XML 31 R17.htm IDEA: XBRL DOCUMENT v3.24.0.1
Notes Payable
 12 Months Ended
Dec. 31, 2023
Debt  
Debt Mortgages Payable
During the year ended December 31, 2023, we made $22.0 million in principal payments, including the full repayment of two mortgages for $17.4 million. During the year ended December 31, 2022, we made $312.2 million in principal payments, including the full repayment of 12 mortgages for $308.0 million. No mortgages were assumed during the year ended December 31, 2023. We assumed eight mortgages on 17 properties totaling $45.1 million during the year ended December 31, 2022. Assumed mortgages are secured by the properties on which the debt was placed and are considered non-recourse debt with limited customary exceptions which vary from loan to loan.
Our mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage without the prior consent of the lender. At December 31, 2023, we were in compliance with these covenants.
The balance of our deferred financing costs, which are classified as part of 'Mortgages payable, net', on our consolidated balance sheets, was $0.4 million and $0.8 million at December 31, 2023 and 2022, respectively. These costs are being amortized over the remaining term of each mortgage.
The following table summarizes our mortgages payable as of December 31, 2023 and 2022 (dollars in millions):

As Of
Number of
Properties (1)
Weighted
Average
Stated
Interest
Rate (2)
Weighted
Average
Effective
Interest
Rate (3)
Weighted
Average
Remaining
Years Until
Maturity		Remaining
Principal
Balance
Unamortized
Premium (Discount)
and Deferred
Financing Costs
Balance, net
Mortgage
Payable
Balance
December 31, 20231314.8 %3.3 %0.4$822.4 $(0.8)$821.6 
December 31, 20221364.8 %3.3 %1.4$842.3 $11.6 $853.9 
(1)At December 31, 2023, there were 16 mortgages on 131 properties and at December 31, 2022, there were 18 mortgages on 136 properties. With the exception of one Sterling-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At December 31, 2023 and December 31, 2022, all mortgages were at fixed interest rates.
(2) Stated interest rates ranged from 3.0% to 6.9% at December 31, 2023 and December 31, 2022, respectively.
(3) Effective interest rates ranged from 0.5% to 6.6% and 2.7% to 6.6% at December 31, 2023 and December 31, 2022, respectively.
The following table summarizes the maturity of mortgages payable as of December 31, 2023, excluding $0.8 million related to unamortized net discounts and deferred financing costs (dollars in millions):
Year of Maturity
Principal
2024$740.5
202544.0
202612.0
202722.3
20281.3
Thereafter2.3
Totals
$822.4
Notes Payable  
Debt  
Debt Notes Payable
A.    General
At December 31, 2023, our senior unsecured notes and bonds are USD-denominated, Sterling-denominated, and Euro-denominated. Foreign-denominated notes are converted at the applicable exchange rate on the balance sheet date. The following are sorted by maturity date (in thousands):
Carrying Value (USD) as of
Maturity DatesPrincipal (Currency Denomination)December 31, 2023December 31, 2022
4.600% Notes due 2024
February 6, 2024$499,999 $499,999 $499,999 
3.875% Notes due 2024
July 15, 2024$350,000 350,000 350,000 
3.875% Notes due 2025
April 15, 2025$500,000 500,000 500,000 
4.625% Notes due 2025
November 1, 2025$549,997 549,997 549,997 
5.050% Notes due 2026
January 13, 2026$500,000 500,000 — 
0.750% Notes due 2026
March 15, 2026$325,000 325,000 325,000 
4.875% Notes due 2026
June 1, 2026$599,997 599,997 599,997 
4.125% Notes due 2026
October 15, 2026$650,000 650,000 650,000 
1.875% Notes due 2027 (1)
January 14, 2027£250,000 318,450 301,225 
3.000% Notes due 2027
January 15, 2027$600,000 600,000 600,000 
1.125% Notes due 2027 (1)
July 13, 2027£400,000 509,520 481,960 
3.950% Notes due 2027
August 15, 2027$599,873 599,873 599,873 
3.650% Notes due 2028
January 15, 2028$550,000 550,000 550,000 
3.400% Notes due 2028
January 15, 2028$599,816 599,816 599,816 
2.200% Notes due 2028
June 15, 2028$499,959 499,959 499,959 
4.700% Notes due 2028
December 15, 2028$400,000 400,000 — 
3.250% Notes due 2029
June 15, 2029$500,000 500,000 500,000 
3.100% Notes due 2029
December 15, 2029$599,291 599,291 599,291 
4.850% Notes due 2030
March 15, 2030$600,000 600,000 — 
3.160% Notes due 2030
June 30, 2030£140,000 178,332 168,686 
4.875% Notes due 2030 (1)
July 6, 2030€550,000 607,915 — 
1.625% Notes due 2030 (1)
December 15, 2030£400,000 509,520 481,960 
3.250% Notes due 2031
January 15, 2031$950,000 950,000 950,000 
5.750% Notes due 2031 (1)
December 5, 2031£300,000 382,140 — 
3.180% Notes due 2032
June 30, 2032£345,000 439,461 415,691 
5.625% Notes due 2032
October 13, 2032$750,000 750,000 750,000 
2.850% Notes due 2032
December 15, 2032$699,655 699,655 699,655 
1.800% Notes due 2033
March 15, 2033$400,000 400,000 400,000 
1.750% Notes due 2033 (1)
July 13, 2033£350,000 445,830 421,715 
4.900% Notes due 2033
July 15, 2033$600,000 600,000 — 
2.730% Notes due 2034
May 20, 2034£315,000 401,247 379,544 
5.125% Notes due 2034 (1)
July 6, 2034€550,000 607,915 — 
5.875% Bonds due 2035
March 15, 2035$250,000 250,000 250,000 
3.390% Notes due 2037
June 30, 2037£115,000 146,487 138,563 
6.000% Notes due 2039 (1)
December 5, 2039£450,000 573,210 — 
2.500% Notes due 2042 (1)
January 14, 2042£250,000 318,450 301,225 
4.650% Notes due 2047
March 15, 2047$550,000 550,000 550,000 
Total principal amount$18,562,064 $14,114,156 
Unamortized net premiums, deferred financing costs, and cumulative basis adjustment on fair value hedge (2)
40,255 163,857 
 $18,602,319 $14,278,013 
(1) Interest paid annually. Interest on the remaining senior unsecured notes and bond obligations included in the table is paid semi-annually.
