XML 32 R17.htm IDEA: XBRL DOCUMENT v3.23.2
Debt of the Operating Partnership
 6 Months Ended
Jun. 30, 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):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

June 30, 2023

    

December 31, 2022

​

​

Weighted-

​

​

​

​

Weighted-

​

​

​

​

​

average

​

Amount

​

average

​

Amount

​

​

interest rate

​

Outstanding

​

interest rate

​

Outstanding

Global revolving credit facilities

​

4.18

%

​

$

2,257,864

​

3.04

%

​

$

2,167,889

Unsecured term loans

​

4.59

%

​

​

1,558,175

​

2.49

%

​

​

802,875

Unsecured senior notes

​

2.24

%  

​

​

13,479,366

​

2.44

%  

​

​

13,220,961

Secured and other debt

​

7.72

%  

​

 

560,795

​

7.12

%  

​

 

532,130

Total

​

2.86

%  

​

$

17,856,200

  

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):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2023

​

December 31, 2022

​

​

Amount

​

​

​

​

Amount

​

​

​

Denomination of Draw

    

Outstanding

    

% of Total

​

Outstanding

    

% of Total

U.S. dollar ($)

​

$

2,783,488

  

15.6

%

​

$

3,855,903

  

23.1

%

British pound sterling (£)

 

​

1,968,965

  

11.0

%

​

​

1,929,051

​

11.5

%

Euro (€)

​

​

11,302,553

​

63.3

%

​

​

9,325,126

​

55.8

%

Other

​

​

1,801,194

​

10.1

%

​

​

1,613,775

​

9.6

%

Total

​

$

17,856,200

  

​

​

​

$

16,723,855

  

​

​

​

The table below summarizes debt maturities and principal payments as of June 30, 2023 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Global Revolving

​

Unsecured

​

Unsecured

​

Secured and

​

​

​

​

    

Credit Facilities (1)(2)

    

Term Loans(3)

    

Senior Notes

    

Other Debt

    

Total Debt

2023

​

$

—

​

$

—

​

$

111,665

​

$

113

​

$

111,778

2024

​

​

—

​

​

—

​

​

972,115

​

​

4,558

​

​

976,673

2025

​

​

—

​

​

1,558,175

​

​

1,217,205

​

​

569

​

​

2,775,949

2026

 

​

2,257,864

 

​

—

 

​

1,479,795

 

​

96,922

 

​

3,834,581

2027

 

​

—

 

​

—

 

​

1,167,497

 

​

203,385

 

​

1,370,882

Thereafter

 

​

—

 

​

—

 

​

8,531,089

 

​

255,248

 

​

8,786,337

Subtotal

​

$

2,257,864

​

$

1,558,175

​

$

13,479,366

​

$

560,795

​

$

17,856,200

Unamortized net discounts

​

 

—

​

 

—

​

 

(35,380)

​

 

—

​

 

(35,380)

Unamortized deferred financing costs

​

​

(15,606)

​

​

(9,395)

​

​

(60,167)

​

​

(6,201)

​

​

(91,369)

Total

​

$

2,242,258

​

$

1,548,780

​

$

13,383,819

​

$

554,594

​

$

17,729,451

(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

​

June 30, 2023

​

December 31, 2022

0.600% notes due 2023

​

CHF

100,000

​

$

108,310

​

Oct 02, 2023

​

$

111,665

​

$

108,121

2.625% notes due 2024

​

€

600,000

​

​

677,040

​

Apr 15, 2024

​

​

654,540

​

​

642,300

2.750% notes due 2024

​

£

250,000

​

​

324,925

​

Jul 19, 2024

​

​

317,575

​

​

302,075

4.250% notes due 2025

​

£

400,000

​

​

634,480

​

Jan 17, 2025

​

​

508,120

​

​

483,320

0.625% notes due 2025

​

€

650,000

​

​

720,980

​

Jul 15, 2025

​

​

709,085

​

​

695,825

2.500% notes due 2026

​

€

1,075,000

​

​

1,224,640

​

Jan 16, 2026

​

​

1,172,718

​

​

1,150,788

0.200% notes due 2026

​

CHF

275,000

​

​

298,404

​

Dec 15, 2026

​

​

307,077

​

​

297,331

1.700% notes due 2027

​

CHF

150,000

​

​

162,465

​

Mar 30, 2027

​

​

167,497

​

​

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

​

​

545,450

​

​

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

​

​

301,494

​

​

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

​

​

444,605

​

​

422,905

1.500% notes due 2030

​

€

750,000

​

​

831,900

​

Mar 15, 2030

​

​

818,175

​

​

802,875

3.750% notes due 2030

​

£

550,000

​

​

719,825

​

Oct 17, 2030

​

​

698,665

​

​

664,565

1.250% notes due 2031

​

€

500,000

​

​

560,950

​

Feb 01, 2031

​

​

545,450

​

​

535,250

0.625% notes due 2031

​

€

1,000,000

​

​

1,220,700

​

Jul 15, 2031

​

​

1,090,900

​

​

1,070,500

1.000% notes due 2032

​

€

750,000

​

​

874,500

​

Jan 15, 2032

​

​

818,175

​

​

802,875

1.375% notes due 2032

​

€

750,000

​

​

849,375

​

Jul 18, 2032

​

​

818,175

​

​

802,875

​

​

$

13,479,366

​

$

13,220,961

Unamortized discounts, net of premiums

​

​

​

​

​

​

​

(35,380)

​

​

(37,280)

Deferred financing costs, net

​

​

​

​

​

​

​

(60,167)

​

​

(63,648)

Total unsecured senior notes, net of discount and deferred financing costs

​

$

13,383,819

​

$

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 June 30, 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 six months ended June 30, 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.