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Debt | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Debt | Debt Essex does not have indebtedness as debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities for the full term of the facilities. Debt consists of the following ($ in thousands):
| June 30, 2020 |  | December 31, 2019 |  | Weighted Average Maturity In Years as of June 30, 2020
Unsecured bonds private placement - fixed rate | $ | 199,884 |  |  | $ | 199,820 |  |  | 1.0
Term loan - variable rate | 548,896 |  |  | 349,189 |  |  | 2.1
Bonds public offering - fixed rate | 4,867,015 |  |  | 4,214,197 |  |  | 7.6
Unsecured debt, net (1) | 5,615,795 |  |  | 4,763,206 |  |  |
Lines of credit (2) | — |  |  | 55,000 |  |  |
Mortgage notes payable, net (3) | 703,617 |  |  | 990,667 |  |  | 9.5
Total debt, net | $ | 6,319,412 |  |  | $ | 5,808,873 |  |  |
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering | 3.6 | % |  | 3.8 | % |  |
Weighted average interest rate on variable rate term loan | 1.8 | % |  | 2.7 | % |  |
Weighted average interest rate on lines of credit | 1.0 | % |  | 2.5 | % |  |
Weighted average interest rate on mortgage notes payable | 2.8 | % |  | 4.1 | % |  |
(1) Includes unamortized discount of $5.7 million and $12.2 million and unamortized debt issuance costs of $28.5 million and $24.5 million, as of June 30, 2020 and December 31, 2019, respectively. (2) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of June 30, 2020, excludes unamortized debt issuance costs of $4.2 million and $3.8 million as of June 30, 2020 and December 31, 2019, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of June 30, 2020, the Company’s $1.2 billion credit facility had an interest rate of LIBOR plus 0.825%, which is based on a tiered rate structure tied to the Company’s credit ratings and a scheduled maturity date of December 2023 with one 18-month extension, exercisable at the Company’s option. As of June 30, 2020, the Company’s $35.0 million working capital unsecured line of credit had an interest rate of LIBOR plus 0.825%, which is based on a tiered rate structure tied to the Company’s credit ratings, and a scheduled maturity date of February 2021. (3) Includes total unamortized premium of $4.6 million and $5.9 million, reduced by unamortized debt issuance costs of $2.2 million and $2.6 million, as of June 30, 2020 and December 31, 2019, respectively. The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of June 30, 2020 are as follows ($ in thousands):
Remaining in 2020 | $ | 1,983 |
2021 | 531,653 |
2022 | 693,188 |
2023 | 802,945 |
2024 | 403,109 |
Thereafter | 3,918,383 |
Total | $ | 6,351,261 |

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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 + Details
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