Senior Unsecured Notes and Secured Debt (Tables)

12 Months Ended

Dec. 31, 2023

Long-Term Debt, by Current and Noncurrent [Abstract]

Annual Principal Payments Due on Debt Obligations

At December 31, 2023, the annual principal payments due on debt obligations were as follows (in thousands):

	Senior Unsecured Notes (1,2)		Secured Debt (3)		Totals
2024	$	1,350,000	$	400,258	$	1,750,258
2025	1,260,000		428,821		1,688,821
2026	700,000		155,500		855,500
2027(4,5)	1,916,604		210,091		2,126,695
2028(6)	2,485,865		107,546		2,593,411
Thereafter(7)	5,987,150		920,229		6,907,379
Total principal balance	$	13,699,619	$	2,222,445	$	15,922,064
Unamortized discounts and premiums, net	(26,271)		—		(26,271)
Unamortized debt issuance costs, net	(72,812)		(20,237)		(93,049)
Fair value adjustments and other, net	(48,314)		(18,881)		(67,195)
Total carrying value of debt	$	13,552,222	$	2,183,327	$	15,735,549

(1) Annual interest rates range from 2.05% to 7.02%. The ending weighted average interest rate, after considering the effects of interest rate swaps, was 4.05%, 4.06%, and 3.67%. as of December 31, 2023, December 31, 2022, and December 31, 2021, 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 1.25% to 8.13%. The ending weighted average interest rate, after considering the effects of interest rate swaps and caps, was 4.76%, 4.33%, and 3.03% as of December 31, 2023, December 31, 2022, and December 31, 2021, respectively. Gross real property value of the properties securing the debt totaled $5,511,479,000 at December 31, 2023.

(4) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $189,365,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 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% (6.31% at December 31, 2023) and Canadian Dealer Offered Rate plus 0.85% (6.31% at December 31, 2023), respectively.

(5) Includes $300,000,000 of Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $227,239,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2023).

(6) Includes £550,000,000 of 4.80% senior unsecured notes due 2028 (approximately $700,865,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2023).

(7) Includes £500,000,000 of 4.50% senior unsecured notes due 2034 (approximately $637,150,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2023).

Summary of Principal Activity

The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands):

	Year Ended December 31,
	2023		2022		2021
Beginning balance	$	12,584,529	$	11,707,961	$	11,509,533
Debt issued	1,035,000		1,050,000		1,750,000
Debt extinguished	—		—		(1,533,752)
Foreign currency	80,090		(173,432)		(17,820)
Ending balance	$	13,699,619	$	12,584,529	$	11,707,961

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

	Year Ended December 31,
	2023		2022		2021
Beginning balance	$	2,129,954	$	2,202,312	$	2,378,073
Debt issued	385,115		113,183		23,569
Debt assumed	428,578		328,096		—
Debt extinguished	(687,780)		(399,066)		(132,031)
Principal payments	(54,076)		(58,114)		(65,587)
Foreign currency	20,654		(56,457)		(1,712)
Ending balance	$	2,222,445	$	2,129,954	$	2,202,312