Senior Unsecured Notes and Secured Debt (Tables)

12 Months Ended

Dec. 31, 2017

Senior Unsecured Notes And Secured Debt (Tables) [Abstract]

Principal payments due on debt obligations

	Senior		Secured
	Unsecured Notes(1,2)		Debt (1,3)		Totals
2018	$	450,000	$	396,588	$	846,588
2019		600,000		522,458		1,122,458
2020		697,174		184,726		881,900
2021(4)		1,149,728		221,784		1,371,512
2022(5,6)		600,000		234,850		834,850
Thereafter(7,8,9,10)		4,920,545		1,058,002		5,978,547
Totals	$	8,417,447	$	2,618,408	$	11,035,855
(1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the consolidated balance sheet.
(2) Annual interest rates range from 2.1% to 6.5%.
(3) Annual interest rates range from 1.69% to 7.98%. Carrying value of the properties securing the debt totaled $5,475,672,000 at December 31, 2017.
(4) In November 2015, one of our wholly-owned subsidiaries issued and we guaranteed $300,000,000 of Canadian-denominated 3.35% senior unsecured notes due 2020 (approximately $239,674,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2017).
(5) On May 13, 2016, we refinanced the funding on a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $199,728,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2017). The loan matures on May 13, 2021 and bears interest at the Canadian Dealer Offered Rate plus 95 basis points (2.28% at December 31, 2017).
(6) On May 13, 2016, we refinanced the funding on a $500,000,000 unsecured term credit facility. The loan matures on May 13, 2021 and bears interest at LIBOR plus 95 basis points (2.41% at December 31, 2017).
(7) On November 20, 2013, we completed the sale of £550,000,000 (approximately $744,095,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2017) of 4.8% senior unsecured notes due 2028.
(8) On November 25, 2014, we completed the sale of £500,000,000 (approximately $676,450,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2017) of 4.5% senior unsecured notes due 2034.
(9) In May 2015, we issued $750,000,000 of 4.0% senior unsecured notes due 2025. In October 2015, we issued an additional $500,000,000 of these notes under a re-opening of the offer.
(10) In March 2016, we issued $700,000,000 of 4.25% senior unsecured notes due 2026.

Summary of senior unsecured note issuances

	Year Ended
	December 31, 2017			December 31, 2016			December 31, 2015
			Weighted Avg.			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	8,260,038	4.245%	$	8,645,758	4.237%	$	7,817,154	4.385%
Debt issued		7,500	1.973%		705,000	4.228%		1,475,540	3.901%
Debt assumed		-	0.000%		-	0.000%		24,621	6.000%
Debt extinguished		(5,000)	1.830%		(850,000)	4.194%		(300,000)	6.200%
Debt redeemed		-	0.000%		-	0.000%		(240,249)	3.303%
Foreign currency		154,909	4.288%		(240,720)	4.565%		(131,308)	3.966%
Ending balance	$	8,417,447	4.306%	$	8,260,038	4.245%	$	8,645,758	4.237%

Secured debt principal activity

	Year Ended
		December 31, 2017		December 31, 2016			December 31, 2015
			Weighted Avg.			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	3,465,066	4.094%	$	3,478,207	4.440%	$	2,941,765	4.940%
Debt issued		241,772	2.822%		460,015	2.646%		228,685	2.776%
Debt assumed		23,094	6.670%		60,898	4.301%		1,007,482	3.334%
Debt extinguished		(1,080,268)	5.247%		(489,293)	5.105%		(506,326)	4.506%
Principal payments		(64,078)	4.340%		(74,466)	4.663%		(67,064)	4.801%
Debt deconsolidated		(60,000)	3.799%		-	0.000%		-	0.000%
Foreign currency		92,822	3.164%		29,705	3.670%		(126,335)	3.834%
Ending balance	$	2,618,408	3.761%	$	3,465,066	4.094%	$	3,478,207	4.440%