v3.26.3
Senior Unsecured Notes and Secured Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Summary of Annual Principal Payments Due on Debt Obligations
At September 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$— $67,599 $383 $67,982 
2027(5,6)
2,644,606 370,028 1,587 3,016,221 
2028(7)
1,914,881 387,146 1,681 2,303,708 
20292,252,786 549,240 1,780 2,803,806 
20301,750,000 166,535 1,886 1,918,421 
Thereafter(8,9,10)
6,272,555 1,680,626 249,904 8,203,085 
Total principal balance14,834,828 3,221,174 257,221 18,313,223 
Unamortized discounts and premiums, net(20,422)— — (20,422)
Unamortized debt issuance costs, net(61,076)(11,462)— (72,538)
Fair value adjustments and other, net(66,358)(116,793)116,986 (66,165)
Total carrying value of debt$14,686,972 $3,092,919 $374,207 $18,154,098 
(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 3.98% and 3.96% as of September 30, 2026 and September 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 5.98%. The ending weighted average interest rate, after considering the effects of interest rate swaps, was 4.10% and 4.09% as of September 30, 2026 and September 30, 2025, respectively. Gross real property value of the properties securing the debt totaled $6,576,886,000 at September 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 5.53%.
(5) Includes C$2,747,615,000 of unsecured term loans (approximately $1,933,496,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2026). The term loans mature on April 9, 2027 and bear interest at adjusted Canadian Overnight Repo Rate Average plus 0.65% (2.93% at September 30, 2026).
(6) Includes C$300,000,000 of 2.95% senior unsecured notes due 2027 (approximately $211,110,000 based on the Canadian/U.S. Dollar exchange rate in effect on September 30, 2026).
(7) Includes £550,000,000 of 4.80% senior unsecured notes due 2028 (approximately $729,630,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 30, 2026).
(8) Includes £500,000,000 of 4.50% senior unsecured notes due 2034 (approximately $663,300,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on September 30, 2026).
(9) Includes C$750,000,000 of 3.85% senior unsecured notes due 2031 (approximately $527,775,000 based on the Canadian/U.S. Dollar exchange rate in effect on September 30, 2026).
(10) Includes C$400,000,000 of 4.15% senior unsecured notes due 2033 (approximately $281,480,000 based on the Canadian/U.S. Dollar exchange rate in effect on September 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):
Nine Months Ended
September 30, 2026September 30, 2025
Beginning balance$16,526,245 $13,326,465 
Debt issued911,097 2,376,896 
Debt extinguished(1,888,206)(1,299,575)
Debt exchanged or redeemed(614,749)— 
Effect of foreign currency(99,559)110,000 
Ending balance$14,834,828 $14,513,786 
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 Notes10.5390$94.89 November 15, 2027
2029 Exchangeable Notes7.8354$127.63 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 September 30, 2026 and December 31, 2025 (in thousands):
September 30, 2026December 31, 2025
2028 Exchangeable Notes2029 Exchangeable Notes2028 Exchangeable Notes2029 Exchangeable Notes
Principal$420,251 $1,035,000 $1,035,000 $1,035,000 
Less: unamortized debt issuance costs2,971 11,121 10,951 14,112 
Net carrying value included in senior unsecured notes$417,280 $1,023,879 $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 EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Contractual interest expense$12,849 $15,202 $42,977 $45,606 
Amortization of debt issuance costs1,817 2,177 6,147 6,543 
Total interest expense $14,666 $17,379 $49,124 $52,149 
The following is a summary of our secured debt principal activity for the periods presented (in thousands): 
Nine Months Ended
September 30, 2026September 30, 2025
Beginning balance$2,573,080 $2,467,223 
Debt issued332,884 — 
Debt assumed556,755 469,130 
Debt extinguished(141,259)(288,492)
Principal payments(55,459)(47,709)
Effect of foreign currency(44,827)29,829 
Ending balance$3,221,174 $2,629,981