Senior Unsecured Notes and Secured Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Annual Principal Payments Due on Debt Obligations

At June 30, 2022, the annual principal payments due on these debt obligations were as follows (in thousands):

	Senior Unsecured Notes (1,2,3)		Secured Debt (1,4)		Totals
2022	$	—	$	396,742	$	396,742
2023	—		498,668		498,668
2024	1,350,000		243,347		1,593,347
2025	1,260,000		231,488		1,491,488
2026	700,000		130,410		830,410
Thereafter (5, 6, 7, 8)	9,304,327		699,971		10,004,298
Totals	$	12,614,327	$	2,200,626	$	14,814,953

(1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the Consolidated Balance Sheets.

(2) Annual interest rates range from 1.82% to 6.50%.

(3) All senior unsecured notes with the exception of the $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 have been issued by Welltower OP and are fully and unconditionally guaranteed by Welltower. The $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 have been issued through private placement by a wholly owned subsidiary of Welltower OP and are fully and unconditionally guaranteed by Welltower OP.

(4) Annual interest rates range from 0.82% to 6.67%. Carrying value of the properties securing the debt totaled 5,077,113,000 at June 30, 2022.

(5) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $194,235,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2022). Both term loans mature on July 19, 2026 and may be extended for two successive terms of six months at our option. The loans bear interest at adjusted SOFR plus 0.85% (2.23% at June 30, 2022) and Canadian Dealer Offered Rate plus 0.85% (3.02% at June 30, 2022), respectively.

(6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $233,082,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2022).

(7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $668,910,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on June 30, 2022).

(8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $608,100,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on June 30, 2022).

Welltower, the parent entity that consolidates Welltower OP and all other subsidiaries, fully and unconditionally guarantees to each holder of all series of senior unsecured notes issued by Welltower OP that the principal of, premium, if any, and interest on the notes will be promptly paid in full when due, whether at the applicable maturity date, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the notes, if any, if lawful, and all other obligations of Welltower OP to the holders of the notes will be promptly paid in full or performed. Welltower’s guarantees of such notes are its senior unsecured obligation and rank equally with all of Welltower’s other future unsecured senior indebtedness and guarantees from time to time outstanding. Welltower’s guarantees of such notes are effectively subordinated to all liabilities of its subsidiaries and to its secured indebtedness to the extent of the assets securing such indebtedness. Because Welltower conducts substantially all of its business through its subsidiaries, Welltower's ability to make required payments with respect to the guarantees depends on the financial results and condition of its subsidiaries and its ability to receive funds from its subsidiaries, whether by dividends, loans, distributions or other payments.

Summary of Principal Activity

The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands):

	Six Months Ended
	June 30, 2022			June 30, 2021
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	11,707,961	3.67%	$	11,509,533	3.67%
Debt issued	1,050,000		3.08%	1,250,000		2.50%
Debt extinguished	—		—%	(1,533,752)		2.42%
Foreign currency	(143,634)		4.14%	27,204		3.57%
Ending balance	$	12,614,327	3.68%	$	11,252,985	3.71%

The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): 

	Six Months Ended
	June 30, 2022			June 30, 2021
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	2,202,312	3.03%	$	2,378,073	3.27%
Debt issued	10,344		3.23%	—		—%
Debt assumed	221,159		4.32%	—		—%
Debt extinguished	(196,504)		4.15%	(66,593)		6.01%
Principal payments	(30,350)		3.29%	(31,670)		3.48%
Foreign currency	(6,335)		2.97%	31,318		2.89%
Ending balance	$	2,200,626	3.43%	$	2,311,128	3.10%