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Debt (Tables) | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Debt Summary | All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands):
| March 31, 2026 |  |  | December 31, 2025 |
| Weighted Average |  | Amount |  |  | Weighted Average |  | Amount |
| Interest Rate (1) |  | Term (Years) (2) |  | Outstanding (3) |  |  | Interest Rate (1) |  | Term (Years) (2) |  | Outstanding (3) |
Credit facilities and commercial paper | 2.5% |  |  | 1.1 |  |  |  | $ | 553,865 |  |  | 0.9% |  | 1.6 |  |  | $ | 44,679 |
Senior notes | 3.3% |  |  | 8.7 |  |  |  |  | 31,987,819 |  |  | 3.2% |  | 8.8 |  |  |  | 32,887,971 |
Term loans and unsecured other | 2.0% |  |  | 5.6 |  |  |  |  | 1,913,648 |  |  | 1.9% |  | 3.9 |  |  |  | 1,908,723 |
Secured mortgage | 4.2% |  |  | 5.7 |  |  |  |  | 214,260 |  |  | 4.5% |  | 3.7 |  |  |  | 195,700 |
Total | 3.2% |  |  | 8.4 |  |  |  | $ | 34,669,592 |  |  | 3.2% |  | 8.5 |  |  | $ | 35,037,073 |
(1) The weighted average interest rates presented represent the effective interest rates (including amortization of debt issuance costs and noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of designated interest rate contracts, which effectively fix the interest rate on certain variable rate debt. (2) The weighted average term represents the remaining maturity in years, based on debt agreements in place, 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, 2026 |  |  | December 31, 2025 |
|  |  | Weighted Average Interest Rate |  | Amount Outstanding |  |  | % of Total |  |  | Weighted Average Interest Rate |  | Amount Outstanding |  |  | % of Total |
| British pound sterling |  | 3.0% |  | $ | 1,813,412 |  |  |  | 5.2 | % |  | 3.0% |  | $ | 1,843,931 |  |  |  | 5.3 | %
| Canadian dollar |  | 4.4% |  |  | 1,968,980 |  |  |  | 5.7 | % |  | 4.4% |  |  | 2,004,638 |  |  |  | 5.7 | %
| Euro |  | 2.2% |  |  | 11,777,170 |  |  |  | 34.0 | % |  | 2.2% |  |  | 12,302,104 |  |  |  | 35.1 | %
| Japanese yen |  | 1.3% |  |  | 2,957,165 |  |  |  | 8.5 | % |  | 1.2% |  |  | 2,930,594 |  |  |  | 8.4 | %
| U.S. dollar |  | 4.1% |  |  | 15,568,447 |  |  |  | 44.9 | % |  | 4.1% |  |  | 15,385,826 |  |  |  | 43.9 | %
| Other |  | 3.8% |  |  | 584,418 |  |  |  | 1.7 | % |  | 3.8% |  |  | 569,980 |  |  |  | 1.6 | %
| Total |  | 3.2% |  | $ | 34,669,592 |  |  |  | 100.0 | % |  | 3.2% |  | $ | 35,037,073 |  |  |  | 100.0 | %
Schedule of Current Availability on Debt and Cash | The following table summarizes information about our available liquidity at March 31, 2026 (in millions):
Aggregate lender commitments |  |  |
Credit facilities |  | $ | 6,390 |
Less: |  |  |
Credit facility borrowings outstanding |  |  | 243 |
Commercial paper borrowings outstanding (1) |  |  | 310 |
Outstanding letters of credit |  |  | 26 |
Current availability |  |  | 5,811 |
Cash and cash equivalents |  |  | 861 |
Total liquidity |  | $ | 6,672 |
(1) We are required to maintain available commitments under our credit facilities in an amount at least equal to the commercial paper borrowings outstanding.
Long-Term Debt Maturities | Scheduled principal payments due on our debt for the remainder of 2026 and for each year through the period ended December 31, 2030, and thereafter were as follows at March 31, 2026 (in thousands):
|  | Unsecured |  |  |  |  |  |
|  | Credit Facilities and |  |  | Senior |  |  | Term Loans |  |  | Secured |  |  |  |
Maturity |  | Commercial Paper |  |  | Notes |  |  | and Other |  |  | Mortgage |  |  | Total |
2026 (1)(2) |  | $ | 310,446 |  |  | $ | 399,879 |  |  | $ | 288,059 |  |  | $ | 45,807 |  |  | $ | 1,044,191 |
2027 (3) |  |  | 93,419 |  |  |  | 1,970,940 |  |  |  | 54,016 |  |  |  | 4,156 |  |  |  | 2,122,531 |
2028 |  |  | - |  |  |  | 2,574,695 |  |  |  | 113,652 |  |  |  | 3,041 |  |  |  | 2,691,388 |
2029 (4) |  |  | 150,000 |  |  |  | 3,381,285 |  |  |  | - |  |  |  | 3,191 |  |  |  | 3,534,476 |
2030 |  |  | - |  |  |  | 2,831,665 |  |  |  | 31,348 |  |  |  | 3,345 |  |  |  | 2,866,358 |
Thereafter |  |  | - |  |  |  | 21,355,682 |  |  |  | 1,430,814 |  |  |  | 149,538 |  |  |  | 22,936,034 |
Subtotal |  |  | 553,865 |  |  |  | 32,514,146 |  |  |  | 1,917,889 |  |  |  | 209,078 |  |  |  | 35,194,978 |
Unamortized premiums (discounts), net |  |  | - |  |  |  | (397,056 | ) |  |  | - |  |  |  | 6,169 |  |  |  | (390,887 | )
Unamortized debt issuance costs, net |  |  | - |  |  |  | (129,271 | ) |  |  | (4,241 | ) |  |  | (987 | ) |  |  | (134,499 | )
Total |  | $ | 553,865 |  |  | $ | 31,987,819 |  |  | $ | 1,913,648 |  |  | $ | 214,260 |  |  | $ | 34,669,592 |
(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 additional borrowings, including drawing on our available Credit Facilities. (2) Included in 2026 maturities was the Canadian dollar term loan ($143.5 million at March 31, 2026), which can be extended until 2027, subject to the payment of extension fees. (3) Included in the 2027 maturities were the amounts borrowed on the Yen Credit Facility ($93.4 million, at March 31, 2026), which can be extended until 2028. (4) Included in the 2029 maturities were the amounts borrowed on the 2025 Global Facility ($150.0 million, at March 31, 2026), which can be extended until 2030.

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