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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
   
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
   
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                      
Commission file number: 1-8923
WELLTOWER INC.
 
(Exact name of registrant as specified in its charter
Delaware34-1096634
(State or other jurisdiction
of Incorporation)
(IRS Employer
Identification No.)
4500 Dorr StreetToledo,Ohio43615
(Address of principal executive offices)(Zip Code)
(419) -247-2800
(Registrant’s telephone number, including area code)  
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $1.00 par value per shareWELLNew York Stock Exchange
4.800% Notes due 2028WELL28New York Stock Exchange
4.500% Notes due 2034WELL34New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  þ  No  ¨
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ  No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 þ
 Accelerated filer
¨
 Non-accelerated filer
¨
 Smaller reporting company
Emerging growth company
(Do not check if a smaller reporting company)
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No  þ
As of October 29, 2021, the registrant had 435,274,528 shares of common stock outstanding. 



TABLE OF CONTENTS
 
 
PART I. FINANCIAL INFORMATIONPage
  
Item 1. Financial Statements (Unaudited)
  
Consolidated Balance Sheets
  
Consolidated Statements of Comprehensive Income
  
Consolidated Statements of Equity
  
Consolidated Statements of Cash Flows
  
Notes to Unaudited Consolidated Financial Statements
  
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
Item 4. Controls and Procedures
  
PART II. OTHER INFORMATION 
  
Item 1. Legal Proceedings
  
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  
Item 5. Other Information
  
Item 6. Exhibits
  
Signatures



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements 

CONSOLIDATED BALANCE SHEETS
WELLTOWER INC. AND SUBSIDIARIES
(In thousands) 
September 30, 2021 (Unaudited)December 31, 2020 (Note)
Assets:  
  
Real estate investments:  
  
Real property owned:  
Land and land improvements  $3,698,858 $3,440,650 
Buildings and improvements  29,775,951 28,024,971 
Acquired lease intangibles  1,653,415 1,500,030 
Real property held for sale, net of accumulated depreciation  251,152 216,613 
Construction in progress  562,487 487,742 
Less accumulated depreciation and amortization  (6,634,061)(6,104,297)
Net real property owned  29,307,802 27,565,709 
Right of use assets, net526,614 465,866 
Real estate loans receivable, net of credit allowance  1,115,645 443,372 
Net real estate investments  30,950,061 28,474,947 
Other assets:  
Investments in unconsolidated entities  977,955 946,234 
Goodwill  68,321 68,321 
Cash and cash equivalents  303,982 1,545,046 
Restricted cash  58,663 475,997 
Straight-line rent receivable346,159 344,066 
Receivables and other assets  774,884 629,031 
Total other assets  2,529,964 4,008,695 
Total assets  
$33,480,025 $32,483,642 
Liabilities and equity  
Liabilities:  
Unsecured credit facility and commercial paper$290,996 $ 
Senior unsecured notes  11,116,067 11,420,790 
Secured debt  2,262,345 2,377,930 
Lease liabilities544,547 418,266 
Accrued expenses and other liabilities  1,093,959 1,041,594 
Total liabilities  
15,307,914 15,258,580 
Redeemable noncontrolling interests  
389,195 343,490 
Equity:  
Common stock  436,640 418,691 
Capital in excess of par value  22,148,859 20,823,145 
Treasury stock  (108,478)(104,490)
Cumulative net income  8,605,064 8,327,598 
Cumulative dividends  (14,115,705)(13,343,721)
Accumulated other comprehensive income (loss)  (103,177)(148,504)
Total Welltower Inc. stockholders’ equity  16,863,203 15,972,719 
Noncontrolling interests  919,713 908,853 
Total equity  
17,782,916 16,881,572 
Total liabilities and equity  
$33,480,025 $32,483,642 
Note: The consolidated balance sheet at December 31, 2020 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.

