Senior Unsecured Notes and Secured Debt (Tables)

12 Months Ended

Dec. 31, 2022

Long-Term Debt, by Current and Noncurrent [Abstract]

Annual Principal Payments Due on Debt Obligations

At December 31, 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
2023	$	—	$	627,672	$	627,672
2024	1,350,000		345,400		1,695,400
2025	1,260,000		267,117		1,527,117
2026	700,000		127,454		827,454
2027(5,6)	1,906,444		184,491		2,090,935
Thereafter(7,8)	7,368,085		577,820		7,945,905
Totals	$	12,584,529	$	2,129,954	$	14,714,483

(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 2.05% 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 1.25% to 7.00%. Carrying value of the properties securing the debt totaled $4,882,151,000 at December 31, 2022.

(5) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $184,747,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 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 bears interest at adjusted SOFR plus 0.85% 5.29% at December 31, 2022) and Canadian Dealer Offered Rate plus 0.85% (5.56% at December 31, 2022), respectively.

(6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $221,697,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2022).

(7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $664,235,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2022).

(8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $603,850,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2022).

Summary of Principal Activity

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

	Year Ended
	December 31, 2022			December 31, 2021			December 31, 2020
			Weighted Avg.			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate(1)	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	11,707,961	3.67%	$	11,509,533	3.67%	$	10,427,562	4.03%
Debt issued	1,050,000		3.08%	1,750,000		2.57%	1,600,000		1.89%
Debt extinguished	—		—%	(1,533,752)		2.42%	(566,248)		3.26%
Foreign currency	(173,432)		4.43%	(17,820)		4.55%	48,219		4.35%
Ending balance	$	12,584,529	4.06%	$	11,707,961	3.67%	$	11,509,533	3.67%

(1) Includes the impact of interest rate swaps and interest rate caps.

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

	Year Ended
	December 31, 2022			December 31, 2021			December 31, 2020
			Weighted Avg.			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate(1)	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	2,202,312	3.03%	$	2,378,073	3.27%	$	2,993,342	3.63%
Debt issued	113,183		4.71%	23,569		2.83%	62,055		2.55%
Debt assumed	328,096		5.86%	—		—%	—		—%
Debt extinguished	(399,066)		5.54%	(132,031)		5.86%	(632,288)		2.21%
Principal payments	(58,114)		3.48%	(65,587)		3.40%	(62,707)		3.63%
Foreign currency	(56,457)		3.27%	(1,712)		2.72%	17,671		2.93%
Ending balance	$	2,129,954	4.33%	$	2,202,312	3.03%	$	2,378,073	3.27%

(1) Includes the impact of interest rate swaps and interest rate caps.