Welltower (WELL) 10-Q 29 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 25, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		622,689,523
Entity Central Index Key	0000766704
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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	Sep. 30, 2024	Dec. 31, 2023
Real property owned:
Land and land improvements	$ 5,075,391	$ 4,697,824	[1]
Buildings and improvements	40,646,767	37,796,553	[1]
Acquired lease intangibles	2,268,889	2,166,470	[1]
Real property held for sale, net of accumulated depreciation	110,689	372,883	[1]
Construction in progress	1,374,996	1,304,441	[1]
Less accumulated depreciation and amortization	(10,276,509)	(9,274,814)	[1]
Net real property owned	39,200,223	37,063,357	[1]
Right of use assets, net	358,160	350,969	[1]
Investments in sales-type leases, net	469,260	0
Real estate loans receivable, net of credit allowance	1,840,453	1,361,587	[1]
Net real estate investments	41,868,096	38,775,913	[1]
Other assets:
Investments in unconsolidated entities	1,742,836	1,636,531	[1]
Goodwill	68,321	68,321	[1]
Cash and cash equivalents	3,564,942	1,993,646	[1]
Restricted cash	219,466	82,437	[1]
Straight-line rent receivable	518,387	443,800	[1]
Receivables and other assets	971,650	1,011,518	[1]
Total other assets	7,085,602	5,236,253	[1]
Total assets	48,953,698	44,012,166	[1]
Liabilities:
Unsecured credit facility and commercial paper	0	0	[1]
Senior unsecured notes	13,295,096	13,552,222	[1]
Secured debt	2,468,527	2,183,327	[1]
Lease liabilities	392,360	383,230	[1]
Accrued expenses and other liabilities	1,733,712	1,521,660	[1]
Total liabilities	17,889,695	17,640,439	[1]
Redeemable noncontrolling interests	270,182	290,605	[1]
Equity:
Common stock	620,107	565,894	[1]
Capital in excess of par value	37,949,035	32,741,949	[1]
Treasury stock	(114,876)	(111,578)	[1]
Cumulative net income	9,976,753	9,145,044	[1]
Cumulative dividends	(17,901,600)	(16,773,773)	[1]
Accumulated other comprehensive income (loss)	(195,138)	(163,160)	[1]
Total Welltower Inc. stockholders' equity	30,334,281	25,404,376	[1]
Noncontrolling interests	459,540	676,746	[1]
Total equity	30,793,821	26,081,122	[1]
Total liabilities and equity	$ 48,953,698	$ 44,012,166	[1]
[1]The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Resident fees and services		$ 1,511,524	$ 1,199,808	$ 4,265,271	$ 3,490,942
Rental income		430,486	384,507	1,183,949	1,152,005
Interest income		69,046	42,220	185,163	117,335
Other income		44,607	35,478	105,905	127,938
Total revenues		2,055,663	1,662,013	5,740,288	4,888,220
Expenses:
Property operating expenses		1,212,701	995,273	3,420,911	2,911,698
Depreciation and amortization		403,779	339,314	1,151,687	1,020,371
Interest expense		139,050	156,532	419,792	453,272
General and administrative expenses		77,901	46,106	186,784	134,764
Loss (gain) on derivatives and financial instruments, net		(9,906)	2,885	(18,785)	5,095
Loss (gain) on extinguishment of debt, net		419	1	2,130	7
Provision for loan losses, net		4,193	4,059	10,370	7,292
Impairment of assets		23,421	7,388	69,146	21,103
Other expenses		20,239	38,220	83,054	72,034
Total expenses		1,871,797	1,589,778	5,325,089	4,625,636
Income (loss) from continuing operations before income taxes and other items		183,866	72,235	415,199	262,584
Income tax (expense) benefit		4,706	(4,584)	(2,586)	(11,132)
Income (loss) from unconsolidated entities		(4,038)	(4,031)	(6,925)	(51,434)
Income (loss) from continuing operations		456,800	134,722	849,104	269,699
Net income (loss)		456,800	134,722	849,104	269,699
Less: Net income (loss) attributable to noncontrolling interests	[1]	6,951	7,252	17,395	13,516
Net income (loss) attributable to common stockholders		$ 449,849	$ 127,470	$ 831,709	$ 256,183
Weighted average number of common shares outstanding:
Basic (in shares)		611,290	521,848	595,353	504,420
Diluted (in shares)		618,306	525,138	600,191	507,353
Basic:
Income (loss) from continuing operations (in dollars per share)		$ 0.75	$ 0.26	$ 1.43	$ 0.53
Net income (loss) attributable to common stockholders (in dollars per share)		0.74	0.24	1.40	0.51
Diluted:
Income (loss) from continuing operations (in dollars per share)		0.74	0.26	1.41	0.53
Net income (loss) attributable to common stockholders (in dollars per share)	[2]	0.73	0.24	1.39	0.50
Dividends declared and paid per common share (in dollars per share)		$ 0.67	$ 0.61	$ 1.89	$ 1.83
Net income (loss)		$ 456,800	$ 134,722	$ 849,104	$ 269,699
Other comprehensive income (loss):
Foreign currency translation gain (loss)		247,194	(165,186)	133,024	35,098
Derivative and financial instruments designated as hedges gain (loss)		(194,988)	106,449	(125,277)	(49,173)
Total other comprehensive income (loss)		52,206	(58,737)	7,747	(14,075)
Total comprehensive income (loss)		509,006	75,985	856,851	255,624
Less: Total comprehensive income (loss) attributable to noncontrolling interests	[3]	7,730	2,283	9,938	16,410
Total comprehensive income (loss) attributable to common stockholders		$ 501,276	$ 73,702	$ 846,913	$ 239,214
[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, 2022	$ 21,009,553		$ 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
Comprehensive income:
Net income (loss)	106,545					103,040			3,505
Other comprehensive income (loss)	33,061							28,651	4,410
Total comprehensive income	139,606
Net change in noncontrolling interests	(153,120)			8,579				(12,686)	(149,013)
Adjustment to members' interest from change in ownership in Welltower OP	0			(4,794)					4,794
Redemption of OP Units and DownREIT Units	0		1	18					(19)
Amounts related to stock incentive plans, net of forfeitures	12,024		43	11,088	893
Net proceeds from issuance of common stock	922,225		11,833	910,392
Dividends paid:
Common stock dividends	(300,772)						(300,772)
Balances at end of period at Jun. 30, 2023	21,823,923		509,805	28,085,297	(112,032)	8,933,663	(16,116,698)	(95,594)	619,482
Comprehensive income:
Net income (loss)	134,056					127,470			6,586
Other comprehensive income (loss)	(58,098)							(53,768)	(4,330)
Total comprehensive income	75,958
Net change in noncontrolling interests	53,995			56,824					(2,829)
Adjustment to members' interest from change in ownership in Welltower OP	0			(3,431)					3,431
Redemption of OP Units and DownREIT Units	0		62	2,488					(2,550)
Amounts related to stock incentive plans, net of forfeitures	8,537		8	8,810	(281)
Net proceeds from issuance of common stock	1,930,131		24,043	1,906,088
Dividends paid:
Common stock dividends	(318,718)						(318,718)
Balances at end of period at Sep. 30, 2023	23,573,826		533,918	30,056,076	(112,313)	9,061,133	(16,435,416)	(149,362)	619,790
Balances at beginning of period at Dec. 31, 2023	26,081,122	[1]	565,894	32,741,949	(111,578)	9,145,044	(16,773,773)	(163,160)	676,746
Comprehensive income:
Net income (loss)	131,326					127,146			4,180
Other comprehensive income (loss)	(23,752)							(17,677)	(6,075)
Total comprehensive income	107,574
Net change in noncontrolling interests	(13,091)			(19,282)					6,191
Adjustment to members' interest from change in ownership in Welltower OP	0			(18,852)					18,852
Redemption of OP Units and DownREIT Units	0		19	825					(844)
Amounts related to stock incentive plans, net of forfeitures	8,784		112	11,936	(3,264)
Net proceeds from issuance of common stock	2,415,133		26,612	2,388,521
Dividends paid:
Common stock dividends	(352,529)						(352,529)
Balances at end of period at Mar. 31, 2024	28,246,993		592,637	35,105,097	(114,842)	9,272,190	(17,126,302)	(180,837)	699,050
Comprehensive income:
Net income (loss)	260,520					254,714			5,806
Other comprehensive income (loss)	(18,751)							(18,656)	(95)
Total comprehensive income	241,769
Net change in noncontrolling interests	(353,525)			(49,943)				(46,969)	(256,613)
Adjustment to members' interest from change in ownership in Welltower OP	0			(1,833)					1,833
Redemption of OP Units and DownREIT Units	43,011		476	42,636					(101)
Amounts related to stock incentive plans, net of forfeitures	11,232		36	11,028	168
Net proceeds from issuance of common stock	1,603,008		16,710	1,586,298
Dividends paid:
Common stock dividends	(366,182)						(366,182)
Balances at end of period at Jun. 30, 2024	29,426,306		609,859	36,693,283	(114,674)	9,526,904	(17,492,484)	(246,462)	449,880
Comprehensive income:
Net income (loss)	455,723					449,849			5,874
Other comprehensive income (loss)	51,411							51,324	87
Total comprehensive income	507,134
Net change in noncontrolling interests	(11,810)			(19,175)					7,365
Adjustment to members' interest from change in ownership in Welltower OP	0			3,666					(3,666)
Amounts related to stock incentive plans, net of forfeitures	39,716		6	39,912	(202)
Net proceeds from issuance of common stock	1,241,591		10,242	1,231,349
Dividends paid:
Common stock dividends	(409,116)						(409,116)
Balances at end of period at Sep. 30, 2024	$ 30,793,821		$ 620,107	$ 37,949,035	$ (114,876)	$ 9,976,753	$ (17,901,600)	$ (195,138)	$ 459,540
[1]The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net income		$ 849,104	$ 269,699
Adjustments to reconcile net income to net cash provided from (used in) operating activities:
Depreciation and amortization		1,151,687	1,020,371
Other amortization expenses		43,165	31,002
Provision for loan losses, net		10,370	7,292
Impairment of assets		69,146	21,103
Stock-based compensation expense		62,308	28,781
Loss (gain) on derivatives and financial instruments, net		(18,785)	5,095
Loss (gain) on extinguishment of debt, net		2,130	7
Loss (income) from unconsolidated entities		6,925	51,434
Rental income less than (in excess of) cash received		(31,805)	(96,345)
Amortization related to above (below) market leases, net		166	(436)
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net		(443,416)	(69,681)
Proceeds from (payments on) interest rate swap settlements		(59,555)	(65,485)
Distributions by unconsolidated entities		12,845	9,055
Increase (decrease) in accrued expenses and other liabilities		135,926	95,695
Decrease (increase) in receivables and other assets		(93,002)	(76,228)
Net cash provided from (used in) operating activities		1,697,209	1,231,359
Investing activities:
Cash disbursed for acquisitions, net of cash acquired		(1,669,106)	(1,073,627)
Cash disbursed for capital improvements to existing properties		(538,752)	(334,090)
Cash disbursed for construction in progress		(632,511)	(730,712)
Capitalized interest		(43,955)	(36,152)
Investment in loans receivable		(603,619)	(328,554)
Principal collected on loans receivable		250,791	68,404
Other investments, net of payments		(49,271)	(95,366)
Contributions to unconsolidated entities		(218,974)	(267,359)
Distributions by unconsolidated entities		39,693	145,985
Net proceeds from net investment hedge settlements		10,712	3,933
Proceeds from sales of real property		145,774	83,984
Net cash provided from (used in) investing activities		(3,309,218)	(2,563,554)
Financing activities:
Net increase (decrease) under unsecured credit facility and commercial paper		0
Net increase (decrease) under unsecured credit facility and commercial paper			0
Net proceeds from issuance of senior unsecured notes		1,015,063	1,011,780
Payments to extinguish senior unsecured notes		(1,350,000)	0
Net proceeds from the issuance of secured debt		3,708	381,369
Payments on secured debt		(356,216)	(439,027)
Net proceeds from the issuance of common stock		5,262,364	3,265,056
Payments for deferred financing costs and prepayment penalties		(23,460)	(7,619)
Contributions by noncontrolling interests	[1]	29,009	211,071
Distributions to noncontrolling interests	[1]	(104,268)	(179,476)
Cash distributions to stockholders		(1,127,046)	(922,288)
Other financing activities		(33,867)	(9,763)
Net cash provided from (used in) financing activities		3,315,287	3,311,103
Effect of foreign currency translation on cash and cash equivalents and restricted cash		5,047	(14,489)
Increase (decrease) in cash, cash equivalents and restricted cash		1,708,325	1,964,419
Cash, cash equivalents and restricted cash at beginning of period		2,076,083	722,292
Cash, cash equivalents and restricted cash at end of period		3,784,408	2,686,711
Supplemental cash flow information:
Interest paid		390,649	422,327
Income taxes paid (received), net		$ 8,383	$ 4,092
[1] (1) Includes amounts attributable to redeemable noncontrolling interests.

Business

Business	9 Months Ended
	Sep. 30, 2024
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. 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 99.730% for the nine months ended September 30, 2024. As of September 30, 2024, Welltower owned 99.701% of the issued and outstanding units of Welltower OP, with other investors owning the remaining 0.299% of outstanding units. We adjust the noncontrolling members' interest at the end of each period to reflect their interest in the net assets of W elltower OP.

Accounting Policies and Related

Accounting Policies and Related Matters	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Accounting Policies and Related Matters	Accounting Policies and Related Matters Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (such as normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2024 are not necessarily an indication of the results that may be expected for the year ending December 31, 2024. 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, 2023. New Accounting Standards In November 2023, the FASB issued Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The guidance is to be applied retrospectively to all periods presented in the financial statements. We are currently evaluating the impact that the adoption of ASU 2023-07 will have on our consolidated financial statements and disclosures. We currently expect to provide the required significant segment expense disclosures, with no other changes to our consolidated financial statements, as a result of the new standard. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09")," which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and disclosures.

Real Property Acquisitions and

Real Property Acquisitions and Development	9 Months Ended
	Sep. 30, 2024
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 directly 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. Our acquisitions of properties are at times subject to earn out provisions based on the future operating performance of the acquired properties, which could result in incremental payments in the future. Our policy is to recognize such contingent consideration when the contingency is resolved and the consideration becomes payable. In the fourth quarter of 2024, we expect to make earn out payments of approximately $150 million. We will capitalize any payments made as additional costs of the acquisitions. The following is a summary of our real property investment activity by segment for the periods presented (in thousands): Nine Months Ended September 30, 2024 September 30, 2023 Seniors Housing Operating Triple-net Outpatient Totals Seniors Housing Operating Triple-net Outpatient Totals Land and land improvements $ 208,219 $ 63,075 $ 10,160 $ 281,454 $ 58,049 $ 58,797 $ 72,992 $ 189,838 Buildings and improvements 1,446,475 621,378 34,481 2,102,334 411,273 430,041 314,892 1,156,206 Acquired lease intangibles 89,460 33,232 2,193 124,885 25,617 — 45,936 71,553 Construction in progress 45,983 — — 45,983 165,934 — — 165,934 Real property held for sale — 297,000 — 297,000 — — — — Right of use assets, net — — — — 16,539 — 927 17,466 Total net real estate assets 1,790,137 1,014,685 46,834 2,851,656 677,412 488,838 434,747 1,600,997 Receivables and other assets 9,592 1,118 112 10,822 16,789 — 545 17,334 Total assets acquired (1) 1,799,729 1,015,803 46,946 2,862,478 694,201 488,838 435,292 1,618,331 Secured debt (350,978) (465,820) — (816,798) (292,160) — (40,953) (333,113) Lease liabilities — — — — (16,539) — (953) (17,492) Accrued expenses and other liabilities (19,752) (20,309) (182) (40,243) (10,825) — (10,832) (21,657) Total liabilities acquired (370,730) (486,129) (182) (857,041) (319,524) — (52,738) (372,262) Noncontrolling interests (25,787) — — (25,787) — — (775) (775) Non-cash acquisition related activity (2) (119,012) (191,532) — (310,544) (171,667) — — (171,667) Cash disbursed for acquisitions 1,284,200 338,142 46,764 1,669,106 203,010 488,838 381,779 1,073,627 Construction in progress additions 424,827 28 269,840 694,695 450,205 25,646 297,862 773,713 Less: Capitalized interest (36,247) — (7,708) (43,955) (28,289) (2,416) (5,447) (36,152) Accruals (3) 1,217 126 (19,572) (18,229) 3,447 (2,692) (7,604) (6,849) Cash disbursed for construction in progress 389,797 154 242,560 632,511 425,363 20,538 284,811 730,712 Capital improvements to existing properties 448,144 19,870 70,738 538,752 261,935 17,933 54,222 334,090 Total cash invested in real property, net of cash acquired $ 2,122,141 $ 358,166 $ 360,062 $ 2,840,369 $ 890,308 $ 527,309 $ 720,812 $ 2,138,429 (1) Excludes $33,577,000 and $6,431,000 of unrestricted and restricted cash acquired during the nine months ended September 30, 2024 and September 30, 2023, respectively. (2) Primarily relates to the acquisition of assets previously financed as real estate loans receivable, the acquisition of assets previously recognized as investments in unconsolidated entities, the acquisition of assets for which consideration was only partially funded at close, and the $179,770,000 gain on acquisition of controlling interests described below. (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. Significant Joint Venture Transactions During the three months ended September 30, 2023, we paid $69,606,000 to acquire the 45% redeemable noncontrolling ownership interest in two consolidated joint ventures with the Canadian Pension Plan Investment Board, which owned interests in ten medical office buildings. In conjunction with the transaction $118,256,000 was removed from redeemable noncontrolling interests with the difference recorded to capital in excess of par value on our Consolidated Balance Sheets. The transaction is excluded from the table above. On September 30, 2024, the Company, which held a 25% minority interest in an existing equity method joint venture that owned 39 properties subject to triple-net leases with two tenants, acquired the remaining beneficial interest for $205,029,000 in cash, net of cash and restricted cash acquired. The properties were encumbered with secured debt with an aggregate principal balance of $532,575,000. We evaluated the acquisition and determined that the entity meets the criteria of a variable interest entity ("VIE") and that we are its primary beneficiary; therefore, upon consolidation we recognized a gain of $179,770,000 in gains (losses) on real estate dispositions and acquisitions of controlling interests, net in the Consolidated Statements of Comprehensive Income during the period ended September 30, 2024. The fair value of the assets acquired and liabilities assumed is included in the Triple-net segment in the table above. Affinity Living Communities In February 2024, we entered into a definitive agreement to acquire 25 Seniors Housing Operating properties for a total purchase price of approximately $969 million, which will be managed under the Affinity brand. During the three months ended September 30, 2024, we closed on the acquisition of 20 properties with a purchase price of $690,510,000 through a combination of cash, the issuance of 203,328 OP Units, and the assumption of $364,130,000 of secured debt. The acquisition of the remaining properties is expected to close by the end of the year, subject to customary closing conditions and lender consents. Announced Acquisitions In July 2024, we entered into a definitive agreement to acquire a seniors housing portfolio of 136 properties and leasehold interests in the U.K. for approximately $1.0 billion of consideration. The transaction closed in October 2024. Construction Activity The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented (in thousands): Nine Months Ended September 30, 2024 September 30, 2023 Development projects: Seniors Housing Operating $ 462,246 $ 280,333 Triple-net — 141,142 Outpatient Medical 162,699 30,071 Total development projects 624,945 451,546 Expansion projects 20,229 62,292 Total construction in progress conversions $ 645,174 $ 513,838

