v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Term Loan Agreement

As of both June 30, 2026 and December 31, 2025, we had a €500.0 million term loan (our “Unsecured Term Loan due 2029”). Pursuant to the credit agreement, the Unsecured Term Loan due 2029 borrowing rate at June 30, 2026 was 80 basis points over EURIBOR. Certain variable-to-fixed interest rate swaps fix the floating rate component of the per annum interest rate on our Unsecured Term Loan due 2029 at 2.00% through the end of 2027, for a total annual interest rate of approximately 2.80% as of June 30, 2026 (inclusive of the current spread). The Unsecured Term Loan due 2029 is incorporated into the Senior Unsecured Credit Facility, which is described below.

Senior Unsecured Credit Facility

On March 11, 2026, we amended our multi-currency senior unsecured credit facility to (i) replace the €215.0 million term loan due 2028 (the “EUR Term Loan due 2028”), which was repaid in February 2026, with a new C$347.3 million term loan maturing on February 14, 2028 (our “CAD Term Loan due 2028”) of an equivalent notional amount and under the same terms, definitions, and extension options, and (ii) improve pricing on our Unsecured Revolving Credit Facility (as defined below) by five basis points at all levels. As a result, as of June 30, 2026, our senior unsecured credit facility comprises (i) a $2.0 billion unsecured revolving credit facility maturing on February 14, 2029 (our “Unsecured Revolving Credit Facility”), (ii) a £270.0 million term loan maturing on February 14, 2028 (our “GBP Term Loan due 2028”), and (iii) our C$347.3 million CAD Term Loan due 2028.

The GBP Term Loan due 2028 borrowing rate at June 30, 2026 was 80 basis points over SONIA (as defined below). Certain variable-to-fixed interest rate swaps fix the floating rate component of the per annum interest rate on our GBP Term Loan due 2028 at 3.92% through the end of 2027, for a total per annum interest rate of approximately 4.72% as of June 30, 2026 (inclusive of the current spread). The CAD Term Loan due 2028 borrowing rate at June 30, 2026 was 80 basis points over CORRA (as defined below). We have an option to extend each of these term loans by up to an additional year, subject to certain customary conditions. We refer to these term loans collectively as the “Unsecured Term Loans due 2028.” We refer to our Unsecured Term Loan due 2029 and Unsecured Term Loans due 2028 collectively as our “Unsecured Term Loans.” We refer to our Unsecured Revolving Credit Facility and our Unsecured Term Loans collectively as our “Senior Unsecured Credit Facility.”

As of June 30, 2026, the aggregate principal amount (of revolving and term loans) available under the Senior Unsecured Credit Facility was able to be increased up to an amount not to exceed the U.S. dollar equivalent of $4.35 billion, subject to the conditions to increase set forth in our credit agreement.

At June 30, 2026, our Unsecured Revolving Credit Facility had available capacity of approximately $1.9 billion (net of amounts reserved for standby letters of credit totaling $2.1 million). We currently incur an annual facility fee of 0.140% of the total commitment on our Unsecured Revolving Credit Facility based on (i) our credit ratings of BBB+ and Baa1 and (ii) the achievement of certain sustainability key performance indicators (“KPIs”) agreed to under the credit agreement, which is included within Interest expense in our consolidated statements of income.
The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands):
Senior Unsecured Credit Facility
Interest Rate at June 30, 2026 (a)
Maturity Date at June 30, 2026
Principal Outstanding Balance at
June 30, 2026December 31, 2025
Unsecured Term Loans: (b)
Unsecured Term Loan due 2029 — borrowing in euros (c)
2.80%
4/24/2029$569,700 $587,500 
GBP Term Loan due 2028 — borrowing in British pounds sterling (d)
4.72%
2/14/2028356,980 363,569 
CAD Term Loan due 2028 — borrowing in Canadian dollars (e)
CORRA + 0.80%
2/14/2028243,989 — 
EUR Term Loan due 2028 — borrowing in euros (f)
N/AN/A— 252,625 
1,170,669 1,203,694 
Unsecured Revolving Credit Facility:
Borrowing in U.S. dollars (g)
SOFR + 0.685%
2/14/202998,000 258,000 
Borrowing in euros
EURIBOR + 0.685%
2/14/202918,230 66,975 
Borrowing in Canadian dollarsN/AN/A— 53,316 
Borrowing in British pounds sterlingN/AN/A— 41,743 
Borrowing in Japanese yenN/AN/A— 15,383 
116,230 435,417 


$1,286,899 $1,639,111 
__________
(a)The applicable interest rate at June 30, 2026 was based on the credit ratings for our Senior Unsecured Notes of BBB+/Baa1, our Leverage Ratio, and the achievement of certain sustainability KPIs.
(b)Balance excludes unamortized discount of $5.8 million and $6.9 million at June 30, 2026 and December 31, 2025, respectively, and unamortized deferred financing costs of $0.3 million and $0.4 million at June 30, 2026 and December 31, 2025, respectively.
(c)Interest rate is subject to variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 2.00% through December 31, 2027. Upon maturity of the interest rate swaps, the Unsecured Term Loan due 2029 will be subject to a variable interest rate based on EURIBOR.
(d)Interest rate is subject to variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 3.92% through December 31, 2027. Upon maturity of the interest rate swaps, the GBP Term Loan due 2028 will be subject to a variable interest rate based on the Sterling Overnight Index Average (SONIA).
(e)CORRA means Canadian Overnight Repo Rate Average.
(f)The EUR Term Loan due 2028 was repaid in February 2026, as described above.
(g)SOFR means Secured Overnight Financing Rate.
Senior Unsecured Notes

As set forth in the table below, we have euro and U.S. dollar-denominated senior unsecured notes outstanding with an aggregate principal balance outstanding of $7.5 billion at June 30, 2026 (the “Senior Unsecured Notes”).