3


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands, except per share data) 
Three Months EndedNine Months Ended
September 30,September 30,
 2021202020212020
Revenues:  
Resident fees and services$835,617  $740,956 $2,299,972 $2,360,488 
Rental income  357,984 275,046 1,015,550 1,061,311 
Interest income39,864 16,750 97,891 48,060 
Other income6,332 4,122 19,438 14,092 
Total revenues1,239,797 1,036,874 3,432,851 3,483,951 
Expenses:
Property operating expenses729,400 634,717 1,989,383 1,977,262 
Depreciation and amortization267,754 255,532 753,065 795,704 
Interest expense122,522 124,851 368,005 393,215 
General and administrative expenses32,256 31,003 93,618 100,546 
Loss (gain) on derivatives and financial instruments, net(8,078)1,395 (6,503)10,480 
Loss (gain) on extinguishment of debt, net(5)33,004 50,964 33,253 
Provision for loan losses, net(271)2,857 7,309 11,351 
Impairment of assets1,490 23,313 48,750 126,291 
Other expenses3,575 11,544 26,256 37,247 
Total expenses1,148,643 1,118,216 3,330,847 3,485,349 
Income (loss) from continuing operations before income taxes and other items91,154 (81,342)102,004 (1,398)
Income tax (expense) benefit(4,940)(2,003)(6,662)(9,678)
Income (loss) from unconsolidated entities(15,832)(5,981)(10,759)(8,341)
Gain (loss) on real estate dispositions, net119,954 484,304 223,702 902,991 
Income (loss) from continuing operations190,336 394,978 308,285 883,574 
Net income190,336 394,978 308,285 883,574 
Less: Net income (loss) attributable to noncontrolling interests(1)
10,673 69,393 30,819 68,459 
Net income (loss) attributable to common stockholders$179,663 $325,585 $277,466 $815,115 
Average number of common shares outstanding:
Basic428,031 417,027 420,955 414,822 
Diluted429,983 418,987 422,835 416,860 
Earnings per share:
Basic:
Income (loss) from continuing operations$0.44 $0.95 $0.73 $2.13 
Net income (loss) attributable to common stockholders$0.42 $0.78 $0.66 $1.96 
Diluted:
Income (loss) from continuing operations$0.44 $0.94 $0.73 $2.12 
Net income (loss) attributable to common stockholders(2)
$0.42 $0.77 $0.65 $1.94 
Dividends declared and paid per common share$0.61 $0.61 $1.83 $2.09 
(1) Includes amounts attributable to redeemable noncontrolling interests.
(2) Includes adjustment to the numerator for income (loss) attributable to OP unitholders.


4


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands) 
 Three Months EndedNine Months Ended
September 30,September 30,
 2021202020212020
Net income$190,336 $394,978 $308,285 $883,574 
Other comprehensive income (loss):
Foreign currency translation gain (loss)(112,263)143,353 (55,059)(109,209)
Derivative and financial instruments designated as hedges gain (loss)130,711 (145,512)100,866 86,429 
Total other comprehensive income (loss)18,448 (2,159)45,807 (22,780)
Total comprehensive income (loss)208,784 392,819 354,092 860,794 
Less: Total comprehensive income (loss) attributable
to noncontrolling interests(1)
4,350 76,847 31,299 59,991 
Total comprehensive income (loss) attributable to common stockholders$204,434 $315,972 $322,793 $800,803 
(1) Includes amounts attributable to redeemable noncontrolling interests.

5


CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
Nine Months Ended September 30, 2021
Common
Stock
Capital in
Excess of
Par Value
Treasury
Stock
Cumulative
Net Income
Cumulative
Dividends
Accumulated Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Balances at January 1, 2021$418,691 $20,823,145 $(104,490)$8,327,598 $(13,343,721)$(148,504)$908,853 $16,881,572 
Comprehensive income:
Net income (loss)71,546 (177)71,369 
Other comprehensive income (loss)20,368 3,729 24,097 
Total comprehensive income95,466 
Net change in noncontrolling interests(14,250)(20,266)(34,516)
Amounts related to stock incentive plans, net of forfeitures175 5,393 (2,029)3,539 
Net proceeds from issuance of common stock(92)(92)
Dividends paid:
Common stock dividends(254,952)(254,952)
Balances at March 31, 2021$418,866 $20,814,196 $(106,519)$8,399,144 $(13,598,673)$(128,136)$892,139 $16,691,017 
Comprehensive income:
Net income (loss)26,257 19,695 45,952 
Other comprehensive income (loss)188 2,919 3,107 
Total comprehensive income49,059 
Net change in noncontrolling interests(17,377)15,630 (1,747)
Amounts related to stock incentive plans, net of forfeitures51 4,504 (2,114)2,441 
Net proceeds from issuance of common stock5,016 360,515 365,531 
Dividends paid:
Common stock dividends(255,472)(255,472)
Balances at June 30, 2021$423,933 $21,161,838 $(108,633)$8,425,401 $(13,854,145)$(127,948)$930,383 $16,850,829 
Comprehensive income:
Net income (loss)179,663 10,470 190,133 
Other comprehensive income (loss)24,771 (6,196)18,575 
Total comprehensive income208,708 
Net change in noncontrolling interests(4,013)(14,944)(18,957)
Amounts related to stock incentive plans, net of forfeitures3 4,932 155 5,090 
Net proceeds from issuance of common stock12,704 986,102 998,806 
Dividends paid:
Common stock dividends(261,560)(261,560)
Balances at September 30, 2021$436,640 $22,148,859 $(108,478)$8,605,064 $(14,115,705)$(103,177)$919,713 $17,782,916 
















