| Senior Unsecured Notes and Secured Debt |
10. Senior Unsecured Notes and Secured Debt We may repurchase, redeem or refinance senior unsecured notes from time to time, taking advantage of favorable market conditions when available. We may purchase senior notes for cash through open market purchases, privately negotiated transactions, a tender offer or, in some cases, through the early redemption of such securities pursuant to their terms. The senior unsecured notes are redeemable at our option, at any time in whole or from time to time in part, at a redemption price equal to the sum of (1) the principal amount of the notes (or portion of such notes) being redeemed plus accrued and unpaid interest thereon up to the redemption date and (2) any “make-whole” amount due under the terms of the notes in connection with early redemptions. Redemptions and repurchases of debt, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. At December 31, 2017, the annual principal payments due on these debt obligations were as follows (in thousands): | | | | | | | | | | | | Senior | | Secured | | | | | | Unsecured Notes(1,2) | | Debt (1,3) | | Totals | | 2018 | | $ | 450,000 | | $ | 396,588 | | $ | 846,588 | | 2019 | | | 600,000 | | | 522,458 | | | 1,122,458 | | 2020 | | | 697,174 | | | 184,726 | | | 881,900 | | 2021(4) | | | 1,149,728 | | | 221,784 | | | 1,371,512 | | 2022(5,6) | | | 600,000 | | | 234,850 | | | 834,850 | | Thereafter(7,8,9,10) | | | 4,920,545 | | | 1,058,002 | | | 5,978,547 | | Totals | | $ | 8,417,447 | | $ | 2,618,408 | | $ | 11,035,855 | | | | | | | | | | | | (1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the consolidated balance sheet. | | (2) Annual interest rates range from 2.1% to 6.5%. | | (3) Annual interest rates range from 1.69% to 7.98%. Carrying value of the properties securing the debt totaled $5,475,672,000 at December 31, 2017. | | (4) In November 2015, one of our wholly-owned subsidiaries issued and we guaranteed $300,000,000 of Canadian-denominated 3.35% senior unsecured notes due 2020 (approximately $239,674,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2017). | | (5) On May 13, 2016, we refinanced the funding on a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $199,728,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2017). The loan matures on May 13, 2021 and bears interest at the Canadian Dealer Offered Rate plus 95 basis points (2.28% at December 31, 2017). | | (6) On May 13, 2016, we refinanced the funding on a $500,000,000 unsecured term credit facility. The loan matures on May 13, 2021 and bears interest at LIBOR plus 95 basis points (2.41% at December 31, 2017). | | (7) On November 20, 2013, we completed the sale of £550,000,000 (approximately $744,095,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2017) of 4.8% senior unsecured notes due 2028. | | (8) On November 25, 2014, we completed the sale of £500,000,000 (approximately $676,450,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2017) of 4.5% senior unsecured notes due 2034. | | (9) In May 2015, we issued $750,000,000 of 4.0% senior unsecured notes due 2025. In October 2015, we issued an additional $500,000,000 of these notes under a re-opening of the offer. | | (10) In March 2016, we issued $700,000,000 of 4.25% senior unsecured notes due 2026. | |
The following is a summary of our senior unsecured note principal activity during the periods presented (dollars in thousands): | | | | | | | | | | | | | | | | Year Ended | | December 31, 2017 | | December 31, 2016 | | December 31, 2015 | | | | | Weighted Avg. | | | | | Weighted Avg. | | | | | Weighted Avg. | | Amount | | Interest Rate | | Amount | | Interest Rate | | Amount | | Interest Rate | | Beginning balance | $ | 8,260,038 | | 4.245% | | $ | 8,645,758 | | 4.237% | | $ | 7,817,154 | | 4.385% | | Debt issued | | 7,500 | | 1.973% | | | 705,000 | | 4.228% | | | 1,475,540 | | 3.901% | | Debt assumed | | - | | 0.000% | | | - | | 0.000% | | | 24,621 | | 6.000% | | Debt extinguished | | (5,000) | | 1.830% | | | (850,000) | | 4.194% | | | (300,000) | | 6.200% | | Debt redeemed | | - | | 0.000% | | | - | | 0.000% | | | (240,249) | | 3.303% | | Foreign currency | | 154,909 | | 4.288% | | | (240,720) | | 4.565% | | | (131,308) | | 3.966% | | Ending balance | $ | 8,417,447 | | 4.306% | | $ | 8,260,038 | | 4.245% | | $ | 8,645,758 | | 4.237% | | | | | | | | | | | | | | | |
The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): | | | | | | | | | | | | | | | | | | Year Ended | | | | December 31, 2017 | | December 31, 2016 | | December 31, 2015 | | | | | | Weighted Avg. | | | | | Weighted Avg. | | | | | Weighted Avg. | | | Amount | | Interest Rate | | Amount | | Interest Rate | | Amount | | Interest Rate | | Beginning balance | | $ | 3,465,066 | | 4.094% | | $ | 3,478,207 | | 4.440% | | $ | 2,941,765 | | 4.940% | | Debt issued | | | 241,772 | | 2.822% | | | 460,015 | | 2.646% | | | 228,685 | | 2.776% | | Debt assumed | | | 23,094 | | 6.670% | | | 60,898 | | 4.301% | | | 1,007,482 | | 3.334% | | Debt extinguished | | | (1,080,268) | | 5.247% | | | (489,293) | | 5.105% | | | (506,326) | | 4.506% | | Principal payments | | | (64,078) | | 4.340% | | | (74,466) | | 4.663% | | | (67,064) | | 4.801% | | Debt deconsolidated | | | (60,000) | | 3.799% | | | - | | 0.000% | | | - | | 0.000% | | Foreign currency | | | 92,822 | | 3.164% | | | 29,705 | | 3.670% | | | (126,335) | | 3.834% | | Ending balance | | $ | 2,618,408 | | 3.761% | | $ | 3,465,066 | | 4.094% | | $ | 3,478,207 | | 4.440% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of December 31, 2017, we believe we were in compliance with all of the covenants under our debt agreements. |