Senior Unsecured Notes and Secured Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Annual Principal Payments Due on Debt Obligations

At September 30, 2020, the annual principal payments due on these debt obligations were as follows (in thousands):

	Senior Unsecured Notes (1,2)		Secured Debt (1,3)		Totals
2020	$	—	$	75,915	$	75,915
2021	—		433,616		433,616
2022 (4)	870,000		449,248		1,319,248
2023 (5,6)	1,361,397		329,650		1,691,047
2024	1,350,000		178,285		1,528,285
Thereafter (7,8,9)	7,831,880		1,002,474		8,834,354
Totals	$	11,413,277	$	2,469,188	$	13,882,465

(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 0.86% to 6.50%.

(3) Annual interest rates range from 0.10% to 12.00%. Carrying value of the properties securing the debt totaled $5,315,000,000 at September 30, 2020.

(4) Includes a $860,000,000 unsecured term credit facility. The loan matures on April 1, 2022 and bears interest at LIBOR plus 1.20% (1.34% at September 30, 2020).

(5) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $187,645,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2020). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9% (1.38% at September 30, 2020).

(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% (1.06% at September 30, 2020).

(7) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $225,175,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2020).

(8) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $710,655,000 based on the Sterling/U.S. Dollar exchange rate in effect on September 30, 2020).

(9) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $646,050,000 based on the Sterling/U.S. Dollar exchange rate in effect on September 30, 2020).

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, 2020			September 30, 2019
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	10,427,562	4.03%	$	9,699,984	4.48%
Debt issued	1,600,000		1.89%	3,260,000		3.47%
Debt extinguished	(566,248)		3.26%	(3,107,500)		4.47%
Foreign currency	(48,037)		4.14%	(35,208)		4.35%
Ending balance	$	11,413,277	3.67%	$	9,817,276	4.12%

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

	Nine Months Ended
	September 30, 2020			September 30, 2019
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	2,993,342	3.63%	$	2,485,711	3.90%
Debt issued	44,921		2.58%	318,854		3.51%
Debt assumed	—		—%	42,000		4.62%
Debt extinguished	(491,506)		2.61%	(193,604)		4.37%
Principal payments	(46,585)		3.60%	(40,348)		3.69%
Foreign currency	(30,984)		3.19%	26,402		3.20%
Ending balance	$	2,469,188	3.16%	$	2,639,015	3.66%