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Debt Facilities
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Facilities Debt Facilities
Mortgage and Loans Payable
As of December 31, 2021 and 2020, our mortgage and loans payable consisted of the following (in thousands):
20212020
Term loans$549,697 $1,292,067 
Mortgage payable and loans payable68,691 78,903 
618,388 1,370,970 
Less amount representing unamortized debt discount and debt issuance cost(354)(3,288)
Add amount representing unamortized mortgage premium1,630 1,861 
619,664 1,369,543 
Less current portion(33,087)(82,289)
$586,577 $1,287,254 
Senior Credit Facility
In 2017, we 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 "Term Loan Facility"). The credit agreement was subsequently amended to provide an additional senior unsecured term loan in Japanese Yen for approximately $424.7 million at the exchange rate effective on the transaction date.
On May 17, 2021, using a portion of the net cash proceeds from the 2026 Notes, 2028 Notes, 2031 Notes, and 2052 Notes as described below, we repaid our outstanding term loans in Swedish Krona and Japanese Yen under our Term Loan Facility for $285.4 million and $374.5 million in U.S. Dollars, respectively, at the exchange rates in effect on May 17, 2021. As of December 31, 2021 and December 31, 2020, the total amounts outstanding under the Term Loan Facility, net of debt issuance costs, were $549.3 million and $1.3 billion, respectively. This outstanding amount of $549.3 million as of December 31, 2021 was excluded from current liabilities as we had the ability and intent to refinance this short-term obligation on a long-term basis. See Note 18 Subsequent Events below.
As of December 31, 2021, we had 41 irrevocable letters of credit totaling $90.2 million issued and outstanding under the Revolving Facility, with approximately $1.9 billion remaining available to borrow under the Revolving Facility.
Mortgage Payable
In October 2013, as a result of the Frankfurt Kleyer 90 Carrier Hotel Acquisition, we assumed a mortgage payable of $42.9 million with an effective interest rate of 4.25%. The mortgage payable has monthly principal and interest payments and has an expiration date of August 2022.
In December 2019, as a result of the TR2 Data Center purchase, we assumed a mortgage payable of $43.8 million with an effective interest rate of 3.63%. The mortgage payable has monthly principal and interest payments and has an expiration date of November 2029.
Senior Notes
Our senior notes consisted of the following as of December 31 (in thousands):
20212020
Senior NotesIssuance DateMaturity DateAmountEffective RateAmountEffective Rate
5.000% Infomart Senior Notes
April 2018April 2021$— — %$150,000 4.51 %
2.625% Senior Notes due 2024
November 2019November 20241,000,000 2.79 %1,000,000 2.79 %
1.250% Senior Notes due 2025
June 2020July 2025500,000 1.46 %500,000 1.46 %
1.000% Senior Notes due 2025
October 2020September 2025700,000 1.18 %700,000 1.18 %
2.900% Senior Notes due 2026
November 2019November 2026600,000 3.04 %600,000 3.04 %
2.875% Euro Senior Notes due 2026
December 2017February 2026— — %611,050 3.04 %
1.450% Senior Notes due 2026
May 2021May 2026700,000 1.64 %— — %
0.250% Euro Senior Notes due 2027
March 2021March 2027569,150 0.45 %— — %
1.800% Senior Notes due 2027
June 2020July 2027500,000 1.96 %500,000 1.96 %
5.375% Senior Notes due 2027
March 2017May 2027— — %1,250,000 5.51 %
1.550% Senior Notes due 2028
October 2020March 2028650,000 1.67 %650,000 1.67 %
2.000% Senior Notes due 2028
May 2021May 2028400,000 2.21 %— — %
3.200% Senior Notes due 2029
November 2019November 20291,200,000 3.30 %1,200,000 3.30 %
2.150% Senior Notes due 2030
June 2020July 20301,100,000 2.27 %1,100,000 2.27 %
2.500% Senior Notes due 2031
May 2021May 20311,000,000 2.65 %— — %
1.000% Euro Senior Notes due 2033
March 2021March 2033682,980 1.18 %— — %
3.000% Senior Notes due 2050
June 2020July 2050500,000 3.09 %500,000 3.09 %
2.950% Senior Notes due 2051
October 2020September 2051500,000 3.00 %500,000 3.00 %
3.400% Senior Notes due 2052
May 2021February 2052500,000 3.50 %— — %
11,102,130 9,261,050 
Less amount representing unamortized debt discount and debt issuance cost(117,986)(92,773)
Add amount representing unamortized debt premium— 186 
10,984,144 9,168,463 
Less current portion— (150,186)
$10,984,144 $9,018,277 

