Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt consists of the following (in thousands):

	Interest Rate (1)	Maturities Through	As of June 30, 2023		As of December 31, 2022
Fixed rate debt:
Unsecured senior notes	3.70% to 11.63%	2026 - 2030	$	7,898,588	$	7,199,331
Secured senior notes	8.25% to 11.50%	2025 - 2029	1,988,564		2,370,855
Unsecured term loans	1.28% to 5.89%	2027 - 2035	4,837,257		4,561,129
Convertible notes	2.88% to 6.00%	2023 - 2025	1,375,000		1,725,000
Total fixed rate debt			16,099,409		15,856,315
Variable rate debt(2):
Unsecured revolving credit facilities (3)	6.54% to 7.29%	2024 - 2025	—		2,744,105
USD unsecured term loan	6.16% to 10.05%	2023 - 2037	3,906,095		4,335,973
Euro unsecured term loan	5.05% to 5.68%	2023 - 2028	492,289		534,589
Total variable rate debt			4,398,384		7,614,667
Finance lease liabilities			331,130		351,332
Total debt (4)			20,828,923		23,822,314
Less: unamortized debt issuance costs			(429,991)		(431,123)
Total debt, net of unamortized debt issuance costs			20,398,932		23,391,191
Less—current portion			(1,713,299)		(2,087,711)
Long-term portion			$	18,685,633	$	21,303,480

(1) Interest rates based on outstanding loans as of June 30, 2023, and for variable rate debt include either LIBOR, EURIBOR or Term SOFR plus the applicable margin.

(2) During the quarter ended June 30, 2023, we completed our transition from LIBOR to Term SOFR rates for substantially all of our variable rate facilities, with such transition to take effect at the next respective interest reset date for each such facility.

(3) Advances under our $1.9 billion facility accrue interest at Term SOFR plus an interest rate margin ranging from 1.30% to 2.05%. Advances under our $1.1 billion facility accrue interest at Term SOFR plus an interest rate margin ranging from 1.70% to 2.05%. Based on applicable Term SOFR rates, as of June 30, 2023, the maximum interest rates under the $1.9 billion facility and the $1.1 billion facility was 7.29%. We also pay a facility fee for each facility ranging from 0.20% to 0.30% of the total commitments under such facility.

(4) At June 30, 2023 and December 31, 2022, the weighted average interest rate for total debt was 7.16% and 6.23%, respectively.

Schedule of Maturities of Long-term Debt

The following is a schedule of annual maturities on our total debt, including finance leases, as of June 30, 2023 for each of the next five years (in thousands):

Year	As of June 30, 2023 (1)
Remainder of 2023	$	1,016,304
2024	1,960,853
2025	3,329,844
2026	2,801,075
2027	3,537,745
Thereafter	8,183,102
	$	20,828,923

(1)    Debt denominated in other currencies is calculated based on the applicable exchange rate at June 30, 2023.