Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of senior unsecured credit facilities

The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands):

	Interest Rate at June 30, 2020 (a)	Maturity Date at June 30, 2020	Principal Outstanding Balance at
Senior Unsecured Credit Facility			June 30, 2020		December 31, 2019
Unsecured Term Loans:
Term Loan — borrowing in British pounds sterling (b)	GBP LIBOR + 0.95%	2/20/2025	$	184,091	$	—
Delayed Draw Term Loan — borrowing in euros (c)	EURIBOR + 0.95%	2/20/2025	108,061		—
			292,152		—
Unsecured Revolving Credit Facility:
Borrowing in Japanese yen	JPY LIBOR + 0.85%	2/20/2025	22,366		22,295
Borrowing in euros	N/A	N/A	—		131,438
Borrowing in British pounds sterling	N/A	N/A	—		47,534
			22,366		201,267
			$	314,518	$	201,267

__________

(a) The applicable interest rate at June 30, 2020 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2.

(b) Balance excludes unamortized discount of $1.3 million at June 30, 2020.

(c) EURIBOR means Euro Interbank Offered Rate.

Schedule of senior unsecured notes

The following table presents a summary of our Senior Unsecured Notes outstanding at June 30, 2020 (currency in millions):

						Original Issue Discount		Effective Interest Rate					Principal Outstanding Balance at
Senior Unsecured Notes, net (a)	Issue Date	Principal Amount		Price of Par Value						Coupon Rate		Maturity Date	June 30, 2020		December 31, 2019
2.0% Senior Notes due 2023	1/21/2015	€	500.0	99.220	%	$	4.6	2.107	%	2.0	%	1/20/2023	$	559.9	$	561.7
4.6% Senior Notes due 2024	3/14/2014	$	500.0	99.639	%	$	1.8	4.645	%	4.6	%	4/1/2024	500.0		500.0
2.25% Senior Notes due 2024	1/19/2017	€	500.0	99.448	%	$	2.9	2.332	%	2.25	%	7/19/2024	559.9		561.7
4.0% Senior Notes due 2025	1/26/2015	$	450.0	99.372	%	$	2.8	4.077	%	4.0	%	2/1/2025	450.0		450.0
2.250% Senior Notes due 2026	10/9/2018	€	500.0	99.252	%	$	4.3	2.361	%	2.250	%	4/9/2026	559.9		561.7
4.25% Senior Notes due 2026	9/12/2016	$	350.0	99.682	%	$	1.1	4.290	%	4.25	%	10/1/2026	350.0		350.0
2.125% Senior Notes due 2027	3/6/2018	€	500.0	99.324	%	$	4.2	2.208	%	2.125	%	4/15/2027	559.9		561.7
1.350% Senior Notes due 2028	9/19/2019	€	500.0	99.266	%	$	4.1	1.442	%	1.350	%	4/15/2028	559.9		561.7
3.850% Senior Notes due 2029	6/14/2019	$	325.0	98.876	%	$	3.7	3.986	%	3.850	%	7/15/2029	325.0		325.0
													$	4,424.5	$	4,433.5

__________

(a) Aggregate balance excludes unamortized deferred financing costs totaling $20.8 million and $22.8 million, and unamortized discount totaling $18.8 million and $20.5 million, at June 30, 2020 and December 31, 2019, respectively.

Scheduled debt principal payments

Scheduled debt principal payments as of June 30, 2020 are as follows (in thousands):

Years Ending December 31,	Total (a)
2020 (remainder)	$	128,933
2021	243,630
2022	460,320
2023	896,182
2024	1,182,131
Thereafter through 2031	3,257,624
Total principal payments	6,168,820
Unamortized discount, net (b)	(25,219		)
Unamortized deferred financing costs	(21,334		)
Total	$	6,122,267

__________

(a) Certain amounts are based on the applicable foreign currency exchange rate at June 30, 2020.

(b) Represents the unamortized discount on the Senior Unsecured Notes of $18.8 million in aggregate, unamortized discount, net, of $5.1 million in aggregate primarily resulting from the assumption of property-level debt in connection with business combinations, and unamortized discount of $1.3 million on the Term Loan.