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Debt of the Operating Partnership (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt of the Operating Partnership |
Summary of Outstanding Indebtedness of the Operating Partnership | 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
Schedule of Debt In Functional Currencies | 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 |  | ​ | ​
Schedule of Debt Maturities and Principal Maturities | 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.
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 | ​ | 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.

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