Debt Facilities

6 Months Ended

Jun. 30, 2020

Mortgage and Loans Payable

As of June 30, 2020 and December 31, 2019, the Company's mortgage and loans payable consisted of the following (in thousands):



	June 30, 2020			December 31, 2019
Term loans	$	1,218,259		$	1,287,151
Mortgage payable and loans payable	77,574			82,967
	1,295,833			1,370,118
Less amount representing unamortized debt discount and debt issuance cost	(3,927		)	(4,849		)
Add amount representing unamortized mortgage premium	1,732			1,768
	1,293,638			1,367,037
Less current portion	(75,589		)	(77,603		)
Total	$	1,218,049		$	1,289,434

Senior Credit Facility - Revolving Facility

On December 12, 2017, the Company entered into a credit agreement with a group of lenders for a $3.0 billion credit facility ("Senior Credit Facility"), comprised of a $2.0 billion senior unsecured multicurrency revolving credit facility ("Revolving Facility") and an approximately $1.0 billion senior unsecured multicurrency term loan facility. The Revolving Facility allows the Company to borrow, repay and reborrow over its term. The Revolving Facility provides a sublimit for the issuance of letters of credit of up to $250.0 million at any one time.

In March 2020, the Company borrowed a total of $250.0 million under the Revolving Facility, which was fully repaid in May 2020. As of June 30, 2020, the Company had 43 irrevocable letters of credit totaling $72.4 million issued and outstanding under the Revolving Facility and the amount available to the Company to borrow under the Revolving Facility was approximately $1.9 billion as of June 30, 2020.

364-Day Facilities

On April 15, 2020, the Company entered into a credit agreement which provided for senior unsecured 364-day term loan facilities in an aggregate principal amount of $750.0 million, comprised of $500.0 million available to be

borrowed on the closing date (the "Closing Date Facility") and $250.0 million available to be borrowed on or prior to July 14, 2020 (the "Delayed Draw Facility" and together with the Closing Date Facility, the "364-Day Facilities"). On April 15, 2020, the Company borrowed $391.0 million, as well as €100.0 million or $109.8 million at the exchange rate in effect on that date, under the Closing Date Facility. During the three months ended June 30, 2020, the Company repaid all amounts outstanding under the Closing Date Facility and terminated the 364-Day Facilities. The loss on debt extinguishment incurred in connection with the redemption and termination was not significant.

Senior Notes

As of June 30, 2020 and December 31, 2019, the Company's senior notes consisted of the following (in thousands):



	June 30, 2020					December 31, 2019
	Amount			Effective Rate		Amount			Effective Rate
5.000% Infomart Senior Notes ⁽¹⁾	$	300,000		4.49	%	$	450,000		4.46	%
5.375% Senior Notes due 2022	—			—	%	343,711			5.56	%
2.625% Senior Notes due 2024	1,000,000			2.79	%	1,000,000			2.79	%
2.875% Euro Senior Notes due 2024	842,775			3.08	%	841,500			3.08	%
2.875% Euro Senior Notes due 2025	1,123,700			3.04	%	1,122,000			3.04	%
2.900% Senior Notes due 2026	600,000			3.04	%	600,000			3.04	%
5.875% Senior Notes due 2026	1,100,000			6.03	%	1,100,000			6.03	%
2.875% Euro Senior Notes due 2026	1,123,700			3.04	%	1,122,000			3.04	%
5.375% Senior Notes due 2027	1,250,000			5.51	%	1,250,000			5.51	%
3.200% Senior Notes due 2029	1,200,000			3.30	%	1,200,000			3.30	%
1.250% Senior Notes due 2025	500,000			1.46	%	—			—	%
1.800% Senior Notes due 2027	500,000			1.96	%	—			—	%
2.150% Senior Notes due 2030	1,100,000			2.27	%	—			—	%
3.000% Senior Notes due 2050	500,000			3.09	%	—			—	%
	11,140,175					9,029,211
Less amount representing unamortized debt issuance cost	(108,519		)			(78,030		)
Add amount representing unamortized debt premium	745					1,716
	11,032,401					8,952,897
Less current portion	(2,227,768		)			(643,224		)
Total	$	8,804,633				$	8,309,673

⁽¹⁾ 5.000% Infomart Senior Notes consist of two tranches outstanding due in each of October 2020 and April 2021. The effective rate represents the weighted-average effective interest rates of the tranches outstanding at the periods presented in the table above.

Redemption of 5.375% Senior Notes due 2022

On January 2, 2020, the Company redeemed the remaining $343.7 million principal amount of the 5.375% Senior Notes due 2022. In connection with the redemption, the Company incurred $5.9 million of loss on debt extinguishment, including $4.6 million redemption premium that was paid in cash and $1.3 million related to the write-off of unamortized debt issuance costs.

1.250% Senior Notes due 2025, 1.800% Senior Notes due 2027, 2.150% Senior Notes due 2030, and 3.000% Senior Notes due 2050

On June 22, 2020, the Company issued $500.0 million aggregate principal amount of 1.250% senior notes due 2025 (the "2025 Notes"), $500.0 million aggregate principal amount of 1.800% senior notes due 2027 (the "2027 Notes"), $1.1 billion aggregate principal amount of 2.150% senior notes due 2030 (the "2030 Notes"), and $500.0 million aggregate principal amount of 3.000% senior notes due 2050 (the "2050 Notes"). Interest on these notes is payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2021. Debt issuance

costs and debt discounts related to the 2025 Notes, 2027 Notes, 2030 Notes, and 2050 Notes were $5.3 million, $5.6 million, $12.9 million, and $14.2 million, respectively.

With a portion of the net cash proceeds from the issuance of the 2025 Notes, 2027 Notes, 2030 Notes, and 2050 Notes as described above, the Company redeemed all outstanding principal amount under its 2.875% Euro Senior Notes due 2024 and 5.875% Senior Notes due 2026 on July 8, 2020. See Note 14 below for further information on the redemption.

Maturities of Debt Instruments

The following table sets forth maturities of the Company's debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs, debt discounts and debt premiums, as of June 30, 2020 (in thousands):



Years ending:
2020 (6 months remaining)	$	2,130,697
2021	225,580
2022	1,148,837
2023	6,510
2024	1,006,031
Thereafter	7,920,085
Total	$	12,437,740

Fair Value of Debt Instruments

The following table sets forth the estimated fair values of the Company's mortgage and loans payable and senior notes, including current maturities, as of (in thousands):



	June 30, 2020		December 31, 2019
Mortgage and loans payable	$	1,304,463	$	1,378,429
Senior notes	11,580,351		9,339,497

The fair values of the mortgage and loans payable and 5.000% Infomart Senior Notes, which are not publicly traded, were estimated by considering the Company's credit rating, current rates available to the Company for debt of the same remaining maturities and terms of the debt (Level 2). The fair value of the senior notes, which are traded in the public debt market, was based on quoted market prices (Level 1).

Interest Charges

The following table sets forth total interest costs incurred, and total interest costs capitalized for the periods presented (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Interest expense	$	108,480	$	120,547	$	215,818	$	243,393
Interest capitalized	6,880		5,910		12,911		15,764
Interest charges incurred	$	115,360	$	126,457	$	228,729	$	259,157

Total interest paid in cash, net of capitalized interest, during the three months ended June 30, 2020 and 2019 was $115.8 million and $107.4 million, respectively. Total interest paid in cash, net of capitalized interest, during the six months ended June 30, 2020 and 2019 was $238.6 million and $243.6 million, respectively.