Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt Summary

All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt at December 31 (dollars in thousands):

	2022					2021
	Weighted Average			Amount		Weighted Average			Amount
	Interest Rate (1)	Years (2)		Outstanding (3)		Interest Rate (1)	Years (2)		Outstanding (3)
Credit facilities (4)	4.2%		2.8	$	1,538,461	0.8%		1.6	$	491,393
Senior notes (4) (5)	2.3%		10.3		19,786,253	1.7%		11.6		14,981,690
Term loans and      unsecured other (4)	2.3%		4.9		2,106,592	0.5%		4.2		1,825,195
Secured mortgage (4) (6)	3.0%		4.3		444,655	5.1%		4.7		416,776
Total	2.5%		9.2	$	23,875,961	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 years 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 at December 31 were borrowings denominated in the following currencies:

	2022								2021
	Weighted Average Interest Rate			Amount Outstanding		% of Total			Weighted Average Interest Rate			Amount Outstanding		% of Total
British pound sterling		2.1	%	$	1,228,483		5.1	%		2.1	%	$	1,376,807		7.8	%
Canadian dollar		4.5	%		814,491		3.4	%		2.7	%		283,773		1.6	%
Euro		1.3	%		7,991,301		33.5	%		1.0	%		7,408,407		41.8	%
Japanese yen		1.0	%		3,308,009		13.9	%		0.9	%		2,878,542		16.2	%
U.S. dollar		3.6	%		10,533,677		44.1	%		2.6	%		5,767,525		32.6	%
Total		2.5	%	$	23,875,961		100.0	%		1.6	%	$	17,715,054		100.0	%

(4) Through the Duke Transaction, we assumed $4.2 billion of debt with a weighted average stated interest rate of 2.3% and 4.9% at fair value consisting of $2.9 billion of senior notes, a $746.4 million line of credit, a $501.2 million term loan and $34.2 million of secured mortgage debt. We paid down the balance on Duke’s line of credit subsequent to closing the acquisition.  

(5) Senior notes are due from February 2024 to June 2061 with effective interest rates ranging from 0.3% to 5.3% at December 31, 2022.

(6) Secured mortgage debt is due from April 2023 to September 2033 with effective interest rates ranging from 0.4% to 7.0% at December 31, 2022. The debt was principally secured by 21 operating properties, two properties under development, one prestabilized property, two other real estate investments and one land parcel with an aggregate undepreciated cost of $1.3 billion at December 31, 2022.

Schedule Of Credit Facility Activity and Current Availability on Debt And Cash

The following table summarizes information about our Credit Facility activity and available liquidity (dollars in millions):

	2022			2021			2020
Credit Facility activity for the years ended December 31:
Weighted average daily interest rate		1.7	%		1.3	%		1.1	%
Weighted average daily borrowings	$	519		$	60		$	109
Maximum borrowings outstanding at any month-end	$	1,538		$	491		$	727
Available liquidity at December 31:
Aggregate lender commitments
Credit Facilities	$	5,441		$	4,940		$	4,119
Less:
Borrowings outstanding		1,538			491			172
Outstanding letters of credit		38			7			24
Current availability	$	3,865		$	4,442		$	3,923
Available term loans		-			-			250
Cash and cash equivalents		278			556			598
Total liquidity	$	4,143		$	4,998		$	4,771

Summary of Issuances and Redemptions of Senior Notes

The senior notes are unsecured and our obligations are effectively subordinated in certain respects to any of our debt that is secured by a lien on real property, to the extent of the value of such real property. The senior notes require interest payments be made quarterly, semi-annually or annually. The majority of the senior notes are redeemable at any time at our option, subject to certain prepayment penalties. Such repurchase and other terms are governed by the provisions of indenture agreements, various note purchase agreements or trust deeds. The following table summarizes the issuances of senior notes during 2022 (principal in thousands):

	Aggregate Principal				Issuance Date Weighted Average
Issuance Date	Borrowing Currency		USD (1)		Interest Rate	Years		Maturity Dates
January	£	60,000	$	80,932	2.1%		20.0	December 2041
February (2)	€	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 (2)	$	650,000	$	650,000	4.6%		10.3	January 2033
November	C$	500,000	$	362,511	5.3%		8.2	January 2031
December	¥	24,200,000	$	177,560	1.8%		13.4	December 2027 – 2037
Total			$	3,265,831	2.3%		9.8

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

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

Summary of Outstanding Term Loans

The following table summarizes our outstanding term loans at December 31 (dollars and borrowing currency in thousands):

