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Debt (Tables) | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Debt consist of the following (in thousands):
|  | Interest Rate (1) |  | Maturities Through |  | As of March 31, 2022 |  | As of December 31, 2021
Fixed rate debt: |  |  |  |  |  |  |  |
Unsecured senior notes |  | 3.70% to 9.13% |  | 2022 - 2028 |  | $ | 6,598,558 |  |  | $ | 5,604,498 |
Secured senior notes |  | 10.88% to 11.50% |  | 2023 - 2025 |  | 2,357,803 |  |  | 2,354,037 |
Unsecured term loans |  | 2.53% to 5.89% |  | 2028 - 2034 |  | 4,114,508 |  |  | 2,860,567 |
Convertible notes |  | 2.88% to 4.25% |  | 2023 |  | 1,725,000 |  |  | 1,558,780 |
Total fixed rate debt |  |  |  |  |  | 14,795,869 |  |  | 12,377,882 |
Variable rate debt: |  |  |  |  |  |  |  |
Unsecured revolving credit facilities (2) |  | 1.75% to 2.15% |  | 2022 - 2024 |  | 1,909,342 |  |  | 2,899,342 |
USD unsecured term loan |  | 1.84% to 4.95% |  | 2022 - 2033 |  | 5,114,768 |  |  | 5,018,740 |
Euro unsecured term loan |  | 1.15% to 2.25% |  | 2022 - 2028 |  | 670,500 |  |  | 685,633 |
Total variable rate debt |  |  |  |  |  | 7,694,610 |  |  | 8,603,715 |
Finance lease liabilities |  |  |  |  |  | 428,387 |  |  | 472,275 |
Total debt (3) |  |  |  |  |  | 22,918,866 |  |  | 21,453,872 |
Less: unamortized debt issuance costs |  |  |  |  |  | (416,890) |  |  | (363,532) |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | 22,501,976 |  |  | 21,090,340 |
Less—current portion |  |  |  |  |  | (2,558,463) |  |  | (2,243,131) |
Long-term portion |  |  |  |  |  | $ | 19,943,513 |  |  | $ | 18,847,209 |
(1) Interest rates based on outstanding loan balance as of March 31, 2022 and, for variable rate debt, include either LIBOR or EURIBOR plus the applicable margin. (2) Includes $1.9 billion facility and $1.3 billion facility, the vast majority of which is due in 2024. Our $1.9 billion facility accrues interest at LIBOR plus a maximum interest rate margin of 1.30%, which interest was 1.75% as of March 31, 2022 and is subject to a facility fee of a maximum of 0.20%. Our $1.3 billion facility accrues interest at LIBOR plus a maximum interest rate margin of 1.70%, which interest was 2.15% as of March 31, 2022 and is subject to a facility fee of a maximum of 0.30%. (3) At March 31, 2022 and December 31, 2021, the weighted average interest rate for total debt was 5.61% and 5.47%, respectively.
Schedule of Maturities of Long-term Debt | The following is a schedule of annual maturities on our total debt, net of debt issuance costs and including finance leases, as of March 31, 2022 for each of the next five years (in thousands):
Year |
Remainder of 2022 | 2,273,401 |
2023 | 5,665,482 |
2024 | 3,128,924 |
2025 | 2,417,492 |
2026 | 2,614,571 |
Thereafter | 6,402,106 |
| 22,501,976 |

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