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Senior Unsecured Notes and Secured Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Long-Term Debt, by Current and Noncurrent [Abstract]  
Summary of Annual Principal Payments Due on Debt Obligations
At December 31, 2024, the annual principal payments due on our debt obligations were as follows (in thousands):
Senior Unsecured Notes (1,2)
Secured Debt (3)
Totals
2025$1,260,000 $216,034 $1,476,034 
2026700,000 226,754 926,754 
2027(4,5)
1,881,865 258,216 2,140,081 
2028(6)
2,473,600 160,028 2,633,628 
20292,085,000 392,703 2,477,703 
Thereafter(7)
4,926,000 1,213,488 6,139,488 
Total principal balance13,326,465 2,467,223 15,793,688 
Unamortized discounts and premiums, net(21,972)— (21,972)
Unamortized debt issuance costs, net(76,445)(15,886)(92,331)
Fair value adjustments and other, net(65,946)(113,182)(179,128)
Total carrying value of debt$13,162,102 $2,338,155 $15,500,257 
(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 3.81%, 4.05% and 4.06%. as of December 31, 2024, December 31, 2023 and December 31, 2022, 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 6.67%. The ending weighted average interest rate, after considering the effects of interest rate swaps and caps, was 4.17%, 4.76% and 4.33% as of December 31, 2024, December 31, 2023 and December 31, 2022, respectively. Gross real property value of the properties securing the debt totaled $6,520,190,000 at December 31, 2024.
(4) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $173,575,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 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% (5.35% at December 31, 2024) and adjusted Canadian Overnight Repo Rate Average plus 0.85% (4.48% at December 31, 2024), respectively.
(5) Includes $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $208,290,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2024).
(6) Includes £550,000,000 of 4.80% senior unsecured notes due 2028 (approximately $688,600,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2024).
(7) Includes £500,000,000 of 4.50% senior unsecured notes due 2034 (approximately $626,000,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2024).
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,
 202420232022
Beginning balance$13,699,619 $12,584,529 $11,707,961 
Debt issued1,035,000 1,035,000 1,050,000 
Debt extinguished(1,350,000)— — 
Foreign currency(58,154)80,090 (173,432)
Ending balance$13,326,465 $13,699,619 $12,584,529 
The following is a summary of the outstanding exchangeable features:
Number of shares of Welltower Inc. Common Stock into which $1,000 of Principal of the Exchangeable Notes is Exchangeable(1)
Approximate Equivalent Exchange Price per Share(1)
Exchangeable Date
2028 Exchangeable Notes10.4862$95.36 November 15, 2027
2029 Exchangeable Notes7.8177$127.91 January 15, 2029
(1) The exchange rate is subject to adjustment upon the occurrence of specified events, including in the event of the payment of a quarterly dividend in excess of $0.61 per share, in the case of the 2028 Exchangeable Notes, and $0.67 per share, in the case of the 2029 Exchangeable Notes, but will not be adjusted for any accrued and unpaid interest. During the quarter ended December 31, 2024, we paid a quarterly dividend of $0.67 per share, which will result in an adjustment to the initial exchange rate of the 2028 Exchangeable Notes in accordance with the indenture for those notes.
The following is a summary of the components of the outstanding Exchangeable Notes as December 31, 2024 and 2023 (dollars in thousands):
December 31, 2024December 31, 2023
2028 Exchangeable Notes2029 Exchangeable Notes2028 Exchangeable Notes
Principal$1,035,000 $1,035,000 $1,035,000 
Less: unamortized debt issuance costs15,622 18,422 20,245 
Net carrying value included in senior unsecured notes$1,019,378 $1,016,578 $1,014,755 
The following is a summary of our interest expense recognized related to the Exchangeable Notes for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands).
Year Ended December 31,
20242023
2028 Exchangeable Notes2029 Exchangeable Notes2028 Exchangeable Notes
Contractual interest expense$28,463 $15,273 $18,184 
Amortization of debt issuance costs4,668 1,857 2,975 
Total interest expense $33,131 $17,130 $21,159 
The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands):
 Year Ended December 31,
 202420232022
Beginning balance$2,222,445 $2,129,954 $2,202,312 
Debt issued197,930 385,115 113,183 
Debt assumed960,300 428,578 328,096 
Debt extinguished(450,720)(687,780)(399,066)
Debt disposed(1)
(359,140)— — 
Principal payments(47,329)(54,076)(58,114)
Foreign currency(56,263)20,654 (56,457)
Ending balance$2,467,223 $2,222,445 $2,129,954 
(1) Please see Note 5 for additional information.