Senior Unsecured Notes and Secured Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Annual Principal Payments Due on Debt Obligations

At September 30, 2021, 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	$	—	$	211,978	$	211,978
2022	—		481,702		481,702
2023 (4, 5)	697,270		504,855		1,202,125
2024	1,350,000		183,192		1,533,192
2025	1,260,000		178,544		1,438,544
Thereafter (6, 7, 8)	7,901,074		709,510		8,610,584
Totals	$	11,208,344	$	2,269,781	$	13,478,125

(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 0.78% to 6.50%.

(3) Annual interest rates range from 0.02% to 7.93%. Carrying value of the properties securing the debt totaled $5,261,000,000 at September 30, 2021.

(4) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $197,270,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2021). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.90% (1.33% at September 30, 2021).

(5) Includes a $500,000,000 unsecured term credit facility. The loan matures on July 19, 2023 and bears interest at LIBOR plus 0.90% (0.98% at September 30, 2021).

(6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $236,724,000 based on the Canadian/U.S. Dollar exchange rate on September 30, 2021).

(7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $740,850,000 based on the Sterling/U.S. Dollar exchange rate in effect on September 30, 2021).

(8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $673,500,000 based on the Sterling/U.S. Dollar exchange rate in effect on September 30, 2021).

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, 2021			September 30, 2020
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	11,509,533	3.67%	$	10,427,562	4.03%
Debt issued	1,250,000		2.50%	1,600,000		1.89%
Debt extinguished	(1,533,752)		2.42%	(566,248)		3.26%
Foreign currency	(17,437)		4.37%	(48,037)		4.14%
Ending balance	$	11,208,344	3.71%	$	11,413,277	3.67%

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

	Nine Months Ended
	September 30, 2021			September 30, 2020
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	2,378,073	3.27%	$	2,993,342	3.63%
Debt issued	2,693		3.75%	44,921		2.58%
Debt extinguished	(70,144)		6.02%	(491,506)		2.61%
Principal payments	(48,710)		3.39%	(46,585)		3.60%
Foreign currency	7,869		2.97%	(30,984)		3.19%
Ending balance	$	2,269,781	3.10%	$	2,469,188	3.16%