Debt (Tables)

6 Months Ended

Jun. 30, 2018

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

	June 30, 2018					December 31, 2017
	Weighted Average Interest Rate (1)			Amount Outstanding (2)		Weighted Average Interest Rate (1)			Amount Outstanding (2)
Credit facilities		0.9	%	$	11,658		1.8	%	$	317,392
Senior notes		2.9	%		7,102,381		3.0	%		6,067,277
Term loans		1.2	%		1,402,568		1.7	%		2,046,945
Unsecured other		6.1	%		13,093		6.1	%		13,546
Secured mortgages		5.5	%		897,424		5.3	%		967,471
Total		2.9	%	$	9,427,124		2.9	%	$	9,412,631

(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 and include the impact of interest rate swaps designated as cash flow hedges, which effectively fix the interest rate on our variable rate debt.

(2)	Included in the outstanding balances were borrowings denominated in non-U.S. dollars. The following table summarizes our debt by currency (in thousands):

	June 30, 2018		December 31, 2017
British pound sterling	$	653,632	$	671,522
Canadian dollar		274,180		451,080
Euro		4,184,844		3,839,422
Japanese yen		1,276,029		1,306,380
U.S. dollar		3,038,439		3,144,227
Total	$	9,427,124	$	9,412,631

Generally, we borrow in the functional currency of the consolidated subsidiaries but we also borrow in currencies other than the U.S. dollar in the OP and may designate this borrowing as a nonderivative financial instrument. We may also hedge our foreign currency risk by designating derivative financial instruments as net investment hedges, as these amounts offset the translation adjustments on the underlying net assets of our foreign investments. See Note 9 for more information about our nonderivative and derivative financial instruments.

Credit Facilities

The following table summarizes information about our Credit Facilities at June 30, 2018 (in millions):

Aggregate lender commitments	$	3,479
Less:
Borrowings outstanding		12
Outstanding letters of credit		31
Current availability	$	3,436

Long-Term Debt Maturities

Principal payments due on our debt for the remainder of 2018 and for each year through the period ended December 31, 2022, and thereafter were as follows at June 30, 2018 (in thousands):

	Unsecured
	Credit		Senior			Term Loans			Secured
Maturity	Facilities		Notes			and Other			Mortgages			Total
2018 (1)	$	-	$	-		$	492		$	108,137		$	108,629
2019 (1)		-		-			1,014			446,328			447,342
2020 (2)		11,658		1,165,802			1,077			12,409			1,190,946
2021		-		816,060			910			14,600			831,570
2022		-		816,060			452,455			10,636			1,279,151
Thereafter		-		4,356,824			968,756			306,385			5,631,965
Subtotal		11,658		7,154,746			1,424,704			898,495			9,489,603
Premiums (discounts), net		-		(23,909	)		-			2,212			(21,697	)
Debt issuance costs, net		-		(28,456	)		(9,043	)		(3,283	)		(40,782	)
Total	$	11,658	$	7,102,381		$	1,415,661		$	897,424		$	9,427,124

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

(2)	Included in the 2020 maturities was the Global Facility that can be extended until 2021, as discussed above.