Real Estate Intangibles

Real Estate Intangibles	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Real Estate Intangibles	Real Estate Intangibles The following is a summary of our real estate intangibles, excluding those related to ground leases or classified as held for sale, as of the dates indicated (dollars in thousands): September 30, 2024 December 31, 2023 Assets: In place lease intangibles $ 2,079,917 $ 2,001,827 Above market tenant leases 71,892 66,663 Lease commissions 117,080 97,980 Gross historical cost 2,268,889 2,166,470 Accumulated amortization (1,784,900) (1,651,656) Net book value $ 483,989 $ 514,814 Liabilities: Below market tenant leases $ 71,224 $ 70,364 Accumulated amortization (51,400) (47,939) Net book value $ 19,824 $ 22,425 The following is a summary of real estate intangible amortization income (expense) for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Rental income related to (above)/below market tenant leases, net $ (189) $ 152 $ (274) $ 327 Amortization related to in place lease intangibles and lease commissions (61,872) (47,556) (169,539) (157,481)

Dispositions, Real Property Hel

Dispositions, Real Property Held for Sale and Impairment	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Dispositions, Real Property Held for Sale and Impairment	Dispositions, Real Property Held for Sale and Impairment We periodically sell properties for various reasons, including favorable market conditions, the exercise of tenant purchase options or reduction of concentrations (i.e., property type, relationship or geography). At September 30, 2024, seven Seniors Housing Operating properties and ten Triple-net properties with an aggregate real estate balance of $ 110,689,000 were classified as held for sale. Expected gross sales proceeds related to these held for sale properties are approximately $131,558,000. The net book value of real property owned is reviewed quarterly on a property by property basis to determine if facts and circumstances suggest that a property may be impaired. If the estimated undiscounted cash flows indicate that the carrying value of the property will not be recoverable, the carrying of the property is reduced to the estimated fair market value and an impairment charge is recognized. Properties that meet the held for sale criteria are recorded at the lesser of fair value less costs to sell or the carrying value. During the nine months ended September 30, 2024, we recorded impairment charges of $69,146,000 related to 14 Seniors Housing Operating properties and two Triple-net properties. During the nine months ended September 30, 2023, we recorded $21,103,000 of impairment charges related to six Seniors Housing Operating properties and two Triple-net properties. 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 September 30, 2024 o f $(15,905,000) and $(62,121,000) fo r the three and nine months ended September 30, 2024 and $(4,893,000) and $64,266,000 for the same periods in 2023, respectively. The following is a summary of our real property disposition activity for the periods presented (in thousands): Nine Months Ended September 30, 2024 September 30, 2023 Real estate dispositions: (1) Seniors Housing Operating $ 366,255 $ 371,143 Triple-net (2) 170 6,391 Outpatient Medical 42,761 — Total dispositions 409,186 377,534 Gain (loss) on real estate dispositions and acquisitions of controlling interests, net (3) 171,053 69,681 Net other assets/(liabilities) disposed (139) (1,401) Non-cash consideration (434,326) (361,830) Cash proceeds from real estate dispositions $ 145,774 $ 83,984 (1) The nine months ended September 30, 2024 includes the disposition of unconsolidated equity method investments that owned six Seniors Housing Operating properties and one Outpatient Medical property. (2) Excludes $376,695,000 of net real property derecognized related to 15 properties upon the reclassification of two leases from operating to sales-type (see Note 6 for additional details). (3) Excludes the $179,770,000 gain recognized in conjunction with the joint venture consolidation (see Note 3 for additional details) and the $92,593,000 gain recognized as a result of the reclassification of two leases from operating to sales-type (see Note 6 for additional details). Strategic Dissolution of Revera Joint Ventures During the quarter ended June 30, 2023, we entered into definitive agreements to dissolve our existing Revera joint venture relationships across the U.S., U.K. and Canada. The transactions included acquiring the remaining interests in 110 properties from Revera, while simultaneously selling interests in 31 properties to Revera. In June 2023, we closed the U.K. portfolio portion of the transaction through the acquisition of the remaining ownership interest in 29 properties previously held in two separate consolidated joint venture structures in which we owned 75% and 90% of the interests in exchange for the disposition to Revera of our interests in four properties. In addition, we received cash from Revera of $107,341,000 relating to the net settlement of loans previously made to the joint ventures. Operations for the 29 retained properties were transitioned to Avery Healthcare. Total proceeds related to the four properties disposed were $222,521,000, which included non-cash consideration from Revera of $241,728,000, comprised of the fair value of interests received by us of $198,837,000 and an allocation of Revera's noncontrolling interests of $42,891,000, partially offset by $9,049,000 of transaction-related expenses as well as the $10,158,000 of cash paid to equalize the value exchanged between the parties. We disposed of net real property owned of $224,208,000, resulting in a loss of $1,687,000 recognized within gain (loss) on real estate dispositions and acquisitions of controlling interests, net within our Consolidated Statements of Comprehensive Income. Consideration transferred to acquire the additional interests in the 29 properties was comprised of the fair value of interests transferred by us of $198,837,000 and $5,776,000 of cash paid for transaction-related expenses. We derecognized $180,497,000 of noncontrolling interests and $22,270,000 of liabilities previously due to Revera with an adjustment of $1,846,000 recognized in capital in excess of par value. We closed the portion of the transactions predominantly related to the U.S. portfolio during the third quarter of 2023 through (i) the acquisition of the remaining interests in ten properties currently under development or recently developed by Sunrise Senior Living that were previously held within an equity method joint venture owned 34% by us and 66% by Revera, (ii) the disposition of our minority interests in 12 U.S. properties and one Canadian development project and (iii) the disposition of our 34% interest in the Sunrise Senior Living management company. We recorded net real estate investments of $479,525,000 related to the ten acquired and now consolidated properties, which was comprised of $31,456,000 of cash consideration and $448,069,000 of non-cash consideration. Non-cash consideration primarily includes $270,486,000 of assumed mortgage debt secured by the acquired properties, which was subsequently repaid in full by us immediately following the transaction, $47,734,000 of carryover investment from our prior 34% equity method ownership interest and $119,258,000 of fair value interests in the 13 properties transferred by us to Revera. We also derecognized $56,905,000 of equity method investments related to the 13 properties retained by Revera and recorded a gain on real estate dispositions of $62,075,000. In conjunction with this transaction, operations for two of the now wholly-owned properties, along with operations for 26 existing wholly-owned properties, transitioned to Oakmont Management Group. In April 2024, we closed the Canadian portfolio portion of the transaction through the acquisition of the remaining ownership interest i n 71 properties previously held in consolidated joint venture structures in which we owned 75% of the interests, in exchange for the disposition to Revera of our interests in 14 properties. In addition, we received cash of $60,614,000 relating to the net settlement of loans previously made to Revera to fund its share of the pay-off of third party secured debt of the joint ventures. Operations for the 71 retained properties previously transitioned to Cogir Senior Living (53), Levante Living (12) and Optima Living (6) during 2023. Total net proceeds related to the 14 properties disposed were $430,898,000 , which included non-cash consideration from Revera of $434,326,000 , comprised primarily of the net fair value of interests received by us of $219,940,000 , debt which we were relieved of in the amount of $164,640,000 and an allocation of Revera's noncontrolling interests in the disposed properties of $53,174,000 . We disposed of net real property owned of $293,257,000 and paid $3,428,000 of cash transaction-related expenses for the sale of the 14 properties , resulting in a gain of $137,641,000 recognized within gain (loss) on real estate dispositions and acquisitions of controlling interests , net within our Consolidated Statements of Comprehensive Income. Consideration transferred to acquire the additional interests in the 71 properties was primarily comprised of the fair value of interests transferred by us of $219,940,000 , a cash payment of $51,986,000 to equalize the value exchanged between the parties and $17,258,000 of cash paid for transaction-related expenses. We derecognized $246,564,000 of Revera's noncontrolling interests in the acquired properties with an adjustment of $42,619,000 recognized in capital in excess of par value. The non-cash investing activity with respect to the sale of the properties to Revera and non-cash financing activity with respect to the acquisition of Revera's interests have been excluded from our C onsolidated Statement of Cash Flows. Genesis HealthCare As part of the substantial exit of the Genesis HealthCare ("Genesis") operating relationship, which we disclosed on March 2, 2021, we transitioned the sublease of a portfolio of seven facilities from Genesis to Complete Care Management in the second quarter of 2021. As part of the March 2021 transaction, we entered into a forward sale agreement for the seven properties valued at $182,618,000, which was expected to close when the Welltower-held purchase option became exercisable. As of March 31, 2023, the right of use assets related to the properties were $115,359,000 and were reflected as held for sale with the corresponding lease liabilities of $66,530,000 on our Consolidated Balance Sheet.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Lessee We lease land, buildings, office space and certain equipment. Many of our leases include a renewal option to extend the term from one to 25 years or more. Renewal options that we are reasonably certain to exercise are recognized in our right-of-use assets and lease liabilities. The components of lease expense were as follows for the periods presented (in thousands): Nine Months Ended Classification September 30, 2024 September 30, 2023 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 17,837 $ 16,663 Non-real estate investment lease expense General and administrative expenses 4,838 5,392 Finance lease cost: Amortization of leased assets Property operating expenses 3,278 4,774 Interest on lease liabilities Interest expense 2,923 3,008 Sublease income Rental income — (3,933) Total $ 28,876 $ 25,904 (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 September 30, 2024 December 31, 2023 Right of use assets: Operating leases - real estate Right of use assets, net $ 280,295 $ 283,293 Finance leases - real estate Right of use assets, net 77,865 67,676 Real estate right of use assets, net 358,160 350,969 Operating leases - non-real estate investments Receivables and other assets 8,734 11,338 Total right of use assets, net $ 366,894 $ 362,307 Lease liabilities: Operating leases $ 301,046 $ 303,553 Finance leases 91,314 79,677 Total $ 392,360 $ 383,230
Leases	Lessee We lease land, buildings, office space and certain equipment. Many of our leases include a renewal option to extend the term from one to 25 years or more. Renewal options that we are reasonably certain to exercise are recognized in our right-of-use assets and lease liabilities. The components of lease expense were as follows for the periods presented (in thousands): Nine Months Ended Classification September 30, 2024 September 30, 2023 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 17,837 $ 16,663 Non-real estate investment lease expense General and administrative expenses 4,838 5,392 Finance lease cost: Amortization of leased assets Property operating expenses 3,278 4,774 Interest on lease liabilities Interest expense 2,923 3,008 Sublease income Rental income — (3,933) Total $ 28,876 $ 25,904 (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 September 30, 2024 December 31, 2023 Right of use assets: Operating leases - real estate Right of use assets, net $ 280,295 $ 283,293 Finance leases - real estate Right of use assets, net 77,865 67,676 Real estate right of use assets, net 358,160 350,969 Operating leases - non-real estate investments Receivables and other assets 8,734 11,338 Total right of use assets, net $ 366,894 $ 362,307 Lease liabilities: Operating leases $ 301,046 $ 303,553 Finance leases 91,314 79,677 Total $ 392,360 $ 383,230
Leases	Lessor Substantially all of our operating leases in which we are the lessor contain escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. During the nine months ended September 30, 2024, we wrote off previously recognized straight-line rent receivable and unamortized lease incentive balances of $97,674,000 through a reduction of rental income, which related to leases for which the collection of substantially all contractual lease payments was no longer probable due primarily to agreements reached to convert Triple-net leased properties to Seniors Housing Operating RIDEA structures (see Note 19). During the nine months ended September 30, 2023, we wrote off previously recognized straight-line rent receivable and unamortized lease incentive balances of $12,309,000 for which collection was no longer deemed probable. Leases in our Triple-net and Outpatient Medical portfolios recognized under ASC 842, "Leases" ("ASC 842"), typically include some form of operating expense reimbursement by the tenant. For the nine months ended September 30, 2024, we recognized $1,183,949,000 of rental income related to operating leases, of which $165,863,000 was for variable lease payments that primarily represents the reimbursement of operating costs such as common area maintenance expenses, utilities, insurance and real estate taxes. For the nine months ended September 30, 2023, we recognized $1,152,005,000 of rental income related to operating leases, of which $163,980,000 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 $417,490,000 and $341,172,000 for the nine months ended September 30, 2024 and 2023, respectively. For sales-type leases, we record any selling profit or loss arising from leases at inception within gain (loss) on real estate dispositions and acquisitions of controlling interests, net in the Consolidated Statements of Comprehensive Income. The investments in sales-type leases, net represents the lease receivable, the components of which are the future lease payments and any guaranteed or unguaranteed residual value for the underlying assets expected at the end of the lease term, measured at the net present value discounted using a rate implicit in the lease. Interest income is recognized in the Consolidated Statements of Comprehensive Income over the lease term using the effective interest method.

Loans Receivable

Loans Receivable	9 Months Ended
	Sep. 30, 2024
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 $33,992,000 and $31,798,000 as of September 30, 2024 and December 31, 2023, respectively, and is included in receivables and other assets on the Consolidated Balance Sheets. The following is a summary of our loans receivable (in thousands): September 30, 2024 December 31, 2023 Mortgage loans $ 1,576,567 $ 1,057,516 Other real estate loans 290,419 324,660 Allowance for credit losses on real estate loans receivable (26,533) (20,589) Real estate loans receivable, net of credit allowance 1,840,453 1,361,587 Non-real estate loans 274,814 503,993 Allowance for credit losses on non-real estate loans receivable (27,396) (173,874) Non-real estate loans receivable, net of credit allowance 247,418 330,119 Total loans receivable, net of credit allowance $ 2,087,871 $ 1,691,706 The following is a summary of our loan activity for the periods presented (in thousands): Nine Months Ended September 30, 2024 September 30, 2023 Advances on loans receivable $ 603,619 $ 328,554 Less: Receipts on loans receivable 250,791 68,404 Net cash advances (receipts) on loans receivable $ 352,828 $ 260,150 During the nine months ended September 30, 2024, we provided a first mortgage loan collateralized by a portfolio of seniors housing communities for $456,199,000. The loan bears interest at 10% per annum. In June 2024, certain secured and unsecured indebtedness payable by Genesis to us was modified to extend the maturity date to June 30, 2025, with no other changes to the terms. In September 2024, we sold the entirety of the unsecured notes receivable from Genesis for cash proceeds of $24,246,000, which was equal to the carrying value after application of the allowance for credit losses and unrecognized interest. In addition, we sold a portion of the secured notes receivable from Genesis for cash proceeds of $55,504,000. The cash proceeds from these sales are included in receipts on loans receivable in the summary of loan activity above. Additionally, the secured notes were modified to extend the maturity date to June 30, 2026, and to convert to cash-pay interest beginning January 1, 2025. The allowance for credit losses on loans receivable is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the credit allowance is based on a quarterly evaluation of each of these loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of credit quality indicators, including, but not limited to, payment status, historical loan charge-offs, financial strength of the borrower and guarantors, and nature, extent, and value of the underlying collateral. A loan is considered to have deteriorated credit quality when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreement. For those loans we identified as having deteriorated credit quality, we determine the amount of credit loss on an individual basis. Placement on non-accrual status may be required. Consistent with this definition, all loans on non-accrual are deemed to have deteriorated credit quality. To the extent circumstances improve and the risk of collectability is diminished, we will return these loans to income accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance. For the remaining loans we assess credit loss on a collective pool basis and use our historical loss experience for similar loans to determine the reserve for credit losses. The following is a summary of our loans by credit loss category (in thousands): September 30, 2024 Loan category Years of Origination Loan Carrying Value Allowance for Credit Loss Net Loan Balance No. of Loans Deteriorated loans 2007 - 2023 $ 28,526 $ (26,370) $ 2,156 4 Collective loan pool 2010 - 2019 153,610 (1,991) 151,619 11 Collective loan pool 2020 33,534 (434) 33,100 5 Collective loan pool 2021 915,539 (12,040) 903,499 10 Collective loan pool 2022 105,701 (1,370) 104,331 14 Collective loan pool 2023 332,429 (4,307) 328,122 11 Collective loan pool 2024 572,461 (7,417) 565,044 10 Total loans $ 2,141,800 $ (53,929) $ 2,087,871 65 The total allowance for credit losses balance is deemed sufficient to absorb expected losses relating to our loan portfolio. The following is a summary of the allowance for credit losses on loans receivable for the periods presented (in thousands): Nine Months Ended September 30, 2024 September 30, 2023 Balance at beginning of period $ 194,463 $ 164,249 Provision for loan losses, net (1) 10,370 6,280 Purchased deteriorated loan — 19,077 Reserve for unrecognized interest added to principal — 2,066 Loan write-offs (151,406) — Foreign currency translation 502 92 Balance at end of period $ 53,929 $ 191,764 (1) Excludes the provision for loan loss on held-to-maturity debt securities.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities We participate in a number of joint ventures, which generally invest in seniors housing and health care real estate. Our share of the results of operations for these properties has been included in our consolidated results of operations from the date of acquisition by the joint ventures and are reflected in our Consolidated Statements of Comprehensive Income as income or loss from unconsolidated entities. The following is a summary of our investments in unconsolidated entities (dollars in thousands): Percentage Ownership (1) September 30, 2024 December 31, 2023 Seniors Housing Operating 10% to 95% $ 1,385,356 $ 1,248,774 Triple-net 10% to 88% 111,278 147,679 Outpatient Medical 15% to 50% 246,202 240,078 Total $ 1,742,836 $ 1,636,531 (1) As of September 30, 2024 and includes ownership of investments classified as liabilities and excludes ownership of in substance real estate. At September 30, 2024, the aggregate unamortized basis difference of our joint venture investments of $190,830,000 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 l oans related to 25 properties as of September 30, 2024 for the development and construction of certain properties that have a carrying value of $901,777,000. We believe that such borrowers typically represent 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 are obligated to fund an additional $146,367,000 rela ted to these investments.

