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v3.23.1

Debt of the Operating Partnership | 3 Months Ended
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Mar. 31, 2023
Debt of the Operating Partnership |
Debt of the Operating Partnership | 9. Debt of the Operating Partnership ​ All debt is currently held by the OP or its consolidated subsidiaries, and the Parent is the guarantor or co-guarantor of the Global Revolving Credit Facility and the Yen Revolving Credit Facility (together, referred to as the “Global Revolving Credit Facilities”), the unsecured term loans and the unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2023 |  | December 31, 2022
​ | ​ | Weighted- | ​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​
​ | ​ | average | ​ | Amount | ​ | average | ​ | Amount
​ | ​ | interest rate | ​ | Outstanding | ​ | interest rate | ​ | Outstanding
Global revolving credit facilities | ​ | 4.04 | % | ​ | $ | 2,531,056 | ​ | 3.04 | % | ​ | $ | 2,167,889
Unsecured term loans | ​ | 4.44 | % | ​ | ​ | 1,552,925 | ​ | 2.49 | % | ​ | ​ | 802,875
Unsecured senior notes | ​ | 2.24 | % | ​ | ​ | 13,357,299 | ​ | 2.44 | % | ​ | ​ | 13,220,961
Secured and other debt | ​ | 7.60 | % | ​ |  | 563,856 | ​ | 7.12 | % | ​ |  | 532,130
Total | ​ | 2.85 | % | ​ | $ | 18,005,136 |  | 2.68 | % | ​ | $ | 16,723,855
​ The weighted-average interest rates shown represent interest rates at the end of the periods for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rates on certain variable rate debt, along with cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt in order to hedge the currency exposure associated with our net investment in foreign subsidiaries. ​ We primarily borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies (in thousands, U.S. dollars): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023 | ​ | December 31, 2022
​ | ​ | Amount | ​ | ​ | ​ | ​ | Amount | ​ | ​ | ​
Denomination of Draw |  | Outstanding |  | % of Total | ​ | Outstanding |  | % of Total
U.S. dollar ($) | ​ | $ | 4,732,822 |  | 26.3 | % | ​ | $ | 3,855,903 |  | 23.1 | %
British pound sterling (£) |  | ​ | 1,987,491 |  | 11.0 | % | ​ | ​ | 1,929,051 | ​ | 11.5 | %
Euro (€) | ​ | ​ | 9,500,925 | ​ | 52.8 | % | ​ | ​ | 9,325,126 | ​ | 55.8 | %
Other | ​ | ​ | 1,783,898 | ​ | 9.9 | % | ​ | ​ | 1,613,775 | ​ | 9.6 | %
Total | ​ | $ | 18,005,136 |  | ​ | ​ | ​ | $ | 16,723,855 |  | ​ | ​
​ The table below summarizes debt maturities and principal payments as of March 31, 2023 (in thousands): ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Global Revolving | ​ | Unsecured | ​ | Unsecured | ​ | Secured and | ​ | ​ | ​
​ |  | Credit Facilities (1)(2) |  | Term Loans(3) |  | Senior Notes |  | Other Debt |  | Total Debt
2023 | ​ | $ | — | ​ | $ | — | ​ | $ | 109,235 | ​ | $ | 6,254 | ​ | $ | 115,489
2024 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 958,765 | ​ | ​ | 9,381 | ​ | ​ | 968,146
2025 | ​ | ​ | — | ​ | ​ | 1,552,925 | ​ | ​ | 1,198,015 | ​ | ​ | — | ​ | ​ | 2,750,940
2026 |  | ​ | 2,531,056 |  | ​ | — |  | ​ | 1,465,590 |  | ​ | 55,744 |  | ​ | 4,052,390
2027 |  | ​ | — |  | ​ | — |  | ​ | 1,163,853 |  | ​ | 135,000 |  | ​ | 1,298,853
Thereafter |  | ​ | — |  | ​ | — |  | ​ | 8,461,841 |  | ​ | 357,477 |  | ​ | 8,819,318
Subtotal | ​ | $ | 2,531,056 | ​ | $ | 1,552,925 | ​ | $ | 13,357,299 | ​ | $ | 563,856 | ​ | $ | 18,005,136
Unamortized net discounts | ​ |  | — | ​ |  | — | ​ |  | (36,410) | ​ |  | — | ​ |  | (36,410)
Unamortized deferred financing costs | ​ | ​ | (16,854) | ​ | ​ | (10,650) | ​ | ​ | (62,810) | ​ | ​ | (2,901) | ​ | ​ | (93,215)
Total | ​ | $ | 2,514,202 | ​ | $ | 1,542,275 | ​ | $ | 13,258,079 | ​ | $ | 560,955 | ​ | $ | 17,875,511
(1) | Includes amounts outstanding for the Global Revolving Credit Facilities.