0.250% Euro Senior Notes due 2027 and 1.000% Euro Senior Notes due 2033
On March 10, 2021, we issued €500.0 million, or approximately $594.9 million in U.S. dollars, at the exchange rate in effect on March 10, 2021, aggregate principal amount of 0.250% senior notes due March 15, 2027 (the "2027 Euro Notes") and €600.0 million, or approximately $713.8 million in U.S. dollars, at the exchange rate in effect on March 10, 2021, aggregate principal amount of 1.000% senior notes due March 15, 2033 (the "2033 Euro Notes").
Interest on the notes is payable annually in arrears on March 15 of each year, commencing on March 15, 2022. Total debt issuance costs and debt discounts related to the 2027 Euro Notes and the 2033 Euro Notes were $7.0 million and $14.1 million, respectively.
Redemption of 2.875% Euro Senior Notes due 2026
On March 24, 2021, using a portion of the net cash proceeds from the 2027 Euro Senior Notes and 2033 Euro Senior Notes, we redeemed the remaining outstanding 2.875% Euro Senior Notes due 2026 for $590.7 million in
U.S. dollars, at the exchange rate in effect on March 24, 2021. In connection with the redemption, we incurred $13.2 million of loss on debt extinguishment, including $8.5 million in redemption premium that was paid in cash and $4.7 million related to the write-off of unamortized debt issuance costs, during the three months ended March 31, 2021.
1.450% Senior Notes due 2026, 2.000% Senior Notes due 2028, 2.500% Senior Notes due 2031 and 3.400% Senior Notes due 2052
On May 17, 2021, we issued $700.0 million aggregate principal amount of 1.450% senior notes due 2026 (the "2026 Notes"), $400.0 million aggregate principal amount of 2.000% senior notes due 2028 (the "2028 Notes"), $1.0 billion aggregate principal amount of 2.500% senior notes due 2031 (the "2031 Notes"), and $500.0 million aggregate principal amount of 3.400% senior notes due 2052 (the "2052 Notes").
Interest on the 2026, 2028 and 2031 notes are payable semi-annually on May 15 and November 15 of each year, commencing on November 15, 2021. Interest on the 2052 notes are payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2022. Total debt issuance costs and debt discounts related to the 2026 Notes, 2028 Notes, 2031 Notes and 2052 Notes were $6.4 million, $5.3 million, $13.0 million and $9.3 million, respectively.
Redemption of 5.375% Senior Notes due 2027
On June 2, 2021, we redeemed all outstanding principal amount under the 5.375% Senior Notes due 2027 with a portion of the net cash proceeds from the issuance of the 2026 Notes, 2028 Notes, 2031 Notes, and 2052 Notes as described above. In connection with the redemption, we incurred $100.6 million of loss on debt extinguishment, including $90.7 million redemption premium that was paid in cash and $9.9 million related to the write-off of unamortized debt issuance costs.
All of our senior notes are unsecured and rank equal in right of payment to our existing or future senior indebtedness and senior in right of payment to our existing and future subordinated indebtedness. Interest on the senior notes is paid semi-annually in arrears. The senior notes are effectively subordinated to all of the existing and future secured debt, including debt outstanding under any bank facility or secured by any mortgage, to the extent of the assets securing such debt. They are also structurally subordinated to any existing and future indebtedness and other liabilities (including trade payables) of any of our subsidiaries.
Each series of senior notes is governed by an indenture and a supplemental indenture between us and U.S. Bank National Association, as trustee. These supplemental indentures contain covenants that limit our ability and the ability of our subsidiaries to, among other things:
•incur liens;
•enter into sale-leaseback transactions; and
•merge or consolidate with any other person.

As of December 31, 2021, we are in compliance with all covenants. Subject to compliance with the limitations described above, we may issue an unlimited principal amount of additional notes at later dates under the same indenture as the senior notes.
We are not required to make any mandatory redemption with respect to the senior notes; however, upon the event of a change in control, we may be required to offer to purchase the senior notes.
Optional Redemption
With respect to the rest of the Notes listed below, we may redeem at our election, at any time or from time to time, some or all of the notes of any series before they mature. The redemption price will equal the sum of (1) an amount equal to one hundred percent (100%) of the principal amount of the notes being redeemed plus accrued and unpaid interest up to, but not including, the redemption date and (2) a make-whole premium. If the Notes are
redeemed on or after the First Par Call Date listed in the table below, the redemption price will not include a make-whole premium for the applicable notes.
Senior Notes DescriptionFirst Par Call Date
2.625% Senior Notes due 2024
October 18, 2024
1.000% Senior Notes due 2025
August 15, 2025
1.250% Senior Notes due 2025
June 15, 2025
2.900% Senior Notes due 2026
September 18, 2026
1.800% Senior Notes due 2027
May 15, 2027
1.550% Senior Notes due 2028
January 15, 2028
3.200% Senior Notes due 2029
August 18, 2029
2.150% Senior Notes due 2030
April 15, 2030
3.000% Senior Notes due 2050
January 15, 2050
2.950% Senior Notes due 2051
March 15, 2051
0.250% Euro Senior Notes due 2027
January 15, 2027
1.000% Euro Senior Notes due 2033
December 15, 2032
1.450% Senior Notes due 2026
April 15, 2026
2.000% Senior Notes due 2028
March 15, 2028
2.500% Senior Notes due 2031
February 15, 2031
3.400% Senior Notes due 2052
August 15, 2051

Maturities of Debt Instruments
The following table sets forth maturities of our debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs, debt discounts and debt premiums, as of December 31, 2021 (in thousands):
Years ending:
2022$582,783 
20236,664 
20241,006,230 
20251,204,640 
20261,304,770 
Thereafter7,617,061 
$11,722,148 
Fair Value of Debt Instruments
The following table sets forth the estimated fair values of our mortgage and loans payable and senior notes, including current maturities, as of December 31 (in thousands):
20212020
Mortgage and loans payable$621,051 $1,379,129 
Senior notes11,049,834 9,705,486 
The fair values of the mortgage and loans payable, which are not publicly traded, were estimated by considering our credit rating, current rates available to us 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 years ended December 31 (in thousands):
202120202019
Interest expense$336,082 $406,466 $479,684 
Interest capitalized24,505 26,750 32,173 
Interest charges incurred$360,587 $433,216 $511,857 
Total interest paid in cash, net of capitalized interest, during the years ended December 31, 2021, 2020 and 2019 was $401.9 million, $471.7 million and $521.6 million, respectively.