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Senior Unsecured Notes and Secured Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Summary of Annual Principal Payments Due on Debt Obligations
At March 31, 2025, 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 $89,404 $1,349,404 
2026700,000 244,318 944,318 
2027 (4,5)
1,882,470 358,379 2,240,849 
2028 (6)
2,494,060 187,060 2,681,120 
20292,085,000 417,569 2,502,569 
Thereafter (7)
4,944,600 1,355,440 6,300,040 
Total principal balance13,366,130 2,652,170 16,018,300 
Unamortized discounts and premiums, net(20,717)— (20,717)
Unamortized debt issuance costs, net(71,827)(15,145)(86,972)
Fair value adjustments and other, net(54,384)(132,370)(186,754)
Total carrying value of debt$13,219,202 $2,504,655 $15,723,857 
(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 3.79% and 3.94% as of March 31, 2025 and March 31, 2024, 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 4.08% and 4.62% as of March 31, 2025 and March 31, 2024, respectively. Gross real property value of the properties securing the debt totaled $7,186,280,000 at March 31, 2025.
(4) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $173,850,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2025). 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 0.80% (5.22% at March 31, 2025) and adjusted Canadian Overnight Repo Rate Average plus 0.80% (3.85% at March 31, 2025), respectively.
(5) Includes $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $208,620,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2025).
(6) Includes £550,000,000 senior unsecured notes due 2028 (approximately $709,060,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 31, 2025).
(7) Includes £500,000,000 senior unsecured notes due 2034 (approximately $644,600,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 31, 2025).
Summary of Principal Activity
The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands):
 Three Months Ended
 March 31, 2025March 31, 2024
Beginning balance$13,326,465 $13,699,619 
Debt extinguished— (1,350,000)
Effect of foreign currency39,665 (21,530)
Ending balance$13,366,130 $12,328,089 
The following is a summary of the outstanding exchangeable features:
Number of shares of Welltower Inc. Common Stock into which $1,000 of Principal 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 March 31, 2025, 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 March 31, 2025 and December 31, 2024 (dollars in thousands):
March 31, 2025December 31, 2024
2028 Exchangeable Notes2029 Exchangeable Notes2028 Exchangeable Notes2029 Exchangeable Notes
Principal$1,035,000 $1,035,000 $1,035,000 $1,035,000 
Less: unamortized debt issuance costs14,454 17,407 15,622 18,422 
Net carrying value included in senior unsecured notes$1,020,546 $1,017,593 $1,019,378 $1,016,578 
The following is a summary of our interest expense recognized related to the Exchangeable Notes for the three months ended March 31, 2025 and 2024 (dollars in thousands):
Three Months Ended
March 31, 2025March 31, 2024
2028 Exchangeable Notes2029 Exchangeable Notes2028 Exchangeable Notes
Contractual interest expense$7,116 $8,086 $7,116 
Amortization of debt issuance costs1,168 1,015 1,165 
Total interest expense $8,284 $9,101 $8,281 
The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): 
 Three Months Ended
 March 31, 2025March 31, 2024
Beginning balance$2,467,223 $2,222,445 
Debt issued— 1,379 
Debt assumed316,869 — 
Debt extinguished(119,833)(120,946)
Principal payments(14,444)(11,887)
Effect of foreign currency2,355 (20,215)
Ending balance$2,652,170 $2,070,776