 (159,938) 65,751 Net income (loss) $ (17,283) $ 193,569 $ 49,403 $ (159,938) $ 65,751 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 March 31, 2023 March 31, 2022 Revenues: Amount % Amount % United States $ 1,296,022 83.0 % $ 1,139,016 81.6 % United Kingdom 147,876 9.5 % 144,491 10.4 % Canada 116,831 7.5 % 112,197 8.0 % Total $ 1,560,729 100.0 % $ 1,395,704 100.0 % Three Months Ended March 31, 2023 March 31, 2022 Resident Fees and Services: Amount % Amount % United States $ 908,944 80.4 % $ 784,097 78.8 % United Kingdom 109,012 9.6 % 101,090 10.2 % Canada 113,729 10.0 % 109,148 11.0 % Total $ 1,131,685 100.0 % $ 994,335 100.0 % As of March 31, 2023 December 31, 2022 Assets: Amount % Amount % United States $ 32,325,218 84.0 % $ 31,740,907 83.8 % United Kingdom 3,518,034 9.1 % 3,476,793 9.2 % Canada 2,650,637 6.9 % 2,675,533 7.0 % Total $ 38,493,889 100.0 % $ 37,893,233 100.0 %

Income Taxes and Distributions

Income Taxes and Distributions	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023 and 2022, 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

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities We have entered into joint ventures and have certain subsidiaries that are wholly owned by consolidated joint ventures and 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 entities and the rights to receive residual returns or the obligation to absorb losses arising from the entities. Except for capital contributions associated with the initial entity formations, the entities have been and are expected to be funded from the ongoing operations of the underlying properties. Accordingly, such entities have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs in the aggregate (in thousands): March 31, 2023 December 31, 2022 Assets: Net real estate investments $ 1,492,518 $ 1,499,078 Cash and cash equivalents 11,577 15,582 Receivables and other assets 32,582 9,949 Total assets (1) $ 1,536,677 $ 1,524,609 Liabilities and equity: Secured debt $ 155,678 $ 155,992 Lease liabilities 1,329 1,329 Accrued expenses and other liabilities 39,119 28,417 Total equity 1,340,551 1,338,871 Total liabilities and equity $ 1,536,677 $ 1,524,609 (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.

Accounting Policies and Relat_2

Accounting Policies and Related Matters (Policies)	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023 are not necessarily an indication of the results that may be expected for the year ending December 31, 2023. 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, 2022.
New Accounting Standards	New Accounting Standards 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. In December 2022, the FASB extended the date for which this guidance can be applied from December 31, 2022 to December 31, 2024. We continue to monitor developments related to the LIBOR transition and identification of an alternative, market-accepted rate.

Real Property Acquisitions an_2

Real Property Acquisitions and Development (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Summary of Real Property Investment Activity by Segment	The following is a summary of our real property investment activity by segment for the periods presented (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Seniors Housing Operating Triple-net Outpatient Totals Seniors Housing Operating Triple-net Outpatient Totals Land and land improvements $ 2,517 $ 7,370 $ 60,527 $ 70,414 $ 43,897 $ — $ 240 $ 44,137 Buildings and improvements 16,434 74,289 255,706 346,429 402,342 171 131,412 533,925 Acquired lease intangibles 865 — 39,090 39,955 31,366 — 16,978 48,344 Right of use assets, net — — 927 927 — — 3,852 3,852 Total net real estate assets 19,816 81,659 356,250 457,725 477,605 171 152,482 630,258 Receivables and other assets 234 — 358 592 1,630 — — 1,630 Total assets acquired 20,050 81,659 356,608 458,317 479,235 171 152,482 631,888 Secured debt (5,501) — (40,953) (46,454) — — — — Lease liabilities — — (953) (953) — — (3,852) (3,852) Accrued expenses and other liabilities (120) — (8,071) (8,191) (4,154) — — (4,154) Total liabilities acquired (5,621) — (49,977) (55,598) (4,154) — (3,852) (8,006) Noncontrolling interests (1) — — — — (20,348) (4) — (20,352) Non-cash acquisition related activity (2) — — — — (2,120) — — (2,120) Cash disbursed for acquisitions 14,429 81,659 306,631 402,719 452,613 167 148,630 601,410 Construction in progress additions 131,944 4,995 101,609 238,548 113,407 20,756 9,642 143,805 Less: Capitalized interest (7,950) (1,248) (1,137) (10,335) (4,179) (1,089) (211) (5,479) Accruals (3) 2,303 — (4,290) (1,987) (1,963) — 1,778 (185) Cash disbursed for construction in progress 126,297 3,747 96,182 226,226 107,265 19,667 11,209 138,141 Capital improvements to existing properties 69,783 4,427 17,129 91,339 68,612 8,294 13,323 90,229 Total cash invested in real property, net of cash acquired $ 210,509 $ 89,833 $ 419,942 $ 720,284 $ 628,490 $ 28,128 $ 173,162 $ 829,780 (1) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. (2) Relates to the acquisition of assets recognized as investments in unconsolidated entities. (3) 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): Three Months Ended March 31, 2023 March 31, 2022 Development projects: Seniors Housing Operating $ 26,712 $ 73,458 Outpatient Medical 9,351 — Total development projects 36,063 73,458 Expansion projects 17,245 — Total construction in progress conversions $ 53,308 $ 73,458

Real Estate Intangibles (Tables

Real Estate Intangibles (Tables)	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Assets: In place lease intangibles $ 1,846,945 $ 1,817,580 Above market tenant leases 66,354 57,203 Lease commissions 77,531 70,675 Gross historical cost 1,990,830 1,945,458 Accumulated amortization (1,543,457) (1,484,048) Net book value $ 447,373 $ 461,410 Liabilities: Below market tenant leases $ 82,084 $ 77,985 Accumulated amortization (54,872) (52,701) Net book value $ 27,212 $ 25,284
Summary of Real Estate Intangible Amortization Income (Expense)	The following is a summary of real estate intangible amortization income (expense) for the periods presented (in thousands): Three Months Ended March 31, 2023 2022 Rental income related to (above)/below market tenant leases, net $ 45 $ 385 Amortization related to in place lease intangibles and lease commissions (56,151) (47,994)

Dispositions, Real Property H_2

Dispositions, Real Property Held for Sale and Impairment (Tables)	3 Months Ended
	Mar. 31, 2023
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): Three Months Ended March 31, 2023 March 31, 2022 Real estate dispositions: Seniors Housing Operating $ 18,572 $ — Triple-net 2,028 52,661 Total dispositions 20,600 52,661 Gain (loss) on real estate dispositions, net 747 22,934 Net other assets/(liabilities) disposed 311 (2,027) Proceeds from real estate dispositions $ 21,658 $ 73,568

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
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): Three Months Ended Classification March 31, 2023 March 31, 2022 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 5,520 $ 5,816 Non-real estate investment lease expense General and administrative expenses 1,863 978 Finance lease cost: Amortization of leased assets Property operating expenses 2,284 1,156 Interest on lease liabilities Interest expense 1,427 1,618 Sublease income Rental income (2,950) (2,715) Total $ 8,144 $ 6,853 (1) Includes short-term leases which are immaterial.
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases in which we are the lessee is as follows (in thousands): Classification March 31, 2023 December 31, 2022 Right of use assets: Operating leases - real estate Right of use assets, net $ 287,275 $ 287,984 Finance leases - real estate Right of use assets, net 35,621 35,958 Real estate right of use assets, net 322,896 323,942 Operating leases - non-real estate investments Receivables and other assets 9,281 10,119 Finance leases - held for sale (1) Real property held for sale, net of accumulated depreciation 115,359 116,453 Total right of use assets, net $ 447,536 $ 450,514 Lease liabilities: Operating leases $ 301,915 $ 302,360 Financing leases 113,254 113,464 Total $ 415,169 $ 415,824 (1) At March 31, 2023, finance leases at seven properties were classified as held for sale.

