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Debt | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Debt | Debt Bank Line of Credit and Term Loan On May 23, 2019, the Company executed a $2.5 billion unsecured revolving line of credit facility, with a maturity date of May 23, 2023 and two six-month extension options, subject to certain customary conditions. Also in May 2019, the Company entered into a $250 million unsecured term loan facility, with a maturity date of May 23, 2024 (the “2019 Term Loan”). In July 2021, the Company repaid the $250 million 2019 Term Loan; therefore, at December 31, 2021, there was no outstanding balance. The outstanding balance on the 2019 Term Loan at December 31, 2020 was $250 million. In September 2021, the Company executed an amended and restated unsecured revolving line of credit (the “Revolving Facility”), to increase total revolving commitments from $2.5 billion to $3.0 billion and extend the maturity date to January 20, 2026. This maturity date may be further extended pursuant to two six-month extension options, subject to certain customary conditions. Borrowings under the Revolving Facility accrue interest at LIBOR plus a margin that depends on the credit ratings of the Company’s senior unsecured long-term debt. The Company also pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on the Company’s credit ratings at December 31, 2021, the margin on the Revolving Facility was 0.78% and the facility fee was 0.15%. At December 31, 2021 and 2020, the Company had no balance outstanding under the Revolving Facility. The Revolving Facility includes a feature that allows the Company to increase the borrowing capacity by an aggregate amount of up to $750 million, subject to securing additional commitments. Further, the Revolving Facility includes customary LIBOR replacement language, including, but not limited to, the use of rates based on the secured overnight financing rate administered by the Federal Reserve Bank of New York. The Revolving Facility also includes a sustainability-linked pricing component whereby the applicable margin may be reduced by up to 0.025% based on the Company’s achievement of specified sustainability-linked metrics, subject to certain conditions. The Revolving Facility also contains certain financial restrictions and other customary requirements, including financial covenants and cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the agreement: (i) limit the ratio of Enterprise Total Indebtedness to Enterprise Gross Asset Value to 60%; (ii) limit the ratio of Enterprise Secured Debt to Enterprise Gross Asset Value to 40%; (iii) limit the ratio of Enterprise Unsecured Debt to Enterprise Unencumbered Asset Value to 60%; (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times; and (v) require a minimum Consolidated Tangible Net Worth of $7.7 billion. The Company believes it was in compliance with each of these covenants at December 31, 2021. Commercial Paper Program In September 2019, the Company established an unsecured commercial paper program (the “Commercial Paper Program”). Under the terms of the Commercial Paper Program, the Company may issue, from time to time, unsecured short-term debt securities with varying maturities. Amounts available under the Commercial Paper Program may be borrowed, repaid, and re-borrowed from time to time. During 2021, the Company increased the maximum aggregate face or principal amount that can be outstanding at any one time from $1.0 billion to $1.5 billion. Amounts borrowed under the Commercial Paper Program will be sold on terms that are customary for the U.S. commercial paper market and will be at least equal in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness. The Company uses its Revolving Facility as a liquidity backstop for the repayment of unsecured short-term debt securities issued under the Commercial Paper Program. At December 31, 2021, the Company had $1.17 billion of securities outstanding under the Commercial Paper Program, with original maturities of approximately two months and a weighted average interest rate of 0.32%. At December 31, 2020, the Company had $130 million of securities outstanding under the Commercial Paper Program, with original maturities of approximately one month and a weighted average interest rate of 0.30%. Senior Unsecured Notes At December 31, 2021, the Company had senior unsecured notes outstanding with an aggregate principal balance of $4.7 billion. The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions, and other customary terms. The Company believes it was in compliance with these covenants at December 31, 2021. In July 2021, the Company completed its inaugural green bond offering. In November 2021, the Company completed a second green bond offering. Both green bonds are or will be allocated to eligible green projects, and the Company may choose to allocate or re-allocate net proceeds from such offerings to one more other eligible green projects. The following table summarizes the Company’s senior unsecured notes issuances, including the green bond offerings discussed above, for the periods presented (dollars in thousands):
Issue Date |  | Amount |  | Coupon Rate |  | Maturity Date
Year ended December 31, 2021: |  |  |  |  |  |
November 24, 2021 |  | $ | 500,000 |  |  | 2.13 | % |  | 2028
July 12, 2021 |  | 450,000 |  |  | 1.35 | % |  | 2027
Year ended December 31, 2020: |  |  |  |  |  |
June 23, 2020 |  | 600,000 |  |  | 2.88 | % |  | 2031
Year ended December 31, 2019: |  |  |  |  |  |
November 21, 2019 |  | 750,000 |  |  | 3.00 | % |  | 2030
July 5, 2019 |  | 650,000 |  |  | 3.25 | % |  | 2026
July 5, 2019 |  | 650,000 |  |  | 3.50 | % |  | 2029
The following table summarizes the Company’s senior unsecured notes repurchases and redemptions for the periods presented (dollars in thousands):
Payoff Date |  | Amount |  | Coupon Rate |  | Maturity Date
