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Senior Unsecured Notes and Secured Debt (Tables) | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Annual Principal Payments Due on Debt Obligations | At March 31, 2022, 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 |  | $ | — |  |  | $ | 575,737 |  |  | $ | 575,737 |
2023 (4, 5) |  | 700,288 |  |  | 448,580 |  |  | 1,148,868 |
2024 |  | 1,350,000 |  |  | 184,770 |  |  | 1,534,770 |
2025 |  | 1,260,000 |  |  | 167,506 |  |  | 1,427,506 |
2026 |  | 700,000 |  |  | 109,782 |  |  | 809,782 |
Thereafter (6, 7, 8) |  | 8,221,307 |  |  | 629,266 |  |  | 8,850,573 |
Totals |  | $ | 12,231,595 |  |  | $ | 2,115,641 |  |  | $ | 14,347,236 |
(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 0.93% to 6.50%. (3) Annual interest rates range from 0.32% to 6.67%. Carrying value of the properties securing the debt totaled $4,882,090,000 at March 31, 2022. (4) Includes a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $200,288,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2022). The loan matures on July 19, 2023 and bears interest at the Canadian Dealer Offered Rate plus 0.90% (1.83% at March 31, 2022). (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% (1.36% at March 31, 2022). (6) Includes a $300,000,000 Canadian-denominated 2.95% senior unsecured notes due 2027 (approximately $240,347,000 based on the Canadian/U.S. Dollar exchange rate on March 31, 2022). (7) Includes a £550,000,000 4.80% senior unsecured notes due 2028 (approximately $723,360,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 31, 2022). (8) Includes a £500,000,000 4.50% senior unsecured notes due 2034 (approximately $657,600,000 based on the Pounds Sterling/U.S. Dollar exchange rate in effect on March 31, 2022).
Summary of Principal Activity | The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands):
|  | Three Months Ended
|  | March 31, 2022 |  | March 31, 2021
|  |  |  | Weighted Avg. |  |  |  | Weighted Avg.
|  | Amount |  | Interest Rate |  | Amount |  | Interest Rate
Beginning balance |  | $ | 11,707,961 |  |  | 3.67% |  | $ | 11,509,533 |  |  | 3.67%
Debt issued |  | 550,000 |  |  | 3.85% |  | 750,000 |  |  | 2.80%
Foreign currency |  | (26,366) |  |  | 4.14% |  | 20,059 |  |  | 3.90%
Ending balance |  | $ | 12,231,595 |  |  | 3.69% |  | $ | 12,279,592 |  |  | 3.62%
The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands):
|  | Three Months Ended
|  | March 31, 2022 |  | March 31, 2021
|  |  |  | Weighted Avg. |  |  |  | Weighted Avg.
|  | Amount |  | Interest Rate |  | Amount |  | Interest Rate
Beginning balance |  | $ | 2,202,312 |  |  | 3.03% |  | $ | 2,378,073 |  |  | 3.27%
Debt issued |  | 5,385 |  |  | 3.08% |  | — |  |  | —%
Debt extinguished |  | (100,821) |  |  | 4.21% |  | (41,933) |  |  | 7.60%
Principal payments |  | (15,968) |  |  | 3.19% |  | (15,955) |  |  | 3.59%
Foreign currency |  | 24,733 |  |  | 2.73% |  | 15,987 |  |  | 2.92%
Ending balance |  | $ | 2,115,641 |  |  | 3.02% |  | $ | 2,336,172 |  |  | 3.14%

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