Senior Unsecured Notes and Secured Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Annual Principal Payments Due on Debt Obligations

At March 31, 2021, the annual principal payments due on these debt obligations were as follows (in thousands):

	Senior Unsecured Notes (1,2)		Secured Debt (1,3)		Totals
2021	$	—	$	438,772	$	438,772
2022 (4)	870,000		463,891		1,333,891
2023 (5,6)	1,372,602		373,613		1,746,215
2024	1,350,000		183,982		1,533,982
2025	1,250,000		180,595		1,430,595
Thereafter (7,8,9)	7,436,990		695,319		8,132,309
Totals	$	12,279,592	$	2,336,172	$	14,615,764

(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 0.81% to 6.50%.

(3) Annual interest rates range from 0.04% to 7.93%. Carrying value of the properties securing the debt totaled $5,330,000,000 at March 31, 2021.

(4) Includes a $860,000,000 unsecured term credit facility. The loan matures on April 1, 2022 and bears interest at LIBOR plus 1.20% (1.31% at March 31, 2021).

(5) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $198,850,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2021). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9% (1.31% at March 31, 2021).

(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% (1.01% at March 31, 2021).

(7) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $238,620,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2021).

(8) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $758,670,000 based on the Sterling/U.S. Dollar exchange rate in effect on March 31, 2021).

(9) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $689,700,000 based on the Sterling/U.S. Dollar exchange rate in effect on March 31, 2021).

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, 2021			March 31, 2020
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	11,509,533	3.67%	$	10,427,562	4.03%
Debt issued	750,000		2.80%	—		—%
Foreign currency	20,059		3.90%	(120,689)		4.15%
Ending balance	$	12,279,592	3.62%	$	10,306,873	3.97%

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

	Three Months Ended
	March 31, 2021			March 31, 2020
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	2,378,073	3.27%	$	2,993,342	3.63%
Debt issued	—		—%	44,921		2.58%
Debt extinguished	(41,933)		7.60%	(16,040)		4.51%
Principal payments	(15,955)		3.59%	(15,526)		3.78%
Foreign currency	15,987		2.92%	(102,059)		3.27%
Ending balance	$	2,336,172	3.14%	$	2,904,638	3.63%