Debt (Tables)

3 Months Ended

Mar. 31, 2019

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

	March 31, 2019					December 31, 2018
	Weighted Average Interest Rate (1)			Amount Outstanding (2)		Weighted Average Interest Rate (1)			Amount Outstanding (2)
Credit facilities		1.5	%	$	26,180		3.4	%	$	50,500
Senior notes		2.7	%		8,314,678		2.7	%		8,304,147
Term loans and unsecured other		0.9	%		1,411,343		1.8	%		1,921,428
Secured mortgage		4.3	%		953,938		5.1	%		813,740
Total		2.6	%	$	10,706,139		2.7	%	$	11,089,815

(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 undesignated and designated interest rate swaps, which effectively fix the interest rate on our variable rate debt.

(2)	We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies:

	March 31, 2019					December 31, 2018
	Amount Outstanding		% of Total			Amount Outstanding		% of Total
British pound sterling	$	676,732		6.3	%	$	635,972		5.8	%
Canadian dollar		271,975		2.5	%		266,337		2.4	%
Euro		4,803,307		44.9	%		4,893,693		44.1	%
Japanese yen		2,182,119		20.4	%		1,951,844		17.6	%
U.S. dollar		2,772,006		25.9	%		3,341,969		30.1	%
Total	$	10,706,139				$	11,089,815

Credit Facilities

The following table summarizes information about our Credit Facilities at March 31, 2019 (in millions):


Aggregate lender commitments	$	3,932
Less:
Borrowings outstanding		26
Outstanding letters of credit		31
Current availability	$	3,875

Long-Term Debt Maturities

Principal payments due on our debt for the remainder of 2019 and for each year through the period ended December 31, 2023, and thereafter were as follows at March 31, 2019 (in thousands):

	Unsecured
	Credit		Senior		Term Loans		Secured
Maturity	Facilities		Notes		and Other		Mortgage		Total
2019 (1)	$	-	$	-	$	593	$	252,100	$	252,693
2020 (1)		-		1,123,500		621		25,101		1,149,222
2021		-		786,450		677		229,913		1,017,040
2022		-		786,450		741		12,161		799,352
2023 (2)		26,180		850,000		128,519		39,307		1,044,006
Thereafter		-		4,826,846		1,290,138		397,983		6,514,967
Subtotal		26,180		8,373,246		1,421,289		956,565		10,777,280
Premiums (discounts), net		-		(24,944)		-		831		(24,113)
Debt issuance costs, net		-		(33,624)		(9,946)		(3,458)		(47,028)
Total	$	26,180	$	8,314,678	$	1,411,343	$	953,938	$	10,706,139

(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 2023 maturities was the Global Facility that can be extended until 2024.