Debt (Tables)

9 Months Ended

Sep. 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):

	September 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	3.3%	2.8	$	660,737	5.9%	3.1	$	979,313
Senior notes	3.2%	10.0		29,386,420	2.9%	10.1		25,311,647
Term loans and      unsecured other	1.9%	4.1		1,956,822	2.8%	3.7		2,330,520
Secured mortgage	4.4%	3.6		285,853	3.9%	3.4		379,021
Total	3.1%	9.5	$	32,289,832	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:

	September 30, 2024						December 31, 2023
	Weighted Average Interest Rate	Amount Outstanding		% of Total			Weighted Average Interest Rate	Amount Outstanding		% of Total
British pound sterling	3.0%	$	1,834,209		5.7	%	2.1%	$	1,299,628		4.5	%
Canadian dollar	5.0%		1,127,241		3.5	%	5.0%		829,886		2.9	%
Chinese renminbi	3.6%		650,315		2.0	%	3.7%		241,820		0.8	%
Euro	2.2%		10,879,967		33.7	%	2.0%		10,083,601		34.8	%
Japanese yen	1.1%		3,354,111		10.4	%	1.0%		3,085,970		10.6	%
U.S. dollar	4.1%		14,443,989		44.7	%	4.1%		13,459,596		46.4	%
Total	3.1%	$	32,289,832		100.0	%	3.0%	$	29,000,501		100.0	%

Schedule of Current Availability on Debt and Cash

The following table summarizes information about our available liquidity at September 30, 2024 (in millions):

Aggregate lender commitments
Credit facilities	$	6,501
Less:
Credit facility borrowings outstanding		661
Commercial paper borrowings outstanding (1)		-
Outstanding letters of credit		26
Current availability		5,814
Cash and cash equivalents		781
Total liquidity	$	6,595

(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 nine months ended September 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
July	$	1,100,000	$	1,100,000	5.1%	17.5	January 2035 – March 2054
September	CN¥	1,350,000	$	189,655	3.3%	5.0	September 2029
Total			$	4,187,103	4.8%	13.7

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

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 September 30, 2024 (in thousands):

	Unsecured
	Credit Facilities and		Senior			Term Loans			Secured
Maturity	Commercial Paper		Notes			and Other			Mortgage			Total
2024 (1)	$	-	$	-		$	-		$	1,962		$	1,962
2025 (1)(2)		-		35,027			325,124			179,938			540,089
2026		-		1,324,968			738,202			3,980			2,067,150
2027 (3)		660,737		1,962,895			50,439			4,156			2,678,227
2028		-		2,594,354			103,680			3,041			2,701,075
Thereafter		-		24,066,928			742,901			86,094			24,895,923
Subtotal		660,737		29,984,172			1,960,346			279,171			32,884,426
Unamortized premiums (discounts), net		-		(465,616	)		-			7,359			(458,257	)
Unamortized debt issuance costs, net		-		(132,136	)		(3,524	)		(677	)		(136,337	)
Total	$	660,737	$	29,386,420		$	1,956,822		$	285,853		$	32,289,832

(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 2025 maturities were the 2022 Canadian Term Loan ($222.0 million at September 30, 2024), which can be extended until 2027, and a Chinese renminbi term loan ($102.7 million at September 30, 2024), which can be extended until 2026, subject to the prevailing interest rate at the time of extension.

(3)Included in the 2027 maturities were the 2023 Global Facility and Yen Credit Facility ($506.6 million and $154.1 million, respectively, at September 30, 2024), which can be extended until 2028.