Debt (Tables)

3 Months Ended

Mar. 31, 2020

The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands):



	Interest Rate at March 31, 2020 ^(a)	Maturity Date at March 31, 2020	Principal Outstanding Balance at
Senior Unsecured Credit Facility	Interest Rate at March 31, 2020 ^(a)	Maturity Date at March 31, 2020	March 31, 2020		December 31, 2019
Unsecured Term Loans:
Term Loan — borrowing in British pounds sterling ^(b)	GBP LIBOR + 0.95%	2/20/2025	$	185,395	$	—
Delayed Draw Term Loan — borrowing in euros^(c)	EURIBOR + 0.95%	2/20/2025	105,726		—
			291,121		—
Unsecured Revolving Credit Facility:
Borrowing in euros ^(c)	EURIBOR + 0.85%	2/20/2025	43,276		131,438
Borrowing in Japanese yen	JPY LIBOR + 0.85%	2/20/2025	22,207		22,295
Borrowing in U.S. dollars	USD LIBOR + 0.85%	2/20/2025	10,000		—
Borrowing in British pounds sterling	N/A	N/A	—		47,534
			75,483		201,267
			$	366,604	$	201,267

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(a)	The applicable interest rate at March 31, 2020 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa2.


(b)	Balance excludes unamortized discount of $1.4 million at March 31, 2020.


(c)	EURIBOR means Euro Interbank Offered Rate.

The following table presents a summary of our Senior Unsecured Notes outstanding at March 31, 2020 (currency in millions):



						Original Issue Discount		Effective Interest Rate					Principal Outstanding Balance at
Senior Unsecured Notes, net ^(a)	Issue Date	Principal Amount		Price of Par Value		Original Issue Discount		Effective Interest Rate		Coupon Rate		Maturity Date	March 31, 2020		December 31, 2019
2.0% Senior Notes due 2023	1/21/2015	€	500.0	99.220	%	$	4.6	2.107	%	2.0	%	1/20/2023	$	547.8	$	561.7
4.6% Senior Notes due 2024	3/14/2014	$	500.0	99.639	%	$	1.8	4.645	%	4.6	%	4/1/2024	500.0		500.0
2.25% Senior Notes due 2024	1/19/2017	€	500.0	99.448	%	$	2.9	2.332	%	2.25	%	7/19/2024	547.8		561.7
4.0% Senior Notes due 2025	1/26/2015	$	450.0	99.372	%	$	2.8	4.077	%	4.0	%	2/1/2025	450.0		450.0
2.250% Senior Notes due 2026	10/9/2018	€	500.0	99.252	%	$	4.3	2.361	%	2.250	%	4/9/2026	547.8		561.7
4.25% Senior Notes due 2026	9/12/2016	$	350.0	99.682	%	$	1.1	4.290	%	4.25	%	10/1/2026	350.0		350.0
2.125% Senior Notes due 2027	3/6/2018	€	500.0	99.324	%	$	4.2	2.208	%	2.125	%	4/15/2027	547.8		561.7
1.350% Senior Notes due 2028	9/19/2019	€	500.0	99.266	%	$	4.1	1.442	%	1.350	%	4/15/2028	547.8		561.7
3.850% Senior Notes due 2029	6/14/2019	$	325.0	98.876	%	$	3.7	3.986	%	3.850	%	7/15/2029	325.0		325.0
													$	4,364.0	$	4,433.5

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(a)	Aggregate balance excludes unamortized deferred financing costs totaling $21.6 million and $22.8 million, and unamortized discount totaling $19.3 million and $20.5 million, at March 31, 2020 and December 31, 2019, respectively.

Scheduled debt principal payments as of March 31, 2020 are as follows (in thousands):



Years Ending December 31,	Total ^(a)
2020 (remainder)	$	142,494
2021	242,810
2022	460,033
2023	882,209
2024	1,169,686
Thereafter through 2031	3,272,903
Total principal payments	6,170,135
Unamortized discount, net ^(b)	(26,344		)
Unamortized deferred financing costs	(22,148		)
Total	$	6,121,643

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(a)	Certain amounts are based on the applicable foreign currency exchange rate at March 31, 2020.


(b)	Represents the unamortized discount on the Senior Unsecured Notes of $19.3 million in aggregate, unamortized discount, net, of $5.6 million in aggregate primarily resulting from the assumption of property-level debt in connection with business combinations, and unamortized discount of $1.4 million on the Term Loan.