Debt (Tables)

6 Months Ended

Jun. 30, 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):

	June 30, 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	2.9%	2.2	$	520,194	4.1%	1.8	$	224,966
Senior notes	3.2%	9.2		31,706,006	3.2%	9.8		28,322,163
Term loans and      unsecured other	2.0%	4.1		2,114,625	2.0%	4.4		2,013,317
Secured mortgage	4.3%	2.6		325,726	4.3%	3.2		318,817
Total	3.2%	8.7	$	34,666,551	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:

	June 30, 2025						December 31, 2024
	Weighted Average Interest Rate	Amount Outstanding		% of Total			Weighted Average Interest Rate	Amount Outstanding		% of Total
British pound sterling	3.0%	$	1,875,616		5.4	%	3.1%	$	1,714,653		5.6	%
Canadian dollar	4.5%		1,735,774		5.0	%	4.7%		1,262,508		4.1	%
Euro	2.1%		11,493,729		33.2	%	2.1%		9,900,602		32.1	%
Japanese yen	1.2%		3,188,887		9.2	%	1.1%		2,910,755		9.4	%
U.S. dollar	4.1%		15,719,356		45.3	%	4.1%		14,457,872		46.8	%
Other	3.7%		653,189		1.9	%	3.6%		632,873		2.0	%
Total	3.2%	$	34,666,551		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 June 30, 2025 (in millions):

Aggregate lender commitments
Credit facilities	$	6,530
Less:
Credit facility borrowings outstanding		520
Commercial paper borrowings outstanding (1)		-
Outstanding letters of credit		27
Current availability		5,983
Cash and cash equivalents		1,066
Total liquidity	$	7,049

(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, 2025 (principal in thousands):

	Aggregate Principal				Issuance Date Weighted Average
Issuance Date	Borrowing Currency		USD (1)		Interest Rate	Years		Maturity Dates
February	C$	750,000	$	520,428	4.2%		8.0	February 2033
May	$	1,250,000	$	1,250,000	5.1%		8.3	January 2031 – May 2035
Total			$	1,770,428	4.8%		8.2

(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 2025 and for each year through the period ended December 31, 2029, and thereafter were as follows at June 30, 2025 (in thousands):

	Unsecured
	Credit Facilities and		Senior			Term Loans			Secured
Maturity	Commercial Paper		Notes			and Other			Mortgage			Total
2025 (1)(2)	$	-	$	34,640		$	246,971		$	178,209		$	459,820
2026 (1)		-		1,351,168			728,597			47,710			2,127,475
2027 (3)		468,040		1,988,466			52,570			4,156			2,513,232
2028		-		2,619,356			117,257			3,041			2,739,654
2029 (4)		52,154		3,433,648			-			3,191			3,488,993
Thereafter		-		22,849,617			971,795			82,903			23,904,315
Subtotal		520,194		32,276,895			2,117,190			319,210			35,233,489
Unamortized premiums (discounts), net		-		(436,741	)		-			6,768			(429,973	)
Unamortized debt issuance costs, net		-		(134,148	)		(2,565	)		(252	)		(136,965	)
Total	$	520,194	$	31,706,006		$	2,114,625		$	325,726		$	34,666,551

(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 ($146.3 million at June 30, 2025), which can be extended until 2027, subject to the payment of extension fees, and a Chinese renminbi term loan ($100.6 million at June 30, 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 2027 maturities were the 2023 Global Facility and Yen Credit Facility ($445.2 million and $22.9 million, respectively, at June 30, 2025) which can be extended until 2028.

(4)Included in the 2029 maturities was the 2025 Global Facility ($52.2 million at June 30, 2025) which can be extended until 2030.