Credit Concentration

Credit Concentration	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
Credit Concentration	Credit Concentration We use consolidated net operating income (“NOI”) as our credit concentration metric. See Note 18 for additional information and reconciliation. The following table summarizes certain information about our credit concentration for the nine months ended September 30, 2024, excluding our share of NOI in unconsolidated entities (dollars in thousands): Concentration by relationship: (1) Number of Properties Total NOI Percent of NOI (2) Cogir Management Corporation 125 $ 173,822 7% Integra Healthcare Properties 147 161,430 7% Sunrise Senior Living 88 127,273 5% Avery Healthcare 84 104,667 5% Oakmont Management Group 66 101,703 4% Remaining portfolio 1,475 1,650,482 72% Totals 1,985 $ 2,319,377 100% (1) Cogir Management Corporation, Sunrise Senior Living and Oakmont Management Group are in our Seniors Housing Operating segment. Integra Healthcare Properties is in our Triple-net segment. Avery Healthcare operates assets in both our Seniors Housing Operating and Triple-net segments. (2) NOI with our top five relationships comprised 26% of total NOI for the year ended December 31, 2023 . In April 2024, we reached an agreement to transition 89 Atria Senior Living properties to six of our existing operating partners. In conjunction with the termination of the property management agreements, we recognized $26 million within other expenses on our Consolidated Statements of Comprehensive Income during the second quarter in excess of amounts already accrued. As of September 30, 2024, we have transitioned operations for all 89 properties

Borrowings Under Credit Facilit

Borrowings Under Credit Facilities and Commercial Paper Program	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Borrowings Under Credit Facilities and Commercial Paper Program	Borrowings Under Credit Facilities and Commercial Paper Program At September 30, 2024, we had a primary unsecured credit facility with a consortium of 29 banks that included a $5,000,000,000 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 $2,000,000,000 tranche that matures on July 24, 2029 (none outstanding at September 30, 2024) and a $3,000,000,000 tranche that matures on July 24, 2028 (none outstanding at September 30, 2024). The term credit facilities mature on July 19, 2026. The $3,000,000,000 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 $5,000,000,000 unsecured revolving credit facility and the $1,000,000,000 unsecured term credit facility by up to an additional $1,250,000,000, in the aggregate, and the $250,000,000 Canadian-denominated unsecured term credit facility by up to an additional $250,000,000. The primary unsecured credit facility also allows us to borrow up to $1,000,000,000 in alternate currencies (none outstanding at September 30, 2024). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over the secured overnight financing rate ("SOFR") interest rate. Based on our current credit ratings, the loans under the unsecured revolving credit facility currently bear interest at 0.725% over the adjusted SOFR rate at September 30, 2024. 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 0.125% at September 30, 2024. 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 $2,000,000,000 (none outstanding at September 30, 2024). The following information relates to aggregate borrowings under the unsecured revolving credit facility and commercial paper program for the periods presented (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Balance outstanding at quarter end $ — $ — $ — $ — Maximum amount outstanding at any month end $ — $ — $ — $ 205,000 Average amount outstanding (total of daily principal balances divided by days in period) $ — $ — $ — $ 21,703 Weighted average interest rate (actual interest expense divided by average borrowings outstanding) — % — % — % 5.05 %

Senior Unsecured Notes and Secu

Senior Unsecured Notes and Secured Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Senior Unsecured Notes and Secured Debt	Senior Unsecured Notes and Secured Debt At September 30, 2024, the annual principal payments due on our debt obligations were as follows (in thousands): Senior Unsecured Notes (1,2) Secured Debt (3) Totals 2024 $ — $ 96,016 $ 96,016 2025 1,260,000 279,372 1,539,372 2026 700,000 231,413 931,413 2027 (4,5) 1,906,945 448,710 2,355,655 2028 (6) 2,521,890 157,797 2,679,687 Thereafter (7) 7,054,900 1,368,570 8,423,470 Total principal balance 13,443,735 2,581,878 16,025,613 Unamortized discounts and premiums, net (23,230) — (23,230) Unamortized debt issuance costs, net (80,736) (16,747) (97,483) Fair value adjustments and other, net (44,673) (96,604) (141,277) Total carrying value of debt $ 13,295,096 $ 2,468,527 $ 15,763,623 (1) Annual interest rates range from 2.05% to 6.50%. The ending weighted average interest rate, after considering the effects of interest rate swaps, was 3.87% and 4.02% as of September 30, 2024 and September 30, 2023, respectively. (2) 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. (3) Annual interest rates range from 1.31% to 8.00%. The ending weighted average interest rate, after considering the effects of interest rate swaps and caps, was 4.34% and 4.83% as of September 30, 2024 and September 30, 2023, respectively. Gross real property value of the properties securing the debt totaled $6,460,936,000 at September 30, 2024. (4) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $184,975,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2024). 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% (6.05% at September 30, 2024) and adjusted Canadian Overnight Repo Rate Average plus 0.85% (5.44% at September 30, 2024), respectively. (5) Includes $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $221,970,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2024). (6) Includes £550,000,000 4.80% senior unsecured notes due 2028 (approximately $736,890,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 30, 2024). (7) Includes £500,000,000 4.50% senior unsecured notes due 2034 (approximately $669,900,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 30, 2024). The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands): Nine Months Ended September 30, 2024 September 30, 2023 Beginning balance $ 13,699,619 $ 12,584,529 Debt issued 1,035,000 1,035,000 Debt extinguished (1,350,000) — Foreign currency 59,116 14,295 Ending balance $ 13,443,735 $ 13,633,824 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. 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, subject to certain contractual restrictions, 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. Exchangeable Senior Unsecured Notes In May 2023, Welltower OP issued $1,035,000,000 aggregate principal amount of 2.750% exchangeable senior unsecured notes maturing May 15, 2028 (the "2028 Exchangeable Notes") unless earlier exchanged, purchased or redeemed. The 2028 Exchangeable Notes will pay interest semi-annually in arrears on May 15 and November 15 of each year. We recognized contractual interest expense on the 2028 Exchangeable Notes of approximatel y $7,116,000 and $21,348,000 for the three and nine months ended September 30, 2024, and $7,116,000 and $11,069,000 for the same periods in 2023, respectively. Additionally, amortization of related issuance costs were $1,168,000 and $3,500,000 for the three and nine ended September 30, 2024, and $1,117,000 and $1,810,000 for the same periods in 2023, respectively. Unamortized issuance costs were $16,790,000 as of September 30, 2024 and $20,245,000 as of December 31, 2023 . In July 2024, Welltower OP issued $1,035,000,000 aggregate principal amount of 3.125% exchangeable senior unsecured notes maturing July 15, 2029 (the "2029 Exchangeable Notes") unless earlier exchanged, purchased or redeemed. The 2029 Exchangeable Notes will pay interest semi-annually in arrears on January 15 and July 15 of each year. The net proceeds from the offering of the 2029 Exchangeable Notes were approximately $ 1,015,063,000 after deducting the underwriting fees and other expenses. During the quarter ended September 30, 2024, we recognized approximately $ 7,188,000 of contractual interest expense and amortization of issuance costs of $ 857,000 related to the 2029 Exchangeable Notes. Unamortized issuance costs were $19,079,000 as of September 30, 2024. Prior to the close of business on the business day immediately preceding January 15 , 2029, the 2029 Exchangeable Notes are exchangeable at the option of the holders only upon certain circumstances and during certain periods. On or after January 15, 2029, the 2029 Exchangeable Notes will be exchangeable at the option of the holders at any time prior to the close of business on the second scheduled trading day preceding the maturity date. Welltower OP will settle exchanges of the 2029 Exchangeable Notes by delivering cash up to the principal amount of the 2029 Exchangeable Notes exchanged and, in respect of the remainder of the exchanged value, if any, in excess thereof, cash or shares of Welltower's common stock, or a combination thereof, at the election of Welltower OP. The exchange rate initially equals 7.8177 shares of common stock per $1,000 principal amount of 2029 Exchangeable Notes (equivalent to an exchange price of approximately $127.91 per share of common stock). The exchange rate is subject to adjustment upon the occurrence of certain events, but will not be adjusted for any accrued and unpaid interest. Welltower OP may redeem the 2029 Exchangeable Notes, at its option in whole or in part, on any business day on or after July 20, 2027, if the last reported sales price of the common stock has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which Welltower OP provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the 2029 Exchangeable Notes to be redeemed, plus accrued and unpaid interest, if any, to but excluding the redemption date. The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): Nine Months Ended September 30, 2024 September 30, 2023 Beginning balance $ 2,222,445 $ 2,129,954 Debt issued 3,708 381,369 Debt assumed 896,705 344,023 Debt extinguished (323,805) (397,381) Debt disposed (1) (164,640) — Principal payments (32,411) (41,646) Foreign currency (20,124) (188) Ending balance $ 2,581,878 $ 2,416,131 (1) Please see Note 5 for additional information. Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of September 30, 2024, we were in compliance in all material respects with all of the covenants under our debt agreements.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments We are exposed to, among other risks, the impact of changes in foreign currency exchange rates as a result of our non-U.S. investments and interest rate risk related to our capital structure. Our risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes foreign currency forward contracts, cross currency swap contracts, interest rate swaps, interest rate locks and debt issued in foreign currencies to offset a portion of these risks. 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 2022 senior note issuance. This swap was terminated in January 2024 resulting in a loss of $(59,555,000). As of September 30, 2024, the unamortized loss amount was $(54,720,000). In January 2024, we entered into a $550,000,000 forward-starting fixed to floating swap which converts a portion of cash flows on our $750,000,000 2.8% senior unsecured notes to floating rate. The swap is effective beginning in June 2025 and matures in December 2030. As of September 30, 2024, the carrying amount of the notes, exclusive of the hedge, is $743,393,000. The fair value of the swap as of September 30, 2024 was $10,047,000 and was recorded as a derivative asset 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. Cash flows from derivatives accounted for as a fair value or cash flow hedge are classified in the same category as the cash flows from the items being hedged in the Consolidated Statement of Cash Flows. Foreign Currency Forward Contracts and Cross Currency Swap Contracts Designated as Net Investment Hedges We use foreign currency forward and cross currency forward swap contracts to hedge a portion of the net investment in foreign subsidiaries against fluctuations in foreign exchange rates. For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to U.S. Dollar of the instrument is recorded as a cumulative translation adjustment component of OCI. During the nine months ended September 30, 2024 and 2023, we settled certain net investment hedges generating cash proceeds of $9,213,000 and $1,994,000, 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. 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 loss (gain) on derivatives and financial instruments in our Consolidated Statements of Comprehensive Income. The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands): September 30, 2024 December 31, 2023 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 2,900,000 $ 2,025,000 Denominated in Pound Sterling £ 1,660,708 £ 1,660,708 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 and caps designated as cash flow hedges: Denominated in U.S. Dollars (1) $ 522,601 $ 872,601 Interest rate swaps designated as fair value hedges: Denominated in U.S. Dollars $ 550,000 $ 550,000 Derivative instruments not designated: Foreign currency exchange contracts denominated in Canadian Dollars $ 80,000 $ 80,000 (1) At September 30, 2024, the maximum maturity date was September 1, 2028. The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Description Location 2024 2023 2024 2023 Gain (loss) on derivative instruments designated as hedges recognized in income Interest expense $ 6,394 $ 4,833 $ 17,045 $ 14,211 Gain (loss) on derivative instruments not designated as hedges recognized in income Interest expense $ (678) $ 1,488 $ 1,238 $ 59 Gain (loss) on equity warrants recognized in income Gain (loss) on derivatives and financial instruments, net $ 9,911 $ (2,876) $ 18,790 $ (5,003) Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI OCI $ (194,988) $ 106,449 $ (125,277) $ (49,173)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At September 30, 2024, we ha d 20 outstanding letter of credit obligations totaling $44,672,000 and expiring between 2024 and 2025. At September 30, 2024, we had outstanding construction in progress of $1,374,996,000 and were committed to providing additional funds of approximately $646,763,000 to complete construction. Additionally, at September 30, 2024, we had outstanding investments classified as in substance real estate of $901,777,000 and were committed to provide additional funds of $146,367,000 (see Note 8 for additional information). Purchase obligations at September 30, 2024 also include $75,074,000 of contingent purchase obligations to fund capital improvements. Rents due from the tenants are increased to reflect the additional investment in the property.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The following is a summary of our stockholders' equity capital accounts as of the dates indicated: September 30, 2024 December 31, 2023 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 1,400,000,000 700,000,000 Issued shares 620,180,281 566,001,632 Outstanding shares 618,395,510 564,241,181 Common Stock In April 2024, we entered into an equity distribution agreement whereby we can offer and sell up to $3,500,000,000 aggregate amount of our common stock ("ATM Program"). Our prior equity distribution agreement dated February 15, 2024, allowing us to sell up to $3,500,000,000 aggregate amount of our common stock, was terminated as a result. The ATM Program allows us to enter into forward sale agreements (none outstanding at September 30, 2024). As of September 30, 2024, we had $1,222,550,000 of remaining capacity under the ATM Program. During October 2024, we sold 4,292,963 shares of common stock under our ATM Program. The following is a summary of our common stock issuances during the nine months ended September 30, 2024 and 2023 (dollars in thousands, except shares and average price amounts): Shares Issued Average Price Gross Proceeds Net Proceeds 2023 Option exercises 1,708 $ 63.65 $ 109 $ 109 2023 ATM Program issuances 41,477,572 79.08 3,279,956 3,264,947 2023 Redemption of OP Units and DownREIT Units 334,582 — — 2023 Stock incentive plans, net of forfeitures (54,317) — — 2023 Totals 41,759,545 $ 3,280,065 $ 3,265,056 2024 Option exercises 16,578 $ 65.57 $ 1,087 $ 1,087 2024 ATM Program issuances 53,547,363 98.76 5,288,418 5,261,277 2024 Redemption of OP Units and DownREIT Units 494,941 — — 2024 Stock incentive plans, net of forfeitures 95,447 — — 2024 Totals 54,154,329 $ 5,289,505 $ 5,262,364 Dividends The following is a summary of our dividend payments (in thousands, except per share amounts): Nine Months Ended September 30, 2024 September 30, 2023 Per Share Amount Per Share Amount Common stock $ 1.89 $ 1,127,827 $ 1.83 $ 921,319 Accumulated Other Comprehensive Income The following is a summary of accumulated other comprehensive income (loss) as of the dates presented (in thousands): September 30, 2024 December 31, 2023 Foreign currency translation $ (820,376) $ (913,675) Derivative and financial instruments designated as hedges 625,238 750,515 Total accumulated other comprehensive income (loss) $ (195,138) $ (163,160)

Stock Incentive Plans

Stock Incentive Plans	9 Months Ended
	Sep. 30, 2024
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 are 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 September 30, 2024, and $8,821,000 and $28,781,000 for the same periods in 2023, respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator for basic earnings per share - net income (loss) attributable to common stockholders $ 449,849 $ 127,470 $ 831,709 $ 256,183 Adjustment for net income (loss) attributable to OP Units and DownREIT Units 1,221 64 1,235 (103) Numerator for diluted earnings per share $ 451,070 $ 127,534 $ 832,944 $ 256,080 Denominator for basic earnings per share - weighted average shares 611,290 521,848 595,353 504,420 Effect of dilutive securities: Employee stock options 370 39 181 24 Non-vested restricted shares and units 2,517 1,141 1,686 968 OP Units and DownREIT Units 2,123 2,085 2,192 1,914 Employee stock purchase program 22 25 22 27 2028 Exchangeable Notes 1,984 — 757 — Dilutive potential common shares 7,016 3,290 4,838 2,933 Denominator for diluted earnings per share - adjusted weighted average shares 618,306 525,138 600,191 507,353 Basic earnings per share $ 0.74 $ 0.24 $ 1.40 $ 0.51 Diluted earnings per share $ 0.73 $ 0.24 $ 1.39 $ 0.50 The 2028 Exchangeable Notes were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2023 as they were anti-dilutive. The 2029 Ex changeable Notes issued in 2024 were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2024

Disclosure about Fair Value of

Disclosure about Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2024
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, 2023 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. Investments in Sales-Type Leases - The fair value of sales-type leases is generally estimated by using Level 2 and Level 3 inputs to discount the estimated future cash flows of the lease using rates implicit in the lease, and an estimate of the unguaranteed residual 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 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 Level 2 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): September 30, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Investments in sales-type leases, net $ 469,260 $ 469,260 $ — $ — Mortgage loans receivable 1,555,962 1,622,078 1,043,252 1,105,260 Other real estate loans receivable 284,491 281,644 318,335 319,905 Cash and cash equivalents 3,564,942 3,564,942 1,993,646 1,993,646 Restricted cash 219,466 219,466 82,437 82,437 Non-real estate loans receivable 247,418 247,911 330,119 312,985 Foreign currency forward contracts, interest rate swaps and cross currency swaps 15,332 15,332 37,118 37,118 Equity warrants 57,037 57,037 35,772 35,772 Financial liabilities: Senior unsecured notes $ 13,295,096 $ 13,670,516 $ 13,552,222 $ 13,249,247 Secured debt 2,468,527 2,466,269 2,183,327 2,144,059 Foreign currency forward contracts, interest rate swaps and cross currency swaps 86,801 86,801 96,023 96,023 Redeemable DownREIT Unitholder interests $ 50,007 $ 50,007 $ 77,928 $ 77,928 Items Measured at Fair Value on a Recurring Basis The market approach is utilized to measure fair value for our financial assets and liabilities reported at fair value on a recurring basis. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The following summarizes items measured at fair value on a recurring basis (in thousands): Fair Value Measurements as of September 30, 2024 Total Level 1 Level 2 Level 3 Equity warrants $ 57,037 $ — $ — $ 57,037 Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1) (71,469) — (71,469) — Totals $ (14,432) $ — $ (71,469) $ 57,037 (1) Please see Note 12 for additional information. The following table summarizes the change in fair value for equity warrants using unobservable Level 3 inputs for the periods presented (in thousands): Nine Months Ended September 30, 2024 September 30, 2023 Beginning balance $ 35,772 $ 30,436 Mark-to-market adjustment 18,791 (5,003) Foreign currency 2,474 423 Ending balance $ 57,037 $ 25,856 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 which was 9.5% and 11.0% at September 30, 2024 and 2023, respectively. Items Measured at Fair Value on a Nonrecurring Basis In addition to items that are measured at fair value on a recurring basis, we also have assets and liabilities in our balance sheet that are measured at fair value on a nonrecurring basis that are not included in the tables above. Assets, liabilities and noncontrolling interests that are measured at fair value on a nonrecurring basis include those acquired, consolidated, exchanged or assumed. Asset impairments (if applicable, see Note 5 for impairments of real property and Note 7 for impairments of loans receivable) are also measured at fair value on a nonrecurring basis. We have determined that the fair value measurements included in each of these assets and liabilities rely primarily on company-specific inputs and our assumptions about the use of the assets and settlement of liabilities, as observable inputs are not available. As such, we have determined that each of these fair value measurements generally resides within Level 3 of the fair value hierarchy. We estimate the fair value of real estate and related intangibles using the income approach and unobservable data such as net operating income and estimated capitalization and discount rates. We also consider local and national industry market data including comparable sales, and commonly engage an external real estate appraiser to assist us in our estimation of fair value. We estimate the fair value of assets held for sale based on current sales price expectations or, in the absence of such price expectations, Level 3 inputs described above. We estimate the fair value of loans receivable using projected payoff valuations based on the expected future cash flows and/or the estimated fair value of collateral, net of sales costs, if the repayment of the loan is expected to be provided solely by the collateral. We estimate the fair value of secured debt assumed in asset acquisitions using current interest rates at which similar borrowings could be obtained on the transaction date.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2024
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 generally 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, 2023). 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 is as follows (in thousands): Three Months Ended September 30, 2024 Seniors Housing Operating Triple-net Outpatient Medical Non-segment/Corporate Total Resident fees and services $ 1,511,524 $ — $ — $ — $ 1,511,524 Rental income — 227,531 202,955 — 430,486 Interest income 16,328 51,866 852 — 69,046 Other income 2,498 1,118 2,040 38,951 44,607 Total revenues 1,530,350 280,515 205,847 38,951 2,055,663 Property operating expenses 1,135,887 9,345 62,778 4,691 1,212,701 Consolidated net operating income (loss) 394,463 271,170 143,069 34,260 842,962 Depreciation and amortization 279,693 57,583 66,503 — 403,779 Interest expense 8,742 90 (573) 130,791 139,050 General and administrative expenses — — — 77,901 77,901 Loss (gain) on derivatives and financial instruments, net — (9,906) — — (9,906) Loss (gain) on extinguishment of debt, net — — — 419 419 Provision for loan losses, net 5,543 (1,345) (5) — 4,193 Impairment of assets 20,887 2,534 — — 23,421 Other expenses 17,914 2,445 (500) 380 20,239 Income (loss) from continuing operations before income taxes and other items 61,684 219,769 77,644 (175,231) 183,866 Income tax (expense) benefit — — — 4,706 4,706 Income (loss) from unconsolidated entities 4,247 (8,680) 395 — (4,038) Gain (loss) on real estate dispositions and acquisitions of controlling interests, net 63 272,334 (131) — 272,266 Income (loss) from continuing operations 65,994 483,423 77,908 (170,525) 456,800 Net income (loss) $ 65,994 $ 483,423 $ 77,908 $ (170,525) $ 456,800 Total assets $ 28,900,249 $ 9,845,405 $ 7,553,112 $ 2,654,932 $ 48,953,698 Three Months Ended September 30, 2023 Seniors Housing Operating Triple-net Outpatient Medical Non-segment/Corporate Total Resident fees and services $ 1,199,808 $ — $ — $ — $ 1,199,808 Rental income — 194,912 189,595 — 384,507 Interest income 2,194 39,928 98 — 42,220 Other income 1,897 1,482 2,265 29,834 35,478 Total revenues 1,203,899 236,322 191,958 29,834 1,662,013 Property operating expenses 918,990 10,044 62,204 4,035 995,273 Consolidated net operating income (loss) 284,909 226,278 129,754 25,799 666,740 Depreciation and amortization 215,195 58,196 65,923 — 339,314 Interest expense 14,358 374 2,313 139,487 156,532 General and administrative expenses — — — 46,106 46,106 Loss (gain) on derivatives and financial instruments, net — 2,885 — — 2,885 Loss (gain) on extinguishment of debt, net — — 1 — 1 Provision for loan losses, net 384 3,675 — — 4,059 Impairment of assets 2,400 4,988 — — 7,388 Other expenses 34,865 1,627 1,117 611 38,220 Income (loss) from continuing operations before income taxes and other items 17,707 154,533 60,400 (160,405) 72,235 Income tax (expense) benefit — — — (4,584) (4,584) Income (loss) from unconsolidated entities (6,021) 2,056 (66) — (4,031) Gain (loss) on real estate dispositions and acquisitions of controlling interests, net 71,173 (12) (59) — 71,102 Income (loss) from continuing operations 82,859 156,577 60,275 (164,989) 134,722 Net income (loss) $ 82,859 $ 156,577 $ 60,275 $ (164,989) $ 134,722 Nine Months Ended September 30, 2024 Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 4,265,271 $ — $ — $ — $ 4,265,271 Rental income — 590,426 593,523 — 1,183,949 Interest income 37,428 145,183 2,552 — 185,163 Other income 5,861 3,248 7,019 89,777 105,905 Total revenues 4,308,560 738,857 603,094 89,777 5,740,288 Property operating expenses 3,190,140 30,657 186,426 13,688 3,420,911 Consolidated net operating income (loss) 1,118,420 708,200 416,668 76,089 2,319,377 Depreciation and amortization 770,020 181,884 199,783 — 1,151,687 Interest expense 27,254 800 2,455 389,283 419,792 General and administrative expenses — — — 186,784 186,784 Loss (gain) on derivatives and financial instruments, net — (18,785) — — (18,785) Loss (gain) on extinguishment of debt, net 1,711 — — 419 2,130 Provision for loan losses, net 13,253 (2,874) (9) — 10,370 Impairment of assets 65,996 3,150 — — 69,146 Other expenses 64,395 12,070 440 6,149 83,054 Income (loss) from continuing operations before income taxes and other items 175,791 531,955 213,999 (506,546) 415,199 Income tax (expense) benefit — — — (2,586) (2,586) Income (loss) from unconsolidated entities (2,546) (9,219) 4,840 — (6,925) Gain (loss) on real estate dispositions and acquisitions of controlling interests, net 141,726 293,628 8,062 — 443,416 Income (loss) from continuing operations 314,971 816,364 226,901 (509,132) 849,104 Net income (loss) $ 314,971 $ 816,364 $ 226,901 $ (509,132) $ 849,104 Nine Months Ended September 30, 2023 Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 3,490,942 $ — $ — $ — $ 3,490,942 Rental income — 596,247 555,758 — 1,152,005 Interest income 6,840 110,211 284 — 117,335 Other income 7,237 70,057 6,939 43,705 127,938 Total revenues 3,505,019 776,515 562,981 43,705 4,888,220 Property operating expenses 2,687,961 32,365 179,266 12,106 2,911,698 Consolidated net operating income (loss) 817,058 744,150 383,715 31,599 1,976,522 Depreciation and amortization 656,030 167,958 196,383 — 1,020,371 Interest expense 41,981 (436) 9,569 402,158 453,272 General and administrative expenses — — — 134,764 134,764 Loss (gain) on derivatives and financial — 5,095 — — 5,095 Loss (gain) on extinguishment of debt, net — — 7 — 7 Provision for loan losses, net 2,178 5,116 (2) — 7,292 Impairment of assets 15,029 6,074 — — 21,103 Other expenses 60,504 4,912 2,311 4,307 72,034 Income (loss) from continuing operations before income taxes and other items 41,336 555,431 175,447 (509,630) 262,584 Income tax (expense) benefit — — — (11,132) (11,132) Income (loss) from unconsolidated entities (61,055) 9,858 (237) — (51,434) Gain (loss) on real estate dispositions and acquisitions of controlling interests, net 69,910 436 (665) — 69,681 Income (loss) from continuing operations 50,191 565,725 174,545 (520,762) 269,699 Net income (loss) $ 50,191 $ 565,725 $ 174,545 $ (520,762) $ 269,699 Our portfolio of properties and other investments are located in the United States, the United Kingdom and Canada. Revenues and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for the periods presented (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Revenues: Amount % Amount % Amount (1) % Amount % United States $ 1,745,893 84.9 % $ 1,384,381 83.2 % $ 4,822,963 84.0 % $ 4,072,915 83.3 % United Kingdom 174,337 8.5 % 153,765 9.3 % 499,109 8.7 % 455,669 9.3 % Canada 135,433 6.6 % 123,867 7.5 % 418,216 7.3 % 359,636 7.4 % Total $ 2,055,663 100.0 % $ 1,662,013 100.0 % $ 5,740,288 100.0 % $ 4,888,220 100.0 % Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Resident Fees and Services: Amount % Amount % Amount (1) % Amount % United States $ 1,255,020 83.0 % $ 967,360 80.7 % $ 3,501,168 82.1 % $ 2,806,301 80.4 % United Kingdom 125,581 8.3 % 111,947 9.3 % 360,254 8.4 % 334,544 9.6 % Canada 130,923 8.7 % 120,501 10.0 % 403,849 9.5 % 350,097 10.0 % Total $ 1,511,524 100.0 % $ 1,199,808 100.0 % $ 4,265,271 100.0 % $ 3,490,942 100.0 % As of September 30, 2024 December 31, 2023 Assets: Amount % Amount % United States $ 40,861,259 83.4 % $ 36,929,186 83.9 % United Kingdom 4,930,587 10.1 % 3,587,230 8.2 % Canada 3,161,852 6.5 % 3,495,750 7.9 % Total $ 48,953,698 100.0 % $ 44,012,166 100.0 %

Income Taxes and Distributions

Income Taxes and Distributions	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes And Distributions	Income Taxes and Distributions We elected to be taxed as a REIT commencing with our first taxable year. To qualify as a REIT for federal income tax purposes, at least 90% of taxable income (excluding 100% of net capital gains) must be distributed to stockholders. REITs that do not distribute a certain amount of taxable income in the current year are also subject to a 4% federal excise tax. The main differences between undistributed net income for federal income tax purposes and financial statement purposes are the recognition of straight-line rent for reporting purposes, basis differences in acquisitions, recording of impairments, differing useful lives and depreciation and amortization methods for real property and the provision for loan losses for reporting purposes versus bad debt expense for tax purposes. Under the provisions of the REIT Investment Diversification and Empowerment Act of 2007 ("RIDEA"), for taxable years beginning after July 30, 2008, a REIT may lease "qualified health care properties" on an arm's-length basis to a taxable REIT subsidiary ("TRS") if the property is operated on behalf of such TRS by a person who qualifies as an "eligible independent contractor." Generally, the rent received from the TRS will meet the related party rent exception and will be treated as “rents from real property.” A "qualified health care property" includes real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility which extends medical or nursing or ancillary services to patients. We have entered into various joint ventures that were structured under RIDEA. Resident level rents and related operating expenses for these facilities are reported in the unaudited consolidated financial statements and are subject to federal and state income taxes as the operations of such facilities are included in TRS entities. Certain net operating loss carryforwards could be utilized to offset taxable income in future years. Income taxes reflected in the financial statements primarily represents U.S. federal, state and local income taxes as well as non-U.S. income based or withholding taxes on certain investments located in jurisdictions outside the U.S. The provision for income taxes for the nine months ended September 30, 2024 and 2023 was primarily due to operating income or losses, offset by certain discrete items at our TRS entities. In 2014, we established certain wholly-owned direct and indirect subsidiaries in Luxembourg and Jersey and transferred interests in certain foreign investments into this holding company structure. The structure includes a property holding company that is tax resident in the United Kingdom. No material adverse current tax consequences in Luxembourg, Jersey or the United Kingdom resulted from the creation of this holding company structure and most of the subsidiary entities in the structure are treated as disregarded entities of the company for U.S. federal income tax purposes. Subsequent to 2014, we transferred certain subsidiaries to the United Kingdom, while some wholly-owned direct and indirect subsidiaries remain in Luxembourg and Jersey. We reflect current and deferred tax liabilities for any such withholding taxes incurred from this holding company structure in its consolidated financial statements. Generally, given current statutes of limitations, we are subject to audit by the foreign, federal, state and local taxing authorities under applicable local laws. The Organization for Economic Co-operation and Development has proposed a global minimum tax of 15% of reported profits ("Pillar 2") that has been agreed upon in principle by over 140 countries. During 2023, many countries incorporated Pillar 2 model rules into their laws and will continue to do so in 2024. The model rules provide a framework for applying the minimum tax and some countries have adopted Pillar 2 effective January 1, 2024; however, countries must individually enact Pillar 2 which may result in variation in the application of the model rules and timelines. We continue to evaluate the potential consequences of Pillar 2 on our longer-term financial position.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2024
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 either wholly owned by us or by consolidated joint ventures which own real estate investments and are deemed to be VIEs. Our VIEs primarily hold real estate assets within our Seniors Housing Operating and Triple-net portfolios, the nature and risk of which are consistent with our overall portfolio. 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): September 30, 2024 December 31, 2023 Assets: Net real estate investments $ 3,881,149 $ 3,277,741 Cash and cash equivalents 15,986 19,529 Receivables and other assets 118,179 43,513 Total assets (1) $ 4,015,314 $ 3,340,783 Liabilities and equity: Secured debt $ 513,724 $ 76,507 Lease liabilities 2,537 2,539 Accrued expenses and other liabilities 20,555 13,850 Total equity 3,478,498 3,247,887 Total liabilities and equity $ 4,015,314 $ 3,340,783 (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 and the VIE's creditors do not have recourse to Welltower. We recognized revenues from consolidated VIEs in the aggregate of $100,951,000 and $297,866,000 for the three and nine months ended September 30, 2024, and $48,885,000 and $139,619,000 for the same periods in 2023, respectively. In addition, we have certain entities that qualify as unconsolidated VIEs including borrowers of loans receivable and in substance real estate investments. Our maximum exposure on these entities is limited to the net carrying value of the investments. Refer to Note 7 and Note 8 for additional details.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies and Relat_2

Accounting Policies and Related Matters (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (such as normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2024 are not necessarily an indication of the results that may be expected for the year ending December 31, 2024. 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, 2023.
New Accounting Standards	New Accounting Standards In November 2023, the FASB issued Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The guidance is to be applied retrospectively to all periods presented in the financial statements. We are currently evaluating the impact that the adoption of ASU 2023-07 will have on our consolidated financial statements and disclosures. We currently expect to provide the required significant segment expense disclosures, with no other changes to our consolidated financial statements, as a result of the new standard. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09")," which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and disclosures.
Segment Reporting	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 generally 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, 2023). 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.

Real Property Acquisitions an_2

Real Property Acquisitions and Development (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Summary of Real Property Investment Activity by Segment	The following is a summary of our real property investment activity by segment for the periods presented (in thousands): Nine Months Ended September 30, 2024 September 30, 2023 Seniors Housing Operating Triple-net Outpatient Totals Seniors Housing Operating Triple-net Outpatient Totals Land and land improvements $ 208,219 $ 63,075 $ 10,160 $ 281,454 $ 58,049 $ 58,797 $ 72,992 $ 189,838 Buildings and improvements 1,446,475 621,378 34,481 2,102,334 411,273 430,041 314,892 1,156,206 Acquired lease intangibles 89,460 33,232 2,193 124,885 25,617 — 45,936 71,553 Construction in progress 45,983 — — 45,983 165,934 — — 165,934 Real property held for sale — 297,000 — 297,000 — — — — Right of use assets, net — — — — 16,539 — 927 17,466 Total net real estate assets 1,790,137 1,014,685 46,834 2,851,656 677,412 488,838 434,747 1,600,997 Receivables and other assets 9,592 1,118 112 10,822 16,789 — 545 17,334 Total assets acquired (1) 1,799,729 1,015,803 46,946 2,862,478 694,201 488,838 435,292 1,618,331 Secured debt (350,978) (465,820) — (816,798) (292,160) — (40,953) (333,113) Lease liabilities — — — — (16,539) — (953) (17,492) Accrued expenses and other liabilities (19,752) (20,309) (182) (40,243) (10,825) — (10,832) (21,657) Total liabilities acquired (370,730) (486,129) (182) (857,041) (319,524) — (52,738) (372,262) Noncontrolling interests (25,787) — — (25,787) — — (775) (775) Non-cash acquisition related activity (2) (119,012) (191,532) — (310,544) (171,667) — — (171,667) Cash disbursed for acquisitions 1,284,200 338,142 46,764 1,669,106 203,010 488,838 381,779 1,073,627 Construction in progress additions 424,827 28 269,840 694,695 450,205 25,646 297,862 773,713 Less: Capitalized interest (36,247) — (7,708) (43,955) (28,289) (2,416) (5,447) (36,152) Accruals (3) 1,217 126 (19,572) (18,229) 3,447 (2,692) (7,604) (6,849) Cash disbursed for construction in progress 389,797 154 242,560 632,511 425,363 20,538 284,811 730,712 Capital improvements to existing properties 448,144 19,870 70,738 538,752 261,935 17,933 54,222 334,090 Total cash invested in real property, net of cash acquired $ 2,122,141 $ 358,166 $ 360,062 $ 2,840,369 $ 890,308 $ 527,309 $ 720,812 $ 2,138,429 (1) Excludes $33,577,000 and $6,431,000 of unrestricted and restricted cash acquired during the nine months ended September 30, 2024 and September 30, 2023, respectively. (2) Primarily relates to the acquisition of assets previously financed as real estate loans receivable, the acquisition of assets previously recognized as investments in unconsolidated entities, the acquisition of assets for which consideration was only partially funded at close, and the $179,770,000 gain on acquisition of controlling interests described below. (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): Nine Months Ended September 30, 2024 September 30, 2023 Development projects: Seniors Housing Operating $ 462,246 $ 280,333 Triple-net — 141,142 Outpatient Medical 162,699 30,071 Total development projects 624,945 451,546 Expansion projects 20,229 62,292 Total construction in progress conversions $ 645,174 $ 513,838

Real Estate Intangibles (Tables

Real Estate Intangibles (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Real Estate Intangibles Excluding Those Related to Ground Lease or Classified as Held For Sale	The following is a summary of our real estate intangibles, excluding those related to ground leases or classified as held for sale, as of the dates indicated (dollars in thousands): September 30, 2024 December 31, 2023 Assets: In place lease intangibles $ 2,079,917 $ 2,001,827 Above market tenant leases 71,892 66,663 Lease commissions 117,080 97,980 Gross historical cost 2,268,889 2,166,470 Accumulated amortization (1,784,900) (1,651,656) Net book value $ 483,989 $ 514,814 Liabilities: Below market tenant leases $ 71,224 $ 70,364 Accumulated amortization (51,400) (47,939) Net book value $ 19,824 $ 22,425
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Rental income related to (above)/below market tenant leases, net $ (189) $ 152 $ (274) $ 327 Amortization related to in place lease intangibles and lease commissions (61,872) (47,556) (169,539) (157,481)

Dispositions, Real Property H_2

Dispositions, Real Property Held for Sale and Impairment (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Summary of Real Property Disposition Activity	The following is a summary of our real property disposition activity for the periods presented (in thousands): Nine Months Ended September 30, 2024 September 30, 2023 Real estate dispositions: (1) Seniors Housing Operating $ 366,255 $ 371,143 Triple-net (2) 170 6,391 Outpatient Medical 42,761 — Total dispositions 409,186 377,534 Gain (loss) on real estate dispositions and acquisitions of controlling interests, net (3) 171,053 69,681 Net other assets/(liabilities) disposed (139) (1,401) Non-cash consideration (434,326) (361,830) Cash proceeds from real estate dispositions $ 145,774 $ 83,984 (1) The nine months ended September 30, 2024 includes the disposition of unconsolidated equity method investments that owned six Seniors Housing Operating properties and one Outpatient Medical property. (2) Excludes $376,695,000 of net real property derecognized related to 15 properties upon the reclassification of two leases from operating to sales-type (see Note 6 for additional details). (3) Excludes the $179,770,000 gain recognized in conjunction with the joint venture consolidation (see Note 3 for additional details) and the $92,593,000 gain recognized as a result of the reclassification of two leases from operating to sales-type (see Note 6 for additional details).

