Senior Unsecured Notes and Secured Debt (Tables)

12 Months Ended

Dec. 31, 2021

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

Annual Principal Payments Due on Debt Obligations

At December 31, 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
2022	$	—	$	582,884	$	582,884
2023(4,5)	695,664		551,716		1,247,380
2024	1,350,000		181,710		1,531,710
2025	1,260,000		160,427		1,420,427
2026	700,000		107,327		807,327
Thereafter(6,7,8)	7,702,297		618,248		8,320,545
Totals	$	11,707,961	$	2,202,312	$	13,910,273

(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 0.80% to 6.50%.

(3) Annual interest rates range from 0.08% to 6.67%. Carrying value of the properties securing the debt totaled $5,062,000,000 at December 31, 2021.

(4) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $195,664,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2021). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.9% (1.34% at December 31, 2021).

(5) Includes a $500,000,000 unsecured term credit facility. The loan matures on July 19, 2023 and bears interest at LIBOR plus 0.9% (1.00% at December 31, 2021).

(6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $234,797,000 based on the Canadian/U.S. Dollar exchange rate on December 31, 2021).

(7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $742,500,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2021).

(8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $675,000,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on December 31, 2021).

Summary of Principal Activity

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

	Year Ended
	December 31, 2021			December 31, 2020			December 31, 2019
			Weighted Avg.			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	11,509,533	3.67%	$	10,427,562	4.03%	$	9,699,984	4.48%
Debt issued	1,750,000		2.57%	1,600,000		1.89%	3,987,790		3.34%
Debt extinguished	(1,533,752)		2.42%	(566,248)		3.26%	(3,335,290)		4.39%
Foreign currency	(17,820)		4.55%	48,219		4.35%	75,078		4.22%
Ending balance	$	11,707,961	3.67%	$	11,509,533	3.67%	$	10,427,562	4.03%

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

	Year Ended
	December 31, 2021			December 31, 2020			December 31, 2019
			Weighted Avg.			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	2,378,073	3.27%	$	2,993,342	3.63%	$	2,485,711	3.90%
Debt issued	23,569		2.83%	62,055		2.55%	343,696		3.11%
Debt assumed	—		—%	—		—%	385,145		4.34%
Debt extinguished	(132,031)		5.86%	(632,288)		2.21%	(230,108)		4.35%
Principal payments	(65,587)		3.40%	(62,707)		3.63%	(54,325)		3.75%
Foreign currency	(1,712)		2.72%	17,671		2.93%	63,223		3.28%
Ending balance	$	2,202,312	3.03%	$	2,378,073	3.27%	$	2,993,342	3.63%