6


CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
 Nine Months Ended September 30, 2020
 Common
Stock
Capital in
Excess of
Par Value
Treasury
Stock
Cumulative
Net Income
Cumulative
Dividends
Accumulated Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Balances at January 1, 2020$411,005 $20,190,119 $(78,955)$7,353,966 $(12,223,534)$(112,157)$966,183 $16,506,627 
Cumulative change in accounting principle (Note 2)(5,212)(5,212)
Balances at January 1, 2020 (as adjusted for change in accounting principle)411,005 20,190,119 (78,955)7,348,754 (12,223,534)(112,157)966,183 16,501,415 
Comprehensive income:
Net income (loss)310,284 18,988 329,272 
Other comprehensive income (loss)15,944 (21,955)(6,011)
Total comprehensive income323,261 
Net change in noncontrolling interests37,625 (29,662)7,963 
Amounts related to stock incentive plans, net of forfeitures246 6,608 (8,020)(1,166)
Net proceeds from issuance of common stock6,975 583,890 590,865 
Dividends paid:
Common stock dividends(356,001)(356,001)
Balances at March 31, 2020$418,226 $20,818,242 $(86,975)$7,659,038 $(12,579,535)$(96,213)$933,554 $17,066,337 
Comprehensive income:
Net income (loss)179,246 18,659 197,905 
Other comprehensive income (loss)(20,643)6,298 (14,345)
Total comprehensive income 183,560 
Net change in noncontrolling interests7,299 (70,124)(62,825)
Amounts related to stock incentive plans, net of forfeitures28 7,404 832 8,264 
Net proceeds from issuance of common stock89 3,604 3,693 
Repurchase of common stock(7,656)(7,656)
Dividends paid:
Common stock dividends(254,846)(254,846)
Balances at June 30, 2020$418,343 $20,836,549 $(93,799)$7,838,284 $(12,834,381)$(116,856)$888,387 $16,936,527 
Comprehensive income:
Net income (loss)325,585 67,650 393,235 
Other comprehensive income (loss)(9,613)7,338 (2,275)
Total comprehensive income390,960 
Net change in noncontrolling interests(7,894)(110,147)(118,041)
Amounts related to stock incentive plans, net of forfeitures18 6,569 (223)6,364 
Net proceeds from issuance of common stock(198)(198)
Dividends paid:
Common stock dividends(254,510)(254,510)
Balances at September 30, 2020$418,361 $20,835,026 $(94,022)$8,163,869 $(13,088,891)$(126,469)$853,228 $16,961,102 

7


CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
Nine Months Ended
September 30,
 20212020
Operating activities:    
Net income  $308,285 $883,574 
Adjustments to reconcile net income to net cash provided from (used in) operating activities:  
Depreciation and amortization  
753,065 795,704 
Other amortization expenses  
13,951 9,613 
Provision for loan losses
7,309 11,351 
Impairment of assets  
48,750 126,291 
Stock-based compensation expense  
14,868 20,938 
Loss (gain) on derivatives and financial instruments, net  
(6,503)10,480 
Loss (gain) on extinguishment of debt, net  
50,964 33,253 
Loss (income) from unconsolidated entities
10,759 8,341 
Rental income less than (in excess of) cash received  
(9,607)66,874 
Amortization related to above (below) market leases, net  
(2,045)(1,373)
Loss (gain) on real estate dispositions, net  
(223,702)(902,991)
Distributions by unconsolidated entities
11,783 7,835 
Increase (decrease) in accrued expenses and other liabilities  
97,924 40,443 
Decrease (increase) in receivables and other assets  
(83,806)(749)
Net cash provided from (used in) operating activities  991,995 1,109,584 
 
