Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt Summary

All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands):

	September 30, 2022					December 31, 2021
	Weighted Average			Amount		Weighted Average			Amount
	Interest Rate (1)	Term (2)		Outstanding (3)		Interest Rate (1)	Term (2)		Outstanding (3)
Credit facilities	1.4%		2.2	$	520,446	0.8%		1.6	$	491,393
Senior notes	1.8%		10.8		15,747,632	1.7%		11.6		14,981,690
Term loans and unsecured     other	1.4%		5.5		1,377,246	0.5%		4.2		1,825,195
Secured mortgage	2.4%		3.4		493,975	5.1%		4.7		416,776
Total	1.8%		10.0	$	18,139,299	1.6%		10.4	$	17,715,054

(1) The weighted average interest rates presented represent the effective interest rates (including amortization of debt issuance costs and 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, 2022								December 31, 2021
	Weighted Average Interest Rate			Amount Outstanding		% of Total			Weighted Average Interest Rate			Amount Outstanding		% of Total
British pound sterling		2.2	%	$	1,143,856		6.3	%		2.1	%	$	1,376,807		7.8	%
Canadian dollar		3.9	%		441,252		2.4	%		2.7	%		283,773		1.6	%
Euro		1.2	%		7,618,592		42.0	%		1.0	%		7,408,407		41.8	%
Japanese yen		0.9	%		2,857,718		15.8	%		0.9	%		2,878,542		16.2	%
U.S. dollar		2.7	%		6,077,881		33.5	%		2.6	%		5,767,525		32.6	%
Total		1.8	%	$	18,139,299		100.0	%		1.6	%	$	17,715,054		100.0	%

Schedule of Current Availability on Debt and Cash

The following table summarizes information about our available liquidity at September 30, 2022 (in millions):

Aggregate lender commitments
Credit Facilities	$	5,248
Less:
Borrowings outstanding		520
Outstanding letters of credit		25
Current availability	$	4,703
Cash and cash equivalents		636
Total liquidity	$	5,339

Summary of Issuances of Senior Notes

The following table summarizes the issuances of senior notes during the nine months ended September 30, 2022 (principal in thousands):

	Aggregate Principal				Issuance Date Weighted Average
Issuance Date	Borrowing Currency		USD (1)		Interest Rate (2)	Term (3)		Maturity Dates
January	£	60,000	$	80,932	2.1%		20.0	December 2041
February (4)	€	1,550,000	$	1,768,240	1.0%		8.5	February 2024 – 2034
July	¥	30,964,500	$	226,588	1.4%		15.5	July 2027 – 2042
September (4)	$	650,000	$	650,000	4.6%		10.3	January 2033
Total			$	2,725,760	2.0%		9.8

(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 date.

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

(4) A portion of net proceeds from the issuance of these notes were used to finance green projects eligible under our green bond framework.

Long-Term Debt Maturities

Scheduled principal payments due on our debt for the remainder of 2022 and for each year through the period ended December 31, 2026, and thereafter were as follows at September 30, 2022 (in thousands):

	Unsecured
	Credit		Senior			Term Loans			Secured
Maturity	Facilities		Notes			and Other			Mortgage			Total
2022 (1)	$	-	$	292,440		$	3		$	1,714		$	294,157
2023 (1)		-		-			-			177,547			177,547
2024 (2)		377,162		292,440			-			93,519			763,121
2025 (3)		-		34,565			219,421			134,100			388,086
2026 (4)		143,284		887,279			587,672			3,466			1,621,701
Thereafter		-		14,322,660			574,649			74,629			14,971,938
Subtotal		520,446		15,829,384			1,381,745			484,975			18,216,550
Unamortized premiums (discounts), net		-		(6,306	)		-			9,781			3,475
Unamortized debt issuance costs, net		-		(75,446	)		(4,499	)		(781	)		(80,726	)
Total	$	520,446	$	15,747,632		$	1,377,246		$	493,975		$	18,139,299

(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 and Yen Credit Facility that can be extended until 2025.

(3) Included in the 2025 maturities is the 2022 Canadian Term Loan that can be extended until 2027.

(4) Included in the 2026 maturities is the 2022 Global Facility that can be extended until 2027.