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v3.19.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2019
Debt Disclosure [Abstract] |
Debt Summary | The following table summarizes our debt (dollars in thousands):
|  | March 31, 2019 |  |  | December 31, 2018 |
|  | Weighted Average Interest Rate (1) |  |  | Amount Outstanding (2) |  |  | Weighted Average Interest Rate (1) |  |  | Amount Outstanding (2) |
Credit facilities |  |  | 1.5 | % |  | $ | 26,180 |  |  |  | 3.4 | % |  | $ | 50,500 |
Senior notes |  |  | 2.7 | % |  |  | 8,314,678 |  |  |  | 2.7 | % |  |  | 8,304,147 |
Term loans and unsecured other |  |  | 0.9 | % |  |  | 1,411,343 |  |  |  | 1.8 | % |  |  | 1,921,428 |
Secured mortgage |  |  | 4.3 | % |  |  | 953,938 |  |  |  | 5.1 | % |  |  | 813,740 |
Total |  |  | 2.6 | % |  | $ | 10,706,139 |  |  |  | 2.7 | % |  | $ | 11,089,815 |
(1) | The interest rates presented represent the effective interest rates (including amortization of debt issuance costs and the noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of undesignated and designated interest rate swaps, which effectively fix the interest rate on our variable rate debt.
(2) | We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies:
|  |  | March 31, 2019 |  |  | December 31, 2018 |
|  |  | Amount Outstanding |  |  | % of Total |  |  | Amount Outstanding |  |  | % of Total |
| British pound sterling |  | $ | 676,732 |  |  |  | 6.3 | % |  | $ | 635,972 |  |  |  | 5.8 | %
| Canadian dollar |  |  | 271,975 |  |  |  | 2.5 | % |  |  | 266,337 |  |  |  | 2.4 | %
| Euro |  |  | 4,803,307 |  |  |  | 44.9 | % |  |  | 4,893,693 |  |  |  | 44.1 | %
| Japanese yen |  |  | 2,182,119 |  |  |  | 20.4 | % |  |  | 1,951,844 |  |  |  | 17.6 | %
| U.S. dollar |  |  | 2,772,006 |  |  |  | 25.9 | % |  |  | 3,341,969 |  |  |  | 30.1 | %
| Total |  | $ | 10,706,139 |  |  |  |  |  |  | $ | 11,089,815 |  |  |  |  |
Credit Facilities | The following table summarizes information about our Credit Facilities at March 31, 2019 (in millions):
Aggregate lender commitments |  | $ | 3,932 |
Less: |  |  |  |
Borrowings outstanding |  |  | 26 |
Outstanding letters of credit |  |  | 31 |
Current availability |  | $ | 3,875 |
Long-Term Debt Maturities | Principal payments due on our debt for the remainder of 2019 and for each year through the period ended December 31, 2023, and thereafter were as follows at March 31, 2019 (in thousands):
|  | Unsecured |  |  |  |  |  |  |
|  | Credit |  |  | Senior |  |  | Term Loans |  |  | Secured |  |  |  |  |
Maturity |  | Facilities |  |  | Notes |  |  | and Other |  |  | Mortgage |  |  | Total |
2019 (1) |  | $ | - |  |  | $ | - |  |  | $ | 593 |  |  | $ | 252,100 |  |  | $ | 252,693 |
2020 (1) |  |  | - |  |  |  | 1,123,500 |  |  |  | 621 |  |  |  | 25,101 |  |  |  | 1,149,222 |
2021 |  |  | - |  |  |  | 786,450 |  |  |  | 677 |  |  |  | 229,913 |  |  |  | 1,017,040 |
2022 |  |  | - |  |  |  | 786,450 |  |  |  | 741 |  |  |  | 12,161 |  |  |  | 799,352 |
2023 (2) |  |  | 26,180 |  |  |  | 850,000 |  |  |  | 128,519 |  |  |  | 39,307 |  |  |  | 1,044,006 |
Thereafter |  |  | - |  |  |  | 4,826,846 |  |  |  | 1,290,138 |  |  |  | 397,983 |  |  |  | 6,514,967 |
Subtotal |  |  | 26,180 |  |  |  | 8,373,246 |  |  |  | 1,421,289 |  |  |  | 956,565 |  |  |  | 10,777,280 |
Premiums (discounts), net |  |  | - |  |  |  | (24,944) |  |  |  | - |  |  |  | 831 |  |  |  | (24,113) |
Debt issuance costs, net |  |  | - |  |  |  | (33,624) |  |  |  | (9,946) |  |  |  | (3,458) |  |  |  | (47,028) |
Total |  | $ | 26,180 |  |  | $ | 8,314,678 |  |  | $ | 1,411,343 |  |  | $ | 953,938 |  |  | $ | 10,706,139 |
(1) | We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with borrowings on our Credit Facilities.
(2) | Included in the 2023 maturities was the Global Facility that can be extended until 2024.

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