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Notes Payable (Tables)

9 Months Ended

Sep. 30, 2023

Our notes payable at September 30, 2023 and December 31, 2022 are set forth in the tables below:


			Amounts at September 30, 2023								Amounts at December 31, 2022
	Coupon Rate	Effective Rate	Principal		Unamortized Costs		Book Value		Fair Value		Book Value		Fair Value

			($ amounts in thousands)
U.S. Dollar Denominated Unsecured Debt

Notes due April 23, 2024	SOFR+0.47%	5.791%	$	700,000	$	(397)	$	699,603	$	699,950	$	699,075	$	691,309
Notes due July 25, 2025	SOFR+0.60%	5.932%	400,000		(1,481)		398,519		400,277		—		—
Notes due February 15, 2026	0.875%	1.030%	500,000		(1,766)		498,234		448,646		497,678		441,849
Notes due November 9, 2026	1.500%	1.640%	650,000		(2,704)		647,296		580,053		646,643		578,899
Notes due September 15, 2027	3.094%	3.218%	500,000		(2,096)		497,904		460,565		497,508		466,029
Notes due May 1, 2028	1.850%	1.962%	650,000		(3,091)		646,909		556,154		646,401		558,197
Notes due November 9, 2028	1.950%	2.044%	550,000		(2,457)		547,543		465,373		547,182		468,509
Notes due January 15, 2029	5.125%	5.260%	500,000		(3,093)		496,907		491,674		—		—
Notes due May 1, 2029	3.385%	3.459%	500,000		(1,714)		498,286		450,606		498,053		456,855
Notes due May 1, 2031	2.300%	2.419%	650,000		(5,183)		644,817		517,832		644,303		530,390
Notes due November 9, 2031	2.250%	2.322%	550,000		(2,872)		547,128		429,370		546,866		443,514
Notes due August 1, 2033	5.100%	5.207%	700,000		(5,697)		694,303		669,161		—		—
Notes due August 1, 2053	5.350%	5.442%	600,000		(8,050)		591,950		546,860		—		—
			7,450,000		(40,601)		7,409,399		6,716,521		5,223,709		4,635,551

Euro Denominated Unsecured Debt
Notes due April 12, 2024	1.540%	1.540%	105,744		—		105,744		103,939		107,035		104,344
Notes due November 3, 2025	2.175%	2.175%	255,915		—		255,915		244,650		259,039		246,119
Notes due September 9, 2030	0.500%	0.640%	740,208		(7,771)		732,437		566,585		740,634		566,204
Notes due January 24, 2032	0.875%	0.978%	528,720		(4,456)		524,264		396,406		530,317		396,297
			1,630,587		(12,227)		1,618,360		1,311,580		1,637,025		1,312,964

Mortgage Debt, secured by 2 real estate facilities with a net book value of $11.7 million	4.414%	4.414%	1,863		—		1,863		1,653		10,092		9,568

			$	9,082,450	$	(52,828)	$	9,029,622	$	8,029,754	$	6,870,826	$	5,958,083

Schedule of Maturities of Notes Payable

At September 30, 2023, approximate principal maturities of our Notes Payable are as follows (amounts in thousands):


	Unsecured Debt		Mortgage Debt		Total

Remainder of 2023	$	—	$	30	$	30
2024	805,744		124		805,868
2025	655,915		131		656,046
2026	1,150,000		138		1,150,138
2027	500,000		146		500,146
Thereafter	5,968,928		1,294		5,970,222
	$	9,080,587	$	1,863	$	9,082,450
Weighted average effective rate	3.1%		4.4%		3.1%