Loans Receivable (Tables)

Loans Receivable (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Summary of Real Estate Loans Receivable	The following is a summary of our loans receivable (in thousands): March 31, 2023 December 31, 2022 Mortgage loans $ 728,796 $ 707,464 Other real estate loans 238,400 195,566 Allowance for credit losses on real estate loans receivable (13,040) (12,186) Real estate loans receivable, net of credit allowance 954,156 890,844 Non-real estate loans 468,791 441,231 Allowance for credit losses on non-real estate loans receivable (171,278) (152,063) Non-real estate loans receivable, net of credit allowance 297,513 289,168 Total loans receivable, net of credit allowance $ 1,251,669 $ 1,180,012
Summary of Real Estate Loan Activity	The following is a summary of our loan activity for the periods presented (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Advances on loans receivable $ 54,831 $ 39,201 Less: Receipts on loans receivable 15,592 89,207 Net cash advances (receipts) on loans receivable $ 39,239 $ (50,006)
Schedule of Financing Receivable, Allowance for Credit Loss	The following is a summary of our loans by credit loss category (in thousands): March 31, 2023 Loan category Years of Origination Loan Carrying Value Allowance for Credit Loss Net Loan Balance No. of Loans Deteriorated loans 2007 - 2023 $ 193,918 $ (167,515) $ 26,403 4 Collective loan pool 2007 - 2018 211,004 (2,866) 208,138 12 Collective loan pool 2019 23,333 (317) 23,016 4 Collective loan pool 2020 43,067 (585) 42,482 6 Collective loan pool 2021 777,173 (10,493) 766,680 18 Collective loan pool 2022 135,004 (1,833) 133,171 29 Collective loan pool 2023 52,488 (709) 51,779 3 Total loans $ 1,435,987 $ (184,318) $ 1,251,669 76 Three Months Ended March 31, 2023 March 31, 2022 Balance at beginning of period $ 164,249 $ 166,785 Provision for loan losses, net 777 (804) Purchased deteriorated loan 19,077 — Foreign currency translation 215 (288) Balance at end of period $ 184,318 $ 165,693

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summary of Investments in Unconsolidated Entities	The following is a summary of our investments in unconsolidated entities (dollars in thousands): Percentage Ownership (1) March 31, 2023 December 31, 2022 Seniors Housing Operating 10% to 65% $ 1,232,487 $ 1,171,307 Triple-net 10% to 88% 138,852 111,812 Outpatient Medical 15% to 50% 225,074 216,671 Total $ 1,596,413 $ 1,499,790 (1) As of March 31, 2023 and includes ownership of investments classified as liabilities and excludes ownership of in substance real estate.

Credit Concentration (Tables)

Credit Concentration (Tables)	3 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
Summary of Credit Concentration	The following table summarizes certain information about our credit concentration for the three months ended March 31, 2023, excluding our share of NOI in unconsolidated entities (dollars in thousands): Concentration by relationship: (1) Number of Properties Total NOI Percent of NOI (2) Integra Healthcare Properties 147 $ 53,885 9% Sunrise Senior Living 109 36,885 6% Cogir Management Corporation 48 21,911 4% StoryPoint Senior Living 74 21,769 4% HC-One Group (3) 1 20,389 3% Remaining portfolio 1,406 448,137 74% Totals 1,785 $ 602,976 100% (1) Integra Healthcare Properties and HC-One Group are in our Triple-net segment. Sunrise Senior Living and Cogir Management Corporation are in our Seniors Housing Operating segment. StoryPoint Senior Living operates assets in both our Seniors Housing Operating and Triple-net segments. (2) NOI with our top five relationships comprised 30% of total NOI for the year ended December 31, 2022. (3) In addition to the one property, HC-One Group is the borrower on a £520,854,000 loan as of March 31, 2023, which is included in NOI.

Borrowings Under Credit Facil_2

Borrowings Under Credit Facilities and Commercial Paper Program (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Balance outstanding at quarter end $ — $ 300,000 Maximum amount outstanding at any month end $ 205,000 $ 995,660 Average amount outstanding (total of daily principal balances divided by days in period) $ 65,833 $ 961,463 Weighted average interest rate (actual interest expense divided by average borrowings outstanding) 5.05 % 0.53 %

Senior Unsecured Notes and Se_2

Senior Unsecured Notes and Secured Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Annual Principal Payments Due on Debt Obligations	At March 31, 2023, 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 2023 $ — $ 550,304 $ 550,304 2024 1,350,000 376,620 1,726,620 2025 1,260,000 287,203 1,547,203 2026 700,000 139,870 839,870 2027 (5, 6) 1,906,654 186,449 2,093,103 Thereafter (7, 8) 7,398,745 966,362 8,365,107 Totals $ 12,615,399 $ 2,506,808 $ 15,122,207 (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-denominated 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 7.75%. Gross real property value of the properties securing the debt totaled $5,800,377,000 at March 31, 2023. (5) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $184,843,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2023). 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% (5.78% at March 31, 2023) and Canadian Dealer Offered Rate plus 0.85% (5.79% at March 31, 2023), respectively. (6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $221,811,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2023). (7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $680,295,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 31, 2023). (8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $618,450,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 31, 2023).
Summary of Principal Activity	The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands): Three Months Ended March 31, 2023 March 31, 2022 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 12,584,529 4.06% $ 11,707,961 3.67% Debt issued — —% 550,000 3.85% Foreign currency 30,870 4.65% (26,366) 4.14% Ending balance $ 12,615,399 4.06% $ 12,231,595 3.69% The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): Three Months Ended March 31, 2023 March 31, 2022 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 2,129,954 4.33% $ 2,202,312 3.03% Debt issued 362,900 4.97% 5,385 3.08% Debt assumed 53,223 3.62% — —% Debt extinguished (24,631) 4.53% (100,821) 4.21% Principal payments (14,942) 3.91% (15,968) 3.19% Foreign currency 304 4.39% 24,733 2.73% Ending balance $ 2,506,808 4.55% $ 2,115,641 3.02%

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 1,075,000 $ 1,075,000 Denominated in Pound Sterling £ 1,890,708 £ 1,890,708 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) $ 375,000 $ 25,000 Interest rate swaps designated as fair value hedges: Denominated in U.S Dollars $ 550,000 $ 550,000 Derivative instruments not designated: Interest rate caps denominated in U.S. Dollars $ 26,137 $ 26,137 Foreign currency exchange 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 March 31, Description Location 2023 2022 Gain (loss) on derivative instruments designated as hedges recognized in income Interest expense $ 4,619 $ 5,984 Gain (loss) on derivative instruments not designated as hedges recognized in income Interest expense $ (254) $ (693) Gain (loss) on equity warrants recognized in income Gain (loss) on derivatives and financial instruments $ (885) $ (2,423) Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI OCI $ (69,738) $ 51,940

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Summary of Stockholders' Equity Capital Accounts	The following is a summary of our stockholders’ equity capital accounts as of the dates indicated: March 31, 2023 December 31, 2022 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 498,095,420 492,283,488 Outstanding shares 496,294,516 490,508,937 The following is a summary of our common stock issuances during the three months ended March 31, 2023 and 2022 (dollars in thousands, except shares and average price amounts): Shares Issued Average Price Gross Proceeds Net Proceeds 2022 Option exercises 299 $ 66.89 $ 20 $ 20 2022 ATM Program issuances 6,605,191 84.60 558,790 549,326 2022 Stock incentive plans, net of forfeitures 103,079 — — 2022 Totals 6,708,569 $ 558,810 $ 549,346 2023 ATM Program issuances 5,603,161 $ 73.74 $ 413,157 $ 411,032 2023 Redemption of OP Units and DownREIT Units 271,997 — — 2023 Stock incentive plans, net of forfeitures (89,579) — — 2023 Totals 5,785,579 $ 413,157 $ 411,032
Summary of Dividend Payments	The following is a summary of our dividend payments (in thousands, except per share amounts): Three Months Ended March 31, 2023 March 31, 2022 Per Share Amount Per Share Amount Common stock $ 0.61 $ 301,829 $ 0.61 $ 273,668
Summary of Accumulated Other Comprehensive Income (Loss)	The following is a summary of accumulated other comprehensive income (loss) for the periods presented (in thousands): March 31, 2023 December 31, 2022 Foreign currency translation $ (1,037,431) $ (1,115,317) Derivative and financial instruments designated as hedges 925,872 995,610 Total accumulated other comprehensive income (loss) $ (111,559) $ (119,707)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Numerator for basic earnings per share - net income (loss) attributable to common stockholders $ 25,673 $ 61,925 Adjustment for net income (loss) attributable to OP Units and DownREIT Units (10) (145) Numerator for diluted earnings per share $ 25,663 $ 61,780 Denominator for basic earnings per share - weighted average shares 492,061 447,379 Effect of dilutive securities: Employee stock options 4 31 Non-vested restricted shares and units 613 974 OP Units and DownREIT Units 1,786 1,396 Employee stock purchase program 30 22 Dilutive potential common shares 2,433 2,423 Denominator for diluted earnings per share - adjusted weighted average shares 494,494 449,802 Basic earnings per share $ 0.05 $ 0.14 Diluted earnings per share $ 0.05 $ 0.14

