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v3.23.1

Senior Unsecured Notes and Secured Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Annual Principal Payments Due on Debt Obligations | At March 31, 2023, the annual principal payments due on these debt obligations were as follows (in thousands):
|  | Senior Unsecured Notes (1,2,3) |  | Secured Debt (1,4) |  | Totals
2023 |  | $ | — |  |  | $ | 550,304 |  |  | $ | 550,304 |
2024 |  | 1,350,000 |  |  | 376,620 |  |  | 1,726,620 |
2025 |  | 1,260,000 |  |  | 287,203 |  |  | 1,547,203 |
2026 |  | 700,000 |  |  | 139,870 |  |  | 839,870 |
2027 (5, 6) |  | 1,906,654 |  |  | 186,449 |  |  | 2,093,103 |
Thereafter (7, 8) |  | 7,398,745 |  |  | 966,362 |  |  | 8,365,107 |
Totals |  | $ | 12,615,399 |  |  | $ | 2,506,808 |  |  | $ | 15,122,207 |
(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 2.05% to 6.50%. (3) 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. (4) Annual interest rates range from 1.25% to 7.75%. Gross real property value of the properties securing the debt totaled $5,800,377,000 at March 31, 2023. (5) Includes a $1,000,000,000 unsecured term loan and a $250,000,000 Canadian-denominated unsecured term loan (approximately $184,843,000 based on the Canadian/U.S. Dollar exchange rate on March 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% (5.78% at March 31, 2023) and Canadian Dealer Offered Rate plus 0.85% (5.79% at March 31, 2023), respectively. (6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $221,811,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2023). (7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $680,295,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 31, 2023). (8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $618,450,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 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):
|  | Three Months Ended
|  | March 31, 2023 |  | March 31, 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 |  | — |  |  | —% |  | 550,000 |  |  | 3.85%
Foreign currency |  | 30,870 |  |  | 4.65% |  | (26,366) |  |  | 4.14%
Ending balance |  | $ | 12,615,399 |  |  | 4.06% |  | $ | 12,231,595 |  |  | 3.69%
The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands):
|  | Three Months Ended
|  | March 31, 2023 |  | March 31, 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 |  | 362,900 |  |  | 4.97% |  | 5,385 |  |  | 3.08%
Debt assumed |  | 53,223 |  |  | 3.62% |  | — |  |  | —%
Debt extinguished |  | (24,631) |  |  | 4.53% |  | (100,821) |  |  | 4.21%
Principal payments |  | (14,942) |  |  | 3.91% |  | (15,968) |  |  | 3.19%
Foreign currency |  | 304 |  |  | 4.39% |  | 24,733 |  |  | 2.73%
Ending balance |  | $ | 2,506,808 |  |  | 4.55% |  | $ | 2,115,641 |  |  | 3.02%

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