What is Welltower's triple-net — construction in progress?

Welltower (WELL) reported triple-net — construction in progress of $0 in Q4 2025.

What does triple-net — construction in progress mean?

The accumulated costs for development projects currently underway within the triple-net segment that have not yet been placed into service. This reflects capital tied up in active construction or major renovation efforts.

Welltower WELL Triple-net — Construction in progress

Similar metrics at other companies

AHRTriple Net Leased Properties — Capital Expenditures Incurred

$248K—

SBRATriple-net portfolio — Operating Expenses

$3.77M+8.5%

AHRTriple Net Leased Properties — Total Assets

$393.01M-2.0%

AHRTriple Net Leased Properties — Labor And Related Expense

$0—

VTR

VTRTriple-Net Leased Properties — Property-level operating expenses

$2.9M-17.7%

AHRTriple Net Leased Properties — Utilities Food Repairs And Maintenance And Other Operating Expenses

$0—

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$177.94B+71.9%

Enterprise value$175.29B+74.5%

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 / equity0×0.0×

Where this comes from

Reported directly by Welltower in its filing.

Tagged under the XBRL concept well:BusinessCombinationRecognizedAssetAcquiredPropertyPlantAndEquipmentConstructionInProgress.

The official record: Welltower’s 10-K, filed February 12, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Welltower's triple-net — construction in progress?: Welltower (WELL) reported triple-net — construction in progress of $0 in Q4 2025.
What does triple-net — construction in progress mean?: The accumulated costs for development projects currently underway within the triple-net segment that have not yet been placed into service. This reflects capital tied up in active construction or major renovation efforts.