WELLTOWER INC. 8-K

What Happened
Welltower Inc. filed an 8-K reporting that its subsidiary, Welltower OP LLC (the Borrower), entered into an Amended and Restated Credit Agreement dated March 6, 2026. The new agreement replaces the Prior Credit Agreement (June 4, 2021) and establishes a $6.25 billion unsecured Revolving Facility split into a $4.25 billion Revolving A tranche and a $2.00 billion Revolving B tranche, with KeyBank National Association serving as administrative agent.

Key Details

• Total Revolving Facility: $6.25 billion (Revolving A: $4.25B; Revolving B: $2.00B).
• Maturities: Revolving A tranche matures March 6, 2030 (with up to two 6‑month extension options subject to conditions and a 0.0625% non‑refundable extension fee); Revolving B tranche matures July 24, 2029.
• Replacement and optional increases: Replaces prior $5.0B unsecured revolver, $1.0B unsecured term loan and CAD 250M term loan; Company may increase capacity or add term loans up to an additional $1.25B (lenders may opt in).
• Pricing and fees: Loans bear interest at a margin plus base rate or SOFR (borrower’s choice); letter of credit fees tied to the applicable margin; a quarterly facility fee applies and both margin and fee are tied to the Company’s long‑term debt ratings and may be adjusted based on certain sustainability metrics.
• Other: Sublimits include up to $100M for letters of credit and up to $1.75B for borrowings in certain alternative currencies; customary covenants, representations and events of default apply.

Why It Matters
This agreement secures multi‑year liquidity for Welltower with $6.25B of committed, unsecured revolving capacity and optional incremental capacity, replacing and extending prior credit lines. The linkage of pricing and facility fees to Welltower’s debt ratings — and additional adjustments tied to sustainability metrics — means borrowing costs can move with the company’s credit profile and ESG performance. Investors should view this as a liquidity and refinancing action that affects short‑to‑medium term funding flexibility and interest expense exposure.