Senior Unsecured Notes and Secured Debt (Tables)

9 Months Ended

Sep. 30, 2018

Long-term Debt, by Current and Noncurrent [Abstract]

Schedule of long term debt

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 £550,000,0004.80% 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 £500,000,0004.50% 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%