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Senior Unsecured Notes and Secured Debt
 9 Months Ended
Sep. 30, 2018
Long-term Debt, by Current and Noncurrent [Abstract]  
Senior Unsecured Notes and Secured Debt
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 September 30, 2018, the annual principal payments due on these debt obligations were as follows (in thousands):
 
 
Senior
Unsecured Notes(1,2)
 
Secured
Debt (1,3)
 
Totals
2018
 
$
—

 
$
170,742

 
$
170,742

2019
 
600,000

 
489,166

 
1,089,166

2020(4)
 
689,662

 
138,938

 
828,600

2021
 
450,000

 
347,280

 
797,280

2022
 
600,000

 
225,832

 
825,832

Thereafter(5,6,7,8)
 
7,414,034

 
1,107,797

 
8,521,831

Totals
 
$
9,753,696

 
$
2,479,755

 
$
12,233,451

 
(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 balance sheet.
(2) Annual interest rates range from 2.73% to 6.50%.
(3) Annual interest rates range from 1.69% to 7.93%.  Carrying value of the properties securing the debt totaled $5,303,414,000 at September 30, 2018.
(4) Includes a $300,000,000 Canadian-denominated 3.35% senior unsecured notes due 2020 (approximately $232,162,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2018).
(5) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $193,469,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2018).  The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9% (2.73% at September 30, 2018).
(6) Includes a $500,000,000 unsecured term credit facility.  The loan matures on July 19, 2023 and bears interest at LIBOR plus 0.9% (3.07% at September 30, 2018).
(7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $717,915,000 based on the Sterling/U.S. Dollar exchange rate in effect on September 30, 2018).
(8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $652,650,000 based on the Sterling/U.S. Dollar exchange rate in effect on September 30, 2018).
The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands):
 
 
Nine Months Ended
 
 
September 30, 2018
 
September 30, 2017
 
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
Beginning balance
 
$
8,417,447

 
4.31%
 
$
8,260,038

 
4.25%
Debt issued
 
2,850,000

 
4.57%
 
7,500

 
1.94%
Debt extinguished
 
(1,450,000
)
 
3.46%
 
(5,000
)
 
1.83%
Foreign currency
 
(63,751
)
 
4.30%
 
141,855

 
4.24%
Ending balance
 
$
9,753,696

 
4.45%
 
$
8,404,393

 
4.29%
 
The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): 
 
 
Nine Months Ended
 
 
September 30, 2018
 
September 30, 2017
 
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
Beginning balance
 
$
2,618,408

 
3.76%
 
$
3,465,066

 
4.09%
Debt issued
 
44,606

 
3.38%
 
190,459

 
2.73%
Debt assumed
 
99,552

 
4.30%
 
23,094

 
6.67%
Debt extinguished
 
(196,573
)
 
5.66%
 
(1,003,372
)
 
5.32%
Principal payments
 
(42,294
)
 
3.91%
 
(47,507
)
 
4.34%
Foreign currency
 
(43,944
)
 
3.29%
 
92,262

 
3.20%
Ending balance
 
$
2,479,755

 
3.79%
 
$
2,720,002

 
3.74%
 
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 September 30, 2018, we were in compliance with all of the covenants under our debt agreements.