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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, 2024
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) 
Delaware
34-1096634
(State or other jurisdiction
of Incorporation)		(IRS Employer
Identification No.)
4500 Dorr StreetToledo,Ohio43615
(Address of principal executive office)(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
Guarantee of 4.800% Notes due 2028 issued by Welltower OP LLCWELL/28New York Stock Exchange
Guarantee of 4.500% Notes due 2034 issued by Welltower OP LLCWELL/34New 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☐
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 25, 2024, Welltower Inc. had 622,689,523 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

CONSOLIDATED BALANCE SHEETS
WELLTOWER INC. AND SUBSIDIARIES
(In thousands) 
September 30, 2024 (Unaudited)December 31, 2023 (Note)
Assets:  
  
Real estate investments:  
  
Real property owned:  
Land and land improvements  $5,075,391 $4,697,824 
Buildings and improvements  40,646,767 37,796,553 
Acquired lease intangibles  2,268,889 2,166,470 
Real property held for sale, net of accumulated depreciation  110,689 372,883 
Construction in progress  1,374,996 1,304,441 
Less accumulated depreciation and amortization  (10,276,509)(9,274,814)
Net real property owned  39,200,223 37,063,357 
Right of use assets, net358,160 350,969 
Investments in sales-type leases, net469,260 — 
Real estate loans receivable, net of credit allowance  1,840,453 1,361,587 
Net real estate investments  41,868,096 38,775,913 
Other assets:  
Investments in unconsolidated entities  1,742,836 1,636,531 
Goodwill  68,321 68,321 
Cash and cash equivalents  3,564,942 1,993,646 
Restricted cash  219,466 82,437 
Straight-line rent receivable518,387 443,800 
Receivables and other assets  971,650 1,011,518 
Total other assets  7,085,602 5,236,253 
Total assets  
$48,953,698 $44,012,166 
Liabilities and equity  
Liabilities:  
Unsecured credit facility and commercial paper$— $— 
Senior unsecured notes  13,295,096 13,552,222 
Secured debt  2,468,527 2,183,327 
Lease liabilities392,360 383,230 
Accrued expenses and other liabilities  1,733,712 1,521,660 
Total liabilities  
17,889,695 17,640,439 
Redeemable noncontrolling interests  
270,182 290,605 
Equity:  
Common stock  620,107 565,894 
Capital in excess of par value  37,949,035 32,741,949 
Treasury stock  (114,876)(111,578)
Cumulative net income  9,976,753 9,145,044 
Cumulative dividends  (17,901,600)(16,773,773)
Accumulated other comprehensive income (loss)  (195,138)(163,160)
Total Welltower Inc. stockholders' equity  30,334,281 25,404,376 
Noncontrolling interests  459,540 676,746 
Total equity  
30,793,821 26,081,122 
Total liabilities and equity  
$48,953,698 $44,012,166 
Note: 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.

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,
 2024202320242023
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 income69,046 42,220 185,163 117,335 
Other income44,607 35,478 105,905 127,938 
Total revenues2,055,663 1,662,013 5,740,288 4,888,220 
Expenses:
Property operating expenses1,212,701 995,273 3,420,911 2,911,698 
Depreciation and amortization403,779 339,314 1,151,687 1,020,371 
Interest expense139,050 156,532 419,792 453,272 
General and administrative expenses77,901 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, net419 1 2,130 7 
Provision for loan losses, net4,193 4,059 10,370 7,292 
Impairment of assets23,421 7,388 69,146 21,103 
Other expenses20,239 38,220 83,054 72,034 
Total expenses1,871,797 1,589,778 5,325,089 4,625,636 
Income (loss) from continuing operations before income taxes and other items183,866 72,235 415,199 262,584 
Income tax (expense) benefit4,706 (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, net272,266 71,102 443,416 69,681 
Income (loss) from continuing operations456,800 134,722 849,104 269,699 
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:
Basic611,290 521,848 595,353 504,420 
Diluted618,306 525,138 600,191 507,353 
Earnings per share:
Basic:
Income (loss) from continuing operations$0.75 $0.26 $1.43 $0.53 
Net income (loss) attributable to common stockholders$0.74 $0.24 $1.40 $0.51 
Diluted:
Income (loss) from continuing operations$0.74 $0.26 $1.41 $0.53 
Net income (loss) attributable to common stockholders(2)
$0.73 $0.24 $1.39 $0.50 
Dividends declared and paid per common share$0.67 $0.61 $1.89 $1.83 
(1) Includes amounts attributable to redeemable noncontrolling interests.
(2) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units.

4


STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands) 
 Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
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(1)
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.

