XML 60 R16.htm IDEA: XBRL DOCUMENT
v3.24.3

Debt of the Operating Partnership | 9 Months Ended
--- | ---
Sep. 30, 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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2024 |  | December 31, 2023
​ | ​ | Weighted- | ​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​
​ | ​ | average | ​ | Amount | ​ | average | ​ | Amount
​ | ​ | interest rate | ​ | Outstanding | ​ | interest rate | ​ | Outstanding
Global Revolving Credit Facilities | ​ | 3.76 | % | ​ | $ | 1,814,927 | ​ | 4.33 | % | ​ | $ | 1,825,228
Unsecured term loans | ​ | 4.29 | % | ​ | ​ | 917,563 | ​ | 4.76 | % | ​ | ​ | 1,567,925
Unsecured senior notes | ​ | 2.33 | % | ​ | ​ | 13,610,252 | ​ | 2.24 | % | ​ | ​ | 13,507,427
Secured and other debt | ​ | 8.48 | % | ​ |  | 766,304 | ​ | 8.07 | % | ​ |  | 637,072
Total | ​ | 2.86 | % | ​ | $ | 17,109,046 |  | 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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2024 | ​ | December 31, 2023
​ | ​ | Amount | ​ | ​ | ​ | ​ | Amount | ​ | ​ | ​
Denomination of Draw |  | Outstanding |  | % of Total | ​ | Outstanding |  | % of Total
U.S. dollar ($) | ​ | $ | 2,550,614 |  | 14.9 | % | ​ | $ | 2,784,875 |  | 15.9 | %
British pound sterling (£) |  | ​ | 1,738,750 |  | 10.2 | % | ​ | ​ | 1,973,305 | ​ | 11.2 | %
Euro (€) | ​ | ​ | 10,748,658 | ​ | 62.8 | % | ​ | ​ | 10,835,878 | ​ | 61.8 | %
Other | ​ | ​ | 2,071,024 | ​ | 12.1 | % | ​ | ​ | 1,943,594 | ​ | 11.1 | %
Total | ​ | $ | 17,109,046 |  | ​ | ​ | ​ | $ | 17,537,652 |  | ​ | ​
​ The table below summarizes debt maturities and principal payments as of September 30, 2024 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Global Revolving | ​ | Unsecured | ​ | Unsecured | ​ | Secured and | ​ | ​ | ​
​ |  | Credit Facilities (1)(2) |  | Term Loans(3)(4)(5) |  | Senior Notes |  | Other Debt |  | Total Debt
2024 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 140 | ​ | $ | 140
2025 | ​ | ​ | — | ​ | ​ | 917,563 | ​ | ​ | 1,258,775 | ​ | ​ | 853 | ​ | ​ | 2,177,191
2026 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,522,211 | ​ | ​ | 127,129 | ​ | ​ | 1,649,340
2027 |  | ​ | — |  | ​ | — |  | ​ | 1,177,381 |  | ​ | 242,371 |  | ​ | 1,419,752
2028 |  | ​ | — |  | ​ | — |  | ​ | 2,106,750 |  | ​ | 378,106 |  | ​ | 2,484,856
Thereafter |  | ​ | 1,814,927 |  | ​ | — |  | ​ | 7,545,135 |  | ​ | 17,705 |  | ​ | 9,377,767
Subtotal | ​ | $ | 1,814,927 | ​ | $ | 917,563 | ​ | $ | 13,610,252 | ​ | $ | 766,304 | ​ | $ | 17,109,046
Unamortized net discounts | ​ |  | — | ​ |  | — | ​ |  | (30,652) | ​ |  | (3,992) | ​ |  | (34,644)
Unamortized deferred financing costs | ​ | ​ | (28,006) | ​ | ​ | (3,830) | ​ | ​ | (51,539) | ​ | ​ | (4,481) | ​ | ​ | (87,856)
Total | ​ | $ | 1,786,921 | ​ | $ | 913,733 | ​ | $ | 13,528,061 | ​ | $ | 757,831 | ​ | $ | 16,986,546
(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 0.0625% 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 nine months ended September 30, 2024.
