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Debt of the Operating Partnership | 3 Months Ended
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Mar. 31, 2024
Debt of the Operating Partnership |
Debt of the Operating Partnership | 8. 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, 2024 |  | December 31, 2023
​ | ​ | Weighted- | ​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​
​ | ​ | average | ​ | Amount | ​ | average | ​ | Amount
​ | ​ | interest rate | ​ | Outstanding | ​ | interest rate | ​ | Outstanding
Global Revolving Credit Facilities | ​ | 4.31 | % | ​ | $ | 1,912,492 | ​ | 4.33 | % | ​ | $ | 1,825,228
Unsecured term loans | ​ | 4.45 | % | ​ | ​ | 1,309,250 | ​ | 4.76 | % | ​ | ​ | 1,567,925
Unsecured senior notes | ​ | 2.25 | % | ​ | ​ | 13,271,593 | ​ | 2.24 | % | ​ | ​ | 13,507,427
Secured and other debt | ​ | 8.12 | % | ​ |  | 631,469 | ​ | 8.07 | % | ​ |  | 637,072
Total | ​ | 2.87 | % | ​ | $ | 17,124,804 |  | 2.89 | % | ​ | $ | 17,537,652
​ 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, 2024 | ​ | December 31, 2023
​ | ​ | Amount | ​ | ​ | ​ | ​ | Amount | ​ | ​ | ​
Denomination of Draw |  | Outstanding |  | % of Total | ​ | Outstanding |  | % of Total
U.S. dollar ($) | ​ | $ | 2,547,589 |  | 14.9 | % | ​ | $ | 2,784,875 |  | 15.9 | %
British pound sterling (£) |  | ​ | 1,956,565 |  | 11.4 | % | ​ | ​ | 1,973,305 | ​ | 11.2 | %
Euro (€) | ​ | ​ | 10,742,146 | ​ | 62.7 | % | ​ | ​ | 10,835,878 | ​ | 61.8 | %
Other | ​ | ​ | 1,878,504 | ​ | 11.0 | % | ​ | ​ | 1,943,594 | ​ | 11.1 | %
Total | ​ | $ | 17,124,804 |  | ​ | ​ | ​ | $ | 17,537,652 |  | ​ | ​
​ The table below summarizes debt maturities and principal payments as of March 31, 2024 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Global Revolving | ​ | Unsecured | ​ | Unsecured | ​ | Secured and | ​ | ​ | ​
​ |  | Credit Facilities (1)(2) |  | Term Loans(3)(4) |  | Senior Notes |  | Other Debt |  | Total Debt
2024 | ​ | $ | — | ​ | $ | — | ​ | $ | 962,975 | ​ | $ | 234 | ​ | $ | 963,209
2025 | ​ | ​ | — | ​ | ​ | 1,309,250 | ​ | ​ | 1,206,270 | ​ | ​ | 568 | ​ | ​ | 2,516,088
2026 | ​ | ​ | 1,912,492 | ​ | ​ | — | ​ | ​ | 1,464,840 | ​ | ​ | 108,177 | ​ | ​ | 3,485,509
2027 |  | ​ | — |  | ​ | — |  | ​ | 1,166,317 |  | ​ | 217,099 |  | ​ | 1,383,416
2028 |  | ​ | — |  | ​ | — |  | ​ | 2,089,500 |  | ​ | 290,516 |  | ​ | 2,380,016
Thereafter |  | ​ | — |  | ​ | — |  | ​ | 6,381,691 |  | ​ | 14,875 |  | ​ | 6,396,566
Subtotal | ​ | $ | 1,912,492 | ​ | $ | 1,309,250 | ​ | $ | 13,271,593 | ​ | $ | 631,469 | ​ | $ | 17,124,804
Unamortized net discounts | ​ |  | — | ​ |  | — | ​ |  | (30,928) | ​ |  | (3,651) | ​ |  | (34,579)
Unamortized deferred financing costs | ​ | ​ | (11,366) | ​ | ​ | (5,987) | ​ | ​ | (50,463) | ​ | ​ | (2,068) | ​ | ​ | (69,884)
Total | ​ | $ | 1,901,126 | ​ | $ | 1,303,263 | ​ | $ | 13,190,202 | ​ | $ | 625,750 | ​ | $ | 17,020,341
(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; provided that the Operating Partnership must pay a 0.06 extension fee based on each lender’s revolving commitments then outstanding (whether funded or unfunded).