5

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
Nine Months Ended September 30, 2024
Common StockCapital in
Excess of
Par Value		Treasury
Stock		Cumulative
Net Income		Cumulative
Dividends		Accumulated Other
Comprehensive
Income (Loss)		Noncontrolling
Interests		Total
Balances at January 1, 2024
$565,894 $32,741,949 $(111,578)$9,145,044 $(16,773,773)$(163,160)$676,746 $26,081,122 
Comprehensive income:
Net income (loss)   127,146   4,180 131,326 
Other comprehensive income (loss)    (17,677)(6,075)(23,752)
Total comprehensive income       107,574 
Net change in noncontrolling interests (19,282)    6,191 (13,091)
Adjustment to members' interest from change in ownership in Welltower OP (18,852)    18,852 — 
Redemption of OP Units and DownREIT Units19 825    (844)— 
Amounts related to stock incentive plans, net of forfeitures112 11,936 (3,264)    8,784 
Net proceeds from issuance of common stock26,612 2,388,521      2,415,133 
Dividends paid:
Common stock dividends    (352,529)  (352,529)
Balances at March 31, 2024
$592,637 $35,105,097 $(114,842)$9,272,190 $(17,126,302)$(180,837)$699,050 $28,246,993 
Comprehensive income:
Net income (loss)254,714 5,806 260,520 
Other comprehensive income (loss)(18,656)(95)(18,751)
Total comprehensive income241,769 
Net change in noncontrolling interests(49,943)(46,969)(256,613)(353,525)
Adjustment to members' interest from change in ownership in Welltower OP(1,833)1,833 — 
Redemption of OP Units and DownREIT Units476 42,636 (101)43,011 
Amounts related to stock incentive plans, net of forfeitures36 11,028 168 11,232 
Net proceeds from issuance of common stock16,710 1,586,298 1,603,008 
Dividends paid:
Common stock dividends(366,182)(366,182)
Balances at June 30, 2024
$609,859 $36,693,283 $(114,674)$9,526,904 $(17,492,484)$(246,462)$449,880 $29,426,306 
Comprehensive income:
Net income (loss)449,849 5,874 455,723 
Other comprehensive income (loss)51,324 87 51,411 
Total comprehensive income507,134 
Net change in noncontrolling interests(19,175)7,365 (11,810)
Adjustment to members' interest from change in ownership in Welltower OP3,666 (3,666)— 
Amounts related to stock incentive plans, net of forfeitures6 39,912 (202)39,716 
Net proceeds from issuance of common stock10,242 1,231,349 1,241,591 
Dividends paid:
Common stock dividends(409,116)(409,116)
Balances at September 30, 2024
$620,107 $37,949,035 $(114,876)$9,976,753 $(17,901,600)$(195,138)$459,540 $30,793,821 


6

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
 Nine Months Ended September 30, 2023
 Common StockCapital in
Excess of
Par Value		Treasury
Stock		Cumulative
Net Income		Cumulative
Dividends		Accumulated Other
Comprehensive
Income (Loss)		Noncontrolling
Interests		Total
Balances at January 1, 2023
$491,919 $26,742,750 $(111,001)$8,804,950 $(15,514,097)$(119,707)$714,739 $21,009,553 
Comprehensive income:
Net income (loss)25,673 2,688 28,361 
Other comprehensive income (loss)8,148 3,023 11,171 
Total comprehensive income39,532 
Net change in noncontrolling interests(8,304)29,648 21,344 
Adjustment to members' interest from change in ownership in Welltower OP(6,139)6,139 — 
Redemption of OP Units and DownREIT Units272 17,515 (432)17,355 
Amounts related to stock incentive plans, net of forfeitures134 9,330 (1,924)7,540 
Net proceeds from issuance of common stock5,603 404,862 410,465 
Dividends paid:
Common stock dividends(301,829)(301,829)
Balances at March 31, 2023
$497,928 $27,160,014 $(112,925)$8,830,623 $(15,815,926)$(111,559)$755,805 $21,203,960 
Comprehensive income:
Net income (loss)103,040 3,505 106,545 
Other comprehensive income (loss)28,651 4,410 33,061 
Total comprehensive income139,606 
Net change in noncontrolling interests8,579 (12,686)(149,013)(153,120)
Adjustment to members' interest from change in ownership in Welltower OP(4,794)4,794 — 
Redemption of OP Units and DownREIT Units1 18 (19)— 
Amounts related to stock incentive plans, net of forfeitures43 11,088 893 12,024 
Net proceeds from issuance of common stock11,833 910,392 922,225 
Dividends paid:
Common stock dividends(300,772)(300,772)
Balances at June 30, 2023
$509,805 $28,085,297 $(112,032)$8,933,663 $(16,116,698)$(95,594)$619,482 $21,823,923 
Comprehensive income:
Net income (loss)127,470 6,586 134,056 
Other comprehensive income (loss)(53,768)(4,330)(58,098)
Total comprehensive income75,958 
Net change in noncontrolling interests56,824 (2,829)53,995 
Adjustment to members' interest from change in ownership in Welltower OP(3,431)3,431 — 
Redemption of OP Units and DownREIT Units62 2,488 (2,550)— 
Amounts related to stock incentive plans, net of forfeitures8 8,810 (281)8,537 
Net proceeds from issuance of common stock24,043 1,906,088 1,930,131 
Dividends paid:
Common stock dividends(318,718)(318,718)
Balances at September 30, 2023
$533,918 $30,056,076 $(112,313)$9,061,133 $(16,435,416)$(149,362)$619,790 $23,573,826 

7

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
Nine Months Ended
September 30,
 20242023
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, net10,370 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 settlements10,712 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
— — 
Net proceeds from issuance of senior unsecured notes1,015,063 1,011,780 
Payments to extinguish senior unsecured notes  
(1,350,000)— 
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 cash5,047 (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), net8,383 4,092 
(1) Includes amounts attributable to redeemable noncontrolling interests.

8
WELLTOWER INC. AND SUBSIDIARIES
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. 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 Welltower OP.
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, 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.
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 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

9
WELLTOWER INC. AND SUBSIDIARIES
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
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, 2024September 30, 2023
Seniors Housing OperatingTriple-netOutpatient
Medical		TotalsSeniors Housing OperatingTriple-netOutpatient
Medical		Totals
Land and land improvements$208,219 $63,075 $10,160 $281,454 $58,049 $58,797 $72,992 $189,838 
Buildings and improvements1,446,475 621,378 34,481 2,102,334 411,273 430,041 314,892 1,156,206 
Acquired lease intangibles89,460 33,232 2,193 124,885 25,617 — 45,936 71,553 
Construction in progress45,983 — — 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 assets1,790,137 1,014,685 46,834 2,851,656 677,412 488,838 434,747 1,600,997 
Receivables and other assets9,592 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 acquisitions1,284,200 338,142 46,764 1,669,106 203,010 488,838 381,779 1,073,627 
Construction in progress additions424,827 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 progress389,797 154 242,560 632,511 425,363 20,538 284,811 730,712 
Capital improvements to existing properties448,144 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) Represents 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.
10
WELLTOWER INC. AND SUBSIDIARIES
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
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, 2024September 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 
4. 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, 2024December 31, 2023
Assets:
In place lease intangibles$2,079,917 $2,001,827 
Above market tenant leases71,892 66,663 
Lease commissions117,080 97,980 
Gross historical cost2,268,889 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 $22,425 
The following is a summary of real estate intangible amortization income (expense) for the periods presented (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Rental income related to (above)/below market tenant leases, net$(189)$152 $(274)$327 
Amortization related to in place lease intangibles and lease commissions(61,872)(47,556)(169,539)(157,481)
5. 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.
11
WELLTOWER INC. AND SUBSIDIARIES
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
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 of $(15,905,000) and $(62,121,000) for 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, 2024September 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
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WELLTOWER INC. AND SUBSIDIARIES
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
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 in 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 Consolidated 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.
On May 1, 2023, we executed a series of transactions that included the assignment of the leasehold interest to a newly formed tri-party unconsolidated joint venture together with Aurora Health Network, Peace Capital (an affiliate of Complete Care Management) and us, and culminated with the closing of the purchase option by the joint venture. The transactions resulted in net cash proceeds to us of $104,240,000 (excluded from the dispositions table above) after our retained interest of $11,571,000 in the joint venture and a gain from the loss of control and derecognition of the leasehold interest of $65,485,000, which we recorded in other income within our Consolidated Statements of Comprehensive Income.
6. 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.
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WELLTOWER INC. AND SUBSIDIARIES
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The components of lease expense were as follows for the periods presented (in thousands):
Nine Months Ended
 ClassificationSeptember 30, 2024September 30, 2023
Operating lease cost: (1)
Real estate lease expenseProperty operating expenses$17,837 $16,663 
Non-real estate investment lease expenseGeneral and administrative expenses4,838 5,392 
Finance lease cost:
Amortization of leased assetsProperty operating expenses3,278 4,774 
Interest on lease liabilitiesInterest expense2,923 3,008 
Sublease incomeRental 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):
 ClassificationSeptember 30, 2024December 31, 2023
Right of use assets:
Operating leases - real estateRight of use assets, net$280,295 $283,293 
Finance leases - real estateRight of use assets, net77,865 67,676 
Real estate right of use assets, net358,160 350,969 
Operating leases - non-real estate investmentsReceivables and other assets8,734 11,338 
Total right of use assets, net$366,894 $