Debt

3 Months Ended

Mar. 31, 2024

4. Debt

The following is a summary of debt (dollar amounts in thousands):


	As of March 31, 2024			As of December 31, 2023
Revolving credit facility(A)	$	1,614,791		$	1,514,420
Term loan		200,000			200,000
British pound sterling secured term loan due 2024(B)		132,352			133,484
British pound sterling term loan due 2025(B)		883,610			891,170
Australian term loan facility(B)		306,487			320,164
3.325% Senior Unsecured Notes due 2025(B)		539,500			551,950
0.993% Senior Unsecured Notes due 2026(B)		539,500			551,950
2.500% Senior Unsecured Notes due 2026(B)		631,150			636,550
5.250% Senior Unsecured Notes due 2026		500,000			500,000
5.000% Senior Unsecured Notes due 2027		1,400,000			1,400,000
3.692% Senior Unsecured Notes due 2028(B)		757,380			763,860
4.625% Senior Unsecured Notes due 2029		900,000			900,000
3.375% Senior Unsecured Notes due 2030(B)		441,805			445,585
3.500% Senior Unsecured Notes due 2031		1,300,000			1,300,000
	$	10,146,575		$	10,109,133
Debt issue costs and discount, net		(47,852	)		(44,897	)
	$	10,098,723		$	10,064,236

(A)

Includes £232 million and £322 million of GBP-denominated borrowings and €303 million and €303 million of Euro-denominated borrowings that reflect the applicable exchange rates at March 31, 2024 and December 31, 2023, respectively.

(B)

Non-U.S. dollar denominated debt reflects the exchange rates at March 31, 2024 and December 31, 2023.

As of March 31, 2024, principal payments due on our debt (which exclude the effects of any discounts, premiums, or debt issue costs recorded) are as follows (amounts in thousands):


2024	$	438,839
2025		1,423,110
2026		3,285,441
2027		1,600,000
2028		757,380
Thereafter		2,641,805
Total	$	10,146,575

Covenants

Our debt facilities impose certain restrictions on us, including restrictions on our ability to: incur debts; create or incur liens; provide guarantees in respect of obligations of any other entity; make redemptions and repurchases of our capital stock; prepay, redeem, or repurchase debt; engage in mergers or consolidations; enter into affiliated transactions; dispose of real estate or other assets; and change our business. In addition, the credit agreements governing our unsecured credit facility ("Credit Facility") limit the amount of dividends we can pay as a percentage of normalized adjusted funds from operations (“NAFFO”), as defined in the agreements, on a rolling four quarter basis. At March 31, 2024, the dividend restriction was 95% of NAFFO. The indentures governing our senior unsecured notes also limit the amount of dividends we can pay based on the sum of 95% of NAFFO, proceeds of equity issuances, and certain other net cash proceeds. Finally, our senior unsecured notes require us to maintain total unencumbered assets (as defined in the related indenture) of not less than 150% of our unsecured indebtedness.

In addition to these restrictions, the Credit Facility contains customary financial and operating covenants, including covenants relating to our total leverage ratio, fixed charge coverage ratio, secured leverage ratio, consolidated adjusted net worth, unsecured leverage ratio, and unsecured interest coverage ratio. The Credit Facility also contains customary events of default, including among others, nonpayment of principal or interest, material inaccuracy of representations, and failure to comply with our covenants. If an event of default occurs and is continuing under the Credit Facility, the entire outstanding balance may become immediately due and payable. At March 31, 2024, we were in compliance with all such financial and operating covenants.

See Note 10 to the condensed consolidated financial statements for subsequent event information related to debt.