Disclosure about Fair Value o_2

Disclosure about Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Mortgage loans receivable $ 718,961 $ 759,712 $ 697,906 $ 739,159 Other real estate loans receivable 235,195 235,573 192,938 190,977 Equity securities 66 66 111 111 Cash and cash equivalents 571,902 571,902 631,681 631,681 Restricted cash 66,894 66,894 90,611 90,611 Non-real estate loans receivable 297,513 285,404 289,168 277,601 Foreign currency forward contracts, interest rate swaps and cross currency swaps 148,206 148,206 191,357 191,357 Equity warrants 30,269 30,269 30,436 30,436 Financial liabilities: Senior unsecured notes $ 12,486,229 $ 11,629,220 $ 12,437,273 $ 11,381,873 Secured debt 2,474,837 2,451,673 2,110,815 2,054,889 Foreign currency forward contracts, interest rate swaps and cross currency swaps 40,829 40,829 55,727 55,727 Redeemable DownREIT Unitholder interests $ 61,957 $ 61,957 $ 75,355 $ 75,355
Summary of Items Measured at Fair Value on Recurring Basis, Assets	The following summarizes items measured at fair value on a recurring basis (in thousands): Fair Value Measurements as of March 31, 2023 Total Level 1 Level 2 Level 3 Equity securities $ 66 $ 66 $ — $ — Equity warrants 30,269 — — 30,269 Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1) 107,377 — 107,377 — Totals $ 137,712 $ 66 $ 107,377 $ 30,269 (1) Please see Note 12 for additional information.
Summary of Items Measured at Fair Value on Recurring Basis, Liabilities	The following summarizes items measured at fair value on a recurring basis (in thousands): Fair Value Measurements as of March 31, 2023 Total Level 1 Level 2 Level 3 Equity securities $ 66 $ 66 $ — $ — Equity warrants 30,269 — — 30,269 Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1) 107,377 — 107,377 — Totals $ 137,712 $ 66 $ 107,377 $ 30,269 (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): Three Months Ended March 31, 2023 March 31, 2022 Beginning balance $ 30,436 $ 41,909 Mark-to-market adjustment (885) (2,425) Foreign currency 718 (1,068) Ending balance $ 30,269 $ 38,416

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023: Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 1,131,685 $ — $ — $ — $ 1,131,685 Rental income — 202,419 181,640 — 384,059 Interest income 2,551 33,763 91 — 36,405 Other income 2,445 1,883 3,100 1,152 8,580 Total revenues 1,136,681 238,065 184,831 1,152 1,560,729 Property operating expenses 883,784 11,723 58,365 3,881 957,753 Consolidated net operating income (loss) 252,897 226,342 126,466 (2,729) 602,976 Depreciation and amortization 220,407 54,528 64,177 — 339,112 Interest expense 11,487 (15) 4,104 128,827 144,403 General and administrative expenses — — — 44,371 44,371 Loss (gain) on derivatives and financial instruments, net — 930 — — 930 Loss (gain) on extinguishment of debt, net — — 5 — 5 Provision for loan losses, net (73) 850 — — 777 Impairment of assets 12,629 — — — 12,629 Other expenses 17,579 2,467 547 2,152 22,745 Income (loss) from continuing operations before income taxes and other items (9,132) 167,582 57,633 (178,079) 38,004 Income tax (expense) benefit — — — (3,045) (3,045) Income (loss) from unconsolidated entities (15,589) 8,432 86 — (7,071) Gain (loss) on real estate dispositions, net 833 520 (606) — 747 Income (loss) from continuing operations (23,888) 176,534 57,113 (181,124) 28,635 Net income (loss) $ (23,888) $ 176,534 $ 57,113 $ (181,124) $ 28,635 Total assets $ 22,201,219 $ 8,776,956 $ 7,007,092 $ 508,622 $ 38,493,889 Three Months Ended March 31, 2022: Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 994,335 $ — $ — $ — $ 994,335 Rental income — 196,001 160,389 — 356,390 Interest income 1,417 37,506 71 — 38,994 Other income 860 1,656 2,863 606 5,985 Total revenues 996,612 235,163 163,323 606 1,395,704 Property operating expenses 789,928 11,211 49,915 2,615 853,669 Consolidated net operating income (loss) 206,684 223,952 113,408 (2,009) 542,035 Depreciation and amortization 192,793 53,504 57,791 — 304,088 Interest expense 7,650 314 4,567 109,165 121,696 General and administrative expenses — — — 37,706 37,706 Loss (gain) on derivatives and financial instruments, net — 2,578 — — 2,578 Loss (gain) on extinguishment of debt, net (15) — 3 — (12) Provision for loan losses, net 267 (1,065) (6) — (804) Other expenses 8,191 11,044 789 6,045 26,069 Income (loss) from continuing operations before income taxes and other items (2,202) 157,577 50,264 (154,925) 50,714 Income tax (expense) benefit — — — (5,013) (5,013) Income (loss) from unconsolidated entities (17,782) 15,543 (645) — (2,884) Gain (loss) on real estate dispositions, net 2,701 20,449 (216) — 22,934 Income (loss) from continuing operations (17,283) 193,569 49,403 (159,938) 65,751 Net income (loss) $ (17,283) $ 193,569 $ 49,403 $ (159,938) $ 65,751
Summary of Geographic Information	The following is a summary of geographic information for the periods presented (dollars in thousands): Three Months Ended March 31, 2023 March 31, 2022 Revenues: Amount % Amount % United States $ 1,296,022 83.0 % $ 1,139,016 81.6 % United Kingdom 147,876 9.5 % 144,491 10.4 % Canada 116,831 7.5 % 112,197 8.0 % Total $ 1,560,729 100.0 % $ 1,395,704 100.0 % Three Months Ended March 31, 2023 March 31, 2022 Resident Fees and Services: Amount % Amount % United States $ 908,944 80.4 % $ 784,097 78.8 % United Kingdom 109,012 9.6 % 101,090 10.2 % Canada 113,729 10.0 % 109,148 11.0 % Total $ 1,131,685 100.0 % $ 994,335 100.0 % As of March 31, 2023 December 31, 2022 Assets: Amount % Amount % United States $ 32,325,218 84.0 % $ 31,740,907 83.8 % United Kingdom 3,518,034 9.1 % 3,476,793 9.2 % Canada 2,650,637 6.9 % 2,675,533 7.0 % Total $ 38,493,889 100.0 % $ 37,893,233 100.0 %