(5) | On September 13, 2024, we paid down €375 million on the Euro Term Loan Facilities, leaving €375 million outstanding. The paydown resulted in an early extinguishment charge of approximately $1.6 million during the nine months ended September 30, 2024.
​ On September 24, 2024, we refinanced our Global Revolving Credit Facilities. Below are key terms for our Global Revolving Credit Facility and Yen Revolving Credit Facility. ​ ​ ​ ​ Global Revolving Credit Facility ​ We have a Global Revolving Credit Facility under which we may draw up to $4.2 billion equivalent on a revolving basis (subject to currency fluctuations). The Global Revolving Credit Facility can be drawn in Australian dollars, British pounds sterling, Canadian dollars, Euros, Hong Kong dollars, Indonesian rupiah, Japanese yen, Korean won, Singapore dollars, Swiss francs and U.S. dollars (with the ability to add other currencies in the future). ​ We have the ability to increase the size of the Global Revolving Credit Facility by up to $1.8 billion, subject to the receipt of lender commitments and the satisfaction of certain customary conditions precedent. Other key terms of the Global Revolving Credit Facility are as follows: ​
| ● | Maturity date: January 24, 2029, with two six-month extension options available. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the Global Revolving Credit Facilities.
| ● | Interest rate: the applicable index plus a margin which is based on the credit ratings of our long-term debt and is currently 85 basis points (subject to a sustainability-linked pricing component).
| ● | Annual facility fee: based on the total commitment amount of the facility and the credit ratings of our long-term debt is currently 20 basis points (subject to a sustainability-linked pricing component) and is payable quarterly.
| ● | Sustainability-linked pricing component: pricing can increase by up to 5 basis points or decrease by up to 5 basis points depending on whether or not the OP or its subsidiaries meet certain sustainability performance targets.
Yen Revolving Credit Facility ​ In addition to the Global Revolving Credit Facility, we have a revolving credit facility that provides for borrowings in Japanese Yen of up to ¥42.5 billion (approximately $296.8 million based on the exchange rate on September 24, 2024), hereafter referred to as the “Yen Revolving Credit Facility”). We have the ability from time to time to increase the size of the Yen Revolving Credit Facility to up to ¥102.5 billion, subject to receipt of lender commitments and other conditions precedent. Other key terms of the Yen Revolving Credit Facility are as follows: ​
| ● | Maturity date: January 24, 2029, with two six-month extension options available. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the Global Revolving Credit Facilities.
| ● | Interest rate: the applicable index plus a margin which is based on the credit ratings of our long-term debt and is currently 50 basis points (subject to a sustainability-linked pricing component).
| ● | Quarterly unused commitment fee: currently is 10 basis points (subject to a sustainability-linked pricing component), calculated using the average daily unused revolving credit commitment and is based on the credit ratings of our long-term debt.
| ● | Sustainability-linked pricing component: pricing can increase by up to 5 basis points or decrease by up to 5 basis points depending on whether or not the OP or its subsidiaries meet certain sustainability performance targets.