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Summary of Components of Lease Expense	The components of lease expense were as follows for the periods presented (in thousands): Nine Months Ended Classification September 30, 2024 September 30, 2023 Operating lease cost: (1) Real estate lease expense Property operating expenses $ 17,837 $ 16,663 Non-real estate investment lease expense General and administrative expenses 4,838 5,392 Finance lease cost: Amortization of leased assets Property operating expenses 3,278 4,774 Interest on lease liabilities Interest expense 2,923 3,008 Sublease income Rental income — (3,933) Total $ 28,876 $ 25,904 (1) Includes short-term leases which are immaterial.
Summary of 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 September 30, 2024 December 31, 2023 Right of use assets: Operating leases - real estate Right of use assets, net $ 280,295 $ 283,293 Finance leases - real estate Right of use assets, net 77,865 67,676 Real estate right of use assets, net 358,160 350,969 Operating leases - non-real estate investments Receivables and other assets 8,734 11,338 Total right of use assets, net $ 366,894 $ 362,307 Lease liabilities: Operating leases $ 301,046 $ 303,553 Finance leases 91,314 79,677 Total $ 392,360 $ 383,230

Loans Receivable (Tables)

Loans Receivable (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Summary of Real Estate Loans Receivable	The following is a summary of our loans receivable (in thousands): September 30, 2024 December 31, 2023 Mortgage loans $ 1,576,567 $ 1,057,516 Other real estate loans 290,419 324,660 Allowance for credit losses on real estate loans receivable (26,533) (20,589) Real estate loans receivable, net of credit allowance 1,840,453 1,361,587 Non-real estate loans 274,814 503,993 Allowance for credit losses on non-real estate loans receivable (27,396) (173,874) Non-real estate loans receivable, net of credit allowance 247,418 330,119 Total loans receivable, net of credit allowance $ 2,087,871 $ 1,691,706
Summary of Real Estate Loan Activity	The following is a summary of our loan activity for the periods presented (in thousands): Nine Months Ended September 30, 2024 September 30, 2023 Advances on loans receivable $ 603,619 $ 328,554 Less: Receipts on loans receivable 250,791 68,404 Net cash advances (receipts) on loans receivable $ 352,828 $ 260,150
Summary of Financing Receivable, Allowance for Credit Loss	The following is a summary of our loans by credit loss category (in thousands): September 30, 2024 Loan category Years of Origination Loan Carrying Value Allowance for Credit Loss Net Loan Balance No. of Loans Deteriorated loans 2007 - 2023 $ 28,526 $ (26,370) $ 2,156 4 Collective loan pool 2010 - 2019 153,610 (1,991) 151,619 11 Collective loan pool 2020 33,534 (434) 33,100 5 Collective loan pool 2021 915,539 (12,040) 903,499 10 Collective loan pool 2022 105,701 (1,370) 104,331 14 Collective loan pool 2023 332,429 (4,307) 328,122 11 Collective loan pool 2024 572,461 (7,417) 565,044 10 Total loans $ 2,141,800 $ (53,929) $ 2,087,871 65 Nine Months Ended September 30, 2024 September 30, 2023 Balance at beginning of period $ 194,463 $ 164,249 Provision for loan losses, net (1) 10,370 6,280 Purchased deteriorated loan — 19,077 Reserve for unrecognized interest added to principal — 2,066 Loan write-offs (151,406) — Foreign currency translation 502 92 Balance at end of period $ 53,929 $ 191,764 (1) Excludes the provision for loan loss on held-to-maturity debt securities.

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2024
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) September 30, 2024 December 31, 2023 Seniors Housing Operating 10% to 95% $ 1,385,356 $ 1,248,774 Triple-net 10% to 88% 111,278 147,679 Outpatient Medical 15% to 50% 246,202 240,078 Total $ 1,742,836 $ 1,636,531 (1) As of September 30, 2024 and includes ownership of investments classified as liabilities and excludes ownership of in substance real estate.

Credit Concentration (Tables)

Credit Concentration (Tables)	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
Summary of Credit Concentration	The following table summarizes certain information about our credit concentration for the nine months ended September 30, 2024, excluding our share of NOI in unconsolidated entities (dollars in thousands): Concentration by relationship: (1) Number of Properties Total NOI Percent of NOI (2) Cogir Management Corporation 125 $ 173,822 7% Integra Healthcare Properties 147 161,430 7% Sunrise Senior Living 88 127,273 5% Avery Healthcare 84 104,667 5% Oakmont Management Group 66 101,703 4% Remaining portfolio 1,475 1,650,482 72% Totals 1,985 $ 2,319,377 100% (1) Cogir Management Corporation, Sunrise Senior Living and Oakmont Management Group are in our Seniors Housing Operating segment. Integra Healthcare Properties is in our Triple-net segment. Avery Healthcare operates assets in both our Seniors Housing Operating and Triple-net segments. (2) NOI with our top five relationships comprised 26% of total NOI for the year ended December 31, 2023 .

Borrowings Under Credit Facil_2

Borrowings Under Credit Facilities and Commercial Paper Program (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Aggregate Borrowings Under Unsecured Revolving Credit Facility and Commercial Paper	The following information relates to aggregate borrowings under the unsecured revolving credit facility and commercial paper program for the periods presented (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Balance outstanding at quarter end $ — $ — $ — $ — Maximum amount outstanding at any month end $ — $ — $ — $ 205,000 Average amount outstanding (total of daily principal balances divided by days in period) $ — $ — $ — $ 21,703 Weighted average interest rate (actual interest expense divided by average borrowings outstanding) — % — % — % 5.05 %

Senior Unsecured Notes and Se_2

Senior Unsecured Notes and Secured Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Annual Principal Payments Due on Debt Obligations	At September 30, 2024, the annual principal payments due on our debt obligations were as follows (in thousands): Senior Unsecured Notes (1,2) Secured Debt (3) Totals 2024 $ — $ 96,016 $ 96,016 2025 1,260,000 279,372 1,539,372 2026 700,000 231,413 931,413 2027 (4,5) 1,906,945 448,710 2,355,655 2028 (6) 2,521,890 157,797 2,679,687 Thereafter (7) 7,054,900 1,368,570 8,423,470 Total principal balance 13,443,735 2,581,878 16,025,613 Unamortized discounts and premiums, net (23,230) — (23,230) Unamortized debt issuance costs, net (80,736) (16,747) (97,483) Fair value adjustments and other, net (44,673) (96,604) (141,277) Total carrying value of debt $ 13,295,096 $ 2,468,527 $ 15,763,623 (1) Annual interest rates range from 2.05% to 6.50%. The ending weighted average interest rate, after considering the effects of interest rate swaps, was 3.87% and 4.02% as of September 30, 2024 and September 30, 2023, respectively. (2) 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. (3) Annual interest rates range from 1.31% to 8.00%. The ending weighted average interest rate, after considering the effects of interest rate swaps and caps, was 4.34% and 4.83% as of September 30, 2024 and September 30, 2023, respectively. Gross real property value of the properties securing the debt totaled $6,460,936,000 at September 30, 2024. (4) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $184,975,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2024). 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% (6.05% at September 30, 2024) and adjusted Canadian Overnight Repo Rate Average plus 0.85% (5.44% at September 30, 2024), respectively. (5) Includes $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $221,970,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2024). (6) Includes £550,000,000 4.80% senior unsecured notes due 2028 (approximately $736,890,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 30, 2024). (7) Includes £500,000,000 4.50% senior unsecured notes due 2034 (approximately $669,900,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 30, 2024).
Summary of Principal Activity	The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands): Nine Months Ended September 30, 2024 September 30, 2023 Beginning balance $ 13,699,619 $ 12,584,529 Debt issued 1,035,000 1,035,000 Debt extinguished (1,350,000) — Foreign currency 59,116 14,295 Ending balance $ 13,443,735 $ 13,633,824 The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): Nine Months Ended September 30, 2024 September 30, 2023 Beginning balance $ 2,222,445 $ 2,129,954 Debt issued 3,708 381,369 Debt assumed 896,705 344,023 Debt extinguished (323,805) (397,381) Debt disposed (1) (164,640) — Principal payments (32,411) (41,646) Foreign currency (20,124) (188) Ending balance $ 2,581,878 $ 2,416,131 (1) Please see Note 5 for additional information.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Notional Amount of Derivatives and Other Financial Instruments	The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands): September 30, 2024 December 31, 2023 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 2,900,000 $ 2,025,000 Denominated in Pound Sterling £ 1,660,708 £ 1,660,708 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 and caps designated as cash flow hedges: Denominated in U.S. Dollars (1) $ 522,601 $ 872,601 Interest rate swaps designated as fair value hedges: Denominated in U.S. Dollars $ 550,000 $ 550,000 Derivative instruments not designated: Foreign currency exchange contracts denominated in Canadian Dollars $ 80,000 $ 80,000 (1) At September 30, 2024, the maximum maturity date was
Summary of Impact of Derivative Instruments on the Consolidated Statements of Comprehensive Income	The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Description Location 2024 2023 2024 2023 Gain (loss) on derivative instruments designated as hedges recognized in income Interest expense $ 6,394 $ 4,833 $ 17,045 $ 14,211 Gain (loss) on derivative instruments not designated as hedges recognized in income Interest expense $ (678) $ 1,488 $ 1,238 $ 59 Gain (loss) on equity warrants recognized in income Gain (loss) on derivatives and financial instruments, net $ 9,911 $ (2,876) $ 18,790 $ (5,003) Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI OCI $ (194,988) $ 106,449 $ (125,277) $ (49,173)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Summary of Stockholders' Equity Capital Accounts	The following is a summary of our stockholders' equity capital accounts as of the dates indicated: September 30, 2024 December 31, 2023 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 1,400,000,000 700,000,000 Issued shares 620,180,281 566,001,632 Outstanding shares 618,395,510 564,241,181 The following is a summary of our common stock issuances during the nine months ended September 30, 2024 and 2023 (dollars in thousands, except shares and average price amounts): Shares Issued Average Price Gross Proceeds Net Proceeds 2023 Option exercises 1,708 $ 63.65 $ 109 $ 109 2023 ATM Program issuances 41,477,572 79.08 3,279,956 3,264,947 2023 Redemption of OP Units and DownREIT Units 334,582 — — 2023 Stock incentive plans, net of forfeitures (54,317) — — 2023 Totals 41,759,545 $ 3,280,065 $ 3,265,056 2024 Option exercises 16,578 $ 65.57 $ 1,087 $ 1,087 2024 ATM Program issuances 53,547,363 98.76 5,288,418 5,261,277 2024 Redemption of OP Units and DownREIT Units 494,941 — — 2024 Stock incentive plans, net of forfeitures 95,447 — — 2024 Totals 54,154,329 $ 5,289,505 $ 5,262,364
Summary of Dividend Payments	The following is a summary of our dividend payments (in thousands, except per share amounts): Nine Months Ended September 30, 2024 September 30, 2023 Per Share Amount Per Share Amount Common stock $ 1.89 $ 1,127,827 $ 1.83 $ 921,319
Summary of Accumulated Other Comprehensive Income (Loss)	The following is a summary of accumulated other comprehensive income (loss) as of the dates presented (in thousands): September 30, 2024 December 31, 2023 Foreign currency translation $ (820,376) $ (913,675) Derivative and financial instruments designated as hedges 625,238 750,515 Total accumulated other comprehensive income (loss) $ (195,138) $ (163,160)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator for basic earnings per share - net income (loss) attributable to common stockholders $ 449,849 $ 127,470 $ 831,709 $ 256,183 Adjustment for net income (loss) attributable to OP Units and DownREIT Units 1,221 64 1,235 (103) Numerator for diluted earnings per share $ 451,070 $ 127,534 $ 832,944 $ 256,080 Denominator for basic earnings per share - weighted average shares 611,290 521,848 595,353 504,420 Effect of dilutive securities: Employee stock options 370 39 181 24 Non-vested restricted shares and units 2,517 1,141 1,686 968 OP Units and DownREIT Units 2,123 2,085 2,192 1,914 Employee stock purchase program 22 25 22 27 2028 Exchangeable Notes 1,984 — 757 — Dilutive potential common shares 7,016 3,290 4,838 2,933 Denominator for diluted earnings per share - adjusted weighted average shares 618,306 525,138 600,191 507,353 Basic earnings per share $ 0.74 $ 0.24 $ 1.40 $ 0.51 Diluted earnings per share $ 0.73 $ 0.24 $ 1.39 $ 0.50

Disclosure about Fair Value o_2

Disclosure about Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands): September 30, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Investments in sales-type leases, net $ 469,260 $ 469,260 $ — $ — Mortgage loans receivable 1,555,962 1,622,078 1,043,252 1,105,260 Other real estate loans receivable 284,491 281,644 318,335 319,905 Cash and cash equivalents 3,564,942 3,564,942 1,993,646 1,993,646 Restricted cash 219,466 219,466 82,437 82,437 Non-real estate loans receivable 247,418 247,911 330,119 312,985 Foreign currency forward contracts, interest rate swaps and cross currency swaps 15,332 15,332 37,118 37,118 Equity warrants 57,037 57,037 35,772 35,772 Financial liabilities: Senior unsecured notes $ 13,295,096 $ 13,670,516 $ 13,552,222 $ 13,249,247 Secured debt 2,468,527 2,466,269 2,183,327 2,144,059 Foreign currency forward contracts, interest rate swaps and cross currency swaps 86,801 86,801 96,023 96,023 Redeemable DownREIT Unitholder interests $ 50,007 $ 50,007 $ 77,928 $ 77,928
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 September 30, 2024 Total Level 1 Level 2 Level 3 Equity warrants $ 57,037 $ — $ — $ 57,037 Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1) (71,469) — (71,469) — Totals $ (14,432) $ — $ (71,469) $ 57,037 (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 September 30, 2024 Total Level 1 Level 2 Level 3 Equity warrants $ 57,037 $ — $ — $ 57,037 Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1) (71,469) — (71,469) — Totals $ (14,432) $ — $ (71,469) $ 57,037 (1) Please see Note 12 for additional information.
Summary of Level 3 Reconciliation	The following table summarizes the change in fair value for equity warrants using unobservable Level 3 inputs for the periods presented (in thousands): Nine Months Ended September 30, 2024 September 30, 2023 Beginning balance $ 35,772 $ 30,436 Mark-to-market adjustment 18,791 (5,003) Foreign currency 2,474 423 Ending balance $ 57,037 $ 25,856

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Summary Information for Reportable Segments	Summary information for the reportable segments is as follows (in thousands): Three Months Ended September 30, 2024 Seniors Housing Operating Triple-net Outpatient Medical Non-segment/Corporate Total Resident fees and services $ 1,511,524 $ — $ — $ — $ 1,511,524 Rental income — 227,531 202,955 — 430,486 Interest income 16,328 51,866 852 — 69,046 Other income 2,498 1,118 2,040 38,951 44,607 Total revenues 1,530,350 280,515 205,847 38,951 2,055,663 Property operating expenses 1,135,887 9,345 62,778 4,691 1,212,701 Consolidated net operating income (loss) 394,463 271,170 143,069 34,260 842,962 Depreciation and amortization 279,693 57,583 66,503 — 403,779 Interest expense 8,742 90 (573) 130,791 139,050 General and administrative expenses — — — 77,901 77,901 Loss (gain) on derivatives and financial instruments, net — (9,906) — — (9,906) Loss (gain) on extinguishment of debt, net — — — 419 419 Provision for loan losses, net 5,543 (1,345) (5) — 4,193 Impairment of assets 20,887 2,534 — — 23,421 Other expenses 17,914 2,445 (500) 380 20,239 Income (loss) from continuing operations before income taxes and other items 61,684 219,769 77,644 (175,231) 183,866 Income tax (expense) benefit — — — 4,706 4,706 Income (loss) from unconsolidated entities 4,247 (8,680) 395 — (4,038) Gain (loss) on real estate dispositions and acquisitions of controlling interests, net 63 272,334 (131) — 272,266 Income (loss) from continuing operations 65,994 483,423 77,908 (170,525) 456,800 Net income (loss) $ 65,994 $ 483,423 $ 77,908 $ (170,525) $ 456,800 Total assets $ 28,900,249 $ 9,845,405 $ 7,553,112 $ 2,654,932 $ 48,953,698 Three Months Ended September 30, 2023 Seniors Housing Operating Triple-net Outpatient Medical Non-segment/Corporate Total Resident fees and services $ 1,199,808 $ — $ — $ — $ 1,199,808 Rental income — 194,912 189,595 — 384,507 Interest income 2,194 39,928 98 — 42,220 Other income 1,897 1,482 2,265 29,834 35,478 Total revenues 1,203,899 236,322 191,958 29,834 1,662,013 Property operating expenses 918,990 10,044 62,204 4,035 995,273 Consolidated net operating income (loss) 284,909 226,278 129,754 25,799 666,740 Depreciation and amortization 215,195 58,196 65,923 — 339,314 Interest expense 14,358 374 2,313 139,487 156,532 General and administrative expenses — — — 46,106 46,106 Loss (gain) on derivatives and financial instruments, net — 2,885 — — 2,885 Loss (gain) on extinguishment of debt, net — — 1 — 1 Provision for loan losses, net 384 3,675 — — 4,059 Impairment of assets 2,400 4,988 — — 7,388 Other expenses 34,865 1,627 1,117 611 38,220 Income (loss) from continuing operations before income taxes and other items 17,707 154,533 60,400 (160,405) 72,235 Income tax (expense) benefit — — — (4,584) (4,584) Income (loss) from unconsolidated entities (6,021) 2,056 (66) — (4,031) Gain (loss) on real estate dispositions and acquisitions of controlling interests, net 71,173 (12) (59) — 71,102 Income (loss) from continuing operations 82,859 156,577 60,275 (164,989) 134,722 Net income (loss) $ 82,859 $ 156,577 $ 60,275 $ (164,989) $ 134,722 Nine Months Ended September 30, 2024 Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 4,265,271 $ — $ — $ — $ 4,265,271 Rental income — 590,426 593,523 — 1,183,949 Interest income 37,428 145,183 2,552 — 185,163 Other income 5,861 3,248 7,019 89,777 105,905 Total revenues 4,308,560 738,857 603,094 89,777 5,740,288 Property operating expenses 3,190,140 30,657 186,426 13,688 3,420,911 Consolidated net operating income (loss) 1,118,420 708,200 416,668 76,089 2,319,377 Depreciation and amortization 770,020 181,884 199,783 — 1,151,687 Interest expense 27,254 800 2,455 389,283 419,792 General and administrative expenses — — — 186,784 186,784 Loss (gain) on derivatives and financial instruments, net — (18,785) — — (18,785) Loss (gain) on extinguishment of debt, net 1,711 — — 419 2,130 Provision for loan losses, net 13,253 (2,874) (9) — 10,370 Impairment of assets 65,996 3,150 — — 69,146 Other expenses 64,395 12,070 440 6,149 83,054 Income (loss) from continuing operations before income taxes and other items 175,791 531,955 213,999 (506,546) 415,199 Income tax (expense) benefit — — — (2,586) (2,586) Income (loss) from unconsolidated entities (2,546) (9,219) 4,840 — (6,925) Gain (loss) on real estate dispositions and acquisitions of controlling interests, net 141,726 293,628 8,062 — 443,416 Income (loss) from continuing operations 314,971 816,364 226,901 (509,132) 849,104 Net income (loss) $ 314,971 $ 816,364 $ 226,901 $ (509,132) $ 849,104 Nine Months Ended September 30, 2023 Seniors Housing Operating Triple-net Outpatient Medical Non-segment / Corporate Total Resident fees and services $ 3,490,942 $ — $ — $ — $ 3,490,942 Rental income — 596,247 555,758 — 1,152,005 Interest income 6,840 110,211 284 — 117,335 Other income 7,237 70,057 6,939 43,705 127,938 Total revenues 3,505,019 776,515 562,981 43,705 4,888,220 Property operating expenses 2,687,961 32,365 179,266 12,106 2,911,698 Consolidated net operating income (loss) 817,058 744,150 383,715 31,599 1,976,522 Depreciation and amortization 656,030 167,958 196,383 — 1,020,371 Interest expense 41,981 (436) 9,569 402,158 453,272 General and administrative expenses — — — 134,764 134,764 Loss (gain) on derivatives and financial — 5,095 — — 5,095 Loss (gain) on extinguishment of debt, net — — 7 — 7 Provision for loan losses, net 2,178 5,116 (2) — 7,292 Impairment of assets 15,029 6,074 — — 21,103 Other expenses 60,504 4,912 2,311 4,307 72,034 Income (loss) from continuing operations before income taxes and other items 41,336 555,431 175,447 (509,630) 262,584 Income tax (expense) benefit — — — (11,132) (11,132) Income (loss) from unconsolidated entities (61,055) 9,858 (237) — (51,434) Gain (loss) on real estate dispositions and acquisitions of controlling interests, net 69,910 436 (665) — 69,681 Income (loss) from continuing operations 50,191 565,725 174,545 (520,762) 269,699 Net income (loss) $ 50,191 $ 565,725 $ 174,545 $ (520,762) $ 269,699
Summary of Geographic Information	The following is a summary of geographic information for the periods presented (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Revenues: Amount % Amount % Amount (1) % Amount % United States $ 1,745,893 84.9 % $ 1,384,381 83.2 % $ 4,822,963 84.0 % $ 4,072,915 83.3 % United Kingdom 174,337 8.5 % 153,765 9.3 % 499,109 8.7 % 455,669 9.3 % Canada 135,433 6.6 % 123,867 7.5 % 418,216 7.3 % 359,636 7.4 % Total $ 2,055,663 100.0 % $ 1,662,013 100.0 % $ 5,740,288 100.0 % $ 4,888,220 100.0 % Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Resident Fees and Services: Amount % Amount % Amount (1) % Amount % United States $ 1,255,020 83.0 % $ 967,360 80.7 % $ 3,501,168 82.1 % $ 2,806,301 80.4 % United Kingdom 125,581 8.3 % 111,947 9.3 % 360,254 8.4 % 334,544 9.6 % Canada 130,923 8.7 % 120,501 10.0 % 403,849 9.5 % 350,097 10.0 % Total $ 1,511,524 100.0 % $ 1,199,808 100.0 % $ 4,265,271 100.0 % $ 3,490,942 100.0 % As of September 30, 2024 December 31, 2023 Assets: Amount % Amount % United States $ 40,861,259 83.4 % $ 36,929,186 83.9 % United Kingdom 4,930,587 10.1 % 3,587,230 8.2 % Canada 3,161,852 6.5 % 3,495,750 7.9 % Total $ 48,953,698 100.0 % $ 44,012,166 100.0 %