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	Accordingly, such entities have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs in the aggregate (in thousands): March 31, 2023 December 31, 2022 Assets: Net real estate investments $ 1,492,518 $ 1,499,078 Cash and cash equivalents 11,577 15,582 Receivables and other assets 32,582 9,949 Total assets (1) $ 1,536,677 $ 1,524,609 Liabilities and equity: Secured debt $ 155,678 $ 155,992 Lease liabilities 1,329 1,329 Accrued expenses and other liabilities 39,119 28,417 Total equity 1,340,551 1,338,871 Total liabilities and equity $ 1,536,677 $ 1,524,609 (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
	Mar. 31, 2023
Noncontrolling Interest [Line Items]
Weighted average ownership percentage	99.735%
Ownership percentage by parent	99.721%
Other Investors
Noncontrolling Interest [Line Items]
Ownership interest	0.279%

Accounting Policies and Relat_3

Accounting Policies and Related Matters (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
COVID-19 | Seniors Housing Operating
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of property operating expense	$ 4,136	$ 5,760

Real Property Acquisitions an_3

Real Property Acquisitions and Development - Summary of Real Property Investment Activity by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Land and land improvements	$ 70,414	$ 44,137
Buildings and improvements	346,429	533,925
Acquired lease intangibles	39,955	48,344
Right of use assets, net	927	3,852
Total net real estate assets	457,725	630,258
Receivables and other assets	592	1,630
Total assets acquired	458,317	631,888
Secured debt	(46,454)	0
Lease liabilities	(953)	(3,852)
Accrued expenses and other liabilities	(8,191)	(4,154)
Total liabilities acquired	(55,598)	(8,006)
Noncontrolling interests	0	(20,352)
Non-cash acquisition related activity	0	(2,120)
Cash disbursed for acquisitions	402,719	601,410
Construction in progress additions	238,548	143,805
Less: Capitalized interest	(10,335)	(5,479)
Accruals	(1,987)	(185)
Cash disbursed for construction in progress	226,226	138,141
Capital improvements to existing properties	91,339	90,229
Total cash invested in real property, net of cash acquired	720,284	829,780
Seniors Housing Operating
Business Acquisition [Line Items]
Land and land improvements	2,517	43,897
Buildings and improvements	16,434	402,342
Acquired lease intangibles	865	31,366
Right of use assets, net	0	0
Total net real estate assets	19,816	477,605
Receivables and other assets	234	1,630
Total assets acquired	20,050	479,235
Secured debt	(5,501)	0
Lease liabilities	0	0
Accrued expenses and other liabilities	(120)	(4,154)
Total liabilities acquired	(5,621)	(4,154)
Noncontrolling interests	0	(20,348)
Non-cash acquisition related activity	0	(2,120)
Cash disbursed for acquisitions	14,429	452,613
Construction in progress additions	131,944	113,407
Less: Capitalized interest	(7,950)	(4,179)
Accruals	2,303	(1,963)
Cash disbursed for construction in progress	126,297	107,265
Capital improvements to existing properties	69,783	68,612
Total cash invested in real property, net of cash acquired	210,509	628,490
Triple-net
Business Acquisition [Line Items]
Land and land improvements	7,370	0
Buildings and improvements	74,289	171
Acquired lease intangibles	0	0
Right of use assets, net	0	0
Total net real estate assets	81,659	171
Receivables and other assets	0	0
Total assets acquired	81,659	171
Secured debt	0	0
Lease liabilities	0	0
Accrued expenses and other liabilities	0	0
Total liabilities acquired	0	0
Noncontrolling interests	0	(4)
Non-cash acquisition related activity	0	0
Cash disbursed for acquisitions	81,659	167
Construction in progress additions	4,995	20,756
Less: Capitalized interest	(1,248)	(1,089)
Accruals	0	0
Cash disbursed for construction in progress	3,747	19,667
Capital improvements to existing properties	4,427	8,294
Total cash invested in real property, net of cash acquired	89,833	28,128
Outpatient Medical
Business Acquisition [Line Items]
Land and land improvements	60,527	240
Buildings and improvements	255,706	131,412
Acquired lease intangibles	39,090	16,978
Right of use assets, net	927	3,852
Total net real estate assets	356,250	152,482
Receivables and other assets	358	0
Total assets acquired	356,608	152,482
Secured debt	(40,953)	0
Lease liabilities	(953)	(3,852)
Accrued expenses and other liabilities	(8,071)	0
Total liabilities acquired	(49,977)	(3,852)
Noncontrolling interests	0	0
Non-cash acquisition related activity	0	0
Cash disbursed for acquisitions	306,631	148,630
Construction in progress additions	101,609	9,642
Less: Capitalized interest	(1,137)	(211)
Accruals	(4,290)	1,778
Cash disbursed for construction in progress	96,182	11,209
Capital improvements to existing properties	17,129	13,323
Total cash invested in real property, net of cash acquired	$ 419,942	$ 173,162

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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total development projects	$ 36,063	$ 73,458
Expansion projects	17,245	0
Total construction in progress conversions	53,308	73,458
Seniors Housing Operating
Segment Reporting Information [Line Items]
Total development projects	26,712	73,458
Outpatient Medical
Segment Reporting Information [Line Items]
Total development projects	$ 9,351	$ 0

Real Estate Intangibles - Summa

Real Estate Intangibles - Summary of Real Estate Intangibles Excluding those Classified as Held For Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Gross historical cost	$ 1,990,830	$ 1,945,458
Accumulated amortization	(1,543,457)	(1,484,048)
Net book value	447,373	461,410
Liabilities:
Below market tenant leases	82,084	77,985
Accumulated amortization	(54,872)	(52,701)
Net book value	27,212	25,284
In place lease intangibles
Assets:
Gross historical cost	1,846,945	1,817,580
Above market tenant leases
Assets:
Gross historical cost	66,354	57,203
Lease commissions
Assets:
Gross historical cost	$ 77,531	$ 70,675

Real Estate Intangibles - Sum_2

Real Estate Intangibles - Summary of Real Estate Intangible Amortization Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Rental income related to (above)/below market tenant leases, net	$ 45	$ 385
Amortization related to in place lease intangibles and lease commissions	$ (56,151)	$ (47,994)

Dispositions, Real Property H_3

Dispositions, Real Property Held for Sale and Impairment - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	[1]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate held-for-sale	$ 215,583,000		$ 133,058,000
Expected sale proceeds	292,623,000
Impairment of assets held for sale	12,629,000	$ 0
Held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lease liabilities	66,530,000
Net other assets and liabilities	(6,095,000)
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from real estate dispositions, net	$ (11,733,000)	$ 1,337,000
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	5
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	7
Number of properties held for use | property	3
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
Number of properties held for use | property	1
[1]The consolidated balance sheet at December 31, 2022 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
	Mar. 31, 2023	Mar. 31, 2022
Real estate dispositions:
Total dispositions	$ 20,600	$ 52,661
Gain (loss) on real estate dispositions, net	747	22,934
Net other assets/(liabilities) disposed	311	(2,027)
Proceeds from real estate dispositions	21,658	73,568
Seniors Housing Operating
Real estate dispositions:
Total dispositions	18,572	0
Triple-net
Real estate dispositions:
Total dispositions	$ 2,028	$ 52,661

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Rental and other revenues related to operating lease payments	$ 384,059	$ 356,390
Rental and other revenues related to operating lease payments, variable leases	53,794	48,074
Seniors Housing Operating
Lessee, Lease, Description [Line Items]
Rental and other revenues related to operating lease payments	$ 108,915	$ 94,827
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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finance lease cost:
Amortization of leased assets	$ 2,284	$ 1,156
Interest on lease liabilities	1,427	1,618
Sublease income	(2,950)	(2,715)
Total	8,144	6,853
Property operating expenses
Operating lease cost:
Lease expense	5,520	5,816
General and administrative expenses
Operating lease cost:
Lease expense	$ 1,863	$ 978

