Senior Unsecured Notes and Secured Debt

12 Months Ended

Dec. 31, 2020

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

Senior Unsecured Notes and Secured Debt

Senior Unsecured Notes and Secured DebtWe 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 (i) 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 (ii) 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 December 31, 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
2021	$	—	$	451,038	$	451,038
2022(4)	870,000		460,892		1,330,892
2023(5,6)	1,369,784		372,541		1,742,325
2024	1,350,000		183,345		1,533,345
2025	1,250,000		214,440		1,464,440
Thereafter(7,8,9)	6,669,749		695,817		7,365,566
Totals	$	11,509,533	$	2,378,073	$	13,887,606

(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 Sheets.

(2) Annual interest rates range from 0.85% to 6.50%.

(3) Annual interest rates range from 0.09% to 12.00%. Carrying value of the properties securing the debt totaled $5,388,000,000 at December 31, 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% (1.35% at December 31, 2020).

(5) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $196,032,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2020). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9% (1.37% at December 31, 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% (1.05% at December 31, 2020).

(7) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $235,239,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2020).

(8) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $751,410,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2020).

(9) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $683,100,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2020).

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

	Year Ended
	December 31, 2020			December 31, 2019			December 31, 2018
			Weighted Avg.			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	10,427,562	4.03%	$	9,699,984	4.48%	$	8,417,447	4.31%
Debt issued	1,600,000		1.89%	3,987,790		3.34%	2,850,000		4.57%
Debt extinguished	(566,248)		3.26%	(3,335,290)		4.39%	(1,450,000)		3.46%
Foreign currency	48,219		4.35%	75,078		4.22%	(117,463)		4.16%
Ending balance	$	11,509,533	3.67%	$	10,427,562	4.03%	$	9,699,984	4.48%

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

	Year Ended
	December 31, 2020			December 31, 2019			December 31, 2018
			Weighted Avg.			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	2,993,342	3.63%	$	2,485,711	3.90%	$	2,618,408	3.76%
Debt issued	62,055		2.55%	343,696		3.11%	45,447		3.40%
Debt assumed	—		—%	385,145		4.34%	292,887		4.64%
Debt extinguished	(632,288)		2.21%	(230,108)		4.35%	(306,553)		5.36%
Principal payments	(62,707)		3.63%	(54,325)		3.75%	(56,288)		3.91%
Foreign currency	17,671		2.93%	63,223		3.28%	(108,190)		3.33%
Ending balance	$	2,378,073	3.27%	$	2,993,342	3.63%	$	2,485,711	3.90%

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 December 31, 2020, we were in compliance with all of the covenants under our debt agreements.