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary 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): September 30, 2024 December 31, 2023 Assets: Net real estate investments $ 3,881,149 $ 3,277,741 Cash and cash equivalents 15,986 19,529 Receivables and other assets 118,179 43,513 Total assets (1) $ 4,015,314 $ 3,340,783 Liabilities and equity: Secured debt $ 513,724 $ 76,507 Lease liabilities 2,537 2,539 Accrued expenses and other liabilities 20,555 13,850 Total equity 3,478,498 3,247,887 Total liabilities and equity $ 4,015,314 $ 3,340,783 (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 and the VIE's creditors do not have recourse to Welltower.

Business (Details)

Business (Details) - Welltower OP Inc	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Line Items]
Weighted average ownership percentage (in percent)	99.73%
Ownership percentage by parent (in percent)	99.701%
Other Investors
Noncontrolling Interest [Line Items]
Ownership interest (in percent)	0.299%

Real Property Acquisitions an_3

Real Property Acquisitions and Development - Narrative (Details)		1 Months Ended		3 Months Ended						9 Months Ended
	Sep. 30, 2024 USD ($) property	Jul. 31, 2024 USD ($) property	Feb. 29, 2024 USD ($) property	Sep. 30, 2024 USD ($) property	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($) property joint_venture	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property joint_venture	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	[1]
Asset Acquisition [Line Items]
Net change in noncontrolling interests				$ 11,810,000	$ 353,525,000	$ 13,091,000	$ (53,995,000)	$ 153,120,000	$ (21,344,000)
Secured debt	$ 2,468,527,000			2,468,527,000						$ 2,468,527,000			$ 2,183,327,000
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net				272,266,000			71,102,000			443,416,000	$ 69,681,000
Forecast
Asset Acquisition [Line Items]
Contingent consideration												$ 150,000,000
Seniors Housing Operating Properties, Affinity Brand
Asset Acquisition [Line Items]
Contingent consideration	$ 75,074,000			$ 75,074,000						$ 75,074,000
Number of assets acquired | property	20		25	20						20
Expected consideration			$ 969,000,000
Consideration transferred				$ 690,510,000
Equity issued in acquisition				203,328
Secured debt in acquisition				$ 364,130,000
Seniors Housing Real Estate Portfolio
Asset Acquisition [Line Items]
Number of assets acquired | property		136
Expected consideration		$ 1,000,000,000
Equity Method Joint Venture
Asset Acquisition [Line Items]
Number of properties | property	39			39						39
Percentage ownership	25%			25%						25%
Payments for investments	$ 205,029,000
Secured debt	$ 532,575,000			$ 532,575,000						$ 532,575,000
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net				$ 179,770,000
Joint Ventures Canadian Pension Plan Investment Board
Asset Acquisition [Line Items]
Acquisitions of noncontrolling interests							$ 69,606,000
Ownership interest (in percent)							45%				45%
Number of joint ventures | joint_venture							2				2
Net change in noncontrolling interests							$ 118,256,000
Joint Ventures Canadian Pension Plan Investment Board | Office Building
Asset Acquisition [Line Items]
Number of properties | property							10				10
[1]The consolidated balance sheet at December 31, 2023 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.

Real Property Acquisitions an_4

Real Property Acquisitions and Development - Summary of Real Property Investment Activity by Segment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Land and land improvements	$ 281,454	$ 189,838
Buildings and improvements	2,102,334	1,156,206
Acquired lease intangibles	124,885	71,553
Construction in progress	45,983	165,934
Real property held for sale	297,000	0
Right of use assets, net	0	17,466
Total net real estate assets	2,851,656	1,600,997
Receivables and other assets	10,822	17,334
Total assets acquired	2,862,478	1,618,331
Secured debt	(816,798)	(333,113)
Lease liabilities	0	(17,492)
Accrued expenses and other liabilities	(40,243)	(21,657)
Total liabilities acquired	(857,041)	(372,262)
Noncontrolling interests	(25,787)	(775)
Non-cash acquisition related activity	(310,544)	(171,667)
Cash disbursed for acquisitions	1,669,106	1,073,627
Construction in progress additions	694,695	773,713
Less: Capitalized interest	(43,955)	(36,152)
Accruals	(18,229)	(6,849)
Cash disbursed for construction in progress	632,511	730,712
Capital improvements to existing properties	538,752	334,090
Total cash invested in real property, net of cash acquired	2,840,369	2,138,429
Cash acquired from acquisition	33,577	6,431
Seniors Housing Operating
Business Acquisition [Line Items]
Land and land improvements	208,219	58,049
Buildings and improvements	1,446,475	411,273
Acquired lease intangibles	89,460	25,617
Construction in progress	45,983	165,934
Real property held for sale	0	0
Right of use assets, net	0	16,539
Total net real estate assets	1,790,137	677,412
Receivables and other assets	9,592	16,789
Total assets acquired	1,799,729	694,201
Secured debt	(350,978)	(292,160)
Lease liabilities	0	(16,539)
Accrued expenses and other liabilities	(19,752)	(10,825)
Total liabilities acquired	(370,730)	(319,524)
Noncontrolling interests	(25,787)	0
Non-cash acquisition related activity	(119,012)	(171,667)
Cash disbursed for acquisitions	1,284,200	203,010
Construction in progress additions	424,827	450,205
Less: Capitalized interest	(36,247)	(28,289)
Accruals	1,217	3,447
Cash disbursed for construction in progress	389,797	425,363
Capital improvements to existing properties	448,144	261,935
Total cash invested in real property, net of cash acquired	2,122,141	890,308
Triple-net
Business Acquisition [Line Items]
Land and land improvements	63,075	58,797
Buildings and improvements	621,378	430,041
Acquired lease intangibles	33,232	0
Construction in progress	0	0
Real property held for sale	297,000	0
Right of use assets, net	0	0
Total net real estate assets	1,014,685	488,838
Receivables and other assets	1,118	0
Total assets acquired	1,015,803	488,838
Secured debt	(465,820)	0
Lease liabilities	0	0
Accrued expenses and other liabilities	(20,309)	0
Total liabilities acquired	(486,129)	0
Noncontrolling interests	0	0
Non-cash acquisition related activity	(191,532)	0
Cash disbursed for acquisitions	338,142	488,838
Construction in progress additions	28	25,646
Less: Capitalized interest	0	(2,416)
Accruals	126	(2,692)
Cash disbursed for construction in progress	154	20,538
Capital improvements to existing properties	19,870	17,933
Total cash invested in real property, net of cash acquired	358,166	527,309
Outpatient Medical
Business Acquisition [Line Items]
Land and land improvements	10,160	72,992
Buildings and improvements	34,481	314,892
Acquired lease intangibles	2,193	45,936
Construction in progress	0	0
Real property held for sale	0	0
Right of use assets, net	0	927
Total net real estate assets	46,834	434,747
Receivables and other assets	112	545
Total assets acquired	46,946	435,292
Secured debt	0	(40,953)
Lease liabilities	0	(953)
Accrued expenses and other liabilities	(182)	(10,832)
Total liabilities acquired	(182)	(52,738)
Noncontrolling interests	0	(775)
Non-cash acquisition related activity	0	0
Cash disbursed for acquisitions	46,764	381,779
Construction in progress additions	269,840	297,862
Less: Capitalized interest	(7,708)	(5,447)
Accruals	(19,572)	(7,604)
Cash disbursed for construction in progress	242,560	284,811
Capital improvements to existing properties	70,738	54,222
Total cash invested in real property, net of cash acquired	$ 360,062	$ 720,812

Real Property Acquisitions an_5

Real Property Acquisitions and Development - Construction Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total development projects	$ 624,945	$ 451,546
Expansion projects	20,229	62,292
Total construction in progress conversions	645,174	513,838
Seniors Housing Operating
Segment Reporting Information [Line Items]
Total development projects	462,246	280,333
Triple-net
Segment Reporting Information [Line Items]
Total development projects	0	141,142
Outpatient Medical
Segment Reporting Information [Line Items]
Total development projects	$ 162,699	$ 30,071

Real Estate Intangibles - Summa

Real Estate Intangibles - Summary of Real Estate Intangibles Excluding those Classified as Held For Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Gross historical cost	$ 2,268,889	$ 2,166,470
Accumulated amortization	(1,784,900)	(1,651,656)
Net book value	483,989	514,814
Liabilities:
Below market tenant leases	71,224	70,364
Accumulated amortization	(51,400)	(47,939)
Net book value	19,824	22,425
In place lease intangibles
Assets:
Gross historical cost	2,079,917	2,001,827
Above market tenant leases
Assets:
Gross historical cost	71,892	66,663
Lease commissions
Assets:
Gross historical cost	$ 117,080	$ 97,980

Real Estate Intangibles - Sum_2

Real Estate Intangibles - Summary of Real Estate Intangible Amortization Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Rental income related to (above)/below market tenant leases, net	$ (189)	$ 152	$ (274)	$ 327
Amortization related to in place lease intangibles and lease commissions	$ (61,872)	$ (47,556)	$ (169,539)	$ (157,481)

Dispositions, Real Property H_3

Dispositions, Real Property Held for Sale and Impairment - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($)	[1]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate held-for-sale	$ 110,689		$ 110,689		$ 372,883
Expected sale proceeds			131,558
Impairment of assets	23,421	$ 7,388	69,146	$ 21,103
Income (loss) from real estate dispositions, net			$ (62,121)	$ 64,266
Sold or Held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from real estate dispositions, net	$ (15,905)	$ (4,893)
Seniors Housing Operating
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Properties classified as held for sale | property	7		7
Number of properties | property	14	6	14	6
Triple-net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Properties classified as held for sale | property	10		10
Number of properties | property	2	2	2	2
[1]The consolidated balance sheet at December 31, 2023 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) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) lease property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) lease property	Sep. 30, 2023 USD ($) property
Real estate dispositions
Total dispositions			$ 409,186	$ 377,534
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net			171,053	69,681
Net other assets/(liabilities) disposed			(139)	(1,401)
Non-cash consideration			(434,326)	(361,830)
Cash proceeds from real estate dispositions			145,774	83,984
Amount derecognized	$ 376,695		376,695
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net	$ 272,266	$ 71,102	$ 443,416	69,681
Equity Method Joint Venture
Real estate dispositions
Number of properties | property	39		39
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net	$ 179,770
15 Properties Disposed
Real estate dispositions
Number of properties | property	15		15
Number of sales-type leases | lease	2		2
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net			$ 92,593
Seniors Housing Operating
Real estate dispositions
Total dispositions			$ 366,255	$ 371,143
Number of properties owned | property			6
Number of properties | property	14	6	14	6
Triple-net
Real estate dispositions
Total dispositions			$ 170	$ 6,391
Number of properties | property	2	2	2	2
Outpatient Medical
Real estate dispositions
Total dispositions			$ 42,761	$ 0
Number of properties owned | property			1

Dispositions, Real Property H_5

Dispositions, Real Property Held for Sale and Impairment - Strategic Dissolution of Revera Joint Ventures (Details) $ in Thousands			1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 01, 2024 property	May 01, 2023 USD ($)	Apr. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($) property joint_venture	Mar. 31, 2021 USD ($) property	Sep. 30, 2023 USD ($) property project	Jun. 30, 2023 USD ($) property joint_venture	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) property		Mar. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-cash consideration								$ 434,326	$ 361,830
Net real estate investments								41,868,096		$ 38,775,913	[1]
Right of use assets, net								358,160		350,969	[1]
Lease liabilities								$ 392,360		$ 383,230	[1]
Gain from leasehold interest		$ 65,485
U K Portfolio Revera Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of joint ventures | joint_venture				2			2
U K Portfolio Revera Joint Venture1
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage ownership				75%			75%
Proceeds from sale of interest			$ 60,614	$ 107,341
U K Portfolio Revera Joint Venture2
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage ownership				90%			90%
U S Portfolio Revera Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage ownership						34%			34%
Equity method investments						$ 47,734			$ 47,734
U S Portfolio Revera Joint Venture | Revera
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage ownership						66%			66%
Canadian Portfolio, Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage ownership						75%			75%
Joint Venture with Aurora Health Network, Peace Capital
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investments		11,571
Cash from joint venture		$ 104,240
Revera Joint Venture, Disposal Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold | property			14	4		13	31
Gross sale price			$ 430,898	$ 222,521			$ 222,521
Non-cash consideration			434,326	241,728
Other consideration			219,940	198,837			198,837
Noncontrolling interest			53,174	42,891			42,891
Transaction related expenses			3,428	9,049
Real estate property			293,257	224,208		$ 119,258	224,208		$ 119,258
Gain (loss) on real estate dispositions			137,641	(1,687)		62,075
Payment for transaction related expenses disposal group			17,258	5,776
Noncontrolling Interest, decrease from deconsolidation			246,564	180,497		$ 56,905
Liabilities				22,270			$ 22,270
Realized adjustment on disposal			42,619	$ 1,846
Number of projects | project						1
Relieved amount			$ 164,640
Revera Joint Venture, Disposal Transaction | Avery Healthcare
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties transitioned | property				29
Revera Joint Venture Disposal Transaction U S Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold | property						12
Revera Joint Venture Disposal Transaction Now Wholly Owned Properties | Oakmont Management Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties transitioned | property						2
Revera Joint Venture, Existing Wholly-Owned Properties | Oakmont Management Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties transitioned | property						26
Genesis HealthCare Operating Relationship
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property sold | property					7
Gross sale price					$ 182,618
Right of use assets, net												$ 115,359
Lease liabilities												$ 66,530
Revera Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property acquired | property	71		71	29		10	110
Payment for property acquired			$ 51,986	$ 10,158
Net real estate investments						$ 479,525			479,525
Payments to acquire real estate and real estate joint ventures						31,456
Consideration transferred						448,069
Asset acquisition debt assumed						$ 270,486			$ 270,486
Revera Joint Venture | Cogir Senior Living
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property acquired | property										53
Revera Joint Venture | Levante Living
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property acquired | property										12
Revera Joint Venture | Optima Living
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property acquired | property										6
[1]The consolidated balance sheet at December 31, 2023 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.

