Senior Unsecured Notes and Secured Debt (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Annual Principal Payments Due on Debt Obligations

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).

Summary of Principal Activity

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%