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v3.23.3

Notes Payable (Tables) - Notes and bonds payable | 9 Months Ended
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Sep. 30, 2023
Debt |
Schedule of Unsecured Notes and Bonds | At September 30, 2023, our senior unsecured notes and bonds are USD-denominated, Sterling-denominated, and Euro-denominated. Foreign-denominated notes are converted at the applicable exchange rate on the balance sheet date. The following are sorted by maturity date (in thousands):
|  |  |  |  |  | Carrying Value (USD) as of
|  | Maturity Dates |  | Principal (Currency Denomination) |  | September 30, 2023 |  | December 31, 2022
4.600% Notes due 2024 |  | February 6, 2024 |  | $ | 499,999 |  |  | $ | 499,999 |  |  | $ | 499,999 |
3.875% Notes due 2024 |  | July 15, 2024 |  | $ | 350,000 |  |  | 350,000 |  |  | 350,000 |
3.875% Notes due 2025 |  | April 15, 2025 |  | $ | 500,000 |  |  | 500,000 |  |  | 500,000 |
4.625% Notes due 2025 |  | November 1, 2025 |  | $ | 549,997 |  |  | 549,997 |  |  | 549,997 |
5.050% Notes due 2026 |  | January 13, 2026 |  | $ | 500,000 |  |  | 500,000 |  |  | — |
0.750% Notes due 2026 |  | March 15, 2026 |  | $ | 325,000 |  |  | 325,000 |  |  | 325,000 |
4.875% Notes due 2026 |  | June 1, 2026 |  | $ | 599,997 |  |  | 599,997 |  |  | 599,997 |
4.125% Notes due 2026 |  | October 15, 2026 |  | $ | 650,000 |  |  | 650,000 |  |  | 650,000 |
1.875% Notes due 2027 (1) |  | January 14, 2027 |  | £ | 250,000 |  |  | 305,075 |  |  | 301,225 |
3.000% Notes due 2027 |  | January 15, 2027 |  | $ | 600,000 |  |  | 600,000 |  |  | 600,000 |
1.125% Notes due 2027 (1) |  | July 13, 2027 |  | £ | 400,000 |  |  | 488,120 |  |  | 481,960 |
3.950% Notes due 2027 |  | August 15, 2027 |  | $ | 599,873 |  |  | 599,873 |  |  | 599,873 |
3.650% Notes due 2028 |  | January 15, 2028 |  | $ | 550,000 |  |  | 550,000 |  |  | 550,000 |
3.400% Notes due 2028 |  | January 15, 2028 |  | $ | 599,816 |  |  | 599,816 |  |  | 599,816 |
2.200% Notes due 2028 |  | June 15, 2028 |  | $ | 499,959 |  |  | 499,959 |  |  | 499,959 |
4.700% Notes due 2028 |  | December 15, 2028 |  | $ | 400,000 |  |  | 400,000 |  |  | — |
3.250% Notes due 2029 |  | June 15, 2029 |  | $ | 500,000 |  |  | 500,000 |  |  | 500,000 |
3.100% Notes due 2029 |  | December 15, 2029 |  | $ | 599,291 |  |  | 599,291 |  |  | 599,291 |
4.850% Notes due 2030 |  | March 15, 2030 |  | $ | 600,000 |  |  | 600,000 |  |  | — |
3.160% Notes due 2030 |  | June 30, 2030 |  | £ | 140,000 |  |  | 170,842 |  |  | 168,686 |
4.875% Notes due 2030 (1) |  | July 6, 2030 |  | € | 550,000 |  |  | 582,120 |  |  | — |
1.625% Notes due 2030 (1) |  | December 15, 2030 |  | £ | 400,000 |  |  | 488,120 |  |  | 481,960 |
3.250% Notes due 2031 |  | January 15, 2031 |  | $ | 950,000 |  |  | 950,000 |  |  | 950,000 |
3.180% Notes due 2032 |  | June 30, 2032 |  | £ | 345,000 |  |  | 421,004 |  |  | 415,691 |
5.625% Notes due 2032 |  | October 13, 2032 |  | $ | 750,000 |  |  | 750,000 |  |  | 750,000 |
2.850% Notes due 2032 |  | December 15, 2032 |  | $ | 699,655 |  |  | 699,655 |  |  | 699,655 |
