Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt Summary

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

	March 31, 2021					December 31, 2020
	Weighted Average			Amount		Weighted Average			Amount
	Interest Rate (1)	Term (2)		Outstanding (3)		Interest Rate (1)	Term (2)		Outstanding (3)
Credit facilities	0.4%		3.3	$	53,250	0.8%		2.0	$	171,794
Senior notes	1.7%		12.1		14,433,868	2.0%		11.2		14,275,870
Term loans and unsecured      other	0.9%		5.3		1,670,556	0.9%		5.6		1,764,311
Secured mortgage	5.4%		3.7		345,784	3.1%		3.0		637,101
Total	1.7%		11.2	$	16,503,458	1.9%		10.2	$	16,849,076

(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 designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt.

(2) The weighted average term 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, 2021								December 31, 2020
	Weighted Average Interest Rate			Amount Outstanding		% of Total			Weighted Average Interest Rate			Amount Outstanding		% of Total
British pound sterling		2.2	%	$	1,027,910		6.2	%		2.2	%	$	1,019,480		6.1	%
Canadian dollar		2.7	%		288,045		1.7	%		2.7	%		285,708		1.7	%
Euro		1.1	%		6,963,034		42.2	%		1.4	%		6,549,676		38.8	%
Japanese yen		0.8	%		2,460,056		14.9	%		0.8	%		2,877,247		17.1	%
U.S. dollar		2.6	%		5,764,413		35.0	%		2.8	%		6,116,965		36.3	%
Total		1.7	%	$	16,503,458					1.9	%	$	16,849,076

Credit Facilities

The following table summarizes information about our available liquidity at March 31, 2021 (in millions):

Aggregate lender commitments
Credit Facilities	$	4,019
Less:
Borrowings outstanding		53
Outstanding letters of credit		19
Current availability	$	3,947
Available term loans		250
Cash and cash equivalents		676
Total liquidity	$	4,873

Summary of Issuances and Redemptions of Senior Notes

The following table summarizes the issuances and redemptions of senior notes during the three months ended March 31, 2021 (principal in thousands):

	Aggregate Principal				Issuance Date Weighted Average
Initial Borrowing Date	Borrowing Currency		USD (1)		Interest Rate (2)	Term (3)		Maturity Dates
February	€	1,350,000	$	1,639,305	0.7%		14.3	February 2032 – 2041
February	$	400,000	$	400,000	1.6%		10.1	March 2031
	Aggregate Principal				Redemption Date Weighted Average
Redemption Date	Borrowing Currency		USD (1)		Interest Rate (2)	Term (3)		Maturity Dates
March	€	599,514	$	715,700	3.4%		3.0	February 2024
March	$	750,000	$	750,000	3.8%		4.7	November 2025

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

(2) The interest rate represents the fixed or variable interest rate at the issuance or redemption date of the related debt.

(3) The issuance date and redemption date weighted average term represent the remaining maturity in years on the related debt at the issuance or redemption date, respectively.

During the three months ended March 31, 2021, we used the net proceeds from the issuance of the senior notes to fund the senior note redemptions and for general corporate purposes.

Long-Term Debt Maturities

Scheduled principal payments due on our debt for the remainder of 2021 and for each year through the period ended December 31, 2025, and thereafter were as follows at March 31, 2021 (in thousands):

	Unsecured
	Credit		Senior			Term Loans			Secured
Maturity	Facilities		Notes			and Other			Mortgage			Total
2021 (1)(2)	$	-	$	-		$	260,135		$	21,355		$	281,490
2022 (1)		-		527,625			-			12,098			539,723
2023		-		-			135,244			34,072			169,316
2024 (3)		53,250		-			-			133,488			186,738
2025		-		45,127			-			143,766			188,893
Thereafter		-		13,931,343			1,281,618			2,468			15,215,429
Subtotal		53,250		14,504,095			1,676,997			347,247			16,581,589
Premiums (discounts), net		-		6,070			-			224			6,294
Debt issuance costs, net		-		(76,297	)		(6,441	)		(1,687	)		(84,425	)
Total	$	53,250	$	14,433,868		$	1,670,556		$	345,784		$	16,503,458

(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 2021 maturities is the 2017 Term Loan. In April 2021, the 2017 Term Loan was terminated and the interest rate swap contracts associated with the outstanding balance of $250.3 million were settled.

(3) Included in the 2024 maturities is the Revolver that can be extended until 2025.