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v3.22.1

Senior Unsecured Notes and Secured Debt | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Senior Unsecured Notes and Secured Debt | Senior Unsecured Notes and Secured Debt We may repurchase, redeem or refinance senior unsecured notes from time to time, taking advantage of favorable market conditions when available. We may purchase senior notes for cash through open market purchases, privately negotiated transactions, a tender offer or, in some cases, through the early redemption of such securities pursuant to their terms. The senior unsecured notes are redeemable at our option, at any time in whole or from time to time in part, at a redemption price equal to the sum of: (i) the principal amount of the notes (or portion of such notes) being redeemed plus accrued and unpaid interest thereon up to the redemption date and (ii) any “make-whole” amount due under the terms of the notes in connection with early redemptions. Redemptions and repurchases of debt, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. At March 31, 2022, the annual principal payments due on these debt obligations were as follows (in thousands):
|  | Senior Unsecured Notes (1,2) |  | Secured Debt (1,3) |  | Totals
2022 |  | $ | — |  |  | $ | 575,737 |  |  | $ | 575,737 |
2023 (4, 5) |  | 700,288 |  |  | 448,580 |  |  | 1,148,868 |
2024 |  | 1,350,000 |  |  | 184,770 |  |  | 1,534,770 |
2025 |  | 1,260,000 |  |  | 167,506 |  |  | 1,427,506 |
2026 |  | 700,000 |  |  | 109,782 |  |  | 809,782 |
Thereafter (6, 7, 8) |  | 8,221,307 |  |  | 629,266 |  |  | 8,850,573 |
Totals |  | $ | 12,231,595 |  |  | $ | 2,115,641 |  |  | $ | 14,347,236 |
(1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the Consolidated Balance Sheets. (2) Annual interest rates range from 0.93% to 6.50%. (3) Annual interest rates range from 0.32% to 6.67%. Carrying value of the properties securing the debt totaled $4,882,090,000 at March 31, 2022. (4) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $200,288,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2022). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.90% (1.83% at March 31, 2022). (5) Includes a $500,000,000 unsecured term credit facility. The loan matures on July 19, 2023 and bears interest at LIBOR plus 0.90% (1.36% at March 31, 2022). (6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $240,347,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2022). (7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $723,360,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 31, 2022). (8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $657,600,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 31, 2022). The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands):
|  | Three Months Ended
|  | March 31, 2022 |  | March 31, 2021
|  |  |  | Weighted Avg. |  |  |  | Weighted Avg.
|  | Amount |  | Interest Rate |  | Amount |  | Interest Rate
Beginning balance |  | $ | 11,707,961 |  |  | 3.67% |  | $ | 11,509,533 |  |  | 3.67%
Debt issued |  | 550,000 |  |  | 3.85% |  | 750,000 |  |  | 2.80%
Foreign currency |  | (26,366) |  |  | 4.14% |  | 20,059 |  |  | 3.90%
Ending balance |  | $ | 12,231,595 |  |  | 3.69% |  | $ | 12,279,592 |  |  | 3.62%
The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands):
|  | Three Months Ended
|  | March 31, 2022 |  | March 31, 2021
|  |  |  | Weighted Avg. |  |  |  | Weighted Avg.
|  | Amount |  | Interest Rate |  | Amount |  | Interest Rate
Beginning balance |  | $ | 2,202,312 |  |  | 3.03% |  | $ | 2,378,073 |  |  | 3.27%
Debt issued |  | 5,385 |  |  | 3.08% |  | — |  |  | —%
Debt extinguished |  | (100,821) |  |  | 4.21% |  | (41,933) |  |  | 7.60%
Principal payments |  | (15,968) |  |  | 3.19% |  | (15,955) |  |  | 3.59%
Foreign currency |  | 24,733 |  |  | 2.73% |  | 15,987 |  |  | 2.92%
Ending balance |  | $ | 2,115,641 |  |  | 3.02% |  | $ | 2,336,172 |  |  | 3.14%
Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of March 31, 2022, we were in compliance in all material respects with the covenants under our debt agreements. In connection with the Merger on April 1, 2022, senior unsecured notes will continue to be obligations of Old Welltower and New Welltower has fully and unconditionally guaranteed all existing and future senior unsecured notes.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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