Senior Unsecured Notes and Secured Debt (Tables)

6 Months Ended

Jun. 30, 2018

Long-term Debt, by Current and Noncurrent [Abstract]

Schedule of long term debt

At June 30, 2018, the annual principal payments due on these debt obligations were as follows (in thousands):

	Senior Unsecured Notes(1,2)		Secured Debt (1,3)		Totals
2018	$	—	$	197,438	$	197,438
2019	600,000		476,109		1,076,109
2020(4)	685,810		138,533		824,343
2021(5,6)	1,140,259		340,621		1,480,880
2022	600,000		224,330		824,330
Thereafter(7,8)	5,435,685		1,085,047		6,520,732
Totals	$	8,461,754	$	2,462,078	$	10,923,832

(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 balance sheet.

(2) Annual interest rates range from 2.6% to 6.5%.

(3) Annual interest rates range from 1.69% to 7.93%.  Carrying value of the properties securing the debt totaled $5,220,301,000 at June 30, 2018.

(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 $228,310,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2018).

(5) On May 13, 2016, we refinanced the funding on a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $190,259,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2018).  The loan matures on May 13, 2021 and bears interest at the Canadian Dealer Offered Rate plus 95 basis points (2.59% at June 30, 2018).

(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 (3.0% at June 30, 2018).

(7) On November 20, 2013, we completed the sale of £550,000,000 (approximately $725,835,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2018) of 4.8% senior unsecured notes due 2028.

(8) On November 25, 2014, we completed the sale of £500,000,000 (approximately $659,850,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2018) of 4.5% senior unsecured notes due 2034.

The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands):

	Six Months Ended
	June 30, 2018				June 30, 2017
				Weighted Avg.			Weighted Avg.
	Amount			Interest Rate	Amount		Interest Rate
Beginning balance	$	8,417,447		4.306%	$	8,260,038	4.245%
Debt issued	550,000			4.250%	—		0.000%
Debt extinguished	(450,000		)	2.250%	—		0.000%
Foreign currency	(55,693		)	4.022%	83,101		4.320%
Ending balance	$	8,461,754		4.456%	$	8,343,139	4.276%

The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands):

	Six Months Ended
	June 30, 2018				June 30, 2017
				Weighted Avg.				Weighted Avg.
	Amount			Interest Rate	Amount			Interest Rate
Beginning balance	$	2,618,408		3.761%	$	3,465,066		4.094%
Debt issued	44,606			3.384%	161,799			2.331%
Debt assumed	85,192			4.395%	23,094			6.670%
Principal payments	(28,385		)	3.912%	(32,206		)	4.378%
Debt extinguished	(196,573		)	5.658%	(987,923		)	5.370%
Foreign currency	(61,170		)	3.325%	44,859			3.116%
Ending balance	$	2,462,078		3.755%	$	2,674,689		3.669%