Debt (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Indebtedness |
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Schedule of mortgages and unsecured indebtedness |
| | | | | | | | | | 2021 | | 2020 | | Fixed-Rate Debt: | | | | | | | | Mortgage notes, including $2,892 and $3,348 of net premiums and $14,619 and $15,237 of debt issuance costs, respectively. Weighted average interest and maturity of 3.61% and 4.3 years at December 31, 2021. | | $ | 4,546,614 | | $ | 5,803,718 | | Unsecured notes, including $30,964 and $22,470 of net discounts and $83,147 and $74,622 of debt issuance costs, respectively. Weighted average interest and maturity of 2.93% and 9.6 years at December 31, 2021. | | | 18,254,507 | | | 16,985,990 | | Commercial Paper (see below) | | | 500,000 | | | 623,020 | | Total Fixed-Rate Debt | | | 23,301,121 | | | 23,412,728 | | Variable-Rate Debt: | | | | | | | | Mortgage notes, including $4,354 and $7,102 of debt issuance costs, respectively. Weighted average interest and maturity of 1.70% and 1.6 years at December 31, 2021. | | | 803,495 | | | 1,137,034 | | Credit Facilities (see below), including $22,039 and $16,171 of debt issuance costs, respectively. | | | 1,152,961 | | | 2,108,829 | | Total Variable-Rate Debt | | | 1,956,456 | | | 3,245,863 | | Other Debt Obligations | | | 63,445 | | | 64,770 | | Total Mortgages and Unsecured Indebtedness | | $ | 25,321,022 | | $ | 26,723,361 | |
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Schedule of principal repayments of indebtedness |
Our scheduled principal repayments on indebtedness as of December 31, 2021, assuming the obligations remain outstanding through the initial maturities, are as follows: | | | | | 2022 | | $ | 1,898,889 | (1) | 2023 | | | 1,230,712 | | 2024 | | | 2,828,818 | | 2025 | | | 2,669,547 | | 2026 | | | 3,920,142 | | Thereafter | | | 12,861,700 | | Total principal maturities | | | 25,409,808 | | Net unamortized debt premium | | | 28,055 | | Net unamortized debt discount | | | (56,127) | | Debt issuance costs, net | | | (124,159) | | Other Debt Obligations | | | 63,445 | | Total mortgages and unsecured indebtedness | | $ | 25,321,022 | |
(1) | Includes $500.0 million in Global Commercial Paper. |
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Schedule of cash paid for interest in each period, net of any amounts capitalized |
| | | | | | | | | | | | | For the Year Ended December 31, | | | | 2021 | | 2020 | | 2019 | | Cash paid for interest | | $ | 822,182 | | $ | 754,306 | | $ | 803,728 | |
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Schedule of debt issuance costs |
| | | | | | | | | 2021 | | 2020 | Debt issuance costs | | $ | 227,774 | | $ | 202,859 | Accumulated amortization | | | (103,615) | | | (89,727) | Debt issuance costs, net | | $ | 124,159 | | $ | 113,132 |
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Schedule of debt amortization from continuing operations, included in statements of operations and comprehensive income |
| | | | | | | | | | | | | For the Year Ended December 31, | | | 2021 | | 2020 | | 2019 | Amortization of debt issuance costs | | $ | 24,794 | | $ | 23,076 | | $ | 21,499 | Amortization of debt discounts/(premiums) | | | 168 | | | 174 | | | 1,571 |
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Schedule of fair value of financial instruments and the related discount rate assumptions |
| | | | | | | | | | | December 31, | | December 31, | | | | | 2021 | | 2020 | | | Fair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions) | | $ | 24,597 | | $ | 25,327 | | | Weighted average discount rates assumed in calculation of fair value for fixed rate mortgages | | | 3.17 | % | | 2.41 | % | | Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness | | | 3.33 | % | | 2.63 | % | |
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