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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2017
Borrowings [Abstract] |
Indebtedness | The following table summarizes the Company's outstanding debt as of December 31, 2017 (dollars in thousands):
| Borrowed Balance |  | Effective Rate |  | Contract Maturity
Unsecured debt |  |  |  |  |  |  |
Variable rate revolving credit facility | $ | 410,000 |  |  | 2.5 | % |  | 4/15/2020
Fixed rate senior notes | 2,292,000 |  |  | 4.0 | % |  | 11/13/2024
Term loans fixed with swaps | 550,000 |  |  | 3.0 | % |  | 4/17/2018
Variable rate term loans | 300,000 |  |  | 2.3 | % |  | 8/29/2020
Fair market value adjustments, debt issuance costs and discounts | (26,235 | ) |  |  |  |  |
Total unsecured debt | $ | 3,525,765 |  |  | 3.5 | % |  | 12/19/2022
Fixed rate secured debt |  |  |  |  |
Individual property mortgages | $ | 882,752 |  |  | 4.0 | % |  | 10/9/2019
Variable rate secured debt (1) |  |  |  |  |
Fannie Mae Facility | 80,000 |  |  | 1.8 | % |  | 12/1/2018
Fair market value adjustments and debt issuance costs | 13,540 |  |  |  |  |  |
Total secured debt | $ | 976,292 |  |  | 3.8 | % |  | 9/13/2019
Total outstanding debt | $ | 4,502,057 |  |  | 3.6 | % |  | 3/11/2022
(1) Includes capped balances
Interest Rate Ranges, Maturity and Balance of Indebtedness | The following table summarizes interest rate ranges, maturity and balance of the Company's indebtedness, net of fair market value adjustments, debt issuance costs and discounts, as of December 31, 2017 and the balance of the Company's indebtedness, net of fair market value adjustments, debt issuance costs and discounts, as of December 31, 2016 (dollars in millions):
|  | December 31, 2017 |  |
|  | Actual Interest Rates |  | Current Average Interest Rate |  | Maturity |  | Balance |  | Balance as of December 31, 2016
Fixed rate |  |  |  |  |  |  |  |  |  |  |  |
Unsecured |  | 3.38 - 5.57% |  | 3.97% |  | 2018-2027 |  | $ | 2,292.0 |  |  | $ | 1,860.0 |
Secured |  | 3.00 - 5.49% |  | 3.97% |  | 2018-2025 |  | 882.8 |  |  | 1,128.3 |
Interest rate swaps |  | 2.45 - 3.55% |  | 2.96% |  | 2018 |  | 550.0 |  |  | 850.0 |
|  |  |  |  |  |  |  | $ | 3,724.8 |  |  | $ | 3,838.3 |
Variable rate(1) |  |  |  |  |  |  |  |  |  |  |  |
Unsecured |  | 2.31 - 2.47% |  | 2.41% |  | 2020-2021 |  | $ | 710.0 |  |  | $ | 490.0 |
Secured |  | 1.76% |  | 1.76% |  | 2018 |  | 55.0 |  |  | 110.0 |
Secured interest rate cap |  | 1.76% |  | 1.76% |  | 2018 |  | 25.0 |  |  | 50.0 |
|  |  |  |  |  |  |  | $ | 790.0 |  |  | $ | 650.0 |
Fair market value adjustments, debt issuance costs and discounts |  |  |  | (12.7 | ) |  | 11.4 |
|  |  |  |  |  |  |  | $ | 4,502.1 |  |  | $ | 4,499.7 |
(1) Amounts are adjusted to reflect interest rate swap and cap agreements in effect at December 31, 2017, and 2016, respectively, which results in paying fixed interest payments over the terms of the interest rate swaps and on changes in interest rates above the strike rate of the cap. Rates and maturities for capped balances are for the underlying debt, unless the strike rate has been reached.
Scheduled Principal Repayments on Borrowings | The following table includes scheduled principal repayments on the Company's outstanding borrowings at December 31, 2017, as well as the amortization of the fair market value of debt assumed, debt discounts and issuance costs (in thousands):
Year |  | Amortization |  | Maturities |  | Total
2018 |  | $ | 19,016 |  |  | $ | 418,141 |  |  | $ | 437,157 |
2019 |  | 4,653 |  |  | 562,784 |  |  | 567,437 |
2020 |  | 1,967 |  |  | 712,456 |  |  | 714,423 |
2021 |  | (1,462 | ) |  | 340,618 |  |  | 339,156 |
2022 |  | (2,037 | ) |  | 667,000 |  |  | 664,963 |
Thereafter |  | (3,468 | ) |  | 1,782,389 |  |  | 1,778,921 |
|  | $ | 18,669 |  |  | $ | 4,483,388 |  |  | $ | 4,502,057 |

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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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