(2) | The Global Revolving Credit Facilities are subject to two six-month extension options exercisable by us.
(3) | A €375.0 million senior unsecured term loan facility is subject to two maturity extension options of one year each. Our U.S. term loan facility of $740 million is subject to one twelve-month extension, provided that the Operating Partnership must pay a 0.1875% extension fee based on the then-outstanding principal amount of the term loans.
​ Unsecured Senior Notes ​ The following table provides details of our unsecured senior notes (balances in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Aggregate Principal Amount at Issuance | ​ | ​ | ​ | Balance as of
​ | ​ | Borrowing Currency | ​ | USD | ​ | Maturity Date | ​ | March 31, 2023 | ​ | December 31, 2022
0.600% notes due 2023 | ​ | CHF | 100,000 | ​ | $ | 108,310 | ​ | Oct 02, 2023 | ​ | $ | 109,235 | ​ | $ | 108,121
2.625% notes due 2024 | ​ | € | 600,000 | ​ | ​ | 677,040 | ​ | Apr 15, 2024 | ​ | ​ | 650,340 | ​ | ​ | 642,300
2.750% notes due 2024 | ​ | £ | 250,000 | ​ | ​ | 324,925 | ​ | Jul 19, 2024 | ​ | ​ | 308,425 | ​ | ​ | 302,075
4.250% notes due 2025 | ​ | £ | 400,000 | ​ | ​ | 634,480 | ​ | Jan 17, 2025 | ​ | ​ | 493,480 | ​ | ​ | 483,320
0.625% notes due 2025 | ​ | € | 650,000 | ​ | ​ | 720,980 | ​ | Jul 15, 2025 | ​ | ​ | 704,535 | ​ | ​ | 695,825
2.500% notes due 2026 | ​ | € | 1,075,000 | ​ | ​ | 1,224,640 | ​ | Jan 16, 2026 | ​ | ​ | 1,165,193 | ​ | ​ | 1,150,788
0.200% notes due 2026 | ​ | CHF | 275,000 | ​ | ​ | 298,404 | ​ | Dec 15, 2026 | ​ | ​ | 300,397 | ​ | ​ | 297,331
1.700% notes due 2027 | ​ | CHF | 150,000 | ​ | ​ | 162,465 | ​ | Mar 30, 2027 | ​ | ​ | 163,853 | ​ | ​ | 162,181
3.700% notes due 2027(1) | ​ | $ | 1,000,000 | ​ | ​ | 1,000,000 | ​ | Aug 15, 2027 | ​ | ​ | 1,000,000 | ​ | ​ | 1,000,000
5.550% notes due 2028(1) | ​ | $ | 900,000 | ​ | ​ | 900,000 | ​ | Jan 15, 2028 | ​ | ​ | 900,000 | ​ | ​ | 900,000
1.125% notes due 2028 | ​ | € | 500,000 | ​ | ​ | 548,550 | ​ | Apr 09, 2028 | ​ | ​ | 541,950 | ​ | ​ | 535,250
4.450% notes due 2028 | ​ | $ | 650,000 | ​ | ​ | 650,000 | ​ | Jul 15, 2028 | ​ | ​ | 650,000 | ​ | ​ | 650,000
0.550% notes due 2029 | ​ | CHF | 270,000 | ​ | ​ | 292,478 | ​ | Apr 16, 2029 | ​ | ​ | 294,936 | ​ | ​ | 291,925
3.600% notes due 2029 | ​ | $ | 900,000 | ​ | ​ | 900,000 | ​ | Jul 01, 2029 | ​ | ​ | 900,000 | ​ | ​ | 900,000
3.300% notes due 2029 | ​ | £ | 350,000 | ​ | ​ | 454,895 | ​ | Jul 19, 2029 | ​ | ​ | 431,795 | ​ | ​ | 422,905
1.500% notes due 2030 | ​ | € | 750,000 | ​ | ​ | 831,900 | ​ | Mar 15, 2030 | ​ | ​ | 812,925 | ​ | ​ | 802,875
3.750% notes due 2030 | ​ | £ | 550,000 | ​ | ​ | 719,825 | ​ | Oct 17, 2030 | ​ | ​ | 678,535 | ​ | ​ | 664,565
1.250% notes due 2031 | ​ | € | 500,000 | ​ | ​ | 560,950 | ​ | Feb 01, 2031 | ​ | ​ | 541,950 | ​ | ​ | 535,250
