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Borrowings (Tables)
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Summary of Outstanding Debt

The following table summarizes the Company's outstanding debt as of September 30, 2019 (dollars in thousands):

 

 

 

Balance

 

 

Weighted

Average

Effective Rate

 

 

Weighted Average

Contract Maturity

 

Unsecured debt

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate revolving credit facility

 

$

 

 

 

 

 

 

 

Variable rate commercial paper program

 

 

200,000

 

 

 

2.3

%

 

10/11/2019

 

Fixed rate senior notes

 

 

3,192,000

 

 

 

3.9

%

 

3/1/2026

 

Term loans fixed with swaps

 

 

300,000

 

 

 

2.3

%

 

3/1/2022

 

Variable rate term loans

 

 

150,000

 

 

 

3.1

%

 

2/26/2021

 

Debt issuance costs, discounts and fair market value adjustments

 

 

(11,292

)

 

 

 

 

 

 

 

 

Total unsecured debt

 

$

3,830,708

 

 

 

3.7

%

 

 

 

 

Fixed rate secured debt

 

 

 

 

 

 

 

 

 

 

 

 

Individual property mortgages

 

$

648,801

 

 

 

4.6

%

 

10/3/2036

 

Debt issuance costs and fair market value adjustments

 

 

(3,395

)

 

 

 

 

 

 

 

 

Total secured debt

 

$

645,406

 

 

 

4.6

%

 

 

 

 

Total outstanding debt

 

$

4,476,114

 

 

 

3.8

%