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Senior Unsecured Notes and Secured Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Long-term Debt, by Current and Noncurrent [Abstract]  
Annual Principal Payments Due on Debt Obligations At December 31, 2019, the annual principal payments due on these debt obligations were as follows (in thousands):
 
 
Senior
Unsecured Notes(1,2)
 
Secured
Debt (1,3)
 
Totals
2020
 
$
—

 
$
354,329

 
$
354,329

2021
 
—

 
439,176

 
439,176

2022
 
10,000

 
421,876

 
431,876

2023(4,5)
 
1,792,871

 
467,378

 
2,260,249

2024
 
1,350,000

 
304,533

 
1,654,533

Thereafter(6,7,8)
 
7,274,691

 
1,006,050

 
8,280,741

Totals
 
$
10,427,562

 
$
2,993,342

 
$
13,420,904

(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 2.40% to 6.50%.
(3) Annual interest rates range from 1.25% to 12.00%. Carrying value of the properties securing the debt totaled $6,550,033,000 at December 31, 2019.
(4) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $192,871,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2019). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9% (2.93% at December 31, 2019).
(5) Includes a $500,000,000 unsecured term credit facility. The loan matures on July 19, 2023 and bears interest at LIBOR plus 0.9% (2.66% at December 31, 2019).
(6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $231,446,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2019).
(7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $729,795,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2019).
(8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $663,450,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2019).
Summary of Principal Activity
The following is a summary of our senior unsecured note principal activity during the periods presented (dollars in thousands):
 
 
Year Ended
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
 
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
Beginning balance
 
$
9,699,984

 
4.48%
 
$
8,417,447

 
4.31%
 
$
8,260,038

 
4.25%
Debt issued
 
3,987,790

 
3.34%
 
2,850,000

 
4.57%
 
7,500

 
1.97%
Debt extinguished
 
(3,335,290
)
 
4.39%
 
(1,450,000
)
 
3.46%
 
(5,000
)
 
1.83%
Foreign currency
 
75,078

 
4.22%
 
(117,463
)
 
4.16%
 
154,909

 
4.29%
Ending balance
 
$
10,427,562

 
4.03%
 
$
9,699,984

 
4.48%
 
$
8,417,447

 
4.31%
 

The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands):
 
 
Year Ended
 
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
 
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
Beginning balance
 
$
2,485,711

 
3.90%
 
$
2,618,408

 
3.76%
 
$
3,465,066

 
4.09%
Debt issued
 
343,696

 
3.11%
 
45,447

 
3.40%
 
241,772

 
2.82%
Debt assumed
 
385,145

 
4.34%
 
292,887

 
4.64%
 
23,094

 
6.67%
Debt extinguished
 
(230,108
)
 
4.35%
 
(306,553
)
 
5.36%
 
(1,080,268
)
 
5.25%
Debt deconsolidated
 
—

 
—%
 
—

 
—%
 
(60,000
)
 
3.80%
Principal payments
 
(54,325
)
 
3.75%
 
(56,288
)
 
3.91%
 
(64,078
)
 
4.34%
Foreign currency
 
63,223

 
3.28%
 
(108,190
)
 
3.33%
 
92,822

 
3.16%
Ending balance
 
$
2,993,342

 
3.63%
 
$
2,485,711

 
3.90%
 
$
2,618,408

 
3.76%