Debt of the Operating Partnership (Tables)

9 Months Ended

Sep. 30, 2023

Debt of the Operating Partnership

Summary of Outstanding Indebtedness of the Operating Partnership

A summary of outstanding indebtedness is as follows (in thousands):

	September 30, 2023				December 31, 2022
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global revolving credit facilities	4.50	%	$	1,713,024	3.04	%	$	2,167,889
Unsecured term loans	4.78	%		1,532,975	2.49	%		802,875
Unsecured senior notes	2.24	%		13,161,305	2.44	%		13,220,961
Secured and other debt	7.84	%		580,370	7.12	%		532,130
Total	2.89	%	$	16,987,674	2.68	%	$	16,723,855

Schedule of Debt In Functional Currencies

Included in the outstanding balances were borrowings denominated in the following currencies (in thousands, U.S. dollars):

	September 30, 2023				December 31, 2022
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	2,783,736	16.4	%	$	3,855,903	23.1	%
British pound sterling (£)		1,890,845	11.1	%		1,929,051	11.5	%
Euro (€)		10,491,484	61.8	%		9,325,126	55.8	%
Other		1,821,609	10.7	%		1,613,775	9.6	%
Total	$	16,987,674			$	16,723,855

Schedule of Debt Maturities and Principal Maturities

The table below summarizes debt maturities and principal payments as of September 30, 2023 (in thousands):

	Global Revolving		Unsecured		Unsecured		Secured and
	Credit Facilities (1)(2)		Term Loans(3)		Senior Notes		Other Debt		Total Debt
2023	$	—	$	—	$	109,272	$	56	$	109,328
2024		—		—		939,355		4,539		943,894
2025		—		792,975		1,175,205		567		1,968,747
2026		1,713,024		740,000		1,437,096		98,666		3,988,786
2027		—		—		1,163,908		207,353		1,371,261
Thereafter		—		—		8,336,469		269,189		8,605,658
Subtotal	$	1,713,024	$	1,532,975	$	13,161,305	$	580,370	$	16,987,674
Unamortized net discounts		—		—		(33,067)		—		(33,067)
Unamortized deferred financing costs		(14,244)		(8,312)		(56,136)		(6,139)		(84,831)
Total	$	1,698,780	$	1,524,663	$	13,072,102	$	574,231	$	16,869,776

(1) Includes amounts outstanding for the Global Revolving Credit Facilities.

(2) The Global Revolving Credit Facilities are subject to two six-month extension options exercisable by us; provided that the Operating Partnership must pay a 0.0625% extension fee based on each lender’s revolving commitments then outstanding (whether funded or unfunded).

(3) A €375.0 million senior unsecured term loan facility is subject to two maturity extension options of one year each, provided that the Operating Partnership must pay a 0.125% extension fee based on the then-outstanding principal amount of such facility commitments then outstanding. Our U.S. term loan facility of $740 million is subject to one twelve-month extension, provided that the Operating Partnership must pay a 0.1875% extension fee based on the then-outstanding principal amount of the term loans.

Schedule of Unsecured Senior Notes

The following table provides details of our unsecured senior notes (balances in thousands):

	Aggregate Principal Amount at Issuance					Balance as of
	Borrowing Currency		USD		Maturity Date	September 30, 2023		December 31, 2022
0.600% notes due 2023(1)	CHF	100,000	$	108,310	Oct 02, 2023	$	109,272	$	108,121
2.625% notes due 2024	€	600,000		677,040	Apr 15, 2024		634,380		642,300
2.750% notes due 2024	£	250,000		324,925	Jul 19, 2024		304,975		302,075
4.250% notes due 2025	£	400,000		634,480	Jan 17, 2025		487,960		483,320
0.625% notes due 2025	€	650,000		720,980	Jul 15, 2025		687,245		695,825
2.500% notes due 2026	€	1,075,000		1,224,640	Jan 16, 2026		1,136,598		1,150,788
0.200% notes due 2026	CHF	275,000		298,404	Dec 15, 2026		300,498		297,331
1.700% notes due 2027	CHF	150,000		162,465	Mar 30, 2027		163,908		162,181
3.700% notes due 2027(2)	$	1,000,000		1,000,000	Aug 15, 2027		1,000,000		1,000,000
5.550% notes due 2028(2)	$	900,000		900,000	Jan 15, 2028		900,000		900,000
1.125% notes due 2028	€	500,000		548,550	Apr 09, 2028		528,650		535,250
4.450% notes due 2028	$	650,000		650,000	Jul 15, 2028		650,000		650,000
0.550% notes due 2029	CHF	270,000		292,478	Apr 16, 2029		295,034		291,925
3.600% notes due 2029	$	900,000		900,000	Jul 01, 2029		900,000		900,000
3.300% notes due 2029	£	350,000		454,895	Jul 19, 2029		426,965		422,905
1.500% notes due 2030	€	750,000		831,900	Mar 15, 2030		792,975		802,875
3.750% notes due 2030	£	550,000		719,825	Oct 17, 2030		670,945		664,565
1.250% notes due 2031	€	500,000		560,950	Feb 01, 2031		528,650		535,250
0.625% notes due 2031	€	1,000,000		1,220,700	Jul 15, 2031		1,057,300		1,070,500
1.000% notes due 2032	€	750,000		874,500	Jan 15, 2032		792,975		802,875
1.375% notes due 2032	€	750,000		849,375	Jul 18, 2032		792,975		802,875
						$	13,161,305	$	13,220,961
Unamortized discounts, net of premiums							(33,067)		(37,280)
Deferred financing costs, net							(56,136)		(63,648)
Total unsecured senior notes, net of discount and deferred financing costs						$	13,072,102	$	13,120,033

(1) Paid in full at maturity on October 2, 2023.

(2) Subject to cross-currency swaps.