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 30, 2024 lease property	Sep. 30, 2024 USD ($) lease	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) lease	Sep. 30, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Straight line rent adjustment				$ 97,674	$ 12,309
Rental and other revenues related to operating lease payments		$ 430,486	$ 384,507	1,183,949	1,152,005
Rental and other revenues related to operating lease payments, variable leases				165,863	163,980
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net		$ 272,266	$ 71,102	$ 443,416	69,681
15 Properties Disposed
Lessee, Lease, Description [Line Items]
Property sold | property	15
Number of operating leases | lease	2	2		2
Number of sales-type leases | lease	2	2		2
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net				$ 92,593
Seniors Housing Operating
Lessee, Lease, Description [Line Items]
Rental and other revenues related to operating lease payments				$ 417,490	$ 341,172
Minimum
Lessee, Lease, Description [Line Items]
Lease term extension period (in years)				1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term extension period (in years)				25 years

Leases - Summary of Components

Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Finance lease cost:
Amortization of leased assets	$ 3,278	$ 4,774
Interest on lease liabilities	2,923	3,008
Sublease income	0	(3,933)
Total	28,876	25,904
Property operating expenses
Operating lease cost:
Lease expense	17,837	16,663
General and administrative expenses
Operating lease cost:
Lease expense	$ 4,838	$ 5,392

Leases - Summary of Supplementa

Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Right of use assets:
Total right of use assets, net	$ 358,160	$ 350,969	[1]
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
Lease liabilities:
Operating leases	$ 301,046	$ 303,553
Finance leases	91,314	79,677
Total	$ 392,360	$ 383,230	[1]
Operating lease, liability, statement of financial position [extensible list]	Total	Total
Finance lease, liability, statement of financial position [extensible list]	Total	Total
Real estate
Right of use assets:
Operating leases	$ 280,295	$ 283,293
Finance leases	77,865	67,676
Corporate
Right of use assets:
Operating leases	$ 8,734	$ 11,338
Operating lease, right-of-use asset, statement of financial position [extensible list]	Receivables and other assets	Receivables and other assets
Real estate and Corporate
Right of use assets:
Total right of use assets, net	$ 366,894	$ 362,307
[1]The consolidated balance sheet at December 31, 2023 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	1 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]
Interest receivable	$ 33,992	$ 33,992	$ 31,798
Real estate loans receivable, net of credit allowance	1,840,453	1,840,453	$ 1,361,587	[1]
Unsecured Debt
Financing Receivable, Troubled Debt Restructuring [Line Items]
Proceeds from sale of notes receivable	24,246
Secured Debt
Financing Receivable, Troubled Debt Restructuring [Line Items]
Proceeds from sale of notes receivable	55,504
Real Estate | Mortgage loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Real estate loans receivable, net of credit allowance	$ 456,199	$ 456,199
Interest rate		10%
[1]The consolidated balance sheet at December 31, 2023 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 Loans Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023		Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on real estate loans receivable	$ (53,929)	$ (194,463)		$ (191,764)	$ (164,249)
Real estate loans receivable, net of credit allowance	1,840,453	1,361,587	[1]
Non-real estate loans	274,814	503,993
Allowance for credit losses on non-real estate loans receivable	(27,396)	(173,874)
Non-real estate loans receivable, net of credit allowance	247,418	330,119
Total loans receivable, net of credit allowance	2,087,871	1,691,706
Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Carrying Value	1,576,567	1,057,516
Other real estate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Carrying Value	290,419	324,660
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	$ (26,533)	$ (20,589)
[1]The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.

Loans Receivable - Summary of_2

Loans Receivable - Summary of Real Estate Loan Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Receivables [Abstract]
Advances on loans receivable	$ 603,619	$ 328,554
Less: Receipts on loans receivable	250,791	68,404
Net cash advances (receipts) on loans receivable	$ 352,828	$ 260,150

Loans Receivable - Summary of C

Loans Receivable - Summary of Collective Pool Basis (Details) $ in Thousands	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for Credit Loss	$ (53,929)	$ (194,463)	$ (191,764)	$ (164,249)
Total loans receivable, net of credit allowance	2,087,871	$ 1,691,706
Deteriorated loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	28,526
Allowance for Credit Loss	(26,370)
Total loans receivable, net of credit allowance	$ 2,156
No. of Loans | loan	4
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 153,610
Allowance for Credit Loss	(1,991)
Total loans receivable, net of credit allowance	$ 151,619
No. of Loans | loan	11
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 33,534
Allowance for Credit Loss	(434)
Total loans receivable, net of credit allowance	$ 33,100
No. of Loans | loan	5
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 915,539
Allowance for Credit Loss	(12,040)
Total loans receivable, net of credit allowance	$ 903,499
No. of Loans | loan	10
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 105,701
Allowance for Credit Loss	(1,370)
Total loans receivable, net of credit allowance	$ 104,331
No. of Loans | loan	14
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 332,429
Allowance for Credit Loss	(4,307)
Total loans receivable, net of credit allowance	$ 328,122
No. of Loans | loan	11
Collective loan pool
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 572,461
Allowance for Credit Loss	(7,417)
Total loans receivable, net of credit allowance	$ 565,044
No. of Loans | loan	10
Real Estate Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan Carrying Value	$ 2,141,800
Allowance for Credit Loss	(53,929)
Total loans receivable, net of credit allowance	$ 2,087,871
No. of Loans | loan	65

Loans Receivable - Summary of_3

Loans Receivable - Summary of Credit Loss Roll Forward (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 194,463	$ 164,249
Provision for loan losses, net	10,370	6,280
Purchased deteriorated loan	0	19,077
Reserve for unrecognized interest added to principal	0	2,066
Loan write-offs	(151,406)	0
Foreign currency translation	502	92
Balance at end of period	$ 53,929	$ 191,764

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 1,742,836	$ 1,636,531
Seniors Housing Operating
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 1,385,356	1,248,774
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	95%
Triple-net
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$ 111,278	147,679
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	$ 246,202	$ 240,078
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	9 Months Ended
	Sep. 30, 2024 USD ($) properties
Schedule of Equity Method Investments [Line Items]
Aggregate unamortized basis difference of joint venture investments	$ 190,830
VIE
Schedule of Equity Method Investments [Line Items]
Number of properties | properties	25
Loans related to development and construction of certain properties	$ 901,777
Additional fund obligated related to investments	$ 146,367

Credit Concentration (Details)

Credit Concentration (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Dec. 31, 2023
Concentration Risk [Line Items]
Total NOI	$ 842,962	$ 666,740		$ 1,976,522
Percentage total investments with top five customers (in percent)					26%
Net operating income | Credit Concentration Risk
Concentration Risk [Line Items]
Number of Properties | property	1,985		1,985
Total NOI			$ 2,319,377
Percent of NOI			100%
Net operating income | Credit Concentration Risk | Cogir Management Corporation
Concentration Risk [Line Items]
Number of Properties | property	125		125
Total NOI			$ 173,822
Percent of NOI			7%
Net operating income | Credit Concentration Risk | Integra Healthcare Properties
Concentration Risk [Line Items]
Number of Properties | property	147		147
Total NOI			$ 161,430
Percent of NOI			7%
Net operating income | Credit Concentration Risk | Sunrise Senior Living
Concentration Risk [Line Items]
Number of Properties | property	88		88
Total NOI			$ 127,273
Percent of NOI			5%
Net operating income | Credit Concentration Risk | Avery Healthcare
Concentration Risk [Line Items]
Number of Properties | property	84		84
Total NOI			$ 104,667
Percent of NOI			5%
Net operating income | Credit Concentration Risk | Oakmont Management Group
Concentration Risk [Line Items]
Number of Properties | property	66		66
Total NOI			$ 101,703
Percent of NOI			4%
Net operating income | Credit Concentration Risk | Remaining portfolio
Concentration Risk [Line Items]
Number of Properties | property	1,475		1,475
Total NOI			$ 1,650,482
Percent of NOI			72%

Credit Concentration - Narrativ

Credit Concentration - Narrative (Details) - Atria $ in Millions	1 Months Ended
	Apr. 30, 2024 USD ($) property partner
Concentration Risk [Line Items]
Number of properties | property	89
Number of exisiting operating partners | partner	6
Termination expense | $	$ 26

Borrowings Under Credit Facil_3

Borrowings Under Credit Facilities and Commercial Paper Program - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 USD ($) bank Term	Sep. 30, 2024 CAD ($) bank Term	Dec. 31, 2023 USD ($)	[1]	Sep. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Number of banks in consortium | bank	29	29
Unsecured credit facility and commercial paper	$ 0		$ 0		$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Unsecured line of credit arrangement	5,000,000,000
Unsecured credit facility and commercial paper	$ 0
Number of successive terms | Term	2	2
Successive term	6 months
Available in alternate currencies	$ 1,000,000,000
Interest rate margin (in percent)	0.725%
Annual facility fee for each bank based on commitment amount	0.125%
Revolving Credit Facility | Accordion feature
Line of Credit Facility [Line Items]
Unsecured line of credit arrangement	$ 1,250,000,000
Revolving Credit Facility | Credit Facility, Tranche Due July 2029
Line of Credit Facility [Line Items]
Unsecured line of credit arrangement	2,000,000,000
Unsecured credit facility and commercial paper	0
Revolving Credit Facility | Credit Facility, Tranche Due July 2028
Line of Credit Facility [Line Items]
Unsecured line of credit arrangement	3,000,000,000
Unsecured credit facility and commercial paper	0
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	2,000,000,000
Unsecured credit facility and commercial paper	$ 0
Commercial paper note program | Maximum
Line of Credit Facility [Line Items]
Debt instrument, term (in days)	397 days
[1]The consolidated balance sheet at December 31, 2023 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	[1]
Debt Disclosure [Abstract]
Balance outstanding at quarter end	$ 0	$ 0	$ 0	$ 0	$ 0
Maximum amount outstanding at any month end	0	0	0	205,000
Average amount outstanding (total of daily principal balances divided by days in period)	$ 0	$ 0	$ 0	$ 21,703
Weighted average interest rate (actual interest expense divided by average borrowings outstanding)	0%	0%	0%	5.05%
[1]The consolidated balance sheet at December 31, 2023 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.

Senior Unsecured Notes and Se_3

Senior Unsecured Notes and Secured Debt - Summary of Annual Principal Payments Due on Debt Obligations (Details)	9 Months Ended
	Sep. 30, 2024 USD ($) term	Sep. 30, 2024 CAD ($) term	Sep. 30, 2024 GBP (£) term	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Principal payments due on debt obligations
2024	$ 96,016,000
2025	1,539,372,000
2026	931,413,000
2027	2,355,655,000
2028	2,679,687,000
Thereafter	8,423,470,000
Total principal balance	16,025,613,000
Unamortized discounts and premiums, net	(23,230,000)
Unamortized debt issuance costs, net	(97,483,000)
Fair value adjustments and other, net	(141,277,000)
Total carrying value of debt	15,763,623,000
Senior unsecured notes
Principal payments due on debt obligations
2024	0
2025	1,260,000,000
2026	700,000,000
2027	1,906,945,000
2028	2,521,890,000
Thereafter	7,054,900,000
Total principal balance	13,443,735,000			$ 13,699,619,000	$ 13,633,824,000	$ 12,584,529,000
Unamortized discounts and premiums, net	(23,230,000)
Unamortized debt issuance costs, net	(80,736,000)
Fair value adjustments and other, net	(44,673,000)
Total carrying value of debt	$ 13,295,096,000
Senior Unsecured Notes and Secured Debt Textual
Weighted average interest rate, at point in time (in percent)	3.87%	3.87%	3.87%		4.02%
Senior unsecured notes | 2.95% Senior Unsecured Notes Due 2027
Senior Unsecured Notes and Secured Debt Textual
Interest rate (in percent)	2.95%	2.95%	2.95%
Principal amount	$ 221,970,000	$ 300,000,000
Senior unsecured notes | Unsecured Term Credit Facility Matures July 19 2023
Senior Unsecured Notes and Secured Debt Textual
Principal 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 (in percent)	6.05%	6.05%	6.05%
Senior unsecured notes | Term Loan
Senior Unsecured Notes and Secured Debt Textual
Principal amount	$ 184,975,000	$ 250,000,000
Number of successive terms | term	2	2	2
Successive term	6 months
Senior unsecured notes | Term Loan | Canadian Dealer Offered Rate
Senior Unsecured Notes and Secured Debt Textual
Interest rate margin (in percent)	0.85%
Effective rate (in percent)	5.44%	5.44%	5.44%
Senior unsecured notes | Term Loan | SOFR
Senior Unsecured Notes and Secured Debt Textual
Interest rate margin (in percent)	0.85%
Senior unsecured notes | UK Debt Due 2028
Senior Unsecured Notes and Secured Debt Textual
Interest rate (in percent)	4.80%	4.80%	4.80%
Principal amount	$ 736,890,000		£ 550,000,000
Senior unsecured notes | 4.50% Senior Unsecured Notes Due 2034
Senior Unsecured Notes and Secured Debt Textual
Interest rate (in percent)	4.50%	4.50%	4.50%
Principal amount	$ 669,900,000		£ 500,000,000
Senior unsecured notes | Minimum
Senior Unsecured Notes and Secured Debt Textual
Interest rate (in percent)	2.05%	2.05%	2.05%
Senior unsecured notes | Maximum
Senior Unsecured Notes and Secured Debt Textual
Interest rate (in percent)	6.50%	6.50%	6.50%
Secured Debt
Principal payments due on debt obligations
2024	$ 96,016,000
2025	279,372,000
2026	231,413,000
2027	448,710,000
2028	157,797,000
Thereafter	1,368,570,000
Total principal balance	2,581,878,000			$ 2,222,445,000	$ 2,416,131,000	$ 2,129,954,000
Unamortized discounts and premiums, net	0
Unamortized debt issuance costs, net	(16,747,000)
Fair value adjustments and other, net	(96,604,000)
Total carrying value of debt	$ 2,468,527,000
Senior Unsecured Notes and Secured Debt Textual
Weighted average interest rate, at point in time (in percent)	4.34%	4.34%	4.34%		4.83%
Carrying values of properties securing the debt	$ 6,460,936,000
Secured Debt | Minimum
Senior Unsecured Notes and Secured Debt Textual
Interest rate (in percent)	1.31%	1.31%	1.31%
Secured Debt | Maximum
Senior Unsecured Notes and Secured Debt Textual
Interest rate (in percent)	8%	8%	8%

Senior Unsecured Notes and Se_4

Senior Unsecured Notes and Secured Debt - Summary of Senior Unsecured Note Principal Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Long-Term Debt, Principal Activity [Roll Forward]
Ending balance	$ 16,025,613
Senior unsecured notes
Long-Term Debt, Principal Activity [Roll Forward]
Beginning balance	13,699,619	$ 12,584,529
Debt issued	1,035,000	1,035,000
Debt extinguished	(1,350,000)	0
Foreign currency	59,116	14,295
Ending balance	$ 13,443,735	$ 13,633,824

Senior Unsecured Notes and Se_5

Senior Unsecured Notes and Secured Debt - Narrative (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2024 USD ($) day $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	May 31, 2023 USD ($)
Debt Instrument [Line Items]
Interest expense		$ 139,050,000	$ 156,532,000	$ 419,792,000	$ 453,272,000
Unamortized debt issuance costs, net		97,483,000		97,483,000
Net proceeds from issuance of senior unsecured notes				1,015,063,000	1,011,780,000
Senior unsecured notes
Debt Instrument [Line Items]
Unamortized debt issuance costs, net		80,736,000		80,736,000
2.750% Senior Unsecured Notes Due 2028 | Senior unsecured notes
Debt Instrument [Line Items]
Principal amount							$ 1,035,000,000
Interest rate (in percent)							2.75%
Interest expense		7,116,000	7,116,000	21,348,000	11,069,000
Debt issuance costs		1,168,000	$ 1,117,000	3,500,000	$ 1,810,000
Unamortized debt issuance costs, net		16,790,000		16,790,000		$ 20,245,000
3.125% Senior Unsecured Notes Due 2029 | Senior unsecured notes
Debt Instrument [Line Items]
Principal amount	$ 1,035,000,000
Interest rate (in percent)	3.125%
Interest expense		7,188,000
Debt issuance costs		857,000
Unamortized debt issuance costs, net		$ 19,079,000		$ 19,079,000
Net proceeds from issuance of senior unsecured notes	$ 1,015,063,000
Conversion ratio	0.0078177
Conversion price (in dollars per share) | $ / shares	$ 127.91
Debt instrument, convertible, threshold percentage (in percent)	130%
Trading days | day	20
Consecutive trading days | day	30
Redemption price, percentage (in percent)	100%

Senior Unsecured Notes and Se_6

Senior Unsecured Notes and Secured Debt - Summary of Secured Debt Principal Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Long-Term Debt [Roll Forward]
Ending balance	$ 16,025,613
Secured bond
Long-Term Debt [Roll Forward]
Beginning balance	2,222,445	$ 2,129,954
Debt issued	3,708	381,369
Debt assumed	896,705	344,023
Debt extinguished	(323,805)	(397,381)
Debt disposed	(164,640)	0
Principal payments	(32,411)	(41,646)
Foreign currency	(20,124)	(188)
Ending balance	$ 2,581,878	$ 2,416,131

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jan. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Senior loans		$ 743,393,000
Reclassified in next 12 months		2,562,000
Proceeds from hedge		9,213,000	$ 1,994,000
Senior unsecured notes | 2.8% Senior Unsecured Notes
Derivative Instruments, Gain (Loss) [Line Items]
Principal amount		$ 750,000,000
Interest rate (in percent)		2.80%
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset		$ 10,047,000
Designated as Hedging Instrument | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 550,000,000			$ 550,000,000
Proceeds from (payments on) interest rate swap settlements	$ (59,555,000)
Derivative, loss on derivative		$ (54,720,000)

Derivative Instruments - Summar

Derivative Instruments - Summary of Notional Amount of Derivatives and Other Financial Instruments (Details) £ in Thousands, $ in Thousands, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024 CAD ($)	Sep. 30, 2024 GBP (£)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 GBP (£)	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 USD ($)
Designated as Hedging Instrument | Denominated in Canadian Dollars | Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivative asset	$ 2,900,000		$ 2,025,000
Net investment hedges	250,000		250,000
Designated as Hedging Instrument | Denominated in Pound Sterling | Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivative asset | £					£ 1,660,708		£ 1,660,708
Net investment hedges | £		£ 1,050,000		£ 1,050,000
Designated as Hedging Instrument | Denominated in U.S. Dollars | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Derivative asset						$ 522,601		$ 872,601
Designated as Hedging Instrument | Denominated in U.S. Dollars | Fair Value Hedging
Derivatives, Fair Value [Line Items]
Derivative asset						$ 550,000		$ 550,000
Derivative Instruments Not Designated | Denominated in Canadian Dollars | Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative asset	$ 80,000		$ 80,000

Derivative Instruments - Summ_2

Derivative Instruments - Summary of Impact of Derivative Instruments on the Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Gain (loss) on derivative instruments hedges recognized in income	$ 9,906	$ (2,885)	$ 18,785	$ (5,095)
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI	(194,988)	106,449	(125,277)	(49,173)
Warrant
Derivative [Line Items]
Gain (loss) on derivative instruments hedges recognized in income	9,911	(2,876)	18,790	(5,003)
Designated as Hedging Instrument
Derivative [Line Items]
Gain (loss) on derivative instruments hedges recognized in income	6,394	4,833	17,045	14,211
Designated as Hedging Instrument | OCI
Derivative [Line Items]
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI	(194,988)	106,449	(125,277)	(49,173)
Derivative Instruments Not Designated
Derivative [Line Items]
Gain (loss) on derivative instruments hedges recognized in income	$ (678)	$ 1,488	$ 1,238	$ 59

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) obligation	Dec. 31, 2023 USD ($)	[1]
Other Commitments [Line Items]
Number of outstanding credit obligations | obligation	20
Letters of credit outstanding	$ 44,672
Outstanding construction financings for leased properties	1,374,996	$ 1,304,441
Additional financing to complete construction	646,763
Seniors Housing Operating Properties, Affinity Brand
Other Commitments [Line Items]
Contingent consideration	75,074
VIE
Other Commitments [Line Items]
Total loans made	901,777
Expected additional funding for investments	$ 146,367
[1]The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stockholders' Equity Capital Accounts (Details) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred Stock, $1.00 par value:
Preferred stock, par value (in dollars per share)	$ 1	$ 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	$ 1
Authorized shares (in shares)	1,400,000,000	700,000,000
Issued shares (in shares)	620,180,281	566,001,632
Outstanding shares (in shares)	618,395,510	564,241,181

