XML 24 R15.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Notes Payable | 9 Months Ended
--- | ---
Sep. 30, 2022
Notes Payable [Abstract] |
Notes Payable | Notes Payable Our notes payable are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at September 30, 2022 and December 31, 2021 are set forth in the tables below:
|  |  |  |  | Amounts at September 30, 2022
| Coupon Rate |  | Effective Rate |  | Principal |  | Unamortized Costs | Book Value |  | Fair Value
|  |  |  |  | ($ amounts in thousands)
U.S. Dollar Denominated Unsecured Debt |  |  |  |  |  |  |  |
Notes due April 23, 2024 | SOFR+0.47% |  | 1.766% |  | $ | 700,000 |  |  | $ | (1,101) |  |  | $ | 698,899 |  |  | $ | 685,550 |
Notes due February 15, 2026 | 0.875% |  | 1.030% |  | 500,000 |  |  | (2,507) |  |  | 497,493 |  |  | 436,666 |
Notes due November 9, 2026 | 1.500% |  | 1.640% |  | 650,000 |  |  | (3,574) |  |  | 646,426 |  |  | 573,097 |
Notes due September 15, 2027 | 3.094% |  | 3.218% |  | 500,000 |  |  | (2,624) |  |  | 497,376 |  |  | 459,630 |
Notes due May 1, 2028 | 1.850% |  | 1.962% |  | 650,000 |  |  | (3,768) |  |  | 646,232 |  |  | 543,338 |
Notes due November 9, 2028 | 1.950% |  | 2.044% |  | 550,000 |  |  | (2,939) |  |  | 547,061 |  |  | 459,260 |
Notes due May 1, 2029 | 3.385% |  | 3.459% |  | 500,000 |  |  | (2,024) |  |  | 497,976 |  |  | 450,179 |
Notes due May 1, 2031 | 2.300% |  | 2.419% |  | 650,000 |  |  | (5,869) |  |  | 644,131 |  |  | 517,641 |
Notes due November 9, 2031 | 2.250% |  | 2.322% |  | 550,000 |  |  | (3,224) |  |  | 546,776 |  |  | 430,706 |
|  |  |  |  | 5,250,000 |  |  | (27,630) |  |  | 5,222,370 |  |  | 4,556,067 |
Euro Denominated Unsecured Debt |  |  |  |  |  |  |  |  |  |
Notes due April 12, 2024 | 1.540% |  | 1.540% |  | 97,984 |  |  | — |  |  | 97,984 |  |  | 94,290 |
Notes due November 3, 2025 | 2.175% |  | 2.175% |  | 237,135 |  |  | — |  |  | 237,135 |  |  | 227,663 |
Notes due September 9, 2030 | 0.500% |  | 0.640% |  | 685,890 |  |  | (8,890) |  |  | 677,000 |  |  | 513,593 |
Notes due January 24, 2032 | 0.875% |  | 0.978% |  | 489,921 |  |  | (4,992) |  |  | 484,929 |  |  | 354,996 |
|  |  |  |  | 1,510,930 |  |  | (13,882) |  |  | 1,497,048 |  |  | 1,190,542 |
Mortgage Debt, secured by 10 real estate facilities with a net book value of $57.5 million | 3.811% |  | 3.811% |  | 21,033 |  |  | — |  |  | 21,033 |  |  | 20,703 |
|  |  |  |  | $ | 6,781,963 |  |  | $ | (41,512) |  |  | $ | 6,740,451 |  |  | $ | 5,767,312 |
| Amounts at
| December 31, 2021
| Book Value |  | Fair Value
| ($ amounts in thousands)
U.S. Dollar Denominated Unsecured Debt |  |  |
Notes due September 15, 2022 | $ | 499,637 |  |  | $ | 506,362 |
Notes due April 23, 2024 | 698,372 |  |  | 700,314 |
Notes due February 15, 2026 | 496,939 |  |  | 488,141 |
Notes due November 9, 2026 | 645,773 |  |  | 649,996 |
Notes due September 15, 2027 | 496,980 |  |  | 535,206 |
Notes due May 1, 2028 | 645,724 |  |  | 649,221 |
Notes due November 9, 2028 | 546,701 |  |  | 548,241 |
Notes due May 1, 2029 | 497,743 |  |  | 545,580 |
Notes due May 1, 2031 | 643,617 |  |  | 656,546 |
Notes due November 9, 2031 | 546,512 |  |  | 551,932 |
| 5,717,998 |  |  | 5,831,539 |
Euro Denominated Unsecured Debt |  |  |
Notes due April 12, 2024 | 113,431 |  |  | 117,526 |
Notes due November 3, 2025 | 274,518 |  |  | 295,256 |
Notes due September 9, 2030 | 784,287 |  |  | 769,561 |
Notes due January 24, 2032 | 561,761 |  |  | 551,842 |
| 1,733,997 |  |  | 1,734,185 |
Mortgage Debt | 23,284 |  |  | 24,208 |
| $ | 7,475,279 |  |  | $ | 7,589,932 |
U.S. Dollar Denominated Unsecured Notes On August 15, 2022, the Company redeemed its 2.370% Senior Notes due September 15, 2022, with an aggregate principal amount of $500.0 million. The U.S. Dollar denominated unsecured notes (the “U.S. Dollar Denominated Unsecured Notes”) have various financial covenants, with which we were in compliance at September 30, 2022. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 14% at September 30, 2022) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 25x for the twelve months ended September 30, 2022) as well as covenants limiting the amount we can encumber our properties with mortgage debt. Euro Denominated Unsecured Notes Our Euro denominated unsecured notes (the “Euro Notes”) consist of four tranches: (i) €242.0 million issued to institutional investors on November 3, 2015, (ii) €100.0 million issued to institutional investors on April 12, 2016, (iii) €500.0 million issued in a public offering on January 24, 2020, and (iv) €700.0 million issued in a public offering on September 9, 2021. The Euro Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes. We reflect changes in the U.S. Dollar equivalent of the amount payable including the associated interest, as a result of changes in foreign exchange rates as “Foreign currency exchange gain” on our income statement (gains of $100.9 million and $239.2 million for the three and nine months ended September 30, 2022, respectively, as compared to gains of $40.9 million and $73.6 million for the three and nine months ended September 30, 2021, respectively). Mortgage Notes We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method. At September 30, 2022, the related contractual interest rates of our mortgage notes are fixed, ranging between 3.2% and 7.1%, and mature between February 1, 2023 and July 1, 2030. At September 30, 2022, approximate principal maturities of our Notes Payable are as follows (amounts in thousands):
| Unsecured Debt |  | Mortgage Debt |  | Total
Remainder of 2022 | $ | — |  | $ | 212 |  | $ | 212
2023 | — |  | 19,219 |  | 19,219
2024 | 797,984 |  | 124 |  | 798,108
2025 | 237,135 |  | 131 |  | 237,266
2026 | 1,150,000 |  | 138 |  | 1,150,138
Thereafter | 4,575,811 |  | 1,209 |  | 4,577,020
| $ | 6,760,930 |  | $ | 21,033 |  | $ | 6,781,963
Weighted average effective rate | 1.9% |  | 3.8% |  | 1.9%
Cash paid for interest totaled $87.6 million and $49.8 million for the nine months ended September 30, 2022 and 2021, respectively. Interest capitalized as real estate totaled $4.2 million and $2.6 million for the nine months ended September 30, 2022 and 2021, respectively.

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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