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Details) $ in Thousands	Mar. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Right of use assets:
Total right of use assets, net	$ 322,896	$ 323,942	[1]
Lease liabilities:
Operating leases	301,915	302,360
Financing leases	113,254	113,464
Total	$ 415,169	$ 415,824	[1]
Operating lease, liability, statement of financial position [extensible list]	Total	Total
Finance lease, liability, statement of financial position [extensible list]	Total	Total
Number of finance leases, classified as held for sale | property	7
Operating lease, right-of-use asset, statement of financial position [extensible list]	Total right of use assets, net	Total right of use assets, net
Finance lease, right-of-use asset, statement of financial position [extensible list]	Total right of use assets, net	Total right of use assets, net
Real estate
Right of use assets:
Operating leases	$ 287,275	$ 287,984
Finance leases	35,621	35,958
Corporate
Right of use assets:
Operating leases	9,281	10,119
Finance leases	$ 115,359	$ 116,453
Lease liabilities:
Operating lease, right-of-use asset, statement of financial position [extensible list]	Receivables and other assets	Receivables and other assets
Finance lease, right-of-use asset, statement of financial position [extensible list]	Real estate held-for-sale	Real estate held-for-sale
Real estate and Corporate
Right of use assets:
Total right of use assets, net	$ 447,536	$ 450,514
[1]The consolidated balance sheet at December 31, 2022 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 ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Interest receivable	$ 24,556	$ 22,878

Loans Receivable - Summary of N

Loans Receivable - Summary of Net Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022		Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on real estate loans receivable	$ (184,318)	$ (164,249)		$ (165,693)	$ (166,785)
Real estate loans receivable, net of credit allowance	954,156	890,844	[1]
Non-real estate loans	468,791	441,231
Allowance for credit losses on non-real estate loans receivable	(171,278)	(152,063)
Non-real estate loans receivable, net of credit allowance	297,513	289,168
Total loans receivable, net of credit allowance	1,251,669	1,180,012
Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Carrying Value	728,796	707,464
Other real estate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Carrying Value	238,400	195,566
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	$ (13,040)	$ (12,186)
[1]The consolidated balance sheet at December 31, 2022 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 R

Loans Receivable - Summary of Real Estate Loan Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Receivables [Abstract]
Advances on loans receivable	$ 54,831	$ 39,201
Less: Receipts on loans receivable	(15,592)	(89,207)
Net cash advances (receipts) on loans receivable	$ 39,239	$ (50,006)

Loans Receivable - Collective P

Loans Receivable - Collective Pool Basis (Details) $ in Thousands	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for Credit Loss	$ (184,318)	$ (164,249)	$ (165,693)	$ (166,785)
Total loans receivable, net of credit allowance	1,251,669	$ 1,180,012
Deteriorated loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	193,918
Allowance for Credit Loss	(167,515)
Total loans receivable, net of credit allowance	$ 26,403
No. of Loans | loan	4
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 211,004
Allowance for Credit Loss	(2,866)
Total loans receivable, net of credit allowance	$ 208,138
No. of Loans | loan	12
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 23,333
Allowance for Credit Loss	(317)
Total loans receivable, net of credit allowance	$ 23,016
No. of Loans | loan	4
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 43,067
Allowance for Credit Loss	(585)
Total loans receivable, net of credit allowance	$ 42,482
No. of Loans | loan	6
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 777,173
Allowance for Credit Loss	(10,493)
Total loans receivable, net of credit allowance	$ 766,680
No. of Loans | loan	18
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 135,004
Allowance for Credit Loss	(1,833)
Total loans receivable, net of credit allowance	$ 133,171
No. of Loans | loan	29
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 52,488
Allowance for Credit Loss	(709)
Total loans receivable, net of credit allowance	$ 51,779
No. of Loans | loan	3
Real Estate Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 1,435,987
Allowance for Credit Loss	(184,318)
Total loans receivable, net of credit allowance	$ 1,251,669
No. of Loans | loan	76

Loans Receivable - Credit Loss

Loans Receivable - Credit Loss Roll Forward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 164,249	$ 166,785
Provision for loan losses, net	777	(804)
Purchased deteriorated loan	19,077	0
Foreign currency translation	215	(288)
Balance at end of period	$ 184,318	$ 165,693

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 1,596,413	$ 1,499,790
Seniors Housing Operating
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 1,232,487	1,171,307
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	$ 138,852	111,812
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	$ 225,074	$ 216,671
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) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) properties
Schedule of Equity Method Investments [Line Items]
Aggregate unamortized basis difference of joint venture investments	$ 143,616
VIE
Schedule of Equity Method Investments [Line Items]
Number of properties | properties	22
Loans related to development and construction of certain properties	$ 713,342
Additional fund obligated related to investments	$ 140,641

Credit Concentration - Summary

Credit Concentration - Summary of Credit Concentration (Details) £ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($)	Mar. 31, 2023 GBP (£) property	Dec. 31, 2022 USD ($)
Concentration Risk [Line Items]
Total NOI	$ 602,976	$ 542,035
Percentage total investments with top five customers				30%
Payment to acquire interest in joint venture	112,822	$ 115,249
Real estate loans receivable, net of credit allowance	$ 954,156			$ 890,844	[1]
HC-One Group
Concentration Risk [Line Items]
Real estate loans receivable, net of credit allowance   | £			£ 520,854
Net operating income | Credit Concentration Risk
Concentration Risk [Line Items]
Number of Properties | property	1,785		1,785
Total NOI	$ 602,976
Percent of NOI	100%
Net operating income | Credit Concentration Risk | Integra Healthcare Properties
Concentration Risk [Line Items]
Number of Properties | property	147		147
Total NOI	$ 53,885
Percent of NOI	9%
Net operating income | Credit Concentration Risk | Sunrise Senior Living
Concentration Risk [Line Items]
Number of Properties | property	109		109
Total NOI	$ 36,885
Percent of NOI	6%
Net operating income | Credit Concentration Risk | Cogir Management Corporation
Concentration Risk [Line Items]
Number of Properties | property	48		48
Total NOI	$ 21,911
Percent of NOI	4%
Net operating income | Credit Concentration Risk | StoryPoint Senior Living
Concentration Risk [Line Items]
Number of Properties | property	74		74
Total NOI	$ 21,769
Percent of NOI	4%
Net operating income | Credit Concentration Risk | HC-One Group
Concentration Risk [Line Items]
Number of Properties | property	1		1
Total NOI	$ 20,389
Percent of NOI	3%
Net operating income | Credit Concentration Risk | Remaining portfolio
Concentration Risk [Line Items]
Number of Properties | property	1,406		1,406
Total NOI	$ 448,137
Percent of NOI	74%
[1]The consolidated balance sheet at December 31, 2022 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)	3 Months Ended
	Mar. 31, 2023 USD ($) Term bank	Mar. 31, 2023 CAD ($) Term bank	Dec. 31, 2022 USD ($)	[1]
Line of Credit Facility [Line Items]
Number of banks in consortium | bank	31	31
Borrowings outstanding	$ 0		$ 0
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 (upto)	$ 1,000,000,000
Annual facility fee for each bank based on commitment amount	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	$ 0
Unsecured revolving credit facility | SOFR
Line of Credit Facility [Line Items]
Application margin over index, based on certain debt ratings	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
[1]The consolidated balance sheet at December 31, 2022 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 - Unsecured Revolving Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Balance outstanding at quarter end	$ 0	$ 300,000
Maximum amount outstanding at any month end	205,000	995,660
Average amount outstanding (total of daily principal balances divided by days in period)	$ 65,833	$ 961,463
Weighted average interest rate (actual interest expense divided by average borrowings outstanding)	5.05%	0.53%

