Senior Unsecured Notes and Secured Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Summary of Annual Principal Payments Due on Debt Obligations

At March 31, 2026, the annual principal payments due on our debt obligations were as follows (in thousands):

	Senior Unsecured Notes (1,2)		Secured Debt (3)		Other Financial Obligations (4)		Totals
2026(5)	$	2,668,941	$	227,324	$	1,158	$	2,897,423
2027(6)	714,980		351,366		1,621		1,067,967
2028(7)	2,525,010		189,887		1,713		2,716,610
2029	2,179,674		416,690		1,810		2,598,174
2030	1,750,000		157,587		1,913		1,909,500
Thereafter(8)	5,459,100		1,195,668		246,304		6,901,072
Total principal balance	15,297,705		2,538,522		254,519		18,090,746
Unamortized discounts and premiums, net	(22,237)		—		—		(22,237)
Unamortized debt issuance costs, net	(69,395)		(12,978)		—		(82,373)
Fair value adjustments and other, net	(46,361)		(122,568)		116,361		(52,568)
Total carrying value of debt	$	15,159,712	$	2,402,976	$	370,880	$	17,933,568

(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 3.94% and 3.79% as of March 31, 2026 and March 31, 2025, 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 6.90%. The ending weighted average interest rate, after considering the effects of interest rate swaps, was 4.04% and 4.08% as of March 31, 2026 and March 31, 2025, respectively. Gross real property value of the properties securing the debt totaled $6,124,725,000 at March 31, 2026.

(4) Other financial obligations represent liabilities related to failed sale leasebacks acquired, which include an aggregate effective interest rate of 5.39%.

(5) Includes $2,747,615,000 of Canadian-denominated unsecured term loans (approximately $1,968,941,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2026). The term loans mature on October 9, 2026, and bear interest at adjusted Canadian Overnight Repo Rate Average plus 0.70% (3.28% at March 31, 2026).

(6) Includes $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $214,980,000 based on the Canadian/U.S. Dollar exchange rate in effect on March 31, 2026).

(7) Includes £550,000,000 of 4.80% senior unsecured notes due 2028 (approximately $725,010,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 31, 2026).

(8) Includes £500,000,000 of 4.50% senior unsecured notes due 2034 (approximately $659,100,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 31, 2026).

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, 2026		March 31, 2025
Beginning balance	$	16,526,245	$	13,326,465
Debt issued	19,775		—
Debt extinguished	(1,183,406)		—
Effect of foreign currency	(64,909)		39,665
Ending balance	$	15,297,705	$	13,366,130

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 Notes	10.5213	$	95.05	November 15, 2027
2029 Exchangeable Notes	7.8265	$	127.77	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 of March 31, 2026 and December 31, 2025 (in thousands):

	March 31, 2026				December 31, 2025
	2028 Exchangeable Notes		2029 Exchangeable Notes		2028 Exchangeable Notes		2029 Exchangeable Notes
Principal	$	1,035,000	$	1,035,000	$	1,035,000	$	1,035,000
Less: unamortized debt issuance costs	9,783		13,115		10,951		14,112
Net carrying value included in senior unsecured notes	$	1,025,217	$	1,021,885	$	1,024,049	$	1,020,888

The following is a summary of our interest expense recognized related to the Exchangeable Notes for the periods presented (in thousands):

	Three Months Ended
	March 31, 2026		March 31, 2025
Contractual interest expense	$	15,202	$	15,202
Amortization of debt issuance costs	2,165		2,183
Total interest expense	$	17,367	$	17,385

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

	Three Months Ended
	March 31, 2026		March 31, 2025
Beginning balance	$	2,573,080	$	2,467,223
Debt assumed	—		316,869
Debt extinguished	(3,574)		(119,833)
Principal payments	(16,625)		(14,444)
Effect of foreign currency	(14,359)		2,355
Ending balance	$	2,538,522	$	2,652,170