v3.26.1
Senior Unsecured Notes and Secured Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Summary of Annual Principal Payments Due on Debt Obligations
At June 30, 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$— $187,833 $737 $188,570 
2027(5,6)
2,645,521 364,342 1,541 3,011,404 
2028(7)
2,337,135 344,287 1,632 2,683,054 
20292,235,532 556,583 1,730 2,793,845 
20301,750,000 165,305 1,833 1,917,138 
Thereafter(8)
5,462,850 1,573,259 248,266 7,284,375 
Total principal balance14,431,038 3,191,609 255,739 17,878,386 
Unamortized discounts and premiums, net(21,234)— — (21,234)
Unamortized debt issuance costs, net(63,242)(12,886)— (76,128)
Fair value adjustments and other, net(51,461)(120,217)116,907 (54,771)
Total carrying value of debt$14,295,101 $3,058,506 $372,646 $17,726,253 
(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 3.91% as of June 30, 2026 and June 30, 2025, respectively.
(2) Senior unsecured notes are generally issued by Welltower OP and are fully and unconditionally guaranteed by Welltower. The C$300,000,000 of 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 1.74% to 5.25%. The ending weighted average interest rate, after considering the effects of interest rate swaps, was 4.01% and 4.08% as of June 30, 2026 and June 30, 2025, respectively. Gross real property value of the properties securing the debt totaled $6,503,834,000 at June 30, 2026.
(4) Represents financing obligations related to sale-leaseback transactions acquired that did not qualify for sale accounting which include an aggregate effective interest rate of 5.49%.
(5) Includes C$2,747,615,000 of unsecured term loans (approximately $1,934,321,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2026). The term loans mature on April 9, 2027 and bear interest at adjusted Canadian Overnight Repo Rate Average plus 0.65% (2.92% at June 30, 2026).
(6) Includes C$300,000,000 of 2.95% senior unsecured notes due 2027 (approximately $211,200,000 based on the Canadian/U.S. Dollar exchange rate in effect on June 30, 2026).
(7) Includes £550,000,000 of 4.80% senior unsecured notes due 2028 (approximately $729,135,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on June 30, 2026).
(8) Includes £500,000,000 of 4.50% senior unsecured notes due 2034 (approximately $662,850,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on June 30, 2026).
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, 2026June 30, 2025
Beginning balance$16,526,245 $13,326,465 
Debt issued75,633 1,371,165 
Debt extinguished(1,883,406)(1,250,000)
Debt exchanged or redeemed(192,000)— 
Effect of foreign currency(95,434)147,894 
Ending balance$14,431,038 $13,595,524 
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 Notes10.5277$94.99 November 15, 2027
2029 Exchangeable Notes7.8291$127.73 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 June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026December 31, 2025
2028 Exchangeable Notes2029 Exchangeable Notes2028 Exchangeable Notes2029 Exchangeable Notes
Principal$843,000 $1,035,000 $1,035,000 $1,035,000 
Less: unamortized debt issuance costs7,017 12,118 10,951 14,112 
Net carrying value included in senior unsecured notes$835,983 $1,022,882 $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 EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Contractual interest expense$14,926 $15,202 $30,128 $30,403 
Amortization of debt issuance costs2,165 2,183 4,330 4,365 
Total interest expense $17,091 $17,385 $34,458 $34,768 
The following is a summary of our secured debt principal activity for the periods presented (in thousands): 
Six Months Ended
June 30, 2026June 30, 2025
Beginning balance$2,573,080 $2,467,223 
Debt issued324,384 — 
Debt assumed408,632 469,130 
Debt extinguished(33,288)(286,454)
Principal payments(36,075)(31,002)
Effect of foreign currency(45,124)49,065 
Ending balance$3,191,609 $2,667,962