Investing activities:  
Cash disbursed for acquisitions, net of cash acquired
(2,735,206)(393,374)
Cash disbursed for capital improvements to existing properties
(165,691)(183,324)
Cash disbursed for construction in progress
(263,325)(126,699)
Capitalized interest  
(14,027)(13,234)
Investment in loans receivable
(953,006)(216,307)
Principal collected on loans receivable  
250,415 14,345 
Other investments, net of payments  
(10,885)(2,145)
Contributions to unconsolidated entities  
(278,833)(301,031)
Distributions by unconsolidated entities  
238,066 41,884 
Proceeds from (payments on) derivatives  
2,312 (13,319)
Proceeds from sales of real property  
941,708 3,522,949 
Net cash provided from (used in) investing activities  (2,988,472)2,329,745 
Financing activities:  
Net increase (decrease) under unsecured credit facility and commercial paper
290,996 (1,587,597)
Net proceeds from issuance of senior unsecured notes1,208,241 1,588,549 
Payments to extinguish senior unsecured notes  
(1,533,752)(566,248)
Net proceeds from the issuance of secured debt  
2,693 44,921 
Payments on secured debt  
(118,854)(538,091)
Net proceeds from the issuance of common stock  
1,366,464 595,313 
Repurchase of common stock
 (7,656)
Payments for deferred financing costs and prepayment penalties  
(72,251)(35,925)
Contributions by noncontrolling interests(1)
84,073 14,267 
Distributions to noncontrolling interests(1)
(108,912)(298,369)
Cash distributions to stockholders  
(770,457)(864,115)
Other financing activities
(9,322)(11,244)
Net cash provided from (used in) financing activities  338,919 (1,666,195)
Effect of foreign currency translation on cash and cash equivalents and restricted cash(840)(3,566)
Increase (decrease) in cash, cash equivalents and restricted cash  (1,658,398)1,769,568 
Cash, cash equivalents and restricted cash at beginning of period  2,021,043 385,765 
Cash, cash equivalents and restricted cash at end of period  $362,645 $2,155,333 
Supplemental cash flow information:
Interest paid$341,134 $362,130 
Income taxes paid (received), net1,288 (485)
(1) Includes amounts attributable to redeemable noncontrolling interests.

8

WELLTOWER INC.
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. Business
Welltower Inc. (the "Company"), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests 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™, 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. 
2. 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, 2021 are not necessarily an indication of the results that may be expected for the year ending December 31, 2021. 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, 2020.
Impact of COVID-19 Pandemic
The extent to which the COVID-19 pandemic impacts our operations and those of our operators and tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, the direct and indirect economic effects of the pandemic and containment measures, the impact of new variants, the effectiveness of vaccines, the overall pace of recovery, among others. The COVID-19 pandemic could have material and adverse effects on our financial condition, results of operations and cash flows in the future.
Our Seniors Housing Operating revenues are dependent on occupancy. Spot occupancy has steadily increased in recent months, with 96% of communities open for new admissions and nearly all communities allowing visitors, in-person tours and communal dining and activities. Rapid distribution and a high acceptance rate of COVID-19 vaccinations by residents within assisted living and memory care facilities in the U.S. and U.K. have resulted in a significant decrease in total resident case counts since mid-January across the portfolio. As of September 30, 2021, occupancy has increased approximately 440 bps to 76.7% since the pandemic-low of 72.3% on March 12, 2021. Monthly spot occupancy rates through September 30, 2021 are as follows:
December 2020January 2021February 2021March 2021April 2021May 2021June 2021July 2021August 2021September 2021
Spot occupancy (1)
74.8 %73.4 %72.5 %72.7 %73.2 %73.7 %74.6 %75.2 %75.9 %76.7 %
Sequential occupancy change(2)
(1.4)%(0.8)%0.1 %0.5 %0.5 %0.9 %0.6 %0.8 %0.8 %
(1) Spot occupancy represents approximate month end occupancy at our share for 591 properties in operation as of December 31, 2020, including unconsolidated properties but excluding acquisitions, executed dispositions, development conversions since this date as well as one property closed for redevelopment.
(2) Sequential occupancy changes are based on actual spot occupancy and may not recalculate due to rounding.

