Debt of the Operating Partnership (Tables)

6 Months Ended

Jun. 30, 2024

Debt of the Operating Partnership

Summary of Outstanding Indebtedness of the Operating Partnership

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

	June 30, 2024				December 31, 2023
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global Revolving Credit Facilities	4.09	%	$	1,858,194	4.33	%	$	1,825,228
Unsecured term loans	4.40	%		1,303,475	4.76	%		1,567,925
Unsecured senior notes	2.24	%		12,584,350	2.24	%		13,507,427
Secured and other debt	8.26	%		691,837	8.07	%		637,072
Total	2.87	%	$	16,437,856	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):

	June 30, 2024				December 31, 2023
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	2,547,863	15.5	%	$	2,784,875	15.9	%
British pound sterling (£)		1,959,975	11.9	%		1,973,305	11.2	%
Euro (€)		10,025,366	61.0	%		10,835,878	61.8	%
Other		1,904,652	11.6	%		1,943,594	11.1	%
Total	$	16,437,856			$	17,537,652

Schedule of Debt Maturities and Principal Maturities

The table below summarizes debt maturities and principal payments as of June 30, 2024 (in thousands):

	Global Revolving		Unsecured		Unsecured		Secured and
	Credit Facilities (1)(2)		Term Loans(3)(4)		Senior Notes		Other Debt		Total Debt
2024	$	—	$	—	$	316,125	$	179	$	316,304
2025		—		1,303,475		1,202,145		607		2,506,227
2026		1,858,194		—		1,457,657		116,499		3,432,350
2027		—		—		1,166,914		228,725		1,395,639
2028		—		—		2,085,650		331,239		2,416,889
Thereafter		—		—		6,355,859		14,588		6,370,447
Subtotal	$	1,858,194	$	1,303,475	$	12,584,350	$	691,837	$	16,437,856
Unamortized net discounts		—		—		(29,449)		(3,789)		(33,238)
Unamortized deferred financing costs		(10,027)		(5,582)		(47,350)		(1,913)		(64,872)
Total	$	1,848,167	$	1,297,893	$	12,507,551	$	686,135	$	16,339,746

(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 $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 six months ended June 30, 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	June 30, 2024		December 31, 2023
2.625% notes due 2024(1)	€	600,000	$	677,040	Apr 15, 2024	$	—	$	662,340
2.750% notes due 2024(2)	£	250,000	$	324,925	Jul 19, 2024		316,125		318,275
4.250% notes due 2025	£	400,000	$	634,480	Jan 17, 2025		505,800		509,240
0.625% notes due 2025	€	650,000	$	720,980	Jul 15, 2025		696,345		717,535
2.500% notes due 2026	€	1,075,000	$	1,224,640	Jan 16, 2026		1,151,648		1,186,693
0.200% notes due 2026	CHF	275,000	$	298,404	Dec 15, 2026		306,009		326,826
1.700% notes due 2027	CHF	150,000	$	162,465	Mar 30, 2027		166,914		178,269
3.700% notes due 2027(3)	$	1,000,000	$	1,000,000	Aug 15, 2027		1,000,000		1,000,000
5.550% notes due 2028(3)	$	900,000	$	900,000	Jan 15, 2028		900,000		900,000
1.125% notes due 2028	€	500,000	$	548,550	Apr 09, 2028		535,650		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		300,445		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		442,575		445,585
1.500% notes due 2030	€	750,000	$	831,900	Mar 15, 2030		803,475		827,925
3.750% notes due 2030	£	550,000	$	719,825	Oct 17, 2030		695,475		700,205
1.250% notes due 2031	€	500,000	$	560,950	Feb 01, 2031		535,639		551,950
0.625% notes due 2031	€	1,000,000	$	1,220,700	Jul 15, 2031		1,071,300		1,103,900
1.000% notes due 2032	€	750,000	$	874,500	Jan 15, 2032		803,475		827,925
1.375% notes due 2032	€	750,000	$	849,375	Jul 18, 2032		803,475		827,925
						$	12,584,350	$	13,507,427
Unamortized discounts, net of premiums							(29,449)		(33,324)
Deferred financing costs, net							(47,350)		(51,761)
Total unsecured senior notes, net of discount and deferred financing costs						$	12,507,551	$	13,422,342

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

(2) Paid at maturity on July 19, 2024.

(3) Subject to cross-currency swaps.