Senior Unsecured Notes and Secured Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary of Annual Principal Payments Due on Debt Obligations

At September 30, 2023, the annual principal payments due on our debt obligations were as follows (in thousands):

	Senior Unsecured Notes (1,2)		Secured Debt (3)		Totals
2023	$	—	$	221,074	$	221,074
2024	1,350,000		460,313		1,810,313
2025	1,260,000		414,358		1,674,358
2026	700,000		141,748		841,748
2027 (4, 5)	1,906,354		187,805		2,094,159
Thereafter (6, 7)	8,417,470		990,833		9,408,303
Total principal balance	13,633,824		2,416,131		16,049,955
Unamortized discounts and premiums, net	(26,488)		—		(26,488)
Unamortized debt issuance costs, net	(76,884)		(20,625)		(97,509)
Fair value adjustments and other, net	(76,467)		(15,253)		(91,720)
Total carrying value of debt	$	13,453,985	$	2,380,253	$	15,834,238

(1) Annual interest rates range from 2.05% to 6.50%.

(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 1.25% to 8.50%. Gross real property value of the properties securing the debt totaled $5,257,776,000 at September 30, 2023.

(4) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $184,706,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2023). 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% (6.28% at September 30, 2023) and Canadian Dealer Offered Rate plus 0.85% (6.24% at September 30, 2023), respectively.

(5) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $221,648,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2023).

(6) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $671,770,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 30, 2023).

(7) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $610,700,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 30, 2023).

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, 2023			September 30, 2022
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	12,584,529	4.06%	$	11,707,961	3.67%
Debt issued	1,035,000		2.75%	1,050,000		3.08%
Foreign currency	14,295		4.65%	(278,949)		4.51%
Ending balance	$	13,633,824	4.02%	$	12,479,012	3.86%

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

	Nine Months Ended
	September 30, 2023			September 30, 2022
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	2,129,954	4.33%	$	2,202,312	3.03%
Debt issued	381,369		5.10%	89,804		4.57%
Debt assumed	344,023		7.02%	221,159		4.32%
Debt extinguished	(397,381)		6.61%	(276,252)		4.28%
Principal payments	(41,646)		3.85%	(44,125)		3.36%
Foreign currency	(188)		3.91%	(71,577)		3.17%
Ending balance	$	2,416,131	4.83%	$	2,121,321	3.91%