Debt (Tables)

6 Months Ended

Jun. 30, 2017

The following table summarizes our debt (dollars in thousands):

	June 30, 2017					December 31, 2016
	Weighted Average Interest Rate (1)			Amount Outstanding (2)		Weighted Average Interest Rate (1)			Amount Outstanding
Credit facilities		-		$	-		1.0	%	$	35,023
Senior notes		3.1	%		6,727,450		3.3	%		6,417,492
Term loans		1.6	%		1,954,091		1.4	%		1,484,523
Unsecured other		6.1	%		14,346		6.1	%		14,478
Secured mortgages (3)		3.9	%		1,983,623		4.9	%		979,585
Secured mortgages of consolidated entities (3)		2.7	%		402,412		3.0	%		1,677,193
Totals		3.0	%	$	11,081,922		3.2	%	$	10,608,294

(1)	The interest rates presented represent the effective interest rates (including amortization of debt issuance costs and the noncash premiums or discounts) at the end of the period for the debt outstanding.

(2)	Included in the outstanding balances are borrowings denominated in non-U.S. dollars, principally: euro ($3.6 billion), Japanese yen ($1.5 billion), British pounds sterling ($0.6 billion) and Canadian dollars ($0.4 billion).

(3)

As discussed in Note 6, in March 2017 we acquired all of our partner’s interest in NAIF, therefore, the related secured mortgage debt of $956.0 million at June 30, 2017 was wholly-owned and reported as secured mortgages. In July 2017, this debt was assumed by USLF in conjunction with our contribution of the associated real estate properties, as discussed in Note 3.

Credit Facilities

The following table summarizes information about our Credit Facilities at June 30, 2017 (in millions):

Aggregate lender commitments	$	3,452
Less:
Borrowings outstanding		-
Outstanding letters of credit		37
Current availability	$	3,415

Long-Term Debt Maturities

Principal payments due on our debt, for the remainder of 2017 and for each of the years in the period ending December 31, 2026, and thereafter were as follows at June 30, 2017 (in thousands):

	Unsecured
	Senior			Term Loans			Secured
Maturity	Notes			and Other			Mortgage Debt			Total
2017 (1)	$	-		$	491		$	-		$	491
2018		175,000			1,009			118,063			294,072
2019		-			1,091			610,281			611,372
2020 (2)		887,241			501,155			446,318			1,834,714
2021		1,298,840			954			436,544			1,736,338
2022		798,840			447,396			141,673			1,387,909
2023		850,000			913,201			163,284			1,926,485
2024		798,840			882			174,735			974,457
2025		750,000			958			133,420			884,378
2026		570,600			599			139,920			711,119
Thereafter		648,903			112,851			2,384			764,138
Subtotal		6,778,264			1,980,587			2,366,622			11,125,473
Premiums (discounts), net		(22,648	)		-			28,391			5,743
Debt issuance costs, net		(28,166	)		(12,150	)		(8,978	)		(49,294	)
Totals	$	6,727,450		$	1,968,437		$	2,386,035		$	11,081,922

(1)	We expect to repay the amounts maturing in 2017 with cash generated from operations, proceeds from the dispositions of wholly-owned real estate properties or, as necessary, with borrowings on our Credit Facilities.

(2)	Included in the 2020 maturities is the 2017 Term Loan that can be extended until 2022.