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Senior Unsecured Notes and Secured Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Summary of Annual Principal Payments Due on Debt Obligations
At June 30, 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$10,000 $52,749 $62,749 
2026700,000 252,104 952,104 
2027 (4,5)
1,903,759 371,808 2,275,567 
2028 (6)
2,539,600 192,768 2,732,368 
20292,206,165 421,859 2,628,024 
Thereafter (7)
6,236,000 1,376,674 7,612,674 
Total principal balance13,595,524 2,667,962 16,263,486 
Unamortized discounts and premiums, net(21,637)— (21,637)
Unamortized debt issuance costs, net(77,163)(15,240)(92,403)
Fair value adjustments and other, net(47,843)(130,500)(178,343)
Total carrying value of debt$13,448,881 $2,522,222 $15,971,103 
(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 3.91% and 3.94% as of June 30, 2025 and June 30, 2024, respectively.
(2) Senior unsecured notes are generally 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 4.64% as of June 30, 2025 and June 30, 2024, respectively. Gross real property value of the properties securing the debt totaled $7,376,869,000 at June 30, 2025.
(4) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $183,527,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 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% (5.21% at June 30, 2025) and adjusted Canadian Overnight Repo Rate Average plus 0.80% (3.83% at June 30, 2025), respectively.
(5) Includes $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $220,232,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2025).
(6) Includes £550,000,000 senior unsecured notes due 2028 (approximately $754,600,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on June 30, 2025).
(7) Includes £500,000,000 senior unsecured notes due 2034 (approximately $686,000,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on June 30, 2025).
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, 2025June 30, 2024
Beginning balance$13,326,465 $13,699,619 
Debt issued1,371,165 — 
Debt extinguished(1,250,000)(1,350,000)
Effect of foreign currency147,894 (25,490)
Ending balance$13,595,524 $12,324,129 
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 Notes10.4994$95.24 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. We have paid a quarterly dividend of $0.67 per share since the third quarter of 2024, 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 June 30, 2025 and December 31, 2024 (in thousands):
June 30, 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 costs13,287 16,392 15,622 18,422 
Net carrying value included in senior unsecured notes$1,021,713 $1,018,608 $1,019,378 $1,016,578 
The following is a summary of our interest expense recognized related to the Exchangeable Notes for the periods presented (in thousands):
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Contractual interest expense$15,202 $7,116 $30,403 $14,232 
Amortization of debt issuance costs2,183 1,167 4,365 2,332 
Total interest expense $17,385 $8,283 $34,768 $16,564 
The following is a summary of our secured debt principal activity for the periods presented (in thousands): 
Six Months Ended
June 30, 2025June 30, 2024
Beginning balance$2,467,223 $2,222,445 
Debt issued— 2,872 
Debt assumed469,130 — 
Debt extinguished(286,454)(211,805)
Debt disposed(1)
— (164,640)
Principal payments(31,002)(21,994)
Effect of foreign currency49,065 (26,194)
Ending balance$2,667,962 $1,800,684 
(1) Please see Note 5 for additional information.