Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt Summary

All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands):

	March 31, 2023					December 31, 2022
	Weighted Average			Amount		Weighted Average			Amount
	Interest Rate (1)	Years (2)		Outstanding (3)		Interest Rate (1)	Years (2)		Outstanding (3)
Credit facilities	2.0%		2.3	$	212,553	4.2%		2.8	$	1,538,461
Senior notes	2.6%		10.7		22,399,340	2.3%		10.3		19,786,253
Term loans and unsecured     other	2.4%		4.6		2,093,006	2.3%		4.9		2,106,592
Secured mortgage	3.2%		4.0		448,443	3.0%		4.3		444,655
Total	2.6%		10.0	$	25,153,342	2.5%		9.2	$	23,875,961

(1)The weighted average interest rates represent the effective interest rates (including amortization of debt issuance costs and noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt.

(2)The weighted average years represents the remaining maturity in years on the debt outstanding at period end.

(3)We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies:

	March 31, 2023								December 31, 2022
	Weighted Average Interest Rate			Amount Outstanding		% of Total			Weighted Average Interest Rate			Amount Outstanding		% of Total
British pound sterling		2.1	%	$	1,263,807		5.0	%		2.1	%	$	1,228,483		5.1	%
Canadian dollar		4.9	%		813,415		3.2	%		4.5	%		814,491		3.4	%
Euro		1.7	%		9,100,801		36.2	%		1.3	%		7,991,301		33.5	%
Japanese yen		1.0	%		3,367,643		13.4	%		1.0	%		3,308,009		13.9	%
U.S. dollar		3.6	%		10,607,676		42.2	%		3.6	%		10,533,677		44.1	%
Total		2.6	%	$	25,153,342		100.0	%		2.5	%	$	23,875,961		100.0	%

Schedule of Current Availability on Debt and Cash

The following table summarizes information about our available liquidity at March 31, 2023 (in millions):

Aggregate lender commitments
Credit Facilities	$	5,473
Less:
Borrowings outstanding		213
Outstanding letters of credit		39
Current availability		5,221
Cash and cash equivalents		523
Total liquidity	$	5,744

Summary of Issuances of Senior Notes

The following table summarizes the issuances of senior notes during the three months ended March 31, 2023 (principal in thousands):

	Aggregate Principal				Issuance Date Weighted Average
Issuance Date	Borrowing Currency		USD (1)		Interest Rate	Years	Maturity Dates
January	€	1,250,000	$	1,354,125	4.1%	13.8	January 2030 – 2043
March	$	1,200,000	$	1,200,000	4.9%	17.7	June 2033 – 2053
Total			$	2,554,125	4.5%	15.6

(1)The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date.

Long-Term Debt Maturities

Scheduled principal payments due on our debt for the remainder of 2023 and for each year through the period ended December 31, 2027, and thereafter were as follows at March 31, 2023 (in thousands):

	Unsecured
	Credit		Senior			Term Loans			Secured
Maturity	Facilities		Notes			and Other			Mortgage			Total
2023 (1)	$	-	$	-		$	-		$	31,619		$	31,619
2024 (1) (2)		98,365		326,250			-			95,292			519,907
2025 (3)		-		37,544			722,420			153,480			913,444
2026 (4)		114,188		1,308,918			638,310			67,805			2,129,221
2027		-		1,738,332			53,787			4,156			1,796,275
Thereafter		-		19,569,982			682,140			89,135			20,341,257
Subtotal		212,553		22,981,026			2,096,657			441,487			25,731,723
Unamortized premiums (discounts), net		-		(481,289	)		946			8,554			(471,789	)
Unamortized debt issuance costs, net		-		(100,397	)		(4,597	)		(1,598	)		(106,592	)
Total	$	212,553	$	22,399,340		$	2,093,006		$	448,443		$	25,153,342

(1)We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings.

(2)Included in the 2024 maturities is the Yen Credit Facility that can be extended until 2025.

(3)Included in the 2025 maturities is a Canadian term loan that we entered into in 2022 that can be extended until 2027.

(4)Included in the 2026 maturities is the 2022 Global Facility that can be extended until 2027.