Senior Unsecured Notes and Secured Debt (Tables)

12 Months Ended

Dec. 31, 2020

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

Annual Principal Payments Due on Debt Obligations

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).

Summary of Principal Activity

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%