Debt (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022					December 31, 2021
	Weighted Average			Amount		Weighted Average			Amount
	Interest Rate (1)	Term (2)		Outstanding (3)		Interest Rate (1)	Term (2)		Outstanding (3)
Credit facilities	1.2%		2.2	$	612,267	0.8%		1.6	$	491,393
Senior notes	1.6%		11.0		15,546,790	1.7%		11.6		14,981,690
Term loans and unsecured     other	1.0%		5.6		1,362,293	0.5%		4.2		1,825,195
Secured mortgage	2.4%		3.6		519,482	5.1%		4.7		416,776
Total	1.6%		10.1	$	18,040,832	1.6%		10.4	$	17,715,054

(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 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, 2022								December 31, 2021
	Weighted Average Interest Rate			Amount Outstanding		% of Total			Weighted Average Interest Rate			Amount Outstanding		% of Total
British pound sterling		2.1	%	$	1,248,276		6.9	%		2.1	%	$	1,376,807		7.8	%
Canadian dollar		3.0	%		513,615		2.8	%		2.7	%		283,773		1.6	%
Euro		1.1	%		8,069,667		44.7	%		1.0	%		7,408,407		41.8	%
Japanese yen		0.8	%		2,773,102		15.4	%		0.9	%		2,878,542		16.2	%
U.S. dollar		2.5	%		5,436,172		30.2	%		2.6	%		5,767,525		32.6	%
Total		1.6	%	$	18,040,832		100.0	%		1.6	%	$	17,715,054		100.0	%

Schedule of Current Availability on Debt and Cash

The following table summarizes information about our available liquidity at June 30, 2022 (in millions):

Aggregate lender commitments
Credit Facilities	$	5,380
Less:
Borrowings outstanding		612
Outstanding letters of credit		27
Current availability	$	4,741
Cash and cash equivalents		438
Total liquidity	$	5,179

Summary of Issuances of Senior Notes

The following table summarizes the issuances of senior notes during the six months ended June 30, 2022 (principal in thousands):

	Aggregate Principal				Issuance Date Weighted Average
Issuance Date	Borrowing Currency		USD (1)		Interest Rate (2)	Term (3)		Maturity Dates
January	£	60,000	$	80,932	2.1%		20.0	December 2041
February (4)	€	1,550,000	$	1,768,240	1.0%		8.5	February 2024 – 2034
Total			$	1,849,172	1.1%		9.0

(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 date.

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

(4) Net proceeds from the issuance of these notes were used to finance green projects eligible under our green bond framework, repay or refinance indebtedness and for general corporate purposes.

Long-Term Debt Maturities

Scheduled principal payments due on our debt for the remainder of 2022 and for each year through the period ended December 31, 2026, and thereafter were as follows at June 30, 2022 (in thousands):

			Unsecured
	Credit		Senior			Term Loans			Secured
Maturity	Facilities		Notes			and Other			Mortgage			Total
2022 (1)	$	-	$	311,610		$	9,239		$	3,691		$	324,540
2023 (1)		-		-			131,921			186,875			318,796
2024 (2)		496,294		311,610			-			99,248			907,152
2025		-		36,693			-			142,415			179,108
2026 (3)		115,973		919,229			623,778			3,466			1,662,446
Thereafter		-		14,049,349			601,763			74,629			14,725,741
Subtotal		612,267		15,628,491			1,366,701			510,324			18,117,783
Unamortized premiums (discounts), net		-		(4,832	)		-			10,033			5,201
Unamortized debt issuance costs, net		-		(76,869	)		(4,408	)		(875	)		(82,152	)
Total	$	612,267	$	15,546,790		$	1,362,293		$	519,482		$	18,040,832

(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.

(2) Included in the 2024 maturities is the 2021 Global Facility that can be extended until 2025.

(3) Included in the 2026 maturities is the 2022 Global Facility that can be extended until 2027.