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Debt (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025

 

 

December 31, 2024

 

 

 

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

 

4.2%

 

1.6

 

 

$

532,132

 

 

4.1%

 

1.8

 

 

$

224,966

 

Senior notes

 

3.2%

 

9.5

 

 

 

29,390,246

 

 

3.2%

 

9.8

 

 

 

28,322,163

 

Term loans and
     unsecured other

 

2.0%

 

4.3

 

 

 

2,021,761

 

 

2.0%

 

4.4

 

 

 

2,013,317

 

Secured mortgage

 

4.3%

 

2.9

 

 

 

317,916

 

 

4.3%

 

3.2

 

 

 

318,817

 

Total

 

3.1%

 

9.0

 

 

$

32,262,055

 

 

3.1%

 

9.4

 

 

$

30,879,263

 

 

(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 contracts, 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, 2025

 

 

December 31, 2024

 

 

 

 

Weighted Average Interest Rate

 

Amount Outstanding

 

 

% of Total

 

 

Weighted Average Interest Rate

 

Amount Outstanding

 

 

% of Total

 

 

British pound sterling

 

3.1%

 

$

1,772,102

 

 

 

5.5

%

 

3.1%

 

$

1,714,653

 

 

 

5.6

%

 

Canadian dollar

 

4.6%

 

 

1,627,723

 

 

 

5.0

%

 

4.7%

 

 

1,262,508

 

 

 

4.1

%

 

Euro

 

2.1%

 

 

10,425,583

 

 

 

32.3

%

 

2.1%

 

 

9,900,602

 

 

 

32.1

%

 

Japanese yen

 

1.2%

 

 

3,057,948

 

 

 

9.5

%

 

1.1%

 

 

2,910,755

 

 

 

9.4

%

 

U.S. dollar

 

4.1%

 

 

14,744,387

 

 

 

45.7

%

 

4.1%

 

 

14,457,872

 

 

 

46.8

%

 

Other

 

3.6%

 

 

634,312

 

 

 

2.0

%

 

3.6%

 

 

632,873

 

 

 

2.0

%

 

Total

 

3.1%

 

$

32,262,055

 

 

 

100.0

%

 

3.1%

 

$

30,879,263

 

 

 

100.0

%
Schedule of Current Availability on Debt and Cash

The following table summarizes information about our available liquidity at March 31, 2025 (in millions):

 

Aggregate lender commitments

 

 

 

Credit facilities

 

$

6,411

 

Less:

 

 

 

Credit facility borrowings outstanding

 

 

532

 

Commercial paper borrowings outstanding (1)

 

 

-

 

Outstanding letters of credit

 

 

28

 

Current availability

 

 

5,851

 

Cash and cash equivalents

 

 

671

 

Total liquidity

 

$

6,522

 

 

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

Scheduled principal payments due on our debt for the remainder of 2025 and for each year through the period ended December 31, 2029, and thereafter were as follows at March 31, 2025 (in thousands):

 

 

 

Unsecured

 

 

 

 

 

 

 

 

Credit Facilities
and

 

 

Senior

 

 

Term Loans

 

 

Secured

 

 

 

 

Maturity

 

Commercial Paper

 

 

Notes

 

 

and Other

 

 

Mortgage

 

 

Total

 

2025 (1)(2)

 

$

-

 

 

$

33,462

 

 

$

239,789

 

 

$

172,625

 

 

$

445,876

 

2026 (1)(3)

 

 

353,144

 

 

 

1,305,918

 

 

 

708,202

 

 

 

45,616

 

 

 

2,412,880

 

2027 (4)

 

 

178,988

 

 

 

1,929,498

 

 

 

48,770

 

 

 

4,156

 

 

 

2,161,412

 

2028

 

 

-

 

 

 

2,557,972

 

 

 

99,048

 

 

 

3,041

 

 

 

2,660,061

 

2029

 

 

-

 

 

 

3,266,967

 

 

 

-

 

 

 

3,191

 

 

 

3,270,158

 

Thereafter

 

 

-

 

 

 

20,861,287

 

 

 

928,841

 

 

 

82,903

 

 

 

21,873,031

 

Subtotal

 

 

532,132

 

 

 

29,955,104

 

 

 

2,024,650

 

 

 

311,532

 

 

 

32,823,418

 

Unamortized premiums (discounts), net

 

 

-

 

 

 

(437,352

)

 

 

-

 

 

 

6,966

 

 

 

(430,386

)

Unamortized debt issuance costs, net

 

 

-

 

 

 

(127,506

)

 

 

(2,889

)

 

 

(582

)

 

 

(130,977

)

Total

 

$

532,132

 

 

$

29,390,246

 

 

$

2,021,761

 

 

$

317,916

 

 

$

32,262,055

 

 

(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, including drawing on our available Credit Facilities.

 

(2)
Included in the 2025 maturities were a Canadian dollar term loan ($139.3 million at March 31, 2025), which can be extended until 2027, subject to the payment of extension fees, and a Chinese renminbi term loan ($100.3 million at March 31, 2025), which can be extended until 2026, subject to the prevailing interest rate at the time of extension and payment of extension fees.

 

(3)
Included in the 2026 maturities was the 2022 Global Facility ($353.1 million at March 31, 2025) which can be extended until 2027.

 

(4)
Included in the 2027 maturities was the 2023 Global Facility ($179.0 million at March 31, 2025) which can be extended until 2028.