| 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, 2026 | | September 30, 2025 | | Seniors Housing Operating | | Triple-net | | Outpatient
Medical | | Totals | | Seniors Housing Operating | | Triple-net | | Outpatient
Medical | | Totals | | Land and land improvements | $ | 763,834 | | | $ | 181,148 | | | $ | 346 | | | $ | 945,328 | | | $ | 359,679 | | | $ | 148,088 | | | $ | 19,337 | | | $ | 527,104 | | | Buildings and improvements | 6,147,921 | | | 2,349,629 | | | 87,188 | | | 8,584,738 | | | 2,221,761 | | | 2,052,242 | | | 1,343 | | | 4,275,346 | | | Acquired lease intangibles | 505,540 | | | — | | | 10,576 | | | 516,116 | | | 222,250 | | | 7,084 | | | 656 | | | 229,990 | | | Construction in progress | 628,257 | | | — | | | — | | | 628,257 | | | — | | | — | | | — | | | — | | | Real property held for sale | 452 | | | — | | | — | | | 452 | | | 175,262 | | | 48,753 | | | — | | | 224,015 | | | Right of use assets, net | 12,146 | | | — | | | 1,222 | | | 13,368 | | | 3,032 | | | 18,389 | | | 2,783 | | | 24,204 | | | Total net real estate assets | 8,058,150 | | | 2,530,777 | | | 99,332 | | | 10,688,259 | | | 2,981,984 | | | 2,274,556 | | | 24,119 | | | 5,280,659 | | | Receivables and other assets | 128,047 | | | — | | | 18 | | | 128,065 | | | 22,536 | | | 13,556 | | | 59 | | | 36,151 | | Total assets acquired(1) | 8,186,197 | | | 2,530,777 | | | 99,350 | | | 10,816,324 | | | 3,004,520 | | | 2,288,112 | | | 24,178 | | | 5,316,810 | | | Secured debt | (559,043) | | | — | | | — | | | (559,043) | | | (441,983) | | | — | | | — | | | (441,983) | | | Lease liabilities | (2,967) | | | — | | | (1,081) | | | (4,048) | | | (3,032) | | | — | | | (1,699) | | | (4,731) | | | Accrued expenses and other liabilities | (142,242) | | | (3,414) | | | (440) | | | (146,096) | | | (63,171) | | | (10,442) | | | (1,589) | | | (75,202) | | | Total liabilities acquired | (704,252) | | | (3,414) | | | (1,521) | | | (709,187) | | | (508,186) | | | (10,442) | | | (3,288) | | | (521,916) | | | Noncontrolling interests | (55,089) | | | — | | | — | | | (55,089) | | | (5,620) | | | — | | | — | | | (5,620) | | Non-cash acquisition related activity(2) | (96,792) | | | (158,624) | | | (91,637) | | | (347,053) | | | (196,950) | | | (531,281) | | | (20,107) | | | (748,338) | | | Cash disbursed for acquisitions | 7,330,064 | | | 2,368,739 | | | 6,192 | | | 9,704,995 | | | 2,293,764 | | | 1,746,389 | | | 783 | | | 4,040,936 | | | Construction in progress additions | 381,706 | | | (6) | | | (3,868) | | | 377,832 | | | 289,195 | | | 153 | | | 73,145 | | | 362,493 | | | Less: Capitalized interest | (29,740) | | | — | | | (284) | | | (30,024) | | | (22,609) | | | — | | | (3,713) | | | (26,322) | | Accruals(3) | (917) | | | — | | | 13,470 | | | 12,553 | | | 3,511 | | | 1,094 | | | (6,795) | | | (2,190) | | | Cash disbursed for construction in progress | 351,049 | | | (6) | | | 9,318 | | | 360,361 | | | 270,097 | | | 1,247 | | | 62,637 | | | 333,981 | | | Capital improvements to existing properties | 891,013 | | | 32,348 | | | 13,734 | | | 937,095 | | | 634,959 | | | 30,233 | | | 71,096 | | | 736,288 | | | Total cash invested in real property, net of cash acquired | $ | 8,572,126 | | | $ | 2,401,081 | | | $ | 29,244 | | | $ | 11,002,451 | | | $ | 3,198,820 | | | $ | 1,777,869 | | | $ | 134,516 | | | $ | 5,111,205 | |
(1) Excludes $7,379,000 and $5,239,000 of unrestricted and restricted cash acquired during the nine months ended September 30, 2026 and 2025, respectively. (2) For the nine months ended September 30, 2026, relates to the acquisition of assets previously recognized as investments in unconsolidated entities, the reclassification of two properties from sales-type lease to operating lease (see Note 6 for further details), deferred consideration and exchangeable units issued in conjunction with the Amica Senior Lifestyles acquisition (see below), the issuance of OP units, and the settlement of an existing real estate loan receivable. For the nine months ended September 30, 2025, relates to the acquisition of assets previously recognized as investments in unconsolidated entities, the re-issuance of Welltower Inc. treasury shares, the issuance of Welltower Inc. Class A stock, acquired assets classified as held for sale and sold contemporaneously with the acquisition, and deferred consideration 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): | | | | | | | | | | | | | | | | | Nine Months Ended | | | September 30, 2026 | | September 30, 2025 | Development projects: | | | | | Seniors Housing Operating | | $ | 512,518 | | | $ | 742,491 | | | | | | | Outpatient Medical | | — | | | 336,863 | | | | | | | | | | | | | Total construction in progress conversions | | $ | 512,518 | | | $ | 1,079,354 | |
|