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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 RateEffective Rate PrincipalUnamortized CostsBook
 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, 20261.500%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, 20281.950%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, 20312.250%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, 20300.500%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 $5,767,312 
Amounts at
 December 31, 2021
 Book ValueFair Value
 ($ amounts in thousands)
U.S. Dollar Denominated Unsecured Debt
Notes due September 15, 2022 $499,637 $506,362 
Notes due April 23, 2024698,372 700,314 
Notes due February 15, 2026496,939 488,141 
Notes due November 9, 2026645,773 649,996 
Notes due September 15, 2027496,980 535,206 
Notes due May 1, 2028645,724 649,221 
Notes due November 9, 2028546,701 548,241 
Notes due May 1, 2029497,743 545,580 
Notes due May 1, 2031643,617 656,546 
Notes due November 9, 2031546,512 551,932 
 5,717,998 5,831,539 
Euro Denominated Unsecured Debt
Notes due April 12, 2024113,431 117,526 
Notes due November 3, 2025274,518 295,256 
Notes due September 9, 2030784,287 769,561 
Notes due January 24, 2032561,761 551,842 
 1,733,997 1,734,185 
Mortgage Debt23,284 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 DebtMortgage DebtTotal
Remainder of 2022
$—$212$212
2023—19,21919,219
2024797,984124798,108
2025237,135131237,266
20261,150,0001381,150,138
Thereafter 4,575,8111,2094,577,020
$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.