| 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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended | | | June 30, 2026 | | June 30, 2025 | | Seniors Housing Operating | | Triple-net | | Outpatient
Medical | | Totals | | Seniors Housing Operating | | Triple-net | | Outpatient
Medical | | Totals | | Land and land improvements | $ | 520,452 | | | $ | 123,298 | | | $ | 176 | | | $ | 643,926 | | | $ | 295,923 | | | $ | 94,165 | | | $ | 19,340 | | | $ | 409,428 | | | Buildings and improvements | 4,263,118 | | | 1,549,177 | | | 87,188 | | | 5,899,483 | | | 1,840,711 | | | 1,229,242 | | | 1,619 | | | 3,071,572 | | | Acquired lease intangibles | 373,216 | | | — | | | 10,576 | | | 383,792 | | | 179,372 | | | 7,084 | | | 656 | | | 187,112 | | | Construction in progress | 209,446 | | | — | | | — | | | 209,446 | | | — | | | — | | | — | | | — | | | Real property held for sale | 452 | | | — | | | — | | | 452 | | | 174,639 | | | — | | | — | | | 174,639 | | | Right of use assets, net | 12,146 | | | — | | | 1,222 | | | 13,368 | | | 3,032 | | | 18,389 | | | 2,783 | | | 24,204 | | | Total net real estate assets | 5,378,830 | | | 1,672,475 | | | 99,162 | | | 7,150,467 | | | 2,493,677 | | | 1,348,880 | | | 24,398 | | | 3,866,955 | | | Receivables and other assets | 78,049 | | | — | | | 18 | | | 78,067 | | | 15,920 | | | 5 | | | 59 | | | 15,984 | | Total assets acquired(1) | 5,456,879 | | | 1,672,475 | | | 99,180 | | | 7,228,534 | | | 2,509,597 | | | 1,348,885 | | | 24,457 | | | 3,882,939 | | | Secured debt | (409,241) | | | — | | | — | | | (409,241) | | | (441,983) | | | — | | | — | | | (441,983) | | | Lease liabilities | (2,967) | | | — | | | (1,081) | | | (4,048) | | | (3,032) | | | — | | | (1,699) | | | (4,731) | | | Accrued expenses and other liabilities | (116,320) | | | (3,471) | | | (440) | | | (120,231) | | | (36,813) | | | (10,442) | | | (1,589) | | | (48,844) | | | Total liabilities acquired | (528,528) | | | (3,471) | | | (1,521) | | | (533,520) | | | (481,828) | | | (10,442) | | | (3,288) | | | (495,558) | | | Noncontrolling interests | (38,438) | | | — | | | — | | | (38,438) | | | (5,620) | | | — | | | — | | | (5,620) | | Non-cash acquisition related activity(2) | (88,567) | | | (156,221) | | | (91,637) | | | (336,425) | | | (184,761) | | | (240,075) | | | (20,107) | | | (444,943) | | | Cash disbursed for acquisitions | 4,801,346 | | | 1,512,783 | | | 6,022 | | | 6,320,151 | | | 1,837,388 | | | 1,098,368 | | | 1,062 | | | 2,936,818 | | | Construction in progress additions | 167,120 | | | (6) | | | (3,868) | | | 163,246 | | | 208,822 | | | — | | | 47,840 | | | 256,662 | | | Less: Capitalized interest | (17,016) | | | — | | | (284) | | | (17,300) | | | (17,094) | | | — | | | (3,079) | | | (20,173) | | Accruals(3) | 7,500 | | | — | | | 13,470 | | | 20,970 | | | (4,470) | | | 1,094 | | | 5,448 | | | 2,072 | | | Cash disbursed for construction in progress | 157,604 | | | (6) | | | 9,318 | | | 166,916 | | | 187,258 | | | 1,094 | | | 50,209 | | | 238,561 | | | Capital improvements to existing properties | 554,829 | | | 21,422 | | | 12,875 | | | 589,126 | | | 415,638 | | | 19,874 | | | 37,717 | | | 473,229 | | | Total cash invested in real property, net of cash acquired | $ | 5,513,779 | | | $ | 1,534,199 | | | $ | 28,215 | | | $ | 7,076,193 | | | $ | 2,440,284 | | | $ | 1,119,336 | | | $ | 88,988 | | | $ | 3,648,608 | |
(1) Excludes $5,384,000 and $4,548,000 of unrestricted and restricted cash acquired during the six months ended June 30, 2026 and 2025, respectively. (2) For the six months ended June 30, 2026, relates to the acquisition of assets previously recognized as investments in unconsolidated entities and two properties reclassified from sales-type lease to operating lease (see Note 6 for further details). For the six months ended June 30, 2025, relates to the acquisition of assets previously recognized as investments in unconsolidated entities and the re-issuance of Welltower Inc. treasury shares in lieu of cash consideration. (3) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, offset by amounts paid in the current period. The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented (in thousands): | | | | | | | | | | | | | | | | | | Six Months Ended | | | | June 30, 2026 | | June 30, 2025 | Development projects: | | | | | Seniors Housing Operating | | $ | 257,446 | | | $ | 506,732 | | | | | | | Outpatient Medical | | — | | | 267,916 | | | | | | | | | | | | | Total construction in progress conversions | | $ | 257,446 | | | $ | 774,648 | |
|