Debt (Tables)

9 Months Ended

Sep. 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 September 30, 2023		As of December 31, 2022
Fixed rate debt:
Unsecured senior notes	3.70% to 11.63%	2026 - 2030	$	7,898,670	$	7,199,331
Secured senior notes	8.25% to 11.50%	2025 - 2029	1,495,027		2,370,855
Unsecured term loans	1.28% to 5.89%	2027 - 2035	4,682,402		4,561,129
Convertible notes	2.88% to 6.00%	2023 - 2025	1,375,000		1,725,000
Total fixed rate debt			15,451,099		15,856,315
Variable rate debt(2):
Unsecured revolving credit facilities (3)	6.72% to 7.47%	2024 - 2025	350,000		2,744,105
USD unsecured term loan	6.30% to 10.05%	2023 - 2037	3,768,383		4,335,973
Euro unsecured term loan	5.28% to 6.11%	2023 - 2028	477,558		534,589
Total variable rate debt			4,595,941		7,614,667
Finance lease liabilities			327,334		351,332
Total debt (4)			20,374,374		23,822,314
Less: unamortized debt issuance costs			(405,482)		(431,123)
Total debt, net of unamortized debt issuance costs			19,968,892		23,391,191
Less—current portion			(2,043,965)		(2,087,711)
Long-term portion			$	17,924,927	$	21,303,480

(1) Interest rates based on outstanding loans as of September 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 September 30, 2023, the maximum interest rates under the $1.9 billion facility and the $1.1 billion facility was 7.47%. 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 September 30, 2023 and December 31, 2022, the weighted average interest rate for total debt was 6.40% 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 September 30, 2023 for each of the next five years (in thousands):

Year	As of September 30, 2023 (1)
Remainder of 2023	$	735,423
2024	2,308,807
2025	2,828,609
2026	2,797,022
2027	3,534,356
Thereafter	8,170,157
	$	20,374,374

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