0.625% notes due 2031 | ​ | € | 1,000,000 | ​ | ​ | 1,220,700 | ​ | Jul 15, 2031 | ​ | ​ | 1,083,900 | ​ | ​ | 1,070,500
1.000% notes due 2032 | ​ | € | 750,000 | ​ | ​ | 874,500 | ​ | Jan 15, 2032 | ​ | ​ | 812,925 | ​ | ​ | 802,875
1.375% notes due 2032 | ​ | € | 750,000 | ​ | ​ | 849,375 | ​ | Jul 18, 2032 | ​ | ​ | 812,925 | ​ | ​ | 802,875
​ | ​ | $ | 13,357,299 | ​ | $ | 13,220,961
Unamortized discounts, net of premiums | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (36,410) | ​ | ​ | (37,280)
Deferred financing costs, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (62,810) | ​ | ​ | (63,648)
Total unsecured senior notes, net of discount and deferred financing costs | ​ | $ | 13,258,079 | ​ | $ | 13,120,033
(1) | Subject to cross-currency swaps.
​ Restrictive Covenants in Unsecured Senior Notes ​ The indentures governing our senior notes contain certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50. The covenants also require us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At March 31, 2023, we were in compliance with each of these financial covenants. Early Extinguishment of Unsecured Senior Notes We recognized the following losses on early extinguishment of unsecured notes:
| ● | During the three months ended March 31, 2022: $51.1 million primarily due to redemption of the 4.750% Notes due 2025 in February 2022.
​ USD Term Loan Agreement ​ On October 25, 2022, the Company, the Operating Partnership, and certain of the Operating Partnership’s subsidiaries entered into an escrow agreement (the “Escrow Agreement”) with Bank of America, N.A., as administrative agent (the “Administrative Agent”), certain lenders (the “Lenders”), and Arnold & Porter Kaye Scholer LLP, as escrow agent (the “Escrow Agent”), pursuant to which the Operating Partnership, the Company, the Administrative Agent and the Lenders delivered executed signature pages to a new term loan agreement among the Operating Partnership, the Company, the Lenders and the Administrative Agent (the “Term Loan Agreement”) to be held in escrow by the Escrow Agent and released by the Escrow Agent upon satisfaction of the terms described in the Escrow Agreement. On January 9, 2023, the terms and conditions of the Escrow Agreement were satisfied, and, on such date, the Term Loan Agreement was deemed executed and became effective. The Term Loan Agreement provides for a $740 million senior unsecured term loan facility (the “Term Loan Facility”). The Term Loan Facility provides for borrowings in U.S. dollars. The Term Loan Facility will mature on March 31, 2025, subject to one twelve-month extension option at the Operating Partnership’s option; provided, that the Operating Partnership must pay a 0.1875% extension fee based on the then-outstanding principal amount of the term loans under the Term Loan Facility.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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