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Debt (Tables)

9 Months Ended

Sep. 30, 2021

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

	September 30, 2021					December 31, 2020
	Weighted Average			Amount		Weighted Average			Amount
	Interest Rate⁽¹⁾	Term ⁽²⁾		Outstanding ⁽³⁾		Interest Rate⁽¹⁾	Term ⁽²⁾		Outstanding ⁽³⁾
Credit facilities	0.8%		2.5	$	100,000	0.8%		2.0	$	171,794
Senior notes	1.6%		11.7		14,887,589	2.0%		11.2		14,275,870
Term loans and unsecured other	0.8%		5.7		1,405,981	0.9%		5.6		1,764,311
Secured mortgage	3.4%		3.2		742,098	3.1%		3.0		637,101
Total	1.6%		10.8	$	17,135,668	1.9%		10.2	$	16,849,076

(1)

The weighted average 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 designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt.

(2)	The weighted average term represents the remaining maturity in years on the debt outstanding at period end.

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

	September 30, 2021								December 31, 2020
	Weighted Average Interest Rate			Amount Outstanding		% of Total			Weighted Average Interest Rate			Amount Outstanding		% of Total
British pound sterling		2.2	%	$	1,005,266		5.9	%		2.2	%	$	1,019,480		6.1	%
Canadian dollar		2.7	%		283,751		1.7	%		2.7	%		285,708		1.7	%
Euro		1.1	%		6,877,873		40.0	%		1.4	%		6,549,676		38.8	%
Japanese yen		0.8	%		3,146,736		18.4	%		0.8	%		2,877,247		17.1	%
U.S. dollar		2.6	%		5,822,042		34.0	%		2.8	%		6,116,965		36.3	%
Total		1.6	%	$	17,135,668		100.0	%		1.9	%	$	16,849,076		100.0	%

Credit Facilities

The following table summarizes information about our available liquidity at September 30, 2021 (in millions):


Aggregate lender commitments
Credit Facilities	$	4,990
Less:
Borrowings outstanding		100
Outstanding letters of credit		14
Current availability	$	4,876
Cash and cash equivalents		585
Total liquidity	$	5,461

Summary of Issuances and Redemptions of Senior Notes

The following table summarizes the issuances and redemptions of senior notes during the nine months ended September 30, 2021 (principal in thousands):

	Aggregate Principal				Issuance Date Weighted Average
Issuance Date	Borrowing Currency		USD ⁽¹⁾		Interest Rate ⁽²⁾	Term⁽³⁾		Maturity Dates
February	€	1,350,000	$	1,639,305	0.7%		14.3	February 2032 – 2041
February	$	400,000	$	400,000	1.6%		10.1	March 2031
June	¥	65,000,000	$	587,441	0.8%		15.4	June 2028 – 2061
Total			$	2,626,746	0.9%		13.9

	Aggregate Principal				Redemption Date Weighted Average
Redemption Date	Borrowing Currency		USD ⁽¹⁾		Interest Rate ⁽²⁾	Term⁽³⁾		Maturity Dates
March	€	599,514	$	715,700	3.4%		3.0	February 2024
March	$	750,000	$	750,000	3.8%		4.7	November 2025
Total			$	1,465,700	3.6%		3.8

(1)	The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date.

(2)	The weighted average interest rate represents the fixed or variable interest rates of the related debt at the issuance or redemption date.

(3)	The weighted average term represents the remaining maturity in years on the related debt at the issuance or redemption date.

Long-Term Debt Maturities

Scheduled principal payments due on our debt for the remainder of 2021 and for each year through the period ended December 31, 2025, and thereafter were as follows at September 30, 2021 (in thousands):

	Unsecured
	Credit		Senior			Term Loans			Secured
Maturity	Facilities		Notes			and Other			Mortgage			Total
2021⁽¹⁾	$	-	$	-		$	-		$	94,802		$	94,802
2022 ⁽¹⁾		-		521,055			9,780			203,095			733,930
2023		-		-			133,850			36,784			170,634
2024 ⁽²⁾		100,000		-			-			174,433			274,433
2025		-		44,648			-			144,446			189,094
Thereafter		-		14,396,288			1,268,001			78,095			15,742,384
Subtotal		100,000		14,961,991			1,411,631			731,655			17,205,277
Premiums (discounts), net		-		3,495			-			12,319			15,814
Debt issuance costs, net		-		(77,897	)		(5,650	)		(1,876	)		(85,423	)
Total	$	100,000	$	14,887,589		$	1,405,981		$	742,098		$	17,135,668

(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 additional borrowings.

(2)	Included in the 2024 maturities is the 2021 Global Facility that can be extended until 2025.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details