During the quarter ended September 30, 2021, the U.S. and U.K. portfolios reported spot occupancy gains of approximately 260 bps and 300 bps, respectively. Canada reported a spot occupancy gain of approximately 70 bps.
Property-level operating expenses associated with the COVID-19 pandemic relating to our Seniors Housing Operating portfolio, net of reimbursements including Provider Relief Funds and similar programs in the U.K. and Canada, resulted in a net benefit of approximately $2,092,000 and $24,883,000 for the three and nine months ended September 30, 2021, respectively, as compared to a net expense of $18,193,000 and $65,614,000 during the three and nine months ended September 30, 2020, respectively. These expenses were incurred as a result of the introduction of public health measures and other regulations affecting our properties, as well as additional health and safety measures adopted by us and our operators related to the COVID-19 pandemic, including increases in labor and property cleaning expenses and expenditures related to our efforts to procure personal protective equipment ("PPE") and supplies, net of reimbursements. Certain new expenses incurred since the start of the pandemic may continue on an ongoing basis as part of new health and safety protocols.
9

WELLTOWER INC.
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
In 2020 applications were made for amounts under Phase 2 and Phase 3 of the Provider Relief Fund related to our Seniors Housing Operating portfolio. During the nine months ended September 30, 2021, we received total Provider Relief Funds of approximately $40,975,000, which was recognized as a reduction to COVID-19 costs within property operating expenses.
Our Triple-net operators have experienced similar occupancy declines and operating costs as described above with respect to our Seniors Housing Operating properties. Additionally, long-term/post-acute care facilities are generally experiencing a higher degree of occupancy declines. These factors may continue to impact the ability of our Triple-net operators to make contractual rent payments to us in the future. Many of our Triple-net operators received funds under the Coronavirus Aid Relief and Economic Security Act (“CARES Act”) Paycheck Protection Program. In addition, operators of long-term/post-acute care facilities have generally received funds from Phase 1 of the Provider Relief Fund and operators of assisted living facilities have generally received funds from Phases 2 and 3 of the Provider Relief Fund.
During the nine months ended September 30, 2021, we collected approximately 94% of rent due from operators under Triple-net lease agreements (primarily seniors housing and post-acute care facilities). No significant rent deferrals or rent concessions have been made. We evaluate leases individually and recognize rent on a cash basis if collectability of substantially all contractual rent payments is not probable. To the extent the prolonged impact of the COVID-19 pandemic causes operators or tenants to seek further modifications of their lease agreements, we may recognize reductions in revenue and increases in uncollectible receivables.
During the nine months ended September 30, 2021, we have collected virtually all rent due from tenants in our Outpatient Medical portfolio, with uncollected amounts primarily attributable to local jurisdictions with COVID-19 related ordinances providing temporary rent relief to tenants. We evaluate leases individually and recognize rent on a cash basis if collectability of substantially all contractual rent payments is not probable.
New Accounting Standards   
In August 2020, the FASB issued ASU 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provides updated disclosure requirements. The ASU is effective for public business entities beginning after December 15, 2021 including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the guidance and the impact it may have on our consolidated financial statements.
In March 2020, the FASB issued an amendment to the reference rate reform standard which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. An example of such reform is the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. The new standard was effective for us upon issuance and elections can be made through December 31, 2022. We are currently evaluating our options with regards to existing contracts and hedging relationships and the impact of adopting this update on our consolidated financial statements.
3. Real Property Acquisitions and Development 
The total purchase price for all properties acquired has been allocated to the tangible and identifiable intangible assets and liabilities at cost on a relative fair value basis. Liabilities assumed and any associated noncontrolling interests are reflected at fair value. The results of operations for these acquisitions have been included in our consolidated results of operations since the date of acquisition and are a component of the appropriate segments. Transaction costs primarily represent costs incurred with acquisitions, including due diligence costs, fees for legal and valuation services, termination of pre-existing relationships computed based on the fair value of the assets acquired, lease termination fees and other acquisition-related costs. Transaction costs related to asset acquisitions are capitalized as a component of purchase price and all other non-capitalizable costs are reflected in other expenses on our Consolidated Statements of Comprehensive Income.
The following is a summary of our real property investment activity by segment for the periods presented (in thousands):
10

WELLTOWER INC.
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
 Nine Months Ended
 September 30, 2021September 30, 2020
Seniors Housing OperatingTriple-netOutpatient
Medical
TotalsSeniors Housing OperatingTriple-netOutpatient
Medical
Totals
Land and land improvements$264,706 $48,099