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Debt (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Debt consists of the following (in thousands):
|  | Interest Rate (1) |  | Maturities Through |  | As of September 30, 2023 |  | As of December 31, 2022
Fixed rate debt: |  |  |  |  |  |  |  |
Unsecured senior notes |  | 3.70% to 11.63% |  | 2026 - 2030 |  | $ | 7,898,670 |  |  | $ | 7,199,331 |
Secured senior notes |  | 8.25% to 11.50% |  | 2025 - 2029 |  | 1,495,027 |  |  | 2,370,855 |
Unsecured term loans |  | 1.28% to 5.89% |  | 2027 - 2035 |  | 4,682,402 |  |  | 4,561,129 |
Convertible notes |  | 2.88% to 6.00% |  | 2023 - 2025 |  | 1,375,000 |  |  | 1,725,000 |
Total fixed rate debt |  |  |  |  |  | 15,451,099 |  |  | 15,856,315 |
Variable rate debt(2): |  |  |  |  |  |  |  |
Unsecured revolving credit facilities (3) |  | 6.72% to 7.47% |  | 2024 - 2025 |  | 350,000 |  |  | 2,744,105 |
USD unsecured term loan |  | 6.30% to 10.05% |  | 2023 - 2037 |  | 3,768,383 |  |  | 4,335,973 |
Euro unsecured term loan |  | 5.28% to 6.11% |  | 2023 - 2028 |  | 477,558 |  |  | 534,589 |
Total variable rate debt |  |  |  |  |  | 4,595,941 |  |  | 7,614,667 |
Finance lease liabilities |  |  |  |  |  | 327,334 |  |  | 351,332 |
Total debt (4) |  |  |  |  |  | 20,374,374 |  |  | 23,822,314 |
Less: unamortized debt issuance costs |  |  |  |  |  | (405,482) |  |  | (431,123) |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | 19,968,892 |  |  | 23,391,191 |
Less—current portion |  |  |  |  |  | (2,043,965) |  |  | (2,087,711) |
Long-term portion |  |  |  |  |  | $ | 17,924,927 |  |  | $ | 21,303,480 |
(1) Interest rates based on outstanding loans as of September 30, 2023, and for variable rate debt include either LIBOR, EURIBOR or Term SOFR plus the applicable margin. (2) During the quarter ended June 30, 2023, we completed our transition from LIBOR to Term SOFR rates for substantially all of our variable rate facilities, with such transition to take effect at the next respective interest reset date for each such facility. (3) Advances under our $1.9 billion facility accrue interest at Term SOFR plus an interest rate margin ranging from 1.30% to 2.05%. Advances under our $1.1 billion facility accrue interest at Term SOFR plus an interest rate margin ranging from 1.70% to 2.05%. Based on applicable Term SOFR rates, as of September 30, 2023, the maximum interest rates under the $1.9 billion facility and the $1.1 billion facility was 7.47%. We also pay a facility fee for each facility ranging from 0.20% to 0.30% of the total commitments under such facility. (4) At September 30, 2023 and December 31, 2022, the weighted average interest rate for total debt was 6.40% and 6.23%, respectively.
Schedule of Maturities of Long-term Debt | The following is a schedule of annual maturities on our total debt, including finance leases, as of September 30, 2023 for each of the next five years (in thousands):
Year | As of September 30, 2023 (1)
Remainder of 2023 | $ | 735,423 |
2024 | 2,308,807 |
2025 | 2,828,609 |
2026 | 2,797,022 |
2027 | 3,534,356 |
Thereafter | 8,170,157 |
| $ | 20,374,374 |
(1) Debt denominated in other currencies is calculated based on the applicable exchange rate at September 30, 2023.

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