Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt Summary

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

	June 30, 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	-		-	$	-	0.8%		2.0	$	171,794
Senior notes	1.6%		11.9		15,120,544	2.0%		11.2		14,275,870
Term loans and unsecured     other	0.8%		6.0		1,425,513	0.9%		5.6		1,764,311
Secured mortgage	5.0%		4.8		439,248	3.1%		3.0		637,101
Total	1.6%		11.3	$	16,985,305	1.9%		10.2	$	16,849,076

(1) The weighted average 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:

	June 30, 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	%	$	1,034,736		6.1	%		2.2	%	$	1,019,480		6.1	%
Canadian dollar		2.7	%		292,463		1.7	%		2.7	%		285,708		1.7	%
Euro		1.1	%		7,057,570		41.6	%		1.4	%		6,549,676		38.8	%
Japanese yen		0.9	%		2,996,305		17.6	%		0.8	%		2,877,247		17.1	%
U.S. dollar		2.6	%		5,604,231		33.0	%		2.8	%		6,116,965		36.3	%
Total		1.6	%	$	16,985,305					1.9	%	$	16,849,076

Credit Facilities

The following table summarizes information about our available liquidity at June 30, 2021 (in millions):

Aggregate lender commitments
Credit Facilities	$	5,036
Less:
Borrowings outstanding		-
Outstanding letters of credit		16
Current availability	$	5,020
Cash and cash equivalents		601
Total liquidity	$	5,621

Summary of Issuances and Redemptions of Senior Notes

The following table summarizes the issuances and redemptions of senior notes during the six months ended June 30, 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
June	¥	65,000,000	$	587,441	0.8%		15.4	June 2028 – 2061
	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 weighted average interest rate represents the fixed or variable interest rates of the related debt at the issuance or redemption date.

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

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 June 30, 2021 (in thousands):

	Unsecured
	Credit		Senior			Term Loans			Secured
Maturity	Facilities		Notes			and Other			Mortgage			Total
2021 (1)	$	-	$	-		$	9,976		$	31,669		$	41,645
2022 (1)		-		534,780			-			14,012			548,792
2023		-		-			137,637			36,078			173,715
2024		-		-			-			135,588			135,588
2025		-		45,210			-			148,435			193,645
Thereafter		-		14,616,061			1,283,975			63,995			15,964,031
Subtotal		-		15,196,051			1,431,588			429,777			17,057,416
Premiums (discounts), net		-		4,250			-			11,055			15,305
Debt issuance costs, net		-		(79,757	)		(6,075	)		(1,584	)		(87,416	)
Total	$	-	$	15,120,544		$	1,425,513		$	439,248		$	16,985,305

(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.