Debt of the Operating Partnership (Tables)

12 Months Ended

Dec. 31, 2023

Debt of the Operating Partnership

Summary of Outstanding Indebtedness of the Operating Partnership

All debt is currently held by the OP or its consolidated subsidiaries, and the Parent is the guarantor or co-guarantor of the Global Revolving Credit Facility and the Yen Revolving Credit Facility, the unsecured term loans and the unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands):

	December 31, 2023				December 31, 2022
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global Revolving Credit Facilities	4.33	%	$	1,825,228	3.04	%	$	2,167,889
Unsecured term loans	4.76	%		1,567,925	2.49	%		802,875
Unsecured senior notes	2.24	%		13,507,427	2.44	%		13,220,961
Secured and other debt	8.07	%		637,072	7.12	%		532,130
Total	2.89	%	$	17,537,652	2.68	%	$	16,723,855

Schedule of Debt In Functional Currencies

We primarily borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies (in thousands, U.S. dollars):

	December 31, 2023				December 31, 2022
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	2,784,875	15.9	%	$	3,855,903	23.1	%
British pound sterling (£)		1,973,305	11.2	%		1,929,051	11.5	%
Euro (€)		10,835,878	61.8	%		9,325,126	55.8	%
Other		1,943,594	11.1	%		1,613,775	9.6	%
Total	$	17,537,652			$	16,723,855

Schedule of Debt Maturities and Principal Maturities

The table below summarizes our debt maturities and principal payments as of December 31, 2023 (in thousands):

	Global Revolving		Unsecured		Unsecured		Secured and
	Credit Facilities (1)(2)		Term Loans(3)(4)		Senior Notes		Other Debt		Total Debt
2024	$	—	$	—	$	980,615	$	321	$	980,936
2025		—		1,567,925		1,226,775		584		2,795,284
2026		1,825,228		—		1,513,519		110,791		3,449,538
2027		—		—		1,178,269		218,511		1,396,780
2028		—		—		2,101,950		293,775		2,395,725
Thereafter		—		—		6,506,299		13,090		6,519,389
Subtotal	$	1,825,228	$	1,567,925	$	13,507,427	$	637,072	$	17,537,652
Unamortized net discounts		—		—		(33,324)		(3,754)		(37,078)
Unamortized deferred financing costs		(12,941)		(7,620)		(51,761)		(2,345)		(74,667)
Total	$	1,812,287	$	1,560,305	$	13,422,342	$	630,973	$	17,425,907

(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.

(4) On January 9, 2024, we paid down $240 million on the U.S. term loan facility, leaving $500 million outstanding. The paydown will result in an early extinguishment charge of approximately $1.1 million during the three months ending March 31, 2024.

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	December 31, 2023		December 31, 2022
0.600% notes due 2023(1)	CHF	100,000	$	108,310	Oct 02, 2023	$	—	$	108,121
2.625% notes due 2024	€	600,000		677,040	Apr 15, 2024		662,340		642,300
2.750% notes due 2024	£	250,000		324,925	Jul 19, 2024		318,275		302,075
4.250% notes due 2025	£	400,000		634,480	Jan 17, 2025		509,240		483,320
0.625% notes due 2025	€	650,000		720,980	Jul 15, 2025		717,535		695,825
2.500% notes due 2026	€	1,075,000		1,224,640	Jan 16, 2026		1,186,693		1,150,788
0.200% notes due 2026	CHF	275,000		298,404	Dec 15, 2026		326,826		297,331
1.700% notes due 2027	CHF	150,000		162,465	Mar 30, 2027		178,269		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		551,950		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		320,884		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		445,585		422,905
1.500% notes due 2030	€	750,000		831,900	Mar 15, 2030		827,925		802,875
3.750% notes due 2030	£	550,000		719,825	Oct 17, 2030		700,205		664,565
1.250% notes due 2031	€	500,000		560,950	Feb 01, 2031		551,950		535,250
0.625% notes due 2031	€	1,000,000		1,220,700	Jul 15, 2031		1,103,900		1,070,500
1.000% notes due 2032	€	750,000		874,500	Jan 15, 2032		827,925		802,875
1.375% notes due 2032	€	750,000		849,375	Jul 18, 2032		827,925		802,875
						$	13,507,427	$	13,220,961
Unamortized discounts, net of premiums							(33,324)		(37,280)
Deferred financing costs, net							(51,761)		(63,648)
Total unsecured senior notes, net of discount and deferred financing costs						$	13,422,342	$	13,120,033

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

(2) Subject to cross-currency swaps.