(2) In January 2023, in conjunction with the pricing of these senior unsecured notes due January 2026, we entered into three-year, fixed-to-variable interest rate swaps, which are accounted for as fair value hedges. See note 14, Derivative Instruments for further details.
The following table summarizes the maturity of our notes and bonds payable as of December 31, 2023, excluding $40.3 million related to unamortized net premiums, deferred financing costs, and basis adjustment on interest rate swaps designated as fair value hedges (dollars in millions):
Year of Maturity
Principal
2024$850.0 
20251,050.0 
20262,075.0 
20272,027.8 
20282,049.8 
Thereafter10,509.5 
Totals
$18,562.1 
As of December 31, 2023, the weighted average interest rate on our notes and bonds payable was 3.8%, and the weighted average remaining years until maturity was 6.7 years.
Interest incurred on all of the notes and bonds was $598.6 million, $431.3 million, and $286.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for these or any other obligations.
All of these notes and bonds contain various covenants, including: (i) a limitation on incurrence of any debt which would cause our debt to total adjusted assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause our secured debt to total adjusted assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause our debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of our outstanding unsecured debt. At December 31, 2023, we were in compliance with these covenants.
B.    Note Issuances
During the years ended December 31, 2023 and 2022 we issued the following notes and bonds (in millions):
2023 IssuancesDate of IssuanceMaturity DatePrincipal amountPrice of par valueEffective yield to maturity
5.050% Notes
January 2023January 2026$500.0 
(1)
99.618 %5.189 %
4.850% Notes
January 2023March 2030$600.0 98.813 %5.047 %
4.700% Notes
April 2023December 2028$400.0 98.949 %4.912 %
4.900% Notes
April 2023July 2033$600.0 98.020 %5.148 %
4.875% Notes
July 2023July 2030€550.0 99.421 %4.975 %
5.125% Notes
July 2023July 2034€550.0 99.506 %5.185 %
5.750% Notes
December 2023December 2031£300.0 99.298 %5.862 %
6.000% Notes
December 2023December 2039£450.0 99.250 %6.075 %
2022 IssuancesDate of IssuanceMaturity DatePrincipal amountPrice of par valueEffective yield to maturity
1.875% Notes
January 2022January 2027£250.0 99.487 %1.974 %
2.500% Notes
January 2022January 2042£250.0 98.445 %2.584 %
3.160% Notes
June 2022June 2030£140.0 100.000 %3.160 %
3.180% Notes
June 2022June 2032£345.0 100.000 %3.180 %
3.390% Notes
June 2022June 2037£115.0 100.000 %3.390 %
5.625% Notes
October 2022October 2032$750.0 99.879 %5.641 %
(1)    In January 2023, we issued $500 million of 5.05% senior unsecured notes due January 13, 2026, which were callable at par beginning on January 13, 2024.

In January 2024, we issued $450.0 million of 4.750% senior unsecured notes due February 2029 and $800.0 million of 5.125% senior unsecured notes due February 2034. See note 21, Subsequent Events, for further details.
C.    Note Repayments
We redeemed the following principal amounts (in millions) of certain outstanding notes, prior to their maturity. As a result of these early redemptions, we recognized the following losses on extinguishment of debt (in millions) in our consolidated statements of income and comprehensive income. There were no comparable repayments for the years ended December 31, 2023 or 2022.
Loss on Extinguishment of Debt
2021 Repayments
Principal Amount (1)
Amount of LossPeriod Recognized
4.650% notes due August 2023 redeemed in December 2021
$750.0 $46.4 December 31, 2021
3.25% notes due October 2022 redeemed in January 2021
$950.0 $46.5 March 31, 2021
(1) The redeemed principal amounts presented exclude the amounts we paid in accrued and unpaid interest.