Senior Unsecured Notes and Secured Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Summary of Annual Principal Payments Due on Debt Obligations

At June 30, 2024, the annual principal payments due on our debt obligations were as follows (in thousands):

	Senior Unsecured Notes (1,2)		Secured Debt (3)		Totals
2024	$	—	$	106,622	$	106,622
2025	1,260,000		319,175		1,579,175
2026	700,000		151,137		851,137
2027 (4,5)	1,901,929		182,536		2,084,465
2028 (6)	2,480,200		102,640		2,582,840
Thereafter (7)	5,982,000		938,574		6,920,574
Total principal balance	12,324,129		1,800,684		14,124,813
Unamortized discounts and premiums, net	(24,484)		—		(24,484)
Unamortized debt issuance costs, net	(65,257)		(16,542)		(81,799)
Fair value adjustments and other, net	(64,613)		(18,150)		(82,763)
Total carrying value of debt	$	12,169,775	$	1,765,992	$	13,935,767

(1) Annual interest rates range from 2.05% to 6.50%. The ending weighted average interest rate, after considering the effects of interest rate swaps, was 3.94% and 4.00% as of June 30, 2024 and June 30, 2023, respectively.

(2) 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.

(3) Annual interest rates range from 1.31% to 8.13%. The ending weighted average interest rate, after considering the effects of interest rate swaps and caps, was 4.64% and 4.70% as of June 30, 2024 and June 30, 2023, respectively. Gross real property value of the properties securing the debt totaled $4,966,345,000 at June 30, 2024.

(4) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $182,695,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2024). 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% (6.28% at June 30, 2024) and adjusted Canadian Overnight Repo Rate Average plus 0.85% (5.93% at June 30, 2024), respectively.

(5) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $219,234,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2024).

(6) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $695,200,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on June 30, 2024).

(7) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $632,000,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on June 30, 2024).

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, 2024		June 30, 2023
Beginning balance	$	13,699,619	$	12,584,529
Debt issued	—		1,035,000
Debt extinguished	(1,350,000)		—
Foreign currency	(25,490)		75,575
Ending balance	$	12,324,129	$	13,695,104

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

	Six Months Ended
	June 30, 2024		June 30, 2023
Beginning balance	$	2,222,445	$	2,129,954
Debt issued	2,872		373,462
Debt assumed	—		73,671
Debt extinguished	(211,805)		(72,496)
Debt disposed(1)	(164,640)		—
Principal payments	(21,994)		(28,781)
Foreign currency	(26,194)		20,781
Ending balance	$	1,800,684	$	2,496,591
(1) Please see Note 5 for additional information.