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Notes Payable
 12 Months Ended
Dec. 31, 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 December 31, 2022 and 2021 are set forth in the tables below:
   
Amounts at December 31, 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%
2.831%$700,000 $(925)$699,075 $691,309 
Notes due February 15, 2026
0.875%1.030%500,000 (2,322)497,678 441,849 
Notes due November 9, 20261.500%1.640%650,000 (3,357)646,643 578,899 
Notes due September 15, 2027
3.094%3.218%500,000 (2,492)497,508 466,029 
Notes due May 1, 2028
1.850%1.962%650,000 (3,599)646,401 558,197 
Notes due November 9, 20281.950%2.044%550,000 (2,818)547,182 468,509 
Notes due May 1, 2029
3.385%3.459%500,000 (1,947)498,053 456,855 
Notes due May 1, 2031
2.300%2.419%650,000 (5,697)644,303 530,390 
Notes due November 9, 20312.250%2.322%550,000 (3,134)546,866 443,514 
 5,250,000 (26,291)5,223,709 4,635,551 
Euro Denominated Unsecured Debt
Notes due April 12, 2024
1.540%1.540%107,035 — 107,035 104,344 
Notes due November 3, 2025
2.175%2.175%259,039 — 259,039 246,119 
Notes due September 9, 20300.500%0.640%749,245 (8,611)740,634 566,204 
Notes due January 24, 2032
0.875%0.978%535,175 (4,858)530,317 396,297 
   1,650,494 (13,469)1,637,025 1,312,964 
 Mortgage Debt, secured by 5 real estate facilities with a net book value of $17.0 million
3.410%3.410%10,092 — 10,092 9,568 
 $6,910,586 $(39,760)$6,870,826 $5,958,083 
Amounts at
 December 31, 2021
 Book ValueFair Value
 ($ 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.
On January 19, 2021, we completed a public offering of $500 million aggregate principal amount of senior notes bearing interest at an annual rate of 0.875% and maturing on February 15, 2026. Interest on the senior notes is payable semi-annually, commencing on August 15, 2021. In connection with the offering, we incurred $3.8 million in costs.
On April 23, 2021, we completed a public offering of $700 million, $650 million, and $650 million aggregate principal amount of senior notes bearing interest at an annual rate of the Compounded Secured Overnight Financing Rate (“SOFR”) plus 0.47% (reset quarterly and at 4.36% as of December 31, 2022), 1.850%, and 2.300%, respectively, and maturing on April 23, 2024, May 1, 2028, and May 1, 2031, respectively. Interest on the 2024 notes is payable quarterly, commencing on July 23, 2021. Interest on the 2028 notes and 2031 notes is payable semi-annually, commencing on November 1, 2021. In connection with the offering, we incurred a total of $13.7 million in costs.
On November 9, 2021, we completed a public offering of $650 million, $550 million, and $550 million aggregate principal amount of senior notes bearing interest at an annual rate of 1.500%, 1.950%, and 2.250%, respectively, and maturing on November 9, 2026, November 9, 2028, and November 9, 2031, respectively. Interest on the senior notes is payable semi-annually, commencing on May 9, 2022. In connection with the offering, we incurred a total of $11.3 million in costs.
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 December 31, 2022. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 14% at December 31, 2022) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 25x for the twelve months ended December 31, 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. Interest is payable semi-annually on the notes issued November 3, 2015 and April 12, 2016, and annually on the notes issued January 24, 2020 and 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 (loss)” on our income statement (gains of $99.2 million for 2022, as compared to gains of $111.8 million for 2021 and losses of $98.0 million for 2020).
Mortgage Notes
We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method.
At December 31, 2022, the related contractual interest rates of our mortgage notes are fixed, ranging between 3.2% and 7.1%, and mature between November 1, 2023 and July 1, 2030.
At December 31, 2022, approximate principal maturities of our Notes Payable are as follows (amounts in thousands):
 Unsecured DebtMortgage DebtTotal
2023$—$8,270$8,270
2024807,035124807,159
2025259,039131259,170
20261,150,0001381,150,138
2027500,000140500,140
Thereafter 4,184,4201,2894,185,709
$6,900,494$10,092$6,910,586
Weighted average effective rate 2.0%3.4%2.0%
Cash paid for interest totaled $133.8 million, $77.7 million, and $52.7 million for 2022, 2021, and 2020, respectively. Interest capitalized as real estate totaled $6.0 million, $3.5 million and $3.4 million for 2022, 2021, and 2020, respectively.