Senior Unsecured Notes and Secured Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Annual Principal Payments Due on Debt Obligations

At March 31, 2022, the annual principal payments due on these debt obligations were as follows (in thousands):

	Senior Unsecured Notes (1,2)		Secured Debt (1,3)		Totals
2022	$	—	$	575,737	$	575,737
2023 (4, 5)	700,288		448,580		1,148,868
2024	1,350,000		184,770		1,534,770
2025	1,260,000		167,506		1,427,506
2026	700,000		109,782		809,782
Thereafter (6, 7, 8)	8,221,307		629,266		8,850,573
Totals	$	12,231,595	$	2,115,641	$	14,347,236

(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 Sheets.

(2) Annual interest rates range from 0.93% to 6.50%.

(3) Annual interest rates range from 0.32% to 6.67%. Carrying value of the properties securing the debt totaled $4,882,090,000 at March 31, 2022.

(4) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $200,288,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2022). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.90% (1.83% at March 31, 2022).

(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% (1.36% at March 31, 2022).

(6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $240,347,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2022).

(7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $723,360,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 31, 2022).

(8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $657,600,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 31, 2022).

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, 2022			March 31, 2021
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	11,707,961	3.67%	$	11,509,533	3.67%
Debt issued	550,000		3.85%	750,000		2.80%
Foreign currency	(26,366)		4.14%	20,059		3.90%
Ending balance	$	12,231,595	3.69%	$	12,279,592	3.62%

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

	Three Months Ended
	March 31, 2022			March 31, 2021
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	2,202,312	3.03%	$	2,378,073	3.27%
Debt issued	5,385		3.08%	—		—%
Debt extinguished	(100,821)		4.21%	(41,933)		7.60%
Principal payments	(15,968)		3.19%	(15,955)		3.59%
Foreign currency	24,733		2.73%	15,987		2.92%
Ending balance	$	2,115,641	3.02%	$	2,336,172	3.14%