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Senior Unsecured Notes and Secured Debt
 3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Senior Unsecured Notes and Secured Debt Senior Unsecured Notes and Secured Debt 
We may repurchase, redeem or refinance senior unsecured notes from time to time, taking advantage of favorable market conditions when available. We may purchase senior notes for cash through open market purchases, privately negotiated transactions, a tender offer or, in some cases, through the early redemption of such securities pursuant to their terms. The senior unsecured notes are redeemable at our option, at any time in whole or from time to time in part, at a redemption price equal to the sum of (1) the principal amount of the notes (or portion of such notes) being redeemed plus accrued and unpaid interest thereon up to the redemption date and (2) any “make-whole” amount due under the terms of the notes in connection with early redemptions. Redemptions and repurchases of debt, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. At March 31, 2019, the annual principal payments due on these debt obligations were as follows (in thousands):
 
 
Senior
Unsecured Notes(1,2)
 
Secured
Debt (1,3)
 
Totals
2019
 
$
—

 
$
384,466

 
$
384,466

2020(4)
 
232,051

 
140,969

 
373,020

2021
 
450,000

 
376,808

 
826,808

2022
 
600,000

 
283,452

 
883,452

2023(5,6)
 
1,787,126

 
328,511

 
2,115,637

Thereafter(7,8)
 
6,668,360

 
1,158,752

 
7,827,112

Totals
 
$
9,737,537

 
$
2,672,958

 
$
12,410,495

 
(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 2.88% to 6.50%.
(3) Annual interest rates range from 1.69% to 12.00%. Carrying value of the properties securing the debt totaled $5,892,563,000 at March 31, 2019.
(4) Includes a $300,000,000 Canadian-denominated 3.35% senior unsecured notes due 2020 (approximately $224,551,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2019).
(5) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $187,126,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2019). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9% (2.88% at March 31, 2019).
(6) Includes a $500,000,000 unsecured term credit facility. The loan matures on July 19, 2023 and bears interest at LIBOR plus 0.9% (3.38% at March 31, 2019).
(7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $716,760,000 based on the Sterling/U.S. Dollar exchange rate in effect on March 31, 2019).
(8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $651,600,000 based on the Sterling/U.S. Dollar exchange rate in effect on March 31, 2019).
The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands):
 
 
Three Months Ended
 
 
March 31, 2019
 
March 31, 2018
 
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
Beginning balance
 
$
9,699,984

 
4.48%
 
$
8,417,447

 
4.31%
Debt issued
 
1,050,000

 
3.89%
 
—

 
0.00%
Debt extinguished
 
(1,050,000
)
 
4.98%
 
(450,000
)
 
2.25%
Foreign currency
 
37,553

 
4.33%
 
39,542

 
5.22%
Ending balance
 
$
9,737,537

 
4.35%
 
$
8,006,989

 
4.45%
 


The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): 
 
 
Three Months Ended
 
 
March 31, 2019
 
March 31, 2018
 
 
 
 
Weighted Avg.
 
 
 
Weighted Avg.
 
 
Amount
 
Interest Rate
 
Amount
 
Interest Rate
Beginning balance
 
$
2,485,711

 
3.90%
 
$
2,618,408

 
3.76%
Debt issued
 
247,163

 
3.68%
 
20,326

 
3.77%
Debt assumed
 
42,000

 
4.62%
 
85,192

 
4.40%
Debt extinguished
 
(114,570
)
 
4.96%
 
(183,408
)
 
5.81%
Principal payments
 
(13,543
)
 
3.85%
 
(14,247
)
 
3.87%
Foreign currency
 
26,197

 
3.33%
 
(27,876
)
 
3.33%
Ending balance
 
$
2,672,958

 
3.84%
 
$
2,498,395

 
3.70%
 
Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of March 31, 2019, we were in compliance with all of the covenants under our debt agreements.