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended
	Oct. 29, 2024	Sep. 30, 2024	Sep. 30, 2023	Apr. 30, 2024	Feb. 15, 2024	Dec. 31, 2023	[1]
Class of Stock [Line Items]
Unsecured credit facility and commercial paper		$ 0	$ 0			$ 0
Revolving Credit Facility
Class of Stock [Line Items]
Unsecured credit facility and commercial paper		0
Revolving Credit Facility | Credit Facility, Tranche Due July 2029
Class of Stock [Line Items]
Unsecured credit facility and commercial paper		0
At The Market Program
Class of Stock [Line Items]
Authorized amount to sell				$ 3,500,000,000	$ 3,500,000,000
Remaining amount authorized to sell		$ 1,222,550,000
ATM Program issuances (in shares)		53,547,363	41,477,572
At The Market Program | Subsequent event
Class of Stock [Line Items]
ATM Program issuances (in shares)	4,292,963
[1]The consolidated balance sheet at December 31, 2023 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 - Summar_2

Stockholders' Equity - Summary of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Shares Issued
Option exercises (in shares)	16,578	1,708
Redemption of OP Units and DownREIT Units (in shares)	494,941	334,582
Stock incentive plans, net of forfeitures (in shares)	95,447	(54,317)
Totals (in shares)	54,154,329	41,759,545
Average Price
Option exercises (in dollars per share)	$ 65.57	$ 63.65
Gross Proceeds
Option exercises	$ 1,087	$ 109
Totals	5,289,505	3,280,065
Net Proceeds
Option exercises	1,087	109
Total	$ 5,262,364	$ 3,265,056
At The Market Program
Shares Issued
Equity and ATM Program Issuance (in shares)	53,547,363	41,477,572
Average Price
Equity and ATM Program issuances (in dollars per share)	$ 98.76	$ 79.08
Gross Proceeds
Equity and ATM Program issuances	$ 5,288,418	$ 3,279,956
Net Proceeds
Equity and ATM Program issuances	$ 5,261,277	$ 3,264,947

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Dividend Payments (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Per Share
Common stock (in dollars per share)	$ 0.67	$ 0.61	$ 1.89	$ 1.83
Amount
Common stock			$ 1,127,827	$ 921,319

Stockholders' Equity - Summar_4

Stockholders' Equity - Summary of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023		Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Summary of accumulated other comprehensive income/(loss) [Line Items]
Total accumulated other comprehensive income (loss)	$ 30,793,821	$ 29,426,306	$ 28,246,993	$ 26,081,122	[1]	$ 23,573,826	$ 21,823,923	$ 21,203,960	$ 21,009,553
Total accumulated other comprehensive income (loss)
Summary of accumulated other comprehensive income/(loss) [Line Items]
Total accumulated other comprehensive income (loss)	(195,138)	$ (246,462)	$ (180,837)	(163,160)		$ (149,362)	$ (95,594)	$ (111,559)	$ (119,707)
Foreign currency translation
Summary of accumulated other comprehensive income/(loss) [Line Items]
Total accumulated other comprehensive income (loss)	(820,376)			(913,675)
Derivative and financial instruments designated as hedges
Summary of accumulated other comprehensive income/(loss) [Line Items]
Total accumulated other comprehensive income (loss)	$ 625,238			$ 750,515
[1]The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.

Stock Incentive Plans (Details)

Stock Incentive Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 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 (in years)			10 years
Stock-based compensation expense	$ 39,910	$ 8,821	$ 62,308	$ 28,781
Performance Based Stock Options And Restricted Stock Awards | General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 29,838
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for options (in years)			3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for options (in years)			5 years

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Numerator for basic earnings per share - net income (loss) attributable to common stockholders		$ 449,849	$ 127,470	$ 831,709	$ 256,183
Adjustment for net income (loss) attributable to OP Units and DownREIT Units		1,221	64	1,235	(103)
Numerator for diluted earnings per share		$ 451,070	$ 127,534	$ 832,944	$ 256,080
Denominator for basic earnings per share - weighted average shares (in shares)		611,290	521,848	595,353	504,420
Effect of dilutive securities:
Employee stock options (in shares)		370	39	181	24
Non-vested restricted shares and units (in shares)		2,517	1,141	1,686	968
OP units and DownREIT Units (in shares)		2,123	2,085	2,192	1,914
Employee stock purchase program (in shares)		22	25	22	27
2028 Exchangeable notes (in shares)		1,984	0	757	0
Dilutive potential common shares (in shares)		7,016	3,290	4,838	2,933
Denominator for diluted earnings per share - adjusted weighted average shares (in shares)		618,306	525,138	600,191	507,353
Basic earnings per share (in dollars per share)		$ 0.74	$ 0.24	$ 1.40	$ 0.51
Diluted earnings per share (in dollars per share)	[1]	$ 0.73	$ 0.24	$ 1.39	$ 0.50
[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)	Sep. 30, 2024 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 - Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial assets:
Restricted cash	$ 219,466	$ 82,437	[1]
Equity warrants	57,037
Financial liabilities:
Foreign currency forward contracts, interest rate swaps and cross currency swaps	71,469
Carrying Amount
Financial assets:
Investments in sales-type leases, net	469,260	0
Cash and cash equivalents	3,564,942	1,993,646
Restricted cash	219,466	82,437
Foreign currency forward contracts, interest rate swaps and cross currency swaps	15,332	37,118
Equity warrants	57,037	35,772
Financial liabilities:
Senior unsecured notes	13,295,096	13,552,222
Secured debt	2,468,527	2,183,327
Foreign currency forward contracts, interest rate swaps and cross currency swaps	86,801	96,023
Redeemable DownREIT Unitholder interests	50,007	77,928
Carrying Amount | Mortgage loans receivable
Financial assets:
Loans receivable, fair value	1,555,962	1,043,252
Carrying Amount | Other real estate loans receivable
Financial assets:
Loans receivable, fair value	284,491	318,335
Carrying Amount | Non-real estate loans receivable
Financial assets:
Loans receivable, fair value	247,418	330,119
Fair Value
Financial assets:
Investments in sales-type leases, net	469,260	0
Cash and cash equivalents	3,564,942	1,993,646
Restricted cash	219,466	82,437
Foreign currency forward contracts, interest rate swaps and cross currency swaps	15,332	37,118
Equity warrants	57,037	35,772
Financial liabilities:
Senior unsecured notes	13,670,516	13,249,247
Secured debt	2,466,269	2,144,059
Foreign currency forward contracts, interest rate swaps and cross currency swaps	86,801	96,023
Redeemable DownREIT Unitholder interests	50,007	77,928
Fair Value | Mortgage loans receivable
Financial assets:
Loans receivable, fair value	1,622,078	1,105,260
Fair Value | Other real estate loans receivable
Financial assets:
Loans receivable, fair value	281,644	319,905
Fair Value | Non-real estate loans receivable
Financial assets:
Loans receivable, fair value	$ 247,911	$ 312,985
[1]The consolidated balance sheet at December 31, 2023 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	Sep. 30, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants	$ 57,037
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability)	(71,469)
Totals	(14,432)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants	0
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability)	0
Totals	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants	0
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability)	(71,469)
Totals	(71,469)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrants	57,037
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability)	0
Totals	$ 57,037

Disclosure about Fair Value o_6

Disclosure about Fair Value of Financial Instruments - Summary of Change in Fair Value for Equity Warrants (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Terminal Capitalization Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Measurement input (in percent)	0.095	0.110
Warrant
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 35,772	$ 30,436
Mark-to-market adjustment	18,791	(5,003)
Foreign currency	2,474	423
Ending balance	$ 57,037	$ 25,856

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	[1]
Segment Reporting Information [Line Items]
Resident fees and services	$ 1,511,524	$ 1,199,808	$ 4,265,271	$ 3,490,942
Rental income	430,486	384,507	1,183,949	1,152,005
Interest income	69,046	42,220	185,163	117,335
Other income	44,607	35,478	105,905	127,938
Total revenues	2,055,663	1,662,013	5,740,288	4,888,220
Property operating expenses	1,212,701	995,273	3,420,911	2,911,698
Consolidated net operating income (loss)	842,962	666,740		1,976,522
Depreciation and amortization	403,779	339,314	1,151,687	1,020,371
Interest expense	139,050	156,532	419,792	453,272
General and administrative expenses	77,901	46,106	186,784	134,764
Loss (gain) on derivatives and financial instruments, net	(9,906)	2,885	(18,785)	5,095
Loss (gain) on extinguishment of debt, net	419	1	2,130	7
Provision for loan losses, net	4,193	4,059	10,370	7,292
Impairment of assets	23,421	7,388	69,146	21,103
Other expenses	20,239	38,220	83,054	72,034
Income (loss) from continuing operations before income taxes and other items	183,866	72,235	415,199	262,584
Income tax (expense) benefit	4,706	(4,584)	(2,586)	(11,132)
Income (loss) from unconsolidated entities	(4,038)	(4,031)	(6,925)	(51,434)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net	272,266	71,102	443,416	69,681
Income (loss) from continuing operations	456,800	134,722	849,104	269,699
Net income (loss)	456,800	134,722	849,104	269,699
Total assets	48,953,698		48,953,698		$ 44,012,166
Seniors Housing Operating
Segment Reporting Information [Line Items]
Rental income			417,490	341,172
Operating Segments | Seniors Housing Operating
Segment Reporting Information [Line Items]
Resident fees and services	1,511,524	1,199,808	4,265,271	3,490,942
Rental income	0	0	0	0
Interest income	16,328	2,194	37,428	6,840
Other income	2,498	1,897	5,861	7,237
Total revenues	1,530,350	1,203,899	4,308,560	3,505,019
Property operating expenses	1,135,887	918,990	3,190,140	2,687,961
Consolidated net operating income (loss)	394,463	284,909	1,118,420	817,058
Depreciation and amortization	279,693	215,195	770,020	656,030
Interest expense	8,742	14,358	27,254	41,981
General and administrative expenses	0	0	0	0
Loss (gain) on derivatives and financial instruments, net	0	0	0	0
Loss (gain) on extinguishment of debt, net	0	0	1,711	0
Provision for loan losses, net	5,543	384	13,253	2,178
Impairment of assets	20,887	2,400	65,996	15,029
Other expenses	17,914	34,865	64,395	60,504
Income (loss) from continuing operations before income taxes and other items	61,684	17,707	175,791	41,336
Income tax (expense) benefit	0	0	0	0
Income (loss) from unconsolidated entities	4,247	(6,021)	(2,546)	(61,055)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net	63	71,173	141,726	69,910
Income (loss) from continuing operations	65,994	82,859	314,971	50,191
Net income (loss)	65,994	82,859	314,971	50,191
Total assets	28,900,249		28,900,249
Operating Segments | Triple-net
Segment Reporting Information [Line Items]
Resident fees and services	0	0	0	0
Rental income	227,531	194,912	590,426	596,247
Interest income	51,866	39,928	145,183	110,211
Other income	1,118	1,482	3,248	70,057
Total revenues	280,515	236,322	738,857	776,515
Property operating expenses	9,345	10,044	30,657	32,365
Consolidated net operating income (loss)	271,170	226,278	708,200	744,150
Depreciation and amortization	57,583	58,196	181,884	167,958
Interest expense	90	374	800	(436)
General and administrative expenses	0	0	0	0
Loss (gain) on derivatives and financial instruments, net	(9,906)	2,885	(18,785)	5,095
Loss (gain) on extinguishment of debt, net	0	0	0	0
Provision for loan losses, net	(1,345)	3,675	(2,874)	5,116
Impairment of assets	2,534	4,988	3,150	6,074
Other expenses	2,445	1,627	12,070	4,912
Income (loss) from continuing operations before income taxes and other items	219,769	154,533	531,955	555,431
Income tax (expense) benefit	0	0	0	0
Income (loss) from unconsolidated entities	(8,680)	2,056	(9,219)	9,858
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net	272,334	(12)	293,628	436
Income (loss) from continuing operations	483,423	156,577	816,364	565,725
Net income (loss)	483,423	156,577	816,364	565,725
Total assets	9,845,405		9,845,405
Operating Segments | Outpatient Medical
Segment Reporting Information [Line Items]
Resident fees and services	0	0	0	0
Rental income	202,955	189,595	593,523	555,758
Interest income	852	98	2,552	284
Other income	2,040	2,265	7,019	6,939
Total revenues	205,847	191,958	603,094	562,981
Property operating expenses	62,778	62,204	186,426	179,266
Consolidated net operating income (loss)	143,069	129,754	416,668	383,715
Depreciation and amortization	66,503	65,923	199,783	196,383
Interest expense	(573)	2,313	2,455	9,569
General and administrative expenses	0	0	0	0
Loss (gain) on derivatives and financial instruments, net	0	0	0	0
Loss (gain) on extinguishment of debt, net	0	1	0	7
Provision for loan losses, net	(5)	0	(9)	(2)
Impairment of assets	0	0	0	0
Other expenses	(500)	1,117	440	2,311
Income (loss) from continuing operations before income taxes and other items	77,644	60,400	213,999	175,447
Income tax (expense) benefit	0	0	0	0
Income (loss) from unconsolidated entities	395	(66)	4,840	(237)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net	(131)	(59)	8,062	(665)
Income (loss) from continuing operations	77,908	60,275	226,901	174,545
Net income (loss)	77,908	60,275	226,901	174,545
Total assets	7,553,112		7,553,112
Non-segment/Corporate
Segment Reporting Information [Line Items]
Resident fees and services	0	0	0	0
Rental income	0	0	0	0
Interest income	0	0	0	0
Other income	38,951	29,834	89,777	43,705
Total revenues	38,951	29,834	89,777	43,705
Property operating expenses	4,691	4,035	13,688	12,106
Consolidated net operating income (loss)	34,260	25,799	76,089	31,599
Depreciation and amortization	0	0	0	0
Interest expense	130,791	139,487	389,283	402,158
General and administrative expenses	77,901	46,106	186,784	134,764
Loss (gain) on derivatives and financial instruments, net	0	0	0	0
Loss (gain) on extinguishment of debt, net	419	0	419	0
Provision for loan losses, net	0	0	0	0
Impairment of assets	0	0	0	0
Other expenses	380	611	6,149	4,307
Income (loss) from continuing operations before income taxes and other items	(175,231)	(160,405)	(506,546)	(509,630)
Income tax (expense) benefit	4,706	(4,584)	(2,586)	(11,132)
Income (loss) from unconsolidated entities	0	0	0	0
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net	0	0	0	0
Income (loss) from continuing operations	(170,525)	(164,989)	(509,132)	(520,762)
Net income (loss)	(170,525)	$ (164,989)	(509,132)	$ (520,762)
Total assets	$ 2,654,932		$ 2,654,932
[1]The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.

Segment Reporting - Summary of

Segment Reporting - Summary of Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues [Abstract]
Amount	$ 2,055,663	$ 1,662,013	$ 5,740,288	$ 4,888,220
Resident fees and services	1,511,524	1,199,808	4,265,271	3,490,942
Assets:
Amount	48,953,698		48,953,698		$ 44,012,166	[1]
Resident fees and services
Revenues [Abstract]
Resident fees and services	1,511,524	1,199,808	4,265,271	3,490,942
United States
Revenues [Abstract]
Amount	1,745,893	1,384,381	4,822,963	4,072,915
Assets:
Amount	40,861,259		40,861,259		36,929,186
United States | Resident fees and services
Revenues [Abstract]
Resident fees and services	1,255,020	967,360	3,501,168	2,806,301
United Kingdom
Revenues [Abstract]
Amount	174,337	153,765	499,109	455,669
Assets:
Amount	4,930,587		4,930,587		3,587,230
United Kingdom | Resident fees and services
Revenues [Abstract]
Resident fees and services	125,581	111,947	360,254	334,544
Canada
Revenues [Abstract]
Amount	135,433	123,867	418,216	359,636
Assets:
Amount	3,161,852		3,161,852		$ 3,495,750
Canada | Resident fees and services
Revenues [Abstract]
Resident fees and services	$ 130,923	$ 120,501	$ 403,849	$ 350,097
Revenue | Geographic Concentration Risk
Assets:
Percentage	100%	100%	100%	100%
Revenue | Resident fees and services | Geographic Concentration Risk
Assets:
Percentage	100%	100%	100%	100%
Revenue | United States | Geographic Concentration Risk
Assets:
Percentage	84.90%	83.20%	84%	83.30%
Revenue | United States | Resident fees and services | Geographic Concentration Risk
Assets:
Percentage	83%	80.70%	82.10%	80.40%
Revenue | United Kingdom | Geographic Concentration Risk
Assets:
Percentage	8.50%	9.30%	8.70%	9.30%
Revenue | United Kingdom | Resident fees and services | Geographic Concentration Risk
Assets:
Percentage	8.30%	9.30%	8.40%	9.60%
Revenue | Canada | Geographic Concentration Risk
Assets:
Percentage	6.60%	7.50%	7.30%	7.40%
Revenue | Canada | Resident fees and services | Geographic Concentration Risk
Assets:
Percentage	8.70%	10%	9.50%	10%
Assets | Geographic Concentration Risk
Assets:
Percentage			100%		100%
Assets | United States | Geographic Concentration Risk
Assets:
Percentage			83.40%		83.90%
Assets | United Kingdom | Geographic Concentration Risk
Assets:
Percentage			10.10%		8.20%
Assets | Canada | Geographic Concentration Risk
Assets:
Percentage			6.50%		7.90%
[1]The consolidated balance sheet at December 31, 2023 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	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023		Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets:
Net real estate investments	$ 41,868,096		$ 41,868,096				$ 38,775,913	[1]
Cash and cash equivalents	3,564,942		3,564,942				1,993,646	[1]
Receivables and other assets	971,650		971,650				1,011,518	[1]
Total assets	48,953,698		48,953,698				44,012,166	[1]
Liabilities and equity:
Secured debt	2,468,527		2,468,527				2,183,327	[1]
Lease liabilities	392,360		392,360				383,230	[1]
Accrued expenses and other liabilities	1,733,712		1,733,712				1,521,660	[1]
Total equity	30,793,821	$ 23,573,826	30,793,821	$ 23,573,826	$ 29,426,306	$ 28,246,993	26,081,122	[1]	$ 21,823,923	$ 21,203,960	$ 21,009,553
Total liabilities and equity	48,953,698		48,953,698				44,012,166	[1]
Revenues	2,055,663	1,662,013	5,740,288	4,888,220
VIE, Primary Beneficiary
Assets:
Net real estate investments	3,881,149		3,881,149				3,277,741
Cash and cash equivalents	15,986		15,986				19,529
Receivables and other assets	118,179		118,179				43,513
Total assets	4,015,314		4,015,314				3,340,783
Liabilities and equity:
Secured debt	513,724		513,724				76,507
Lease liabilities	2,537		2,537				2,539
Accrued expenses and other liabilities	20,555		20,555				13,850
Total equity	3,478,498		3,478,498				3,247,887
Total liabilities and equity	4,015,314		4,015,314				$ 3,340,783
Revenues	$ 100,951	$ 48,885	$ 297,866	$ 139,619
[1]The consolidated balance sheet at December 31, 2023 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.