Debt (Tables)

6 Months Ended

Jun. 30, 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):

	June 30, 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 and      commercial paper	3.9%		2.6	$	489,395	5.9%	3.1	$	979,313
Senior notes	3.1%		10.1		27,345,366	2.9%	10.1		25,311,647
Term loans and      unsecured other (4)	2.0%		4.2		1,784,285	2.8%	3.7		2,330,520
Secured mortgage	4.4%		3.9		285,574	3.9%	3.4		379,021
Total	3.1%		9.6	$	29,904,620	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:

	June 30, 2024								December 31, 2023
	Weighted Average Interest Rate			Amount Outstanding		% of Total			Weighted Average Interest Rate			Amount Outstanding		% of Total
British pound sterling		3.1	%	$	1,730,649		5.8	%		2.1	%	$	1,299,628		4.5	%
Canadian dollar		5.1	%		1,112,783		3.7	%		5.0	%		829,886		2.9	%
Chinese renminbi		3.7	%		450,347		1.5	%		3.7	%		241,820		0.8	%
Euro		2.1	%		10,052,239		33.6	%		2.0	%		10,083,601		34.8	%
Japanese yen		1.0	%		2,987,985		10.0	%		1.0	%		3,085,970		10.6	%
U.S. dollar		4.0	%		13,570,617		45.4	%		4.1	%		13,459,596		46.4	%
Total		3.1	%	$	29,904,620		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 June 30, 2024 (in millions):

Aggregate lender commitments
Credit facilities	$	6,363
Less:
Credit facility borrowings outstanding		482
Commercial paper borrowings outstanding (1)		7
Outstanding letters of credit		25
Current availability		5,849
Cash and cash equivalents		598
Total liquidity	$	6,447

(1)We are required to maintain available commitments under our credit facilities in an amount at least equal to the commercial paper borrowings outstanding.

Summary of Issuances of Senior Notes

The following table summarizes the issuances of senior notes during the six months ended June 30, 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
May	€	550,000	$	592,130	4.0%	10.0	May 2034
May	£	350,000	$	439,147	5.6%	16.0	May 2040
Total			$	2,897,448	4.8%	12.9

(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 June 30, 2024 (in thousands):

	Unsecured
	Credit Facilities and		Senior			Term Loans			Secured
Maturity	Commercial Paper		Notes			and Other			Mortgage			Total
2024 (1)(2)	$	-	$	-		$	101,027		$	4,113		$	105,140
2025 (1)(3)		7,463		31,130			219,418			177,412			435,423
2026 (4)		201,000		1,300,418			669,571			3,980			2,174,969
2027 (5)		280,932		1,916,291			44,415			4,156			2,245,794
2028		-		2,528,926			92,145			3,041			2,624,112
Thereafter		-		22,145,997			661,156			86,094			22,893,247
Subtotal		489,395		27,922,762			1,787,732			278,796			30,478,685
Unamortized premiums (discounts),      net		-		(453,640	)		-			7,556			(446,084	)
Unamortized debt issuance costs, net		-		(123,756	)		(3,447	)		(778	)		(127,981	)
Total	$	489,395	$	27,345,366		$	1,784,285		$	285,574		$	29,904,620

(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 from 2023 ($101.0 million at June 30, 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 the 2022 Canadian Term Loan ($218.9 million at June 30, 2024) that can be extended until 2027.

(4)Included in the 2026 maturities was the 2022 Global Facility ($201.0 million at June 30, 2024) that can be extended until 2027.

(5)Included in the 2027 maturities were the 2023 Global Facility and Yen Credit Facility ($136.5 million and $144.4 million, respectively, at June 30, 2024) that can be extended until 2028.