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Senior Unsecured Notes and Secured Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Summary of Annual Principal Payments Due on Debt Obligations
At September 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$— $26,037 $26,037 
2026700,000 256,400 956,400 
2027(4,5)
1,894,845 366,517 2,261,362 
2028(6)
2,534,420 190,724 2,725,144 
20292,162,321 420,424 2,582,745 
Thereafter(7)
7,222,200 1,369,879 8,592,079 
Total principal balance14,513,786 2,629,981 17,143,767 
Unamortized discounts and premiums, net(24,515)— (24,515)
Unamortized debt issuance costs, net(79,442)(14,092)(93,534)
Fair value adjustments and other, net(44,821)(128,535)(173,356)
Total carrying value of debt$14,365,008 $2,487,354 $16,852,362 
(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 3.96% and 3.87% as of September 30, 2025 and September 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 1.51% to 6.67%. The ending weighted average interest rate, after considering the effects of interest rate swaps and caps, was 4.09% and 4.34% as of September 30, 2025 and September 30, 2024, respectively. Gross real property value of the properties securing the debt totaled $7,313,194,000 at September 30, 2025.
(4) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $179,475,000 based on the Canadian/U.S. Dollar exchange rate in effect on September 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 0.78% (5.03% at September 30, 2025) and adjusted Canadian Overnight Repo Rate Average ("CORRA") plus 0.78% (3.41% at September 30, 2025), respectively.
(5) Includes $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $215,370,000 based on the Canadian/U.S. Dollar exchange rate in effect on September 30, 2025).
(6) Includes £550,000,000 senior unsecured notes due 2028 (approximately $739,420,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 30, 2025).
(7) Includes £500,000,000 senior unsecured notes due 2034 (approximately $672,200,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 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):
 Nine Months Ended
 September 30, 2025September 30, 2024
Beginning balance$13,326,465 $13,699,619 
Debt issued2,376,896 1,035,000 
Debt extinguished(1,299,575)(1,350,000)
Effect of foreign currency110,000 59,116 
Ending balance$14,513,786 $13,443,735 
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 Notes10.5075$95.17 November 15, 2027
2029 Exchangeable Notes7.8210$127.86 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 a specified amount, but will not be adjusted for any accrued and unpaid interest. The amounts presented reflect the impact of the exchange rate adjustments resulting from the actual dividend rates paid.
The following is a summary of the components of the outstanding Exchangeable Notes as September 30, 2025 and December 31, 2024 (in thousands):
September 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 costs12,119 15,109 15,622 18,422 
Net carrying value included in senior unsecured notes$1,022,881 $1,019,891 $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 EndedNine Months Ended
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Contractual interest expense$15,202 $14,304 $45,606 $28,536 
Amortization of debt issuance costs2,177 2,025 6,543 4,357 
Total interest expense $17,379 $16,329 $52,149 $32,893 
The following is a summary of our secured debt principal activity for the periods presented (in thousands): 
Nine Months Ended
September 30, 2025September 30, 2024
Beginning balance$2,467,223 $2,222,445 
Debt issued— 3,708 
Debt assumed469,130 896,705 
Debt extinguished(288,492)(323,805)
Debt disposed(1)
— (164,640)
Principal payments(47,709)(32,411)
Effect of foreign currency29,829 (20,124)
Ending balance$2,629,981 $2,581,878 
(1) Please see Note 5 for additional information.