1.800% Notes due 2033 |  | March 15, 2033 |  | $ | 400,000 |  |  | 400,000 |  |  | 400,000 |
1.750% Notes due 2033 (1) |  | July 13, 2033 |  | £ | 350,000 |  |  | 427,105 |  |  | 421,715 |
4.900% Notes due 2033 |  | July 15, 2033 |  | $ | 600,000 |  |  | 600,000 |  |  | — |
2.730% Notes due 2034 |  | May 20, 2034 |  | £ | 315,000 |  |  | 384,395 |  |  | 379,544 |
5.125% Notes due 2034 (1) |  | July 6, 2034 |  | € | 550,000 |  |  | 582,120 |  |  | — |
5.875% Bonds due 2035 |  | March 15, 2035 |  | $ | 250,000 |  |  | 250,000 |  |  | 250,000 |
3.390% Notes due 2037 |  | June 30, 2037 |  | £ | 115,000 |  |  | 140,335 |  |  | 138,563 |
2.500% Notes due 2042 (1) |  | January 14, 2042 |  | £ | 250,000 |  |  | 305,075 |  |  | 301,225 |
4.650% Notes due 2047 |  | March 15, 2047 |  | $ | 550,000 |  |  | 550,000 |  |  | 550,000 |
Total principal amount |  | $ | 17,417,897 |  |  | $ | 14,114,156 |
Unamortized net premiums, deferred financing costs, and cumulative basis adjustment on fair value hedge (2) |  | 64,755 |  |  | 163,857 |
|  |  |  |  |  | $ | 17,482,652 |  |  | $ | 14,278,013 |
(1) Interest paid annually. Interest on the remaining senior unsecured notes and bond obligations included in the table is paid semi-annually. (2) In January 2023, in conjunction with the pricing of these senior unsecured notes due January 2026, we entered into three-year, fixed-to-variable interest rate swaps, which are accounted for as fair value hedges. See Note 11, Derivative Instruments for further details.
Schedule of Maturity of Debt, Net | The following table summarizes the maturity of our notes and bonds payable as of September 30, 2023, excluding $64.8 million related to unamortized net premiums, deferred financing costs, and basis adjustment on interest rate swaps designated as fair value hedges (dollars in millions):
Year of Maturity |  | Principal
2023 |  | $ | — |
2024 |  | 850.0 |
2025 |  | 1,050.0 |
2026 |  | 2,075.0 |
2027 |  | 1,993.1 |
Thereafter |  | 11,449.8 |
Totals |  | $ | 17,417.9 |
Schedule of Note Issuances | During the nine months ended September 30, 2023, we issued the following notes and bonds (in millions):
|  | Date of Issuance |  | Maturity Date |  | Principal amount |  | Price of par value |  | Effective yield to maturity
5.050% Notes |  | January 2023 |  | January 2026 |  | $ | 500.0 |  | (1) | 99.618 | % |  | 5.189 | %
4.850% Notes |  | January 2023 |  | March 2030 |  | $ | 600.0 |  |  | 98.813 | % |  | 5.047 | %
4.700% Notes |  | April 2023 |  | December 2028 |  | $ | 400.0 |  |  | 98.949 | % |  | 4.912 | %
4.900% Notes |  | April 2023 |  | July 2033 |  | $ | 600.0 |  |  | 98.020 | % |  | 5.148 | %
4.875% Notes |  | July 2023 |  | July 2030 |  | € | 550.0 |  |  | 99.421 | % |  | 4.975 | %
5.125% Notes |  | July 2023 |  | July 2034 |  | € | 550.0 |  |  | 99.506 | % |  | 5.185 | %
(1) In January 2023, we issued $500 million of 5.05% senior unsecured notes due January 13, 2026, which are callable at par on January 13, 2024.

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