Senior Unsecured Notes and Secured Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Annual Principal Payments Due on Debt Obligations

At March 31, 2020, 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	$	—	$	275,279	$	275,279
2021	—		424,952		424,952
2022	10,000		449,900		459,900
2023 (4,5)	1,777,054		473,564		2,250,618
2024	1,350,000		295,714		1,645,714
Thereafter (6,7,8)	7,169,819		985,229		8,155,048
Totals	$	10,306,873	$	2,904,638	$	13,211,511

 

⁽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 1.65% to 6.50%.

⁽³⁾ Annual interest rates range from 1.69% to 12.00%. Carrying value of the properties securing the debt totaled $6,324,000 at March 31, 2020.

⁽⁴⁾ Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $177,054,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2020). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9% (2.49% at March 31, 2020).

⁽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% (1.65% at March 31, 2020).

⁽⁶⁾ Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $212,465,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2020).

⁽⁷⁾ Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $684,804,000 based on the Sterling/U.S. Dollar exchange rate in effect on March 31, 2020).

⁽⁸⁾ Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $622,550,000 based on the Sterling/U.S. Dollar exchange rate in effect on March 31, 2020).

Summary of Principal Activity

The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands):

	Three Months Ended
	March 31, 2020				March 31, 2019
				Weighted Avg.				Weighted Avg.
	Amount			Interest Rate	Amount			Interest Rate
Beginning balance	$	10,427,562		4.03%	$	9,699,984		4.48%
Debt issued	—			—%	1,050,000			3.89%
Debt extinguished	—			—%	(1,050,000		)	4.98%
Foreign currency	(120,689		)	4.15%	37,553			4.33%
Ending balance	$	10,306,873		3.97%	$	9,737,537		4.35%

 

The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): 

	Three Months Ended
	March 31, 2020				March 31, 2019
				Weighted Avg.				Weighted Avg.
	Amount			Interest Rate	Amount			Interest Rate
Beginning balance	$	2,993,342		3.63%	$	2,485,711		3.90%
Debt issued	44,921			2.58%	247,163			3.68%
Debt assumed	—			—%	42,000			4.62%
Debt extinguished	(16,040		)	4.51%	(114,570		)	4.96%
Principal payments	(15,526		)	3.78%	(13,543		)	3.85%
Foreign currency	(102,059		)	3.27%	26,197			3.33%
Ending balance	$	2,904,638		3.63%	$	2,672,958		3.84%