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Debt (Tables)
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Debt Summary

The following table summarizes our debt (dollars in thousands):

 

 

 

September 30, 2018

 

 

December 31, 2017

 

 

 

Weighted Average Interest Rate (1)

 

 

Amount

Outstanding (2) (3)

 

 

Weighted Average Interest Rate (1)

 

 

Amount Outstanding (2)

 

Credit facilities

 

 

0.8

%

 

$

235,822

 

 

 

1.8

%

 

$

317,392

 

Senior notes

 

 

2.7

%

 

 

8,353,096

 

 

 

3.0

%

 

 

6,067,277

 

Term loans

 

 

1.5

%

 

 

1,765,300

 

 

 

1.7

%

 

 

2,046,945

 

Unsecured other

 

 

6.1

%

 

 

13,093

 

 

 

6.1

%

 

 

13,546

 

Secured mortgages

 

 

5.3

%

 

 

864,818

 

 

 

5.3

%

 

 

967,471

 

Total

 

 

2.7

%

 

$

11,232,129

 

 

 

2.9

%

 

$

9,412,631

 

 

(1)

The interest rates presented represent the effective interest rates (including amortization of debt issuance costs and the noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of undesignated and designated interest rate swaps, which effectively fix the interest rate on our variable rate debt.

 

(2)

Included in the outstanding balances were borrowings denominated in non-U.S. dollars. The following table summarizes our debt by currency:

 

 

 

September 30, 2018

 

 

December 31, 2017

 

 

British pound sterling

 

$

648,184

 

 

$

671,522

 

 

Canadian dollar

 

 

279,184

 

 

 

451,080

 

 

Euro

 

 

5,166,017

 

 

 

3,839,422

 

 

Japanese yen

 

 

1,791,824

 

 

 

1,306,380

 

 

U.S. dollar

 

 

3,346,920

 

 

 

3,144,227

 

 

Total

 

$

11,232,129

 

 

$

9,412,631

 

  

Generally, we borrow in the functional currency of the consolidated subsidiaries, but we also borrow in currencies other than the U.S. dollar in the OP and may designate this borrowing as a nonderivative financial instrument. We may also hedge our foreign currency risk by designating derivative financial instruments as net investment hedges, as these amounts offset the translation adjustments on the underlying net assets of our foreign investments. See Note 10 for more information about our nonderivative and derivative financial instruments.

 

(3)

Through the DCT Transaction, we assumed $1.9 billion of debt with a weighted average interest rate of 3.4%, which includes the noncash premium. Prior to September 30, 2018, we paid down $1.8 billion of the assumed debt.

 

In order to pay down the debt, we utilized the proceeds principally from the issuance of the following senior notes: (i) in June 2018, $700.0 million senior notes due in September 2028 through 2048 with interest rates ranging from 3.9% to 4.4%; (ii) in July 2018, €700.0 million ($818.7 million) senior notes due in January 2029 with an interest rate of 1.9%; and (iii) in September 2018, ¥55.1 billion ($488.7 million) senior notes due in September 2025 through 2038 with interest rates ranging from 0.7% to 1.5%. The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date. 

Credit Facilities

The following table summarizes information about our Credit Facilities at September 30, 2018 (in millions):

 

 

 

 

 

Aggregate lender commitments

 

$

3,453

 

Less:

 

 

 

 

Borrowings outstanding

 

 

236

 

Outstanding letters of credit

 

 

32

 

Current availability

 

$

3,185

 

 
Long-Term Debt Maturities

Principal payments due on our debt for the remainder of 2018 and for each year through the period ended December 31, 2022, and thereafter were as follows at September 30, 2018 (in thousands):

 

 

 

Unsecured

 

 

 

 

 

 

 

 

 

Credit

 

 

Senior

 

 

Term Loans

 

 

Secured

 

 

 

 

 

Maturity

 

Facilities

 

 

Notes

 

 

and Other

 

 

Mortgages

 

 

Total

 

2018 (1)

 

$

-

 

 

$

-

 

 

$

492

 

 

$

2,427

 

 

 

2,919

 

2019 (1)

 

 

-

 

 

 

-

 

 

 

1,014

 

 

 

443,143

 

 

 

444,157

 

2020 (2)

 

 

219,944

 

 

 

1,157,600

 

 

 

391,077

 

 

 

23,493

 

 

 

1,792,114

 

2021 (2)

 

 

15,878

 

 

 

810,320

 

 

 

910

 

 

 

71,073

 

 

 

898,181

 

2022

 

 

-

 

 

 

810,320

 

 

 

441,792

 

 

 

12,236

 

 

 

1,264,348

 

Thereafter

 

 

-

 

 

 

5,637,801

 

 

 

951,438

 

 

 

314,545

 

 

 

6,903,784

 

Subtotal

 

 

235,822

 

 

 

8,416,041

 

 

 

1,786,723

 

 

 

866,917

 

 

 

11,305,503

 

Premiums (discounts), net

 

 

-

 

 

 

(27,318

)

 

 

-

 

 

 

1,547

 

 

 

(25,771

)

Debt issuance costs, net

 

 

-

 

 

 

(35,627

)

 

 

(8,330

)

 

 

(3,646

)

 

 

(47,603

)

Total

 

$

235,822

 

 

$

8,353,096

 

 

$

1,778,393

 

 

$

864,818

 

 

$

11,232,129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 borrowings on our Credit Facilities.

 

(2)

Included in the 2020 maturities was the Global Facility and 2017 Term Loan that can be extended until 2021 and 2022, respectively. Included in the 2021 maturities was the Revolver that can be extended until 2022.