Senior Unsecured Notes and Secured Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Annual Principal Payments Due on Debt Obligations

At June 30, 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	$	—	$	253,459	$	253,459
2022	10,000		486,699		496,699
2023 (4, 5)	701,525		489,409		1,190,934
2024	1,350,000		185,318		1,535,318
2025	1,250,000		181,449		1,431,449
Thereafter (6, 7, 8)	7,941,460		714,794		8,656,254
Totals	$	11,252,985	$	2,311,128	$	13,564,113

(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 0.79% to 6.50%.

(3) Annual interest rates range from 0.03% to 7.93%. Carrying value of the properties securing the debt totaled $5,312,000,000 at June 30, 2021.

(4) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $201,525,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2021). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.90% (1.31% at June 30, 2021).

(5) Includes a $500,000,000 unsecured term credit facility. The loan matures on July 19, 2023 and bears interest at LIBOR plus 0.90% (1.00% at June 30, 2021).

(6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $241,830,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2021).

(7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $759,330,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2021).

(8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $690,300,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2021).

Summary of Principal Activity

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

	Six Months Ended
	June 30, 2021			June 30, 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	1,250,000		2.50%	1,600,000		1.89%
Debt extinguished	(1,533,752)		2.42%	—		—%
Foreign currency	27,204		3.57%	(114,851)		4.30%
Ending balance	$	11,252,985	3.71%	$	11,912,711	3.65%

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

	Six Months Ended
	June 30, 2021			June 30, 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	(66,593)		6.01%	(314,631)		2.94%
Principal payments	(31,670)		3.48%	(30,709)		3.55%
Foreign currency	31,318		2.89%	(64,934)		3.13%
Ending balance	$	2,311,128	3.10%	$	2,627,989	3.09%