Senior Unsecured Notes and Se_3

Senior Unsecured Notes and Secured Debt - Annual Principal Payments Due on Debt Obligations (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) term	Mar. 31, 2023 CAD ($) term	Mar. 31, 2023 GBP (£) term	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Principal payments due on debt obligations
2023	$ 550,304,000
2024	1,726,620,000
2025	1,547,203,000
2026	839,870,000
2027	2,093,103,000
Thereafter	8,365,107,000
Totals	15,122,207,000
Senior unsecured notes
Principal payments due on debt obligations
2023	0
2024	1,350,000,000
2025	1,260,000,000
2026	700,000,000
2027	1,906,654,000
Thereafter	7,398,745,000
Totals	$ 12,615,399,000			$ 12,584,529,000	$ 12,231,595,000	$ 11,707,961,000
Senior unsecured notes | 2.95% Senior Unsecured Notes Due 2027
Senior Unsecured Notes and Secured Debt Textual
Interest rate	2.95%	2.95%	2.95%
Face amount	$ 221,811,000	$ 300,000,000
Senior unsecured notes | Unsecured term credit facility Matures July 19 2023
Senior Unsecured Notes and Secured Debt Textual
Face amount	$ 1,000,000,000
Senior unsecured notes | Unsecured term credit facility Matures July 19 2023 | SOFR
Senior Unsecured Notes and Secured Debt Textual
Effective rate	5.78%	5.78%	5.78%
Senior unsecured notes | Term Loan
Senior Unsecured Notes and Secured Debt Textual
Face amount	$ 184,843,000	$ 250,000,000
Number of successive terms | term	2	2	2
Successive term	6 months
Senior unsecured notes | Term Loan | SOFR
Senior Unsecured Notes and Secured Debt Textual
Interest rate margin	0.85%
Senior unsecured notes | Term Loan | Canadian dealer offered rate
Senior Unsecured Notes and Secured Debt Textual
Interest rate margin	0.85%
Effective rate	5.79%	5.79%	5.79%
Senior unsecured notes | UK Debt Due 2028
Senior Unsecured Notes and Secured Debt Textual
Interest rate	4.80%	4.80%	4.80%
Face amount	$ 680,295,000		£ 550,000,000
Senior unsecured notes | 4.50% Senior Unsecured Notes Due 2034
Senior Unsecured Notes and Secured Debt Textual
Interest rate	4.50%	4.50%	4.50%
Face amount	$ 618,450,000		£ 500,000,000
Senior unsecured notes | Minimum
Senior Unsecured Notes and Secured Debt Textual
Interest rate	2.05%	2.05%	2.05%
Senior unsecured notes | Maximum
Senior Unsecured Notes and Secured Debt Textual
Interest rate	6.50%	6.50%	6.50%
Secured debt
Principal payments due on debt obligations
2023	$ 550,304,000
2024	376,620,000
2025	287,203,000
2026	139,870,000
2027	186,449,000
Thereafter	966,362,000
Totals	2,506,808,000			$ 2,129,954,000	$ 2,115,641,000	$ 2,202,312,000
Senior Unsecured Notes and Secured Debt Textual
Carrying values of properties securing the debt	$ 5,800,377,000
Secured debt | Minimum
Senior Unsecured Notes and Secured Debt Textual
Interest rate	1.25%	1.25%	1.25%
Secured debt | Maximum
Senior Unsecured Notes and Secured Debt Textual
Interest rate	7.75%	7.75%	7.75%

Senior Unsecured Notes and Se_4

Senior Unsecured Notes and Secured Debt - Summary of Principal Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Amount
Ending balance	$ 15,122,207
Senior unsecured notes
Amount
Beginning balance	12,584,529	$ 11,707,961
Debt issued	0	550,000
Foreign currency	30,870	(26,366)
Ending balance	$ 12,615,399	$ 12,231,595
Weighted Avg. Interest Rate
Beginning balance	4.06%	3.67%
Debt issued	0	0.0385
Foreign currency	0.0465	0.0414
Ending balance	4.06%	3.69%
Secured debt
Amount
Beginning balance	$ 2,129,954	$ 2,202,312
Debt issued	362,900	5,385
Debt assumed	53,223	0
Debt extinguished	(24,631)	(100,821)
Principal payments	(14,942)	(15,968)
Foreign currency	304	24,733
Ending balance	$ 2,506,808	$ 2,115,641
Weighted Avg. Interest Rate
Beginning balance	4.33%	3.03%
Debt issued	0.0497	0.0308
Debt assumed	0.0362	0
Debt extinguished	0.0453	0.0421
Principal payments	0.0391	0.0319
Foreign currency	0.0439	0.0273
Ending balance	4.55%	3.02%

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Senior loans	$ 545,504,000
Derivative liability	$ 40,829,000
Derivative Liability, Statement Of Financial Position, Extensible Enumeration Not Disclosed Flag	40,829,000
Reclassified in next 12 months	$ 2,562,000
Proceeds from hedge	$ 1,994,000	$ 10,169,000
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, 2023 CAD ($)	Mar. 31, 2023 GBP (£)	Sep. 30, 2022 CAD ($)	Sep. 30, 2022 GBP (£)	Mar. 31, 2023 GBP (£)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 USD ($)
Designated as Hedging Instrument | Denominated in Canadian Dollars | Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivative asset	$ 1,075,000						$ 1,075,000
Net investment hedges	250,000		$ 250,000
Designated as Hedging Instrument | Denominated in U.S Dollars | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Derivative asset						$ 375,000,000			$ 25,000,000
Designated as Hedging Instrument | Denominated in U.S Dollars | Fair Value Hedging
Derivatives, Fair Value [Line Items]
Derivative asset						550,000,000			550,000,000
Designated as Hedging Instrument | Denominated in Pound Sterling | Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivative asset | £					£ 1,890,708			£ 1,890,708
Net investment hedges | £		£ 1,050,000		£ 1,050,000
Derivative Instruments Not Designated | Denominated in Canadian Dollars
Derivatives, Fair Value [Line Items]
Derivative asset	$ 80,000						$ 80,000
Derivative Instruments Not Designated | Denominated in U.S Dollars
Derivatives, Fair Value [Line Items]
Derivative asset						$ 26,137,000			$ 26,137,000

Derivative Instruments - Impact

Derivative Instruments - Impact of Derivative Instruments on the Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Gain (loss) on derivative instruments hedges recognized in income	$ (930)	$ (2,578)
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI	(69,738)	51,940
Warrant
Derivative [Line Items]
Gain (loss) on derivative instruments hedges recognized in income	(885)	(2,423)
Designated as Hedging Instrument
Derivative [Line Items]
Gain (loss) on derivative instruments hedges recognized in income	4,619	5,984
Designated as Hedging Instrument | OCI
Derivative [Line Items]
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI	(69,738)	51,940
Derivative Instruments Not Designated
Derivative [Line Items]
Gain (loss) on derivative instruments hedges recognized in income	$ (254)	$ (693)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) obligation	Dec. 31, 2022 USD ($)	[1]
Other Commitments [Line Items]
Number of outstanding credit obligations | obligation	22
Letter of credit obligation	$ 51,447
Outstanding construction financings for leased properties	1,121,446	$ 1,021,080
Additional financing to complete construction	2,057,726
Capital Improvements
Other Commitments [Line Items]
Total contingent purchase obligations	38,729
VIE
Other Commitments [Line Items]
Total loans made	713,342
Expected additional funding for investments	$ 140,641
[1]The consolidated balance sheet at December 31, 2022 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	Mar. 31, 2023	Dec. 31, 2022
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)	498,095,420	492,283,488
Outstanding shares (in shares)	496,294,516	490,508,937

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Apr. 30, 2022
Class of Stock [Line Items]
ATM Program issuances	$ 411,032	$ 549,326
Number of shares issued in transaction (in shares)	5,603,161	6,605,191
Proceeds from sale of stock	$ 411,032	$ 549,346
At The Market Program
Class of Stock [Line Items]
Authorized amount to sell			$ 3,000,000
Remaining amount authorized to sell	$ 737,046

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Shares Issued
Option exercises (in shares)		299
ATM Program issuances (in shares)	5,603,161	6,605,191
Redemption of OP Units and DownREIT Units (in shares)	271,997
Stock incentive plans, net of forfeitures (in shares)	(89,579)	103,079
Totals (in shares)	5,785,579	6,708,569
Average Price
Option exercises (in dollars per share)		$ 66.89
ATM Program issuances (in dollars per share)	$ 73.74	$ 84.60
Gross Proceeds
Option exercises		$ 20
ATM Program Issuances	$ 413,157	558,790
Totals	413,157	558,810
Net Proceeds
Option exercises		20
ATM Program issuances	411,032	549,326
Total	$ 411,032	$ 549,346

