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v3.21.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Debt Summary | The following table summarizes our debt (dollars in thousands):
| March 31, 2021 |  |  | December 31, 2020 |
| Weighted Average |  |  | Amount |  |  | Weighted Average |  |  | Amount |
| Interest Rate (1) |  |  | Term (2) |  |  | Outstanding (3) |  |  | Interest Rate (1) |  |  | Term (2) |  |  | Outstanding (3) |
Credit facilities | 0.4% |  |  |  | 3.3 |  |  | $ | 53,250 |  |  | 0.8% |  |  |  | 2.0 |  |  | $ | 171,794 |
Senior notes | 1.7% |  |  |  | 12.1 |  |  |  | 14,433,868 |  |  | 2.0% |  |  |  | 11.2 |  |  |  | 14,275,870 |
Term loans and unsecured other | 0.9% |  |  |  | 5.3 |  |  |  | 1,670,556 |  |  | 0.9% |  |  |  | 5.6 |  |  |  | 1,764,311 |
Secured mortgage | 5.4% |  |  |  | 3.7 |  |  |  | 345,784 |  |  | 3.1% |  |  |  | 3.0 |  |  |  | 637,101 |
Total | 1.7% |  |  |  | 11.2 |  |  | $ | 16,503,458 |  |  | 1.9% |  |  |  | 10.2 |  |  | $ | 16,849,076 |
(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 designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt.
(2) | The weighted average term represents the remaining maturity in years on the debt outstanding at period end.
(3) | 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, 2021 |  |  | December 31, 2020 |
|  |  | Weighted Average Interest Rate |  |  | Amount Outstanding |  |  | % of Total |  |  | Weighted Average Interest Rate |  |  | Amount Outstanding |  |  | % of Total |
| British pound sterling |  |  | 2.2 | % |  | $ | 1,027,910 |  |  |  | 6.2 | % |  |  | 2.2 | % |  | $ | 1,019,480 |  |  |  | 6.1 | %
| Canadian dollar |  |  | 2.7 | % |  |  | 288,045 |  |  |  | 1.7 | % |  |  | 2.7 | % |  |  | 285,708 |  |  |  | 1.7 | %
| Euro |  |  | 1.1 | % |  |  | 6,963,034 |  |  |  | 42.2 | % |  |  | 1.4 | % |  |  | 6,549,676 |  |  |  | 38.8 | %
| Japanese yen |  |  | 0.8 | % |  |  | 2,460,056 |  |  |  | 14.9 | % |  |  | 0.8 | % |  |  | 2,877,247 |  |  |  | 17.1 | %
| U.S. dollar |  |  | 2.6 | % |  |  | 5,764,413 |  |  |  | 35.0 | % |  |  | 2.8 | % |  |  | 6,116,965 |  |  |  | 36.3 | %
| Total |  |  | 1.7 | % |  | $ | 16,503,458 |  |  |  |  |  |  |  | 1.9 | % |  | $ | 16,849,076 |  |  |  |  |
Credit Facilities | The following table summarizes information about our available liquidity at March 31, 2021 (in millions):
Aggregate lender commitments |  |  |  |
Credit Facilities |  | $ | 4,019 |
Less: |  |  |  |
Borrowings outstanding |  |  | 53 |
Outstanding letters of credit |  |  | 19 |
Current availability |  | $ | 3,947 |
Available term loans |  |  | 250 |
Cash and cash equivalents |  |  | 676 |
Total liquidity |  | $ | 4,873 |
Summary of Issuances and Redemptions of Senior Notes | The following table summarizes the issuances and redemptions of senior notes during the three months ended March 31, 2021 (principal in thousands):
|  | Aggregate Principal |  |  | Issuance Date Weighted Average |  |  |
Initial Borrowing Date |  | Borrowing Currency |  |  | USD (1) |  |  | Interest Rate (2) |  |  | Term (3) |  |  | Maturity Dates
February |  | € | 1,350,000 |  |  | $ | 1,639,305 |  |  | 0.7% |  |  |  | 14.3 |  |  | February 2032 – 2041
February |  | $ | 400,000 |  |  | $ | 400,000 |  |  | 1.6% |  |  |  | 10.1 |  |  | March 2031
|  | Aggregate Principal |  |  | Redemption Date Weighted Average |  |  |
Redemption Date |  | Borrowing Currency |  |  | USD (1) |  |  | Interest Rate (2) |  |  | Term (3) |  |  | Maturity Dates
March |  | € | 599,514 |  |  | $ | 715,700 |  |  | 3.4% |  |  |  | 3.0 |  |  | February 2024
March |  | $ | 750,000 |  |  | $ | 750,000 |  |  | 3.8% |  |  |  | 4.7 |  |  | November 2025
(1) | The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date.
(2) | The interest rate represents the fixed or variable interest rate at the issuance or redemption date of the related debt.
(3) | The issuance date and redemption date weighted average term represent the remaining maturity in years on the related debt at the issuance or redemption date, respectively.
During the three months ended March 31, 2021, we used the net proceeds from the issuance of the senior notes to fund the senior note redemptions and for general corporate purposes.
Long-Term Debt Maturities | Scheduled principal payments due on our debt for the remainder of 2021 and for each year through the period ended December 31, 2025, and thereafter were as follows at March 31, 2021 (in thousands):
|  | Unsecured |  |  |  |  |  |  |
|  | Credit |  |  | Senior |  |  | Term Loans |  |  | Secured |  |  |  |  |
Maturity |  | Facilities |  |  | Notes |  |  | and Other |  |  | Mortgage |  |  | Total |
2021 (1)(2) |  | $ | - |  |  | $ | - |  |  | $ | 260,135 |  |  | $ | 21,355 |  |  | $ | 281,490 |
2022 (1) |  |  | - |  |  |  | 527,625 |  |  |  | - |  |  |  | 12,098 |  |  |  | 539,723 |
2023 |  |  | - |  |  |  | - |  |  |  | 135,244 |  |  |  | 34,072 |  |  |  | 169,316 |
2024 (3) |  |  | 53,250 |  |  |  | - |  |  |  | - |  |  |  | 133,488 |  |  |  | 186,738 |
2025 |  |  | - |  |  |  | 45,127 |  |  |  | - |  |  |  | 143,766 |  |  |  | 188,893 |
Thereafter |  |  | - |  |  |  | 13,931,343 |  |  |  | 1,281,618 |  |  |  | 2,468 |  |  |  | 15,215,429 |
Subtotal |  |  | 53,250 |  |  |  | 14,504,095 |  |  |  | 1,676,997 |  |  |  | 347,247 |  |  |  | 16,581,589 |
Premiums (discounts), net |  |  | - |  |  |  | 6,070 |  |  |  | - |  |  |  | 224 |  |  |  | 6,294 |
Debt issuance costs, net |  |  | - |  |  |  | (76,297 | ) |  |  | (6,441 | ) |  |  | (1,687 | ) |  |  | (84,425 | )
Total |  | $ | 53,250 |  |  | $ | 14,433,868 |  |  | $ | 1,670,556 |  |  | $ | 345,784 |  |  | $ | 16,503,458 |
(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 2021 maturities is the 2017 Term Loan. In April 2021, the 2017 Term Loan was terminated and the interest rate swap contracts associated with the outstanding balance of $250.3 million were settled.
(3) | Included in the 2024 maturities is the Revolver that can be extended until 2025.

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