Year ended December 31, 2021: |  |  |  |  |  |
May 19, 2021(1) |  | $ | 251,806 |  |  | 3.40 | % |  | 2025
May 19, 2021(1) |  | 298,194 |  |  | 4.00 | % |  | 2025
February 26, 2021(2) |  | 188,000 |  |  | 4.25 | % |  | 2023
February 26, 2021(2) |  | 149,000 |  |  | 4.20 | % |  | 2024
February 26, 2021(2) |  | 331,000 |  |  | 3.88 | % |  | 2024
January 28, 2021(2) |  | 112,000 |  |  | 4.25 | % |  | 2023
January 28, 2021(2) |  | 201,000 |  |  | 4.20 | % |  | 2024
January 28, 2021(2) |  | 469,000 |  |  | 3.88 | % |  | 2024
Year ended December 31, 2020: |  |  |  |  |  |
July 9, 2020(3) |  | 300,000 |  | 3.15 | % |  | 2022
June 24, 2020(4) |  | 250,000 |  | 4.25 | % |  | 2023
Year ended December 31, 2019: |  |  |  |  |  |
November 21, 2019(5) |  | 350,000 |  | 4.00 | % |  | 2022
July 22, 2019(6) |  | 800,000 |  | 2.63 | % |  | 2020
July 8, 2019(6) |  | 250,000 |  | 4.00 | % |  | 2022
July 8, 2019(6) |  | 250,000 |  | 4.25 | % |  | 2023
_______________________________________ (1)Upon repurchasing a portion of the 3.40% and 4.00% senior unsecured notes due 2025, the Company recognized a $61 million loss on debt extinguishment during the year ended December 31, 2021. (2)Upon completing the repurchases and redemptions of all outstanding 4.25%, 4.20%, and 3.88% senior unsecured notes due 2023 and 2024, the Company recognized a $164 million loss on debt extinguishment during the year ended December 31, 2021. (3)Upon completing the redemption of all outstanding 3.15% senior unsecured notes due 2022, the Company recognized an $18 million loss on debt extinguishment during the year ended December 31, 2020. (4)Upon repurchasing a portion of the 4.25% senior unsecured notes due 2023, the Company recognized a $26 million loss on debt extinguishment during the year ended December 31, 2020. (5)Upon repurchasing the 4.00% senior unsecured notes due in 2022, the Company recognized a $22 million loss on debt extinguishment during the year ended December 31, 2019. (6)Upon completing the redemption of the 2.63% senior unsecured notes due in 2020 and repurchasing a portion of the 4.25% senior unsecured notes due in 2023 and the 4.00% senior unsecured notes due in 2022, the Company recognized a $35 million loss on debt extinguishment during the year ended December 31, 2019. Mortgage Debt At December 31, 2021 and 2020, the Company had $350 million and $217 million, respectively, in aggregate principal of mortgage debt outstanding (excluding mortgage debt on assets held for sale and discontinued operations), which was secured by 18 and 6 healthcare facilities, respectively, with an aggregate carrying value of $811 million and $517 million, respectively. During the years ended December 31, 2021, 2020, and 2019 the Company made aggregate principal repayments of mortgage debt of $9 million, $5 million, and $1 million, respectively (excluding mortgage debt on assets held for sale and discontinued operations). Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets, and is non-recourse. Mortgage debt typically restricts transfer of the encumbered assets, prohibits additional liens, restricts prepayment, requires payment of real estate taxes, requires maintenance of the assets in good condition, requires insurance on the assets, and includes conditions to obtain lender consent to enter into or terminate material leases. Some of the mortgage debt may require tenants or operators to maintain compliance with the applicable leases or operating agreements of such real estate assets. In April 2021, in conjunction with the acquisition of the MOB Portfolio, the Company originated $142 million of secured mortgage debt (see Note 4) that matures in May 2026 and has a weighted average effective interest rate of 2.77% as of December 31, 2021. Debt Maturities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2021 (dollars in thousands):
|  |  |  |  |  |  |  | Senior Unsecured Notes(2) |  | Mortgage Debt(3) |  |
Year |  | Bank Line of Credit |  | Commercial Paper(1) |  |  |  | Amount |  | Interest Rate |  | Amount |  | Interest Rate |  | Total
2022 |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | — | % |  | $ | 5,048 |  |  | 3.80 | % |  | $ | 5,048 |
2023 |  | — |  |  | — |  |  |  |  | — |  |  | — | % |  | 90,089 |  |  | 3.80 | % |  | 90,089 |
2024 |  | — |  |  | — |  |  |  |  | — |  |  | — | % |  | 7,024 |  |  | 3.81 | % |  | 7,024 |
2025 |  | — |  |  | — |  |  |  |  | 800,000 |  |  | 3.93 | % |  | 3,209 |  |  | 3.80 | % |  | 803,209 |
2026 |  | — |  |  | 1,165,975 |  |  |  |  | 650,000 |  |  | 3.39 | % |  | 244,523 |  |  | 3.11 | % |  | 2,060,498 |
Thereafter |  | — |  |  | — |  |  |  |  | 3,250,000 |  |  | 3.24 | % |  | 366 |  |  | 5.91 | % |  | 3,250,366 |
|  | — |  |  | 1,165,975 |  |  |  |  | 4,700,000 |  |  |  |  | 350,259 |  |  |  |  | 6,216,234 |
Premiums, (discounts), and debt issuance costs, net |  | — |  |  | — |  |  |  |  | (48,067) |  |  |  |  | 1,822 |  |  |  |  | (46,245) |
|  | $ | — |  |  | $ | 1,165,975 |  |  |  |  | $ | 4,651,933 |  |  |  |  | $ | 352,081 |  |  |  |  | $ | 6,169,989 |
_______________________________________ (1)Commercial Paper Program borrowings are backstopped by the Revolving Facility. As such, the Company calculates the weighted average remaining term of its Commercial Paper Program borrowings using the maturity date of the Revolving Facility. (2)Effective interest rates on the senior unsecured notes range from 1.54% to 6.91% with a weighted average effective interest rate of 3.39% and a weighted average maturity of 7 years. (3)Effective interest rates on the mortgage debt range from 2.59% to 5.91% with a weighted average effective interest rate of 3.31% and a weighted average maturity of 4 years.

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- 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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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