(3) | A €375.0 million senior unsecured term loan facility is subject to two maturity extension options of one year each, provided that the Operating Partnership must pay a 0.125% extension fee based on the then-outstanding principal amount of such facility commitments then outstanding. Our U.S. term loan facility of $500 million currently 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.
(4) | On January 9, 2024, we paid down $240 million on the U.S. term loan facility, leaving $500 million outstanding. The paydown resulted in an early extinguishment charge of approximately $1.1 million during the three months ended March 31, 2024.
​ 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, 2024 | ​ | December 31, 2023
2.625% notes due 2024(1) | ​ | € | 600,000 | ​ | ​ | 677,040 | ​ | Apr 15, 2024 | ​ | $ | 647,400 | ​ | $ | 662,340
2.750% notes due 2024 | ​ | £ | 250,000 | ​ | ​ | 324,925 | ​ | Jul 19, 2024 | ​ | ​ | 315,575 | ​ | ​ | 318,275
4.250% notes due 2025 | ​ | £ | 400,000 | ​ | ​ | 634,480 | ​ | Jan 17, 2025 | ​ | ​ | 504,920 | ​ | ​ | 509,240
0.625% notes due 2025 | ​ | € | 650,000 | ​ | ​ | 720,980 | ​ | Jul 15, 2025 | ​ | ​ | 701,350 | ​ | ​ | 717,535
2.500% notes due 2026 | ​ | € | 1,075,000 | ​ | ​ | 1,224,640 | ​ | Jan 16, 2026 | ​ | ​ | 1,159,925 | ​ | ​ | 1,186,693
0.200% notes due 2026 | ​ | CHF | 275,000 | ​ | ​ | 298,404 | ​ | Dec 15, 2026 | ​ | ​ | 304,915 | ​ | ​ | 326,826
1.700% notes due 2027 | ​ | CHF | 150,000 | ​ | ​ | 162,465 | ​ | Mar 30, 2027 | ​ | ​ | 166,317 | ​ | ​ | 178,269
3.700% notes due 2027(2) | ​ | $ | 1,000,000 | ​ | ​ | 1,000,000 | ​ | Aug 15, 2027 | ​ | ​ | 1,000,000 | ​ | ​ | 1,000,000
5.550% notes due 2028(2) | ​ | $ | 900,000 | ​ | ​ | 900,000 | ​ | Jan 15, 2028 | ​ | ​ | 900,000 | ​ | ​ | 900,000
1.125% notes due 2028 | ​ | € | 500,000 | ​ | ​ | 548,550 | ​ | Apr 09, 2028 | ​ | ​ | 539,500 | ​ | ​ | 551,950
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 | ​ | ​ | 299,371 | ​ | ​ | 320,884
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 | ​ | ​ | 441,805 | ​ | ​ | 445,585
1.500% notes due 2030 | ​ | € | 750,000 | ​ | ​ | 831,900 | ​ | Mar 15, 2030 | ​ | ​ | 809,250 | ​ | ​ | 827,925
3.750% notes due 2030 | ​ | £ | 550,000 | ​ | ​ | 719,825 | ​ | Oct 17, 2030 | ​ | ​ | 694,265 | ​ | ​ | 700,205
1.250% notes due 2031 | ​ | € | 500,000 | ​ | ​ | 560,950 | ​ | Feb 01, 2031 | ​ | ​ | 539,500 | ​ | ​ | 551,950
0.625% notes due 2031 | ​ | € | 1,000,000 | ​ | ​ | 1,220,700 | ​ | Jul 15, 2031 | ​ | ​ | 1,079,000 | ​ | ​ | 1,103,900
1.000% notes due 2032 | ​ | € | 750,000 | ​ | ​ | 874,500 | ​ | Jan 15, 2032 | ​ | ​ | 809,250 | ​ | ​ | 827,925
1.375% notes due 2032 | ​ | € | 750,000 | ​ | ​ | 849,375 | ​ | Jul 18, 2032 | ​ | ​ | 809,250 | ​ | ​ | 827,925
​ | ​ | $ | 13,271,593 | ​ | $ | 13,507,427
Unamortized discounts, net of premiums | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (30,928) | ​ | ​ | (33,324)
Deferred financing costs, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (50,463) | ​ | ​ | (51,761)
Total unsecured senior notes, net of discount and deferred financing costs | ​ | $ | 13,190,202 | ​ | $ | 13,422,342
(1) | Paid at maturity on April 15, 2024.
(2) | 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, 2024, we were in compliance with each of these financial covenants. ​

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