On February 24, 2026, we completed an underwritten public offering of €1.0 billion in aggregate principal amount of senior notes, comprising the following tranches: (i) €500 million aggregate principal amount of 3.250% Senior Notes due 2031, at a price of 99.249% of par value and (ii) €500 million aggregate principal amount of 3.750% Senior Notes due 2035, at a price of 98.500% of par value.

Interest on the Senior Unsecured Notes is payable annually or semi-annually in arrears. The Senior Unsecured Notes can be redeemed at par within three months of their respective maturities, or we can call the notes at any time for the principal, accrued interest, and a make-whole amount based upon the applicable government bond yield plus 15 to 35 basis points (except for our 3.410% Senior Notes due 2029 and 3.700% Senior Notes due 2032, which are subject to different repayment provisions). The following table presents a summary of our Senior Unsecured Notes outstanding at June 30, 2026 (currency in thousands):
Principal AmountCoupon RateMaturity DatePrincipal Outstanding Balance at
Senior Unsecured Notes, netIssue DateJune 30, 2026December 31, 2025
2.250% Senior Notes due 2026 (a)
10/9/2018€500,000 2.250 %4/9/2026$— $587,500 
4.250% Senior Notes due 2026 (b)
9/12/2016$350,000 4.250 %10/1/2026350,000 350,000 
2.125% Senior Notes due 2027
3/6/2018€500,000 2.125 %4/15/2027569,700 587,500 
1.350% Senior Notes due 2028
9/19/2019€500,000 1.350 %4/15/2028569,700 587,500 
3.850% Senior Notes due 2029
6/14/2019$325,000 3.850 %7/15/2029325,000 325,000 
3.410% Senior Notes due 2029
9/28/2022€150,000 3.410 %9/28/2029170,910 176,250 
0.950% Senior Notes due 2030
3/8/2021€525,000 0.950 %6/1/2030598,185 616,875 
4.650% Senior Notes due 2030
7/10/2025$400,000 4.650 %7/15/2030400,000 400,000 
2.400% Senior Notes due 2031
10/14/2020$500,000 2.400 %2/1/2031500,000 500,000 
3.250% Senior Notes due 2031
2/24/2026€500,000 3.250 %10/2/2031569,700 — 
2.450% Senior Notes due 2032
10/15/2021$350,000 2.450 %2/1/2032350,000 350,000 
4.250% Senior Notes due 2032
5/16/2024€650,000 4.250 %7/23/2032740,610 763,750 
3.700% Senior Notes due 2032
9/28/2022€200,000 3.700 %9/28/2032227,880 235,000 
2.250% Senior Notes due 2033
2/25/2021$425,000 2.250 %4/1/2033425,000 425,000 
5.375% Senior Notes due 2034
6/28/2024$400,000 5.375 %6/30/2034400,000 400,000 
3.700% Senior Notes due 2034
11/19/2024€600,000 3.700 %11/19/2034683,640 705,000 
3.750% Senior Notes due 2035
2/24/2026€500,000 3.750 %5/10/2035569,700 — 
Total principal outstanding7,450,025 7,009,375 
Unamortized discount(38,784)(29,819)
Unamortized deferred financing costs(34,390)(29,295)
Total$7,376,851 $6,950,261 
__________
(a)In March 2026, we repaid our €500 million of 2.250% Senior Notes due 2026.
(b)In July 2026, we prepaid our $350 million of 4.250% Senior Notes due 2026 with no associated prepayment costs (Note 15).

On July 2, 2026, we completed an underwritten public offering of $350 million of 5.200% Senior Notes due 2036, at a price of 99.015% of par value. These 5.200% Senior Notes due 2036 have a 10.2-year term and are scheduled to mature on September 15, 2036 (Note 15).

Covenants

The credit agreements for our Senior Unsecured Credit Facility, each of the Senior Unsecured Notes, and certain of our non-recourse mortgage loan agreements include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. There have been no significant changes in our debt covenants from what was disclosed in the 2025 Annual Report. We were in compliance with all of these covenants at June 30, 2026.
Non-Recourse Mortgages
 
At June 30, 2026, the weighted-average interest rate for our total non-recourse mortgage notes payable was 4.6% (fixed-rate and variable-rate non-recourse mortgage notes payable were 4.9% and 4.3%, respectively), with maturity dates ranging from May 2027 to February 2033.

During the six months ended June 30, 2026, we assumed a non-recourse mortgage loan with an aggregate principal balance of $97.8 million and an interest rate of EURIBOR + 2.10%, in connection with the acquisition of a portfolio of properties from a jointly owned investment in which we own a 70% interest and account for as an equity method investment. In conjunction with the assumption of this mortgage loan, we extended the loan maturity date from August 31, 2026 to April 30, 2031 (Note 4, Note 7).

Repayments

During the six months ended June 30, 2026, we repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $36.9 million. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 5.5%.

Foreign Currency Exchange Rate Impact

As a result of foreign currency exchange rate fluctuations during the six months ended June 30, 2026 (primarily the U.S. dollar strengthening against the euro and British pound sterling), there was a decrease of $202.8 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2025 to June 30, 2026.

Scheduled Debt Principal Payments
 
Scheduled debt principal payments as of June 30, 2026 are as follows (in thousands):
Years Ending December 31, Total
2026 (remainder)$353,581 
2027583,630 
20281,248,968 
20291,197,384 
20301,002,673 
Thereafter through 20354,547,225 
Total principal payments8,933,461 
Unamortized discount, net(46,587)
Unamortized deferred financing costs(35,023)
Total$8,851,851 

Certain amounts in the table above are based on the applicable foreign currency exchange rate at June 30, 2026.