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Per Share
Common Stock (in dollars per share)	$ 0.61	$ 0.61
Amount
Common stock	$ 301,829	$ 273,668

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022		Mar. 31, 2022	Dec. 31, 2021
Summary of accumulated other comprehensive income/(loss) [Line Items]
Total accumulated other comprehensive income (loss)	$ 21,203,960	$ 21,009,553	[1]	$ 18,732,066	$ 18,596,579
Foreign currency translation
Summary of accumulated other comprehensive income/(loss) [Line Items]
Total accumulated other comprehensive income (loss)	(1,037,431)	(1,115,317)
Derivative and financial instruments designated as hedges
Summary of accumulated other comprehensive income/(loss) [Line Items]
Total accumulated other comprehensive income (loss)	925,872	995,610
Total accumulated other comprehensive income (loss)
Summary of accumulated other comprehensive income/(loss) [Line Items]
Total accumulated other comprehensive income (loss)	$ (111,559)	$ (119,707)		$ (138,472)	$ (121,316)
[1]The consolidated balance sheet at December 31, 2022 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
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock authorized for long-term incentive plan (in shares)		10,000,000
Option expiration period	10 years
Stock-based compensation expense	$ 9,456	$ 7,445
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for options	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for options	5 years

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Numerator for basic earnings per share - net income (loss) attributable to common stockholders		$ 25,673	$ 61,925
Adjustment for net income (loss) attributable to OP units and DownREIT Units		(10)	(145)
Numerator for diluted earnings per share		$ 25,663	$ 61,780
Denominator for basic earnings per share - weighted average shares (in shares)		492,061,000	447,379,000
Effect of dilutive securities:
Employee stock options (in shares)		4,000	31,000
Non-vested restricted shares and units (in shares)		613,000	974,000
OP units and DownREIT Units (in shares)		1,786,000	1,396,000
Employee stock purchase program (in shares)		30,000	22,000
Dilutive potential common shares (in shares)		2,433,000	2,423,000
Denominator for diluted earnings per share - adjusted weighted average shares (in shares)		494,494,000	449,802,000
Basic earnings per share (in dollars per share)		$ 0.05	$ 0.14
Diluted earnings per share (in dollars per share)	[1]	$ 0.05	$ 0.14
Forward sales agreement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)			14,297,958
[1]Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units.

Disclosure about Fair Value o_3

Disclosure about Fair Value of Financial Instruments - Narrative (Details)	Mar. 31, 2023 shares
Fair Value Disclosures [Abstract]
Shares issuable upon redemption (in shares)	1

Disclosure about Fair Value o_4

Disclosure about Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial assets:
Equity securities	$ 66
Restricted cash	66,894	$ 90,611	[1]
Foreign currency forward contracts, interest rate swaps and cross currency swaps	107,377
Equity warrants	30,269
Carrying Amount
Financial assets:
Equity securities	66	111
Cash and cash equivalents	571,902	631,681
Restricted cash	66,894	90,611
Foreign currency forward contracts, interest rate swaps and cross currency swaps	148,206	191,357
Equity warrants	30,269	30,436
Financial liabilities:
Senior unsecured notes	12,486,229	12,437,273
Secured debt	2,474,837	2,110,815
Foreign currency forward contracts, interest rate swaps and cross currency swaps	40,829	55,727
Redeemable DownREIT Unitholder interests	61,957	75,355
Carrying Amount | Mortgage loans receivable
Financial assets:
Loans receivable, fair value	718,961	697,906
Carrying Amount | Other real estate loans receivable
Financial assets:
Loans receivable, fair value	235,195	192,938
Carrying Amount | Non-real estate loans receivable
Financial assets:
Loans receivable, fair value	297,513	289,168
Fair Value
Financial assets:
Equity securities	66	111
Cash and cash equivalents	571,902	631,681
Restricted cash	66,894	90,611
Foreign currency forward contracts, interest rate swaps and cross currency swaps	148,206	191,357
Equity warrants	30,269	30,436
Financial liabilities:
Senior unsecured notes	11,629,220	11,381,873
Secured debt	2,451,673	2,054,889
Foreign currency forward contracts, interest rate swaps and cross currency swaps	40,829	55,727
Redeemable DownREIT Unitholder interests	61,957	75,355
Fair Value | Mortgage loans receivable
Financial assets:
Loans receivable, fair value	759,712	739,159
Fair Value | Other real estate loans receivable
Financial assets:
Loans receivable, fair value	235,573	190,977
Fair Value | Non-real estate loans receivable
Financial assets:
Loans receivable, fair value	$ 285,404	$ 277,601
[1]The consolidated balance sheet at December 31, 2022 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_5

Disclosure about Fair Value of Financial Instruments - Summary of Items Measured at Fair Value on a Recurring Basis (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 66
Equity warrants	30,269
Foreign currency forward contracts, interest rate swaps and cross currency swaps	107,377
Totals	137,712
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	66
Equity warrants	0
Foreign currency forward contracts, interest rate swaps and cross currency swaps	0
Totals	66
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	107,377
Totals	107,377
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0
Equity warrants	30,269
Foreign currency forward contracts, interest rate swaps and cross currency swaps	0
Totals	$ 30,269

Disclosure about Fair Value o_6

Disclosure about Fair Value of Financial Instruments - Schedule of Change in Fair Value for Equity Warrants (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
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	$ 30,436	$ 41,909
Mark-to-market adjustment	(885)	(2,425)
Foreign currency	718	(1,068)
Ending balance	$ 30,269	$ 38,416

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment Reporting - Summary Inf

