Debt of the Operating Partnership (Tables)

12 Months Ended

Dec. 31, 2024

Debt of the Operating Partnership

Summary of Outstanding Indebtedness of the Operating Partnership

All debt is currently owed 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, 2024				December 31, 2023
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global Revolving Credit Facilities	3.81	%	$	1,637,922	4.33	%	$	1,825,228
Unsecured term loans	3.23	%		388,275	4.76	%		1,567,925
Unsecured senior notes	2.26	%		14,059,415	2.24	%		13,507,427
Secured and other debt	8.52	%		761,263	8.07	%		637,072
Total	2.72	%	$	16,846,875	2.89	%	$	17,537,652

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, 2024				December 31, 2023
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	2,852,102	16.9	%	$	2,784,875	15.9	%
British pound sterling (£)		1,627,080	9.7	%		1,973,305	11.2	%
Euro (€)		10,327,404	61.3	%		10,835,878	61.8	%
Other		2,040,289	12.1	%		1,943,594	11.1	%
Total	$	16,846,875			$	17,537,652

Schedule of Debt Maturities and Principal Maturities

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

	Global Revolving		Unsecured		Unsecured		Secured and
	Credit Facilities (1)(2)		Term Loans(3)		Senior Notes(4)		Other Debt		Total Debt
2025	$	—	$	388,275	$	1,173,650	$	782	$	1,562,707
2026		—		—		1,416,042		114,505		1,530,547
2027		—		—		1,165,265		234,023		1,399,288
2028		—		—		2,067,700		354,999		2,422,699
2029		1,637,922		—		2,785,538		13,946		4,437,406
Thereafter		—		—		5,451,220		43,008		5,494,228
Subtotal	$	1,637,922	$	388,275	$	14,059,415	$	761,263	$	16,846,875
Unamortized net discounts		—		—		(27,476)		(3,658)		(31,134)
Unamortized deferred financing costs		(26,614)		(1,372)		(69,087)		(4,291)		(101,364)
Total	$	1,611,308	$	386,903	$	13,962,852	$	753,314	$	16,714,377

(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) The €375.0 million 2025-27 Term 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.

(4) The £400 million 4.250% unsecured senior note was paid at maturity on January 17, 2025.

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, 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(3)	£	400,000	$	634,480	Jan 17, 2025		500,640		509,240
0.625% notes due 2025	€	650,000	$	720,980	Jul 15, 2025		673,010		717,535
2.500% notes due 2026	€	1,075,000	$	1,224,640	Jan 16, 2026		1,113,055		1,186,693
0.200% notes due 2026	CHF	275,000	$	298,404	Dec 15, 2026		302,987		326,826
1.700% notes due 2027	CHF	150,000	$	162,465	Mar 30, 2027		165,265		178,269
3.700% notes due 2027(4)	$	1,000,000	$	1,000,000	Aug 15, 2027		1,000,000		1,000,000
5.550% notes due 2028(4)	$	900,000	$	900,000	Jan 15, 2028		900,000		900,000
1.125% notes due 2028	€	500,000	$	548,550	Apr 09, 2028		517,700		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		297,478		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		438,060		445,585
1.875% notes due 2029	$	1,150,000	$	1,150,000	Nov 15, 2029		1,150,000		—
1.500% notes due 2030	€	750,000	$	831,900	Mar 15, 2030		776,550		827,925
3.750% notes due 2030	£	550,000	$	719,825	Oct 17, 2030		688,380		700,205
1.250% notes due 2031	€	500,000	$	560,950	Feb 01, 2031		517,700		551,950
0.625% notes due 2031	€	1,000,000	$	1,220,700	Jul 15, 2031		1,035,400		1,103,900
1.000% notes due 2032	€	750,000	$	874,500	Jan 15, 2032		776,550		827,925
1.375% notes due 2032	€	750,000	$	849,375	Jul 18, 2032		776,550		827,925
3.875% notes due 2033	€	850,000	$	941,375	Sep 13, 2033		880,090		—
						$	14,059,415	$	13,507,427
Unamortized discounts, net of premiums							(27,476)		(33,324)
Deferred financing costs, net							(69,087)		(51,761)
Total unsecured senior notes, net of discount and deferred financing costs						$	13,962,852	$	13,422,342

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

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

(3) Paid at maturity on January 17, 2025.

(4) Subject to cross-currency swaps.