Debt (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024					December 31, 2023
	Weighted Average			Amount		Weighted Average		Amount
	Interest Rate (1)	Years (2)		Outstanding (3)		Interest Rate (1)	Years (2)	Outstanding (3)
Credit facilities	4.1%		3.0	$	1,031,266	5.9%	3.1	$	979,313
Senior notes	3.0%		10.2		26,500,864	2.9%	10.1		25,311,647
Term loans and      unsecured other (4)	1.9%		4.1		1,737,132	2.8%	3.7		2,330,520
Secured mortgage	4.4%		4.1		288,405	3.9%	3.4		379,021
Total	3.0%		9.6	$	29,557,667	3.0%	9.3	$	29,000,501

(1)The weighted average interest rates presented represent the effective interest rates (including amortization of debt issuance costs and noncash premiums or discounts) 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, 2024								December 31, 2023
	Weighted Average Interest Rate			Amount Outstanding		% of Total			Weighted Average Interest Rate			Amount Outstanding		% of Total
British pound sterling		2.1	%	$	1,292,368		4.4	%		2.1	%	$	1,299,628		4.5	%
Canadian dollar		5.1	%		1,123,875		3.8	%		5.0	%		829,886		2.9	%
Chinese renminbi		3.7	%		452,164		1.5	%		3.7	%		241,820		0.8	%
Euro		2.1	%		9,946,713		33.7	%		2.0	%		10,083,601		34.8	%
Japanese yen		1.0	%		3,106,411		10.5	%		1.0	%		3,085,970		10.6	%
U.S. dollar		4.0	%		13,636,136		46.1	%		4.1	%		13,459,596		46.4	%
Total		3.0	%	$	29,557,667		100.0	%		3.0	%	$	29,000,501		100.0	%

(4)In February 2024, we extinguished a $500.0 million U.S. dollar term loan.

Schedule of Current Availability on Debt and Cash

The following table summarizes information about our available liquidity at March 31, 2024 (in millions):

Aggregate lender commitments
Credit facilities	$	6,405
Less:
Borrowings outstanding		1,031
Outstanding letters of credit		26
Current availability		5,348
Cash and cash equivalents		501
Total liquidity	$	5,849

Summary of Issuances of Senior Notes

The following table summarizes the issuances of senior notes during the three months ended March 31, 2024 (principal in thousands):

	Aggregate Principal				Issuance Date Weighted Average
Issuance Date	Borrowing Currency		USD (1)		Interest Rate	Years	Maturity Dates
January	$	1,250,000	$	1,250,000	5.1%	17.3	March 2034 – 2054
February	CN¥	1,500,000	$	211,024	3.5%	3.0	February 2027
March	C$	550,000	$	405,147	4.7%	5.0	March 2029
Total			$	1,866,171	4.8%	13.0

(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 2024 and for each year through the period ended December 31, 2028, and thereafter were as follows at March 31, 2024 (in thousands):

	Unsecured
	Credit		Senior			Term Loans			Secured
Maturity	Facilities		Notes			and Other			Mortgage			Total
2024 (1)(2)	$	-	$	-		$	101,480		$	5,352		$	106,832
2025 (1)(3)		-		33,071			221,636			178,913			433,620
2026 (4)		329,744		1,305,718			703,204			3,980			2,342,646
2027 (5)		701,522		1,930,348			47,237			4,156			2,683,263
2028		-		2,553,897			97,891			3,041			2,654,829
Thereafter		-		21,265,036			569,727			86,094			21,920,857
Subtotal		1,031,266		27,088,070			1,741,175			281,536			30,142,047
Unamortized premiums (discounts), net		-		(465,706	)		-			7,752			(457,954	)
Unamortized debt issuance costs, net		-		(121,500	)		(4,043	)		(883	)		(126,426	)
Total	$	1,031,266	$	26,500,864		$	1,737,132		$	288,405		$	29,557,667

(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 was a Chinese term loan ($101.5 million at March 31, 2024) that can be extended until 2026, subject to the prevailing interest rate at the time of extension.

(3)Included in the 2025 maturities was a Canadian term loan ($221.1 million at March 31, 2024) that can be extended until 2027.

(4)Included in the 2026 maturities was the 2022 Global Facility ($329.7 million at March 31, 2024) that can be extended until 2027.

(5)Included in the 2027 maturities were the 2023 Global Facility and Yen Credit Facility ($483.3 million and $218.3 million, respectively at March 31, 2024) that can be extended until 2028.