Segment Reporting - Summary Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	[1]
Segment Reporting Information [Line Items]
Rental income	$ 384,059	$ 356,390
Total revenues	1,560,729	1,395,704
Property operating expenses	957,753	853,669
Consolidated net operating income (loss)	602,976	542,035
Depreciation and amortization	339,112	304,088
Interest expense	144,403	121,696
General and administrative expenses	44,371	37,706
Loss (gain) on derivatives and financial instruments, net	930	2,578
Loss (gain) on extinguishment of debt, net	5	(12)
Provision for loan losses, net	777	(804)
Impairment of assets	12,629	0
Other expenses	22,745	26,069
Income (loss) from continuing operations before income taxes and other items	38,004	50,714
Income tax (expense) benefit	(3,045)	(5,013)
Income (loss) from unconsolidated entities	(7,071)	(2,884)
Gain (loss) on real estate dispositions, net	747	22,934
Income (loss) from continuing operations	28,635	65,751
Net income (loss)	28,635	65,751
Total assets	38,493,889		$ 37,893,233
Resident fees and services
Segment Reporting Information [Line Items]
Revenue from contract with customer	1,131,685	994,335
Interest income
Segment Reporting Information [Line Items]
Revenue from contract with customer	36,405	38,994
Other income
Segment Reporting Information [Line Items]
Revenue from contract with customer	8,580	5,985
Seniors Housing Operating
Segment Reporting Information [Line Items]
Rental income	108,915	94,827
Operating Segments | Seniors Housing Operating
Segment Reporting Information [Line Items]
Rental income	0	0
Total revenues	1,136,681	996,612
Property operating expenses	883,784	789,928
Consolidated net operating income (loss)	252,897	206,684
Depreciation and amortization	220,407	192,793
Interest expense	11,487	7,650
General and administrative expenses	0	0
Loss (gain) on derivatives and financial instruments, net	0	0
Loss (gain) on extinguishment of debt, net	0	(15)
Provision for loan losses, net	(73)	267
Impairment of assets	12,629
Other expenses	17,579	8,191
Income (loss) from continuing operations before income taxes and other items	(9,132)	(2,202)
Income tax (expense) benefit	0	0
Income (loss) from unconsolidated entities	(15,589)	(17,782)
Gain (loss) on real estate dispositions, net	833	2,701
Income (loss) from continuing operations	(23,888)	(17,283)
Net income (loss)	(23,888)	(17,283)
Total assets	22,201,219
Operating Segments | Seniors Housing Operating | Resident fees and services
Segment Reporting Information [Line Items]
Revenue from contract with customer	1,131,685	994,335
Operating Segments | Seniors Housing Operating | Interest income
Segment Reporting Information [Line Items]
Revenue from contract with customer	2,551	1,417
Operating Segments | Seniors Housing Operating | Other income
Segment Reporting Information [Line Items]
Revenue from contract with customer	2,445	860
Operating Segments | Triple-net
Segment Reporting Information [Line Items]
Rental income	202,419	196,001
Total revenues	238,065	235,163
Property operating expenses	11,723	11,211
Consolidated net operating income (loss)	226,342	223,952
Depreciation and amortization	54,528	53,504
Interest expense	(15)	314
General and administrative expenses	0	0
Loss (gain) on derivatives and financial instruments, net	930	2,578
Loss (gain) on extinguishment of debt, net	0	0
Provision for loan losses, net	850	(1,065)
Impairment of assets	0
Other expenses	2,467	11,044
Income (loss) from continuing operations before income taxes and other items	167,582	157,577
Income tax (expense) benefit	0	0
Income (loss) from unconsolidated entities	8,432	15,543
Gain (loss) on real estate dispositions, net	520	20,449
Income (loss) from continuing operations	176,534	193,569
Net income (loss)	176,534	193,569
Total assets	8,776,956
Operating Segments | Triple-net | Resident fees and services
Segment Reporting Information [Line Items]
Revenue from contract with customer	0	0
Operating Segments | Triple-net | Interest income
Segment Reporting Information [Line Items]
Revenue from contract with customer	33,763	37,506
Operating Segments | Triple-net | Other income
Segment Reporting Information [Line Items]
Revenue from contract with customer	1,883	1,656
Operating Segments | Outpatient Medical
Segment Reporting Information [Line Items]
Rental income	181,640	160,389
Total revenues	184,831	163,323
Property operating expenses	58,365	49,915
Consolidated net operating income (loss)	126,466	113,408
Depreciation and amortization	64,177	57,791
Interest expense	4,104	4,567
General and administrative expenses	0	0
Loss (gain) on derivatives and financial instruments, net	0	0
Loss (gain) on extinguishment of debt, net	5	3
Provision for loan losses, net	0	(6)
Impairment of assets	0
Other expenses	547	789
Income (loss) from continuing operations before income taxes and other items	57,633	50,264
Income tax (expense) benefit	0	0
Income (loss) from unconsolidated entities	86	(645)
Gain (loss) on real estate dispositions, net	(606)	(216)
Income (loss) from continuing operations	57,113	49,403
Net income (loss)	57,113	49,403
Total assets	7,007,092
Operating Segments | Outpatient Medical | Resident fees and services
Segment Reporting Information [Line Items]
Revenue from contract with customer	0	0
Operating Segments | Outpatient Medical | Interest income
Segment Reporting Information [Line Items]
Revenue from contract with customer	91	71
Operating Segments | Outpatient Medical | Other income
Segment Reporting Information [Line Items]
Revenue from contract with customer	3,100	2,863
Non-segment / Corporate
Segment Reporting Information [Line Items]
Rental income	0	0
Total revenues	1,152	606
Property operating expenses	3,881	2,615
Consolidated net operating income (loss)	(2,729)	(2,009)
Depreciation and amortization	0	0
Interest expense	128,827	109,165
General and administrative expenses	44,371	37,706
Loss (gain) on derivatives and financial instruments, net	0	0
Loss (gain) on extinguishment of debt, net	0	0
Provision for loan losses, net	0	0
Impairment of assets	0
Other expenses	2,152	6,045
Income (loss) from continuing operations before income taxes and other items	(178,079)	(154,925)
Income tax (expense) benefit	(3,045)	(5,013)
Income (loss) from unconsolidated entities	0	0
Gain (loss) on real estate dispositions, net	0	0
Income (loss) from continuing operations	(181,124)	(159,938)
Net income (loss)	(181,124)	(159,938)
Total assets	508,622
Non-segment / Corporate | Resident fees and services
Segment Reporting Information [Line Items]
Revenue from contract with customer	0	0
Non-segment / Corporate | Interest income
Segment Reporting Information [Line Items]
Revenue from contract with customer	0	0
Non-segment / Corporate | Other income
Segment Reporting Information [Line Items]
Revenue from contract with customer	$ 1,152	$ 606
[1]The consolidated balance sheet at December 31, 2022 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		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenues [Abstract]
Amount	$ 1,560,729	$ 1,395,704
Assets:
Amount	38,493,889		$ 37,893,233	[1]
Resident fees and services
Revenues [Abstract]
Revenue from contract with customer	1,131,685	994,335
United States
Revenues [Abstract]
Amount	1,296,022	1,139,016
Assets:
Amount	32,325,218		31,740,907
United States | Resident fees and services
Revenues [Abstract]
Revenue from contract with customer	908,944	784,097
United Kingdom
Revenues [Abstract]
Amount	147,876	144,491
Assets:
Amount	3,518,034		3,476,793
United Kingdom | Resident fees and services
Revenues [Abstract]
Revenue from contract with customer	109,012	101,090
Canada
Revenues [Abstract]
Amount	116,831	112,197
Assets:
Amount	2,650,637		$ 2,675,533
Canada | Resident fees and services
Revenues [Abstract]
Revenue from contract with customer	$ 113,729	$ 109,148
Revenue | Geographic Concentration Risk
Assets:
Percentage	100%	100%
Revenue | Resident fees and services | Geographic Concentration Risk
Assets:
Percentage	100%	100%
Revenue | United States | Geographic Concentration Risk
Assets:
Percentage	83%	81.60%
Revenue | United States | Resident fees and services | Geographic Concentration Risk
Assets:
Percentage	80.40%	78.80%
Revenue | United Kingdom | Geographic Concentration Risk
Assets:
Percentage	9.50%	10.40%
Revenue | United Kingdom | Resident fees and services | Geographic Concentration Risk
Assets:
Percentage	9.60%	10.20%
Revenue | Canada | Geographic Concentration Risk
Assets:
Percentage	7.50%	8%
Revenue | Canada | Resident fees and services | Geographic Concentration Risk
Assets:
Percentage	10%	11%
Assets | Geographic Concentration Risk
Assets:
Percentage	100%		100%
Assets | United States | Geographic Concentration Risk
Assets:
Percentage	84%		83.80%
Assets | United Kingdom | Geographic Concentration Risk
Assets:
Percentage	9.10%		9.20%
Assets | Canada | Geographic Concentration Risk
Assets:
Percentage	6.90%		7%
[1]The consolidated balance sheet at December 31, 2022 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	Mar. 31, 2023	Dec. 31, 2022		Mar. 31, 2022	Dec. 31, 2021
Assets:
Net real estate investments	$ 34,673,767	$ 34,139,819	[1]
Cash and cash equivalents	571,902	631,681	[1]
Receivables and other assets	1,159,233	1,140,838	[1]
Total assets	38,493,889	37,893,233	[1]
Liabilities and equity:
Secured debt	2,474,837	2,110,815	[1]
Lease liabilities	415,169	415,824	[1]
Total equity	21,203,960	21,009,553	[1]	$ 18,732,066	$ 18,596,579
Total liabilities and equity	38,493,889	37,893,233	[1]
VIE, Primary Beneficiary
Assets:
Net real estate investments	1,492,518	1,499,078
Cash and cash equivalents	11,577	15,582
Receivables and other assets	32,582	9,949
Total assets	1,536,677	1,524,609
Liabilities and equity:
Secured debt	155,678	155,992
Lease liabilities	1,329	1,329
Accrued expenses and other liabilities	39,119	28,417
Total equity	1,340,551	1,338,871
Total liabilities and equity	$ 1,536,677	$ 1,524,609
[1]The consolidated balance sheet at December 31, 2022 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.