Term Loan	Borrowing Currency	Issuance Date	Lender Commitment at 2022				Amount Outstanding at 2022			Amount Outstanding at 2021			Interest Rate	Maturity Date
			Borrowing Currency		USD		USD			USD
2015 Canadian (1)      Term Loan	CAD	December 2015					$	-		$	134,173		CDOR + 0.9%	February 2023
March 2017 Yen      Term Loan	JPY	March 2017	¥	12,000,000	$	90,994		90,994			104,243		0.9% and 1.0%	March 2027 – 2028
October 2017 Yen      Term Loan	JPY	October 2017	¥	10,000,000	$	75,828		75,828			86,869		0.9%	October 2032
December 2018 Yen      Term Loan	JPY	December 2018	¥	20,000,000	$	151,656		151,656			173,738		1.2% and TIBOR + 0.7%	December 2031 – June 2033
January 2019 Yen      Term Loan	JPY	January 2019	¥	15,000,000	$	113,742		113,742			130,304		TIBOR + 0.5% to 0.6%	January 2028 – 2030
March 2019 Yen      Term Loan	JPY	March 2019	¥	85,000,000	$	644,540		644,540			738,388		TIBOR + 0.4%	March 2026
June 2022 Yen      Term Loan	JPY	June 2022	¥	25,000,000	$	189,570		189,570			-		1.1% and 1.2%	June 2032 - 2034
2022 Canadian      Term Loan (1)	CAD	August 2022	C$	300,000	$	221,593		221,593			-		CDOR + spread	August 2025
2022 U.S. Dollar      Term Loan (2)	USD	October 2022	$	500,000	$	500,000		500,000			-		SOFR + 0.1%	March 2025
December 2022 Yen      Term Loan	JPY	December 2022	¥	15,000,000	$	113,742		113,742			-		1.4%	December 2033
Subtotal								2,101,665			1,367,715
Debt issuance costs, net								(5,007	)		(5,169	)
Total term loans							$	2,096,658		$	1,362,546

(1) In July 2022, we paid down our existing term loan in Canada of CAD $170.5 million ($133.5 million) and entered into a new term loan in Canada (“2022 Canadian Term Loan”) for CAD $300.0 million ($221.6 million at December 31, 2022), bearing interest at the Canada Dollar Offered Rate (“CDOR”) plus a spread over the applicable benchmark. We can extend the maturity date on the 2022 Canadian Term Loan by one year on two occasions, subject to the payment of extension fees. As the CDOR interest rate will transition to the Canadian Overnight Repo Rate Average prior to June 30, 2024, we anticipate modifying the interest rate on this loan prior to this transition and do not expect it to have a material impact on our Consolidated Financial Statements.

(2) This term loan was acquired in the Duke Transaction.

Long-Term Debt Maturities

Scheduled principal payments due on our debt for each year through the period ended December 31, 2027, and thereafter were as follows at December 31, 2022 (in thousands):

	Unsecured
		Credit		Senior			Term Loans			Secured
Maturity		Facilities		Notes			and Other			Mortgage			Total
2023 (1)		$	-	$	-		$	-		$	32,940		$	32,940
2024 (2)			486,795		319,980			-			95,379			902,154
2025 (3)			-		37,914			722,711			146,793			907,418
2026 (4)			1,051,666		1,308,179			644,605			68,434			3,072,884
2027			-		1,746,859			54,348			4,156			1,805,363
Thereafter			-		16,949,473			688,869			89,135			17,727,477
Subtotal			1,538,461		20,362,405			2,110,533			436,837			24,448,236
Unamortized premiums      (discounts), net			-		(490,968	)		1,066			8,766			(481,136	)
Unamortized debt issuance      costs, net			-		(85,184	)		(5,007	)		(948	)		(91,139	)
Total		$	1,538,461	$	19,786,253		$	2,106,592		$	444,655		$	23,875,961

(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.

Interest Expense

The following table summarizes the components of interest expense for the years ended December 31 (in thousands):

	2022			2021			2020
Gross interest expense	$	345,398		$	299,115		$	348,427
Amortization of debt discounts (premiums), net		6,602			(7,478	)		(6,741	)
Amortization of debt issuance costs, net		17,134			16,134			14,600
Interest expense before capitalization	$	369,134		$	307,771		$	356,286
Capitalized amounts		(60,097	)		(41,543	)		(41,779	)
Net interest expense	$	309,037		$	266,228		$	314,507
Total cash paid for interest, net of amounts capitalized	$	234,131		$	278,861		$	309,390