Senior Unsecured Notes and Secured Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Annual Principal Payments Due on Debt Obligations

At September 30, 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	$	—	$	256,322	$	256,322
2020(4)	226,501		160,897		387,398
2021	—		380,866		380,866
2022	10,000		353,548		363,548
2023(5,6)	1,788,750		329,449		2,118,199
Thereafter(7,8)	7,792,025		1,157,933		8,949,958
Totals	$	9,817,276	$	2,639,015	$	12,456,291

 

⁽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 2.79% to 6.50%.

⁽³⁾ Annual interest rates range from 1.39% to 12.00%. Carrying value of the properties securing the debt totaled $5,922,479,000 at September 30, 2019.

⁽⁴⁾ Includes a $300,000,000 Canadian-denominated 3.35% senior unsecured notes due 2020 (approximately $226,501,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2019).

⁽⁵⁾ Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $188,750,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2019). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9% (2.86% at September 30, 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% (2.96% at September 30, 2019).

⁽⁷⁾ Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $676,775,000 based on the Sterling/U.S. Dollar exchange rate in effect on September 30, 2019).

⁽⁸⁾ Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $615,250,000 based on the Sterling/U.S. Dollar exchange rate in effect on September 30, 2019).

Summary of Principal Activity

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

	Nine Months Ended
	September 30, 2019				September 30, 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	3,260,000			3.47%	2,850,000			4.57%
Debt extinguished	(3,107,500		)	4.47%	(1,450,000		)	3.46%
Foreign currency	(35,208		)	4.35%	(63,751		)	4.30%
Ending balance	$	9,817,276		4.12%	$	9,753,696		4.45%

 

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

	Nine Months Ended
	September 30, 2019				September 30, 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	318,854			3.51%	44,606			3.38%
Debt assumed	42,000			4.62%	99,552			4.30%
Debt extinguished	(193,604		)	4.37%	(196,573		)	5.66%
Principal payments	(40,348		)	3.69%	(42,294		)	3.91%
Foreign currency	26,402			3.20%	(43,944		)	3.29%
Ending balance	$	2,639,015		3.66%	$	2,479,755		3.79%