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Debt of the Operating Partnership (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt of the Operating Partnership |
Summary of Outstanding Indebtedness of the Operating Partnership | 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
Schedule of Debt In Functional Currencies | 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 |  | ​ | ​
Schedule of Debt Maturities and Principal Maturities | 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.
Schedule of 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.

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