Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt Summary

All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt at December 31 (dollars in thousands):

	2024					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	4.1%		1.8	$	224,966	5.9%		3.1	$	979,313
Senior notes (4)	3.2%		9.8		28,322,163	2.9%		10.1		25,311,647
Term loans and      unsecured other	2.0%		4.4		2,013,317	2.8%		3.7		2,330,520
Secured mortgage (5)	4.3%		3.2		318,817	3.9%		3.4		379,021
Total	3.1%		9.4	$	30,879,263	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) 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 at December 31 were borrowings denominated in the following currencies:

	2024						2023
	Weighted Average Interest Rate	Amount Outstanding		% of Total			Weighted Average Interest Rate	Amount Outstanding		% of Total
British pound sterling	3.1%	$	1,714,653		5.6	%	2.1%	$	1,299,628		4.5	%
Canadian dollar	4.7%		1,262,508		4.1	%	5.0%		829,886		2.9	%
Chinese renminbi	3.6%		632,873		2.0	%	3.7%		241,820		0.8	%
Euro	2.1%		9,900,602		32.1	%	2.0%		10,083,601		34.8	%
Japanese yen	1.1%		2,910,755		9.4	%	1.0%		3,085,970		10.6	%
U.S. dollar	4.1%		14,457,872		46.8	%	4.1%		13,459,596		46.4	%
Total	3.1%	$	30,879,263		100.0	%	3.0%	$	29,000,501		100.0	%

(4)Senior notes are due from September 2025 to June 2061 with effective interest rates ranging from 0.3% to 5.7% at December 31, 2024.

(5)Secured mortgage debt is due from May 2025 to September 2033 with effective interest rates ranging from 3.3% to 8.7% at December 31, 2024. The debt was principally secured by 23 operating properties and 1 land parcel with an aggregate undepreciated cost of $754.7 million at December 31, 2024.

Schedule Of Credit Facility Activity and Current Availability on Debt And Cash

The following table summarizes information about our Credit Facility activity and available liquidity (dollars in millions):

	2024			2023			2022
Credit Facility activity for the years ended December 31:
Weighted average daily interest rate		4.4	%		4.3	%		1.7	%
Weighted average daily borrowings	$	519		$	411		$	519
Maximum borrowings outstanding at any month-end	$	1,031		$	1,587		$	1,538
Available liquidity at December 31:
Aggregate lender commitments
Credit Facilities	$	6,313		$	6,477		$	5,441
Less:
Credit facility borrowings outstanding		225			979			1,538
Commercial paper borrowings outstanding (1)		-			-			-
Outstanding letters of credit		25			24			38
Current availability	$	6,063		$	5,474		$	3,865
Cash and cash equivalents		1,319			530			278
Total liquidity	$	7,382		$	6,004		$	4,143

(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 senior notes are unsecured and our obligations are effectively subordinated in certain respects to any of our debt that is secured by a lien on real property, to the extent of the value of such real property. The senior notes require interest payments be made quarterly, semi-annually or annually. The majority of the senior notes are redeemable at any time at our option, subject to certain prepayment penalties. Such repurchase and other terms are governed by the provisions of indenture agreements, various note purchase agreements or trust deeds. The following table summarizes the issuances of senior notes during 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.

Summary of Outstanding Term Loans

The following table summarizes our outstanding term loans at December 31 (dollars and borrowing currency in thousands):

Term Loan	Borrowing Currency	Issuance Date		Lender Commitment at 2024				Amount Outstanding at 2024			Amount Outstanding at 2023			Interest Rate	Maturity Date
				Borrowing Currency		USD		USD			USD
March 2017 Yen      Term Loan (1)	JPY	March 2017	¥		12,000,000	$	76,455	$	76,455		$	84,820		0.9% and 1.0%	March 2027 – 2028
October 2017 Yen      Term Loan	JPY	October 2017	¥		10,000,000	$	63,713		63,713			70,684		0.9%	October 2032
December 2018 Yen      Term Loan (1)	JPY	December 2018	¥		20,000,000	$	127,426		127,426			141,368		1.2% and TIBOR + 0.7%	December 2031 – June 2033
January 2019 Yen      Term Loan (1)	JPY	January 2019	¥		15,000,000	$	95,569		95,569			106,026		TIBOR + 0.5% to 0.6%	January 2028 – 2030
March 2019 Yen      Term Loan	JPY	March 2019	¥		85,000,000	$	541,558		541,558			600,812		TIBOR + 0.4%	March 2026
June 2022 Yen      Term Loan (1)	JPY	June 2022	¥		25,000,000	$	159,281		159,281			176,710		1.1% and 1.2%	June 2032 – 2034
2022 Canadian      Term Loan (2)	CAD	August 2022	C$		300,000	$	208,503		208,503			226,403		CORRA	August 2025
2022 U.S. Dollar      Term Loan (3)	USD	October 2022	$		500,000	$	500,000		-			500,000		SOFR + 0.8%	March 2025
December 2022 Yen      Term Loan	JPY	December 2022	¥		15,000,000	$	95,569		95,569			106,026		1.4%	December 2033
2023 Yen      Term Loan	JPY	April 2023	¥		10,000,000	$	63,713		63,713			70,684		1.5%	April 2031
2023 Chinese      Term Loan (1) (4)	CNH	September 2023	CN¥		1,720,000	$	239,274		239,274			242,845		3.5% and 3.6%	September 2025 – 2026
2024 Yen      Term Loan	JPY	April 2024	¥		20,000,000	$	127,425		127,425			-		1.5%	April 2034
2024 Euro      Term Loan (1)	EUR	November 2024	€		202,500	$	210,377		210,377			-		3.0% and Euribor + 0.7%	November 2034
Subtotal									2,008,863			2,326,378
Debt issuance costs, net									(3,117	)		(4,683	)
Total term loans								$	2,005,746		$	2,321,695

