Debt of the Operating Partnership (Tables)

9 Months Ended

Sep. 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):

	September 30, 2024				December 31, 2023
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global Revolving Credit Facilities	3.76	%	$	1,814,927	4.33	%	$	1,825,228
Unsecured term loans	4.29	%		917,563	4.76	%		1,567,925
Unsecured senior notes	2.33	%		13,610,252	2.24	%		13,507,427
Secured and other debt	8.48	%		766,304	8.07	%		637,072
Total	2.86	%	$	17,109,046	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):

	September 30, 2024				December 31, 2023
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	2,550,614	14.9	%	$	2,784,875	15.9	%
British pound sterling (£)		1,738,750	10.2	%		1,973,305	11.2	%
Euro (€)		10,748,658	62.8	%		10,835,878	61.8	%
Other		2,071,024	12.1	%		1,943,594	11.1	%
Total	$	17,109,046			$	17,537,652

Schedule of Debt Maturities and Principal Maturities

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

	Global Revolving		Unsecured		Unsecured		Secured and
	Credit Facilities (1)(2)		Term Loans(3)(4)(5)		Senior Notes		Other Debt		Total Debt
2024	$	—	$	—	$	—	$	140	$	140
2025		—		917,563		1,258,775		853		2,177,191
2026		—		—		1,522,211		127,129		1,649,340
2027		—		—		1,177,381		242,371		1,419,752
2028		—		—		2,106,750		378,106		2,484,856
Thereafter		1,814,927		—		7,545,135		17,705		9,377,767
Subtotal	$	1,814,927	$	917,563	$	13,610,252	$	766,304	$	17,109,046
Unamortized net discounts		—		—		(30,652)		(3,992)		(34,644)
Unamortized deferred financing costs		(28,006)		(3,830)		(51,539)		(4,481)		(87,856)
Total	$	1,786,921	$	913,733	$	13,528,061	$	757,831	$	16,986,546

(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 nine months ended September 30, 2024.

(5) On September 13, 2024, we paid down €375 million on the Euro Term Loan Facilities, leaving €375 million outstanding. The paydown resulted in an early extinguishment charge of approximately $1.6 million during the nine months ended September 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	September 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		—		318,275
4.250% notes due 2025	£	400,000	$	634,480	Jan 17, 2025		535,000		509,240
0.625% notes due 2025	€	650,000	$	720,980	Jul 15, 2025		723,775		717,535
2.500% notes due 2026	€	1,075,000	$	1,224,640	Jan 16, 2026		1,197,013		1,186,693
0.200% notes due 2026	CHF	275,000	$	298,404	Dec 15, 2026		325,198		326,826
1.700% notes due 2027	CHF	150,000	$	162,465	Mar 30, 2027		177,381		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		556,750		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		319,285		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		468,125		445,585
1.500% notes due 2030	€	750,000	$	831,900	Mar 15, 2030		835,125		827,925
3.750% notes due 2030	£	550,000	$	719,825	Oct 17, 2030		735,625		700,205
1.250% notes due 2031	€	500,000	$	560,950	Feb 01, 2031		556,750		551,950
0.625% notes due 2031	€	1,000,000	$	1,220,700	Jul 15, 2031		1,113,500		1,103,900
1.000% notes due 2032	€	750,000	$	874,500	Jan 15, 2032		835,125		827,925
1.375% notes due 2032	€	750,000	$	849,375	Jul 18, 2032		835,125		827,925
3.875% notes due 2033	€	850,000	$	941,375	Sep 13, 2033		946,475		—
						$	13,610,252	$	13,507,427
Unamortized discounts, net of premiums							(30,652)		(33,324)
Deferred financing costs, net							(51,539)		(51,761)
Total unsecured senior notes, net of discount and deferred financing costs						$	13,528,061	$	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.