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Debt (Tables)

3 Months Ended

Mar. 31, 2026

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.