Debt of the Operating Partnership (Tables)

3 Months Ended

Mar. 31, 2024

Debt of the Operating Partnership

Summary of Outstanding Indebtedness of the Operating Partnership

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

	March 31, 2024				December 31, 2023
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global Revolving Credit Facilities	4.31	%	$	1,912,492	4.33	%	$	1,825,228
Unsecured term loans	4.45	%		1,309,250	4.76	%		1,567,925
Unsecured senior notes	2.25	%		13,271,593	2.24	%		13,507,427
Secured and other debt	8.12	%		631,469	8.07	%		637,072
Total	2.87	%	$	17,124,804	2.89	%	$	17,537,652

Schedule of Debt In Functional Currencies

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

	March 31, 2024				December 31, 2023
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	2,547,589	14.9	%	$	2,784,875	15.9	%
British pound sterling (£)		1,956,565	11.4	%		1,973,305	11.2	%
Euro (€)		10,742,146	62.7	%		10,835,878	61.8	%
Other		1,878,504	11.0	%		1,943,594	11.1	%
Total	$	17,124,804			$	17,537,652

Schedule of Debt Maturities and Principal Maturities

The table below summarizes debt maturities and principal payments as of March 31, 2024 (in thousands):

	Global Revolving		Unsecured		Unsecured		Secured and
	Credit Facilities (1)(2)		Term Loans(3)(4)		Senior Notes		Other Debt		Total Debt
2024	$	—	$	—	$	962,975	$	234	$	963,209
2025		—		1,309,250		1,206,270		568		2,516,088
2026		1,912,492		—		1,464,840		108,177		3,485,509
2027		—		—		1,166,317		217,099		1,383,416
2028		—		—		2,089,500		290,516		2,380,016
Thereafter		—		—		6,381,691		14,875		6,396,566
Subtotal	$	1,912,492	$	1,309,250	$	13,271,593	$	631,469	$	17,124,804
Unamortized net discounts		—		—		(30,928)		(3,651)		(34,579)
Unamortized deferred financing costs		(11,366)		(5,987)		(50,463)		(2,068)		(69,884)
Total	$	1,901,126	$	1,303,263	$	13,190,202	$	625,750	$	17,020,341

(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 0.06 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 $500 million currently 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 resulted in an early extinguishment charge of approximately $1.1 million during the three months ended 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	March 31, 2024		December 31, 2023
2.625% notes due 2024(1)	€	600,000		677,040	Apr 15, 2024	$	647,400	$	662,340
2.750% notes due 2024	£	250,000		324,925	Jul 19, 2024		315,575		318,275
4.250% notes due 2025	£	400,000		634,480	Jan 17, 2025		504,920		509,240
0.625% notes due 2025	€	650,000		720,980	Jul 15, 2025		701,350		717,535
2.500% notes due 2026	€	1,075,000		1,224,640	Jan 16, 2026		1,159,925		1,186,693
0.200% notes due 2026	CHF	275,000		298,404	Dec 15, 2026		304,915		326,826
1.700% notes due 2027	CHF	150,000		162,465	Mar 30, 2027		166,317		178,269
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		539,500		551,950
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		299,371		320,884
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		441,805		445,585
1.500% notes due 2030	€	750,000		831,900	Mar 15, 2030		809,250		827,925
3.750% notes due 2030	£	550,000		719,825	Oct 17, 2030		694,265		700,205
1.250% notes due 2031	€	500,000		560,950	Feb 01, 2031		539,500		551,950
0.625% notes due 2031	€	1,000,000		1,220,700	Jul 15, 2031		1,079,000		1,103,900
1.000% notes due 2032	€	750,000		874,500	Jan 15, 2032		809,250		827,925
1.375% notes due 2032	€	750,000		849,375	Jul 18, 2032		809,250		827,925
						$	13,271,593	$	13,507,427
Unamortized discounts, net of premiums							(30,928)		(33,324)
Deferred financing costs, net							(50,463)		(51,761)
Total unsecured senior notes, net of discount and deferred financing costs						$	13,190,202	$	13,422,342

(1) Paid at maturity on April 15, 2024.

(2) Subject to cross-currency swaps.