​ 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 | ​ | September 30, 2024 | ​ | December 31, 2023
2.625% notes due 2024(1) | ​ | € | 600,000 | ​ | $ | 677,040 | ​ | Apr 15, 2024 | ​ | $ | — | ​ | $ | 662,340
2.750% notes due 2024(2) | ​ | £ | 250,000 | ​ | $ | 324,925 | ​ | Jul 19, 2024 | ​ | ​ | — | ​ | ​ | 318,275
4.250% notes due 2025 | ​ | £ | 400,000 | ​ | $ | 634,480 | ​ | Jan 17, 2025 | ​ | ​ | 535,000 | ​ | ​ | 509,240
0.625% notes due 2025 | ​ | € | 650,000 | ​ | $ | 720,980 | ​ | Jul 15, 2025 | ​ | ​ | 723,775 | ​ | ​ | 717,535
2.500% notes due 2026 | ​ | € | 1,075,000 | ​ | $ | 1,224,640 | ​ | Jan 16, 2026 | ​ | ​ | 1,197,013 | ​ | ​ | 1,186,693
0.200% notes due 2026 | ​ | CHF | 275,000 | ​ | $ | 298,404 | ​ | Dec 15, 2026 | ​ | ​ | 325,198 | ​ | ​ | 326,826
1.700% notes due 2027 | ​ | CHF | 150,000 | ​ | $ | 162,465 | ​ | Mar 30, 2027 | ​ | ​ | 177,381 | ​ | ​ | 178,269
3.700% notes due 2027(3) | ​ | $ | 1,000,000 | ​ | $ | 1,000,000 | ​ | Aug 15, 2027 | ​ | ​ | 1,000,000 | ​ | ​ | 1,000,000
5.550% notes due 2028(3) | ​ | $ | 900,000 | ​ | $ | 900,000 | ​ | Jan 15, 2028 | ​ | ​ | 900,000 | ​ | ​ | 900,000
1.125% notes due 2028 | ​ | € | 500,000 | ​ | $ | 548,550 | ​ | Apr 09, 2028 | ​ | ​ | 556,750 | ​ | ​ | 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 | ​ | ​ | 319,285 | ​ | ​ | 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 | ​ | ​ | 468,125 | ​ | ​ | 445,585
1.500% notes due 2030 | ​ | € | 750,000 | ​ | $ | 831,900 | ​ | Mar 15, 2030 | ​ | ​ | 835,125 | ​ | ​ | 827,925
3.750% notes due 2030 | ​ | £ | 550,000 | ​ | $ | 719,825 | ​ | Oct 17, 2030 | ​ | ​ | 735,625 | ​ | ​ | 700,205
1.250% notes due 2031 | ​ | € | 500,000 | ​ | $ | 560,950 | ​ | Feb 01, 2031 | ​ | ​ | 556,750 | ​ | ​ | 551,950
0.625% notes due 2031 | ​ | € | 1,000,000 | ​ | $ | 1,220,700 | ​ | Jul 15, 2031 | ​ | ​ | 1,113,500 | ​ | ​ | 1,103,900
1.000% notes due 2032 | ​ | € | 750,000 | ​ | $ | 874,500 | ​ | Jan 15, 2032 | ​ | ​ | 835,125 | ​ | ​ | 827,925
1.375% notes due 2032 | ​ | € | 750,000 | ​ | $ | 849,375 | ​ | Jul 18, 2032 | ​ | ​ | 835,125 | ​ | ​ | 827,925
3.875% notes due 2033 | ​ | € | 850,000 | ​ | $ | 941,375 | ​ | Sep 13, 2033 | ​ | ​ | 946,475 | ​ | ​ | —
​ | ​ | $ | 13,610,252 | ​ | $ | 13,507,427
Unamortized discounts, net of premiums | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (30,652) | ​ | ​ | (33,324)
Deferred financing costs, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (51,539) | ​ | ​ | (51,761)
Total unsecured senior notes, net of discount and deferred financing costs | ​ | $ | 13,528,061 | ​ | $ | 13,422,342
(1) | Paid at maturity on April 15, 2024.
(2) | Paid at maturity on July 19, 2024.
(3) | 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 September 30, 2024, we were in compliance with each of these financial covenants. ​ Issuance of Unsecured Senior Notes ​ On September 13, 2024, Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2033 (the “2033 Notes”). Net proceeds from the offering were approximately €843 million (approximately $933 million based on the exchange rate on September 13, 2024) after deducting managers’ discounts and estimated offering expenses.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration