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Welltower WELL Construction in progress

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Other financials

Income statement

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Revenue$3.4B+38.3%
Gross profit$1.3B+35.0%
Net income$752.3M+192%
EPS (diluted)$0.61+35.6%

Balance sheet

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Cash & equivalents$4.7B+34.3%
Total debt$2.1B+59.5%
Total equity$43.8B+29.0%
Total assets$67.2B+26.1%

Cash flow

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Operating cash flow$670.0M+11.9%
CapEx$269.8M+12.3%
Free cash flow$400.2M+11.6%

Valuation

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Market cap$170.72B+51.9%
Enterprise value$168.07B+53.8%

Profitability

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Gross margin39.8%+0.6pp
Net margin12.4%-0.5pp
FCF margin15.9%-1.4pp

Returns & leverage

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Return on equity3.7%+0.2pp
Debt / equity0.0×

Where this comes from

Reported directly by Welltower in its filing.

Tagged under the XBRL concept us-gaap:DevelopmentInProcess.

The source filing: Welltower’s 10-Q, filed April 29, 2026.

Filed
Apr 29, 2026, 7:00 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0000766704-26-000021
Line itemMarch 31, 2026 (Unaudited)December 31, 2025 (Note)
Buildings and improvements52,873,37152,058,099
Acquired lease intangibles2,853,6962,845,686
Real property held for sale, net of accumulated depreciation749,4261,450,137
Construction in progress764,223738,859
Less accumulated depreciation and amortization(10,822,151)(10,350,621)
Net real property owned53,154,63153,423,291
Right of use assets, net2,023,1662,158,045
Investments in sales-type leases, net57,800497,963

Item 6. Exhibits [57](#i81e7e820fa1641d1a1c73823580d520d_271)

FAQ

What is Welltower's construction in progress?
Welltower (WELL) reported construction in progress of $764.22M in Q1 2026.
How has Welltower's construction in progress changed year-over-year?
Welltower's construction in progress decreased by 26.9% year-over-year, from $1.05B to $764.22M.
What is the long-term trend for Welltower's construction in progress?
Over 5 years (2020 to 2025), Welltower's construction in progress has grown at a 8.7% compound annual growth rate (CAGR), from $487.74M to $738.86M.
What does construction in progress mean?
Costs accumulated for facilities, equipment, or infrastructure projects under construction — not yet placed in service or generating revenue.

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