(1)This term loan includes more than one lender commitment each bearing a different interest rate and maturity date.

(2)In May 2022, Refinitive Benchmark Services (UK) Ltd. ("RBSL"), the administrator of the Canadian Dollar Offered Rate ("CDOR") formally announced that it would cease the calculation and publication of all tenors of CDOR effective June 28, 2024. In June 2024, we modified the interest rates on our Canadian term loan from 2022 ("2022 Canadian Term Loan") and our credit facility agreements that bore interest at the CDOR plus a spread over the applicable benchmark to the Canadian Overnight Repo Rate Average ("CORRA"). The modification did not have a material impact on our Consolidated Financial Statements.

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

(4)In July 2024, we extended the maturity of the Chinese renminbi term loan ("2023 Chinese Term Loan") by one year until September 2025. We may extend the maturity for one additional year, subject to the payment of an extension fee.

Long-Term Debt Maturities

Scheduled principal payments due on our debt for each year through the period ended December 31, 2029, and thereafter were as follows at December 31, 2024 (in thousands):

	Unsecured
		Credit Facilities and		Senior			Term Loans			Secured
Maturity		Commercial Paper		Notes			and Other			Mortgage			Total
2025 (1) (2)		$	-	$	31,856		$	308,978		$	173,389		$	514,223
2026 (3)			162,632		1,284,618			680,700			45,542			2,173,492
2027 (4)			62,334		1,898,055			45,873			4,156			2,010,418
2028			-		2,518,708			94,295			3,041			2,616,044
2029			-		3,193,130			-			3,191			3,196,321
Thereafter			-		19,969,920			886,588			82,903			20,939,411
Subtotal			224,966		28,896,287			2,016,434			312,222			31,449,909
Unamortized premiums      (discounts), net			-		(447,874	)		-			7,163			(440,711	)
Unamortized debt issuance      costs, net			-		(126,250	)		(3,117	)		(568	)		(129,935	)
Total		$	224,966	$	28,322,163		$	2,013,317		$	318,817		$	30,879,263

(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 ($208.5 million at December 31, 2024), which can be extended until 2027, subject to the payment of extension fees, and the 2023 Chinese Term Loan ($100.2 million at December 31, 2024), which can be extended until 2026, subject to the prevailing interest rate at the time of extension.

(3)Included in the 2026 maturities was the 2022 Global Facility ($162.6 million at December 31, 2024) which can be extended until 2027.

(4)Included in the 2027 maturities was the 2023 Global Facility ($62.3 million at December 31, 2024), which can be extended until 2028.

Interest Expense

The following table summarizes the components of interest expense for the years ended December 31 (in thousands):

	2024 (1)			2023			2022
Gross interest expense	$	892,612		$	683,363		$	345,398
Amortization of debt discounts (premiums), net		52,249			51,980			6,602
Amortization of debt issuance costs, net		26,636			22,609			17,134
Interest expense before capitalization	$	971,497		$	757,952		$	369,134
Capitalized amounts		(107,565	)		(116,620	)		(60,097	)
Net interest expense	$	863,932		$	641,332		$	309,037
Total cash paid for interest, net of amounts capitalized	$	710,754		$	457,021		$	234,131

(1)Interest expense increased in 2024, as compared to 2023, principally due to the issuance of senior notes to finance acquisition and development activities with higher interest rates on new issuances in both years. We issued $4.2 billion of senior notes during 2024 and $5.4 billion during 2023, with a weighted average interest rate of 4.8% and 4.7%, respectively, at the issuance date.