Senior Unsecured Notes and Secured Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of Annual Principal Payments Due on Debt Obligations

At September 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	$	—	$	96,016	$	96,016
2025	1,260,000		279,372		1,539,372
2026	700,000		231,413		931,413
2027 (4,5)	1,906,945		448,710		2,355,655
2028 (6)	2,521,890		157,797		2,679,687
Thereafter (7)	7,054,900		1,368,570		8,423,470
Total principal balance	13,443,735		2,581,878		16,025,613
Unamortized discounts and premiums, net	(23,230)		—		(23,230)
Unamortized debt issuance costs, net	(80,736)		(16,747)		(97,483)
Fair value adjustments and other, net	(44,673)		(96,604)		(141,277)
Total carrying value of debt	$	13,295,096	$	2,468,527	$	15,763,623

(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 3.87% and 4.02% as of September 30, 2024 and September 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 8.00%. The ending weighted average interest rate, after considering the effects of interest rate swaps and caps, was 4.34% and 4.83% as of September 30, 2024 and September 30, 2023, respectively. Gross real property value of the properties securing the debt totaled $6,460,936,000 at September 30, 2024.

(4) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $184,975,000 based on the Canadian/U.S. Dollar exchange rate on September 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% (6.05% at September 30, 2024) and adjusted Canadian Overnight Repo Rate Average plus 0.85% (5.44% at September 30, 2024), respectively.

(5) Includes $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $221,970,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2024).

(6) Includes £550,000,000 4.80% senior unsecured notes due 2028 (approximately $736,890,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 30, 2024).

(7) Includes £500,000,000 4.50% senior unsecured notes due 2034 (approximately $669,900,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 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):

	Nine Months Ended
	September 30, 2024		September 30, 2023
Beginning balance	$	13,699,619	$	12,584,529
Debt issued	1,035,000		1,035,000
Debt extinguished	(1,350,000)		—
Foreign currency	59,116		14,295
Ending balance	$	13,443,735	$	13,633,824

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

	Nine Months Ended
	September 30, 2024		September 30, 2023
Beginning balance	$	2,222,445	$	2,129,954
Debt issued	3,708		381,369
Debt assumed	896,705		344,023
Debt extinguished	(323,805)		(397,381)
Debt disposed(1)	(164,640)		—
Principal payments	(32,411)		(41,646)
Foreign currency	(20,124)		(188)
Ending balance	$	2,581,878	$	2,416,131
(1) Please see Note 5 for additional information.